MSc Corporate Finance degree

This module will provide you with a solid foundation in the mathematical and statistical techniques and skills used both in your other MSc modules and in the financial industry.

Module content

Topics studied may include:

• mathematical relationships and functions
• basic calculus, including maximisation and minimisation
• descriptive statistics and graphical data summary
• statistical inference and hypothesis testing
• regression analysis
• multicollinearity
• heteroscedasticity
• serial correlation
• basic diagnostic testing.

Learning outcomes

On completion of this module you will:

• have an understanding of the standard mathematical and analytical techniques used by financial analysts and financial market participants, and an awareness of the strengths and weaknesses of these methods
• be able to apply basic techniques of data description and analysis to financial data
• have developed their skills in numeracy, data description, the use of spreadsheets and statistical software.

Teaching and learning

• practical classes and workshops: 4 hours
• lectures: 20 hours
• guided independent study: 126 hours

Assessment

• 1,500-word individual coursework project: 25%
• 2-hour exam: 75%

This module will give you a broad understanding of the core issues in finance and develop your numerical reasoning and data interpretation.

Module content

Topics studied may include:

• rates of return
• interest rates and the time value of money
• capital budgeting
• portfolio theory
• Capital Asset Pricing Model (CAPM)
• the efficient market hypothesis
• the weighted average cost of capital
• basics of capital structure

Learning outcomes

On completion of this module you will be able to:

• explain and interpret rates of return, interest rates and basic bond pricing
• critically discuss the advantages and disadvantages of using various capital budgeting techniques
• undertake a detailed Net Present Value calculation, including calculating the weighted average cost of capital and incorporating taxation
• analyse the rudiments of portfolio selection and how the Capital Asset Pricing Model follows from this environment
• analyse the theory of and selected empirical evidence on the Efficient Markets Hypothesis
• evaluate the impact of capital structure on the value of the firm
• evaluate arguments and evidence in relation to fundamental issues in corporate finance and investments
• employ appropriate tools to analyse and solve problems faced by corporate treasurers and fund managers
• construct a financial data set and apply core financial concepts to analyse it
• communicate quantitative information, analysis, argument and conclusions appropriately for a professional audience

Teaching and learning

• practical classes and workshops: 8 hours
• lectures: 22 hours
• guided independent study: 120 hours

Assessment

• 2,000-word group coursework assignment: 25%
• 2-hour exam: 75%

This module will give you an overview of the financial system, including:

1. an appreciation of the economic problems that financial institutions and markets seek to overcome
2. an understanding of the organisation and operation of the major financial institutions and markets
3. an appreciation of the impact of technology and regulation on the evolution of the industry
4. an awareness of how alternative structures of financial systems seek to solve common problems.

Module content

Topics studied may include:

• an overview of the financial system
• a short history of money
• banking and banking relationships
• bonds and bond markets;
• money markets and liquidity
• equity finance and corporate governance
• equity markets and equity trading
• payments systems and financial infrastructure
• derivatives and proprietary trading

Learning outcomes

On completion of this module, you will be able to demonstrate a comprehensive understanding of:

• the functions of a financial system
• the structure of the global financial system
• the contractual and informational costs involved in financial intermediation
• the main types of financial institution and the principal markets in which they operate
• the historical development of money and banking and of bond and equity markets
• the role of the central bank in the financial system
• the broad costs and benefits of different financial activities.

You will also have:

• acquired knowledge of many of the key terms widely used in financial markets and financial institutions
• an understanding of the balance sheets and income statements of banks and other financial intermediaries
• the ability to critically discuss some of the major controversies about the efficiency and stability of the financial system.
• skills in accessing and summarising data from professional (BankScope and other financial) databases
• knowledge of identifying and extracting key information from a large body of printed and electronic material on the internet and in the financial press and other sources.

Teaching and learning

• practical classes and workshops: 6 hours
• lectures: 20 hours
• guided independent study: 124 hours

Assessment

• group Wiki project: 5%
• group financial institution report: 20%
• 2-hour exam: 75%

This module will enhance your financial literacy and develop your ability to analyse and interpret company financial performance.

Module content

Topics covered may include:

• the nature and purpose of financial reporting in theory and practice
• published financial statements and their relevance to stakeholder needs
• analysing the financial strengths and weaknesses of an organisation within its environment
• international regulation of financial reporting
• accounting for pensions

Learning outcomes

On completion of this module you will be able to:

• define and critically evaluate fundamental principles and concepts of financial reporting
• analyse and interpret financial reports prepared in accordance with International Financial Reporting standards
• critically discuss the contents of published financial reports and the regulation of financial reporting in an international context
• apply fundamental accounting concepts, principles and techniques in the preparation of both cash and accruals based financial reports
• calculate appropriate ratios for analysis and interpretation of financial information
• critically evaluate alternative solutions in complex scenarios

Teaching and learning

• practical classes and workshops: 2 hours
• lectures: 33 hours
• guided independent study: 115 hours

Assessment

• 3-hour exam: 100%

This two-semester module will see you develop an understanding of the financial professional's role in managing company performance.

