Postgraduate ICMA Centre Masters Degrees in Finance

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1 Postgraduate ICMA Centre Masters Degrees in Finance

2 reasons why Utilise the Centre s affiliations with international financial organisations, including the International Capital Market Association in Zurich and Thomson Reuters. Experience world-class student facilities, including our three dealing rooms supported by Thomson Reuters and Bloomberg and equipped with the latest trading technology and software. Choose from a range of degrees that appeal to those with interests in all areas of finance, including the longest established Masters programme in securities markets in Europe. Become part of our 4,000-strong alumni network that spans over 125 nationalities across over 155 countries. Gain from being part of Henley Business School, the world-renowned, triple accredited leader in business education.

3 Welcome As Europe s first active collaboration between the securities industry and a university finance department, the ICMA Centre s 20 year old international reputation continues to grow. Our mission is to deliver the highest standard of teaching and research in finance and to contribute actively to policy debate. We are part of Henley Business School, one of the largest and most prestigious business schools in Europe, which further enhances our reputation and standing with industry around the world. The ICMA Centre is amongst the largest schools of finance in Europe and our courses, from our undergraduate degree to our exclusive Masters courses both mainstream and specialist are attracting a growing number of students each year. In all, the ICMA Centre provides an excellent and stimulating environment in which to study and offers plenty of scope to apply theory to practice. Our reputation, our collaborative links with industry and our 4,000-strong alumni network from over 155 countries demonstrate our ability to meet your objectives. Please find out more by visiting our website where you can watch videos and read about other students experiences. I sincerely hope that you find our Masters programmes to be of interest and look forward to welcoming you to our beautiful Whiteknights campus. Professor Adrian Bell Head of ICMA Centre Henley Business School Postgraduate masters programmes 3

4 ICMA s investment in the ICMA Centre has delivered tangible benefits for the Association s members and international finance industry as a whole for over 20 years in the form of highly skilled graduates, cutting-edge research and executive training programmes. The development of this exciting facility highlights the continuing unique partnership between the industry and the Centre. Rene Karsenti, President, International Capital Markets Association The ICMA Centre was Europe s first active collaboration between the securities industry and a university finance department when, over 20 years ago, the International Capital Markets Association (ICMA) established a new relationship with the University of Reading. Today, as part of the triple-accredited Henley Business School, the Centre offers a range of undergraduate, postgraduate, doctoral and executive education programmes tailored for the capital markets and corporate finance industry. The ICMA Centre is known for its student-focused ethos, which contributes to both the high achievement rates and the close relationships the Centre is able to maintain with its alumni. This ongoing relationship with our former students provides networking and industry-based opportunities for new graduates and current students. With our alumni based in over 155 countries, these opportunities are global, as well as local. The practical application of finance theory is one of the ICMA Centre s key advantages and is why students and financial institutions alike choose the Centre for their education and training needs. This integration of theory with practice is achieved through the use of the Centre s three state-of-the-art dealing rooms. Equipped by Thomson Reuters with the latest industry simulation software, as well as our own simulation software platform, ICTrader, the trading rooms have always been an integral part of the teaching and learning style of the Centre. To experience the thrill and pressure of a live market take positions, quote two-way prices and manage the risk of a $50 million to $100 million trading book gives our students an insight and experience unavailable in more traditional finance degrees offered elsewhere in the UK. Our location in Reading is just 25 minutes by train to the heart of the City of London, and our students enjoy access to the extensive facilities and experiences on the beautiful 320-acre Whiteknights campus. 4 Postgraduate masters programmes

