Real-world finance MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE

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1 Real-world finance MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE MASTER OF APPLIED FINANCE, GRADUATE DIPLOMA OF APPLIED FINANCE, GRADUATE CERTIFICATE OF FINANCE

2 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Why Macquarie? We offer one of the largest and most respected graduate programs in the world. These exceptional programs are for exceptional people and are founded on a vision of applied finance education for and by practitioners. We re unique. We teach applied finance better and in more depth than anyone else. At the same time we teach new ways to think about and solve real-world problems. We teach real-world finance. Our students learn knowledge that s directly relevant to them, both immediately and throughout their career. Our teaching frameworks deliver lifetime understanding. Our students are the best. We hand-pick our students based on their experience, aptitude, and outlook not on quotas. So when you study with us you ll be learning with the brightest, most engaged and most articulate of your peers. We practise what we teach. No comparable program has our level of industry experience. Each of our full-time academic faculty has a substantial industry background and all of our adjunct lecturers are drawn from senior levels of the finance industry. We teach in real time. To provide the most productive learning experience, we deliver our Graduate Diploma of Applied Finance and Master of Applied Finance programs in a face-to-face group setting. Critical thinking and contextual understanding underpin our pedagogy. We re uniquely flexible. Our program structure is flexible so you don t have to compromise. Slow down or speed up according to your work and life commitments. Choose the teaching centre (or centres) that work best for you. We re conveniently urban. Our teaching centres are located in five major cities: Sydney, Melbourne, Singapore, Shanghai and Beijing. We re industry connected. Our close industry connections are reflected in educational partnerships with leading professional bodies, such as CFA, PRMIA, CAIA, RMA, and FINSIA. We offer more electives. With an unparalleled range of electives around a rigorous core curriculum, we provide an individualised learning experience targeting your own career plans.

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4 2 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Where Macquarie will take you Whatever your finance career goals, we ll take you where you want to go. Into your chosen field. With 25+ electives in four streams (Funds, Risk, Corporate Finance, and Instruments and Valuation) added to our five compulsory units of study, we provide what you need to specialise in your area of interest. Into a top income bracket. The cachet of a Macquarie applied finance award is a platform for career progression. Our recent survey shows 11% of our MAppFin graduates earn currently $121,000+, 13% earn $151,000+ and 38% earn $201,000+. The new Graduate Certificate of Finance offers a pathway to the Master of Applied Finance. Into the best companies. We re widely regarded as setting a benchmark for quality. This translates into immediate recognition and opens up a world of opportunities. Our students achievements are recognised by industry. KPMG, NSW Treasury Corporation, Arcadian Asset, Risk Association of Australia, and other corporations sponsor student prizes. Into an elite alumni network. Through us you ll create permanent links with current and future industry leaders around the world. We have more than 4,500 alumni distributed across the globe and across the industry. Building an amazing professional network is an intrinsic part of the Macquarie experience. Anywhere in the world. We have 4,500 alumni in 43 countries (and counting). The future of the finance industry is international. Our program recognises this with its global outlook and extensive engagement across the Asia Pacific. I have absolutely hired candidates in the past based on the fact that they have Macquarie s Master of Applied Finance. These candidates come with a known technical capacity, particularly across subjects that fit extremely well within the financial markets, corporate banking and corporate finance roles. Julie Catanach, MAppFin Alumna, 2007 Executive Manager Learning, Organisational Design, and Development Suncorp

5 REAL-WORLD FINANCE 3 4,500 alumni located in 43 countries Funds Risk Funds Corporate Risk Finance Instruments Corporate Finance & Valuation Instruments & Valuation Funds Risk Funds Funds Corporate Risk Finance Corporate Finance Risk Instruments & Valuation Instruments & Valuation Corporate Finance Instruments & Valuation

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7 REAL-WORLD FINANCE 5 Who should apply? Our programs are for finance professionals with the ability and dedication to complete a course that s more focused, more practitioner oriented and more rigorous than a standard business qualification. Our students are individually selected for the value they will get from our programs and the intelligence, insight and experience they bring to the group. If this sounds like you, we would welcome your application. Who are our students? They have worked for several years in finance, professional services, or a related industry. They have demanding jobs and ambitious plans. They have strong views and informed opinions. On average 43% are aged 23 to 30, 41% are aged 31 to 35, and 16% are aged 36 to 49. They are studying with us to increase their knowledge in their chosen area, to gain the broader understanding needed to step up to senior management, or to transition from a related field such as law, accountancy, engineering, or IT. They are talented, articulate, and committed. Entry requirements Entry requirements for our programs depend on your previous studies (both formal and informal) and current level of professional experience. To find a pathway that applies to you, please see pages 6 and 7. Why do we interview prospective students? Entry into our Master of Applied Finance (MAppFin) and Graduate Diploma of Applied Finance (GDipAppFin) programs depends on a successful one-on-one interview. This is because we care about the chemistry of our groups of students and we value your life experience and outlook as well as your curriculum vitae and academic results.

