University of Oxford Diploma in Financial Strategy

University of Oxford Diploma in Financial Strategy

Dean s welcome 2 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

The Oxford Diploma in Financial Strategy is an opportunity for finance professionals to acquire an Oxford qualification and experience the intellectual challenge of a masters-level programme. Participants develop a thorough understanding of the principles of finance, strategy and valuation which enables them to take their careers to the highest level. The study of finance is at the core of Saïd Business School s mission. This postgraduate diploma, and the professionals who take it, make a significant contribution to its success. Professor Peter Tufano Dean, Saïd Business School, University of Oxford WWW.SBS.OXFORD.EDU/DIPFINANCE WWW.SBS.OXFORD.EDU/CYBER 3

The bridge to board level performance The Oxford Diploma in Financial Strategy is a postgraduate qualification that provides expertise in finance, strategy and corporate valuation. The part-time modular structure allows participants to continue to excel in their busy careers while fulfilling their potential. It is a unique opportunity to broaden and enhance skills and professional experience while gaining an Oxford qualification. Participants develop a thorough understanding of the principles of finance, strategy and valuation which enables them to take their careers to the highest level. The Diploma is for experienced finance practitioners and senior managers. The programme is rigorous and intellectually challenging. It provides graduates with the financial acumen of an investment banker, the strategy techniques of a consultant, and the business knowledge of a finance director. It complements existing qualifications and contributes towards professional CPD requirements. The Diploma programme is based on four fast moving modules of teaching from world leading experts in strategic management, finance, and corporate valuation. Saïd Business School is a fully integrated part of the University of Oxford. Since it was founded in 1996, the School has become firmly established as one of the most prestigious business schools in the world. It is modern, dynamic and at the forefront of business and finance research, yet is grounded in centuries of academic tradition. Our admissions process is highly selective and brings together an extraordinary group of high achievers from a wide variety of countries and industry sectors. The Oxford Diploma in Financial Strategy has been, without a doubt, the right programme for me to develop the financial understanding and strategic outlook that I need to perform at the top level in my organisation. Gary Minter, Real Estate 4 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

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Programme outline Saïd Business School has particularly rich expertise in the areas of finance and strategy. The Oxford Diploma in Financial Strategy draws these together to provide professionals with a distinct intellectual edge combined with a practical understanding of business and value creation. The Diploma is completed alongside participants full-time role and consists of four core modules interspersed by independent study and project work. Each module is taught over four days of intensive teaching at Oxford. The project then integrates and applies the insights gained to an area of particular interest to the participant or their organisation. Academic assessment The Diploma is built on four core courses that are completed module by module within one year. Each module begins on a Wednesday and concludes on Saturday afternoon, allowing participants to combine work with study. All four modules are assessed by a mixture of examinations and assignments. Participants must pass all four modules and a business project in order to be awarded the Diploma. Participants who pass and are awarded the Diploma are offered the opportunity to receive their Diploma at a traditional Oxford University ceremony. Business project The Diploma concludes with a final project report that integrates new insights from the programme. The project report of up to 10,000 words will be based on current or emerging specific strategic or organisational issues taking place within the participant s own organisation or sector. What I do for my job is by nature strategic. I have to defend my decisions, often at board level as they are linked to the strategy of the company. All the topics of the diploma, including mergers and acquisitions, venture investments and valuation aspects linked to business, are the building blocks of what I have to construct. I feel Oxford has given me the necessary knowledge and confidence to get my message across to highly-experienced top managers. Rodrigo Navarro, New Business Creation Manager, DSM Innovation Center Module One Strategy Strategy is the art of creating superior performance. It defines the business the organisation is in, and how to structure and manage the organisation for long term success. This module explains the process and practice of formulating the strategy of individual business units competitive strategy and the nature of strategy for the multi-business firm corporate strategy. Participants develop the ability to apply strategy models in the structured analysis of business issues and to devise and evaluate future plans of action. They consider how organisations align internal resources and capabilities with the external competitive and macro-economic environment to formulate strategy. Participants develop the analytic skills of a strategy consultant and the ability to present, defend and interrogate proposals in strategic decision making. This module will cover: Goals and strategies Competitive advantage Industry analysis Strategy and change Diversification Global strategy 6 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

