Overview

This part-time MSc course is highly relevant to professionals already working in the financial services sector. In particular, it will be highly attractive to those looking to either extend the scope of their current responsibilities or to make a career change into an area such as portfolio management, security analysis, risk management, M & A, or financial consultancy.

The innovative structure allows students to tailor the core courses as well as the electives to their individual interests.

Students are offered the opportunity to take extra electives in the first year and complete their course in as little as 18 months

The structure of the part-time programme is specifically designed to fit around the busy working lives of professionals working in the finance sector. It meets on Tuesday and Thursday evenings and offers a teaching and learning environment that fully complements the demands of working life*

*Students should note that some elective modules or additional tutorial workshops may take place outside of these times.

'The School is very career orientated. This comes through from the lecturers that teach here as well as the Careers Service'
Graham Taylor, MSc in Finance & Investment

Graham describes more of his experiences at Cass....


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. Therefore, there may be some change to the detailed content of the modules and occasionally to module titles.

Induction to The Finance & Investments course starts with an induction programme, mainly dedicated to a refresher course of basic financial mathematics, statistics, computing and electronic databases.

International elective

All MSc in Finance & Investment students are given the opportunity to attend an international elective in the third term of year one and year two. In May 2012 students took part in a Monetary Policy elective delivered in Singapore in partnership with Singapore Management University (SMU). Full story.

This elective is an important networking opportunity given Singapore's huge financial importance. There's a possibility that we could be making money in this region or even working here which is why it's good to get to meet new contacts and exchange information and ideas.
Dominic Loureda, MSc in Finance and Investment

Year 1 - Term 1

Two core modules (30 hours each)

Theory of finance

In this module students are introduced to some of the most important concepts in finance. Knowledge of these concepts and ideas are essential for any student of finance. Students will learn about the issues involved in measuring returns and risks for individual assets and for portfolios of assets. They will also benchmark models of risk, such as CAPM and the important decisions surrounding the choice that a firm must make regarding its financial structure and dividend policy. These issues will arise in other modules in the programme and therefore constitute the foundations of the course.

Quantitative methods for Finance

This module will provide students with a review of the classical linear regression model and a discussion of how econometric models can be validly estimated. Both univariate time-series and multivariate structural models will be considered. Emphasis is placed on the practical applications of methods. The module also involves an extensive investigation of VaR as a way of quantifying risk.

Year 1 - Term 2

Two core modules (30 hours each)

Securities (compulsory)

The purpose of this module is to introduce students to the two most important cash asset classes: bonds and equities. However, emphasis is placed not only on the cash instruments themselves, but also on some of the derivative contracts which are based on these securities. By bringing fixed income together with equities in one module students will also be able to appreciate both the differences between these two asset classes, but just as importantly the similarities too.

Plus choose either:

Financial statement analysis

This module will provide students with a clear understanding of how users of financial information interpret accounting reports when making business decisions. The emphasis is on the valuation of both equity and debt instruments. Coverage includes a broad discussion of measurement issues and is based on international accounting standards.

Or

Behavioural Finance

This module will introduce students to the key insights from research in behavioural finance. Students apply the principles of behavioural finance in trading games, forecasting exercises and computer simulations designed to record the degree of bias in responses and suggest techniques to combat such bias.

Year 1 - Term 3

Students choose between one and three electives. If all three are completed in year one students can finish the taught part of the course within 18 months.

Electives offered in 2011 were:

  • Behavioural Finance
  • Corporate Governance
  • Corporate Restructuring
  • Credit Risk Management
  • Exotic Options
  • Fixed Income Securities and Derivatives
  • Hedge Funds
  • Islamic Finance
  • Mergers and Acquisitions
  • Private Equity Investment
  • Project Finance
  • Raising Equity Capital
  • Real Estate Securitisation
  • Technical Analysis and Trading Systems
  • Trading and Hedging in the Forex Market

Year 2 - Term 1

Two core modules (30 hours each)

Financial risk management

The purpose of this module is to analyze the most important approaches to financial (market) and credit risk management for banks and financial institutions. This module analyzes the best practice techniques used to measure and manage these risks. Students will also cover the role of risk management to guide business strategy and achieve shareholder value. Risk management will also be set in the context of the international prudential regulation of financial markets' activity.

Portfolio management

Enables students to understand how modern portfolio and asset pricing theory can be employed for the attainment of investment objectives. It covers in detail the formulation and implementation of various active and passive investment strategies as well as the analysis and management of risks associated with particular strategies. Includes practical case studies in portfolio construction and performance and asset allocation. Students use software packages to gain practical experience.

Year 2 - Term 2

Two core modules (30 hours each)

Select two of three

Derivative Applications

The aim of the course is to develop students' understanding of swaps, options, exotic options and embedded options and their application risk management situations. There will be practical trading simulations and the students will be using the dealing room to gain practical experience.

Foreign exchange

The increase in the pace of portfolio internationalisation over the past few years means that it is now essential that fund managers understand the foreign exchange markets. Furthermore, foreign exchange is being seen more and more by investors as a separate asset class. This module will demonstrate how foreign exchange risk can be either hedged, or managed effectively so that portfolio returns can be enhanced.

Alternative Investments

Following the collapse of the world's equity markets between 2001 and 2003, many investors are investing in, or are thinking of investing in, less traditional asset classes as an alternative to equities. The integration of these alternative asset classes into traditional investor portfolios is still at an early stage, leaving investment managers with significant challenges as they seek to satisfy investor demand for these alternatives. It is intended that this module will give students the background in commodities, hedge funds and private equity necessary for today's investment management industry.

