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

MSc Finance

Undertake your MSc at Imperial CollegeBusiness School and you become a graduateof one of the world’s leading universities.Imperial College Business School has aglobal reputation for excellence inentrepreneurship, innovation, quantitativefinance and health management. Our facultyare experts in their fields. As an MScstudent, you will therefore learn from theircutting-edge research and graduate with acommand of the latest thinking. You will alsograduate with a qualification that isrecognised and respected everywhere for itsacademic excellence.

The focus of the programme is highlypractical. You apply what you learn to projectwork, building your technical skills and yourconfidence. This combination of academicrigour and practical application is why ourMSc graduates are so highly valued byemployers.

Studying with others encouragescollaboration and helps create contacts thatwill enrich your professional and personalnetworks. We understand the value andpower of these networks. That is why we arededicated to providing a friendly andsupportive environment, where you feelconfident to share insights with otherhigh-calibre students.

An MSc is more than a qualification: it is ahighly efficient way of fast-tracking yourcareer. Our dedicated careers service teamprovide valuable training in every aspect ofthe application and assessment process.Working with you, one-to-one, we will helpyou to fine-tune your career goals andreview your approach tactics in order tosecure the position you are looking for ongraduation.

Our vibrant South Kensington location bringsyou to the cultural heart of London, withmany of the world’s most famous museums,art galleries, parks and restaurants on yourdoorstep. You are also close to the City,London’s financial and business centre,where you will find the headquarters ofmany global organisations.

“ONE OF THE REASONS I CHOSE TO STUDY AT IMPERIAL COLLEGE BUSINESS SCHOOLWAS ITS LOCATION. THERE ARE SO MANY THINGS TO DO IN LONDON AND IT IS A GREATPLACE TO STUDY BUSINESS AND FINANCE, AS LONDON IS ONE OF THE FINANCIALCAPITALS OF THE WORLD.”LIXIA LIM, MSC FINANCE 2009 (ABOVE)

Gain areputationfor excellence

FRONT COVER:MARTIN JOST, MSC FINANCE2009

The MSc Finance at Imperial College Business School isan intensive, one-year, full-time programme that deliversthe skills and knowledge you need to hit the groundrunning in your new career. The programme has nowbeen running 10 years and is highly regarded by theindustry. Our graduates are pursued by leadinginternational companies, with over half moving on tocareers in investment banking and financial services.

Research guides the programme. Faculty areacknowledged leaders in their fields with strong industrylinks, and this is reflected throughout your learning. Thisemphasis on practical, real-world problem solving is key.It ensures that you leave knowing how to apply thetechnical skills you learn in the workplace.

The Securities & Investment Institute (SII) has designatedImperial College Business School an SII Centre ofExcellence in the field of Finance. The decade-old MScFinance programme has become the first London taughtprogramme with both SII exemption and CharteredFinancial Analyst (CFA) partner programme status.

Imperial College Business School MSc Finance graduateswill therefore benefit from exemption from the SII'sexaminations. Once they have become members of theSII and passed its online Integrity & Ethics course, theycan apply for exemption from the SII Diploma. This is thesecond highest award the SII offers.

Our MSc Finance is one of only nine programmes in theUK to have CFA Institute partner status, giving graduatesa head start with employers, as well as with theinternationally recognised CFA qualification, because 70%of the CFA qualification body of knowledge is containedin the curriculum. Graduates who wish to becomeChartered Accountants can also gain exemption from onespecific ACA Professional Stage exam.

Kick-startyour financecareer

FacultySpecialists in their field, the Finance and AccountingGroup faculty have international research reputations,consult for global corporations and advise financialfirms.

Martin Diedrich, Programme DirectorMartin was educated at Berlin and Cambridge and hastaught at Cambridge, Keele University and ImperialCollege. Recently, Martin led the development of abespoke MSc programme in Finance & Investment fora private education provider and served as thefounding director of the programme. Martin’s researchconcentrates on fixed income modelling,computational finance and the mathematical analysisof trading networks.

Robert Kosowski, Assistant Professor and Director ofthe Risk Management LabRobert is head of the Risk Management Lab at theBusiness School and is a lecturer in Finance. He haspreviously taught finance at INSEAD and has alsoworked at Goldman Sachs in London, BostonConsulting Group in Germany and Deutsche Bank inNew York.

Andrea Buraschi, Professor in FinanceAndrea joined Imperial after holding posts at ColumbiaUniversity, the University of Chicago GSB, LondonBusiness School and University of Southern California,Marshall School of Business. Andrea won the 2006Inquire Europe Award, the 1999 WFA Award inInvestments and the Teacher of the Year Award atLondon Business School.