The Diploma in Financial Strategy encourages you to step-back and consider the bigger picture, by looking beyond just the purely financial aspects of any situation, to also consider strategic factors. Developing this skill has been key for me and I believe that I can now offer my clients more balanced and well-rounded advice as a result of having broadened my thinking. Laura Maddison, Director TMT Corporate Finance Advisory, Deloitte Module Two Business Finance In this module we measure the value that investments create for investors, and understand how this value is shared amongst the various claimants on the firm s profits. Starting with a review of discounting the module then explores how the assumptions made about a corporate project or entire firm are turned into a cashflow forecast. Next, the measurement of risk and return is examined, to see how investors build portfolios in order to trade off risk against return which will also enable participants to estimate the return required by investors. We analyse the ways in which the capital structure decisions affect the value of an investment and finally, the module discusses derivative securities and the market for initial public offerings. This module will cover: Discounting and Bond Maths Capital Budgeting Capital Asset Pricing Model Capital Structure and Tax Options Initial Public Offerings Module Three Financial Strategies for Growth This highly practical module will look at the various methods used by companies to expand their businesses, including mergers and acquisitions, and will seek to understand whether, and how, they create value. Participants will review the unique legal, cultural and procedural issues involved when a company attempts to expand globally. Financial modelling, due diligence and integration techniques will be examined to show the common elements of successful growth strategies and areas to be avoided. Financial Strategies for Growth will help participants to develop a solid and practical awareness of the best ways to grow organisations given a particular situation, as well as the pitfalls to avoid. This module will cover: Developing a Strategy Financial Analysis and Due Diligence Mergers and Acquisitions International Growth Combining Growth Strategies Module Four Corporate valuation This concluding module incorporates knowledge developed throughout the programme and provides the in-depth understanding and ability to make optimal strategic investment decisions. In explaining the mechanics of corporate valuation, we also discuss how to create (and destroy) corporate value. We demonstrate that valuation is not a precise science, and that the strategic fit and successful integration of projects is as important as the calculation and analysis of a number. The programme sharpens valuation skills in a variety of contexts including the valuation of human capital, firms in financial distress, valuation in a competitive environment and in a private equity setting. Applications include large-scale investment projects, brand launches, venture capital investments, IPOs, mergers, diversification decisions, R&D, and joint ventures. This module will cover: Fundamentals of valuation DCF and project analysis Valuing human capital Value creation Relative valuation WWW.SBS.OXFORD.EDU/DIPFINANCE 7

The diploma candidate The programme is for finance professionals, and general managers looking to equip themselves to lead the financial and business strategy of their organisation. Participants typically have ten years professional experience, and must have a minimum of five years plus a good first degree. Participants learn as part of a highly experienced and qualified group from across the globe. They represent all industry and public sectors, in addition to financial services, and range from independent specialist consultancies, through medium-sized businesses, to multinational corporations and financial institutions. The unique group offers an unparalleled opportunity for peer to peer learning, high level discussion and international networking. Each module was very practical, energetic and informative. The class profile was exceptional and the networking opportunities way beyond my expectations. Frequent contact with top decision making executives (CEOs/CFOs), elaborate discussions on the financial strategies of their organisations, application of theory in the real corporate environment, and the development of on-going friendships are all priceless. I ve observed immense changes in my knowledge over the duration of this programme. Syed Shahzad, Investment Banking Participants by region (%) 22 Europe (excluding UK) 27 UK 22 North America 2 Latin America 10 Africa 5 Middle East 10 Asia 2 Australasia 8 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

Previous education (%) Undergraduate Masters 35 39 MBA 22 Doctorate Professional Qualifications 2 2 Average nationalities 25 Average class size 46 Age range (%) 10 26 29 24 30 34 29 35 39 8 40 44 17 45 49 12 50+ Employment (%) 39 Finance/insurance 17 Professional services/consulting/law 10 Construction/real estate/building mat. 5 Food/beverage producers 5 Oil/gas/energy producers 5 Telecommunications 5 Transport/logistics 14 Other business sectors WWW.SBS.OXFORD.EDU/DIPFINANCE 9

