Overview

Please note this programme will be closing at 1600 BST on Monday 1st September

Intake: September only
Duration: 12 months full-time
Fees: £24,000 (full-time)
Financial support: Please see our Scholarships page
Application deadline: Monday 1st September at 1600 BST

The City of London is the centre of the global finance, maritime, insurance and commodity trading industries.

So, Cass is perfectly placed to help you maximise the many opportunities in these areas. And each of this Masters degree will give you the skills necessary to operate at the decision-making levels of activities such as shipping, transport, logistics, supply chain management and related sectors and industries.

A global centre

The course is offered through the Costas Grammenos Centre for Shipping, Trade and Finance.

The MSc courses offered by the Centre reflect the Cass philosophy: advanced, technically challenging programmes that incorporate applied, real-world scenarios.

Students make presentations to lecturers, visitors from the City and other members of the class. This provides you with invaluable practice in using, applying and expressing complex subject matter clearly and concisely to a business audience.

Group work, on the preparation of case studies and a business plan, consolidates the acquired knowledge and also builds the 'soft' skills essential to any future career. From a total of over 1,200 graduates to date, all have taken their place in the international business community.

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email: sarah.darbyshire.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 course students must complete:

  • ten core courses

and

  • five electives

or

  • one elective and a Business Research Project

These Masters courses all start with two compulsory induction weeks, focused mainly on:

  • 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

Five core modules (30 hours each)

International Economics

Explores the economic relationships between nations; international trade relations and benefits; the effects of barriers to trade and income distribution; trade policy; and international monetary relations. The significance of external influences on fiscal and monetary policy, the balance of payments and the theory and evidence of exchange rate determination all form part of this module, which also looks at the response of the exchange rate to monetary and other shocks, and examines the case for fixed exchange rates.

Managerial Accounting

Introduces the principles of accounting and finance in business and the main techniques in management accounting, planning and control. Covers the interpretation and use of annual reports and accounts, financial and ratio analysis, and their use for managerial decision-making, and budgetary control systems.

Principles of Finance

As a first course in finance, addresses the key issues involved in valuing assets and liabilities on the basis of their future earning power. Students are introduced to the problems involved in specifying risky future earnings and the appropriate rate at which to capitalise them. Payoff asymmetry is examined, and options are valued with the help of both the binomial and Black-Scholes models.

Quantitative Methods

Following the induction course, it covers descriptive and inferential statistics, as well as regression analysis techniques. Develops skills that are essential for other modules and the dissertation and is designed to ensure relevance to everyday business problems.

Shipping Economics*

Focuses on the operational environment of the bulk-shipping sector. Subsequently discusses extensively the microeconomic structure of the four main markets (freight, second-hand, shipbuilding and demolition) in dry bulk and tanker shipping, together with the operational characteristics, international regulations and policies which affect these highly competitive, volatile, but nevertheless exciting industries. Continues with an introduction to liner and container shipping economics and concludes with a discussion of the principles of modern supply chain logistics, of which bulk shipping forms an integral part.

*Sponsored by Thanassis and Marina Martinos

Term 2


Five core modules (30 hours each)

Advanced Quantitative Methods

Builds on the knowledge acquired in Quantitative Methods in Part one and focuses on skills required for advanced analysis in areas such as risk management and forecasting.

Corporate Finance

Builds on the subject matter learned in Principles of Finance in Part one and focuses on the decisions undertaken by the modern industrial corporation, with respect to such areas as expansion, restructuring, capital formation and acquisitions. Applying theoretical concepts to case studies, the student will extend his or her ability to formalise, structure and analyse capital expenditures and investments, including how they are financed and how the risks thereby arising are managed. Topics include mergers and acquisitions; restructuring; investment banking; cost of capital; and the use of futures and options to manage risk.

Financial Markets

Covers the global economic and financial environment within which business corporations operate. Globalisation and integration of markets for debt, equity and risk management have created new opportunities in the capital formation process, but pose great difficulties in navigating successfully. Where should capital be raised? How does one manage the risks from certain currencies and certain sovereign regions? In the context of the globalisation of capital markets, considers the structure, functions and performance of financial markets on an international basis and how they facilitate real economic activity; and the role of institutions operating as global intermediaries within these same markets.