Year 2 - Term 3

Up to three electives, depending on how many were completed in year one, and a Business Research Project

Electives offered in 2011 were:

  • Behavioural Finance
  • Corporate Governance
  • Corporate Restructuring
  • Credit Risk Management
  • Exotic Options
  • Fixed Income Securities and Derivatives
  • Hedge Funds
  • Islamic Finance
  • Mergers and Acquisitions
  • Private Equity Investment
  • Project Finance
  • Raising Equity Capital
  • Real Estate Securitisation
  • Technical Analysis and Trading Systems
  • Trading and Hedging in the Forex Market

In addition all students will also study a Research Project Management Skills module. This 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

CFA programme partner

The CFA the global association of investment professionals, recognises the rigour and the relevance of the MSc in Finance & Investment and has awarded this programme partner status.

The CFA is the essential qualification for those wishing to pursue a career in the finance sector and the CFA recognises the MSc in Finance & Investment as strong preparation for their professional exams.

You also have the option of some additional preparatory classes for the CFA exams.

CISI Centre of Excellence

Cass Business School is one of a select group of UK universities to be designated a Chartered Institute for Securities & Investment (CISI) Centre of Excellence. The CISI designation means that Cass graduates who complete the MSc in Finance & Investment will also be eligible for the award of the CISI Diploma without having to take any of the CISI exams.

MSc Research Project

The project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' 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. The majority of students on part time programmes complete a project in conjunction with their employer. A member of academic staff with expertise in the particular area the student wishes to research will be allocated to supervise the project. This is an excellent opportunity for students' employers to gain immediate benefit from their employee's studies.

Some recent projects:

  • Aftermarket performance of BRIC IPOs
  • Calibration of Jump Models
  • An analysis into the effect of Age of Hedge Funds and their risk and return characteristics
  • Behavioural Finance behind the Rationale of M&A transactions
  • Using higher order moments in asset pricing models
  • Do long/short term Hedge Fund Strategies outperform traditional long only strategies over time.
  • Modelling tactical asset allocation decisions using a game based approach
  • Arbitrage opportunities and intra-day trading models in the selected CEE economies
  • Islamic finance and conventional corporate capital structure
  • The relationship between dividend announcement and share price during the time of the recent financial crisis
  • Analysis of Publicly Traded Private Equity
  • How do firms react around the ex-split date - trend analysis in an emerging market
  • Value investing in emerging markets
  • Lead-lag relationships between asset classes
  • Interest rate risk and the equity exposure of bank institutions
  • An empirical investigation of the asset pricing theory: US stock market
  • Identifying overvalued and undervalued securities using fundamental analysis
  • Private Equity - backed delistings - The evidence from the UK AIM market
  • Do multi-manager and fund-of-fund managers provide value for money for UK retail investors?
  • An empirical study of the APT and the UK stock market
  • Debenhams: A public to private buy-out study and its refloating 2003 -2006
  • Skill or luck or high risk in hedge fund management
  • Lag-lead relationship between spot and future markets
  • Proposed changes to refulation of the UK banking industry
  • Simulation of Tactical Asset Allocation for Equity Portfolios
  • The reasons behind a number of AIM companies delisting from the market
     

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

A good Bachelors degree is required to enter this course, usually 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. Students should preferably have at least one year's work experience.

Applicants will need to submit two professional references.

Cass Business School operates on a rolling admissions basis. This means that candidates apply for and are admitted all year round to our programmes. Most of our applications are received early in the academic year. To maximise your chances of receiving a positive response, we strongly suggest you apply as early as possible. We aim to return a decision within 4 -6 weeks of receiving your application.

GMAT

Applicants to the MSc in Finance & Investment 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

'I work in the Financial Sales Department, where every day I have the opportunity to extend my practical experience. I decided that the part-time Masters would provide me with the solid theoretical background to increase the understanding of my clients' needs, as well as opening up new opportunities for me. I found the freedom the course offers particularly useful. By providing a wide selection of core modules and electives, I can tailor my degree towards my personal needs and career goals. I am also keen to take advantage of the fact I can finish my course within the shorter timeframe of 18 months.'

Anastasja Orlova, MSc in Finance and Investment, also works as a Private Client Account Executive for GFT Global Markets

Tuition fees and term dates

Tuition fees for 2012/13 entry

£21,500 (payable over two years) Currency Converter

Term dates 2012/13

This course is a psrt time course studied over 18 - 24 months.

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 Year End Date
30 September 2013

Students describe their experiences at Cass...

Career opportunities

At the end of your time at Cass, we aim to ensure that you have a highly regarded qualification - and a clear vision of where you want it to take you. Like many of our part time students, you may be using your MSc to enhance your prospects with your current employer. Or perhaps you see it as an opportunity to change your career direction. Either way, you can rest assured that our Careers Service will be there to advise and support you.

MSc in Finance & Investment Employability

Our Graduate Destination Survey of last year's MSc in Finance & Investment cohort shows that 94% of graduates are now in work. 54% of graduates returned to their former employer, 31% are joining a new employer.

Some examples of where graduates from the 2008/10 MSc in Finance & Investment are working are:

  • BNY Mellon - Asset Manager - Client Portfolio Manager
  • Newton Investment Management - Investment Management - Senior Analyst
  • Sumitomo Mitsui Banking Corporation - Structured Finance - Manager
  • Bloomberg - Electronic Trading - Senior Account Manager
  • Deutsche Bank AG - Emerging Markets, Global Structured Credit Exotics - Associate
*Based on 2011 survey respondents

Cass Careers Service

'I chose to study the MSc to further my specific financial knowledge. I've enjoyed the aspects of the course which relate specifically to current business trends and issues and I have been able to focus on some specific finance and investment subjects which interested me the most. I am an ambitious person and my future goal is to utilise the skills and expertise gained at Cass to support a career change within the investment/wealth business area.'
Giedre Drake, MSc in Finance and Investment