5 Henley Business School Henley Business School is a leading international business school based in the UK and operating around the world, with fully-owned subsidiaries in South Africa, Hong Kong, Finland and Germany. It is one of the world s few business schools to hold triple-accredited status from the major UK, European and US awarding bodies (AMBA, EQUIS, AACSB). With its faculty of internationally renowned research-led academics and some of the world s most innovative thought leaders, Henley has a worldclass reputation for the study of international business and has driven the research agenda in this field for over 40 years. Its focus is on themes such as globalisation and international business regulation, strategies of multinational enterprises, corporate social responsibility and foreign direct investment. These strengths are combined with over 65 years experience in developing business leaders. Henley Business School has a strong reputation for the practical application of business ideas and concepts which is underpinned by its strength in research and academic excellence. For further information on Henley Business School, please visit University of Reading The University of Reading is an outstanding educational institution, with an international reputation for the quality of its research and the excellence of its teaching. It is this combination that ranks us in the top 1% of universities worldwide. Established over 100 years ago, it is situated within its own 320-acre landscaped campus near the centre of Reading and remains one of the UK s largest, best-known and successful campus-based universities. The campus is renowned for its natural beauty and historic connections, while facilities are second-to-none. Student accommodation is recognised to be amongst the best in the sector and a great experience for students is taken care of by the top ten rated University Students Union (RUSU). The University of Reading pursues an ambitious and innovative enterprise agenda. The last five years have seen considerable success in collaborative research partnerships, delivering on over 1,200 projects. The University s close links with business and industry are evident right across the campus. Collaborative research projects, the creation of spinout companies and graduate placement schemes are just some of the many ways day-today interaction with enterprise occurs. Research and teaching partnerships now exist with institutions across the world adding to our global reach. For more information on the University, including information on accommodation, campus facilities and the town of Reading itself, go to Postgraduate masters programmes 5

6 I chose the ICMA Centre because it has an international reputation in the global financial markets industry and it possesses experienced industry experts and professionals as lecturers. The accessible facilities are excellent, especially with its fully equipped dealing rooms, which are the largest amongst all European business schools. Another important factor that I considered is that most graduates have found good jobs in the finance industry, either in investment banks, securities companies or other financial institutions in the UK and worldwide. I am sure that ICMA Centre graduates have brilliant future career paths. Ling Chen, MSc International Securities, Investment and Banking

7 MSc International Securities, Investment & Banking Our largest programme makes an ideal foundation for those wishing to work in the trading and sales areas of banking. It also provides the breadth of skills and expertise to equip those who have yet to settle on a specialism, and who look to a wider choice of potential career paths. This is our longest established programme with over 2,000 alumni and is widely regarded as one of the leading applied finance programmes in Europe. The programme was designed, with the support of industry practitioners, to equip students with the skills and knowledge needed to succeed in this challenging arena. It enables our graduates to make an early contribution through the unique combination of hands-on, practical skills and the necessary underlying finance theory. Graduate destinations Our international body of graduates leave well-equipped to pursue a wide range of careers in financial services. Many join investment banks to train as financial markets professionals in trading, sales and research. Some specialise in complex derivative products while others join brokers and commodity trading firms. In addition many graduates follow alternate career paths including consultancy, accountancy, operations, IT, and higher education and doctoral research. The skills you develop here are much in demand in the financial sector, but are readily transferable to other business and organisational contexts. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this programme and qualify according to criteria set by ICMA will be awarded this certificate. CISI Diploma Students are eligible for full exemption from this qualification. Programme Director: Professor Adrian Bell Dr Alfonso Dufour Dr Miriam Marra Dr Ogonna Nneji Professor Brian Scott-Quinn Part one Securities, futures & options Fixed income & equity investments Quantitative methods for finance Financial markets Part two (Compulsory) International securities markets Plus 90 credits of optional modules from a range which may include: Bond marketing pricing & trading strategies, Commodity derivatives, Corporate finance, Derivative securities: pricing, hedging & trading, Financial economics, Foreign exchange & money markets, Liquidity risk, Market risk, Portfolio management, Stock index futures and Topics in the history of finance Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline, but must have a satisfactory existing level of numeracy GMAT: May be required check for details Postgraduate masters programmes 7