International Commodity Trade

Discusses the theory and practice behind the development of modern patterns of trade, focusing on the world's major bulk commodities, such as grains, petroleum, and ferrous and non-ferrous ores. Considers in depth the distinctive microeconomic characteristics of key commodities, such as storability, perishability and seasonalities; pricing mechanisms and methods of adjustment; the role of key producers and key markets in shaping market conditions.

Shipping Investment and Finance*

The skills developed in both Principles of Finance and Corporate Finance are applied to the shipping industry while introducing several new and important concepts to develop the ability and the analytical tools to make rational shipping investment and finance decisions. Making extensive use of case studies, areas covered include the fundamental principles of shipping investment and finance; vessel investment and disposal markets; investment feasibility studies; bank credit policy, bank credit analysis and proposals; other sources of shipping finance such as shipyards and capital markets; and risk management in shipping.

*Module sponsored by the American Bureau of Shipping (ABS)

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. Electives that were offered in 2013 were:

  • Hedge Funds
  • Air Transport
  • Chartering
  • Commodity Derivatives
  • Emissions Trading
  • Energy Law
  • Financial Derivatives
  • Marine Insurance
  • Retail Supply Chain Management
  • Shipping Law
  • Shipping Risk Management
  • Shipping Strategy
  • Trade Finance
  • Corporate Restructuring
  • Project Finance
  • Raising Equity Capital
  • Ethics, Society and the Finance Sector
  • Mergers and Acquisitions
  • Project Finance & Infrastructure (Taught in a block format in Madrid)
  • Energy and Weather Derivatives
  • Technical Analysis and Trading Systems
  • Consulting Skills
  • Advanced Options Trading
  • Behavioural Finance

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.

Teaching staff

The teaching staff on these MSc programmes have many years of practical experience working in industry and are also active researchers in their fields

This knowledge and experience inform the highly interactive lectures that make up these MSc programmes.

Course Director

Prof. Nikos Nomikos

MSc in Energy, Trade & Finance: Prof. Michael Tamvakis

Other Module Leaders include:

Teaching staff on Cass Talks

Some of the lecturing staff on these MSc programmes have taken part in recent editions of Cass Talks.

Prof. Michael Tamvakis discusses the Greek crisis and the return of carbon trading

Prof. Michael Tamvakis discusses the soaring increase in oil and its likely impact on the global economic recovery.

Accreditations

The MSc in Shipping, Trade and Finance is validated by the Institute of Chartered Shipbrokers (ICS) consequently, students successful in the courses of:

  • International Commodity Trade
  • Shipping Economics and Policies
  • Shipping Law
  • Shipping Investment and Finance

will be granted exemption from three of the following examinations of the Institute:

  • Economics of Sea Transport and International Trade
  • Introduction to Shipping
  • Legal Principles in Shipping Business
  • Shipping Finance

Students must choose three out of the four subjects above that they wish to be exempt from as the ICS require potential members to a minimum of four, out of the total of seven, of their professional exams in order to become a member. Students are also only able to choose one of the modules Legal Principles in Shipping Business or Shipping Law for exemption.

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 do a project with a company 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. Student research projects are processed and managed jointly by the MSc Course Office team and the student's Course Director.

Some recent projects:

  • The role of human error in tanker accidents
  • US-EU air routes and the 'open skies' effect
  • Analysis of financial vehicles for the fleet expansion of a small shipping company
  • The EU emissions trading scheme in context with the Kyoto Mechanisms and the price determinants of EU allowances
  • Supply Chain in the Fashion industry: A case study of ABC Analysis in Lussile S.A.
  • Russia, the West, and Energy geopolitics in the CIS: A new tournament in Shadows
  • Corporate social responsibility: ways of evaluating carbon footprint
  • The changing environment of the vehicle fuel market: a tentative look at the future of gasoline
  • The All-Cargo Airlines Consolidation in China and Its Impacts on Airline Competition
  • The Impact of a Suez Canal Closure on the UK Supply Chain
  • Investigation into the shortage of officers on merchant ships
  • Does investing in hedge funds ensure better risk & return
  • Risks and challenges in global sourcing and outsourcing: a practical approach to meet demand
  • Recent massive IPO's in Greek Shipping: A theoretical and empirical analysis
  • Operational expansion of Thessalonica's container terminal and procurement
  • The issues of clean development mechanism in developing countries: a case study on Nigeria
  • The Effects of the Suez Canal Expansion
  • The Kingstone container terminal: will it become a mega-hub?
  • Transhipment challenges in the Mediterranean region

Entry requirements

Degree Level

To be accepted on to 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 finance or quantitative methods is preferred.