Karim Abadir, Professor of Financial EconomicsKarim holds a DPhil from Oxford University and an MAand BA from the American University in Cairo. He is aleading theoretical econometrician with a worldwidereputation for his research and has taught at theuniversities of York, Exeter, Oxford and the Universityof Cairo, Egypt.

A mix of the latest research, practical application and the broad range of topics covered make the MSc Finance a uniqueand challenging experience.

Pre-study coursesThere are five online pre-study courses thatyou must take before starting theprogramme. These include: Maths; Matlab;Statistics; Accounting Primer and Ethics andProfessional Standards. During the inductionweek in October, you attend someaccounting and statistics classes.

Core coursesCorporate FinanceCorporate finance is at the heart ofinvestment banking and crucial to running asuccessful business in any sector. You coverall the key elements of company finance,valuation and risk management.

Mathematical Techniques in FinanceWhether it is mergers and acquisitions,derivative asset pricing, optimal portfoliochoice or risk management, success inmodern finance is not possible without asolid grasp of mathematics. This coursecovers a range of essential mathematicaltools and their financial applications.

Statistics and Financial EconometricsThe ability to analyse data has become apre-requisite to understanding financialmarket developments and quantifying risk.This course introduces you to all the keystatistical and econometric tools you needto undertake this analysis and gives trainingin some of the most widely used statisticalsoftware.

Empirical FinanceIntroduces you to more complex econometrictechniques which are an essential part ofmodern advanced empirical research.

Investments and Portfolio ManagementThis course provides you with a criticalunderstanding of important portfoliomanagement techniques used forinvestments and portfolio management byhedge funds, asset managers, investmentbanks and other financial institutions.

Asset Pricing and DerivativesValuation techniques for financial derivativesare a core component of the skillsnecessary for a career in a modern financialinstitution. You’ll learn to develop and applythe techniques learnt in Investments andPortfolio Management to the pricing of arange of financial derivatives and to thedetermination interest rates at differentmaturities.

ElectivesYou choose three electives from thefollowing list, to deepen your knowledgeand acquire practical experience.*

Advanced Corporate FinanceThis course covers corporate financialdecisions in the presence of agency conflictsbetween shareholders, debt holders andmanagers, asymmetric information betweenmanagers and investors and intertemporalissues in investment and financingdecisions.

Programmeoverview

Pre-studyAugust – October

Autumn termOctober –December

Spring termJanuary – March

Summer termApril – July

SummerJune – July

Compulsory Pre-study courses Core courses Core coursesElectivesProject

ElectivesProject

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.

Advanced Options TheoryExpand your knowledge beyond the Black-Scholes model with quantitative techniquesfor pricing of exotic options and formeasuring and managing risk of optionhedging strategies.

Credit RiskStudents will study how to assess credit riskassociated with individual exposure, anddiscuss the major literature in the field andsome related applications.

Advanced Credit Derivatives and StructuredProductsStudents will examine credit risk associatedwith portfolios. A wide range of creditsensitive instruments will be examinedincluding multi named credit derivatives, andstructured exposures (CDO, ABS, etc.). Thecourse will also examine the dynamicmanagement of credit portfolio risk.

Prerequisite: Credit Risk

Private Equity and entrepreneurial FinanceYou will examine the role of private equityfinancing as a type of financing forentrepreneurs, and the critical issues thatthey will face during negotiations. You willunderstand the fundamental analysis andapplication related to private equity andentrepreneurship.

Venture Capital Finance and InnovationThis course provides a strong theoreticalframework for understanding the investmentstructures and process for early stage andgrowth capital investments or how to raisecapital for new ventures or for expansion.

Finance of Regulated IndustriesGiven by Frontier Economics, one of theworld’s leading consultancies on theeconomics and finance of regulated firms,this course is a more practical guide tocorporate finance. You’ll focus on specificfinancial issues facing regulated industries.

Finance Statement AnalysisThis course introduces you to the basicmechanics of financial statement analysis,comparing traditional equity valuationmodels with more comprehensive valuationmodels. You explore research which tests theempirical implications of these models invarious business contexts, includingapplication to risk management exposures.

Fixed-Income SecuritiesFixed income securities make up a verysubstantial proportion of all investments andfinancing strategies in today’s financialmarkets. The need to price and hedge thisarray of products accurately had led toprolific literature in this area. The coursecovers the main continuous –time termstructure models and valuation techniques.

