UNIVERSITY OF BRADFORD School of Management Programme title: Master of Science in Finance

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1 UNIVERSITY OF BRADFORD School of Management Programme title: Master of Science in Finance Awarding and teaching institution: Final and interim awards: University of Bradford Master of Science [Framework for Higher Education Qualifications level 7] Postgraduate Certificate [Framework for Higher Education Qualifications level 7] Postgraduate Diploma [Framework for Higher Education Qualifications level 7] Programme title: Programme approved/ accredited by: Relevant subject benchmarks Finance n/a QAA Master s degree in business and management (2007) FHEQ Level: 7 Duration: 1 Year (full time) Date produced: Last updated: April 2007 February 2014 Introduction In accordance with the University s mission Making Knowledge Work, the School of Management aims to provide programmes that educate individuals as managers and business specialists, and thus improve the quality of management as a profession. The MSc in Finance focuses on the key elements of corporate finance, investment management and applied quantitative finance. The aim is to produce specialists who have a strong financial perspective on corporate activity, pension fund behaviour, the economy and international financial markets. There will be particular focus on providing you with the conceptual understanding, knowledge and technical skills that are required to implement advanced financial models in a practical way. Throughout the programme, there will be widespread use of financial software packages that are the most widely utilised in industry and the City. The MSc in Finance is a specialist level career entry programme; type 1 under the Quality Assurance Agency for Higher Education s Benchmarks for Masters Degrees in Business and Management. Structured in three distinct stages (see below for further details) the programme represents 1800 hours of study or 180 UK credits, necessary for the award of a Master s degree. 1

2 Programme Aims The programme is intended to: A1. Prepare you for careers in corporate finance, investment banking, portfolio management, financial consultancy, fixed income & derivatives trading, risk management and other finance related disciplines. To prepare students for further advanced study (at MPhil / PhD level) in finance; A2. Provide advanced study of financial markets, financial institutions and business organisations, their financial and organisational structure and the political and economic environment in which they operate; A3. Provide a critical understanding of the main theoretical and empirical evidence relating to equity, currency, fixed income and derivatives asset pricing models; A4. Provide a critical understanding of the theory and practice of corporate finance;. A5. Provide the knowledge and technical skills required to undertake advanced financial modelling using the most widely implemented software packages; A6. Provide a supportive, structured environment in which students are encouraged to develop independent learning skills and provide original contributions to the field of finance; A7. Develop personal transferable skills, particularly in the areas of teamwork, communication, computing, analytical reasoning and mathematics; Programme Learning Outcomes When you have completed the programme you will have: LO1. A detailed knowledge of the political, economic and business environments in which international financial markets and institutions operate (PGC, PGD); LO2. A detailed knowledge of the types of financial assets that are available for trading on international financial markets and a critical understanding, both theoretical and empirical, of the way in which these assets are priced (PGC, PGD); LO3. A critical understanding of how multinational corporations can be financed (PGD); LO4. Advanced technical skills in the areas of financial mathematics, financial statistics and computational finance (PGC, PGD); LO5. A knowledge of recent developments in the theory and practice of finance (e.g. credit risk management) (PGC, PGD); LO6. An ability to apply financial models to real-world problems, particularly through the use of popular computer software packages;(pgd) LO7. Developed research skills and demonstrated original thought in finance by preparing for and writing a Masters dissertation (PGC, MSC); 2

