UNIVERSITY OF BRADFORD School of Management Programme/course title: MSc in Finance Awarding and teaching institution: Final Award: Programme titles: University of Bradford Master of Science [Framework for Higher Education Qualifications level 7] Master of Science in Finance Programme accredited by: Duration: Subject benchmark statement: Date produced: Last updated: 1 yr full time General Business and Management April 2007 02 September 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 1A under the Quality Assurance Agency for Higher Education s Benchmarks for Masters Degrees in Business and Management. The subcategory is professionally oriented leading to a job in a company/organisation. Programme Aims To prepare students 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. To 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 MSc Finance 12-09-14.doc Page 1
To provide a critical understanding of the main theoretical and empirical evidence relating to equity, currency, fixed income and derivatives asset pricing models. To provide a critical understanding of the theory and practice of corporate finance. To provide the knowledge and technical skills required to undertake advanced financial modelling using the most widely implemented software packages. To provide a supportive, structured environment in which students are encouraged to develop independent learning skills and provide original contributions to the field of finance. To develop personal transferable skills, particularly in the areas of teamwork, communication, computing, analytical reasoning and mathematics. Learning Outcomes Students that have completed the programme will have: A detailed knowledge of the political, economic and business environments in which international financial markets and institutions operate. 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. A critical understanding of how multinational corporations can be financed. Advanced technical skills in the areas of financial mathematics, financial statistics and computational finance A knowledge of recent developments in the theory and practice of finance (e.g. credit risk management). An ability to apply financial models to real-world problems, particularly through the use of popular computer software packages. Have developed research skills and demonstrated original thought in finance by preparing for and writing a Masters dissertation. Experience of interpersonal skills of communication, negotiation, leadership and teamwork, through group work and tutorial activities. Curriculum The MSc programme in Finance is a 12-month full-time programme, and 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 phases. In phase one, 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 phase two, 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 MSc Finance 12-09-14.doc Page 2
be taught in four or five-day blocks. The final phase involves the completion of a dissertation with a specialist financial focus. 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. Phase 1. The following modules are taken in phase 1: Module Code Module Title Credit Core/Option MAN4134M Business Economics 10 C MAN4257M Corporate Finance 10 C MAN4275M Accounting 10 C MAN4269M Financial Modelling 10 C MAN4264M Portfolio Management 10 C MAN4265M Quantitative Methods in Finance 10 C Phase 2. In phase 2, students will study a combination of four compulsory modules (see below) and two modules from the specialist modules offered. Compulsory subjects for the MSc in Finance are: Module Code Module Title Credit Core/Option MAN4261M Bond Market Analysis and Credit Risk 10 C MAN4270M Financial Statement Analysis and Valuation 10 C MAN4260M Asset Pricing 10 C MAN4271M International Finance 10 C Subject to sufficient student demand and staff availability, specialist modules will be offered in: Module Code Module Title Credit Core/Option/ Elective MAN4274M Advanced Financial Modelling 10 O MAN4266M Contemporary Issues in Accounting and Finance 10 O MAN4258M Derivatives and Risk Management 10 O MAN4028M Financial Risk Management in European Banking* 10 E MAN4274M Advanced Financial Modelling 10 O MAN4151M Strategic Accounting 10 O * 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 MSc Finance 12-09-14.doc Page 3
Risk Management in European Banking in Toulouse each year. maintenance costs are additional. Travel and Phase 3. Module Code Module Title Credit Core/Option MAN4268Z Dissertation (MSc Finance) 60 C The dissertation is an extended piece of written work involving an original and indepth investigation of a specialist finance issue. Guidance on dissertation choice and supervision is provided during the first two phases of the degree, thus giving you the opportunity to prepare in advance for phase three. International School/Study abroad It is possible for you to take as an elective a one week International School offered in 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 members of the Alliance for Business Education. This is usually hosted by EADA and you are taught with students on the Master in International Management programme taught at these institutions. It provides you with an opportunity to further develop your knowledge in key managerial areas and enhance your learning experience by studying in a culturally diverse setting. Attendance at the International School is subject to an additional fee and travel/ maintenance costs. The curriculum outlined above may change, subject to the University's course approval, monitoring and review procedures. Teaching, Learning and Assessment 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 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 MSc Finance 12-09-14.doc Page 4
