MASTER OF SCIENCE IN MANAGEMENT

Transcription

1 MASTER OF SCIENCE IN WEALTH MANAGEMENT In collaboration with the Wealth Management Institute (Singapore), Yale School of Management (United States) and Swiss Finance Institute (Switzerland) S I N G A P O R E M A N A G E M E N T U N I V E R S I T Y

2 Message from the Dean More professionals are needed to manage the abundant wealth in Asia Over the past decade, the wealth management industry in Singapore has seen impressive growth. All major global commercial, investment and private banks have set up offices and are thriving in Singapore. They are expanding to manage the abundance of wealth in Asia. While Singapore aims to be an eminent global wealth management centre in Asia, aims to be a leading provider of wealth management education in the region. With this in mind, the MWM programme was launched in 2004 as Asia s first and only full-time master s programme in wealth management. The MWM programme is offered by in close collaboration with our partners, the Wealth Management Institute (WMI) in Singapore, Swiss Finance Institute (SFI) in Switzerland, Yale School of Management (SOM) in the United States of America and the wealth management industry. This collaboration brings together a synergistic pool of knowledge, skills and experience. We impart knowledge that is relevant and research-based. We emphasise skills that ready graduates to thrive in both corporate and entrepreneurial environments. We value industry experience and provide opportunities for students to work alongside wealth management professionals. This is a rigorous programme allowing both academics and professionals to share their expertise in wealth management. Participants include private bankers, asset managers, fund managers, investment professionals and young professionals with a passion for wealth management. To date, over 430 participants have graduated from the programme. They come from various countries including Canada, China, Denmark, Germany, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, Switzerland, Thailand, the United Kingdom, the United States of America and Vietnam. At, we focus on developing leaders who not only excel professionally, but create a positive impact on society. I strongly encourage you to join the MWM programme and embark on a journey that will transform you. You will find it a rewarding and enriching experience. Join the ranks of other wealth managers to manage the assets of institutions and high net worth clients in Asia. Professor Gerry George Dean, Lee Kong Chian School of Business Singapore Management University

3 Message from the Programme Director Be a master of wealth management. Enrol in the MSc in Wealth Management I am very honoured to be the founding academic director of the Master of Science in Wealth Management (MWM) programme. Wealth management is both an art and science. It is about managing investment returns and risks for both individuals and institutional clients. The MWM programme covers the whole value chain of processes, products and services related to wealth management from a practical perspective. Participants learn about asset management as well as investment advisory. The programme is recognised as a graduate programme associated with the CFA Institute and CAIA. The curriculum is designed collectively by both academic professors and industry professionals, including private bankers, asset managers, investment analysts and consultants. It is regularly reviewed to reflect industry developments. There is a careful balance between the theory and practice of wealth management. For the selected group who will undergo this comprehensive programme, we promise an enriching experience. The array of learning activities includes seminars, assignments, projects, field trips, industry talks, case studies and interactions with industry professionals. The overseas segments include one week at the Swiss Finance Institute (SFI) in Switzerland and another week at the Yale School of Management (SOM) in the United States. Participants will interact with wealth management professionals from three continents, i.e. Asia, Europe and North America. There will be ample opportunities for exposure and immersion in the real world of global investing. The MWM programme is the progressive way to stay at the frontier of global investing. Join us if you have the passion for a career in wealth management. Professor Francis Koh Vice Provost (Special Projects) Director, MSc in Wealth Management Programme Singapore Management University