8 MSc Investment Management This programme is designed for those who wish to enter the investment management part of the industry, including those who might choose to work in a hedge fund, private equity, pension fund or insurance fund management area. This degree programme provides a theoretical knowledge of portfolio management and quantitative finance, together with applied knowledge of industry structure and trends. Students benefit from professional guest speakers drawn from the heart of the global investment industry in the City of London. Integral to the academic course is the parallel study of the Chartered Financial Analyst (CFA ) programme, level 1. The two programmes support and reinforce each other, ensuring that graduates acquire both the academic and professional knowledge and qualifications required to succeed in the investment management industry. The CFA Level 1 teaching is provided by Fitch Learning Europe s most successful training company for the financial services industry. The ICMA Centre is a designated CFA Program Partner and is one of the very few universities in the world that has fully integrated its degree study with the CFA exam. Graduate destinations After completion, our graduates are qualified to work in a variety of investment functions, including research and portfolio management, with a diverse range of organisations such as investment banks, regulators, fund managers and consultants. CFA Level 1 Studied alongside the degree. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this degree and qualify according to criteria set by ICMA will be awarded this certificate. CISI Diploma Students are eligible for full exemption from this qualification. Programme Director: Dr Michael Smith Dr Ogonna Nneji Dr Ioannis Oikonomou Dr Carol Padgett Part one Securities, futures & options Fixed income & equity investments Quantitative methods for finance Financial markets Part two (Compulsory) Current topics in investment management Advanced financial analysis Ethics in investment management Portfolio management Plus 50 credits of optional modules from a range which may include: Bond market pricing & trading strategies, Commodity derivatives, Essentials of financial engineering, Derivative securities: pricing, hedging & trading, Foreign exchange & money markets, International securities markets, Liquidity risk, Corporate finance, Stock index futures, Research project Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline, but must have a satisfactory existing level of numeracy GMAT: May be required check for details 8 Postgraduate masters programmes

9 MSc Financial Risk Management One of our flagship programmes with a leading world-class reputation for over 10 years and the first one in the UK to be accredited by the Global Association of Risk Professionals (GARP). The financial system has undergone major restructuring in preparation for the new regulatory frameworks, affecting existing roles, and creating different skillset requirements within risk management divisions of financial institutions. This programme is tailored to the needs of the rapidly changing financial markets, providing graduates with an insight into the new innovations in the area of risk management. Through its accreditations by leading professional bodies and exemptions from various professional certificates, the MSc Financial Risk Management offers a cutting edge learning experience, aligning research excellence and current market intelligence. Depending on the optional modules chosen, students may decide to specialise in risk analysis, markets and regulation, or risk management. Key risk management concepts, such as Value-At-Risk and the pricing and hedging of financial instruments, are taught by focusing on their application to relevant, practical problems in risk management and analysis. Graduate destinations After completion of this programme, students are well-prepared to follow a career in the challenging fields of risk management, or risk analysis with banks, regulators, portfolio managers, corporate treasuries, risk management software houses, specialist financial boutiques and hedge funds. Regulators, governments, advisors and commentators are unanimously endorsing the call for more and better qualified risk managers and analysts to join the financial industry. GARP Accreditation This programme is accredited by the Global Association of Risk Professionals (GARP). The degree syllabus is enhanced with the most up to date professional practices in the area of risk management, integrating applied academic knowledge to industry needs and providing a competitive advantage to the graduates. Integral to the academic course is the parallel study of the GARP FRM Part I certificate. Upon successful completion of their degree, students will be registered to take the FRM Part I examination. PRMIA Accreditation and exemptions from PRM Exams I and II The programme is accredited by the Professional Risk Manager s International Association (PRMIA), and has been awarded exemption from PRM Exams I and II. Students who complete the appropriate modules within the degree will be eligible for exemption from these exams, which form a major part of the PRM Certificate. Chartered Institute for Securities and Investment (CISI) Diploma Students are eligible for exemption from two Diploma modules: Financial Derivatives and Bonds and Fixed Interest Securities. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this degree and qualify according to criteria set by ICMA will be awarded this certificate. Programme Director: Dr Konstantina Kappou Dr Alfonso Dufour Dr Emese Lazar Professor Brian Scott-Quinn Dr Simone Varotto Part one Securities, futures & options Fixed income & equity investments Quantitative methods for finance Financial markets Part two (Compulsory) Credit risk Financial instruments Market risk Plus 40 credits of optional modules from a range which may include: Bond market pricing & trading strategies, Commodity derivatives, Financial econometrics, International securities markets, Liquidity risk & algorithmic trading, Portfolio management, Research project, Occupational pensions, Topics in financial regulation and Alternative & responsible investments Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline, but must have a satisfactory existing level of numeracy GMAT: May be required check for details Postgraduate masters programmes 9