3 LO8. Experience of interpersonal skills of communication, negotiation, leadership and teamwork, through group work and tutorial activities (PGC, PGD). Curriculum The MSc programme in Finance is a 12-month full-time programme that starts in September of each year. Attendance is required during the week and, on occasions, at weekends, in the evening and during vacation periods. The MSc is organised into three stages. In stage 1, you are required to attend six compulsory modules in financial accounting, corporate finance, capital markets, business economics, financial modelling and financial mathematics. These modules provide the knowledge, critical understanding and technical skills that are of key importance to the whole field of finance and that provide an in-depth foundation for the subsequent stages of the degree. In stage 2, you are required to take four compulsory modules that cover advanced topics in corporate valuation, international finance, asset pricing and fixed income securities. You will also choose two modules either in specialist areas of finance or more general aspects of accountancy and management. Modules are usually offered on a weekly basis but may occasionally be taught in four or five-day blocks. Stage 3 requires you undertake personal research and prepare a dissertation. The dissertation is an extended piece of written work involving an original and in-depth investigation of a specialist finance issue. Guidance on dissertation choice and supervision is provided during the first two stages of the degree, thus giving you the opportunity to prepare in advance for stage 3. Personal and professional development (PDP) forms an integral part of the MSc, with emphasis on independant learning, computing, analytical reasoning and mathematics. Your PDP will be developed and monitored in each module by a combination of formative and summative assessment. Stage one: Module Code Module Title Type Credits Level Study period MAN4134M Business Economics Core 10 7 Sep-Dec MAN4257M Corporate Finance Core 10 7 Sep-Dec MAN4275M Accounting Core 10 7 Sep-Dec MAN4269M Financial Modelling Core 10 7 Sep-Dec MAN4264M Portfolio Management Core 10 7 Sep-Dec MAN4265M Quantitative Methods in Finance Core 10 7 Sep-Dec On successful completion of 60 credits (core modules) or more, but less than the 120 credits required for the Postgraduate Diploma, you will be eligible for the award of Postgraduate Certificate. 3

4 Stage 2:. Module Code Module Title Type Credits Level MAN4261M MAN4270M Bond Market Analysis and Credit Risk Financial Statement Analysis and Valuation Study period Core 10 7 Jan-Apr Core 10 7 Jan-Apr MAN4260M Asset Pricing Core 10 7 Jan-Apr MAN4271M International Finance Core 10 7 Jan-Apr Plus two additional module from the list of options modules On the successful completion of 120 credits, or more, but less than the 180 credits required for the Masters, you will be eligible for the award of Postgraduate Diploma. Stage three: Module Code Module Title Type Credits Level Study period MAN4268Z Dissertation (MSc Finance) Core 60 7 Apr-Sep On successful completion of 180 credits you will be eligible for the award of Master of Science in Finance. The curriculum may change, subject to the University's programme approval, monitoring and review procedures. Study abroad opportunity: International School An opportunity exists for you to take as 1 week International School as your module choice. This module is offered in March/April each year in collaboration with the Leon Kozminski Academy for Entrepreneurship and Management (Warsaw), EADA (Barcelona) and Audencia Ecole de Management (Nantes) who are all members of the Alliance for Business Education. The International School provides an opportunity for you to further develop your knowledge in key managerial areas and experience studying in a culturally diverse setting. Attendance at the International School is competitive and subject to an additional fee and travel/maintenance costs. It may be necessary for those electing to take this option to miss a week of teaching in Bradford. If so, you will be expected to catch up. As part of the School s exchange agreement with the École Supérieure de Commerce in Toulouse, you have the opportunity to study a module in Financial Risk Management in European Banking in Toulouse each year. Travel and maintenance costs are additional. Teaching and Assessment Strategies Teaching involves a combination of formal lectures, group discussions, seminars and directed reading. Generally the programme aims to integrate applied and theoretical knowledge with assessment processes that test both knowledge of the disciplines plus their application and limitations. Each module represents approximately 100 hours' study 4

5 time of which typically 24 hours is contact time with the module tutor(s) and the remaining 76 hours is made up of pre-reading, directed reading, preparatory work and assessment Methods of assessment are varied and linked to learning requirements. They may include open and closed book examination, essays, coursework assignments and case studies. The programme requires students to undertake significant amounts of applied financial modelling using popular software packages. In addition, Blackboard, the University s virtual learning platform is widely utilised. It is therefore a requirement that students on this programme own a PC or laptop running Windows 2000 / XP or similar and with an internet connection, preferably broadband. Assessment The programme is summatively assessed by a mixture of written examinations, coursework, and applied coursework requiring the use of specialist computer software used on this programme. Assessment is integrated with learning and teaching to support and demonstrate achievement of the learning outcomes for individual modules and the programme as a whole. Learning outcomes 1, 4, 5, and 6 focus on gaining a critical appreciation of the sociopolitical and economic context within which financial institutions operate, as well as application of knowledge and technical skills to address real world problems. They also aim to provide insights into likely future challenges faced by financial institutions, and the ways to address those challenges in an ethical manner. They are assessed by group coursework, tutorial exercises, examinations, preparation of the MSc dissertation and group work in modules such as Corporate Finance. Learning outcomes 2, 3 and 7 are focused on subject-specific knowledge in both finance and banking, gaining a critical appreciation of financing and the interplay between financial institutions, and acquisition of advanced knowledge of formal concepts in finance using appropriate mathematics, statistics and computational tools. They are assessed by employing a mixture of examinations, individual items of coursework, group coursework and the MSc dissertation, in modules such as Quantitative Methods in Finance and Bond Market Analysis and Credit Risk. Learning outcome 8 focuses on the development of interpersonal and leadership skills, as well as skills in communication, time management and negotiation. These skills will contribute to your portfolio of personal transferable skills and your employability. This learning outcome is assessed by group coursework and interactive tutorial and computer lab sessions in modules such as Asset Pricing and Advanced Financial Modelling. The MSc dissertation integrates a significant number of Programme learning outcomes. You will be provided with an opportunity to receive formative feedback in preparation for completing the final research dissertation. The maps of learning outcomes, teaching methods and assessment methods in the appendices illustrate the points above. Assessment Regulations Whilst this Programme conforms to the general principles set out in the standard University Assessment Regulations for Postgraduate Programmes which are available at the link below, there is one exception to these regulations, which is detailed below. 5

