MSc Finance

www.imperial.ac.uk/business-school/msc-finance

Gain a reputation for excellence

FRONT COVER: MARTIN JOST, MSC FINANCE 2009

Undertake your MSc at Imperial College Business School and you become a graduate of one of the worlds leading universities. Imperial College Business School has a global reputation for excellence in entrepreneurship, innovation, quantitative finance and health management. Our faculty are experts in their fields. As an MSc student, you will therefore learn from their cutting-edge research and graduate with a command of the latest thinking. You will also graduate with a qualification that is recognised and respected everywhere for its academic excellence. The focus of the programme is highly practical. You apply what you learn to project work, building your technical skills and your confidence. This combination of academic rigour and practical application is why our MSc graduates are so highly valued by employers.

Studying with others encourages collaboration and helps create contacts that will enrich your professional and personal networks. We understand the value and power of these networks. That is why we are dedicated to providing a friendly and supportive environment, where you feel confident to share insights with other high-calibre students. An MSc is more than a qualification: it is a highly efficient way of fast-tracking your career. Our dedicated careers service team provide valuable training in every aspect of the application and assessment process. Working with you, one-to-one, we will help you to fine-tune your career goals and review your approach tactics in order to secure the position you are looking for on graduation. Our vibrant South Kensington location brings you to the cultural heart of London, with many of the worlds most famous museums, art galleries, parks and restaurants on your doorstep. You are also close to the City, Londons financial and business centre, where you will find the headquarters of many global organisations.

ONE OF THE REASONS I CHOSE TO STUDY AT IMPERIAL COLLEGE BUSINESS SCHOOL WAS ITS LOCATION. THERE ARE SO MANY THINGS TO DO IN LONDON AND IT IS A GREAT PLACE TO STUDY BUSINESS AND FINANCE, AS LONDON IS ONE OF THE FINANCIAL CAPITALS OF THE WORLD.
LIXIA LIM, MSC FINANCE 2009 (ABOVE)

Kick-start your finance career

The MSc Finance at Imperial College Business School is an intensive, one-year, full-time programme that delivers the skills and knowledge you need to hit the ground running in your new career. The programme has now been running 10 years and is highly regarded by the industry. Our graduates are pursued by leading international companies, with over half moving on to careers in investment banking and financial services. Research guides the programme. Faculty are acknowledged leaders in their fields with strong industry links, and this is reflected throughout your learning. This emphasis on practical, real-world problem solving is key. It ensures that you leave knowing how to apply the technical skills you learn in the workplace. The Securities & Investment Institute (SII) has designated Imperial College Business School an SII Centre of Excellence in the field of Finance. The decade-old MSc Finance programme has become the first London taught programme with both SII exemption and Chartered Financial Analyst (CFA) partner programme status. Imperial College Business School MSc Finance graduates will therefore benefit from exemption from the SII's examinations. Once they have become members of the SII and passed its online Integrity & Ethics course, they can apply for exemption from the SII Diploma. This is the second highest award the SII offers. Our MSc Finance is one of only nine programmes in the UK to have CFA Institute partner status, giving graduates a head start with employers, as well as with the internationally recognised CFA qualification, because 70% of the CFA qualification body of knowledge is contained in the curriculum. Graduates who wish to become Chartered Accountants can also gain exemption from one specific ACA Professional Stage exam.

Faculty Specialists in their field, the Finance and Accounting Group faculty have international research reputations, consult for global corporations and advise financial firms. Martin Diedrich, Programme Director Martin was educated at Berlin and Cambridge and has taught at Cambridge, Keele University and Imperial College. Recently, Martin led the development of a bespoke MSc programme in Finance & Investment for a private education provider and served as the founding director of the programme. Martins research concentrates on fixed income modelling, computational finance and the mathematical analysis of trading networks. Robert Kosowski, Assistant Professor and Director of the Risk Management Lab Robert is head of the Risk Management Lab at the Business School and is a lecturer in Finance. He has previously taught finance at INSEAD and has also worked at Goldman Sachs in London, Boston Consulting Group in Germany and Deutsche Bank in New York. Andrea Buraschi, Professor in Finance Andrea joined Imperial after holding posts at Columbia University, the University of Chicago GSB, London Business School and University of Southern California, Marshall School of Business. Andrea won the 2006 Inquire Europe Award, the 1999 WFA Award in Investments and the Teacher of the Year Award at London Business School. Karim Abadir, Professor of Financial Economics Karim holds a DPhil from Oxford University and an MA and BA from the American University in Cairo. He is a leading theoretical econometrician with a worldwide reputation for his research and has taught at the universities of York, Exeter, Oxford and the University of Cairo, Egypt.