8 6 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Our programs at a glance Your current qualifications and experience You have a Bachelor s degree and You are seeking an introduction to the finance industry or an industry refresher. You have a cognate Bachelor s degree or You have a non-cognate degree and the MAFC Graduate Certificate of Finance, or equivalent. and You have more than 2 years FTE relevant professional work experience. You have a cognate Bachelor s degree and You have at least 18 months FTE relevant professional work experience. You have a cognate Bachelor s degree (or higher) and You have at least 3 years FTE relevant professional work experience. Which MAFC course can you apply for? Graduate Certificate of Finance Graduate Diploma of Applied Finance Master of Applied Finance Master of Applied Finance What does that get you? A standalone graduate qualification in applied finance and a pathway into the GDipAppFin or MAppFin (when combined with relevant professional work experience). Specialised finance knowledge without doing a full Master s degree. Units completed in the GDipAppFin can be credited if you apply to the MAppFin. Advanced finance knowledge and a prestigious MAppFin qualification. Advanced finance knowledge and a prestigious MAppFin qualification. How long does it take? At least 6 months or two terms. The GDipAppFin may be completed in 6 months full-time or two terms. Given your 18 months relevant professional work experience and your prior studies in finance, the MAppFin may be completed in 15 months full-time or five terms. Given your three years relevant professional work experience and your prior studies in finance, the MAppFin may be completed in 12 months full-time or four terms. Where can I study? Anywhere: the whole course is taught and assessed online. In Sydney, Melbourne, and Singapore. Selected units may be taken in Beijing. In Sydney, Melbourne, and Singapore. Selected units may be taken in Beijing. In Sydney, Melbourne, and Singapore. Selected units may be taken in Beijing. Credit points 16 credit points in total, comprising 4 units of study. 32 credit points in total, with the initial 16 credit points satisfied by recognised prior learning. 48 credit points in total, with the initial 8 credit points satisfied by recognised prior learning. 48 credit points in total, with an initial 16 credit points satisfied by recognised prior learning. Application By online application. By online application and personal interview. By online application and personal interview. By online application and personal interview.

9 REAL-WORLD FINANCE 7 You have the MAFC Graduate Diploma of Applied Finance and You have at least 3 years FTE relevant professional work experience. You have a non-cognate Bachelor s degree and You have a minimum of 18 months FTE professional work experience in the same industry as the discipline of your Bachelor s degree, or in the finance industry. You have a non-cognate Bachelor s degree, the MAFC Graduate Certificate of Finance (or equivalent) and You have at least 3 years FTE relevant professional work experience. Master of Applied Finance Master of Applied Finance Master of Applied Finance Advanced finance knowledge and a prestigious MAppFin qualification. Advanced finance knowledge and a prestigious MAppFin qualification. Advanced finance knowledge and a prestigious MAppFin qualification. With a Graduate Diploma of Applied Finance, the MAppFin may be completed in six months full-time or two terms. Having enrolled directly in the MAppFin, it may be completed in 18 months full-time or six terms. The MAppFin may be completed in 12 months' full-time or four terms. In Sydney, Melbourne, and Singapore. Selected units may be taken in Beijing. In Sydney, Melbourne, and Singapore. Selected units may be taken in Beijing. In Sydney, Melbourne, and Singapore. Selected units may be taken in Beijing. Cognate degrees are those in the business and finance disciplines or have a close affinity to business and finance. 48 credit points in total, with an initial 32 credit points satisfied by successful completion of the Graduate Diploma of Applied Finance and recognised prior learning. By online application and personal interview. 48 credit points in total. Students with relevant professional work experience in the finance industry may be granted up to 4 credit points by recognised prior learning. By online application and personal interview. 48 credit points in total, with 16 credit points recognised by prior learning. By online application and personal interview. Non-cognate degrees are in disciplines that have no specific study in finance-related areas. Non-cognate degrees include studies in archaeology, education, environment, geography, history, languages, law, management, engineering, medicine, psychology, science. Students with a non-cognate degree will need to complete gateway units of study and/or the Graduate Certificate of Finance as part of their program of study, and/or have prior learning recognised.

