MASTER OF APPLIED FINANCE

Transcription

1 MASTER OF APPLIED FINANCE CRICOS Provider Code 00002J BEIJING TOKYO SINGAPORE BRISBANE PERTH SYDNEY MELBOURNE

2 I invite you to apply in Sydney for our well-established Master of Applied Finance program. CONTENTS With this program you can raise your skills in applied finance and, if you wish, specialise in corporate finance, financial risk management, funds management or treasury. Teaching is by staff who have both excellent education qualifications and substantial industry experience. This program can also help to prepare you for professional exams. You can study part-time or full-time. This Master s degree is truly portable and international, the largest in the world. It is available in Beijing, Program Structure 2 Core Courses 3 Elective Courses 4 Teaching Staff 7 Singapore, Tokyo and a number of other Australian cities. You can start the program in Sydney and, if you wish, finish in, say, Beijing or Singapore. And if you move later in your career, you can be confident that your Master s degree will be well known and highly regarded elsewhere. Fees 8 Further Information 8 Professor Phil Dolan Program Director Application 9 Enquiries 9

3 Program Structure Core Courses You can finish this Master s program in two years (or more) of part-time study or one year full-time. You complete five core courses and six elective courses (each elective is equal to half a core course). Classes are generally in two semesters: February to June; and July to November. You can start in February or July. Part-Time For part-time study your program could be: First Year Financial Instruments Investments Financial Risk Management Corporate Finance Second Year Legal Risk in Finance Elective courses (2) Elective courses (4) Full-Time For full-time study your program could be: Semester 1 Financial Instruments Investments Financial Risk Management Corporate Finance Semester 2 Legal Risk in Finance Elective courses (6) Elective courses are: Applied Portfolio Management Balance Sheet Management Cashflow Structuring Corporate Treasury Management Credit and Lending Decisions Credit Risk Management Debt Capital Markets Derivatives Valuation Economics of Financial Markets Equity Capital Markets Exotic Options Hedge Funds Infrastructure and Property Managing Energy Risk Managing Innovation Managing Operational Risk Managing Shareholder Value Mergers and Acquisitions Modelling Financial Risk Negotiation in Finance Private Equity Investment Project Analysis and Evaluation Project Finance Property Investment Research Paper Risk and Portfolio Construction Strategic Marketing in Finance Structured Finance Law Swap Book Management Taxation in Finance Venture Capital You can specialise in areas, for example: Corporate Finance: Investments; Corporate Finance; Cashflow Structuring; Debt Capital Markets; Equity Capital Markets; Infrastructure and Property; Managing Shareholder Value; Mergers and Acquisitions; Negotiation in Finance; Project Analysis and Evaluation; Project Finance; and Venture Capital Financial Risk Management: Financial Instruments; Financial Risk Management; Investments; Corporate Treasury Management; Credit Risk Management; Managing Energy Risk; Managing Innovation; Managing Operational Risk; and Modelling Financial Risk Funds Management: Investments; Applied Portfolio Management; Economics of Financial Markets; Hedge Funds; Private Equity Investment; Property Investment; and Risk and Portfolio Construction Treasury: Financial Instruments; Financial Risk Management; Corporate Treasury Management; Debt Capital Markets; Derivatives Valuation; Economics of Financial Markets; Equity Capital Markets; Exotic Options; Managing Energy Risk; Managing Innovation; and Swap Book Management Investments ECFS865 This covers key building blocks required when studying many of the other courses. It focuses on the tools and techniques to understand investment markets and construct investment portfolios. The course 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 paid to both use of theory to make decisions as well as the limits of theory in real life. Corporate Finance ECFS866 This is concerned with valuing corporate assets and how they should be financed. It is based on the theory and methods developed in Investments. There is emphasis on valuation techniques, including real options. Capital structure is analysed for its effect on corporate value. Other topics include mergers and acquisitions, capital raising and international investment decisions. Financial Instruments ECFS867 This covers the structure, pricing and uses of the key financial instruments, including foreign exchange and debt instruments for the spot, forward, futures, swap and option markets. Operational issues such