4 About MWM The Master of Science in Wealth Management (MWM) is a 12-month full-time programme designed to meet the needs of both aspiring and seasoned wealth managers who wish to deepen their skills, knowledge and expertise. The modular structure allows professionals to pursue a master s degree while working; those without wealth management experience can embark on an internship to enhance their employability. The rigorous curriculum leverages on the strength of four institutions (, WMI, SFI and Yale SOM) across three continents (Asia, Europe and North America). Designed in close consultation with the wealth management industry, the curriculum is regularly reviewed to reflect industry developments. There is a careful balance between the theory and practice of wealth management. The programme is taught by experienced faculty and competent industry professionals who share their knowledge and skills generously with the participants. Participants will have ample opportunities to meet their peers and industry captains in seminars, talks, internships and site visits. Participants without wealth management experience are encouraged to take part in the internship programme to gain relevant experience and to enhance their employability. ABOUT WMI WMI is Asia s first centre of excellence for wealth management education. Established in 2003 with the support of Temasek and GIC, WMI combines academic rigour with a practical focus to offer best-in-class wealth management training. WMI provides wealth management professionals in Asia with the opportunity to network and learn from the industry s leading practitioners and thought leaders. Through partnerships formed with over 60 industry players, including private banks, fund management companies and leading business schools, WMI aims to help wealth management executives upgrade their professional competence and contribute to the growth of the industry in the region. PROGRAMME HIGHLIGHTS Complete within 12 months over five study blocks (2.5 weeks per study block) Specialised curriculum in global wealth management with an Asian focus First and only MSc in Wealth Management programme in Asia The master s degree will be awarded by ; certificates will be awarded by SFI and Yale SOM Experienced faculty drawn from senior academics with industry experience and successful wealth professionals with academic exposure Closely connected with the wealth management industry for engagements in placements, corporate boards, scholarships and guest lecturing Modular structure allows participants to meet their professional and personal obligations while pursuing an academic degree Pedagogy includes case studies, team activities, pre-course assignments, computer-aided learning, simulations, industry talks, site visits and field trips to complement classroom learning A preparatory module designed to prepare students before the first study block Completion of an individual project by participants on a research topic of interest Scholarships based on merit for selected participants Opportunities to intern in various financial institutes facilitated by WMI during the one-year period Recognised by the CFA Institute and CAIA as a collaborative partner PROGRAMME STRUCTURE JUL JUL AUG OCT JAN MAR/APR MAY JUN Preparatory Module Study Block I Study Block II Study Block III Study Block IV Study Block V (2.5 weeks) (2.5 weeks) Internship (2.5 weeks) Internship SFI & Yale (2 weeks) Internship (2.5 weeks)

5 Admission and Application ADMISSIONS CRITERIA A good bachelor s degree in any field from a recognised university A good score in GMAT or the Admission Test At least two years of working experience in any industry Shortlisted candidates will be invited for an interview as part of the admission process. PROGRAMME FEES Application Fee S$100* Registration Fee S$400* (Singaporeans/Singapore Permanent Residents) S$500* (Foreigners) Amount payable upon acceptance to the programme. Tuition Fee S$48,000 (exclusive of GST) *Non-refundable. The tuition fee does not include meals, air travel or accommodation expenses in Singapore or overseas. reserves the right to alter fees as appropriate. Application The online application commences in October and closes in March. Apply online at Scholarships and Awards Applicants may be eligible for funding support under the Monetary Authority of Singapore (MAS) Finance Scholarship Programme (FSP) on a case-by-case basis. A number of banks and corporations including GIC and Temasek have scholarships available for their own staff. Potential candidates from these companies should check with their HR Departments. A number of open scholarships are available to potential candidates on a competitive basis. Interested candidates must indicate interest in their application forms. Scholarship decisions will be made after students have been admitted to the programme. For more details on scholarships, please refer to: Faculty The MWM faculty members come from, SFI, Yale SOM and the wealth management industry. Career and Internship Opportunities Companies which have hired our students include: ABN AMRO, APS Asset Management, Bank Julius Bär, Bank of Singapore, BNP Paribas Private Bank, Capital International, Citi Private Bank, DBS, Deutsche Bank Private Wealth Management, GIC, HSBC Private Bank, Lion Capital, Morgan Stanley, NTUC Income, OCBC Bank, Pioneer Investment Management, Standard Chartered Bank, State Street Global Advisors, Temasek, UBS AG, UOB Asset Management and United Overseas Bank. Between study blocks, you will have the opportunity to intern in various financial institutions facilitated by WMI. For a list of WMI s industry partners, please refer to:

6 Synopsis of Core Modules STUDY BLOCK I BUILDING BLOCKS TO MANAGING WEALTH Financial Statement Analysis This course examines key financial accounting and reporting issues relating to corporations as well as the analysis and interpretation of financial statements prepared under international accounting standards. The objective is to attain technical and analytical proficiency in using financial reports to evaluate the operating performance and financial health of companies. Topics include financial ratios, profitability analysis, cash flow analysis, credit risk analysis, business combinations, leases, off-balance sheet transactions, intangible assets, impairment of assets, revenue recognition and foreign exchange accounting. Macroeconomics and Global Financial Markets This course focuses on the world of international finance, economics and policy and capital flows to allow participants to appreciate the global financial markets. More than 70% of the countries around the world are currently facing a low interest environment. At the same time, Central banks in the developed countries, including US, Japan, UK and Switzerland are printing currencies more than they would in normal circumstances to buy assets. If and when the money printing policy is withdrawn, emerging economies will go through convulsions. Policies pursued in the developed world have disproportionate influence on many countries, including ASEAN and India, and this may result in a boom-bust economy scenario in the near future. In sum, this course will analyse the macroeconomic issues affecting the global financial markets in general and its ramifications for the wealth management market. Quantitative Methods for Investment Analysis This course covers basic techniques in data analysis with special reference to investment. A practical orientation will be adopted focusing on identification of appropriate techniques, execution of analysis and sound interpretation of results. Topics include probability distributions, confidence interval estimation, hypothesis testing, correlation and regression analysis, and time-series analysis. Ethics Participants will develop an appreciation and understanding of business, financial and personal ethics. This course explores business responsibility from rival theoretical and management perspectives. Topics include prudent financial management, product safety, corporate responsibility, and creating an ethical environment within the organisation. STUDY BLOCK II DEEPENING WEALTH KNOWLEDGE Corporate Finance This course focuses on decisions affecting corporations in the areas of investment, financing/dividend payments and operational decisions. It equips participants with conceptual and analytical skills necessary to make both routine and nonroutine financial decisions. It covers financial analysis and planning, capital budgeting, cost of capital, capital structure and dividend policy. It includes topics such as IPOs, mergers & acquisitions and corporate restructuring. Cases will be used to illustrate the concepts and tools introduced in the course. Analysis of Equities This course provides a blend of theory and practice to analyse equities as an asset class. It covers the process of fundamental analysis as a tool for security selection. It discusses a number of equity valuation techniques for specific industries and/or companies. These include both absolute and relative valuation approaches using asset values, earnings, dividends, cash flows and technical analysis. Portfolio Analysis This course focuses on the concepts, analytical tools and process of portfolio management. It covers the basic concepts of investments, including risk and return, portfolio diversification and performance evaluation. The course will include case studies and the development of appropriate investment policy statements for individuals and institutions. Participants will be involved in a simulated investment activity. Analysis of Fixed Income This course focuses on fixed income markets, products and basic analytical tools used in analysing fixed income securities. Topics include term structure of interest rates, yield curve dynamics, duration and convexity, bond portfolio management strategies and credit rating. The coverage includes a more advanced array of fixed income instruments including high-yield bonds, asset-backed securities, swaps and credit derivatives. STUDY BLOCK III SPECIALISATION OF WEALTH NEEDS Analysis and Applications of Derivatives This course covers concepts of derivative pricing for instruments such as forwards, futures, options and swaps. Participants will develop an understanding of how these instruments work, how they are used and how they are priced, including basic valuation models such as the Black Scholes model. Private Equity and Venture Capital This course provides an introduction into the workings of the private equity and venture capital markets. It will discuss the principles of entrepreneurial financing from the perspective of an entrepreneur, and how venture capitalists invest in promising startups. Investment principles and valuation models such as discounted cash flow models, P/E multiples and alternative pricing models will be covered. Portfolio Management This course focuses on fund management practice. It discusses strategic and tactical asset allocation and active portfolio management. The course will cover advanced concepts of investments and their applications to meet the needs of sophisticated institutional and individual investors. Course will include interactive discussions and analysis of the contemporary investing scene and global capital markets. Wealth Planning This course provides participants with an overview of wealth planning including an understanding of multi-jurisdiction legislation for international wealth transfers. Participants will learn to appreciate the use of trusts in intergenerational wealth planning.