10 MSc Capital Markets Regulation & Compliance Businesses and regulators face growing pressure to address national and international regulatory demands and therefore pay unprecedented attention to the quality of the staff in these areas. The emphasis in this programme is on a deep analysis of mainstream and critical views from both academia and the financial sector. We will challenge current and past thinking on the role of financial institutions and markets. We encourage students to examine regulatory structures and concepts in the context of financial crises. Rigorous classroom teaching coupled with extensive reading provides students with a sound theoretical basis. An understanding of substantive legal issues is also developed. Contributions by industry and regulatory experts introduce students to the nuances of real world applications of theoretical constructs. In addition legal, academic, practitioner and regulatory input is gained through specialist guest lectures. Graduate destinations This practitioner-oriented degree provides students with a practical and theoretical foundation for successful careers in risk management, compliance, regulation and allied work streams within the financial services industry. This programme is ideal for those with experience working within a financial services environment who wish to enhance their careers through building their risk, regulatory and compliance skills in a challenging and pragmatic university setting. Our graduates are in a very strong position to build successful careers in the compliance or risk departments within national and international banks, security firms, insurance and reinsurance companies, investment firms and asset management companies. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this degree and qualify according to criteria set by ICMA will be awarded this certificate. CISI Diploma Students are eligible for exemption from two Diploma modules: Financial Derivatives and Bonds and Fixed Interest Securities. Programme Director: Dr Nicholas Zhiyao Chen Dr Alfonso Dufour Deepa Govindarajan Dr Miriam Marra Professor Brian Scott-Quinn Part one Securities, futures & options Fixed income & equity investments Financial markets Introductory quantitative methods for finance Risk management in financial services Part two (Compulsory) Governance & compliance in financial services Plus 80 credits of optional modules from a range which may include: Corporate governance & accountability, International securities markets, Derivative securities: pricing, hedging & trading, The principles of Islamic commercial jurisprudence, Topics in financial regulation and Topics in the history of finance Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline no quantitative requirement GMAT: May be required check for details 10 Postgraduate masters programmes

11 MSc Corporate Finance This programme is designed for those who wish to be involved in the primary market function (new equity and debt issues) or mergers and acquisitions in an investment bank, or to work in the finance/treasury areas of a manufacturing/service company or a consultancy which provides advice on corporate finance. This degree offers an introduction to all aspects of the dynamic sector of corporate finance. The exciting world of venture capital, private equity, corporate governance and mergers & acquisitions is explored with hands-on sessions and extensive use of case studies. The degree helps students develop key skills in the areas of investment and capital budgeting decisions, IPOs, dividend policy and capital structure, enterprise valuation and risk management, essential for a successful career as a corporate finance specialist. Graduate destinations There is a demand for professionals who combine an understanding of the financial markets with knowledge of the financial decisions facing companies in their day-to-day operations. Such professionals also need a clear insight into related fields including accounting, risk management, capital budgeting, debt and equity finance, financial planning, venture capital and mergers and acquisitions. Graduates will be well equipped to join investment banks in the City of London and other international financial centres. Other opportunities lie with professional services firms, including management consultancies and accountancy practices. Or graduates may choose to join small, entrepreneurial ventures where their in-depth knowledge of finance will be of direct benefit to owner/managers seeking to build their business. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this degree and qualify according to criteria set by ICMA will be awarded this certificate. CISI Diploma Students are eligible for exemption from this qualification. CISI Certificate in Corporate Finance Students are eligible for exemption from Paper 2. NDRCTC Corporate Finance Consultant (CFC) Qualification Students are eligible for exemption from the Corporate Investment exam. ACT Certificate in Corporate Finance and Funding Students are eligible for discounted enrollment on this course, subject to their part 2 module choices. Programme Director: Dr Carol Padgett Dr George Alexandridis Dr Alfonso Dufour Dr Ogonna Nneji Dr Miriam Marra Professor Brian Scott-Quinn Part one Securities, futures & options Fixed income & equity investments Quantitative methods for finance Financial markets Part two (Compulsory) Corporate finance Plus 80 credits of optional modules from a range which may include: Corporate governance & accountability, Advanced financial analysis, Mergers & acquisitions, Strategic planning & budgeting, Venture capital, International securities markets, Portfolio management and Foreign exchange & money markets Duration: 9 months full time Entry Requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline, but must have a satisfactory existing level of numeracy GMAT: May be required check for details Postgraduate masters programmes 11

