MA in Finance and Investment Syllabus

Course structure

Stage I

Modules - Core modules

Business and Financial Analysis

Quantitative Finance and Financial Markets

Corporate Finance

Research Methods

Stage II

Modules - Elective modules

Specialisation Module I*

Specialisation Module II*

Specialisation Module III*

Research Methods

Stage III

Modules

Dissertation

*See below for elective specialisation modules. All specialisations are available subject to student demand.

Specialisations and elective modules

MA in Finance and Investment (Financial Risk Management)

• Equity and Fixed Income Investments
• Derivatives and Alternative Investments)
• Financial Risk Management

MA in Finance and Investment (Accounting and Financial Management)

• Corporate Governance and Ethics
• Advanced Corporate Reporting
• Performance Management and Control

MA in Finance and Investment (Investment Banking and Capital Markets)

• Equity and Fixed Income Investments
• Derivatives and Alternative Investments
• Financial Risk Management

MA in Finance and Investment (Retail Banking and Money Markets)

• Money and Foreign Exchange Markets
• International Retail Banking
• Financial Risk Management

MA in Finance and Investment (Mergers, Acquisitions and Private Equity)

• Corporate Governance and Ethics
• M&A and Private Equity
• Advanced Corporate Finance

MA in Finance and Investment (Islamic Banking and Finance)

• Fundamentals of Islamic Finance
• Islamic Banking Operations
• Islamic Portfolio Management

Topics covered:

• Business Analysis I: Internal analysis, value chain, audit and competitive advantage
• Business Analysis II: External analysis, PESTLE, SWOT and five forces
• Business Analysis III: Competitive strategy, generic strategies and SPACE model, stakeholder analysis and choices
• The Basic Financial Statements I: The balance sheet
• The Basic Financial Statements II: The income statement
• The Basic Financial Statements III: The statement of cash flows
• The Basic Financial Statements IV: A closer look at profits
• The Applications and Limitations of EBITDA
• The Reliability of Disclosure and Audits
• Forecasts and Security Analysis: Forecasting financial statements
• Financial Statement Analysis for Credit
• Financial Statement Analysis for Equity

Topics covered:

• An overview of the five main financial markets (Equity, Fixed income, Derivatives, Money Markets, and Alternative Investments)
• The time value of money and its application in the financial markets
• Discounted cash flow applications and their application in the financial markets
• Statistical concepts, market returns and their application in the financial markets
• Probability concepts and their application in the financial markets
• Common probability distributions and their applications in the financial markets
• Sampling and estimation and their application in the financial markets
• Hypothesis testing and its application in the financial markets
• Correlation and regression and their application in the financial markets
• Multiple regression and issues in regression analysis and their application and management in the context of the financial markets
• Time-series analysis and its application to the financial markets
• Portfolio concepts and their application to the financial markets

Topics covered:

• Corporate governance and its impact on firm value
• Capital Structure: The MM and other relevant theories
• Measures of Leverage: Internal and external
• Dividends and Share Repurchases Basics
• Dividends and Share Repurchases: Analysis
• Working Capital Management: Different approaches
• Introduction to Portfolio Theory
• Sources and Cost of Capital I
• Sources and Cost of Capital II
• Capital Budgeting I: Traditional methods and discounted cash flow I
• Capital Budgeting II: Discounted cash flow approaches II
• Capital Budgeting III: Advanced approaches

Topics covered:

• Governance and Responsibility I: The scope of governance, agency relationships and theories, and the board of directors
• Governance and Responsibility II: Board committees, directors’ remuneration and different approaches to corporate governance
• Internal Control and Review I: Management control systems in corporate governance
• Internal Control and Review II: Internal control, audit and compliance in corporate governance, and internal control and reporting
• Internal Control and Review III: Management information in audit and internal control
• Identifying, Assessing and Controlling Risk I: Risk and the risk management process and categories of risk
• Identifying, Assessing and Controlling Risk II: Identification, assessment and measurement of risk
• Identifying, Assessing and Controlling Risk III: Targeting and monitoring risk and methods of controlling and reducing risk
• Identifying, Assessing and Controlling Risk IV: Risk avoidance, retention and modeling
• Professional Values and Ethics I: Ethical theories and different approaches to ethics and social responsibility
• Professional Values and Ethics II: Professions and the public interest and professional practice and codes of ethics
• Professional Values and Ethics III: Conflicts of interest and the consequences of unethical behaviour and ethical characteristics of professionalism

