Programme Curriculum for Master Programme in Corporate and Financial Management

Transcription

1 Programme Curriculum for Master Programme in Corporate and Financial Management 1. Identification Name of programme Scope of programme Level Programme code Decision details Master Programme in Corporate and Financial Management 60 ECTS Master level Board of the School of Economics and Management, 13 April, 2007 Amendment details Board of the School of Economics and Management, 19 December, 2007, 10 April, 2008, 15 December, 2009, 30 November 2010, 16 June 2011, September 29, 2011, 24 September Programme description Corporate finance is a place where business strategy, financial processes and strategic, financial and economic information combine. The programme provides techniques and models to assist in financial and strategic decision-making and the insight to determine whether these decisions make sense in a strategic competitive context. Corporate executives are often confronted with issues that have important financial consequences for their enterprises. Similarly, finance executives often make decisions with important strategic consequences. The target audience of the programme consists of students who are aiming for a career in corporate management, for example, as general managers or management consultants, in financial advisory, for example, as financial analysts or investment bankers, or in controlling, treasury, or other financialmanagement functions. Whether working in financial management or financial advisory, senior management or management consulting, understanding how to analyse corporate performance and risk, firm value, and credit worthiness and the impact of strategic decisions and corporate restructurings on these are valuable. Equally valuable is knowledge of how to finance and manage the risk of ventures, be they start-ups or incumbent firms, and of how to design control and incentive systems. The compulsory courses are designed to ensure that students after graduation will have a working knowledge of methods and practices of strategic and financial analysis and decision making. The elective courses allow students to focus their studies on corporate finance or strategic management based on their particular interests and career ambitions. Students undertake 30 ECTS credits of core courses, 15 ECTS credits of elective courses, and complete a degree project of 15 ECTS credits. The core courses cover areas such as strategic, financial, accounting, and macroeconomic analysis, valuebased management, corporate valuation, corporate financing and risk management, corporate 1

2 restructuring and credit rating. The programme is founded on the idea that learning is fruitful when a subject matter is applied in practical decision contexts. Hence, emphasis is put on training students abilities to apply their knowledge in decision situations. Career opportunities There is a broad and extensive labour market for corporate managers with knowledge of corporate finance, as well as for finance professionals with knowledge of strategic decision-making. Connections to further studies After completion of the programme, students are eligible for applying to further studies at the advanced level in business administration as well as to the PhD programme in business administration. 3. Learning outcomes The programme builds on previous studies at the undergraduate level in subject matters related to business administration and corporate finance. In accordance with the Higher Education Ordinance, the Degree of Master (One Year) is awarded to students who at the completion of the programme accomplish the following: Knowledge and understanding - demonstrate knowledge and understanding within the field of corporate and financial analysis with particular emphasis on Corporate financial analysis Corporate valuation Corporate funding Corporate risk management Corporate restructurings Corporate credit assessment - demonstrate in-depth knowledge and understanding in their chosen specialization (corporate finance or strategic management) within corporate and financial management (specialization being determined through choice of elective courses and choice of topic for the independent project) - demonstrate insight into current research and development work in their chosen specialization within corporate and financial management - demonstrate deeper methodological knowledge in their chosen specialization within corporate and financial management Skills and abilities - demonstrate an ability to integrate knowledge and to analyse, assess and deal with complex phenomena, issues and situations, even when limited information is available - demonstrate an ability to independently identify and formulate issues and to plan and, using appropriate methods, carry out advanced tasks within specified time limits - demonstrate an ability to clearly present and discuss their conclusions and the knowledge and arguments behind them, in dialogue with different groups, orally and in writing - demonstrate the skill required to participate in research and development work or to work in other advanced contexts Judgment and approach - demonstrate an ability to make assessments within the field of corporate and financial management, taking into account relevant scientific, social and ethical aspects, and demonstrate an awareness of ethical aspects of research and development work - demonstrate insight into the potential and limitations of science, its role in society and people s 2

3 responsibility for how it is used - demonstrate an ability to identify their need of further knowledge and to take responsibility for developing their knowledge Independent project (degree project) For a Degree of Master (One Year) students must have completed an independent project (degree project) worth at least 15 ECTS credits in corporate and financial management, within the framework of the course requirements. Since students have a choice of elective courses, the exact knowledge, skills, and abilities obtained in the program will vary. In addition to the learning outcomes of the program, completion of the program also requires that students must accomplish the learning outcomes of the individual courses. 4. Course information The programme has the following structure: Semester 1 (Autumn) Semester 2 (Spring) Period 1 Sept-Oct Period 2 Nov-Dec Period 3 Jan-March Period 4 April-May BUSN84 Financial Mandatory courses Corporate finance options BUSN82 Strategic Financial Management BUSN92 Empirical Corporate Finance BUSN83 Corporate Financing and Enterprise Risk Management BUSN85 Strategic Corporate Finance Analysis and Corporate Restructuring BUSN86 Macrofinancial Risk Management BUSN89 Degree Project in Corporate and Financial Management (15 ECTS) Strategic management options BUSN11 Strategic Management BUSN10 Corporate Governance The programme comprises a total of 60 ECTS credits divided among courses covering theories, applications, and empirical techniques in strategic management and corporate finance. Four courses are compulsory and two are elective. The electives contain options in corporate finance and strategic management. The course structure is not fixed and can be adapted in the future according to developments in the discipline, changes in demand from students and other interested parties, etc. The programme of study is divided into two semesters, which are further divided into four study periods. The core courses cover areas that are essential in strategic and financial management contexts, such as value-based management, corporate valuation, financial-statements analysis, corporate financing, risk management, macroeconomic risk analysis, corporate credit assessments, and corporate restructuring. Electives then allow students to aim their studies on corporate finance or strategic management. During the first study period students follow a compulsory course focusing on corporate, financial and accounting analysis, value-based management, and corporate valuation, 3

