University of Cambridge: Programme Specifications MASTER OF FINANCE

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1 University of Cambridge: Programme Specifications Every effort has been made to ensure the accuracy of the information in this programme specification. Programme specifications are produced and then reviewed annually by the relevant faculty or department and revised where necessary. However, we reserve the right to withdraw, update or amend this programme specification at any time without notice. Further information about specifications and an archive of programme specifications for all awards of the University is available online at: MASTER OF FINANCE 1 Awarding body University of Cambridge 2 Teaching institution Judge Business School 3 Accreditation details EQUIS 4 Name of final award Master of Finance 5 Programme title Finance 6 JACS code(s) N200 7 Relevant QAA benchmark None statement(s) 8 Qualifications framework level 7 (Masters) 9 Date specification was produced/ June 2013 last revised 10 Date specification was last reviewed 04 May 2011 The Cambridge MFin is a one year, full time post experience Masters degree taught at Cambridge Judge Business School. It provides an academically rigorous and commercially relevant programme; enabling finance professionals to consolidate their existing experience and develop their future careers in finance. Teaching focuses on the theory and practice of finance, drawing upon the highly successful education provided at Cambridge Judge Business School, as well as the University of Cambridge s long heritage of teaching and research in finance and related disciplines. The programme has access to a strong network of finance practitioners and institutions to help deliver its goal of a rigorous but commercially relevant programme. Entry into the degree is highly competitive, and students must have a strong academic record and at least two years successful work experience in finance. Teaching is delivered through a series of core and elective courses with a high level of interaction with finance practitioners through opportunities like the weekly City Speaker Series. Learning is put into practice through a number of student projects. Approximately 5% of the MFin degree comprises non-financial material which enables students to broaden their experience at Cambridge beyond finance, develop your interpersonal skills and engage in various career development workshops. Aims of the Programme A rigorous and intensive training in finance for students with very strong academic qualifications and several years experience in professional finance Gain a rigorous grounding in the core concepts, an understanding of applied finance and the chance to integrate theory and practice. Page 1 of 5

2 Learning Outcomes of the Programme Knowledge and Understanding A sound understanding of finance theory, financial products, financial reporting, valuation, etc., derived from a programme of core courses Detailed understanding of a selection of specialist areas, such as takeover, derivatives and private equity, derived from elective courses and project work Teaching and Learning Methods: formal lectures, supported by classes and workshops; supervised projects in groups and individually Assessment Methods: written exams, essays, projects, and presentations Skills How to inform and make rational financial decisions How to cooperate with members of a team to complete group projects and presentations Teaching and Learning Methods: formal and informal teaching by academic faculty and leading practitioner experts Assessment Methods: written exams, essays, projects and presentations Programme Structure Core courses The core courses provide the foundation to the MFin. They ensure that all students Page 2 of 5

3 have a solid grounding in the financial theory, concepts and analysis expected of a master s degree. Elective courses Elective courses focus more on the practice of finance. Students will take seven elective courses which are taught in the second and third terms. A small part of the MFin syllabus is devoted to non finance topics which are relevant to people working in a finance role. Finance and Organisations is a core course comprising a set of bite-size seminars. Topics are chosen to illustrate the broader business and organisational context in which finance ideas are used. Management Practice is a core course designed to help develop an understanding of self and others. Reflective approaches to team work and the practice of management are also covered. The City Speaker Series City Speaker Series brings a further stream of practical financial expertise and the opportunity to network with finance professionals. The City Speaker series covers a wide range of finance subjects, institutions, product areas and roles. The subjects will be determined by the speakers themselves, with a focus on topical themes, deals and business problems that they have faced. The speakers are experts in their fields, working at the cutting edge of applied finance. The talk is followed by a Q&A session, and a small group of students then accompany the speaker for dinner at a Cambridge College. Projects Equity Research Project In groups, students produce an equity research report with a valuation, recommendation and analysis of risk. The report is designed to advise on the investment potential of that company and make an active recommendation to buy or sell shares in the company. The team present their results to a group of actual investment managers and equity analysts. Group Consulting Project In teams, students spend a month working on a project for a client on a financial consulting topic. This project is based on a successful format from the Cambridge MBA and provides a chance for students to work on a real assignment for a host company. Every year we have one or two projects that take place outside UK (China, Hong Kong, Portugal, and Mongolia) and in future we aim to expand the international projects we offer. In previous years, GCPs were hosted by such companies as Citi, Schroders, 3i, Blackrock, Capital Generation Partners, Newton Investment, Warburg Pincus, Macquarie, Amadeus Capital Partners Ltd, Philips, Ecofin, Bluestone and SG Securities. Summer Activity Student s can select from the following options for their Summer Activity: An Individual Project which involves one of the following: A purely academic piece of research, either statistical or qualitative (including a literature survey) using the resources of the university, with no external involvement. This would involve writing a 6,000 12,000 word dissertation. A piece of research based in part on external interviews and possibly other data. But there is no internship or host organisation. A piece of research linked to an internship i.e. a contractual period of work (not necessarily full time) for a host organisation. - A choice of a number of elective courses taught over the summer term Page 3 of 5