12 MSc Financial Engineering The programme was designed with the support of industry practitioners to equip students with the skills and knowledge needed to succeed in this challenging arena. It enables our graduates to make an early contribution through the unique combination of hands-on, practical skills and the necessary underlying finance theory. This highly technical programme is for those with strong mathematical skills. It helps provide knowledge of derivatives pricing tools and methods and the use of programming languages like C++ and VBA. As both the investment banking and the investment management industry increasingly seek tailored products, which incorporate one or more derivatives, people with these skills are becoming highly sought after. Graduate destinations Many of our financial engineering graduates are now working as Quants in large international banks and other financial institutions. Financial instruments are becoming ever more sophisticated, so graduates who understand complex modelling techniques are always in great demand. The high quantitative content of this programme opens many doors to a wide range of careers. You could structure and develop new debt or equity solutions to meet clients funding and hedging needs, or you could become a proprietary trader in exotic derivatives, a software specialist or a quantitative analyst supporting the traders. CISI Diploma modules Students are eligible for exemption from one Diploma module: Financial Derivatives. Programme Director: Dr Emese Lazar Dr Nadia Kappou Dr Ogonna Nneji Dr Yeqin Zeng Part one Securities, futures & options Quantitative methods for finance Fixed income & equity investments Stochastic calculus & probability Part two (Compulsory) C++ for financial engineering Numerical methods for finance Derivatives modelling Essentials of financial engineering Plus 50 credits of optional modules from a range which may include: Portfolio management, Financial econometrics, Market risk, Derivatives securities: Pricing, hedging & trading, Foreign exchange & money markets, Research project, International securities markets, Liquidity risk & algorithmic trading, Bond market pricing & trading strategies, Corporate finance, Commodity derivatives, International equities & bonds & the current economic, Advanced finance theory with empirical applications and Avanced derivatives modelling Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Quantitative discipline must have a very good existing level of numeracy. Mathematical and engineering degrees are preferred GMAT: May be required check for details 12 Postgraduate masters programmes

13 MSc International Shipping & Finance This truly unique programme aims to address the needs of the rapidly evolving, highly competitive and capitalintensive shipping industry by bridging the gap between academic theory and business practice. It is designed to provide a distinctive educational experience that combines research led, technically advanced teaching by world renowned academic faculty and senior industry practitioners. The delivery of this programme is based on a practice-centred, hands-on approach. The shipping industry itself is highly involved in shaping its structure and contributing to its delivery as well as the career development of its participants. The ultimate objective is to ensure that graduates are equipped with the knowledge, technical expertise and skills required by all major employers in the sector. You will benefit from distinguished guest speakers, hands-on sessions, bespoke simulations, specialised workshops and company visits as well as a comprehensive careers development programme and work placement opportunities. You will also have the opportunity to spend one month at ALBA Graduate Business School in Greece, a country with a long-standing tradition in shipping and the largest merchant fleet in the world. During your time in Athens you will attend specialised shipping courses and participate in other activities such as visits to leading shipowning companies, vessels and ports, accompanied by information sessions from shipping practitioners. Graduate destinations Graduates of this programme have taken up salaried and internship opportunities across a range of employers, including ship-owning and transportation companies, ship-broking firms, commodity, industrial and retail groups, shipping analysis and research companies, shipping divisions of investment banks and consulting firms, finance arrangers, shipping-related investment funds and port operators. ICS Professional Qualification Students are eligible for exemption from three modules: Introduction to shipping, Economics of sea transport and International trade & Shipping finance. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this degree and qualify according to criteria set by ICMA will be awarded this certificate. CISI Diploma modules Students are eligible for exemption from one Diploma module: Financial Derivatives. Programme Director: Dr George Alexandridis Prof Manolis Kavussanos Prof Dong-Wook Song Dr Ilias Visvikis Several senior industry practitioners Participants will also attend Masterclasses in Technical Aspects of Ships and Cargos, Careers in Shipping and Ship-broking among others. Part one, ICMA Centre, Reading (Oct Dec) Securities, futures & options Fixed income & equity investments Maritime economics & business International maritime trade Introductory quantitative methods for finance Part two, ICMA Centre, Reading (Jan Mar) Shipping finance & investment Corporate financial management Economic modelling & analysis of shipping markets Plus two optional modules in shipping or finance ALBA, Athens (Mar Apr) Derivatives & risk management in shipping Chartering policy & charterparty analysis Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university. The degree does not require any previous knowledge or work experience that is shipping related Degree discipline: Any degree discipline no quantitative requirement GMAT: May be required check for details Postgraduate masters programmes 13