as trading, market-making and arbitrage are outlined, leading to an introduction to financial engineering. Financial Risk Management ECFS868 This offers a comprehensive approach to risk management, combining technical skills with management issues. Technical skills include option pricing and risk measurement. Strategic risk management is taught in a series of cases, including recent financial markets disasters. The course analyses market, credit and operational risk from the perspective of bank regulators, fund managers and corporate treasuries. Legal Risk in Finance ECFS874 This assesses legal risk commonly arising in financial transactions in Australia and encourages development of skills of legal analysis and reasoning. Introducing general principles of company, contract, property and security law, it focuses on the legal basis on which financial intermediaries enter into transactions with clients, drawing attention to potential sources of legal liability. Detailed course outlines are available on our website: 2 under Programs. 3

4 Elective Courses Applied Portfolio Management ECFS845 This course reviews current trends in funds management and appraises methods for improving institutional portfolio management. Issues include: market behaviour and opportunities; asset allocation processes, incorporating information into portfolio construction; and performance evaluation. Balance Sheet Management ECFS879 Both strategic and risk perspectives are used. The aim is to develop skills in the theory and practice of balance sheet management for a financial institution. The focus is on capital allocation and asset/ liability management techniques and their implications for shareholder value. Cashflow Structuring ECFS994 This course covers issues in analysing and structuring cashflows in financial transactions. We examine the common measures employed by investors to measure the value of cashflows and look at the complexities added by tax and leverage. Principles are stressed but the course addresses the practical issues in implementing those principles, including the use of spreadsheets. Leasing products are studied as a major illustration of the theory, together with a tour of other financial products. Corporate Treasury Management ECFS850 This course provides insight into a Corporate Treasury environment. A risk management framework is developed through exposure identification, goal-setting, performance measurement and benchmarking. Other key topics covered include liquidity management, cashflow at risk, and capital raising choices. Case studies are used to illustrate key topics. Credit and Lending Decisions ECFS857 The course is designed for financial managers seeking an overview and understanding of credit analysis skills and credit policy. The emphasis is on cash flow lending and covers a range of cases for commercial lending and for supplying on credit. Techniques covered include fundamental analysis of a company, cash flow modelling, and overview of loan portfolio considerations. Issues include credit assessment, credit risk evaluation, problem loans, portfolio segmentation, credit scoring, lending and credit policy setting. Credit Risk Management ECFS896 This covers techniques of credit risk management, with emphasis on portfolio models. Models measuring probability of default and loss given default are covered. The course then deals with credit portfolio management and examines portfolio models. Credit capital allocation in banks is covered, as are techniques of active portfolio management, such as credit derivatives and structured credit transactions. Debt Capital Markets ECFS886 This course gives an overview of debt capital markets available in the domestic market with focus on corporate bonds, securitisation and credit derivatives. The key issues and trends affecting global markets are examined. Practical issues and the mechanics of execution of transactions in various market environments are discussed. Derivatives Valuation ECFS881 This course deals with quantitative issues for derivatives market practitioners. An aim is to de-mystify derivatives valuation. The course looks at key numerical techniques and applies them to value exotic, GARCH and interest rate options where classical Black-Scholes assumptions are inappropriate. Economics of Financial Markets ECFS888 This covers the role of economic factors in financial markets. Topics include: the structure and growth of the economy, determination of interest rates, exchange rates and equity prices; intermediation, security markets and derivatives; economics of regulation; and the role of economists. Equity Capital Markets ECFS991 This gives a practical understanding of how a company must operate in the equity capital markets, drawing