Topics covered:

• The Financial Reporting Framework
• Reporting the Financial Performance of Entities
• Financial Statements of Group of Entities I: Consolidated statement of financial position
• Financial Statements of Group of Entities I: Consolidated statement of financial position
• Financial Statements of Group Entities II: Statement of comprehensive income
• Financial Statements of Group Entities II: Statement of comprehensive income
• Financial Statements of Group Entities II: Statement of comprehensive income
• Financial Statements of Group Entities III: Statement of cash flows
• Financial Statements of Group Entities III: Statement of cash flows
• Financial Statements of Groups IV: Notes to the accounts and MDA
• Specialized Entities
• Consideration of changes in accounting regulation and their implication in financial reporting
• The appraisal of performance and position of entities

Topics covered:

• Foundations for Implementing Strategy I: Organizational tensions to be managed and basics for successful strategy
• Foundations for Implementing Strategy II: Organizing for performance and using information for performance measurement and control
• Creating Performance Measurement System I:  Building a profit plan
• Creating Performance Measurement System II: Evaluating strategic profit performance
• Creating Performance Measurement System III: Designing asset allocation systems and linking performance to markets
• Creating Performance Measurement System IV: Building a balanced scorecard
• Creating Performance Measurement System V: Performance prism
• Creating Performance Measurement System VI: Other new age tools
• Achieving Profit Goals and Strategies I: Using diagnostic and interactive control systems for public sector organizations
• Achieving Profit Goals and Strategies II: Aligning performance goals and incentives
• Achieving Profit Goals and Strategies III: Identifying and managing strategic risk
• Achieving Profit Goals and Strategies IV: Levers of control for implementing strategy

Topics covered:

• Asset Valuation I: Equity valuation application and processes
• Asset Valuation II: Equity markets and instruments and return concepts
• Industry and Global Analysis from a Qualitative Approach I: Equity concepts and techniques
• Industry and Global Analysis from a Qualitative Approach II: The five forces that shape industry competition, and their application to equity investments and sustainability of returns
• Discounted Dividend Valuation Model I: Present value models and the dividend discount model
• Discounted Dividend Valuation Model II: The Gordon growth model and the multi-stage dividend discount model
• Valuation Models and Contemporary Equity Valuation Techniques I: Free cash flow models and market based valuation models
• Valuation Models and Contemporary Equity Valuation Techniques II: Residual income valuation models and private company valuation
• General Principles of Credit Analysis and The Term Structure and Interest rates volatility I: Credit rating agencies - what they do and the traditional means of credit analysis
• General Principles of Credit Analysis and The Term Structure and Interest rates volatility II: Historical and contemporary review of the yield curve and theories of the term structure of interest rates and their practical applications
• Bonds as Fixed Income Securities and Valuation of Bonds I: Valuation of bonds without embedded options
• Bonds as Fixed Income Securities and Valuation of Bonds II: Valuation of bonds with embedded options

 Topics covered:

• Forwards and Futures Financial Instruments and Markets I: Types, pricing and valuation of forwards
• Forwards and Futures Financial Instruments and Markets II:  Types, pricing and valuation of futures instruments in the futures markets
• Options Financial Instruments and Markets I: Types of options
• Options Financial Instruments and Markets II:  Pricing and valuation of swaps
• Swaps Financial Instruments and Markets I: Types of swaps
• Swaps Financial Instruments and Markets II: Pricing and valuing swaps
• Derivatives Instruments Designed on Interest Rates and Enhancing Return I: Interest rate futures, interest rate options, interest rate swaps, caps and floors
• Derivatives Instruments Designed on Interest Rates and Enhancing Return II: Credit derivative strategies
• Alternative Investments I: Open and close ended funds, Exchange Traded Funds (ETFs)
• Alternative Investments I: Hedge funds
• Alternative Investments I: Real estate investments
• Alternative Investments I: Commodities and metals investments

