MSc Investment Management

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MSc Investment Management

  1. 1. www.icmacentre.ac.uk MSc Investment Full-time: 10 months Management Flexible Learning: 18 months ICMA CENTRE THE BUSINESS SCHOOL Distance Learning: FOR FINANCIAL MARKETS 24 months
  2. 2. www.icmacentre.ac.uk Overview The MSc Investment Management prepares students for entry into the fast growing and exciting investment industry. It provides a theoretical knowledge of portfolio management and quantitative finance, together with an applied set of courses looking at industry structure and trends. Students benefit from professional guest speakers drawn from the heart of the global investment industry in the City of London, only a short distance away. Integral to the academic course is the parallel study of the Chartered Financial Analyst ® (CFA®) programme, level 1. The two programmes reinforce each other, ensuring that graduates acquire both the academic and professional knowledge and qualifications required to succeed in the investment management industry. The CFA Institute recently announced the ICMA Centre as a CFA Program Partner in recognition that this degree covers at least 70 percent of the CFA Program Candidate Body of Knowledge, the CFA Institute Ethical and Professional Standards, and other requirements. “Recognition as a CFA Program Partner Professional Development confirms the close linking of our curriculum to professional practice. The It is vitally important in today’s highly regulated financial services industry that recruits are CFA Program sets a standard for able to obtain the practitioner licences and professional qualifications that are a prerequisite developing the skills, standards, to doing the job. Students are supported and prepared for the following professional competence, and integrity of financial qualifications alongside this degree: analysts, portfolio managers, investment • Chartered Financial Analyst® Level 1 advisers, and other investment We offer CFA training with 7city Learning. With a 7-days-a-week professionals worldwide and is widely helpdesk, hurdle and progress tests, recorded classroom sessions considered the investment profession’s and monthly ‘Keep on Track’ emails, 7city’s programme allows you to monitor progress most rigorous credentialing program.” and ensure you get the right results. You will also receive a week’s face-to-face training John D. Evans CFA and the Stalla Study Notes. Programme Director MSc IM • ICMA International Fixed Income and Derivatives Certificate Programme The premier qualification for the international fixed income and derivatives markets. Visit www.icmacentre.ac.uk/execed for more details.
  3. 3. Dealing Rooms Our dealing rooms have always been an integral part of our teaching and learning style. Our technology and facilities allow you to put theory into practice and are comparable with those used on Wall Street and in The City. You will experience the thrill and pressures of a live market – take positions, quote two-way prices and manage the risk of $50-100 million trading book. Having these essential practical skills in today’s competitive environment, can give you the edge! The 62 terminals in the two dealing rooms are equipped with Bloomberg, Datastream or Reuters products. All workstations have recently been upgraded and the Reuters terminals now run the latest Reuters’ products – Reuters 3000Xtra and the new Reuters Trader product. Graduate Destinations After completion, our graduates are regulators, fund managers and qualified to work in a variety of investment consultants. For more information functions, including research and portfolio regarding graduate destinations please management, with a diverse range of visit www.icmacentre.ac.uk/careers. organisations such as investment banks, Career Development Unit Our career development specialists offer of winning CV’s and application forms, a unique personalised service for all coaching for the stringent investment students to help you attain your career banking graduate selection process, ambitions. You will participate in workshops interview skills, job search techniques and and presentations including preparation individual one-to-one coaching.
  4. 4. www.icmacentre.ac.uk Programme Outline All modules are worth 20 credits with the exception of those marked with †. Part One Modules • Securities, Futures and Options • Fixed Income and Equity Investments • Quantitative Methods for Finance • Financial Analysis Part Two Modules Compulsory: • Research Project • Corporate Valuation † • Current Topics in Investment Management † • Portfolio Management Plus a choice of 20 credits from the optional modules below: Part 2 – Optional Modules: • Derivatives Securities: Pricing, Hedging and Trading • Ethics in Finance † Part One Modules • Financial Econometrics Securities, Futures and Options statistics, probability and regression. Students • Financial Engineering Introduces techniques for analysing and valuing apply these skills to the fundamental problems • Financial Regulation and Regulatory different classes of risky assets. It develops ways in finance, such as compounding interest, pricing Policy † of optimally selecting portfolios of such assets and hedging options, portfolio volatility, portfolio • Foreign Exchange and Money Markets* and develops models of how these portfolios may beta and simulation. The theory is illustrated • Great Investors and Speculators: be priced in financial markets. The techniques by numerous examples and excel spreadsheets. Their Methods and Evaluation † introduced are widely applied in other elements • Hedging * of the programme. Financial Analysis • Interest Rate Fundamentals and Hedge Provides a comprehensive study of ‘top-down’ Fund Strategies * Fixed Income and Equity Investments fundamental analysis, and this framework is then Applies general valuation methods to specific applied to the valuation of financial securities. • Interest Sensitive Securities: financial instruments: fixed income and equity The first part of the module takes the student Pricing and Hedging securities. It describes the basic characteristics through macroeconomics, micro-economics, • International Securities Markets † of each security and develops practical strategies industry analysis and financial statement • Market Risk for finding its value and assessing its risk. • Mergers and Acquisitions* † analysis. The second part focuses on financial It develops general trading strategies for each statement analysis and then seeks to apply this • Real Estate Finance † type of security. It considers how the markets framework to the corporate valuation decision. • Risk Management and Control * † for these securities are related and begins The final objective is to bring together these • Topics in the History of Finance * † the task of showing how these relationships various disciplines into a single framework • Trading and Exchanges can be exploited to form an optimal investment for analysis. The analytical techniques taught • Volatility Analysis strategy. in this module allow students to directly apply * Please note that at this time those modules Quantitative Methods for Finance to industry either the analysis section (as an with asterisks against them are not available Gives a thorough grounding in essential equity analyst would do) or the usage of the on a distance learning basis, however please mathematical methods used in finance, including relative value results as a fund manager or trader check on the website for the latest information. basic principles of calculus, linear algebra, would do.