6 Waiver On completion of the taught element of the programme and at the Interim Exam Board, a student who has 50 credits or more requiring supplementary assessment will not be permitted to proceed to the dissertation stage of the programme. The decision to allow progression will only be reconsidered at the Supplementary Exam Board. Admission requirements The University welcomes applications from all potential students with first degrees in any subject from an approved university, or an acceptable professional qualification; offers are made following detailed consideration of each individual application. Most important in the decision to offer a place is our assessment of a candidate s potential to benefit from their studies and of their ability to succeed on this particular programme. Consideration of your application will be based on a combination of your formal academic qualifications and other relevant information. If you have prior certificated learning or professional experience which may be equivalent to parts of this programme, the University has procedures to evaluate this learning in order to provide you with exemptions from specified modules contained within the curriculum. Please talk to us if you do not fit the standard pattern of entry qualifications. We are continually reviewing and developing our practices and policies to make the University more inclusive, but if you are disabled we may need to make some adjustments to make sure that you are not disadvantaged. We would advise you to contact the programme leader before you apply to discuss these. Candidates for MSc in Finance will normally have a good degree awarded by an approved UK or overseas university, in accounting and finance, economics, management (with a significant component of economics and/or accounting and finance) or a quantitative science such as mathematics, physics or engineering. The School recognises that there are able students who lack the usual academic qualifications but have appropriate professional qualifications; such cases are considered individually on merit. As the programme is delivered entirely in English, applicants must be able to demonstrate proficiency in the English language thus, UK educated students must have a GCSE grade C or above. Non-native speakers must have a 6.5 score on IELTS test of English, 94 in the internet-based TOEFL or a score of 60 or more in the Pearson English Test exceptionally, holders of a UK degree awarded within 2 years prior to entry to the Bradford programme may be exempt from these English test requirements. Learning resources The School of Management is a self-contained facility, some 2½ miles from the main University campus. Our activities are supported through a library dedicated for management studies, a Trading Room and a dedicated computer services centre. The JB Priestley Library on the city campus, our libraries provide a wide range of printed and electronic resources to support your studies. We offer quiet study space if you want to work on your own, and group study areas for the times when you need to discuss work with fellow students. Subject librarians can provide training sessions and individual guidance in finding the information you need for your assignment, and will help you organise your references properly. 6