Topics covered:

• M&A And Private Equity Valuation Methods I: Comparable companies analysis and precedent transaction analysis 1
• M&A and Private Equity Valuation Methods I: Comparable companies analysis and precedent transaction analysis 2
• M&A And Private Equity Valuation Methods II: Discounted cash flow analysis 1
• M&A And Private Equity Valuation Methods II: Discounted cash flow analysis 2
• Leveraged Buy Outs I: Leveraged buy-out process
• Leveraged Buy Outs II: LBO analysis 1
• Leveraged Buy Outs II: LBO analysis 2
• Mergers and Acquisitions I: Basics

Topics covered:

• Money Markets I: An overview of the money markets
• Money Markets II: Systemic risks, moral hazards, treasury bills and discounting treasury bills
• Money Markets III: US commercial paper and credit risk on USCP, bankers’ acceptances and the Euro-currency markets
• Money Markets IV: Eurocurrency loans and deposits, eurocurrency interest and day-count and eurocurrency certificates of deposit
• Money Markets V: CD yield-to-maturity, Euro-commercial paper
• Money Markets VI: Repos and reverses, other features of repos and repo - case study.
• The Foreign Exchange Market I: Market overview and market structure
• The Foreign Exchange Market II: Sterling and Euro quotations and factors affecting spot FX rates
• The Foreign Exchange Market III: FX dealers and brokers and spot foreign exchange deals
• The Foreign Exchange Market IV: Spot FX trading, spot position keeping and FX risk control
• The Foreign Exchange Market V: Cross-currency rates, outright forward FX rates and outright forward FX hedge - case study
• The Foreign Exchange Market VI: Forward FX formula, FX or forward swaps and FX swap two-way quotations

Topics covered:

• The Financial System and the Function of Banks I: Economics of money, banking and financial markets
• The Financial System and the Function of Banks II: Organization and structure of banking and financial services industry
• Regulation of the Banking Industry I: The impact of government policy and regulation on banking and financial services industry
• Regulation of the Banking Industry II: The impact of Basel 2 and 3 agreements in terms of capital requirements
• Basic Bank Business Model I: The different businesses within the retail banking sector
• Basic Bank Business Model II: Performance measurement
• Financial Analysis of Banking Institutions I: Financial statements of banks and their closest competitors
• Financial Analysis of Banking Institutions II: Measuring the performance of banks and managing their liquidity positions
• Corporate and Marketing Strategies in Banking I: Management of deposit and non-deposit liability - sources of fee income
• Corporate and Marketing Strategies in Banking II: Consumer loans, credit cards and real estate lending - Lending to business firms and pricing business loans
• Managing Banks in a Global Market Place I: M&A in financial services management
• Managing Banks in a Global Market Place II: International banking and the future of financial services industry

Topics covered:

• Interest Rate Risk Exposure I: Interest risk measurement
• Interest Rate Risk Exposure II: Funds, hedge funds, financial institutions and how they manage individual interest rate risk and portfolio approaches
• Market Risk I: Typologies of market risk
• Market Risk II: Market risk measurement and management
• Credit Risk I: Retail banking and credit risk management
• Credit Risk II: Corporate and wholesale market approach to credit risk management
• Operation Risk Management I: Basel approach to operational risk management
• Operational Risk Management II: Different assessment methodologies
• Liquidity Risk and Asset-Liability Management I: Traditional measurement approach
• Liquidity Risk and Asset-Liability Management II: New Basel requirements
• Basel: Basel II: A closer examination
• Basel: Basel III: A different approach?