7 STUDY BLOCK IV GLOBAL WEALTH OUTLOOK Client Relationship Management (SFI) This course discusses the building blocks of great client experiences, how to build a great client book and the investment advisory process. Special Topics in Wealth Management (SFI) This course covers topics relevant to wealth management such as Islamic banking, family business and the family office. Alternative Investing (Yale SOM) This course covers alternative investments including private equity, real estate and commodities. Other topics including behavioural finance will also be discussed. STUDY BLOCK V WEALTH EXPANSION AND DEVELOPMENT Structured Products This course covers the foundations and use of structured products by banks, financial institutions and investment managers. It covers equity structures, fixed income structures, currency structures, commodity structures and hedge fund wrappers. Some of these structures range from simple derivatives like warrants, option-embedded bonds, equity-linked notes, dual-currency options, reverse floaters and similar forms of innovative financial instruments. Participants will develop an understanding of the risk, return and structuring of some of these products, and their use in investment management. Hedge Fund Investment This course provides participants with an understanding of the theoretical and practical aspects of hedge fund investments, strategies, products and the risk/return of hedge fund investments. Financial Advisers Law and Islamic Finance This course covers the essential aspects of the law as it affects financial advisers. The topics include the regulation of financial advisers, negligence liability, contractual liability and international legal issues in financial advisory contracts. The course is extended to cover Islamic Finance with a discussion of the main principles of Shariah law, forced heirship and Islamic products. Advanced Study Project All participants are required to complete a project which allows them to apply the concepts and principles of wealth management in a commercial setting. Participants may focus their final projects on one of the following areas: Private banking Asset management Innovative products, processes or services in wealth management Voices from Alumni My time at has been very meaningful. The programme allowed me to enhance my knowledge and network with many friends from the region. Working with a diverse group of classmates, especially private bankers and asset managers, offered a perspective of the wealth management industry. The internship opportunities with companies in Singapore also provided the right balance between theoretical knowledge and real-life practice in a dynamic business environment. Benjawan TAMMAKUL, Class of 2009 Bank of Thailand, Thailand I selected the Master of Science in Wealth Management over an MBA from other prestigious colleges because it promised real world learning and I was not disappointed. During the course of the programme, I got to work with a local bank in their wealth management department as well as a venture capital firm, which broadened my horizons. My class consisted of people from different nationalities and with diverse work experiences, from central bankers to those in the pharmaceutical industries. Working with people from different backgrounds and nationalities allowed me to appreciate different viewpoints and helped shape my world view. The overseas leg of the course was a delight. We got to interact with the Chairman of Bank Julius Baer, visited the head office of Credit Suisse in Zurich and learnt the nuances of private banking from the country which started the industry. The Yale leg of the trip allowed us to experience Ivy League learning and we learnt about CDO s from people who were involved in cleaning up the mess which resulted from the 2008 financial crisis. I will highly recommend the programme to anyone who has an interest in the private banking and wealth management industries. Prateek SINHA, Class of 2014 UTI Asset Management, Singapore It has been a fulfilling journey for me throughout my one year in the MWM programme. The curriculum is structured such that students get both theoretical and practical knowledge in wealth management. We have a good mix of lecturers who are academic professors, as well as industry practitioners. In this way, we are able to apply the concepts taught to the real world. In addition, we are provided with an all-rounded education, from securing internships with private banks and asset management companies, to the overseas experiences in SFI and Yale University. The internship provided me with industry exposure which complemented my degree. Indeed, this one-year programme has been an exciting journey, as it has opened a window of opportunity for me. Peggan TAN, Class of 2013 Royal Bank of Canada, Singapore This MWM programme is both very intense and very rewarding at the same time. I certainly got more than what I had signed up for! In just a short span of one year, we were able to cover a very wide range of critical topics across the entire wealth management value chain. At the same time, vast amounts of material were covered and the lectures were very detailed. Both the professors and external adjunct lecturers are top-notch. There is also a strong emphasis on practical knowledge and I have learnt so much from the very interactive lectures, case studies and project work. Needless to say, the overseas Alternative Investment Module at Yale was a unique once-in-a-lifetime experience. My very sincere thanks to Prof Francis Koh and all the professors, for opening up my mind and crafting such a comprehensive and unique course! HENG Koon How, Class of 2010 Credit Suisse, Singapore

8 Office of Postgraduate Professional Programmes Administration Building 81 Victoria Street Singapore Tel +(65) Fax +(65) Printed in Jan 2015