International FinanceForeign exchange (FX) is not only the mostheavily traded of all financial assets, it hasthe clearest interface betweenmacroeconomics and finance. You’ll get anintroduction to the main theoretical modelsused to understand FX markets as well as in-depth analysis of their work.

Introduction to Numerical Finance with C++This course introduces the essential numericalmethods used in risk management and financialengineering and teaches the basic C++programming for implementation.

Advanced Numerical Finance with C++This course introduces the advanced numericalmethods used in risk management and financialengineering and teaches advanced C++programming for implementation.

Prerequisite: Introduction to Numerical Financewith C++

Hedge FundsBuilding on foundations created in PortfolioManagement, this course discusses advancedportfolio management techniques, including theuse of dynamic portfolio theory, derivatives andportfolio insurance. Advanced trading strategies,such as event driven and credit derivativestrategies are discussed.

For further details of each course visit:www.imperial.ac.uk/business-school/msc-finance

*Electives run subject to student interest andavailability. Not all combinations of electives arepossible. Imperial College Business Schoolreserves the right to withdraw or replace anelective.

ProjectAn essential part of the programme, this isan individual report of a maximum 10,000words, based on your own survey andresearch plan. Faculty will assist, facilitateand then assess your efforts, but you willwork independently and take ultimateresponsibility for your report.

Teaching methodsWe use a variety of teaching methods toensure depth of learning and exposure todifferent techniques. These include:• Conventional lectures• Syndicate discussions• Group exercises• Case studies and practical examples• E-learning resources.

Optional workshopsCFA exam training prepares studentsregistered for exams in June or December.C++ and Visual Basic for Applications (VBA)training teach a number of key financeapplications while other optionalworkshops include an introduction tousing Reuters.

A dedicatedcareers service

Join our MSc Finance programme and youwill benefit from a highly professional,individualised careers service. As soon asyou have accepted your place on theprogramme you gain immediate access tothe careers service. We will help you identifyyour skills and strengths and refine yourcareer goals. Make the most of yourinvestment in the MSc Finance programmebefore you join us, visitwww.imperial.ac.uk/businessschool/currentstudents/careers

During induction week, you attend aninteractive workshop that takes you throughthe essentials of preparing CVs andintroduces you to the dynamics of Master'srecruitment. Our team will then provide youwith both one-to-one support and regularworkshops throughout your time at theBusiness School. The weekly workshopsfocus on the essentials of writing a goodcover letter and application forms, interviewskills and assessment centres.

The one-to-one session is tailored to yourindividual needs, so can be used to eitherfine tune your CV and application letter oryou can have a mock interview with anindustry sector expert or one of ourexperienced advisors. As an alumnus, thesupport continues and you can arrangeappointments with us at any time duringyour career.

The MSc Finance programme also provides agateway to our Doctoral programme.For more information, please visitwww.imperial.ac.uk/business-school/doctoral-degree

Be amongst the best

Nationality by region2008 cohort

� Africa/Middle East 5%

� Americas 3%� Asia/Pacific 52%� Europe 27%� UK 13%

Degree background2008 cohort

� Business/Management 8%

� Computing 4%� Economics 28%� Engineering/Technology 21%

� Finance/Accounting 14%

� Mathematics 18%� Science/Medicine 7%

MSc Destinationsurvey 2007 cohort

� Commercial/RetailBanking 17%

� Consulting/ProfessionalServices 8%

� FinancialServices 33%

� Insurance 8%� InvestmentBanking 17%

� Power &Energy 17%

Our MSc Finance students have gone on to work for a diverse rangeof 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 andmoney market trader (China)

• The Bank of England – Senior Associate (UK)• Convoy – Financial Consultant (Hong Kong).

A vibrant social networkingexperienceContacts you make through lecturesand group work are developed andwidened through our social andnetworking events. The lastingrelationships you form will enrichyou both professionally andpersonally. You will network not onlywith your fellow students, but withalumni, Adjunct Professors, studentsfrom other programmes and visitinglecturers.