If you have not yet completed your current course of study, your university should be able to provide an interim transcript showing your marks achieved to date. If you are still undertaking your Bachelors degree studies, you should provide a separate list of the modules that you are undertaking in your final year of study when you submit your application (if these are not listed on your degree transcripts).

Work Experience

No work experience is required for this course, but please provide details of any relevant experience that might enhance your profile.

English Requirements

Every year we welcome students from around 100 different countries. It is essential that all students have an excellent command of English in order to participate fully in our collaborative learning process. If you are not a native English speaker but have been studying in English at a degree level for the last three years, please submit a copy of your most recent English language test scores/qualification along with your application and a decision will be made by the Admissions Panel. If you have done a 2+2 degree with two years in the UK you WILL be required to provide IELTS scores and possibly to resit the test to meet our academic entry requirements.

Please note that we assess each application on its own merit and you can help us to make decision by providing all relevant documents at the time of application.

We require all Cass MSc students who are not nationals of a majority English-speaking country OR have not successfully completed an academic qualification, at least equivalent to a UK bachelor's degree, which was taught in a majority English-speaking country as defined by the UK Border Agency, to have an overall IELTS score of at least 7.0 (with a minimum of 6.5 in writing).

We do not offer nor accept a pre-sessional English class as an alternative to the listed English tests. Any pre-sessional course should be viewed as an aid to living and studying in the UK and not as a way of topping up an IELTS score.

Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require a CAS as of April 2014.

Documents required for decision-making

  • Transcript/interim transcript
  • Two references, one of which MUST be an academic reference
  • IELTS/GMAT, if reports available
  • Confirmation of professional qualification examinations/exemptions/passes, if applicable

Tuition fees and term dates

Tuition fees 2014/15

Application fee: Nil

Tuition fees: £24,000 Currency Converter

Deposit: £2,000 (paid within 1 month of receiving offer)

First instalment: Half fees less deposit (paid at registration)
Second instalment: Half fees (paid in January following start of programme)

Term dates 2014/15

The programme starts with:

Compulsory Induction Period: 15 September 2014 - 26 September 2014

Term I
29 September 2014 - 12 December 2014
Term I exams
12 January 2015 - 23 January 2015

Term II
26 January 2015 - 3 April 2015
Term II exams
27 April 2015 - 8 May 2015

Term III
11 May 2015 - 26 June 2015
Term III exams
29 June 2015 - 10 July 2015

Submission deadline for Business Research Project 
1 September 2015

Official Course End Date
30 September 2015

Career opportunities

The wide curriculum of these Masters courses provides a range of employment opportunities for our graduates. Many hold key positions and have eminent careers in over 70 countries in fields such as commercial banking, commodity trading, government, investment banking, law, logistics management, management consultancy, manufacturing, shipping, finance, shipping operations, stockbroking, and university research and teaching, among others.

MSc in Shipping, Trade & Finance Employability

Our Graduate Destination Survey (pdf) of last year's MSc in Shipping, Trade & Finance cohort shows that 91% of graduates are now either in work (83%) or not hob seeking as they are in further study, military service etc. (8%)*

Some examples of where graduates from the 2010/11 MSc in Shipping, Trade & Finance are working are:

  • Ocean Intelligence - Operations, Credit Analyst - UK
  • Trafigura Beheer BV Amsterdam - Operations, Oil Trading Operator - Switzerland
  • Viking Shipping Company - Ship Brokering, Trainee - Norway
  • ABM Amro Bank - Energy, Commodities and Transportation, Associate - The Netherlands
  • Maersk Broker Financial - Corporate Finance, Associate - Denmark

*Based on 2011 survey respondents

Cass Careers Service