  5. 5. Timetable for different study modes Sep Full-time Flexible Learning Part One Distance Learning Part One Distance Learning Oct Part One (Distance Learning) If you want to continue working whilst you Nov Part One Exam/Part Two Dec study for your master’s degree this option Jan is ideal. We are receiving a growing number Feb Part Two of applicants for our distance learning MScs, Mar both from those who have recently graduated Apr May Part Two Exams and those already working in the industry. Jun IC Live IC Live Whilst this option is challenging the July Graduation combination below will facilitate your success: Aug Sep Part One Exams Part One Exams / Part Two • our uniquely developed ILE Oct Part Two (Interactive Learning Environment) – Nov you will also receive an iPod loaded Dec with the part one lectures Jan Part Two Feb (Full-time at ICMA Centre) • IC Live (an optional week at the Mar Centre including the all important Apr dealing room sessions) May Part Two Exams June IC Live • the outstanding level of support July Graduation you will receive from academic and Aug support staff. Sep Part Two Exams Graduation in Dec For more information please visit our website. Part Two Compulsory Modules Research Project topics may vary and/or be updated on a year-to-year Provides students with a unique opportunity to carry basis. It gives students a clear overview of industry out a research project on a key issue relating to the structure and the forces of change – something that investment management industry with direction from a has been identified as key information need by faculty member. This project will develop your capacity investment management firms in regard to their future for independent work, build your organisational skills management hires. Although standalone topics, they and create a professional, written document for review will be integrated by usage of an industry model for and debate. In addition to the knowledge gained, this competition, such as that advanced by Michael Porter can be an invaluable piece of work to demonstrate to show the interaction between the various financial knowledge and skills to a potential employer where players, underlying trends in demographics and wealth initiative and a ‘can do’ attitude are often the personal and government regulation. traits most in demand with respect to new hires. It can Portfolio Management “My experience at the Centre was one also define and form the basis of further research and Builds on the techniques for portfolio selection of the best moves I made in my career. study for those who want to continue at the introduced in the Part One modules and addresses It has gotten me to where I wanted to postgraduate level in finance. both the theoretical and practical issues involved in be both financially and in job satisfaction. portfolio construction. The theoretical part examines Corporate Valuation It has been the most rewarding and the construction of an investment portfolio, evaluating Introduces techniques used to measure corporate valuable experience of my life.” the performance of that portfolio and adjusting its performance and/or value companies. Examines the Trevor Wisniewski composition over time to ensure it remains optimal. calculation and explanation of a variety of performance MSc Graduate This process is approached by study of the key measures, the valuation of companies based on underlying asset classes of fixed income and equity projected cash flows and how information asymmetrics and their derivatives. To supplement this theory, Visit www.icmacentre.ac.uk for more affect valuation. students will be involved in constructing and student case studies and testimonials Current Topics in Investment Management managing an investment portfolio so as to become An applied debate on the issues and trends affecting versed in the practical aspects of applying portfolio the investment management industry and as such the management theory.