10 8 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Master of Applied Finance The Master of Applied Finance (MAppFin) is recognised as the finance industry s premier graduate degree. Genuinely applied finance is taught by highly experienced industry practitioners in Sydney, Melbourne, Singapore, Shanghai and Beijing. With an unparalleled range of electives around a rigorous core curriculum, we provide an individualised learning experience targeting a student s own career plans. Taught for 26 years in Australia, 21 years in Singapore and 10 years in China, our 4,500 alumni of the Master of Applied Finance program span 43 countries. Indeed, many of our academic faculty are graduates and bring to the classroom their own experiences in completing this rigorous program as well as their unique understanding of the banking and finance sector. Graduate Certificate of Finance The new Graduate Certificate of Finance (GCertFin) is a comprehensive gateway program in graduate finance. This fully online program of study with four commencing dates per year allows you to study at the pace and time of your own choice. The Graduate Certificate of Finance offers a pathway for non-cognate degree holders to the Graduate Diploma of Applied Finance and the Master of Applied Finance (providing work experience admission requirements of the higher degree are met). It will also appeal to those students who want graduate level learning in finance as a stand-alone award. This award is available for external enrolment. Applications are completed online via the Macquarie Applied Finance Centre s website. Graduate Diploma of Applied Finance The Graduate Diploma of Applied Finance (GDipAppFin) offers an opportunity for finance industry professionals with prior studies in a business/finance field to study at an advanced level without necessarily taking the full Master of Applied Finance program. The program is structured to allow students to develop specialised knowledge in a sharply focused field. The Graduate Diploma of Applied Finance is as rigorous as the Master of Applied Finance program. All units offered in the Graduate Diploma are units from the MAppFin program and are taught and assessed at that level. There is no diminution of quality. Students who complete the Graduate Diploma with satisfactory progress may articulate to the MAppFin, or this degree may be awarded as a stand-alone qualification.

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12 10 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Our programs in detail Master of Applied Finance (MAppFin) Purpose Our flagship program for advanced studies in applied finance. Top-level practitioner-focused graduate education for experienced professionals. Admission requirements Previous degree: Australian level 7 bachelor s qualification or recognised equivalent and Industry experience: 18 months full-time equivalent relevant professional work experience. Entry requirements or pathways are provided on pages 6 and 7. English language proficiency is required. Application process Online application and personal interview. Duration The minimum time to complete the MAppFin is one full-time equivalent year with full recognition of prior learning, or up to 1.5 full-time equivalent years without recognition of prior learning. The maximum time to complete the MAppFin is seven years. A normal load for full-time students would be two units per term (or eight units per year). Location Sydney, Melbourne, Singapore, or Beijing Note: Gateway units are completed online Content Four gateway units (4 credit points each): Case Studies in Applied Finance; Quantitative and Economic Analysis; Financial Statement Analysis and Modelling; and Finance Principles. Four initial, advanced core units (4 credit points each): Portfolio and Valuation; Financial Instruments; Financial Risk ; and Corporate Finance. Portfolio and Valuation (PMV) is the single prerequisite for all other core units. Six elective units (2 credit points each). Electives may be taken after completion of PMV and the nominated prerequisite core units. One compulsory advanced core unit (4 credit points), Professional Practice. This unit may be taken after completing 24 credit points of study (excluding gateway units). Recognition of prior learning Macquarie University s recognition of prior learning (RPL) policy allows for the recognition of formal (accredited qualifications), non-formal (non-award programs of learning), and informal (for example, work experience) learning for entry into and for credit (or an exemption) towards a program of study. It is possible for programs to recognise learning gained through work experience, training programs, industry accredited qualifications, and so forth. The granting of admission or credit on the basis of prior learning may contribute materially to reducing the required number of program units for some students. Further information on applying for, evidence required to support applications, and the processes for assessing and granting recognition for prior learning, is available from the University s website.

13 REAL-WORLD FINANCE 11 Graduate Diploma of Applied Finance (GDipAppFin) Purpose Specialised Masters-level studies in finance without undertaking the full Master of Applied Finance (MAppFin), or as a pathway to the MAppFin. All units of study offered in the Graduate Diploma are units from the Master of Applied Finance program and are taught and assessed at that level. Admission requirements Previous degree: Australian level 7 bachelor s qualification degree or recognised equivalent in relevant field, or Australian level 7 bachelor s qualification or recognised equivalent and Graduate Certificate of Finance or recognised equivalent and Industry experience: Two years full-time equivalent relevant professional work experience. Entry requirements or pathways are provided on pages 6 and 7. English language proficiency is required. Application process Online application and personal interview Duration The minimum time to complete the GDipAppFin with recognition of prior learning is six months full-time equivalent. The maximum time to complete the GDipAppFin is four years. A normal load for full-time students would be two units per 12-week term (or eight units per year). Location Sydney, Melbourne, or Singapore Content Portfolio and Valuation (4 credit points), and Any combination of advanced core or elective units of study for an additional 12 credit points Advanced core units are 4 credit points each and electives are 2 credit points each. Prerequisite units of study are required for some advanced core and elective units. Recognition of prior learning Macquarie University s recognition of prior learning (RPL) policy allows for the recognition of formal (accredited qualifications), non-formal (non-award programs of learning), and informal (for example, work experience) learning for entry into and for credit (or an exemption) towards a program of study. It is possible for programs to recognise learning gained through work experience, training programs, industry accredited qualifications, and so forth. The granting of admission or credit on the basis of prior learning may contribute materially to reducing the required number of program units for some students. Further information on applying for, evidence required to support applications, and the processes for assessing and granting recognition for prior learning, is available from the University s website.

