Master of Applied Finance. Sydney, Melbourne, Singapore, Beijing

Transcription

1 Master of Applied Finance Sydney, Melbourne, Singapore, Beijing

2 Table of contents Welcome message 4 Why Macquarie and Tsinghua? 4 Seven key reasons to choose the Master s Program 5 Who should apply? 6 Program overview 8 Program structure 10 Unit descriptions 11 Teaching faculty 14 Scholarship & prizes 19 Key facts 20 Frequently asked questions 22 The Macquarie University Applied Finance Centre Program. Invest in your future

3 Welcome message Why choose Macquarie? Founded in 1911, Tsinghua University, one of China s most famous universities, is situated in former Qing Dynasty imperial gardens surrounded by many historical sites in northwest Beijing. Tsinghua University today subscribes to the education ideal of comprehensive mastery of Chinese and foreign, classic and modern knowledge in the sciences and the humanities. The university has produced more than 140,000 graduates, many of whom have become distinguished scholars and leaders in all walks of life. They contribute significantly to China s economic, social, cultural, educational and scientific development. Founded in 1985, Tsinghua University s School of Continuing Education (SCE) was the first of its kind in China, and is approved by the Ministry of Education as the only entity of Tsinghua University dedicated to provide on the job education. Driven by a spirit of innovation, SCE is committed to design and develop a continuing education model which suits China s specific conditions and requirements. SCE also integrates a wide array of education resources drawn from home and abroad to improve the quality of its programs. This Applied Finance program is designed for professionals who would like to increase their skills in applied finance and who are aiming for top jobs in the finance sector. Professor Jiaqing Li Dean, School of Continuing Education, Tsinghua University We are pleased to offer our highly regarded Master of Applied Finance qualification in conjunction with Tsinghua University School of Continuing Education. With this program you can improve your skills in applied finance and, if you wish, specialise in funds management, risk management, corporate finance or instruments and valuation. Our lecturers have both excellent education qualifications and substantial industry experience, with the focus of their teaching being on applied real world examples. This program can help to prepare you for relevant professional exams, we are an Educational Partner of the CFA (Chartered Financial Analyst) and the program is accredited by PRMIA (Professional Risk Managers International Association). This Masters degree is truly portable; it is also available in Singapore, Sydney and Melbourne. You can start the program in Beijing and, if you wish, finish it in, say, Singapore or Sydney. The rate of progress through the program is set by students, allowing you to adapt your study load to the requirements of your work and personal commitments. The Macquarie Master of Applied Finance is one of the largest and most recognised programs of its kind with students and alumni across the globe, you can be confident that wherever your professional or personal life takes you your qualification will be highly regarded. Professor Bruce Dowton Vice-Chancellor, Macquarie University Quality teaching faculty The program is taught by industry experts to professionals. This ensures they can provide you with not only the relevant finance theory but also practical, first hand knowledge that you can use immediately in your workplace. Focus on real world finance We are committed to making sure that students gain knowledge and skills which are useful and relevant in today s financial environment. Our course structure and program content have been designed to ensure that you learn how finance works in the real world, not just in theory. In addition to the latest research, our teaching faculty share insights from their own careers and use a range of case studies to highlight important concepts. Student experience MAppFin students have two or more years of relevant work experience, meaning that students learn from each other s experiences as well as those of the teaching faculty. Sharing a classroom with other professionals also provides excellent networking opportunities for students. Wide range of elective units Given the speed at which the financial sector changes and the increasing need for financial professionals to have specialist skills, we offer the widest range of elective finance units. Each unit provides you with an opportunity to broaden your knowledge base and stay up to date with key market issues. Flexible program You set the pace at which you progress through the program, affording you the greatest level of flexibility. Balancing work and study commitments is easy because our program is portable across all our teaching locations in Australia and overseas. You can attend lectures in Sydney, Melbourne, Singapore and Beijing. Convenient city location Lectures for part-time students are delivered from our CBD location in Sydney. This makes study in our program very convenient for those students who work in the city centre. Educational partnerships with CFA and PRIMA We were the first University in Australia to receive formal recognition from the Chartered Financial Analyst (CFA) Institute as a Program Partner. The Macquarie Masters program is an ideal form of preparation for those students undertaking the CFA exams. We are also the first university in the Asian region to have a degree program accredited by the Professional Risk Managers International Association (PRMIA). Students who successfully complete the relevant parts of our program are eligible for exemption from the first two PRMIA exams. Other partnerships include the Financial Services Institute of Australia (FINSIA), the Institute of Actuaries of Australia and the Risk Association Inc. Strong alumni network With our Masters program having commenced in the 1980 s, there are now thousands of graduates who count themselves part of our special alumni network and they can be found all over the world working in key areas of finance. Regular alumni events are held in each of our teaching centres and each centre has an Alumni Committee. Many of our alumni now hold senior positions in major companies and this indicates the way in which our program helps our students achieve their career objectives. Why Macquarie and Tsinghua? Macquarie Applied Finance Centre was established in 1980, and our program is one of the largest* applied finance postgraduate degree in the world. With more than 1000 students enrolled in 2012, it is widely recognised as the industry leader in post graduate financial education. Our Master of Applied Finance Beijing program has been approved by the Chinese Ministry of Education and has been taught for over 5 years. With our local partner, Tsinghua University School of Continuing Education, we provide education at the level that is required to fully meet the evolving needs of the finance industry. To succeed in today s competitive and rapidly changing financial services environment you need skills to help you analyse and anticipate issues across a range of different financial conditions. Macquarie University s Master of Applied Finance program gives you the skills you need to accelerate your career and expand your career prospects. Founded in 1911, Tsinghua University is one of China s most famous universities. Tsinghua s evolution over the past 98 years has been closely linked to China s development. Tsinghua University today subscribes to the education ideal of comprehensive mastery of Chinese and foreign, classic and modern knowledge in the sciences and the humanities. Tsinghua is an important centre in China for nurturing talented students and promoting advanced scientific research. *Masters in Finance 2010 Listing, Financial Times, 27th September 2010 Liu Jun Team Leader, Dow Jones & Company I chose Macquarie s MAF program as it is well-known in the Asia Pacific region and the only finance postgraduate program in China that is taught by experts with substantial industry experience as well as extensive academic qualifications. This program has substantially improved my understanding of the financial markets and has helped me do a better job. 4 5