4 - An Internship or work placement (student sourced) - A personal development workshop Programme Requirements Eight core courses; seven electives from a menu of approx. 20; minimum two projects Assessment Assessment is achieved through a mix of exams, written assignments and presentations. Teaching is typically delivered through formal lectures, participative workshops and case learning. The Cambridge MFin aims to foster a learning environment where ideas can be generated and discussed and we expect students to contribute actively to this environment. Further information This is a very intensive programme - typically involving some full days of formal teaching, plus substantial preparation work; vacations are largely devoted to projects and private study. Occasionally teaching takes place on Saturday. Managing Teaching Quality and Standards External examiners Monitoring by the General Board s Education Committee Review, along with the rest of the School, by EQUIS Student evaluations of every lecturer and every aspect of educational support; formal termly review of feedback by Teaching Committee Student Support Within the School, from the the MFin administrative team and MFin Director; personal supervision of projects; class support for practice in techniques, etc. by faculty and teaching assistants from within the Finance & Accounting subject group. By the College: tutorial support system Personal Development and Employment Students join the programme from leading employers e.g. Goldman Sachs, JP Morgan, Citi, Merrill Lynch, Nomura, McKinsey, Central Bank of China, African Development Bank. And on graduation they will take up employment at similar institutions at a high level (e.g. Associate in an Investment Bank) The MFin Office provides many sessions on personal development including such course as Presentation Skills, Interview Practice, Myers Briggs indicators and Communication Skills. The Cambridge MFin takes a highly personalised approach to career development, providing guidance and support to enable students to achieve their career goals and connect with global employers on a one on one basis. During the programme, we provide a range of resources: Self-assessment tools Page 4 of 5

5 Skill development workshops (CV and cover letter preparation, industry and company research, job search strategy, networking skills and interview practice) One-to-one advisory and feedback sessions with sector experts Extensive online tools and resources Online job posting platform and online CVs Employer presentations, skill sessions and networking Our student-focused approach to career development, links with global recruiters and close relationships with our alumni network around the world helps students explore their futures and secure a successful outcome from the MFin. School facilities The School s learning resources include a computer room, common room, and library housing business and management books, journals and electronic resources. There are also a number of other libraries in Cambridge which house business and management information. MFin students also have their own syndicate room and project meeting rooms. Indicators of Quality - Entry standards first class or near first class degree required, plus at least two years of experience in professional finance - External Examining: the MFin programme works closely with an independent external examiner as well as a committee of internal examiners through the course of the academic year. A comprehensive external examiners report is prepared at the end of the academic year covering all aspects of the programme including the outgoing students grades for final approval before the degree is formally conferred. Action in response to reports includes, where appropriate, revisions or adjustments to the programme and its delivery. - Course approval: the School is required to obtain the approval of the Board of Graduate Studies and the General Board s Education Committee before any significant changes to courses are made. - In addition, MFin students complete online feedback on all courses. The student representatives also attend the Teaching Committee meetings to voice any concerns of the class. The results are analysed and acted upon by the MFin programme team. - Support/participation of leading employers: leading banks, hedge funds, and multinationals provide speakers and projects - Financial support: substantial (seven figure) sums have been provided by the financial sector to support the programme - In 2007, the School was awarded full EQUIS accreditation from the European Foundation for Management Development. The accreditation was renewed for a further 5 years in November The School was also highly rated in the last RAE exercise. Page 5 of 5