14 12 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE I have absolutely hired candidates in the past based on the fact that they have a Macquarie Masters of Applied Finance. These candidates come with a known technical capability, particularly across subjects that fit extremely well within the financial markets, corporate banking and corporate finance roles. Julie Catanach, MAppFin Alumna, 2007 Executive Manager Learning, Organisational Design, and Development Suncorp

15 REAL-WORLD FINANCE 13 Graduate Certificate of Finance (GCertFin) Purpose The Graduate Certificate delivers graduate-level learning in finance as a stand-alone award for those with either no prior studies in finance or those who may need a refresher. It is also a pathway for students with a non-cognate degree to the Graduate Diploma of Applied Finance and the Master of Applied Finance, when combined with relevant professional work experience. As foundation study, the GCertFin provides the assumed knowledge for students to pursue further graduate studies in finance. Admission requirements Previous degree: Australian level 7 bachelor s qualification or recognised equivalent. Industry experience: Not required Entry requirements or pathways are provided on pages 6 and 7. English language proficiency is required. Application process Online application Duration The minimum time to complete the GCertFin is six months (a half full-time equivalent year). The maximum time to complete the GCertFin is four years. A normal load for full-time students would be two units per 12-week term (or eight units per year). Location Both domestic and international students may complete the GCertFin from any location, globally. This program is delivered and assessed online. Content Four units of study (all compulsory), in the following recommended order: Quantitative and Economic Analysis; Financial Statement Analysis and Modelling; Finance Principles; and Case Studies in Applied Finance. Recognition of prior learning Industry professionals without a bachelor s degree but who do have 5+ years professional work experience, may be eligible for admission.

16 14 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Structure of our programs Delivery Classes are generally timetabled over four terms between January and November. Delivery modes include online, and face-to-face by weekly or block classes. Gateway units Gateway units of study are delivered and assessed online over four terms, each 12-weeks, between January and November. Units require approximately 150 hours of study. Students are expected to: read notes, articles, and texts complete specified learning activities, including participation in online discussions as required submit learning activities and/or assessment tasks on/or before due dates. Advanced core units Taught face-to-face, lectures are held on evenings and weekends. Advanced core units of study involve approximately 36 hours of lecture time, delivered over 12 teaching weeks (inclusive of examination period), or two intensive blocks (4 6 weeks apart). In Sydney a weekly lecture mode is also offered. The typical format for advanced core unit lectures is: Saturday: Whole day Sunday: Whole day Monday Evening: 3 hours Tuesday Evening: 3 hours Students may be required to sit a mid-semester exam as well as a final exam. Final exams for advanced core units are held in week 11. Other assessments may include one or more case studies, quizzes, pre-unit assessments (flipped classroom), and learning activities. The compulsory unit of study, Professional Practice, is undertaken towards a student s completion of the Master of Applied Finance. This unit comprises face-to-face lectures, case study analysis, and research. Group work will be required. Elective units Elective units of study are held in a single intensive block, of approximately 18 hours lecture time, as follows: Thursday Evening: 3 hours Friday Evening: 3 hours Saturday: Whole day Sunday: Whole day There will be a final exam in each elective unit held in the common exam week, and a case study typically due in week 10. Other assessments may include quizzes, participation tasks, and other learning activities.

17 REAL-WORLD FINANCE 15 Credit points Advanced core units of study are each equivalent to four credit points. Elective units of study are each equivalent to two credit points. The compulsory unit, Professional Practice, may be undertaken after completing 24 credit points of study. Recognition of prior learning (RPL) may allow for entry into and for credit (or an exemption) towards a program of study. Further information on applying for, evidence required to support applications, and the process for assessing and granting recognition of prior learning, is available from the University at studentadmin.mq.edu.au/undergrad/credit.html. What counts as a cognate degree? Cognate degrees are in the business and finance disciplines or have a close affinity to business and finance. Depending on specialisations, cognate degrees may include: Bachelor of Actuarial Studies Bachelor of Business (Accounting) (Banking) (Finance) (Economics) (Actuarial Studies) Bachelor of Commerce (Accounting) (Banking) (Finance) (Economics) (Actuarial Studies) Bachelor of Economics Bachelor of Finance What counts as a non-cognate degree? Non-cognate degrees are in disciplines that have no specific study in finance-related areas. Non-cognate degrees include studies in: archaeology education environment geography history languages law management engineering medicine psychology science. Students with a non-cognate degree will need to complete gateway units of study, and/or the Graduate Certificate of Finance, as part of their program of study.