4 Who should apply? Our program is ideal for students who are working in the financial services industry and who want to deepen their knowledge of applied finance. It is also suitable for those students who come from a non-finance background and who would like to transition across to the financial services sector. Students who have completed our program have gone on to senior positions within banking, corporate finance, stockbroking, investment management, venture capital, project finance and risk management firms in Australia, Singapore, China and elsewhere. Our applied finance program is internationally recognised as one of the most rigorous and professional postgraduate courses available. About our graduates Percentage of students who feel the MAppFin has aided their career development Current graduate income $201,000 or above $151,000-$200,000 $121,000-$150,000 $91,000-$120,000 68% - Financial Services 8% - Professional Practice 7% - Retail/Industrial 6% - Energy/Resources 1% - Government 10% - Other Some institutions employing our students and graduates: Bank of America The Royal Bank of Scotland China Construction Bank China Development Bank CISCO JP Morgan Agricultural Bank of China Bank of Beijing Bank of China Bank of Montreal Barclays Group Beijing Capital International Airport Caterpillar China Investment Ltd China Merchants Bank China Cinda Asset Corporation China Everbright Bank China Minsheng Banking Corporation Ltd CITIC Securities International Co., Ltd Citibank Deutsche Bank Ernst & Young HSBC Microsoft Corporation Siemens Sinotrans The World Bank TOYOTA UBS Some positions our students and graduates hold: Associate, Project Finance Bank Manager Broker Business Analyst Capital Market Manager Chief Executive Officer Chief Financial Officer Credit Analyst Dealer Derivatives Product Manager Director, Corporate Banking Economist Equity Analyst Equity Derivatives Specialist Equity Portfolio Manager Executive Director Market Risk Finance Analyst Finance Strategy and Project Manger Financial Adviser Financial Consultant Fixed Income Dealer Fund Manager Global Markets Specialist Head of Financial Markets & Treasury Head of Internal Audit Head of Treasury Insurance Research Analyst Investment Analyst Liquidity Risk Manager Manager, Asset Development Portfolio Manager Product Manager Director, Internal Control Evaluation Research Analyst Risk Controller, Mergers and Acquisitions Risk Manager Sales Trader Senior Treasury Analyst $71,000-$90,000 Up to $70,000 0% 5% 10% 15% 20% 25% 30% 40% Age The MAppFin is industry specific and relevant to the finance industry of today. To what extent do you agree with this statement: Completely disagree Disagree to some extent Neither agree nor disagree Agree to some extent Completely agree Zhuang Liyu (Vivian) Chief Representative of Dexia Credit Local Beijing Representative Office This program is focused on practical skills and knowledge which is useful both for those already in the finance industry or those who wish to enter it. Compared to other programs, it has a clear direction and offers wide range of electives to choose from. I think Macquarie s MAF is a good choice if you want to be in the finance industry. Sources: The data is based on the Graduate Survey of MQU Master of Applied Finance Program It is drawn from all the locations in which the program is taught. 6 7

5 Program overview The Masters program involves 11 units (32 credit points) and comprises: five core units (4 credit points each) six elective units (2 credit points each) The Postgraduate Certificate in Applied Finance involves 16 credit points and comprises: two core and four elective units or; three core units and two elective units or; four core units You can finish the Masters program in 2 years (or more) of part-time study and the Postgraduate Certificate in years (or more) of part-time study. Full-time study is available in our Sydney centre only. CORE CURRICULUM & ELECTIVES Core curriculum 1. Corporate Finance 2. Financial Instruments 3. Financial Risk 4. Investments 5. Legal Risk in Finance Electives Students take six elective units in the second half of the program. Current electives available include: Applied Portfolio Balance Sheet Carbon Finance Corporate Treasury Credit Portfolio Debt Capital Markets Derivatives Valuation Economics of Financial Markets Equity Capital Markets Ethical Risk in Finance Exotic Options Hedge Funds Infrastructure and Property Interest Rate Portfolio Mergers and Acquisitions Modelling Market Risk Private Equity Investment Private Wealth Project Analysis and Evaluation Project Finance Individual Research Paper Resources Industry Investment Analysis Risk and Portfolio Construction Topics in Corporate Finance Topics in Risk Topics in Wealth Each area of specialisation contains a wide range of electives so that you can focus on areas where you would like to expand your industry knowledge. We offer one of the widest and most innovative ranges of elective units. The chart below is a guide to assist with planning your elective study. You may follow a particular stream or select a mixture. Funds Applied Portfolio Economics of Financial Markets Hedge Funds Infrastructure and Property Private Equity Investment Private Wealth Resources Industry Investment Analysis Risk and Portfolio Construction Topics in Wealth Risk Balance Sheet Corporate Treasury Credit Portfolio Derivatives Valuation Enterprise Risk Interest Rate Portfolio Modelling Market Risk Risk and Portfolio Construction Corporate Finance Instruments & Valuation CFA program PRMIA Certification Carbon Finance Carbon Finance Group 1* Required for PRM exemptions Corporate Treasury Credit Portfolio Applied Portfolio Credit Portfolio Debt Capital Markets Debt Capital Markets Carbon Finance Debt Capital Markets Equity Capital Markets Investment and Credit Analysis Infrastructure and Property Mergers and Acquisitions Private Equity Investment Project Analysis and Evaluation Derivatives Valuation Economics of Financial Markets Exotic Options Interest Rate Portfolio Economics of Financial Markets Ethical Risk in Finance Modeling Market Risk Risk and Portfolio Construction Private Wealth Group 2* Derivatives Valuation Modelling Market Risk Risk management component or overlap with the PRM syllabus Applied Portfolio Balance Sheet Corporate Treasury Project Finance Debt Capital Markets Equity Capital Markets Given the increasing demand for people with specialist finance skills, students can choose to focus their studies in the following key areas: Funds Instruments and Valuation Risk CFA program Corporate Finance PRMIA Certification Mergers and Acquisitions Private Equity Investment Group 3* Ethical Risk in Finance Exotic Options Hedge Funds Hedge Funds Interest Rate Portfolio Michael Pilscheur CFO, Soreha China (Beijing), a subsidiary of Soreha AG Switzerland The only finance postgraduate program in China that is taught by internationally experienced experts with extensive academic qualifications. Infrastructure and Property Interest Rate Portfolio Project Finance Risk and Portfolio Construction CFA program There is a high degree of overlap between the content in the Masters Program and CFA Levels I, II and III exams. It provides you with great preparation to pass the exams. Our program covers the units in a different order to CFA Levels I, II and III. If your main interest is in using the content of our program to assist in completing the entire CFA, then you should consider doing the above electives, as well as the core units. *Group 1 units cover more CBOK (Candidate Body of Knowledge) than those in Group 2 and 3. PRMIA Certification Students completing appropriate units will be eligible for exemption from PRM Exams I and II, which form a major part of PRMIA s Professional Risk Manager (PRM ) certification program. 8 9