4 primarily using cash flow based valuation methods. Parallel to this, students choose an elective course. The corporate finance elective deals with theories of and empirical techniques in corporate finance and corporate financial policymaking, while the elective in strategic management primarily deals with strategic decision making in knowledge- and technology-intensive settings. In the second study period students follow a compulsory course focusing on corporate financing and enterprise risk management. Parallel to this, students choose an elective course, again with a choice between an elective in corporate finance, continuing the study of theories of and empirical techniques in corporate finance and governance, and an elective in strategic management focusing on corporate governance. In the third study period students follow two compulsory courses, one forwarding students knowledge of corporate financial analysis, corporate restructuring, and corporate credit assessment and the second enhancing students knowledge of analysis and management of corporate exposure to macroeconomic risks. The programme ends with a degree project in study period four. Through the project and the project report students demonstrate their ability to use and integrate their acquired knowledge to identify, analyse, and solve managerial and/or financial problems and evaluate, present, and document the result. 5. Degree Upon completion of the programme a Master of Science in Business and Economics (60 credits) will be awarded in compliance with the National Higher Education Ordinance (SFS 2006:1053). Major will be Business Administration with a specialization in corporate and financial management. (Ekonomie magisterexamen: huvudområde företagsekonomi, fördjupning företagsfinansiering). Students can alternatively apply for a Master of Science (60 credits) major Business Administration, specialization corporate and financial management (Filosofie magisterexamen huvudområde företagsekonomi, fördjupning företagsfinansiering). 6. Admission requirements and selection criteria Educational background A Bachelor of Science or Bachelor of Arts Degree (or equivalent). At least 60 ECTS in business administration, or equivalent knowledge obtained through other courses (for example, courses in accounting, business, commerce, corporate finance, international business, management, management science, marketing, or organisational studies). Preferably you have a major in corporate finance or financial management. At least 10 ECTS in corporate finance, which must include studies at the intermediate or advanced undergraduate level, i e, beyond the introductory level. Students are expected to hold prior knowledge of corporate finance as outlined below. At least one course in econometrics or statistics, covering linear regression analysis (ordinary least squares) and time-series analysis. Students are expected to hold prior knowledge of econometrics as outlined below. Recommended prior knowledge The program provides advanced treatments of theories, applications, and empirical research methods of corporate finance and governance. It is essential to hold background knowledge of corporate finance equivalent to that provided in an advanced level undergraduate course in corporate finance. It is equally important to hold background knowledge of econometrics equivalent to an introductory undergraduate course in econometrics. All students are assumed to at least hold prior knowledge as follows: ability to calculate net present values ability to value options using the Black-Scholes model 4

5 ability to analyse capital structures, including calculation of the weighted average cost of capital understanding of the trade-off between risk and return, equilibrium pricing of risk, and the capital asset pricing model understanding of the structure and format of financial statements ability to calculate profitability, asset turnover, growth and cash flow basic knowledge of macroeconomics, including the trade-off between inflation, interest rates and exchange rate changes and the IS/LM model knowledge of mathematics, including algebraic rules, solving equations, exponential function and logarithms basic knowledge of statistics, including hypothesis testing using the normal, t, F, and χ 2 distributions basic knowledge of cross-sectional econometrics, including the classical linear regression model, autocorrelation, and heteroscedasticity basic knowledge of time-series econometrics, including autoregression and moving averages Students who believe they have a weak background in corporate finance are strongly recommended to work through an undergraduate textbook in corporate finance as preparation for the programme. English language ability A good command of English language both spoken and written, equivalent to English course B (advanced level) in the Swedish secondary system. Equivalence assessments will be made according to national guidelines. The regulations in the general requirements concerning knowledge of the Swedish language are not applicable for international applicants. GMAT Applicants are not required to take the GMAT, but a high score can make up for deficiencies in other parts of the application. As a general guide, a GMAT score of 650 or above adds weight to an application and a GMAT above 700 will add significant weight. We would not be comfortable if candidates scored less than 600 unless there is strong compensating evidence elsewhere (for example, an outstanding academic record). GPA As a general guide, we would not feel comfortable in admitting a student without at least an upper class honours or with a GPA below 3.0 out of 4, unless there is strong compensating evidence elsewhere (for example, an outstanding academic record in your major or an excellent GMAT score). 7. Other information Courses at the School of Economics and Management are graded according to the criterion-referenced principal grades A-F: GRADE POINTS CHARACTERISTIC A Excellent A distinguished result that is excellent with regard to the following aspects theoretical depth, practical relevance, analytical ability and independent thought. B Very good A very good result with regard to the above mentioned aspects. C Good The result is of a good standard with regard to the above mentioned aspects and lives up to expectations. D Satisfactory The result is of a satisfactory standard with regard to the above 5

6 mentioned aspects and lives up to expectations. E Sufficient The result satisfies the minimum requirements with regard to the above mentioned aspects, but not more. F Fail 49-0 The result does not meet the minimum requirements with regard to the above mentioned aspects. It is up to the teaching professor to decide whether the credits of a course should be converted into a total of 100 points for each course, or if the scale above should be used as percentage points of any chosen scale instead. Disciplinary actions against plagiarism The University views plagiarism very seriously, and will take disciplinary actions against students for any kind of attempted malpractice in examinations and assessments. The penalty that may be imposed for this, and other unfair practice in examinations or assessments, includes suspension from the University. 6