18 16 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Commencing terms Sydney Full-Time Sydney Part-Time Melbourne Part-Time Singapore Part-Time Beijing Part-Time Master of Applied Finance Term 1 (January) or Term 3 (July) Term 2 (April) or Term 4 (September) Term 1 (January) or Term 3 (July) Graduate Diploma of Applied Finance Term 1 (January) or Term 3 (July) Term 2 (April) or Term 4 (September) Term 1 (January) or Term 3 (July) Graduate Certificate of Finance See below See below See below Term 2 (April) Term 2 (April) See below Term 4 (September) Online Terms 1 4 Key dates for 2015 For Australia, the key dates are: Term 1 Start date: 5 January Census date: 30 January Exam start date: 23 March Term 2 Start date: 30 March Census date: 24 April Exam start date: 15 June Term 3 Start date: 22 June Census date: 17 July Exam start date: 7 September Term 4 Start date: 14 September Census date: 9 October Exam start date: 1 December For other teaching centres, please see the inserted flyer at the back of this brochure or visit mafc.mq.edu.au

19 REAL-WORLD FINANCE 17 The Macquarie MAppFin demystified many of the assumed complexities surrounding the world of finance so it immediately helped in my then day-to-day job. More importantly, it helped me to think much more strategically and that was instrumental in my promotion and transfer to work in London in In a nutshell, it taught me to think, rationally, logically, commercially. Ultan MacDonald, MAppFin Alumnus, 1992 Head of Offshore Banking Unit Commonwealth Bank

20 18 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Recommended study programs Master of Applied Finance The MAppFin may be studied by part-time or full-time mode. See page 10 for details of recognising prior learning. RPL may reduce the length of your program of study, and in this case may exclude the gateway units of study. Recommended part-time program Year One Gateway units or Graduate Certificate of Finance Term 1 Quantitative and Economic Analysis Term 2 Term 3 Term 4 Financial Statement Analysis and Modelling Finance Principles Case Studies in Applied Finance Recommended full-time program Precompletion of gateway units Term 1 Quantitative and Economic Analysis Term 2 Financial Statement Analysis and Modelling Term 3 Finance Principles Term 4 Case Studies in Applied Finance Year Two Term 1 Portfolio and Valuation Term 2 Advanced core unit of study Term 3 Advanced core unit of study Term 4 Advanced core unit of study or two elective units Year Three Term 1 Two elective units Term 2 Two elective units or remaining advanced core unit of study Term 3 Two elective units or remaining advanced core unit of study Term 4 Professional Practice (compulsory unit of study) Year One Term 1 Term 2 Term 3 Term 4 Portfolio and Valuation Financial Instruments Corporate Finance Financial Risk Four elective units Two elective units Professional Practice

21 REAL-WORLD FINANCE 19 Graduate Diploma of Applied Finance Units of study comprise any combination of advanced core units and/or electives, totalling 12 credit points. Graduate Certificate of Finance This program is suitable for students with or without formal qualifications in finance. A typical program of study and the recommended order of units is provided below. Delivered and assessed online, the following units of study are offered over four terms. For timetables, please see the Macquarie Applied Finance Centre s website. Recommended part-time program Recommended program Year One Term 1 Term 2 Term 3 Term 4 Portfolio and Valuation Advanced core unit or two elective units Advanced core unit or two elective units Advanced core unit or two elective units Year One Term 1 Quantitative and Economic Analysis Term 2 Financial Statement Analysis and Modelling Term 3 Finance Principles Term 4 Case Studies in Applied Finance Recommended full-time program Year One Term 1 Term 2 Portfolio and Valuation Advanced core unit or two elective units Two advanced core units of study or four elective units (or any combination for 8 credit points)

22 20 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Unit descriptions There are three categories of units of study: Gateway units (taken and assessed online) Advanced core units Elective units. Advanced core units earn 4 credit points each and electives earn 2 credit points each. Detailed descriptions of each unit are available at mafc.mq.edu.au Gateway units Case Studies in Applied Finance This unit provides an understanding of the finance industry and its integral role in the modern economy. The focus is on a high-level, fully integrated overview of the major participants, their roles, their interactions and the purpose they endeavour to fill for all stakeholders in the economy. The key structures of the finance system are examined, and how they usually work and sometimes do not work. Case studies of actual events and participants will be used to provide a sense of the application of finance in the real world what actually happens as well as what should happen. Quantitative and Economic Analysis This unit develops the important building blocks in microeconomic and quantitative analysis required for further study in applied finance. The first part of the unit develops skills in microeconomic analysis. This part develops tools in demand and supply and applies this to the consumer and the firm. It concludes with an analysis of market structure. The second part of the unit develops quantitative skills that are used in finance, including descriptive statistics, probability, statistical inference, correlation, and regression analysis. This part of the unit makes extensive use of spreadsheets in statistical modelling.

23 REAL-WORLD FINANCE 21 Financial Statement Analysis and Modelling This unit equips students with financial analysis skills to support further study in corporate finance and investment analysis. Emphasis is placed on being able to interpret financial statements in the context of a company s operational performance and strategy, to assess historical financial performance, and to prepare a spreadsheet based financial model capable of forecasting integrated financial statements for a company. Finance Principles This unit covers the key building blocks required to give students an appreciation of the whole finance discipline within a single unifying conceptual framework. Students will be introduced to three of the key ideas in finance: the analysis of trade-offs over time; asset valuation; and risk management. These ideas will be applied to the following subfields of finance: corporate finance; investments; and financial markets and institutions. After this unit, students should feel comfortable with the language of financial statements, and feel comfortable to use an annual report to develop an understanding of a company s historical performance and prospects. Specific topics include the income statement, balance sheet and cash flow statement, and financial statement analysis using DuPont methodology. Financial modelling applications will also be developed, so students are able to prepare forecasts for the three financial statements, as well as being able to integrate the three statements.