6 Program structure Unit descriptions A typical program of study for a part-time student seeking to complete the program in two years is outlined below. Classes are generally in two semesters: September to February and March to July. You can start the program in September each year. Year One Semester one Financial Instruments (core unit) Investments (core unit) Year Two Semester one Legal Risk in Finance (core unit) 2 Elective units Lectures are held on evenings and weekends. Core units involve approximately 44 hours of lecture time, split over two clusters (6-8 weeks apart). You may also be required to sit a mid-semester exam as well as the final exam. There will also be one or more case studies. Lectures for elective units are generally held in a single intensive cluster of approximately 22 hours of face to face lecture time for each unit. Semester two Financial Risk (core unit) Corporate Finance (core unit) Semester two 4 Elective Units Detailed timetables are available on our website at For both core and elective units, lectures are held either on weekday evenings or during the day on weekends. The unit covers: techniques of default prediction; an understanding of credit portfolio characteristics such as correlation; active credit portfolio management in banks; the regulatory environment; and credit derivatives and structured credit; and counterparty credit risk CORES Investments ECFS 865 Dan Daugaard This unit covers the key building blocks required when studying many of the other Masters Units. It focuses on the tools and techniques necessary to understanding investment markets, valuing investments and constructing investment portfolios. This unit contains an analysis of the risk and return characteristics of debt and equity markets, an overview of modern portfolio theory, as well as asset pricing models and performance measurement techniques. Attention is given to both the use of theory to make decisions as well as the limitations of finance theory in many real life situations. Financial Instruments ECFS 867 Shane Magee This unit covers the structure, pricing and usage of various financial instruments, including spot, forward, swaps and option contracts for equity, debt, foreign exchange and commodity markets. This unit is concerned with understanding how these financial instruments work, how they are used by end users for speculation and risk management, how they are priced and valued, and how market makers manage their risks when they trade these financial instruments. Corporate Finance ECFS 866 Tony Carlton This unit is concerned with the valuation of corporate assets and how they should be financed. It is based on the theory and methods developed in prerequisite Units, particularly Investments. The unit introduces a number of corporate finance tools, including financial modelling and financial statement analysis. There is considerable emphasis on valuation techniques, which are applied in the context of valuing companies as well as capital investment decisions. The unit explores advanced techniques such as APV, real options and Residual Income. Corporate Financial Strategy is analysed extensively from the viewpoint of its effect on corporate value, and real life situations. Other topics include mergers and acquisitions, fund raising and international investment decisions. Financial Risk ECFS 868 Bernd P. Luedecke The unit goes beyond market risk analytics/management and addresses important systemic sources of risk which are more difficult to quantify and model. Topics covered include: Risk and Loss aversion, Black Scholes option pricing, risk management of options and the Greeks, Value at Risk, Credit Risk both single name and portfolio, Agency Risk and Behavioural Finance. The lecturers add relevance, particularly in case studies, by showing how the concepts studied manifest in events currently unfolding in the real world. The unit is intended to round out students exposure to the big risk measurement/ management issues before students progress to elective courses. Legal Risk in Finance ECFS 874 Susan Edwards This unit introduces you to the concept of legal risk, examining common sources of legal risk in financing transactions in Australia, together with possible methods of managing that risk. It also exposes you to skills of legal analysis and reasoning. It considers general principles of company, contract, property and insolvency law and focuses on the legal basis on which financial intermediaries enter into transactions with their clients, including the various forms of security available to secure those obligations. It examines methods of structuring transactions, as well as potential sources of legal liability in conducting such transactions. ELECTIVES Applied Portfolio ECFS 845 Dan Daugaard This unit considers the practical issues of money management. It reviews the major trends currently occurring in the funds management industry and the opportunities observed in financial markets. A significant portion of the Unit is devoted to syndicate style case studies. This provides an opportunity to explore the strategies and techniques employed by successful investment managers. Balance Sheet ECFS 879 Larry Leabeater Balance Sheet addresses strategic issues that are fundamental to the management of a financial institution (FI). Does the FI have a sustainable and cost-effective funding base? What is the role of the Treasury and the Asset/Liability Committee? Is equity capital adequate for the business model? Are the non-traded market risks inherent in our banking products (e.g. deposits, loans) adequately managed and priced? Is the system of transfer pricing and performance measurement within the FI creating the correct signals to help generate an adequate return for risks? The unit is an introduction to the practical management of a financial institution. The unit highlights the lessons learned in the global financial crisis and discusses recent regulatory trends. It will be of interest to all bankers and those who need to understand how modern banks operate in today s complex environment. Corporate Treasury ECFS 850 Marion Johnstone This unit aims to give students an insight into Treasury from the viewpoint of the Treasurer. This unit looks at Treasury from a strategic rather than tactical point of view. It will examine capital structure analysis, financing, financial risk management policy, and managing relationships with financial institutions, ratings agencies, and businesses. We consider the issues confronting the Treasurer today, and the changing role Treasury in today s environment. A key focus is how Treasury fits in within the Corporation, understanding how and why corporate treasury differs from financial institutions, how it can add value to the Corporation and support its businesses as well as the corporate structure. Credit Portfolio ECFS 896 Max Morley The purpose of this Unit is for Students to gain a working knowledge of credit risk management and credit models, with associated applications. The unit follows on from the credit topics in Financial Risk and aims to provide a more in depth understanding of both credit fundamentals and the new tools of credit risk management that have emerged over the past decade.