Programme overview

A mix of the latest research, practical application and the broad range of topics covered make the MSc Finance a unique and challenging experience. Pre-study August October Compulsory Pre-study courses Autumn term October December Core courses Spring term January March Core courses Electives Project Summer term April July Electives Project Summer June July Project

Optional

Computing workshops, courses in C++, Visual Basic and Matlab Chartered Financial Analyst (CFA) training Reuters training Activities and events, including Venture Capital Club and Imperial College Finance Society Visiting speakers, from top businesses and academic institutions

Please note the programme format is subject to change. Check the website for the most up-to-date information.

Pre-study courses There are five online pre-study courses that you must take before starting the programme. These include: Maths; Matlab; Statistics; Accounting Primer and Ethics and Professional Standards. During the induction week in October, you attend some accounting and statistics classes. Core courses Corporate Finance Corporate finance is at the heart of investment banking and crucial to running a successful business in any sector. You cover all the key elements of company finance, valuation and risk management. Mathematical Techniques in Finance Whether it is mergers and acquisitions, derivative asset pricing, optimal portfolio choice or risk management, success in modern finance is not possible without a solid grasp of mathematics. This course covers a range of essential mathematical tools and their financial applications.

Statistics and Financial Econometrics The ability to analyse data has become a pre-requisite to understanding financial market developments and quantifying risk. This course introduces you to all the key statistical and econometric tools you need to undertake this analysis and gives training in some of the most widely used statistical software. Empirical Finance Introduces you to more complex econometric techniques which are an essential part of modern advanced empirical research. Investments and Portfolio Management This course provides you with a critical understanding of important portfolio management techniques used for investments and portfolio management by hedge funds, asset managers, investment banks and other financial institutions.

Asset Pricing and Derivatives Valuation techniques for financial derivatives are a core component of the skills necessary for a career in a modern financial institution. Youll learn to develop and apply the techniques learnt in Investments and Portfolio Management to the pricing of a range of financial derivatives and to the determination interest rates at different maturities. Electives You choose three electives from the following list, to deepen your knowledge and acquire practical experience.* Advanced Corporate Finance This course covers corporate financial decisions in the presence of agency conflicts between shareholders, debt holders and managers, asymmetric information between managers and investors and intertemporal issues in investment and financing decisions.

Advanced Options Theory Expand your knowledge beyond the BlackScholes model with quantitative techniques for pricing of exotic options and for measuring and managing risk of option hedging strategies. Credit Risk Students will study how to assess credit risk associated with individual exposure, and discuss the major literature in the field and some related applications. Advanced Credit Derivatives and Structured Products Students will examine credit risk associated with portfolios. A wide range of credit sensitive instruments will be examined including multi named credit derivatives, and structured exposures (CDO, ABS, etc.). The course will also examine the dynamic management of credit portfolio risk. Prerequisite: Credit Risk Private Equity and entrepreneurial Finance You will examine the role of private equity financing as a type of financing for entrepreneurs, and the critical issues that they will face during negotiations. You will understand the fundamental analysis and application related to private equity and entrepreneurship. Venture Capital Finance and Innovation This course provides a strong theoretical framework for understanding the investment structures and process for early stage and growth capital investments or how to raise capital for new ventures or for expansion.

Finance of Regulated Industries Given by Frontier Economics, one of the worlds leading consultancies on the economics and finance of regulated firms, this course is a more practical guide to corporate finance. Youll focus on specific financial issues facing regulated industries. Finance Statement Analysis This course introduces you to the basic mechanics of financial statement analysis, comparing traditional equity valuation models with more comprehensive valuation models. You explore research which tests the empirical implications of these models in various business contexts, including application to risk management exposures. Fixed-Income Securities Fixed income securities make up a very substantial proportion of all investments and financing strategies in todays financial markets. The need to price and hedge this array of products accurately had led to prolific literature in this area. The course covers the main continuous time term structure models and valuation techniques. International Finance Foreign exchange (FX) is not only the most heavily traded of all financial assets, it has the clearest interface between macroeconomics and finance. Youll get an introduction to the main theoretical models used to understand FX markets as well as indepth analysis of their work.