24 22 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Advanced core units These units are undertaken by students completing the Master of Applied Finance and Graduate Diploma of Applied Finance. Each advanced core unit earns four credit points. Portfolio and Valuation is the only common compulsory unit between these programs. Portfolio and Valuation (PMV) This unit equips students to apply an advanced body of finance knowledge to a range of contexts. The unit commences with an individual investor s perspective and then progresses to the viewpoint of a professional funds manager. This enables the student to develop the ideas of portfolio theory, asset pricing and behavioural finance. The unit continues with a security analyst s perspective to address the broad question of how to value enterprises and then drills down to security valuation, financial statement and cash flow analysis. Lastly we shift the focus to that of a derivatives trader to explore the pricing of forwards and options and employing these derivatives to achieve desired asset allocation exposures. The unit emphasises an applied orientation for the major techniques and themes to be further extended and developed across the Masters program. It represents the essential prerequisite knowledge for all other advanced core units and elective streams. Financial Instruments (FI) 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. Financial Instruments 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. Financial Risk (FRM) Financial Risk is based on an enterprise risk management framework designed to increase the likelihood that an organisation will achieve its objectives. Unlike traditional, purely defensive approaches to risk, FRM s philosophy focuses on how effective risk management adds value to the organisation. We consider methods for identifying, assessing and treating a variety of risks, with special focus on market, credit, funding liquidity and operational risks. The unit encompasses both quantitative skills and broader human and organisational issues. We encourage students to question the assumptions behind the models, to think about behavioural biases, to identify ethical issues, to consider incentives, and to think creatively of risk management solutions. The lectures deliver theoretical and industry relevance by using a case study methodology. Lectures are complemented by online learning activities designed to promote student interaction, engagement, and understanding throughout the unit. Assessable pre-unit activities must be completed prior to the first class.

25 REAL-WORLD FINANCE 23 Corporate Finance (CF) Corporate Finance is concerned with understanding the link between shareholder value and corporate investment and financing strategies. Students will explore how corporate finance skills can contribute to developing value-creating strategies for an organisation. Building on valuation and financial analysis skills from prerequisite units, the unit explores how to value an organisation, and assess key investment decisions including capital investment projects, mergers, acquisitions and international investments. The impact on value of risk, optionality and strategic choices is also explored. Valuation approaches utilised include a range of discounted cash flow models, residual income and multiples valuation. The unit considers how to develop practical, value-creating financing strategies, including the optimal mix of debt and equity, capital management and debt management strategies. Financing strategies in the context of M&A and international investments are also considered. Professional Practice (PP) Professional Practice, the new compulsory unit, is completed towards the end of the Master of Applied Finance. This unit represents an opportunity to integrate and synthesise knowledge and skills from across the program. Students apply their theoretical and practical learning to issues that simulate professional practice in finance, enabling reflection on the role of a finance industry practitioner. Students will further develop their professional identity. Students will undertake research in applied finance and will be challenged to critically reflect on current issues via the preparation and presentation of a major research report. Personal communication, negotiation and collaborative skills will be further developed. The unit addresses how to calculate cost of capital for companies and projects, and how to incorporate financing impacts into a valuation. Practical issues in the implementation of the shareholder value objective, including the impact of governance strategies, alternative ownership structures and performance measures are considered.

26 24 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Electives Taught by industry practitioners, electives offer students an insight into the current state-of-play in the finance sector. Elective units of study each earn two credit points. Advanced Valuation for Corporate Finance Applied Business Valuation Applied Portfolio Corporate Financial Strategy Corporate Treasury Credit and Lending Decisions Credit Portfolio Debt Capital Markets Derivatives Valuation Economics of Financial Markets Ethical Risk in Finance Exotic Options Hedge Funds Individual Research Paper Infrastructure and Property Interest Rate Portfolio Managing Shareholder Value Mergers and Acquisitions Modelling Prices and Risk Private Equity Investment Private Wealth Project Finance Resource Industry Investment Analysis Risk and Portfolio Construction. For all unit of study outlines, please refer to our website at mafc.mq.edu.au