Module content

Topics studied may include:

• analysis of financial information
• use of Balanced Scorecard approaches to develop strategic understanding of business performance
• self-management: exploring key issues in the areas of developing professional skills such as time management, interpersonal skills and self-learning.
• team working: key theories of team working
• leadership: key theories and practical issues around areas such as project management and decision making.

Learning outcomes

On completion of this module you will be able to:

• demonstrate understanding of the interplay between financial and non-financial performance measurement
• explain and apply key theoretical and practical approaches to communication skills development, including self-awareness and team working
• explain and apply key theoretical and practical approaches to leadership
• define, apply and appraise a suitable framework for business performance management
• identify and apply effective communication strategies within an organisational setting
• work effectively in a team to complete a project on time and produce a high quality presentation
• apply communication and interpersonal skills to project work

Teaching and learning

• practical classes and workshops: 4 hours
• lecturesL 20 hours
• guided independent study: 126 hours

Assessment

• group presentation: 25%
• 1,500-word individual essay: 25%
• 2,500-word group pproject: 50%

This module will:

1. develop a critical understanding of modern corporate finance theory and its associated concept in an international business context
2. provide you with a deeper understanding of the key financial decisions made by public limited companies within the international financial environment in which they operate
3. enable you, through the application of appropriate tools and techniques, to both evaluate and solve complex corporate finance problems.

Module content

Topics studied may include:

• sources of long-run financing
• dividend irrelevance theory and factors affecting a company's dividend policy and alternatives to cash dividends
• firm capital structure and firm value.
• mergers and acquisitions
• firm cash management

Learning outcomes

On completion of this module you will be able to:

• assess the financing structure of companies
• evaluate the role of long-term and short-term sources of finance in determining the value of companies' investment projects
• evaluate possible links between capital structure, payout policy and firm value
• assess potential advantages and disadvantages of mergers and acquisitions
• evaluate differences in corporate finance practices under the international framework
• assess the role of corporate social responsibilities in determining firm performance
• analyse the implications of financing choices (both short-term and long-term) made by corporations
• evaluate the potential effects of mergers and acquisitions on firm value.

Teaching and learning

• practical classes and workshops: 2 hours
• lectures: 30 hours
• guided independent study: 118 hours

Assessment

• 3-hour exam: 100%

This module will:

1. build on the pre-requisite module Principles of Finance
2. develop a thorough understanding of the practice of financial management in companies operating in the international environment
3. develop critical reasoning skills in the context of international financial risk management.

Module content

Topics covered may include:

• foreign exchange markets and parity relations
• management of foreign exchange exposure and political risk
• currency derivatives
• financing
• net present values
• capital structure decisions in international business.

Learning outcomes

On completion of this module you will be able to:

• critically discuss the operations of the foreign exchange market and particularly different potential foreign exchange rate regimes
• describe, both theoretically and empirically, the relationship between foreign exchange spot rates, forward rates, international interest rates and international inflation
• demonstrate how to estimate the magnitude of foreign exchange risk
• evaluate the role that both strategic risk management and derivatives hedging can play in reducing foreign exchange risk and increasing shareholder value
• critically assess current issues in international treasury management
• critically evaluate arguments and evidence in relation to key issues in international finance
• evaluate and assess alternatives in complex international finance scenarios
• reason numerically using advanced techniques and interpret numerical information.
• write an effective group report for an international financial management audience using appropriate tools.

Teaching and learning

• tutorials: 4 hours
• practical classes and workshops: 4 hours
• lectures: 22 hours
• guided independent study: 120 hours

Assessment

• 2,500-word group coursework assignment: 25%
• 2-hour exam: 75%

This module will:

1. deepen and broaden your understanding of conceptual and theoretical issues in accounting and financial management through real life examples
2. develop an understanding of the analysis of firms' financial reports relevant to the investment decision and firms' valuations.

Module content

This module uses the published accounts of major corporations to derive value metrics usable in fundamentals driven trading strategies.

Content may include:

• uses of financial statements
• accrual accounting and valuation models
• analysis of reformulated financial statements

Learning outcomes

On completion of this module you will be able to:

• analyse the origins of corporate value
• critically evaluate how shareholder wealth is created and destroyed
• question the links between financial management and financial stock market analysis
• analyse financial accounting and capital market information in real life cases and situations
• gather financial and other relevant business data from public sources including real-time business information services
• construct Excel-based valuation templates.