Students nominate their own socialreps, who organise events part-funded by the School. There is alsothe opportunity to become involvedin various industry sector clubs,including the Venture Capital Cluband the Imperial College FinanceSociety. A wide range of sports clubsare on offer and you will receive freemembership to Ethos, Imperial’sstate-of-the-art sports centre, just ashort walk from the Business Schoolbuilding. More information onstudent clubs can be found atwww.imperialcollegeunion.org

Imperial College Finance SocietySponsored by UBS, Credit Suisse,Deutsche Bank, Citi, Morgan Stanley,Goldman Sachs and many others,the Finance Society is one of thelargest and most proactive studentsocieties in the UK. The club forgeslinks between academia andindustry, promotes careers in financeand rewards initiative, creativethinking and professionalism withclubs, discounted resources anddirect contact with top employers.It is a valuable resource bringingin diverse opinions andcomplementing your othernetworking opportunities.

Alumni NetworkLike every other aspect of our MScprogrammes, the alumni networkoffers you practical benefits andallows you to take full advantage ofyour Imperial College BusinessSchool connections from thebeginning of your study andthroughout your career. Here atImperial College Business School, weplay a big role in keeping the alumninetwork connected and start byproviding our students with theopportunity to access a powerfulinternational community of alumni –we host events, support class andcountry networks, hold sectorinterest groups and provide ongoinglearning and career services. Weencourage you to play an active partin this prestigious network and, as astudent and alumnus of theBusiness School, leverage the lifelong access to outstanding businessleaders, thinkers and decisionmakers.

Makeconnections

“IMPERIAL COLLEGE BUSINESS SCHOOL HAS A REPUTATION FOR EXCELLENCE AND ISINTEGRATED IN THE LONDON FINANCIAL INDUSTRY. THE MSC FINANCE PROGRAMME ISHIGHLY TECHNICAL AND MATHEMATICAL WHICH OPENS THE DOOR TO A BROADERSPECTRUM 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 applicationsfrom high-calibre students across the world. You will needstrong, proven mathematics skills with an excellent degreein mathematics, engineering, economics or a similar,mathematics-based discipline.

Applicants should ideally be able to demonstrate theirinterest in the finance sector in the form of workexperience/internship.

To apply you need:• A degree (equivalent of a UK 2.1 honours or above) in ahighly quantitative subject such as mathematics, science,engineering, economics or finance

• All students are required to hold an English languagequalification, of a higher standard than the Collegeminimum 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 inwritten English

• TOEFL (computer-based)An overall score of 253 with a minimum score of 4.5 inwritten English

• TOEFL (internet-based)An overall score of 98 with a minimum score of 25 inwriting and 23 in speaking

Our English language requirement is equally applicable toHome, EU and Overseas students. It may be possible towaive the Business School higher language requirementelement under exceptional circumstances at the discretionof the School. ALL applications MUST meet the Collegeminimum requirement.

How to apply

Apply onlineFor more information and to submit your application onlinevisit www.imperial.ac.uk/business-school/applyingonline. Ifyou have further questions visit our ‘Find an answer’ sectionat www.imperial.ac.uk/askimperial. We run a rollingadmissions process and there is no specific applicationdeadline. However, we strongly advise you to apply early.The programme commences in October each year.

FeesTuition fees for the programme are currently £26,000. Feesand payment terms for the next intake will be confirmed inearly 2010. Please visit www.imperial.ac.uk/ business-school/msc-finance for more details.

ScholarshipsScholarships are available. For further details visitwww.imperial.ac.uk/registry/finance/scholarships/pg_scholor email scholarships@imperial.ac.uk

Information SessionsWe regularly hold dedicated on-campus information sessionsfor MSc Finance. Each session includes a presentation fromthe Programme Director, followed by a reception where youhave the opportunity to discuss the programme further withcurrent students, alumni and Business School staff. If youare unable to visit us on-campus we run virtual sessionsonline. To check times and dates or reserve your place onany session visit www.imperial.ac.uk/business-school/waystomeetus telephone +44 (0)20 7594 5656 oremail business-school@imperial.ac.uk

Try one of our lecturesIf you would like to visit our campus and attend a lecturebefore you apply, please contact the MSc FinanceRecruitment Team to arrange this.

Attendance RequirementsThe Government has recently imposed a new requirementon universities to monitor the attendance of internationalstudents, and to report to the UK Border Agency (UKBA) anystudent visa holders who cease to be in regular attendance.On joining the programme, you will be provided with furtherinformation on the attendance requirements and expectedcourse interactions to avoid being unnecessarily reported.

Contact RecruitmentMSc Finance Recruitment Team

Imperial College Business SchoolTanaka BuildingSouth Kensington CampusLondon SW7 2AZUnited Kingdom

T: +44 (0)20 7594 9552F: +44 (0)20 7594 9184E: mscfinance@imperial.ac.uk

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

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PublishedSeptem

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