7 Unit descriptions cont. Debt Capital Markets EFCS 886James Waddell This unit applies the principles outlined in the first year subjects (Financial Instruments and Investments) to the process of debt capital raising in Australian, US and Asian markets. This unit aims to provide the Student with a perspective on the development of debt capital markets, a theoretical understanding of the issues and a sense of the practical aspects and mechanics of executing a debt capital market transaction. This unit covers all short and term debt markets, securitisation and credit derivatives. Derivatives Valuation ECFS 881 Rob Trevor This unit deals with important quantitative issues for derivatives market practitioners. The aim is to extend the Student s understanding of derivatives valuation. This unit looks at key numerical techniques and applies them to value exotic, GARCH and interest rate options in cases where classical Black-Scholes assumptions are inappropriate. Teaching uses both lectures and hands-on sessions with computer software. This unit complements ECFS882 Exotic Options, which gives comprehensive treatment of exotic options in a Black-Scholes setting. Economics of Financial Markets ECFS 888 Peter Jolly/ John Oughton The aim of the Unit is to provide greater understanding of the role and interaction of economic factors with the financial sector. We utilise topical developments and issues as subject matter. This unit explores the structure and growth of the economy, the determination of interest rates, exchange rates and equity prices, the role of finance, the changing importance of banks, institutional investors and security markets, the economics of regulation with focus on the Global Financial Crisis and to a lesser extent the Asian Crisis. We also look at topical issues in Economics and Financial Markets, for example the implications of the surge in Government debt, the implications for markets of an ageing population. Equity Capital Markets ECFS 991 John Deakin-Bell This unit will cover core methods for the raising and management of equity capital. In particular, Students can anticipate completing the Unit with a fundamental working practical knowledge of the processes and core theory that is required to conclude a successful IPO or secondary market equity capital raising. The unit also explores a range of capital management techniques, including share buybacks. Ethical Risk in Finance ECFS 903 Gordon Preece This unit is designed as an introduction to a range of classical and contemporary ethical resources applicable to finance. It will use global and Australian financial and investment case studies to enable students to apply these resources and their own ethical experience in practice and in interaction with others. This unit uses methods of professional ethics to sharpen students sense of professional identity and character. Exotic Options ECFS 882 Catriona March This unit introduces you to the most important and popular types of exotic options. Average rate options, used extensively in the commodity markets, and barrier options, the most popular exotic in the foreign exchange markets are covered. Other exotics discussed include basket options and mountain structured products; reset, shout, cliquet and similar options; cross-currency options and quantos. We cover product descriptions, motivations for using the product, risks involved in trading the product, efficient pricing methods in the Black-Scholes framework and hedging techniques. Pricing models that can account for the market volatility smile are also discussed. This unit complements ECFS881 Derivatives Valuation, in which standard option pricing is also discussed using GARCH and term structure models. dedicated to developing an understanding of the background knowledge required before spending a considerable amount of time analysing the different hedge fund strategies. Within each strategy, concepts such as risk/return, qualitative risks and business models are discussed. Fund of hedge funds and the role of hedge funds within a diversified portfolio is discussed. Controversies and characters of the industry add some flair to the Unit as well as providing good examples of the industry in practice. Individual Research Paper ECFS 849 A Student may submit a Research Paper as an alternative to a Unit-work elective, subject to approval of the Executive Dean. Students complete a Research Paper of about 10,000 words or of similar substance. For example, quantitative work may have fewer words but will include other material. A Research Plan for this Unit must be approved by the Student s Supervisor and Research Director in order to enrol in the Unit. Students must have achieved above average results in core units and Distinction grades or better in related units. Infrastructure and Property ECFS 880 David Wing This unit focuses on the principles, issues and documentation involved in structuring and arranging finance for property developments and infrastructure projects. It complements Project Finance by focusing on the application of project financing principles and techniques to property developments and smaller infrastructure projects in non traditional areas - especially social infrastructure. It examines the structuring and arranging of capital for property developments and in tendering of certain classes of infrastructure projects. It also examines the latest developments in infrastructure delivery methods such as PPP s. Interest Rate Portfolio ECFS 908 Bernd P. Luedecke This unit addresses the commercially important problem of interest rate risk management in a portfolio context. The unit explains the conceptualisation, measurement, display and modification of the risk characteristics of a portfolio of interest rate sensitive Financial instruments. The unit describes the construction/ calibration of a zero coupon yield curve using observable market data. This yield curve underpins the valuation and risk management of traded cash flows. Topics covered include construction of the zero coupon discount function, identification of cash flows, valuing known and contingent cash flows, sensitivity analysis, etc. Across instrument hedging and basis risk minimisation strategies are discussed. Mergers & Acquisitions ECFS 842 Jeff Hall This unit builds on the introduction to Mergers and Acquisitions in Corporate Finance including discussion of current trends, valuation techniques and regulations on corporate control. Statutory rules and market techniques for takeover bids, mergers, schemes of arrangement and other types of corporate restructuring are covered. Other topics include the impact of trade practices and anti-trust regulations, foreign investment regulations, regulations to restrict shareholding levels, accounting for goodwill, due diligence and post-merger integration and corporate performance. The unit includes a comparative analysis of regulations in Australia and a number of offshore markets. Modelling Market Risk ECFS 899 Elizabeth Sheedy Quantitative risk modelling is an essential part of modern risk management yet models are often misinterpreted and misused. This unit extends concepts taught in Financial Risk and is designed for anyone that uses or produces risk information (not just risk specialists). The aim is to build an understanding of risk modelling techniques, including an appreciation of their deficiencies; hence model risk is a focus of this unit. You will improve your modelling abilities and also your capacity to communicate complex technical information. Techniques include GARCH models (for changing volatility), simulation analysis and heavy-tailed distributions (for modelling extreme events). Market risk (including market liquidity risk) will be the focus across equity, currency and commodity markets. Case studies and computer workshops are used in class. Private Equity Investment ECFS 895 Stéphane Chatonsky This unit uses the principles developed in