Overview

The MSc in Investment Management is founded on three principles: academic rigour, relevant knowledge and an international orientation.

You will acquire a sound knowledge of the theoretical foundations that underpin modern investment and risk management techniques. These principles are applied in practice via case studies and the use of online databases such as Bloomberg and simulators. The practical aspect is delivered with extensive input from City of London institutions. Many leading practitioners teach on the course, providing a vital link between theory and practice.

The MSc in Investment Management is a demanding course. Over a 12-month period you will cover the traditional syllabus of a general Masters degree in finance and develop extensive expertise in a range of specialised areas such as the management of equity and bond portfolios; trading techniques; asset-liability management; risk management; alternative investments; venture capital and management of foreign exchange.

An advisory panel of senior practitioners ensures that the course remains at the forefront of developments within financial markets and reflects topical and technical developments in the marketplace.

Course characteristics

On a typical intake of around 100 students a year, a minimum of 35 nationalities will normally be represented. The international dimension of the course is further developed through the backgrounds of the resident and visiting academic faculty. The international learning experience adds range and depth to the student experience, while generating worldwide networking opportunities after graduation.

'Studying in London was great. It gave me a global experience.'
Bryan Ciambella from the USA, MSc in Investment Management

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

Information Sessions

Find out more about the MSc in Investment Management at one of our regular Information Sessions:

  • On campus session: 18 April 2012 at 12.30

Book your place

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email kate.hodson.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.

Term 1

Four core modules (30 hours each)

Equity Analysis

This course provides the fundamental and advanced techniques/tools used by practitioners to analyse equity markets, measure corporate performance, estimate equity values and ultimately sharpen students' judgement regarding stock market investment. The lectures are highly participative and use practical case studies in measuring cash-flows, understanding relative valuation approaches, performing residual income analysis as well as exploring equity investment tactics.

Fixed Income Analysis

The aim of this module is to introduce students to all the tools necessary to enable them to understand the problems involved in managing a fixed income portfolio. The focus of this module is on fixed income security markets, pricing and uses for portfolio management or for hedging interest rate risk. It will also cover term structure analysis and the use of derivative instruments in bond portfolio management.

Portfolio Theory

Provides students with an understanding of modern portfolio theory and its implications for the pricing of assets. It gives unified approach to asset pricing, asset management and risk management. Topics covered include: portfolio diversification, optimal portfolio construction, expected utility theory, capital asset pricing model and arbitrage pricing theory with applications.

Quantitative Methods in Investment Management

This module provides students with the tools required for modelling financial data ranging from the classical linear regression model to nonlinear volatility modelling. Value at Risk (VaR) analysis will also be introduced as a tool for measurement and management of risks in the financial markets. In-depth analysis and practical implementation of VaR approaches including the RiskMetrics system developed by JP Morgan and alternative simulation based techniques is central to the course. VaR validation and stress testing within the Basel regulatory guidelines will also be discussed. Emphasis is placed on the practical applications of methods, and the teaching involves an examination of some empirical studies designed for equity and fixed income markets.

Term 2

Four core modules (30 hours each)

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.

Derivative Applications

The aim of the course is to develop students' understanding of derivatives, particularly forwards, options and swaps in both vanilla and exotic forms. A strong emphasis is placed on the use of derivatives in practical applications including risk management and structured products. The students make extensive use of Bloomberg and gain practical experience of the process of designing structured products.

Advanced 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 and the role of accounting in the broader financial environment.

Portfolio Management

The course 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. It includes practical case studies in portfolio construction and performance and asset allocation. Students gain further practical experience through a portfolio management simulation game and the use of use software packages.

Applied Investment Workshop & Portfolio Management Simulation

In addition to the core modules students are required to participate in this series of additional workshops, seminars and practical applications which aim to introduce issues related to financial markets.

Presentations are given by leading practitioners and expert academics in a relaxed atmosphere that encourage students to participate, ask questions and express their own views. The topics covered and length of seminars may change from year to year.

The Applied Investment Workshop aims to familiarise students with practical applications of econometric methods and financial risk modelling whereas the portfolio management trading game will enable students to gain practical experience in asset management vis an online portfolio manager simulator.

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:

  • Financial Risk Management
  • Pension Finance
  • Regulation of Financial Services
  • Asset Liability Management
  • Advanced Company Valuation
  • Money Market and Treasury Management
  • Technical Analysis and Trading Systems
  • Private Equity Investment
  • Market Analysis and International Investments
  • Risk Analysis and Modelling
  • Marketing and Regulation of Financial Services
  • Investment Banking
  • Market Microstructure
  • Advanced options trading
  • Quantitative Asset Management
  • Finance in Emerging Markets
  • Mergers and Acquisitions and Divestments
  • Index Construction and Performance Measurement
  • Property Economics and Financial Markets

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.

CFA programme partner

The CFA, the global association of investment professionals, recognises the rigour and the relevance of the MSc in Investment Management 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 Investment Management 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 Investment Management will also be eligible for the award of the CISI Diploma without having to take any of the CISI exams.

Member of CAIA Academic Partnership Programme

The Chartered Alternative Investment Analysts Association (CAIA) is an independent organisation committed to education in the field of alternative investments and is recognised globally as the hallmark of excellence.

The partnership recognises that the content of the MSc in Investment Management reflects the concepts, tools and practices required by investment professionals working with products ranging from hedge funds to commodities.

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:

  • Active investment strategies on emerging markets
  • Active style management of fund of hedge funds: An empirical performance attribution study of alternative investment strategies in a dynamic portfolio context
  • An examination of the accuracy of Company Valuation Techniques
  • Credit spread and sovereign risk
  • Extreme correlation among equity markets
  • Globalisation of world stock markets
  • How should the risk premium on equities be modelled?
  • Performance characteristics for European buy-outs
  • The post-bubble European Private Equity Industry
  • Valuing credit default swaps, swaptrons and forwards

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.

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.

Applicants will need to submit two references, one of which MUST be an academic reference. No work experience is required for this programme although if you do have any relevant experience that will enhance your profile please give details of this.

GMAT

Applicants to the MSc in Investment Management 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

The MSc Investment Management has graduates working as portfolio managers, hedge-fund specialists, traders, risk managers, security analysts, brokers and corporate treasurers. The wide variety of functions that our graduates are able to perform reflects the breadth of the course and the flexibility of the qualification.

MSc in Investment Management Employability

Our Graduate Destination Survey of last year's MSc in Investment Management cohort shows that 75% of graduates are now either in work (68%) or not job seeking as they are in further study, military service etc. (7%)*

Some examples of where graduates from the 2009/10 MSc in Investment Management are working are:

  • Henderson Global Investors - Asset Management - Trainee
  • RBS - Wealth Management - Trainee
  • UBS - Equity Research - Equity Research Associate - Telecommunications
  • Deutsche Bank - Private Banking - Financial Advisor
  • Bywater Capital - Global Macro Hedge Fund - Analyst
*Based on 2011 survey respondents

Cass Careers Service