Overview

The MSc in Corporate Finance will close to new applications on 28 May.

If any places become available in August we may reopen the course for a limited period.

We are pleased to announce this launch of a new course, the MSc in Corporate Finance, beginning in September 2012. This course is based on our highly ranked, MSc in Finance and will give students the opportunity to specialise in corporate finance, one of the most popular sectors of financial services. We feel that the MSc in Corporate Finance will give students the knowledge to successfully navigate the rapidly changing global landscape of corporate finance.

Unique features of this course are:

  • Core modules in M&A/Private Equity and Risk Management
  • Tuition from 'practitioner' professors who apply theory to real world scenarios 
  • A choice from over 45 finance related electives  
  • All teaching done at Cass Business School's location in the heart of London's financial district

This exciting new MSc degree programme will develop your financial expertise to the highest level.

Individual appointments

If you would like to arrange an individual appointment to discuss this programme please email sue.andrews.1@city.ac.uk

Course content

We review all our courses regularly to keep them up-to-date on issues of both theory and practice. Consequently, there may be some change to the detailed content of the modules and occasionally to module titles.

To satisfy the requirements of the degree programme students must complete:

eight core courses
and
five electives
or
one elective and a Business Research Project

Induction Weeks The MSc in Corporate Finance course starts with two compulsory induction weeks, including:

  • An introduction to the Cass Careers offering with a focus on key skills and attributes that employers are looking for.  The annual MSc Careers Fair at this time also provides the opportunity to meet over 60 companies who are recruiting across many sectors including finance, energy, insurance, real estate, shipping, strategic management and internal auditing.
  • a refresher course of basic financial mathematics, statistics, computing and electronic databases


Term 1

Four core modules (30 hours each)

Corporate Finance and Valuation

Provides a thorough understanding of the key decisions companies are expected to make. Broadly speaking these are: investment decision, financing decision and dividend decision. These decisions are expected to lead to the maximisation of the wealth of the shareholders, but in practice a number of complications occur. The course provides a thorough understanding of the factors affecting these decisions. In particular, it assesses the different ways of valuing companies, estimating the cost of capital, forecasting cash flows, raising capital through private equity firms, initial and seasoned equity offerings, choosing between debt and equity, paying dividends, taking over other companies and restructuring assets and liabilities. The course also deals with the interaction between corporate and capital markets and the agency conflicts between managers and shareholders.

Financial Reporting

Provides an understanding of the nature of, and assumptions implicit in, the preparation of financial statements and their interpretation. More specifically, enables students to appreciate the methods, rules and assumptions underlying the preparation of published financial statements and to appraise the role of financial accounting data in the measurement of management performance through time and across companies. The second part highlights the key differences in international accounting practices and examines the links between accounting information and stock price behaviour.

Statistics in Finance

Provides detailed coverage of statistical theory and its applications in finance practice. Topics covered include: multivariate regression, volatility tests, ARCH and time-series models, and co-integration. Makes extensive use of e-views software for application of these techniques.

Theory of Finance

This module will make it possible for participants to acquire an understanding of the principal objectives of asset management and the linkages between financial risk and portfolio return. Students will develop an understanding of the structure and functioning of capital markets, an appreciation of the valuation methods for securities and to introduce the principles of portfolio theory.

Term 2

Four core modules (30 hours each)

M & A / Private Equity

This course provides students with a thorough grounding in the economics and finance of M&A.  It addresses the motivations behind M&A activity and the mechanisms used by firms to execute corporate deals.  The course then moves on to analyse the private equity industry, which is inextricably linked with M&A activity.  Students will also learn how private equity performs as an asset class and why institutional investors are turning to it as they seek to enhance the returns on multi-asset class portfolios.   Overall this  is a unique course that will introduce students to the most exciting areas of corporate activity. 

Corporate Finance and Restructuring

The market value of a firm depends on the effective utilisation of current and future assets, the funding of such assets and its interaction with capital markets. This module provides an in depth analysis of the theory and international practice of capital structure and dividend policies, mergers and acquisitions and short-term financing issues. The aim of this module is to develop an understanding of modern corporate finance so that the corporate manager, the treasurer, the investment banker, the financial analyst and the accountant will have the conceptual foundations for making intelligent assessments of key financial decisions. The course puts significant emphasis on the interactions between international capital markets and the value of the underlying real assets.

Corporate Risk Management

The module will make it possible for participants to acquire an understanding of the principal objectives and constraints of corporate risk management. The aim of this module is to provide students with an understanding of the multinational corporation, the global risk management markets and the use of derivatives and other hedges to mitigate risk exposures.