software used on this course. 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 a summary School of Management programmes conform to the University Regulations Governing Postgraduate Taught Programmes which can be found under the Ordinances and Regulations tab at the following link: http://www.brad.ac.uk/admin/acsec/qa_hbk/ord_5_pg_taught_awards.html Admission requirements Applications for the School s taught postgraduate programmes are made directly to the School and are processed through the recruitment office. Applicants 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. MSc Finance 12-09-14.doc Page 5
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 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. Along with 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. Student PC clusters are available 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 email account, personal information and course-related materials this way. Staff are on hand during the daytime to help you if you need assistance, and there is a 24/7 IT helpline available. We make extensive use of the University s VLE (called Blackboard) which provides 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. Programme alignment with University initiatives and its policies on diversity and inclusivity; education for sustainable development and work-based learning The programme contributes to the strategic aims of the University by providing students with a first class learning experience and excellent employment prospects (Aim 1) thereby optimising talent, increasing efficiency, [and] developing potential (Aim 4) for both staff and students. The programme assists the University in the attainment of corporate objective C1 (achieving growth in student numbers) and to being a research active University supporting high quality research, its application and dissemination (Aim 2), especially through its emphasis on research led teaching and practical application of specialist skills. MSc Finance 12-09-14.doc Page 6
The programme supports the University in its aim of widening participation (Aim 5: C13) by providing additional opportunities for students to participate in higher education at the University of Bradford, both nationally and internationally. The programme provides the School of Management with opportunities to engage in internationally excellent learning, teaching and research. It assists the School in achieving its strategic aim of improving the teaching and learning experience, with international students, and providing excellent employment prospects (Aim 1), as well as enhanced support for high quality research, including applications of such research and user engagement (Aim 2). It provides a programme built around the development of core specialist skills in appropriate subject areas with an emphasis on practical application of knowledge and skills developed in this programme. As is evident from the School s faculty and student profile, the School of Management has a diverse student body and faculty who represent a number of countries internationally. Our established international profile is underscored by our consistent rank within the Financial Times list of Top 100 International Business Schools. Sustainability concepts are widely embedded in most modules and within this programme. Themes relating to use of scarce natural resources, alternative use of finite and exhaustible resources, intergenerational and intertemporal choices, cost benefit analysis and valuation, as well as appropriate discounting rates are central to a number of core modules within this programme, thereby ensuring that such themes are fully addressed and covered appropriately both theoretically and from a practical viewpoint. Owing to visa and employment law related constraints, as well as current resource limitations, work-based learning is not available at present, although such provision will be explored once the programme becomes established. Student Support and Guidance Course Team Support for you personally and in your course of study is provided both by the University and the Course Team. This MSc programme has a dedicated Director of Studies with whom you can talk about any academic or personal concerns. A comprehensive series of handbooks are provided that you can consult on a range of learning issues and your course tutors can be consulted on subject-specific queries. Students Union We value the feedback provided by you and collaborate with the Students Union, through a system of course representatives and formal staff student liaison committees, so that any issues you wish to raise are addressed. 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 MSc Finance 12-09-14.doc Page 7