Corporate Finance in the context of private equity investing. Private Wealth ECFS 906 Steve Christie This unit is aimed at those Students interested in a career in private wealth management ( PWM ) who would like a better understanding of the major issues facing private wealth managers and their clients. By PWM, we mean the business of financial advising/selling directly to individual investors. This unit focuses predominantly on the advice and advisor side of the business. Project Analysis & Evaluation ECFS 900 Tony Carlton This unit is about making investment decisions that create value for shareholders, by developing skills required in the assessment and valuation of projects, companies or divisions. Building on the principles from Corporate Finance, we consider in detail practical valuation techniques, including real options, and their application to a wide range of valuation problems. We consider how to generate quality cash flow forecasts, use of decision support tools, such as Monte Carlo simulation using software, and how to design decision making processes to get better quality investment decisions. This unit also considers the design of the capital investment process and risk management aspects of valuation and investment decision making. Project Finance ECFS 877 Richard Tinsley This unit examines the business rationale for Project Finance. A risk system is introduced for the identification and systematic allocation of risk in the various approaches to structuring a project financing. Funding, political-risk structuring, and recent capital-market developments are highlighted in class and through practical case studies. A heavy emphasis is placed on the international character of the Project Finance industry. Resources Industry Investment Analysis ECFS 902 James Hay This unit considers valuation issues that are unique to the minerals and energy industries. This unit is structured around the value chain from exploration through extraction and to the market, and the methods by which resource companies seek to create shareholder value at all of these stages. This unit intends to address two aims. The first is to understand investment decisions that an analyst within a resource company may face; the second is to understand the financial information that resource companies release to the market so that we may compare the performance of resource stocks Risk & Portfolio Construction ECFS 871 Frank Ashe This unit deals with the identification, measurement and control of various risks within an investment management process. The emphasis is on gaining an in-depth qualitative understanding of the concepts. The sessions are partly treated as if the class group is an investment management firm s asset allocation committee. Emphasis is placed on the process that could be undertaken in a hypothetical firm. Discussion of the portfolio manager s mandate and how this affects the definition of portfolio risk leads to questions on the fundamental concepts of risk, sources of risk and the variety of control methods needed. Qualitative and quantitative control methods are examined. Portfolio construction techniques follow, with a focus on a wide range of optimization techniques controlling these risks. Investment and Credit Analysis (Topics in Corporate Finance) AFCP854 Tony Carlton This unit covers the use of advanced financial analysis and modelling techniques in corporate finance applications, and is designed for students interested in analyst roles in equity and credit analysis, banking or consulting environments. Building on concepts introduced in Corporate Finance, this unit complements other corporate finance electives. The unit will allow students to explore the linkage between a company s strategy and industry competitive structure, and financial performance. We will analyse financial performance by demonstrating financial analysis techniques, and assess the impact of accounting issues in analysing a company s financial results. The unit will explore how financial modelling can be used to assist in addressing these issues. Enterprise Risk (Topics in Risk ) AFCP853 Elizabeth Sheedy This unit will complement existing elective units in risk management and the core unit ECFS868 Financial Risk. The post-global Financial Crisis landscape is evolving rapidly for risk managers and many organisations continue to review their approach to risk management. This unit reflects new trends in risk management practice, driven by new research and industry developments. Potential topics include: credit and lending decisions post-global Financial Crisis, enterprise risk management and new markets for energy/commodities/emissions. Hedge Funds ECFS 992 David Bell The overall structure and dynamics of the industry are discussed and the key This unit provides a broad coverage of the issues of assessing, valuing, negotiating, hedge fund industry, with an emphasis monitoring and exiting private equity on investment management. It builds investments are dealt with in detail. This an overview of the industry, beginning unit covers the full spectrum of private with a definition. A portion of the Unit is equity investments, from venture (seed and start-up) to management and leveraged buy-outs (late stage)

8 Teaching faculty The Centre s teaching and research activities are undertaken by a mix of full-time and adjunct faculty. Each of our teaching staff has advanced academic qualifications as well as many years senior practical experience in the finance industry. This ensures that they are able to deliver insights beyond those found in textbooks. The Centre s Applied Finance Program is thus a blend of theoretical and practical skills that provide students with the necessary knowledge to further their chosen careers. Our lecturers travel to each centre to deliver a lecture. Bios as currently listed on mafc.mq.edu.au FRANK ASHE BA Macq, PhD UNSW Associate Professor (Risk and Portfolio Construction, Financial Instruments) Frank has worked in Australia and Canada for insurance companies and investment management firms, in software development and consultancy. His 30 years of practical experience has been predominantly in the measurement and management of financial risk, with an emphasis on asset liability management, developing risk measurement and management tools for novel situations. He now works as a consultant and company director. He is a regular presenter at industry seminars and colloquia and is currently President of the Q-Group Australia. Frank has research interests in risk management, corporate governance, the robustness of investment portfolio construction techniques, history and philosophy of economics and the statistical underpinnings of applied finance. DAVID BELL BMaths Newcastle (NSW), MAppFin Macq (Hedge Funds) David runs his own boutique advisory business, St Davids Rd Advisory, consulting primarily to wholesale investors, asset managers and corporates across a range of different areas including hedge funds, portfolio and risk management, strategy and responsible investment practices. Prior to this David worked at Colonial First State for 12 years, the last six of which he ran the hedge funds business. David has previously worked in risk management, fixed interest portfolio management and corporate finance roles across the banking and funds management industry. TONY CARLTON BComm (Hons), MComm (Hons) UNSW Fellow (Corporate Finance and Project Analysis and Evaluation) Tony has over 25 years experience in the manufacturing, resource and agricultural industries. He has held senior positions in CSR including Treasurer and General Manager of Finance and Strategy and was a member of the senior executive team. Tony has had extensive experience in all aspects of corporate finance and strategy, including project evaluation, financial strategy and policy, debt management, financial risk management, strategic portfolio analysis and the development and execution