on principles in Investments and Corporate Finance. Topics examine initial public offerings, secondary offerings, the equity capital market s regulatory framework (both legal and stock exchange), backdoor listings and selected cross-border issues. Exotic Options ECFS882 This course covers many exotic options including average rate options, common in commodity markets, and barrier options, popular in foreign exchange markets. Others include: basket options; reset, shout and compound options; two-asset options including spread options; and quantos. We cover product descriptions, motivations for using them, risks involved in trading, hedging techniques, efficient pricing methods in the Black-Scholes framework and the effect of the volatility smile. Hedge Funds ECFS992 The course begins with a definition of hedge funds and history of the hedge fund industry. The course then explores each of the common hedge fund strategies. Within each strategy, concepts such as opportunity, risk/return, capacity and liquidity are discussed. The course also covers portfolio construction issues, namely construction of multi-manager hedge fund portfolios and the role of hedge funds in a diversified portfolio. Infrastructure and Property ECFS880 This deals with principles, issues and documentation in structuring and arranging finance for property development and infrastructure projects and focuses on project financing principles and techniques for property developments and infrastructure projects. Managing Energy Risk ECFS898 The focus is managing energy risks, principally electricity and gas, in a deregulated market with various ways to mitigate risk. It assumes knowledge of derivatives pricing and of enterprise risk management. It emphasises the need for an integrated understanding of a participant s portfolio, including physical assets, as well as energy markets and available financial instruments. Managing Innovation ECFS892 Why does the development of new products, services and technologies often prove to be so difficult in financial firms? This course, based on the lecturer s experiences in senior management in the banking and finance industry, deals with identifying, screening and developing new financial products and services, and proposes ways to institutionalise good innovation practice. The emphasis is on balancing technical and practical skills in order to enable students to manage innovation in a world of organisational politics, conflicting objectives, scarce resources and uncertain outcomes. Managing Operational Risk ECFS901 Participants will gain a working knowledge of Operational Risk Management. The intention is to meet the growing need in industry for operational risk managers. The focus is on emerging models and tools for identifying, measuring, monitoring and mitigating operational risks, including casual modelling and simulation. Case studies and computer workshops will be used. Managing Shareholder Value ECFS897 This elective presents a business model that integrates key business decision processes around creating and delivering shareholder value. It works back from a view on the drivers of shareholder value through to how an organisation can be managed to ensure an explicit focus on this primary goal. The key business decision processes examined are strategy development, resource allocation, performance management and incentive compensation. Mergers and Acquisitions ECFS842 This covers 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. Market valuation techniques are compared to the discounted cash flow method. Other topics include the impact of trade practice laws, regulations to restrict shareholding levels, accounting for goodwill, due diligence and post-merger integration and corporate performance. Modelling Financial Risk ECFS899 This extends concepts taught in Financial Risk Management. It will provide skills for quantitative analysis to model and manage market risks. Techniques include simulation analysis, handling non-normal returns and stress testing portfolios. Model and liquidity risk will be briefly covered. Case studies and computer workshops are used. Negotiation in Finance ECFS993 This course covers the practical aspects of negotiation in corporate finance and the theoretical model of principled negotiation. Sessions draw on game theory, psychology, interpersonal skills, business ethics, conflict resolution and agency issues. Emphasis is given to preparing for negotiations, negotiation strategy and assessment of benefits for each party, together with responding to external factors. 4 5