14 MSc Investment Banking & Islamic Finance The aim of this programme is to prepare graduates for a career in the international investment banking industry in positions in which they might need to demonstrate knowledge of Islamic approaches to finance. The programme provides participants with the opportunity to develop and demonstrate their understanding of both the theory and practical applications of modern finance both in conventional ( Western ) and Islamic jurisdictions. Thus, the programme aims to respond to the growing interest in Islamic Finance which is evidenced by a continuous increase in Islamic banking services, Islamic investment and other financial services based on Islamic principles. It is the first degree in the UK focusing wholly on finance to be offered in partnership with a leading teaching and research centre of Islamic finance. The programme is taught jointly with the International Centre for Education in Islamic Finance (INCEIF) in Kuala Lumpur. The degree does not require any previous knowledge of Islamic law or specific Islamic concepts, but will address and explain the respective current issues within their overall Islamic economic and legal context. Graduate destinations There is a growing demand from financial institutions worldwide for specialist professionals trained in the techniques of Islamic finance. We expect graduates will pursue rewarding careers with investment banks in a diverse range of fields, including corporate and project finance, specialist structured products and derivatives, trade finance, sales and trading. In addition, they will be well-qualified to join specialist Islamic financial institutions, regulatory agencies, investment managers, consultancies and the finance divisions of multinational corporations. Part 1 Chartered Islamic Finance Professional (CIFP) The degree covers the materials necessary to qualify for Part 1 of the Chartered Islamic Finance Professional Qualification. ICMA International Fixed Income and Derivatives (IFID) Certificate Students who successfully complete this degree and qualify according to criteria set by ICMA will be awarded this certificate. Programme Director: Dr Miriam Marra Professor Simon Archer Professor Rifaat Ahmed Abdel Karim Professor Volker Nienhaus Part one (ICMA Centre, Reading) Securities, futures & options Fixed income & equity investments Introductory quantitative methods for finance Financial markets The principles of Islamic commercial jurisprudence & the nominate contracts Part two Corporate finance Design, implementation & risk aspects of Islamic financial products & services Islamic financial institutions & markets The financial analysis of Islamic financial institutions Plus 40 credits of optional modules from a range which includes: Essentials of financial engineering, International securities markets, Real estate finance, Mortgage backed securities, Alternative & responsible investments, Topics in the history of finance, Commodity derivatives, Corporate governance & accountability, Topics in financial regulation, Research project (The optional credits for the 12 month programme are 20) Part two (INCEIF, Kuala Lumpur) Islamic economics Wealth planning & management Duration: 9 months full time, option of 12 months including a period studying at INCEIF in Kuala Lumpur Entry requirements: Undergraduate degree: Minimum 2:1 upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline no quantitative requirement GMAT: May be required check for details 14 Postgraduate masters programmes

15 MSc Behavioural Finance This programme provides a masterslevel education with particular focus on Behavioural Finance, an interdisciplinary field which integrates psychology and financial economics. This is the first postgraduate degree in the UK with a thorough and balanced curriculum with regard to both disciplines. The study of finance and psychology progresses through the programme so that students obtain a critical grasp of core theory along with thorough knowledge, skills of application and analysis. Graduate destinations Despite the volatile nature of the financial markets, demand for well-qualified recruits remains high. Students schooled in the field of behavioural finance are in demand as investment banks, asset managers and associated industries attempt to understand investment patterns and pricing bubbles that cannot be explained by conventional finance theories. Thus, they have been showing increasing attention to behaviourally driven investment philosophies over the last few years. We expect many of our alumni to enter the industry at either the Analyst level, i.e. as graduate trainees, or as Associates, who tend to have several years of relevant professional experience. Our students leave us equipped with knowledge and transferable skills that are also prized by employers outside of the traditional banking and finance sectors. Many of our graduates are currently enjoying successful careers with multinational companies, consulting firms, government agencies and regulatory organisations throughout the world. Students will also gain the knowledge and skills required to continue their studies at the doctoral level. Part one Introductory quantitative methods for finance Financial markets Securities, futures & options Fixed income & equity investments Introduction to psychology for finance Part two Behavioural economics Behavioural finance Human motivation Psychology of individual & team development in organisations Applying qualitative methods in research Plus 40 credits of optional modules from a range which includes: Cognitive & affective neuroscience, Science of emotion Programme Director: Dr Ioannis Oikonomou Professor Chris Brooks Dr Ko Dr Rachel McCloy Dr Ogonna Nneji Dr Patricia Riddel Duration: 9 months full time Entry Requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline- no quantitative requirement GMAT: No requirement Postgraduate masters programmes 15