of growth strategies. He has managed a number of large acquisitions and divestments both in Australia and overseas, as well as a number of large scale balance sheet restructurings. He also led the introduction of Value Based within CSR. Tony is currently undertaking a PhD at MAFC. ROGER CASEY BEc MEc Macq, ACA (Corporate Finance) Roger is currently on the Board and Executive Committee of Gresham Partners Limited, a leading independent Australian investment and advisory house. He has over 20 years experience in the Australian corporate finance sector, having worked with Turnbull & Partners, Gresham Advisory Partners ABN Amro and most recently, Gresham Private Equity. His experience spans corporate advisory, initial public offerings, mergers and acquisitions, leveraged finance and management buy-outs. Roger has a Bachelor of Economics and Master of Economics from Macquarie University and is a member of the Institute of Chartered Accountants in Australia. STÉPHANE CHATONSKY BA ESSEC Paris, MBA Penn (Wharton), FAICD (Private Equity Investment) Stéphane has extensive industry experience, having started his career as an investment banker in Europe, working on IPOs and privatisations for Lazard Frères & Co. He then moved to McKinsey & Co advising corporates in the telecommunications, financial services and media sectors. Stéphane s career has also included the venture capital team of Macquarie Bank and managing corporate strategy for Telecom New Zealand, as well as running his own practice advising private equity, venture capital funds, family offices and their portfolio companies on a broad range of issues. Stéphane is now a Principal of Leapfrog Investments, the first global private equity fund focused on businesses that meets the insurance and related financial needs of low-income people in developing countries in Asia and Africa. He has been a mentor to senior executives of the not-for-profit and profit-with-purpose sectors with Social Ventures Australia and a Director of the Pathways Foundation. STEVE CHRISTIE BCom LLB (Hons) ANU, LLM Syd, MAppFin PhD MQU, FFin, MAICD (Private Wealth, Investments) Steve is currently a legal consultant at Freehills, one of Australia s leading legal practices. Until 2012, Steve was a member of the full-time faculty at MAFC teaching Private Wealth and helping to build the Centre s presence in China. Steve has almost 20 years experience in finance and investments, specializing in private wealth management. Steve s former roles include Head of Private Wealth at Ord Minnett and a number of senior roles at Goldman Sachs JBWere. Steve is also a Director of the Australian Catholic Superannuation and Retirement Fund, where he serves as Chairman of the Investment Committee, which is responsible for in excess of AUD4 billion worth of retirement assets. He is a member of the Investment Committee for the Catholic Archdiocese of Sydney, a Special Adviser to CJC Global private wealth advisors and has been a judge of the Australian Private Banking Awards since Damon Colbert BCOMM (HONS), MAPPFIN MACQ (Corporate Treasury ) Damon Colbert has over 20 years experience in the areas of corporate finance, treasury, asset and balance sheet management. He is currently Assistant Treasurer for AWB Ltd, Australia s largest agribusiness and one of the world s largest wheat marketing and management companies. Previously, Damon was CEO & Treasurer for Allco Max Securities & Mortgage Trust, a publicly listed managed investment scheme established by the Allco Finance Group. Damon has comprehensive corporate finance and treasury management skills, including funding, liquidity and risk management. Damon has prior investment banking experience in the origination and execution of domestic and international securities and loans for Australian corporates, government entities and infrastructure projects. ANNE COOPER BEc (Hons) Adel, PhD Syd, Dip FP Deputy Director & Associate Professor (Investments) Anne joined the Faculty with 15 years of banking experience, specialising in balance sheet management issues. Anne held executive positions in the institutional and funds management and insurance arms of a major Australian bank and her industry experience lead to the introduction of Balance Sheet as an elective topic in the Centre s Master of Applied Finance Program. Anne is currently a member of AFMA s Advisory Board. Grahame Cooper LLB Syd, LLM Syd (Legal Risk in Finance) Grahame has more than 30 years experience as a finance and corporate lawyer. He was most recently a partner at Henry Davis York and prior to that was a partner at Minter Ellison. Grahame also spent four years as the Australian Managing Director of a US power group and has been a non-executive director on a number of boards. He has a wide ranging specialist knowledge having, at different times, practiced in the areas of finance, revenue law, major projects, mergers and acquisitions and general corporate. He has advised on many large an innovative transaction, especially revenue driven financing transactions. DAN DAUGAARD BEc MEc Macq, CFA Fellow (Investments, Applied Portfolio ) Dan was formerly an Associate Director with a large Australian fund manager and has extensive experience in managing portfolios and developing new investment products. He has also consulted to a wide range of enterprises on the use of derivative instruments and the application of investment concepts. Dan s research interests include stock selection techniques for equity and fixed interest markets, optimal portfolio construction, screened investments, dynamics strategies and asset and liability management. JOHN DEAKIN-BELL BSc UNSW, MBus UTS, F Fin. Fellow (Equity Capital Markets) John is an experienced senior executive in investment banking and is well regarded within his specialty area of Australian equities and equity capital markets. John has 15 years experience with leading global investment banks and is currently Managing Director of Deutsche Bank Australia s Global Markets Equity group. As a member of Deutsche Bank s Equity Committee, John is at the front line of the rapidly changing institutional equity market. In his former role as Managing Director, Head of Australasian Equities Research for UBS Australia, John was responsible for the overall equities research direction and managed a large team of equity analysts across Australia and New Zealand, and was an active member of the UBS Global Research Board. Prior to this role, John was a top rated healthcare and biotech analyst at UBS. Michael Drew BECON MECONST PHD QLD, GAICD, SF FIN (Investments) Michael is an internationally renowned thought leader in the field of superannuation and pension fund design. In addition to senior academic appointments, Michael has held Executive and Trustee Committee appointments with the Queensland Investment Corporation (QIC) Limited, QSuper, Wilson HTM and J.B. Were & Son. Michael s research has studied and developed new approaches to the design of the default option in defined contribution funds, as well as devising winning strategies for lifecycle and target date funds. In 2009, Michael was invited to appear before a joint hearing of the US Department of Labor and the Securities Exchange Commission in Washington DC where he presented testimony relating to his research on target date funds. Michael s research on superannuation was extensively cited by the recent Cooper Review, and has been widely cited by industry, academic, regulatory and government agencies. Michael has completed numerous consulting projects, including research for the United Nations Council for Trade and Development. In 2011, Michael was awarded the Finsia (Financial Services Institute of Australasia) Pinnacle Award for Most Outstanding Thought Leader to celebrate 125 years for the peak industry body. SUSAN EDWARDS BA LLB Syd, LLB (Hons) Lond, MAppLing Macq. Fellow (Legal Risk in Finance) Susan has wide experience in many areas of the