Case studies Olga Pisarenko, Vice-President, ZAISGroup International, LLP Even with my background as a fully qualified and experienced chartered accountant I still wanted to develop my understanding of financial theory and practice. As organisations grow there are many tough challenges and to be a first-rate finance professional it is important to have a thorough and current understanding of international finance, markets and strategy. I chose the Oxford Diploma in Financial Strategy because I wanted to be able to make those big strategic decisions and to increase my knowledge about financial markets, applications and strategic analysis. To study at one of the top universities in the world was a fantastic opportunity. The teachers matched Oxford University s reputation and the knowledge I gained, including the way it was delivered in the classroom, was exceptional. Midway through the diploma programme I moved from being an accountant to working for a hedge fund as the knowledge I had gained on the finance modules had already given me the confidence and expertise to successfully move into a wider financial arena. I also learnt a lot from my peer group on the diploma. At every coffee break and dinner we shared experiences and knowledge. In fact, the networking was exceptionally useful and I met many entrepreneurial people at Saïd Business School. This inspired me to set up my own company in accounting and financial consulting in parallel to working full-time. I love the new challenges that have arisen from the Oxford Diploma in Financial Strategy and I now have the confidence to address them head on. Albert Li, Investment Banking I decided to take the Oxford Diploma in Financial Strategy to update and perfect my knowledge since my MBA taken 20 years ago and my PhD six years ago. The experience in Oxford is unique and extraordinary. The modules are excellent on theoretical and practical levels. I particularly enjoyed Professor Morrison s Finance I module, which helped me rebuild a strong theoretical foundation for the application of project evaluations and investment decisions. The leveraged buy-out techniques in Finance II were also a very useful tool for evaluating M&A projects for my firm. Classmates are all elites in the financial and banking industries. I treasured the opportunity of discussing strategic issues with them. The Diploma is definitely worthwhile, even to those with extensive experience in corporate finance or investment banking. 10 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

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Selected faculty The Diploma is taught by members of Oxford s outstanding finance and strategy faculty team. The programme leaders bring access to world leading research and a wealth of industry experience. Howard Jones, Finance, Academic Director Dr Howard Jones joined Oxford from a successful 15-year career in investment banking at Deutsche Bank and BNP Paribas. He was Worldwide Head of Equity Capital Markets, responsible for equity and equityrelated capital raising. He earlier worked in debt capital markets and fixed income trading. Howard teaches the Capital Raising Techniques, and Trading and Market Microstructure courses on the Oxford MBA and MSc in Financial Economics and has particular expertise and experience in IPOs and primary markets. Richard Whittington, Strategy Richard Whittington, Professor of Strategic Management, teaches strategy courses and heads the Strategy, Entrepreneurship and International Business Group at Saïd Business School. Amongst his nine books are the prize-winning What is Strategy and Does it Matter? and the biggest selling strategy textbook in Europe, Exploring Corporate Strategy. Bob Stefanowski, Finance Bob Stefanowski is Visiting Professor of Management Practice and has 25 years experience in the Global Financial Services Sector including strategic and operational leadership, business turnaround, direct investing, board governance and regulatory compliance. As Chief Financial Officer of UBS Investment Bank, Bob has been instrumental in restructuring the bank to a smaller, more capital efficient, economically profitable organization. Bob was previously Chairman and Managing Partner, International of 3i Private Equity, a FTSE 100 Company and CEO of GE Corporate Finance EMEA for General Electric Capital. His first book Making M&A Deals Happen was published by McGraw Hill Publishing in February 2007. Han Ozsoylev, Finance Dr Han Ozsoylev is a University Lecturer in Financial Economics at Saïd Business School, and Fellow of Linacre College. He teaches the core managerial economics course on the Oxford MBA. His current research deals with communication in markets and its economic consequences, questions related to market manipulation, and the causes of crashes and frenzies. 12 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

Visit our faculty pages at www.sbs.oxford.edu/dipfinance Ken Okamura, Finance Dr Ken Okamura completed his DPhil at Saïd Business School. His doctoral research focused on the Japanese financial crisis of 1997 2003, specifically looking at bank-firm relationships and bankruptcies. Prior to this he was the Chief Strategist for Japanese equities at Dresdner Kleinwort Wasserstein. He has also worked in private equity for Dresdner Kleinwort Capital and as a fund manager for Baring Asset Management. Ken has an LLB from the University of Exeter, an MA in International Business from Sophia University and an MSc in Management Research from Oxford University. He is also a Chartered Financial Analyst. Kathy Harvey, Director, Executive Degree Programmes Kathy Harvey is responsible for the development of postgraduate diplomas and the Executive MBA programme at Saïd Business School. She has extensive experience of working with senior executives from international organisations, and has worked closely with clients from many sectors to deliver management development programmes. Kathy began her career as a BBC journalist and has written for a variety of publications, including the Independent, Financ ial Times and Sunday Times. It s a tough market out there and the Diploma is certainly a door opener. As well as having the academic pedigree of Oxford, it s a very commercial programme the diversity of the participants, and the expertise of the professors mean that it s tuned into real life. Victoria Cornish, Director International Internal Audit, Live Nation WWW.SBS.OXFORD.EDU/DIPFINANCE 13