16 MSc Energy, Finance & Investment This Masters programme aims to address the educational needs of the increasingly challenging, rapidly evolving and highly competitive energy sector with particular focus on the interactions between the global financial and energy markets. Demand for energy supply has grown significantly and the need for new supply infrastructure is surging. The financing of the required global investment is posing an unprecedented challenge to producers, banks, regulators, governments and capital markets, particularly given the elevated uncertainty in the sector that is exacerbated by the implementation of climate change response policies as well as geopolitical tensions between producing and consuming countries. In the face of these developments, businesses and governments are persistently reviewing their corporate strategy and policies respectively and, as a result, there is increasing demand for energy graduates with financial management skills and knowledge. The ultimate objective of the programme is therefore to ensure that graduates are equipped with the knowledge, technical expertise and skills required by the major employers in the sector. Graduate destination Participants will specialise in energy markets and technologies with particular focus on oil and gas, the energy business environment, associated economic and geopolitical concepts influencing the global energy industry, the selection and financing of energy projects under uncertainty, the risk management instruments employed as well as the tools and techniques used in energy trading. They will also gain exposure to the structure and operations of financial markets and institutions, securities trading, corporate transactions, valuation and investment strategies. This course is designed for graduates who intend to pursue a career in financial and quantitative analysis, valuation, structuring and trading positions within major energy companies, commodity groups, energy trading houses as well as hedge funds, investment banks, consulting and financial services firms, among others. Programme Director: Dr George Alexandridis This is a new programme and faculty members will be drawn from across the university and from leading external partners. Part one Fundamentals of oil & gas markets Engineering for the energy sector Securities, futures & options Fundamentals of financial markets Introduction to quantitative methods for finance Part two Corporate financial management Business & economic development in resource rich countries Energy project finance & investment Energy trading & risk management Additional modules from a range of energy & finance electives Duration: 9 months full time Entry requirements: Undergraduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Degree discipline: Any degree discipline, but must have a satisfactory existing level of numeracy GMAT: May be required check for details 16 Postgraduate masters programmes

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18 MSc Real Estate Finance The MSc Real Estate Finance programme will help you understand real estate in the context of the international financial markets. It is designed to prepare you for a career in finance or investment management where you will be required to evaluate property investments against equity, fixed income and other financial derivative products. The flexibility of this programme also prepares you to pursue a more general career within the finance and real estate sectors. Graduate destination This programme is offered jointly with the Real Estate & Planning area, which is also part of the Henley Business School. You will gain a thorough understanding of financial theory and its application of this in the context of real estate assets through a combination of academic rigour and commercial relevance. The programme allows you to build a portfolio of skills and choose from a range of modules taught across the Business School. The Real Estate Finance programme is particularly suited to graduates with a degree in a quantitative discipline who wish to develop specialist finance skills that can be used in the real estate sector. This programme not only examines investment in the underlying real estate sector but also provides extensive coverage of the markets in Real Estate Investment Trusts, mortgage backed securities and property derivatives. Careers Our students regularly find employment in the wider investment advisory industry, the banking industry, management consultancies, insurance companies, property developers and in the private corporate sector. Additionally, real estate graduates from this programme will find opportunities to work with a wide range of prestigious international real estate services firms. Core modules Real estate investment analysis Securities, futures & options Fixed income & equity investments Quantitative techniques Finance & investment project Field trip Plus 60 credits of optional modules from a range which may include: Real estate finance, Real estate investment, Real estate securities, Housing economics, Mortgage backed securities and Financial econometrics Plus other modules offered by the ICMA Centre subject to timetable constraints. Programme Director: Professor Simon Stevenson Dr Ranoua Bouchouicha Dr Tommaso Gabrieli Dr Gianluca Marcato Dr Stanimira Milcheva Dr Anupan Nanda Professor Sotiris Tsolacos Duration: 12 months full time Entry requirements: Undergaduate degree: A UK upper second class honours degree, or the equivalent, in one of the following areas of study: business and finance, accounting, economics, mathematics, statistics, sciences or engineering Students whose first language is not English are required to provide evidence of proficiency in English Funding available? Yes please see our funding section on page 22 Fees: For fee information please see our website Contact us: pgrep@henley.reading.ac.uk 18 Postgraduate masters programmes