law. She has worked as in-house counsel for Rio Tinto and has been a partner with Freehills, one of Australia s largest law firms. She has been involved in negotiating major commercial and financial transactions in her roles as a corporate lawyer and commercial partner and has been accredited as a mediator. She is currently researching in the area of the impact of language, in its broadest sense, on the teaching of law and finance and how language impacts on communication in financial negotiations. JEFF HALL BSc Kans, MComm UNSW, ACA, AICPA, CFA (Mergers and Acquisitions) Jeff is the Managing Director of boutique corporate advisory group Sumner Hall Associates. Prior to establishing Sumner Hall Associates, Jeff was a director and substantial shareholder of Grant Samuel. While at Grant Samuel, Jeff was involved in all aspects of mergers and acquisitions work including advising on takeovers, mergers and schemes of arrangement, advising on capital raising and initial public offerings and undertaking complex valuation assignments in relation to mergers and acquisitions transactions. His role with Sumner Hall Associates has seen him working on assignments for companies including Rio Tinto, Felix Resources, White Mining and MPI Mines; infrastructure company GasNet; media companies News Corporation and Publishing & Broadcasting Limited, retailer Coles Myer and a variety of other companies. Jennifer Harrison BEc (Hons) Syd, BALLB (Hons)Syd, MAppFin Macq (Corporate Finance) Jennifer runs her own professional education consultancy business. Prior to starting her own business she was a senior investment banker for over 14 years. She has a strong financial foundation and combines these skills with her unique teaching style. Jennifer has international experience in financial training consultancy and has taught in various locations including New York, London, Frankfurt, Moscow, Mumbai, Hong Kong, Singapore, Johannesburg, Melbourne and Sydney

9 Teaching faculty cont. JAMES HAY BSc Mon, MBA Cornell, B Litt (Hons) Melbourne (Resources Industry Investment Analysis) James has worked in the resources industry for more than 20 years. He began his career with WMC Ltd, working in the corporate treasury department and then as a financial analyst in the gold, nickel and energy business units. James is currently an independent consultant to the mineral and energy industries. His engagements have involved modelling and analysis of fiscal regimes, gas sales contracts, business planning systems, equity divestments and project evaluations. His clients have included companies such as Shell, Placer Dome, Minara Resources, Xstrata, and Exxon Mobil. Over the past eight years, James has also established a training business that provides in house financial education to resource companies throughout Asia. Marion Johnstone BBus, MAppFin Macq (Corporate Treasury ) Marion is Group Treasurer at CSR Limited, where she is responsible for the management of capital, financial risk and a small treasury team. She has played a leading role in CSR s corporate restructuring transactions over the last ten years, including most recently the disposal of the Sucrogen sugar business to the listed Singapore entity Wilmar International and the demerger of the Rinker Group. As part of the disposal of a major business, Marion arranged new financing structures for both CSR and Sucrogen, the establishment of new treasury management systems and a new sugar-based treasury team. Marion joined CSR in 1995, from Westpac s Capital Markets and Syndications area, having spent 12 years in a range of institutional banking roles covering all aspects of risk and funding. Formerly, Peter was Head of Market Economics at the Bank of New Zealand and prior to that worked as a macroeconomic forecaster and researcher with the Reserve Bank of New Zealand. Peter s own research work is focussed on macroeconomics, the financial and banking system and investment strategies for fixed interest markets. LARRY LEABEATER BEcon (Hons) Syd (Balance Sheet ) Larry has worked in bank Treasuries for over 20 years. Larry set up the balance sheet management function at St. George Bank. This included interest rate risk measurement and management, funds transfer pricing, liquidity management policies and modelling and the bank s economic capital allocation. Larry has also worked at the Commonwealth Bank, helping to implement new international reporting standards and at Westpac, where he led the risk reporting and transfer pricing team. Most recently, he has been assisting ING Direct with its interest rate risk management submission to APRA. BERND P. LUEDECKE BSc Mon, BA (Hons) Macq, MS PhD Wisconsin Associate Professor (Financial Risk, Interest Rate Portfolio ) Bernd has more than ten years experience dealing in bank bills, bonds, FX, swaps and swaptions, futures, options and other derivative instruments as a proprietary trader and risk manager. Bernd s work experience includes time spent with Bank of New Zealand (Australia), Merrill Lynch (in Sydney, New York and London), Tokyo-Mitsubishi Bank and Westpac. Bernd has written several articles on swaps and contributed a chapter to the book Global Swap Markets. He has also developed large-scale swap portfolio risk management software. SHANE MAGEE BCom Newcastle (NSW), MAppFin PhD Macq Fellow (Financial Instruments) CATRIONA MARCH BSc MSc Syd, PhD Macq (Exotic Options) Catriona has more than 25 years experience in the finance industry, including 15 years as a quantitative analyst concerned with the pricing and hedging of exotic options in the dealing room of Westpac Institutional Bank and in market risk management. She has also worked at Macquarie Bank, Australian Gilt Securities and various software companies. She is currently a Senior Quantitative Analyst in the Analytical Solutions Group in the Westpac Financial Markets. Catriona has taught the Exotics Options unit in the Masters of Applied Finance program since 1999 and completed a PhD at the MAFC on pricing methods for exotic options in Neil McDermott BE Syd, MCom MEngSc UNSW, FAICD, FIEAust, FAIM FAPI ACA (Corporate Finance) Neil has more than 25 years experience in corporate advisory including public and private capital raisings, mergers and acquisitions, business valuations, business restructuring and privatisation. His main focus is strategic and financial advice relating to infrastructure, including energy and water utilities, transport, banking and finance and property and property trusts. He has advised private sector investors and Governments or their SOCs, on strategic and privatisation matters in all Australian states and a range of countries in Asia and the Pacific. He has been a non-executive director or Chairman of stock exchange listed companies, SOCs or unlisted private companies and is currently Director of an unlisted junior mining investment company with interests in SE Asia. He was previously a corporate finance partner in an international financial services firm and a member of the Faculty of Commerce at UNSW where he introduced and taught the first postgraduate course in International Corporate Finance. Max Morley BEc Qld, GAICD, F Fin. (Credit Portfolio ) BILJANA NIKOLOVA BComm, MComm, PhD UNSW (Corporate Finance) Biljana has more than ten years experience in a variety of private equity, corporate finance and institutional banking roles in Australia. Biljana is currently an Associate Director with Integrated Capital Solutions (ICS), NAB s captive private equity business. Prior to joining ICS in 2008, Biljana held corporate finance and capital structuring advisory roles with other large financial institutions. Biljana has been involved in the execution of a number of private equity transactions and has provided capital structuring advice to major publicly listed corporations in Australia. Biljana holds a PhD in Finance from UNSW with a focus on emerging markets investments. JEFF OUGHTON BEc (Hons), Newcastle, MBA