27 REAL-WORLD FINANCE 25 Educational partnerships with industry Chartered Financial Analyst (CFA) Institute Macquarie Applied Finance Centre is the first member of the CFA Institute s Educational Partnership Program in Australia. This is an acknowledgement that at least 70% of the required body of knowledge for CFA candidates is covered in the MAppFin. Candidates preparing for CFA certification will therefore benefit greatly from undertaking the MAppFin program. CFA certification consists of three exams covering a range of topics in finance and investments, undertaken by self-directed study. The CFA Institute has partnered with Macquarie because CFA candidates often underestimate what it takes to achieve CFA certification. Fewer than one in five candidates who enrol in the CFA program succeed in earning the CFA charter. By contrast, Macquarie graduates have an excellent record of success in passing the CFA exams, often on the first attempt. The table opposite shows how you can use the MAppFin program to optimise your preparation for these exams. Professional Risk Managers International Association (PRMIA) Macquarie is the first university in the region to have a degree accredited by PRMIA. Our MAppFin program complements the PRMIA curriculum and provides excellent preparation for attaining Professional Risk Manager (PRM) Certification. Students who complete applicable units (see the table opposite) in the MAppFin program will be eligible for exemption from PRM Exam I: Finance Theory, Financial Instruments and Markets and Exam II: Mathematical Foundations of Risk Measurement. Accreditation by PRMIA recognises that the MAppFin Program covers at least 70% of the PRM syllabus and prepares candidates for careers as professional risk managers. Chartered Alternative Investment Analyst Association (CAIA) Macquarie is the first strategic partner of the CAIA in Australia. This is an acknowledgement that the MAppFin covers at least 60% of the required body of knowledge for CAIA candidates. Anyone preparing for the CAIA qualification will therefore benefit from undertaking the MAppFin program. MAppFin students have access to the CAIA s curriculum and events and are eligible for scholarships to earn the CAIA Charter, which requires passing rigorous Level I and Level II examinations. The table on page 27 shows how you can focus your MAppFin studies to optimise your preparation for these exams.

28 26 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Customise your program s focus Given the increasing demand for people with specialist finance skills, students can choose to focus on a specific area in which to expand their industry knowledge: Corporate Finance Funds Instruments and Valuation, or Risk *CFA = Chartered Financial Analyst Institute (see opposite page) **PRMIA = Professional Risk Managers International Association (see opposite page) ***CAIA = Chartered Alternative Investment Analyst Association (see opposite page) Each area of specialisation contains one of the widest and most innovative ranges of elective units. The table opposite is a guide to selecting electives to suit a chosen stream and/or to optimally prepare for CFA, PRMIA, and CAIA accreditation. Students may follow a particular stream or select a mixture.

29 REAL-WORLD FINANCE 27 Funds management stream Applied Portfolio Economics of Financial Markets Hedge Funds Infrastructure and Property Investment and Credit Analysis Private Equity Investment Private Wealth Resources Industry Investment Analysis Risk and Portfolio Construction Risk management stream Corporate Treasury Credit and Lending Decisions Credit Portfolio Derivatives Valuation Interest Rate Portfolio Investment and Credit Analysis Modelling Prices and Risk Risk and Portfolio Construction Corporate finance stream Applied Business Valuation Advanced Valuation for Corporate Finance Corporate Financial Strategy Corporate Treasury Debt Capital Markets Equity Capital Markets Infrastructure and Property Investment and Credit Analysis Managing Shareholder Value Mergers and Acquisitions Modelling Prices and Risk Private Equity Investment Project Finance Instruments and valuation stream Credit Portfolio Debt Capital Markets Derivatives Valuation Economics of Financial Markets Exotic Options Interest Rate Portfolio Best preparation for CFA* exams Most applicable: Applied Portfolio Economics of Financial Markets Ethical Risk in Finance Private Wealth Risk and Portfolio Construction Also applicable: Applied Business Valuation Applied Valuation for Corporate Finance Credit and Lending Decisions Derivatives Valuation Hedge Funds Infrastructure and Property Interest Rate Portfolio Mergers and Acquisitions Modelling Prices and Risk Private Equity Investment Resource Industry Investment Analysis Best preparation for PRMIA** certification For exemptions: Credit Portfolio Debt Capital Markets Derivatives Valuation Managing Operational Risk Modelling Prices and Risk Also applicable: Applied Portfolio Corporate Treasury Equity Capital Markets Ethical Risk in Finance Interest Rate Portfolio Investment and Credit Analysis Risk and Portfolio Construction Best preparation for CAIA*** exams Applied Portfolio Credit Portfolio Derivatives Valuation Economics of Financial Markets Ethical Risk in Finance Exotic Options Hedge Funds Infrastructure and Property Interest Rate Portfolio Investment and Credit Analysis Modelling Prices and Risk Private Equity Investment Resources Industry Investment Analysis Risk and Portfolio Construction

30 28 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Real-world connections Professor Kevin Jameson Director, Macquarie Applied Finance Centre With over 30 years global financial experience to draw from, Professor Kevin Jameson is committed to high-quality education in professional practice as an essential prerequisite for a sustainable and vibrant industry. Professor Jameson has been the Australian Head of Capital Markets, Country Head for Japan and Regional Head of Treasury and Capital Markets for Asia (based in Tokyo) and Global Managing Director of Capital Markets (based in London) for a large UK banking and investment group. He has also been a Director of the Sydney Futures Exchange (and Chairman of its New Products Committee), a director of and advisor to several private investment businesses, and chairman of a technology company specialising in products and services for the wholesale asset management industry, operating in Sydney, Europe and the US. He currently sits on the Advisory Council of the Centre for International Finance and Regulation and its Education Committee, and the Editorial Board of JASSA: The Finsia Journal of Applied Finance.

