Overview

The Cass in MSc International Accounting & Finance offers an expertly structured programme, giving you the real world accounting and finance expertise that leads to a wide range of rewarding international roles. And because Cass is located close to the City of London, you will be perfectly placed to exploit the opportunities created by the degree.

This is a highly practical programme. You will need a high level of quantitative skills in order to examine accounting and finance from the perspective of those who use financial reports to evaluate company and managerial performance. You will also gain an essential understanding of the principles underlying current thinking in accounting and finance

'The MSc in International Accounting & Finance helped me to achieve my career objectives because I learnt to adapt myself to different situations quickly, and in my field it is important as you are moving from one client to another every two to three weeks. In addition, my Masters degree helped me to sharpen my critical and problem solving skills which are essential in the environment I am working in.'
David Khau, from France, MSc in International Accounting & Finance

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email c.a.woolley@city.ac.uk

Course content

We regularly review all our courses 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.

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

The MSc in International Accounting & Finance course starts with two compulsory induction weeks, focused on:

  • an introduction to careers in finance and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
  • a refresher course of basic financial mathematics, statistics, computing and electronic databases.

Term 1

Four core modules (30 hours each)

Applied Empirical Accounting

This course consists of two parts. The first is dedicated to essential concepts in statistics and econometrics. The second part presents students with seminal papers in accounting and finance that will be discussed in class. This will also provide a starting point for future dissertations. This course ensures that students:

  • understand basic concepts in statistics and econometrics
  • understand research papers in accounting and finance discussed in the course from a conceptual standpoint
  • understand statistical distributions and hypothesis testing

Corporate Finance and Valuation

Provides a thorough understanding of the key factors affecting the valuation of a company; the financing of new ventures through initial and seasoned equity offerings; the choice between various forms of short- and long-term financing; and the interaction between corporates and capital markets. Makes extensive use of real case studies to illustrate theory and compare with relevant academic research.

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. Based on International GAAP.

Strategic Cost Management

Provides an understanding how accounting is used to support decision-making, planning, control and performance measurement within organisations. After covering key management accounting tools such as costing and budgeting, students will progress to study management control within divisionalised companies as well as developing practices such as activity-based costing and strategic management accounting.

Term 2

Four core modules (30 hours each)

Accounting Information and Capital Markets

The aim of this course is to develop an understanding of the use of financial statements in valuing securities in international markets. The course provides tools for financial analysts, corporate managers and investment bankers to assess the fundamental value of traded securities in different markets. The course puts significant emphasis on the interactions between global capital markets and the value of the underlying real assets.

International Financial Management

This course provides the student with an integrated view of international financial markets and the management of multinational firms. Students will study the markets for foreign exchange, currency forwards, options, swaps and international equities, studying how they operate and how the instruments traded in these markets are valued.

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.

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. The Financial Statement Analysis 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 and the role of accounting in the broader financial environment.

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:

  • Advanced Financial Analysis
  • Corporate Restructuring
  • Credit Risk
  • Entrepreneurial Finance
  • Financial Derivatives
  • Financial Risk Management
  • Fixed Income Analysis
  • Forecasting
  • Mergers & Acquisitions
  • Project Finance
  • Raising Capital Equity
  • Risk Management
  • Security Analysis
  • Visual basic
  • Corporate Governance

The Institute of Chartered Accountants 'International Financial Reporting Standards (IFRS) Certificate'

Students have the option of studying this specialist module (worth the equivalent of three electives) which provides a unique addition to the MSc in International Accounting and Finance. During the half day sessions students will be given the opportunity to learn about international trade standards and financial regulation. They will also develop a sound understanding of financial information produced under the IFRS. On successful completion of this programme, students will be awarded the ICAEW certificate in IFRS.

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

CFA programme partner

The CFA the global association of investment professionals, recognises the rigour and the relevance of the MSc in International Accounting & Finance 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 International Accounting & Finance as strong preparation for their professional exams.

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

CIMA

Students successfully completing the MSc in International Accounting & Finance will be awarded exemptions from the following modules:

C2: Fundamentals of Financial Accounting

C3: Fundamentals of Business Mathematics

P9: Management Accounting Financial Strategy

ACCA

Students successfully completing the MSc in International Accounting & Finance will be awarded exemptions from the following modules:

F1: Accountant in Business

F2: Management Accounting

F3: Financial Accounting

F4: Corporate & Business Law

F7: Financial Reporting

F9: Financial Management

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. Cass Careers Service works to coordinate projects with organisations and students.

Some recent projects:

  • Deciphering the behaviour of private equity funds
  • Cost of equity capital and accounting based earnings attributes - observations of UK evidence
  • A Review of Underpricing and Short-Run IPO Performance in 2005: Evidence from the London Stock Exchange and Hong Kong Stock Exchange
  • M&A and Post-M&A Performance in UK Food Industry: Three Case Studies
  • Enron: A lesson in Corporate Governance
  • Announcement Effects of Corporate Debt Offerings, the Impact of Credit Rating and Issuer Fundamentals
  • The developments in corporate governance & its relation to the independence of the external audit profession
  • An Analysis of the Dynamics in the return and volatility of the European Equity & bond market
  • European Spin-Offs: The Evidence
  • Capital Structure Theory and Practice in China
  • The effect of R & D expense on capital markets in the pharmaceutical industry - A comprehensive study of India and The UK
  • Evidence of the UK stock market's reaction to dividend announcements
  • How do financial regulations affect financial crime in different countries

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 for this course you will need a good Bachelors degree, usually a UK 2.1 or above or the equivalent from an overseas institution. Some level of previous study in accounting, economics, 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 for this programme, but please provide details of relevant experience that might enhance your profile.

GMAT

Applicants to the MSc in International Accounting & 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

Graduates from the MSc in International Accounting & Finance move into a diverse range of careers in the financial sector, particularly roles as analysts in accounting firms, corporate finance, auditing, regulatory bodies and consultancies.

MSc in International Accounting & Finance Employability

Our Graduate Destination Survey of last year's MSc in International Accounting & Finance cohort shows that 94% of graduates are now either in work (71%) or not job seeking as they are in further study, military service etc. (23%)*

Some examples of where graduates from the 2009/10 MSc in International Accounting & Finance are working are:

  • Alegro Capital - M&A - Analyst
  • Ernst & Young - Audit Financial Services - Associate
  • Royal Bank of Canada - Credit product Control - Product Controller
  • Barclays Wealth - Private Banking - Analyst
  • Standard Chartered Bank - Capital Markets, Financial Markets, Wholesale Banking - Associate Equity-Linked Solution
*Based on 2011 survey respondents

'After completing my Masters I will be joining the Investment Banking Division of a US Bank in London, as a first year analyst. What attracted me to this career path is how it encompasses a number of interesting aspects within finance, such as quantitative and financial research and modelling, the strategic understanding of large entities and developing an expertise in capital markets
 
My career ambitions are to work with large corporate clients in advising them on their most important strategic decisions. In 5 years, I hope to have worked on a number of large corporate finance transactions involving M&A, Restructuring, IPOs, Equity and Debt Recapitalisations.'
Nicolas Greilsamer from France/USA, MSc in International Accounting & Finance

Cass Careers Service