19 MSc Entrepreneurship & Financing To be successful today, entrepreneurs have to know how to use the entire range of traditional and novel forms of financing. In ever more competitive global markets, organisations that depend solely upon re-investing profits and loan finance will be condemned to slow growth. Our faculty members use a variety of teaching methods including: lectures and seminars, case studies, entrepreneurship and business scenarios, with distinguished visiting speakers and entrepreneurs. The Entrepreneurship Project is a live case study, where students replicate a financial consultancy intervention with local firms. You will also work with leading academics and industry experts in the Henley Centre for Entrepreneurship and the ICMA Centre. Graduate destination You will develop the ability to apply knowledge and understanding of entrepreneurial decision making in complex scenarios. You will also learn to understand, respond to and initiate change, and be able to demonstrate intellectual breadth by making integrative links across the various areas of entrepreneurship and finance. You will learn about the essential tools for financing an entrepreneurial firm, and the range of sources of finance for growth. This programme is particularly suited to applicants working in family firms or with similar interests, who would benefit from a greater awareness and understanding of entrepreneurial management and the sources of finance needed to accelerate business expansion. This programme is also suitable for applicants with no direct specialist knowledge or experience in entrepreneurship, finance or management and we welcome applications from recent university graduates from a wide range of disciplines. Core modules Advances in entrepreneurship theory & practice Practice of entrepreneurship Global entrepreneurial management Financing entrepreneurship Strategic planning & budgeting Venture capital Entrepreneurship project Plus two optional modules from a range which may include: Family business management, Corporate governance and accountability, Entrepreneurial management, Entrepreneurship & small business management and Social enterprise Career prospects This Masters programme is designed for graduates keen to pursue entrepreneurial careers, whether through their own start-up or through leadership roles in entrepreneurial firms. Graduates will also be equipped to work internationally in a general or trainee management role in any sector for organisations ranging from small and medium sized enterprises to multinational firms. Programme Directors: Professor Andrew Godley Keith Heron Dr Shaheena Janjuha-Jivraj Stuart Morris Duration: 12 months full time (project tutorials continue until August) Entry Requirements: Undergaduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Fees: For fee information please see our website Funding available? Yes, please see our funding section on our website Assessment: Exams, applied project and individual and group assignments Postgraduate masters programmes 19

20 MSc International Business & Finance This multidisciplinary Masters programme, offered jointly with Henley Business School s ICMA Centre, will provide you with an in-depth understanding of the interrelationships between areas of finance and the global economy. This programme examines key issues from a business, finance and economic perspective, including how financial markets can be leveraged by multinational corporations seeking to exploit international business opportunities, the management challenges presented, and the relevance of these to financial and capital markets. Graduate destination You will gain a comprehensive understanding of the international business environment, in terms of the competitive and investment climate, which is largely determined by the policies and regulations established by governments and supranational institutions. You will utilise frameworks and methodologies to make sense of the interaction between firms strategies, economic policies and the changing international environment. These global strategies are constantly in flux as these environments rapidly evolve in a globalising world. You will learn how global financial markets interact with multinational firms. This programme is particularly suitable for graduates with a degree in business or economics, but we also welcome applications from recent university graduates from a wide range of disciplines. However, some level of quantitative skills are required for the finance subjects. Core modules Multinational enterprise strategy & performance Introductory quantitative methods for finance Financial markets Fixed income & equity investments International business environment International strategic management Securities, futures & options Study & research skills Plus up to two additional optional modules from a range which may include: Corporate social responsibility, Human resource management, Leadership, and Contemporary issues in international business Plus up to one optional modules from a range which may include: Corporate finance, international securities markets, financial regulation & regulatory policy, history of finance and the ICMA research project Graduates interested in ICMA, CISI and CFC certificates and qualifications should go to for further information. Programme Director: Professor Rajneesh Narula Dr Alfonso Dufour Dr Quyen Nguyen Dr Stephane Girod Dr Marcel Prokopczuk Professor Alan Rugman Professor Brian Scott-Quinn Mr Ogonna Nneji Duration: 12 months full time Entry requirements: Undergaduate degree: Minimum upper second class bachelors degree from a UK university, or the equivalent from an internationally recognised university Fees: For fee information please see our website Funding available? Yes, please see our funding section on our website Assessment: Exams, applied project, individual and group assignments 20 Postgraduate masters programmes