personal or academic life. International students can access a range of additional advice and support services through the Students Union. University Services the Hub Student Financial and Information Services (which is a part of the Hub) provide you with information about a diverse range of issues such as council tax, personal safety, health/welfare, local housing and tourist information. In addition, the University s International Office provides social and cultural activities and advice. Careers and Employability The School is committed to helping you develop and enhance your employability and this is an integral part of this programme sessions on career planning, how to formulate job applications and how to succeed at interview, are examples of the help on offer at the School. The University also provides support to find part-time work while studying, placements, vacation work and graduate vacancies. You are encouraged to access this support at an early stage and to use the extensive resources on the web site www.careers.brad.ac.uk. The specific provision on this programme is to prepare students for entry or further progression within the finance and banking sector. This programme provides knowledge and skill that will facilitate an immediate and effective contribution by you to organisations in these sectors. Effective Learning Service The School has a dedicated unit to provide advice and guidance on your study skills needs throughout the programme. Printed guides to getting the best out of your lectures and tutorials, as well as your private studies, is augmented by group and individual sessions, at the School s campus. In addition, the University s Learner Development Unit provides support in all aspects of academic, maths, numeracy and interpersonal skills. A programme of interactive workshops is delivered during both semesters which complements the individual support available from Advisers and the wide range of interactive online materials. Disability If you have a learning, physical or mental health requirement for support, the University 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. 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. The facilities we create for teaching and learning, including teaching spaces, laboratories, IT labs and social spaces, increasingly reflect our commitments to sustainable development. Your 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 www.bradford.ac.uk/ecoversity/ MSc Finance 12-09-14.doc Page 8
Further Information The MSc Programmes Team School of Management The University of Bradford Emm Lane Bradford, BD9 4JL UK +44 (0)1274 234330 http://www.brad.ac.uk/management/ Disclaimer The contents of this programme specification may change, subject to the University's regulations and course approval, monitoring and review procedures. MSc Finance 12-09-14.doc Page 9
Appendix 1: Curriculum map This table shows in which modules the main learning outcomes are developed and/ or assessed. Phas e Module Programme Learning Outcomes Core/ Option/ Elective Module code LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8 1 Business Economics C MAN4134M A A S S A 1 Corporate Finance C MAN4257M A A A A S A 1 Accounting C MAN4275M A A A A 1 Financial Modelling C MAN 4269M A A A S 1 Portfolio Management C MAN4264M A A A A S A 1 Quantitative Methods in Finance C MAN4265M S A A A A S A 2 Bond Market Analysis and Credit Risk C MAN4261M A A A A A A Financial Statement Analysis and 2 Valuation C MAN4270M A A A 2 International Finance C MAN4271M A A A A S 2 Asset Pricing C MAN4260M A A Contemporary Issues in Accounting and 2 Finance O MAN4266M A A A A Financial Risk Management in European 2 Banking E MAN4028M A A A A A 2 Advanced Financial Modelling O MAN4274M A A A A A 2 Derivatives Pricing and Risk Management O MAN4258M A A A A S 2 Strategic Accounting O MAN4151M A A 3 MSc Dissertation C MAN4268Z A Note: LO7 is mainly achieved through completion of the MSc dissertation. MSc Finance 12-09-14.doc Page 10
Learning Outcomes LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8 A detailed knowledge of the political, economic and business environments in which international financial markets and institutions operate 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. A critical understanding of how multinational corporations can be financed Advanced technical skills in the areas of financial mathematics, financial statistics and computational finance A knowledge of recent developments in the theory and practice of finance (e.g. credit risk management) An ability to apply financial models to real-world problems, particularly through the use of popular computer software packages Have developed research skills and demonstrated original thought in finance by preparing for and writing a Masters dissertation Experience of interpersonal skills of communication, negotiation, leadership and teamwork, through group work and tutorial activities Notes: A: This outcome is formally assessed in the module. S: this outcome is explicitly supported in the learning and teaching but is NOT formally assessed. msc-finance-2-02-15 Page 11
Appendix 2: Assessment map This table shows the methods of assessments used across modules and phases. Methods of assessment Phases Module 1 2 3 4 5 1 MAN4134M X 1 MAN4257M X X 1 MAN4275M X X 1 MAN4269M X 1 MAN4264M X X 1 MAN4265M X X Use of econometrics software (R) & use of data from Bloomberg Notes: 2 MAN4261M X X 2 MAN4270M X X 2 MAN4271M X X 2 MAN4260M X X 2 MAN4266M X X 2 MAN4028M X 2 MAN4274M X 2 MAN4258M X X 2 MAN4151M X X 1: Coursework by group report/ group project. 2: Coursework by individual assignment. 3: Closed book examination. 4: Open book examination. 5: Others (please specify). Professional. Use of data from Bloomberg Professional. msc-finance-2-02-15 Page 12
Appendix 3: Teaching map This table shows the main delivery methods that are used across modules and phases: Teaching methods Phases Module 1 2 3 4 5 1 MAN4134M X X X 1 MAN4257M X X X 1 MAN4275M X X 1 MAN4269M X X 1 MAN4264M X X 1 MAN4265M X X X X Use of Bloomberg Professional and R. 2 MAN4261M X X Use of Bloomberg Professional. 2 MAN4270M X X X 2 MAN4271M X X X 2 MAN4260M X X 2 MAN4266M X X X 2 MAN4028M X X X 2 MAN4274M X X 2 MAN4258M X X 2 MAN4151M X X X Notes: 1: Lectures 2: Seminars/ Tutorials 3: Laboratory/ Practical 4: Directed Study 5: Others (please specify) Company visits and guest speakers Group work and case studies msc-finance-2-02-15 Page 13