AGSM UNSW (Economics of Financial Markets) Jeff has researched and presented on economic and financial issues for the past three decades. Currently, he is a Principal of a financial institution and a market advisor in a team of independent and multi-discipline practitioners. For 17 years, Jeff led NAB s Australian economics and industry intelligence team that forecasts economic and financial conditions and assesses macroeconomic and industry opportunities for its customers in Australia, New Zealand, the UK and the US. Before joining NAB, Jeff spent a decade with the RBA in both economic analysis and financial markets, including over two years as Deputy Chief Representative in New York where he managed Australia s USD reserves and oversaw the RBA foreign exchange activities. Jeff has previously taught at the Securities Institute of Australia, UNSW and the Bankers Administrative Staff College. ANDREW PALMER BSc (Hons) Wales, MEc UWA MBA Columbia. (Debt Capital Markets) Following a short stint in Commercial Mortgages at J.P. Morgan in New York, Andrew became the first dedicated credit derivatives salesperson in the market at a time when a Credit Default Swap was negotiated line by line. He ran the sales force for the product in North America and was central to most industry initiatives in the development of the market. Andrew then took on responsibility for structured credit and eventually took over both businesses globally, building the largest and most successful business on Wall Street with market share always above 30%. He moved to London in 2004 and in 2005 Andrew left J.P. Morgan to become CEO of Scotia Capital Europe and Head of Capital Markets for Europe and Asia before retiring and GORDON PREECE BA MA Sydney, ThL (Hons) Moore, Dip. Min ACT, BD (Hons) London, MScSoc UNSW, PhD Fuller (Ethical Risk in Finance) Gordon has taught professional ethics at tertiary level for 20 years, including directing centres for applied ethics. His specialty is the ethics of work, professions and business. Gordon has written or edited eleven books including Christianity and Entrepreneurship and Changing Work Values. He has lectured in universities in Sydney and Melbourne and in the US, Canada, Cambridge (UK), New Zealand and St Petersburg. He has wide local and global experience of workplace ethics. Gordon was Director of Urban Seed, Melbourne, a not-for-profit working with marginalized people, corporates and educational bodies. He is now ethicist for Christian Super, adjunct lecturer in Ethics for Ridley College Melbourne and Director of ethos: EA Centre for Christianity and Society. Nawal Roy M.A & M.S CINCINNATI; M.A. INDIA (Enterprise Risk ) Nawal Roy is part of the Risk Practice leadership team at McKinsey & Company Singapore. Formerly, he was a managing partner of Shobhit Capital Group, an independent advisory and capital investment firm. Prior to Shobhit Capital, Nawal was a Vice President in Moody s Investor Services as a risk management specialist. In that role, he was involved in rating a wide variety of financial firms and derivatives products. In addition, he was a specialist on valuation and risk management for hedge fund rating team. Nawal has also worked for KPMG s Financial Risk Practice in New York City and worked as trading strategist and global risk manager at Credit Suisse First Boston and Deutsche Bank. Nawal is one of the founders of PRMIA, an international risk management association. He was one of the directors of the Interim Board of PRMIA and Regional Director of the New York Chapter. He holds Masters degrees from both USA and India. ELIZABETH SHEEDY BComm UNSW, PhD Macq Associate Professor (Modelling Market Risk, Financial Risk ) to the use of derivatives by investors and fund managers. Elizabeth has co-edited a book on derivatives, a book on financial risk management and is on the Education Committee for PRMIA (Professional Risk Manager s International Association). Her current research and teaching focus is in financial risk management for banks, fund managers and non-financial institutions, as well as volatility clustering and its application to modelling risk. RICHARD TINSLEY BSc Mich, MSc Columbia (Project Finance) Richard is President of International Advisory & Finance, a network of firms in the resources, power and infrastructure sectors in Sydney, Melbourne, New York, Boston, California, London, Johannesburg and Bombay. Richard is an engineer economist and banker with 30 years experience, mostly as a strategic financial advisor or as the lead banker on numerous transactions in five countries Ireland, Canada, USA, UK and Australia. In the finance field, Richard has been Project Finance Director at Continental Bank (Chicago); European Banking Company (London); Prudential-Bache Capital Funding and Indosuez Australia (Sydney, Australia). Projects that Richard has worked on have ranged from Australia s first privatisation by way of a project financing (and the largest equity issue to that date); Victoria s first PPP cogeneration transaction and a $400 million fertiliser development in Sri Lanka all in the lead advisor role. ROB TREVOR BEc (Hons) Syd, MA PhD Princeton Associate Professor (Derivatives Valuation and PhD Program) Rob is the Head of Quantitative Research (Hedge) for MIR Investment. He has provided derivatives and risk management advice to a number of institutional clients including, Bankers Trust, BT Fund, Grant Samuel and Macquarie Bank as well as Promontory Financial Group Australasia, the Australian Securities Commission and the Australian Stock Exchange. Rob is a founding member and currently Vice President of the Q Group Australia and a member of the Advisory Board of The Research Foundation of the CFA Institute. He joined the Centre following academic appointments at Princeton University and the Australian Graduate School of. Prior to that, he spent 15 years with the Reserve Bank of Australia. Rob also oversees the Centre s PhD and Research programs. Rob s research has been published in a number of academic journals, including the Journal of Finance, the Journal of Business & Economic Statistics and the PETER JOLLY BAgrSc Lincoln, MSc Economics Lond Shane has more than ten years experience in Max is currently Head of Westpac the finance industry. Shane was a Senior Vice Institutional Bank for Queensland. Max has (Economics of Financial Markets) President in the Corporate Treasury division 30 years experience as a practitioner in Elizabeth has worked in the finance industry of Citigroup where he was responsible for Peter is currently Head of Research and interest rate derivatives and debt capital for a number of institutions including funding, managing currency and interest Managing Director for National Australia Bank markets in trading, sales, relationship and Macquarie Bank and Westpac. Her industry rate risks, liquidity management, funds in Sydney. Peter has been in this role for the senior management positions. He has experience was primarily in engineering transfer pricing and capital planning. Shane past decade, growing the team in this time worked in London, Sydney and Wellington structured derivative products for corporate has been involved in structured funding to include members in Australia, London and is currently based in Brisbane. and institutional clients. She had a special transactions and has participated as an end and New Zealand with research disciplines interest in the management of currency user in the money market, spot and forward covering macroeconomics, credit research risks, developing the first Australian foreign exchange markets and swaps and financial market strategists. currency overlay product for asset portfolios. market. Shane s research interests include relocating to Australia in Since joining the Centre in 1993, she has Journal of Risk. investigating why firms hedge and whether 16 undertaken several consulting roles relating 17 hedging adds shareholder value.