Topics covered:

• Introduction to Islam and Introduction to Islamic Banking and Finance I: Key concepts of Sharia’a, the Quran, the Sunnah, Ijma’, Qiyas, Ijtihad of Islamic law and the authorities for interpreting the Quran
• Introduction to Islam and Introduction to Islamic Banking and Finance II: The main sources for application of Islamic guidance to commerce, the concepts underlying Islamic finance, the historical development of modern finance and banking
• Financial Techniques in Islamic Banks I: The distinction between a traditional bank and an Islamic bank and the operation of current accounts under Sharia’a conditions
• Financial Techniques in Islamic Banks II: The Islamic banking model and the challenges it presents
• Financial Statements for Islamic Banks I: The conceptual framework of OFRS/IAS
• Financial Statements for Islamic Banks II: The need for Islamic accounting standards and the role and responsibilities of AAOIFI
• Islamic Corporate Governance I: The reasons for Islamic banks presenting different corporate governance challenges to conventional banks
• Islamic Corporate Governance II: The role of the Sharia’a supervisory board in corporate governance and how RIAH and UIAH works in corporate governance
• Islamic Bond Market and Islamic Co-operative Insurance I: The difference between conventional and Islamic securities, and application of the Mudaraba Sukuk, the Ijara Sukuk, and Salam Sukuk
• Islamic Bond Market and Islamic Co-operative Insurance II: The position of Islam regarding insurance, and the three models for understanding and managing the investments of the Takaful

Topics covered:

• Islamic Banking Operations I: Outline of the conventional banking system
• Islamic Banking Operations II: Deposit and resource mobilisation by Islamic banks (liability side)
• Islamic Banking Operations III: Deposit and resource mobilisation by islamic banks (liability side)
• Islamic Banking Operations IV: Financing by Islamic banks (asset side)
• Islamic Banking Operations VI:  Islamic financial markets and instruments
• Islamic Banking Operations VII:  Islamic financial markets and instruments
• Islamic Banking Operations VIII: Venture capital under the Islamic financial system
• Islamic Banking Operations V: Islamic banks services and fee-based operations
• Cooperation between conventional and Islamic banks
• Islamic Banking Operations IX: Venture capital under the Islamic financial system
• Islamic Banking Operations X: Islamic funds and unit trusts
• Islamic Banking Operations XI: Securitisation and Sukuk
• Islamic Banking Operations XII: Securitisation and Sukuk

Topics covered:

• Financial Instruments and Markets and an Introduction to Portfolio Management I
• Financial Instruments and Markets and an Introduction to Portfolio Management II
• Understanding and Applying Passive Asset Allocation I
• Understanding and Applying Passive Asset Allocation II
• Understanding and Applying Active Portfolio Management I
• Understanding and Applying Active Portfolio Management II
• Islamic Law Of Contract and Hedging / Islamic Portfolio Insurance I
• Islamic Law Of Contract And Hedging / Islamic Portfolio Insurance II
• Islamic Asset and Fund Management and Islamic Portfolio Management In Practice I
• Islamic Asset and Fund Management and Islamic Portfolio Management In Practice II
• Globalization and Challenges for Islamic Finance
• Corporate Governance in Islamic Finance

Topics covered:

• Topics in Capital Budgeting II: Types of real options
• Topics in Advanced Capital Budgeting I: Valuation of real options
• Special Financing Decision I: Raising equity and debt capital in global markets
• Special Financing Decision II: The cost of capital in emerging markets
• Special Investment Decision I: Foreign direct investments
• Special Investment Decision II
• Treasury Risk Management I
• Treasury Risk Management II
• Corporate Liquidity Issues
• Corporate Restructuring II

Topics covered:

• The nature of business and management research/consultancy
• Formulating and clarifying the research/consultancy topic
• The practice of management consulting
• Negotiating a scope of work; developing a research proposal
• Consulting as a profession; business research methods and practice
• Formulating the research design and negotiating access and research ethics
• Understanding research philosophies and approaches
• Critically reviewing the literature
• Applicable models for consulting and research
• Selecting samples and using secondary data
• Collecting primary data through observation
• Collecting primary data using semi-structured, in-depth and group interviews
• Collecting primary data using questionnaires
• Analysing quantitative data and qualitative data
• Writing and presenting your project report