The business case Building your business case Many candidates are self-funding, but if you are seeking support from your employer it may be helpful to prepare a skills gap analysis. Think through where you currently fit in your organisation and how the Oxford Diploma in Financial Strategy will enhance the contribution you make. Match your objectives in undertaking the Diploma to those of your organisation by using the module content on page six. Illustrate how an increased knowledge of these areas could benefit your organisation. Consider a strategic issue facing the organisation that you could research in more detail for the business project. This ensures a project of direct relevance to you and results in a valuable piece of internal consultancy work for your organisation. Programme benefits Presenting your case to your organisation is likely to include information on how organisations and participants benefit from the programme. For instance: For individual performance Develop world class strategic and financial management skills Build on existing knowledge, qualifications and experience Acquire the strategic perspective to progress to the highest level Access the latest research and thinking in finance and strategy with world leading Oxford University faculty Exchange experiences, generate ideas and discuss strategic issues with a senior financial peer group from around the globe and across sectors Exposure to the top ranks of the business world via seminars, guest lectures and other networking opportunities Join the Oxford Business Alumni with access to a global network of Oxford University graduates in business For organisational performance The modular format enables participants to integrate study into their working lives, while remaining a productive and contributing member of the management team Participants can apply their learning directly, adding value to their organisation from the first module Participants gain increased expertise and confidence, enabling them to impact directly on strategic business decisions Employer involvement in the Business Project is encouraged and contributes to the expertise available to the organisation Oxford networks As a member of Oxford Business Alumni (OBA), graduates of the Oxford Diploma in Financial Strategy will be able to maintain a lifelong connection with the School and the wider University of Oxford. Joining the OBA provides access to the network directory, an invaluable tool for networking with organisations throughout the world, and the opportunity to attend high profile events both in Oxford and internationally. Further information can be found at www.oxfordbusinessalumni.org Diploma students are Associate Members of St Hugh s College. Founded in 1886 St Hugh s is considered one of the most beautiful Oxford colleges and is the home of the prestigious new Dickson Poon University of Oxford China Centre. Membership of an Oxford college enables you to make connections with faculty and students across different disciplines. Diploma participants also have access to certain college facilities during their time here at Oxford. Pathway to the Oxford Executive MBA Some Diploma participants may already hold an MBA; others may be seeking to broaden their knowledge through this general management qualification. Participants who graduate from one of the Oxford Diplomas and successfully apply for Saïd Business School s prestigious Executive MBA programme are automatically exempt from those modules they have already taken through the Diploma programme. They also receive a reduction in fees, equivalent to 60% of the value of their Diploma course fee. 14 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

The Diploma in Financial Strategy has already paid for itself. Half way through the programme I managed to sign a new client who had previously not given me the time of day. The rigour of having gained a University of Oxford qualification carries a lot of weight in the US and I knew the diploma would help me to target corporations and clients I couldn t reach before. I can t overstate enough how much the name resonates among major businesses. Joel Baxley, Managing Partner, Baxley Property Advisors, LLC Case studies Marcia Favale-Tarter, Financial Consulting I own my own company advising governments or companies on financial matters. I am currently advising the government of Kazakhstan on restructuring their banking sector, with specific responsibility for two banks with US$18bn under advisory. I attended the Oxford Diploma in Financial Strategy because I wanted to re-test my financial knowledge and re-challenge certain concepts. It is good to test yourself with colleagues who have a lot of experience. It s one thing to learn the theory when you are 21 but quite another when you revisit those concepts with 17 years of experience under your belt. The programme piqued my interest to the point that I progressed onto the full Oxford Executive MBA. I found it an effective academic foundation and the class around me provided a challenging overlay. Bonds were forged which made the programme truly memorable. The entire group was one you would want to be associated with and we worked in a very conducive environment. If you are considering taking the Diploma, my advice would be do it, but be aware that it is going to be harder than you thought which is a good thing. Rami Hamze, Vice President, Mubadala Development Company, United Arab Emirates The higher you go in your career the more you feel the need for executive education yet the more challenging it becomes to find the time for it. As my career was growing it was essential for me to widen my exposure and develop my strategic skills. The Oxford Diploma taught me that strategy is not about landing on one right answer, but more about understanding the situation a business is in and identifying the available options. The Diploma ensures you really understand the DNA of value creation. As the class reunited for the second module it became clear that lasting relationships had been established that were more than simply a good professional network. The classroom felt more like a forum of strategic finance professionals! The discussions were very constructive and enlightening, especially with the group representing diverse markets such as Dubai, Singapore, Sydney, Hong Kong and Brazil. The Diploma in Financial Strategy has given me a stronger and broader skill set with which to lead a large team and to handle strategic challenges. Holding a postgraduate qualification from the University of Oxford was an important factor in the success of my recent career move: I have just joined a prominent sovereign investment company in Abu Dhabi. As an individual, I have also invested in a classmate s fund and am now in discussions with other friends from the programme to found an investment fund together. But most importantly of all, graduating from the Oxford Diploma in Financial Strategy has been a very significant personal achievement. WWW.SBS.OXFORD.EDU/DIPFINANCE 15