Teaching and learning

• practical classes and workshops: 4 hours
• lectures: 30 hours
• guided independent study: 116 hours

Assessment

• 2,000-word group coursework assignment: 25%
• 2-hour exam: 75%

This two-semester module will see you develop an understanding of the financial professional's role in managing company performance.

Module content

Topics studied may include:

• analysis of financial information
• use of Balanced Scorecard approaches to develop strategic understanding of business performance
• self-management: exploring key issues in the areas of developing professional skills such as time management, interpersonal skills and self-learning.
• team working: key theories of team working
• leadership: key theories and practical issues around areas such as project management and decision making.

Learning outcomes

On completion of this module you will be able to:

• demonstrate understanding of the interplay between financial and non-financial performance measurement
• explain and apply key theoretical and practical approaches to communication skills development, including self-awareness and team working
• explain and apply key theoretical and practical approaches to leadership
• define, apply and appraise a suitable framework for business performance management
• identify and apply effective communication strategies within an organisational setting
• work effectively in a team to complete a project on time and produce a high quality presentation
• apply communication and interpersonal skills to project work

Teaching and learning

• practical classes and workshops: 4 hours
• lecturesL 20 hours
• guided independent study: 126 hours

Assessment

• group presentation: 25%
• 1,500-word individual essay: 25%
• 2,500-word group pproject: 50%

This module will:

1. to develop the skills which will allow you to apply knowledge and understanding to complex issues in portfolio management
2. to apply tools of analysis to critically evaluate portfolio management issues and performance outcome
3. to build on the skills/knowledge from the semester one module, Principles of Finance, and selectively apply these in a portfolio context.

Module content

Topics studied may include:

• term structure of interest rates
• bond portfolio management
• stock selection
• multifactor asset pricing models
• investment funds and equity portfolio strategies
• portfolio performance evaluation

Learning outcomes

On completion of this module you will be able to:

• assess how selected theories of finance apply in the portfolio management context and the empirical evidence on these
• appraise the role of portfolio management for the wider economy
• analyse alternative models of risk measurement
• evaluate arguments, theory and evidence in relation to key issues of portfolio management
• construct a data set from relevant sources for application
• synthesise important issues and themes from the portfolio management and performance literature
• obtain, analyse and apply information from a variety of sources including publicly available material
• use skills in synthesis
• work in a team to produce a professional report for an appropriate audience (e.g. for portfolio managers).

Teaching and learning

• practical classes and workshops: 2 hours
• lectures: 30 hours
• guided independent study: 118 hours

Assessment

• 2,000-word group coursework assignment: 25%
• 2-hour exam: 75%

This module will analyse in-depth the causes, implications, and regulatory responses to the recent global banking crisis. In particular, the objectives are:

1. to review and analyse the theoretical basis of financial innovation and its impact on financial institutions and markets, and the role of derivative instruments in the banking crisis
2. to review and analyse price- and credit derivative instrument
3. to analyse in depth the nature, causes, policy responses, and implications of the global financial crisis
4. to consider post-crisis scenarios for bank business models and regulation.

Module content

Topics covered may include:

• financial innovation and instruments
• securitisation and credit derivatives
• banking and the financial crisis
• financial regulation

Learning outcomes

On completion of this module you will have an understanding of:

• securitisation, the role of derivative instruments, changing bank business models, how financial crises emerge, the role of regulation in banking and the financial system, the new economics of banking, and the central role of capital in banking
• the operation of derivative financial instruments such as swaps, options, forward agreements, credit derivatives, etc.
• the evolution of bank business models; understand how crises emerge in banking systems
• the objectives and role of regulation in the financial system.

You will also:

• be able to assess the nature of banks' business strategies
• have acquired skills in understanding issues in applied financial analysis
• be able to critically assess media comment on banking and regulation issues.

Teaching and learning:

• lectures: 20 hours
• guided independent study: 130 hours

Assessment

• 3,000-word individual coursework assignment: 25%
• 2-hour exam: 75%

This module will give you an understanding of the economic concepts and models appropriate to business decision-making.

Module content

Topics studied may include:

• an introduction to economics
• microeconomics
• economic models
• supply, demand and market equilibrium
• competition
• pricing
• market failure
• aggregate demand and supply
• inflation
• unemployment
• growth
• trade.

Learning outcomes

On completion of this module you will be able to:

• use economic theory to explain and analyse the behaviour of consumers, organisations and the economy in general
• discuss how economics has developed as an explicit ethical science
• discuss how economic theory can be used to help management decision making
• select relevant economic concepts and apply them to real life situations
• use diagrams, examples from national and international sources and basic mathematics to explain the behaviour of consumers organisations and the macro economy
• write essays to explain the behaviour of consumers, organisations and the macro economy
• interpret numerical and diagrammatic economic information/arguments.