31 REAL-WORLD FINANCE 29 Teaching faculty No other program can boast our level of industry experience. Everyone who teaches at our centres has a substantial finance practitioner background. Our adjunct lecturers are drawn from senior levels of the industry as well as being subject matter experts. For faculty profiles please refer to our website at mafc.mq.edu.au Alumni Building an amazing professional network is an intrinsic part of the Macquarie experience. After you graduate, your MAFC peers and other alumni will continue to support, challenge and inspire you throughout your career. You ll also form new bonds through our worldwide alumni network. A MAppFin in common creates instant connections wherever you go. I looked at a number of courses but the Macquarie Applied Finance Centre offered me the most practical alternative. I wanted a course that had the best mix of theory and current market practice, I wanted to know what was going on in the business world right now, what course would best equip me for working in the financial markets, now. I found Macquarie gave me the strong academic theoretical base, but over the top of that was the current (real-world) application. Alison Belot, MAppFin Alumna, 1998 Vice President, Group Treasury, BHP Billiton Honorary Fellow, Corporate Treasury As a lecturer, I enjoy seeing the students develop throughout the course; from the beginning where their experience is not enormous, to the end where they are really taking away a lot of practical information. They are then able to put this learning into practice in their every day roles. John Deakin-Bell Portfolio Manager, Northcape Capital Honorary Fellow, Equity Capital Markets I am still in contact with a lot of fellow MAppFin alumni, we get together often and bounce ideas off each other. There are a lot of people in the market who have done the program. Matt Price, MAppFin Alumnus, 2005 Head of Group Capital, National Australia Bank

32 30 MACQUARIE APPLIED FINANCE CENTRE GRADUATE PROGRAMS GUIDE Practical details Teaching centres Sydney (CBD): Level 3, Swire House, 10 Spring Street, Sydney NSW 2000, Australia Sydney (North Ryde): Macquarie University, Level 7, Building E4A, North Ryde NSW 2109, Australia Melbourne: Level 6, 500 Collins Street, Melbourne VIC 3000, Australia Singapore: 111 Somerset Road, TripleOne Somerset #06-01/02, Singapore Beijing: Tsinghua University, 7th Floor, Tower B, Innovation Plaza, Beijing, China Shanghai: East China Normal University, Minhang Campus, 500, Dongchuan Road, Minhang District, Shanghai, China Academic partners Our programs in China are delivered with two partner universities: Tsinghua University School of Continuing Education (Beijing) and ECNU (Shanghai). Each offers different pathways to our programs. For more information please refer to our website at mafc.mq.edu.au Academic year The academic year has four terms, with Term 1 starting in January. Each term is 12 weeks long inclusive of teaching weeks, a one-week exam period, and a short break between terms. There is a longer break for the Australian summer during December and early January. The four-term structure provides flexibility for students, making it easier to regulate the pace of studies. Core units are taken sequentially rather than concurrently, allowing students to focus on one unit at a time. There is a common exam week across all centres, which means students know before enrolling when exams will be held. This helps students plan special events or work schedules ahead of time, and around exam timetables. There is only one census date each term, which means just one date for all students as the deadline to enrol in or withdraw from a unit. Core units are offered in block mode. Teaching commences on a Saturday and continues on Sunday, Monday night and Tuesday night. A second block generally takes place four weeks after the first block. Elective units are taught in block mode, commencing on a Thursday night and ending on Sunday afternoon.

33 REAL-WORLD FINANCE 31 Timetables A complete timetable for all units of study is at mafc.mq.edu.au. This includes detailed information for individual units of study and a whole-of-year calendar for all units. Some units are taught by weekly classes and some by block mode. Some units, such as electives, are taught in alternate or limited numbers of terms at different teaching centres. This provides greater flexibility by helping students to complete studies in Sydney, Melbourne, Beijing, or Singapore. For the 2015 timetables, please visit mafc.mq.edu.au Fees For the fees of each teaching centre, please see the inserted flyer at the back of this brochure or visit mafc.mq.edu.au 2015 application deadlines Term 1, 2015 intake: 28 November, 2014 Term 2, 2015 intake: please visit mafc.mq.edu.au How to apply For domestic students, applications are submitted online via our website. For details of how to apply, please visit mafc.mq.edu.au International students For international students, applications are submitted online. For details of the application process for international students, please visit mafc.mq.edu.au

34 The information provided is correct at publication, and every reasonable effort has been made to ensure its accuracy. However, the information is subject to change from time to time. Macquarie University Applied Finance Centre reserves the right to vary, without notice, any information relating to the provision of courses or units of study including the content and mode of offering of such courses or units, the withdrawal of any course or unit for whatever reason, requirements for entry (including score conversions) to a program and the fees applicable to enrolment in any course or unit of study.

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