Financial Statement Analysis

Accounting is the lingua franca of the financial world and impacts all aspects of the financial services industry, including corporate finance, asset management and investment banking. This module will provide a secure grounding in the potential value-relevance of accounting, and in the role of accounting for financial analysis and valuation. The aim of this module is to provide students with an understanding of the characteristics and limitations of accounting data



Term 3

Five electives (18 hours each)

OR

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. For example:

  • Islamic Finance
  • Advanced Financial Analysis
  • Corporate Restructuring
  • Credit Risk
  • Entrepreneurial Finance
  • Financial Futures
  • Fixed Income Securities and Derivatives
  • Forecasting Financial Markets
  • Mergers and Acquisitions
  • Options
  • Project Finance
  • Raising Equity Capital
  • Risk Management
  • Security Analysis

Research Methods Module

This compulsory module trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete a project.

Accreditations

Cass Business School is among the global elite of business schools that hold the gold standard of 'triple-crown' accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). We are consistently ranked amongst the best business schools and programmes in the world which, coupled with an established 40-year reputation for excellence in research and business education, enables us to attract some of the best academics, students and businesses worldwide into our exclusive Cass network.

MSc Research Project

Students have the option of studying five specialised electives in term three to give them a breadth of subject matter. Alternatively if students would like to study one particular area of interest in depth they have the option of taking one elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.

The Project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' future careers. The Project should be based on independent research either in the context of a single organisation or using third-party sources.

Students are encouraged from the start of the course to think about a topic for their Project. A member of academic staff supervises the project, and the student may choose whom they would like to work with. The Project must be submitted by the end of August. Company sponsored projects are encouraged and a number of such projects may be available.

Many students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment post programme, whilst earning course credit.

Some recent projects:

  • Board of Directors & Firm Value Market Reaction to the Appointment of Executive & Non-executive directorsComparison of Implied & Historical Volatilities in the Currency Markets
  • Corporate Finance Distress & Debt Restructuring: An examination of high yield bond issuers
  • Did The 1990's US Banking Consolidations Create Value?
  • Exploring the Interaction Between Earning Quality & Accounting Standards
  • Performance Measurement - The role of EVA
  • Private Equity Valuation Model
  • What are the determinants of returns in emerging markets
  • Why do firms buy back their shares? An Analysis of Share Repurchase Announcements by UK firms

Entry requirements

English Requirements

Every year we welcome students from around 100 different nations to study with us here at Cass. It is essential that all students have an excellent command of English in order to participate fully in the collaborative learning process. We therefore require all students who have not previously studied in English to sit an IELTS or TOEFL exam. If you are not a native English speaker but have studied or are studying in English at degree level, please submit a copy of your most recent English language test along with your application.

IELTS

The required IELTS level is an average of 7.0 with a minimum of 6.5 in writing.

TOEFL

For TOEFL we require 107 (Internet Based Test)

Our TOEFL code is 7650, department code 02

We do not offer a pre-sessional English class as an alternative to achieving these scores. Any pre-sessional course should be viewed as a way of settling into living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.

Other qualifications

To be accepted on Cass MSc in Corporate Finance you will need a good bachelors degree. This usually means a UK 2.1 or above, or the equivalent from an overseas institution. Some level of previous study in finance or quantitative methods is preferred. 

Applicants will need to submit two references, one of which MUST be an academic reference. No work experience is required, but please details of experience that might enhance your profile.

GMAT

Applicants to the MSc in Corporate Finance are strongly encouraged to take the GMAT test. A good GMAT score will considerably strengthen your application. The GMAT is one of several admission criteria that will be considered. We look for a well balanced score in the range of 600-800. You must have taken the GMAT before submitting your application. Please note that we can temporarily accept the "test taker" copy of your score if your official report is not available yet but you will need to submit your official score should you be accepted. Please arrange for your score to be sent directly to the MSc programme at Cass Business School. GMAT scores are valid for five years. Further information about GMAT, registration, fees and testing sites is available from www.gmac.com

Our GMAT  code is 2C2-R0-84

Tuition fees and term dates

Tuition fees 2012/13

£22,500 Currency Converter

Term dates 2012/13

Compulsory Induction Period
17 September 2012 - 28 September 2012

Please note that these dates are provisional and are subject to change. Contact the MSc office before making any travel arrangements.

Term I
1 October 2012 - 7 December 2012
Term I exams
14 January 2013 - 25 January 2013

Term II
28 January 2013 - 5 April 2013
Term II exams
29 April 2013 - 10 May 2013

Term III
13 May 2013 - 28 June 2013
Term III Assessments
25 June 2013 - 12 July 2013

Business Research Project submission deadline
2 September 2013

Official Course End Date
30 September 2013

Career opportunities

We anticipate that graduates from the MSc in Corporate Finance will move into a diverse range of financial sector careers: investment banking, securities sales and trading, foreign exchange, hedge funds, private banking, credit products, financial and credit risk management and consultancy.