How to apply Candidates should apply online at www.sbs.oxford.edu/apply If you require any assistance with your application or would like to discuss any aspect of the programme please contact Andy Poole Tel: +44 (0)1865 288861 andy.poole@sbs.ox.ac.uk Pricing and payment schedule The fee for the 2016 programme is 21,500. A 20% deposit is required to secure the place on acceptance. The balance is due no less than eight weeks before the start of the programme. The programme fee covers tuition, course materials, essential reading texts, examinations, assessments and supervision. Lunch and refreshments are provided and there will be a dinner at a selected historic Oxford College during each module. The programme fee does not include accommodation. Application process and deadlines Admissions are processed through a system of review before a final decision is reached. Each application is considered individually and a waiting list will operate once the programme is full. Admissions criteria The Oxford Diploma in Financial Strategy is designed for experienced executives who aspire to, or already hold, strategic management positions. In order to be considered for the programme candidates must be able to demonstrate the following: Intellectual ability: A good undergraduate degree or equivalent professional qualification is required. Applicants who do not hold such qualifications may be considered if they have a very strong employment history, demonstrating their ability as a high achiever. English language proficiency: The programme is taught in English. A Test of English as a Foreign Language (TOEFL) or International English Language Test Scheme (IELTS) is required if English is not your native language. Candidates with a degree from, or significant experience of working in, an English speaking country may be granted exemption from this requirement. Please see our website for further information on our English language requirements. TOEFL TOEFL IELTS ibt Paper Minimum Score 110 630 7.5 Professional experience: Candidates will usually have at least five years professional experience and be familiar with the challenges of business strategy and organisational change. 16 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

I found the programme rigorous and intellectually challenging. The quality of the teaching faculty is exceptional and it is a privilege to be part of the Oxford world. For me, an unforeseen and invaluable benefit was the opportunity to meet so many people from different geographical and professional backgrounds and to debate issues and form relationships with them. Lynzi Harrison, Head of Business Partnering and Reporting for Shared Services, Skandia WWW.SBS.OXFORD.EDU/DIPFINANCE 17

Andy Poole Associate Director, Business Development Executive Degree Programmes Saïd Business School Park End Street Oxford, OX1 1HP United Kingdom Tel. +44 (0)1865 288861 Email: andy.poole@sbs.ox.ac.uk www.sbs.oxford.edu/dipfinance 18 UNIVERSITY OF OXFORD DIPLOMA IN FINANCIAL STRATEGY

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Andy Poole Associate Director, Business Development Executive Degree Programmes Saïd Business School Park End Street Oxford, OX1 1HP United Kingdom Tel. +44 (0)1865 288861 Email: andy.poole@sbs.ox.ac.uk www.sbs.oxford.edu/dipstrategy Saïd Business School Taught Programmes Executive Education Finance Saïd Business School at the University of Oxford blends the best of new and old. We are a vibrant and innovative business school, but yet deeply embedded in an 800-year-old world-class university. We create programmes and ideas that have global impact. We educate people for successful business careers, and as a community seek to tackle world-scale problems. We deliver cutting-edge programmes and ground-breaking research that transform individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a worldclass university, tackling worldscale problems. MBA Oxford 1+1 MBA Programme Executive MBA MSc Financial Economics MSc in Major Programme Management MSc in Law and Finance Diploma in Financial Strategy Diploma in Global Business Diploma in Organisational Leadership Diploma in Strategy and Innovation BA in Economics and Management Research Programmes General Management Oxford Advanced Management and Leadership Programme Oxford Transition to Leadership Programme Leadership Oxford Strategic Leadership Programme Oxford High Performance Leadership Programme Women Transforming Leadership Programme Oxford Programme on Negotiation Corporate Reputation and Executive Leadership Programme Oxford Finance Programme for Senior Executives Oxford Impact Investing Programme Oxford Private Equity Programme Oxford Chicago Valuation Programme Oxford Real Estate Programme Custom Programmes DPhil Programme in Management Studies Strategy and Change Oxford Scenarios Programme Consulting and Coaching for Change CIO Academy Corporate Affairs Academy Retail Location Analysis Oxford Cyber Risk for Leaders Programme WWW.SBS.OXFORD.EDU 2015 SAID BUSINESS SCHOOL