5 Elective Courses Teaching Staff Private Equity Investment ECFS895 Private equity investing covers early stage investing, expansion capital, management buyouts and infrastructure style investing. A focus is the capital structure that suits an investee company, given its business structure and interests of stakeholders. It also establishes an appropriate set of incentives and penalties to achieve desired outcomes. Other issues include valuing, negotiating, monitoring and exiting. Teaching is by finance industry practitioners and Macquarie University staff. They include: Don Adams BSc New Eng., MBA Mass, PhD Monash John Jarratt BAOtago, McSc PhD Warwick Project Analysis and Evaluation ECFS900 This is to equip you to evaluate projects and investments. It deals with issues for capital expenditure decisions such as robustness of project analyses, use of hurdle rates and methods to allocate capital. Practical applications will include acquisition opportunities and using valuation techniques in commercial negotiations. Project Finance ECFS877 The rationale for Project Finance is examined. A risk system is used to identify and allocate risk in structuring a project financing. Cashflow measures are defined and contrasted with corporate finance. Funding, political risk structuring, capital market developments and the international character of the industry are highlighted. Property Investment ECFS864 The focus is on property as an asset class, measurement of property yields, property sectors and cycles, and risk management of property investment. Also examined are applications of portfolio theory to property, asset allocation trends, property trusts and other structures, impact of taxation and feasibility studies. Research Paper ECFS849 You do a research paper of about 10,000 words. Risk and Portfolio Construction ECFS871 Portfolio construction is a vital part of an institutional investment manager s mandate and the environment for decision making. A diverse range of optimisation methods for portfolios are proposed with spreadsheets provided and using data sets encountered in practice. The effect of behavioural finance, management structure, control and marketing is also discussed. Strategic Marketing in Finance ECFS854 Development of appropriate strategic and marketing programs are the major influences on the profitable growth of any firm. Specific topics are: Strategy Formulation; Business Planning; Marketing Management; Distribution and E Commerce; and Pricing and Promotion. A wide range of case studies is used. Structured Finance Law ECFS876 This covers legal issues for financiers and clients in arranging debt capital markets issues, securitisations and asset and other structured financial transactions, with examples of legal techniques and structures. It develops legal principles and skills of legal analysis and shows how they are used to structure funding of complex transactions. Swap Book Management ECFS860 This focuses on managing risks from making a market in swap products. Beginning with identifying sources of risk, zero-coupon yield curves are derived and applied to pricing of swaps. Pricing models are used to measure and control market risk in a swap portfolio. Case studies illustrate positioning the portfolio to reflect a market-maker s views, subject to risk constraints. Taxation in Finance ECFS889 This examines tax issues in finance. Topics are: infrastructure, project financing and leasing; inbound investment; foreign exchange and risk management; advanced debt securities; outbound investment; and superannuation. Venture Capital ECFS883 This seeks to understand what venture capitalists do and the way venture capital organisations work. The focus is on the financial and operational activities of venture capital, from raising and structuring a fund, to assessing opportunities, investing, managing investments and exiting. Frank Ashe BA Macq., PhD NSW David Bell BMaths Newcastle (NSW), MAppFin Macq. Anne Bigg BEc Adel, PhD Syd, Dip FP Fellow Steve Bishop BEc Mon, MComm PhD UNSW, FCPA Patricia Boyce BCom Melb, MComm Grad Dip Econ ANU, MAppFin Macq. Tony Carlton BComm MComm UNSW Stephane Chatonsky BA ESSEC Paris, MBA Penn. Daniel Daugaard BEc MEc Macq. Fellow Phil Dolan BA Macq., MBA UNSW, PhD Stan. Professor and Director Alex Erskine BEc Camb. Joe Fernandes BSc PhD Melb. Alison Gerry BMS Waikato, MAppFin Macq. Graham Godbee BADipEd MBA Macq. Les Gordon BSc MSc PhD Syd. Don Green BBus NSWIT, LLM UNSW, FICA, FTIA Jeffrey Hall BSc Kans., MComm UNSW, ACA, AICPA Greg Hammond BA LLB Syd., ThA, College of Law Kevin Jameson BSc Adel Steve Lambert BComm UNSW, MAppFin Macq., ASIA FAIBF, MAICD, CFTP Larry Leabeater BEcon (Hons) Syd Bernd P. Luedecke BSc Mon., BA Macq., MS PhD Wisconsin Patrick McConnell BSc. QUBelfast, MSc Westminster, PhD Brunel Sheelagh McCracken MA Cantab., PhD Syd. Iain McDonald MA Glas., MBA Hull Shane Magee BCom Newcastle (NSW), MAppFin Macq. Catriona March BSc MSc Syd. Craig Moore BCom (Hons) Melb., CA Max Morley BEc Qld Alistair Nicholson BA(Econ.) Massey Susan O Neill BA LLB Syd., LLB Lon. Fellow Michael Panaccio BSc(Hons), PhD Melb. Elizabeth Sheedy BComm UNSW, PhD Macq., DipBibStud Mark Stewart BSc (Eng), MBA UNSW, MIE Aust. Richard Tinsley BSc Mich., MSc Col. Rob Trevor BEc Syd., MA PhD Prin. David Wing BCom LLB UQ, MTax UNSW, MAppFin Macq. 6 7