Introduction to Numerical Finance with C++ This course introduces the essential numerical methods used in risk management and financial engineering and teaches the basic C++ programming for implementation. Advanced Numerical Finance with C++ This course introduces the advanced numerical methods used in risk management and financial engineering and teaches advanced C++ programming for implementation. Prerequisite: Introduction to Numerical Finance with C++ Hedge Funds Building on foundations created in Portfolio Management, this course discusses advanced portfolio management techniques, including the use of dynamic portfolio theory, derivatives and portfolio insurance. Advanced trading strategies, such as event driven and credit derivative strategies are discussed. For further details of each course visit: www.imperial.ac.uk/business-school/ msc-finance

*Electives run subject to student interest and availability. Not all combinations of electives are possible. Imperial College Business School reserves the right to withdraw or replace an elective.

Project An essential part of the programme, this is an individual report of a maximum 10,000 words, based on your own survey and research plan. Faculty will assist, facilitate and then assess your efforts, but you will work independently and take ultimate responsibility for your report.

Teaching methods We use a variety of teaching methods to ensure depth of learning and exposure to different techniques. These include: Conventional lectures Syndicate discussions Group exercises Case studies and practical examples E-learning resources.

Optional workshops CFA exam training prepares students registered for exams in June or December. C++ and Visual Basic for Applications (VBA) training teach a number of key finance applications while other optional workshops include an introduction to using Reuters.

A dedicated careers service

Join our MSc Finance programme and you will benefit from a highly professional, individualised careers service. As soon as you have accepted your place on the programme you gain immediate access to the careers service. We will help you identify your skills and strengths and refine your career goals. Make the most of your investment in the MSc Finance programme before you join us, visit www.imperial.ac.uk/businessschool/ currentstudents/careers During induction week, you attend an interactive workshop that takes you through the essentials of preparing CVs and introduces you to the dynamics of Master's recruitment. Our team will then provide you with both one-to-one support and regular workshops throughout your time at the Business School. The weekly workshops focus on the essentials of writing a good cover letter and application forms, interview skills and assessment centres. The one-to-one session is tailored to your individual needs, so can be used to either fine tune your CV and application letter or you can have a mock interview with an industry sector expert or one of our experienced advisors. As an alumnus, the support continues and you can arrange appointments with us at any time during your career. The MSc Finance programme also provides a gateway to our Doctoral programme. For more information, please visit www.imperial.ac.uk/business-school/ doctoral-degree

Our MSc Finance students have gone on to work for a diverse range of companies and in a range of roles, including: BlackRock Private Equity Analyst (UK) China Merchants Bank Analyst (China) Citi Trader (UK) Deloitte Analyst (Nigeria) Deutsche Bank Analyst (London) Fortune Asset Management Fund Analyst (UK) KPMG Analyst (Cyprus) Shell Gasoline Trader (UK) Shenzhen Development Bank Fixed income and money market trader (China) The Bank of England Senior Associate (UK) Convoy Financial Consultant (Hong Kong).

Be amongst the best

Nationality by region 2008 cohort Degree background 2008 cohort MSc Destination survey 2007 cohort

I Africa/ Middle East 5% I Americas 3% I Asia/Pacific 52% I Europe 27% I UK 13%

I Business/ Management I Computing I Economics I Engineering/ Technology I Finance/ Accounting I Mathematics I Science/ Medicine

8% 4% 28% 21% 14% 18% 7%

I Commercial/ Retail Banking I Consulting/ Professional Services I Financial Services I Insurance I Investment Banking I Power & Energy

17%

8% 33% 8% 17% 17%

Make connections

A vibrant social networking experience Contacts you make through lectures and group work are developed and widened through our social and networking events. The lasting relationships you form will enrich you both professionally and personally. You will network not only with your fellow students, but with alumni, Adjunct Professors, students from other programmes and visiting lecturers. Students nominate their own social reps, who organise events partfunded by the School. There is also the opportunity to become involved in various industry sector clubs, including the Venture Capital Club and the Imperial College Finance Society. A wide range of sports clubs are on offer and you will receive free membership to Ethos, Imperials state-of-the-art sports centre, just a short walk from the Business School building. More information on student clubs can be found at www.imperialcollegeunion.org

Imperial College Finance Society Sponsored by UBS, Credit Suisse, Deutsche Bank, Citi, Morgan Stanley, Goldman Sachs and many others, the Finance Society is one of the largest and most proactive student societies in the UK. The club forges links between academia and industry, promotes careers in finance and rewards initiative, creative thinking and professionalism with clubs, discounted resources and direct contact with top employers. It is a valuable resource bringing in diverse opinions and complementing your other networking opportunities.