Teaching and learning

• practical classes and workshops: 8 hours
• lectures: 25 hours
• guided independent study: 117 hours

Assessment

• 3,000-word group coursework assignment: 25%
• 2-hour exam: 75%

This module will present a range of issues affecting small and medium-sized enterprises (SMEs)

Module content

Topics studied may include:

• the small business sector and start-ups
• entrepreneurs and owner-managers
• elements of business plans for SMEs
• strategy and growth in SMEs
• growth models for SMEs
• the financing and financial management of SMEs
• management strategies in small firms
• UK government policy towards SMEs
• contemporary issues in the small firm sector
• idea generation and evaluation
• SMEs and innovation.

Learning outcomes

On completion of this module you will be able to:

• assess the economic contribution of the SME sector
• describe the growth patterns of SMEs and identify the characteristics of entrepreneurs
• explain growth models for SMEs
• analyse the development of government policy towards SMEs
• evaluate the funding of SMEs and appraise the relationship between SMEs and their principal financiers
• assess the components of a business plan
• clearly describe a business and its people
• analyse the competitive position and critical success factors of a business
• link objectives, strategy, risk and financial implications of an operational plan
• integrate theoretical concepts from a variety of subject areas and apply these to practical case study-situations.

Teaching and learning

• practical classes and workshops: 12 hours
• lectures: 24 hours
• guided independent study: 114 hours

Assessment

• 3-hour exam: 100%

Tis module will develop the skills you need to analyse a given company and industry in great depth.

Module content

This is a case-study based module, where you will cover several case studies related to corporate financial analysis.

Example topics for these case studies include:

• capital structure choices within the firm
• cash management and firm liquidity
• corporate valuation
• mergers and acquisitions
• capital budgeting and shareholder value.

Learning outcomes

On completion of this module you will be able to:

• analyse a company's corporate finances and assess the industry environment within which it operates
• identify appropriate tools of analysis and apply then to company or industry complex case studies
• debate complex issues related to executive financial decision making
• critically assess different corporate finance strategies
• evaluate the corporate financial environment of a business
• appraise evidence related to treasury management scenarios
• synthesise financial information and literature from a wide range of different sources
• obtain, analyse and synthesise information from a variety of sources including publicly available material
• make an oral presentation suitable for a senior financial management audience
• write a detailed individual essay which evaluates complex ideas.

Teaching and learning

• practical classes and workshops: 8 hours
• lectures: 12 hours
• guided independent study: 130 hours

Assessment

• individual contribution to workshops: 30%
• 4,000-word individual coursework assignment: 80%

This module will build on the Corporate Finance module by developing the skills you will need to analyse financing and investment decisions in corporations in greater depth.

Module content

Topics studied may include:

• investment appraisal using real options
• external financing capacity and credit rationing
• internal capital markets
• corporate finance and product market competition
• corporate risk management.

Learning outcomes

On completion of this module you will be able to:

• employ and assess advanced investment appraisal techniques that take into account real options
• evaluate the role of internal capital markets in enabling corporations to finance investment projects in the presence of agency problems and information asymmetries
• appraise mechanisms that corporations may use to respond to various financial and operational risks
• debate complex issues relating to corporate treasury management
• evaluate arguments and evidence related to the practice of treasury management, for example, the significance of uncertainty and agency/information problems in corporate financing decisions
• analyse various tools that corporations may utilise to manage their risks
• solve structured and unstructured problems relating to contemporary corporate finance topics
• employ advanced numerical methods to solve structured problems
• apply logical thinking for solving unstructured problems
• assimilate key questions from a wide range of literature.

Teaching and learning

• practical classes and workshops: 4 hours
• lectures: 14 hours
• guided independent study: 132 hours

Assessment

• 3-hour exam: 100%

This module will develop an understanding of corporate governance and responsibility and explore different governance mechanisms.

Module content

Topics covered may include:

• theories of corporate governance
• regulation of corporate governance
• boards of directors
• ownership and control
• executive remuneration
• accountability and corporate social responsibility
• international aspects of corporate governance.

Learning outcomes

On completion of this module you will be able to:

• critically assess the role of corporate governance in the broader corporate environment
• critically analyse key aspects of current governance regulation
• debate issues of corporate responsibility
• evaluate the operation and effectiveness of various corporate governance mechanisms on company behaviour
• assess the relevance of corporate responsibility reporting to company stakeholders
• evaluate current research

Teaching and learning

• practical classes and workshops: 5 hours
• lectures: 19 hours
• guided independent study: 126 hours

Assessment

• 3-hour exam: 100%