6 Fees Application For Australian, New Zealand and permanent residents starting in 2005, the fee for this program is $24,400 ($3,050 for a core course, $1,525 for an elective). For international residents the fee for the program is $30,000 ($3,750 for a core course, $1,875 for an elective). You pay fees each semester, about three weeks before classes start, for the courses you are enrolled in. Fees are payable to Macquarie University by a bank cheque, personal cheque or on line. Fees can be tax deductible. If you are an Australian citizen or the holder of a permanent humanitarian visa, you could be eligible to apply for a loan under the Government s FEE-HELP Scheme. You can obtain a booklet about FEE-HELP from our office or contact the Department of Education, Science and Training (DEST) in the following ways: Internet: Telephone: hecs@dest.gov.au Please note that the census dates for our programs are usually about six weeks before the standard dates quoted in general material about the scheme because our classes commence earlier. Further Information An application form is enclosed. International residents should also complete Form A. An application fee of $A110 is payable to Macquarie University on all applications from international residents. You can post completed application forms to: Professor Phil Dolan GPO Box 3480 SYDNEY NSW 2001 Or deliver a form to: Level O Connell Street SYDNEY You can start the program in either February or July. For February 2005 intake, applications close initially on Friday, 15 October A second round of applications closes on Friday, 26 November 2004, and final closing date is Friday, 7 January For July 2005 intake, applications close initially on Friday, 18 March A second round of applications closes on Friday, 29 April 2005, and final closing date is Friday, 3 June Second and final round applications will be considered only if places are available. Timing and Location of Classes You can study part-time or full-time. Part-time classes are usually at our Applied Finance Centre, located in the heart of the city. Full-time classes are generally at the University. Timetables are available on our website under Programs. Status with Professional Bodies This Master s program is recognised: as meeting the education requirements for Senior Associate status of the Australasian Institute of Banking and Finance, provided the units include Strategic Marketing in Finance; as meeting the education requirements for full membership of The Finance and Treasury Association Limited, provided the units include Debt Capital Markets, Equity Capital Markets and Corporate Treasury Management; as a postgraduate specialist course in Treasury by the Australian Society of Certified Practising Accountants; as a qualification for responsible officers of organisations holding a licence issued by the Australian Securities and Investments Commission; and as meeting the education requirements for associate membership of the Securities Institute of Australia. Enquiries For further information, please contact: Phil Dolan or Colin Wise GPO Box 3480 SYDNEY NSW 2001 Telephone (02) Facsimile (02) Web Phil.Dolan@mafc.mq.edu.au Colin.Wise@mafc.mq.edu.au Postgraduate Certificate in Applied Finance This program is, in essence, half of the Master s program. To complete the requirements for the Postgraduate Certificate, you normally study either: two core and four elective courses; or three core and two elective courses. Overall, the requirements are half those for the Master of Applied Finance degree. You can apply to transfer to the Master of Applied Finance program if your performance is satisfactory in the Postgraduate Certificate program. Entry Qualifications You should be a graduate of an accredited university and have a minimum of two years relevant work experience. Without a degree, you should have substantial experience in the finance industry. If English is not your first language you must have educational qualifications in English or pass an approved Information in this publication is correct as at 1 June 2004 but is subject to change from time to time. English language test. In particular, the University reserves the right to change the content or the method of presentation of any course of study, or to withdraw any course of study which it offers, or to limit enrolment in any course of study. 8 9