Alumni Network Like every other aspect of our MSc programmes, the alumni network offers you practical benefits and allows you to take full advantage of your Imperial College Business School connections from the beginning of your study and throughout your career. Here at Imperial College Business School, we play a big role in keeping the alumni network connected and start by providing our students with the opportunity to access a powerful international community of alumni we host events, support class and country networks, hold sector interest groups and provide ongoing learning and career services. We encourage you to play an active part in this prestigious network and, as a student and alumnus of the Business School, leverage the life long access to outstanding business leaders, thinkers and decision makers.

IMPERIAL COLLEGE BUSINESS SCHOOL HAS A REPUTATION FOR EXCELLENCE AND IS INTEGRATED IN THE LONDON FINANCIAL INDUSTRY. THE MSC FINANCE PROGRAMME IS HIGHLY TECHNICAL AND MATHEMATICAL WHICH OPENS THE DOOR TO A BROADER SPECTRUM OF JOBS IN THE CITY.
PEDRO MONTEIRO DE BARROS, MSC FINANCE 2009 (ABOVE)

Entry requirements
Who should apply? The MSc Finance attracts a large number of applications from high-calibre students across the world. You will need strong, proven mathematics skills with an excellent degree in mathematics, engineering, economics or a similar, mathematics-based discipline. Applicants should ideally be able to demonstrate their interest in the finance sector in the form of work experience/internship. To apply you need: A degree (equivalent of a UK 2.1 honours or above) in a highly quantitative subject such as mathematics, science, engineering, economics or finance All students are required to hold an English language qualification, of a higher standard than the College minimum requirement. Acceptable qualifications include: GCSE English grade C or equivalent IELTS (academic) An overall score of 7.0 with a writing score of 6.0 TOEFL (paper-based) An overall score of 610 with a minimum score of 4.5 in written English TOEFL (computer-based) An overall score of 253 with a minimum score of 4.5 in written English TOEFL (internet-based) An overall score of 98 with a minimum score of 25 in writing and 23 in speaking Our English language requirement is equally applicable to Home, EU and Overseas students. It may be possible to waive the Business School higher language requirement element under exceptional circumstances at the discretion of the School. ALL applications MUST meet the College minimum requirement.

How to apply
Apply online For more information and to submit your application online visit www.imperial.ac.uk/business-school/applyingonline. If you have further questions visit our Find an answer section at www.imperial.ac.uk/askimperial. We run a rolling admissions process and there is no specific application deadline. However, we strongly advise you to apply early. The programme commences in October each year. Fees Tuition fees for the programme are currently 26,000. Fees and payment terms for the next intake will be confirmed in early 2010. Please visit www.imperial.ac.uk/ businessschool/msc-finance for more details. Scholarships Scholarships are available. For further details visit www.imperial.ac.uk/registry/finance/scholarships/pg_schol or email scholarships@imperial.ac.uk Information Sessions We regularly hold dedicated on-campus information sessions for MSc Finance. Each session includes a presentation from the Programme Director, followed by a reception where you have the opportunity to discuss the programme further with current students, alumni and Business School staff. If you are unable to visit us on-campus we run virtual sessions online. To check times and dates or reserve your place on any session visit www.imperial.ac.uk/businessschool/waystomeetus telephone +44 (0)20 7594 5656 or email business-school@imperial.ac.uk Try one of our lectures If you would like to visit our campus and attend a lecture before you apply, please contact the MSc Finance Recruitment Team to arrange this. Attendance Requirements The Government has recently imposed a new requirement on universities to monitor the attendance of international students, and to report to the UK Border Agency (UKBA) any student visa holders who cease to be in regular attendance. On joining the programme, you will be provided with further information on the attendance requirements and expected course interactions to avoid being unnecessarily reported.

Contact Recruitment MSc Finance Recruitment Team Imperial College Business School Tanaka Building South Kensington Campus London SW7 2AZ United Kingdom T: +44 (0)20 7594 9552 F: +44 (0)20 7594 9184 E: mscfinance@imperial.ac.uk

www.imperial.ac.uk/business-school/msc-finance

Disclaimer: While all reasonable efforts have been made to ensure that the information in this publication is correct, matters covered by this publication are subject to change. Imperial College Business School accepts no liability for any loss or damage caused by errors or omissions, howsoever caused.

Published September 2009.