7 Student PC clusters can be found in all our libraries and elsewhere on the campus. Many of these are open 24/7. You can also use the University's wireless network to access the internet from your own laptop. Most of our online journals are available on the internet (both on and off campus), and you can also access your University account, personal information and programme-related materials this way. Staff are on hand during the daytime to help you if you get stuck, and there is a 24/7 IT helpline available. The School of Management has excellent library and IT facilities in the Learning Resource Centre situated in the Sir Titus Salt Building on the Emm Lane Campus. We make extensive use of the University s VLE giving ready access to guided learning materials at all times whether on or off campus. The School of Management s Effective Learning Service is available to all students and it is especially valuable to students studying in the UK for the first time. Student Support and Guidance Programme Team Support for you personally and in your programme of study, will be provided both by the University and the Programme Team. Each student is allocated a dedicated Personal Academic Tutor (PAT) who is someone with whom you will be able to talk about any academic or personal concerns. The School will ensure that there is someone available with whom you feel comfortable to help and support you. You will be provided with a comprehensive series of handbooks that you can consult on a range of learning issues and your PAT will be available to consult on subject specific queries. Students Union We value the feedback provided by students and collaborate with the Students Union, through a system of programme representatives and formal staff student liaison committees, so that any issues you wish to raise are addressed rapidly. The Students Union and the University of Bradford work in partnership to provide confidential counselling and welfare services where you can get help with any aspect of your personal or academic life. Student Financial and Information Services (part of the Hub) will provide you with information about a diverse range of issues such as council tax, personal safety and tourist information. International Students can access a range of additional advice and support services through the Student s Union. Employability and Career Development The University is committed to helping students develop and enhance their employability profile, commitment towards a career pathway(s) and to implementing a career plan. Professional career guidance and development support is available throughout your time as a student and as a graduate from Career Development Services. The support available from Career Development Services includes a wide range of information resources, one to one appointments, a weekly workshop programme, a mentoring programme, graduate recruitment and careers fairs, plus information and help to you find part time work, summer work placements, internship programmes and graduate/postgraduate entry vacancies. In addition, some students will receive seminars and workshops delivered by Career 7

8 Development Services as part of their programme of study. All students are encouraged to access Career Development Services at an early stage during their studies and to use the extensive resources available on their web site Career Development Services annually undertakes a survey of all postgraduates to find out their destination six months after graduation. The survey gathers data on the employment and further study routes graduates have entered and a range of other information including job roles, name and location of employers, salary details etc. The survey findings for each programme of study are presented on the programme information pages on the University website and via Career Development Services website Learner Development Unit for Academic Skills Advice For postgraduate students on taught programmes who are looking to improve their marks during their time at university, study skills and maths advice is available to all regardless of degree discipline. Students can access a programme of interactive workshops and clinics which is delivered throughout the year. This is in addition to our extremely popular face-toface guidance from our advisers, who also offer a wide range of online and paper based materials for self-study. Disability Disabled students will find a supportive environment at Bradford where we are committed to ensuring that all aspects of student life are accessible to everyone. The Disability Service can help by providing equipment and advice to help you get the most out of your time at Bradford and is a place where you can discuss any concerns you may have about adjustments that you may need, whether these relate to study, personal care or other issues. For more information contact the Disability Service by phoning: or via disabilities@bradford.ac.uk University policies and initiatives Ecoversity Ecoversity is a strategic project of the University which aims to embed the principles of sustainable development into our decision-making, learning and teaching, research activities campus operations and lives of our staff and students. We do not claim to be a beacon for sustainable development but we aspire to become a leading University in this area. The facilities we create for teaching and learning, including teaching spaces, laboratories, IT labs and social spaces, will increasingly reflect our commitments to sustainable development. Staff and student participation in this initiative is crucial to its success and its inclusion in the programme specification is a clear signal that it is at the forefront of our thinking in programme development, delivery, monitoring and review. For more details see 8

9 Further Information: For further information, please check the University prospectus or contact Admissions. The Admissions Office The University of Bradford Richmond Road Bradford, BD7 1DP UK +44 (0) The Postgraduate Office School of Management The University of Bradford Emm Lane Bradford, BD9 4JL UK +44 (0) The contents of this programme specification may change, subject to the University's regulations and programme approval, monitoring and review procedures. 9

10 Appendix A: Indicative list of specialist modules Subject to sufficient student demand and staff availability, specialist modules will be offered in: Module Code Module Title Type Credits Level Study period MAN4274M Advanced Financial Modelling Option 10 7 Jan-Apr MAN4266M Contemporary Issues in Accounting and Finance Option 10 7 Jan-Apr MAN4258M Derivatives and Risk Management Option 10 7 Jan-Apr MAN4330M Global Banking Operations and Strategy Option 10 7 Jan-Apr MAN4028M Financial Risk Management in European Elective 10 7 Jan-Apr Banking* MAN4274M Advanced Financial Modelling Option 10 7 Jan-Apr MAN4151M Strategic Accounting Option 10 7 Jan-Apr * As part of the School s exchange agreement with the École Supérieure de Commerce in Toulouse, you have the opportunity to study a module in Financial Risk Management in European Banking in Toulouse each year. Travel and maintenance costs are additional. 10