  6. 6. www.icmacentre.ac.uk Part Two Optional Modules Derivatives Securities: Pricing, Hedging Financial Engineering Great Investors and Speculators: Their Methods and Trading Presents an applied, innovative approach to and Evaluation Gives students a practical working knowledge of the Financial Engineering from a practical point of view. Successful investing starts with the development of pricing, hedging and trading of derivative securities, Cutting-edge issues from financial markets will be winning strategies and the importance of account mean in particular options, via the use of trading simulations utilised in a systematic way to discuss and identify estimates. The effect of the size of the errors from and pricing case studies/software. The emphasis of the the principles of Financial Engineering. The treatment incorrect mean estimates is much greater than for module is on practical application and it is expected focuses on the mechanics of major applications variances and co-variances and depends on the that by the end of the module students will understand in today’s markets. investor’s risk aversion. You cannot win in the long run and be able to analyse the time/risk dynamics of unless you have strategies that have positive derivatives in a trading environment. Financial Regulation and Regulatory Policy expectation. This module discusses the strategies and Provides both a theoretical basis for financial approaches of a number of great investors and Ethics in Finance regulation and a description of its practical application. speculators in various financial markets – varying from Introduces different schools of ethics and provides the The focus is on prudential regulation that is designed futures and options to horseracing to stock and mutual framework needed to identify ethical and non-ethical to maintain systemic stability while also protecting fund selection to investing and hedge fund investing. responses to choices faced in the finance industry. depositors, investors and counterparties in banking, Investigates the ethical standards imposed by financial securities and derivatives markets. A number of key Hedging regulators. Identifies the ethical dimension involved in regulatory policy issues are explored, including the Designed for students seeking a career in ‘front the decision-making process and the conflicts between balance between official and self-regulation, the nature office’ risk management whether in banks, fund economic efficiency and ethical behaviour. and scope of ‘moral-hazard’ in financial markets and management or corporate treasury. Hedging is alternative approaches to capital adequacy. financial risk management in action; it is often cited Financial Econometrics Builds on the material introduced in Quantitative Foreign Exchange and Money Markets Methods for Finance, this module examines a number A highly practical module which aims to equip of additional techniques that are relevant for financial students with a firm understanding of the structure applications, in particular for modelling and forecasting and operation of the foreign exchange and short-term financial time series. An introduction to the method of interest rate markets. This will not only provide the maximum likelihood estimation will be given, and technical knowledge required to trade in or use those emphasis will be placed on modelling volatility and its markets, but will also introduce and illustrate a number prediction. Case studies from the academic finance of key financial concepts such as balance sheet literature are employed to demonstrate potential uses constraints, liquidity, funding issues, no-arbitrage of each approach. Extensive use is also made of pricing and arbitrage. Students will be given the financial econometrics software to demonstrate how opportunity to trade various money market instruments the techniques are applied in practice. on simulated electronic markets.
  7. 7. as the raison d’etre of derivatives markets – trading Mergers and Acquisitions and arbitrage playing the supporting roles of providing Introduces students to the technical and practical liquidity and keeping prices fair and thus facilitating aspects of M&A deals. Lectures explore a) several hedging. Corporates can reduce uncertainty by corporate valuation methods, b) how to identify hedging away from financial risks that fall beyond and value synergies and c) how to finance an their areas of competence; fund managers can acquisition. Selected case studies help students design hedge strategies that provide risk/reward become familiar with the practical aspects of the profiles tailored to their clients; but it is in banking, deal making process. which core activity is financial risk management, that efficient hedging makes the difference between Real Estate Finance success and failure. Aims to apply some key corporate finance issues using real estate as the core example. Examines Interest Rate Fundamentals and Hedge Fund what makes real estate different, why companies Strategies are selling it and how it is affected by mergersand Identifies the fundamental determinants of interest take-overs. Real estate is one of the most rates. Students learn how to monitor developments important assets held by companies, it is used as in interest rate markets and to analyse commonly security for more debt than any other asset, widely used trading strategies. The course will be based used in leasing transactions yet hardly figures in around the work of a research department in an any corporate finance textbook. investment bank when formulating strategy for its proprietary trading desk and hedge fund customers. Risk Management and Control Each lecture provides a) a concise outline of Provides a comprehensive understanding of the economic theory, b) practical examples of events challenges and techniques of the management and in markets from recent years, and c) identification control of risk in wholesale financial institutions. The of trading strategies. module emphasises management as opposed to risk measurement. Interest Sensitive Securities: Pricing and Hedging Topics in the History of Finance Gives technical knowledge of how to price and hedge Provides students with an understanding of the origins all sorts of debt instruments and to execute active of the Financial Markets, and with a broader and passive strategies. Via lectures and computer appreciation of the early development of products and modelling sessions, students learn how to model innovations in Finance – which many assume are interest rates and credit risk using market-supplied recent 20th century inventions. data, and to apply these models to price a wide variety of debt instruments. Trading and Exchanges Gives students an overview of exchanges and trading International Securities Markets mechanisms and an introduction to modelling market Take control of your career Applies general valuation risk assessment methods to: fixed income securities, derivatives and markets. player behaviour and trade price dynamics. This course direction and select the best It describes the basic characteristics of each fixed- helps students understand how security markets work modules to suit your aspirations income security, cash and underlying, and develops and how they are regulated. The focus is on the understanding of market performance key factors such and needs. practical strategies for finding its value and assessing its risk. It also considers how the markets as efficiency, transparency and liquidity. At first, for these securities are related and begins the task students are provided with a framework for comparing of showing how these relationships can be exploited and contrasting existing market structures. Then for trading or investment. The analytical techniques students learn how market makers set spreads and introduced in this module are applied to allow quotes. Via simulation sessions, students experiment the successful candidate to apply directly to industry with issues presented in the lectures. the more theoretical market valuation and risk models learned in other core modules taken in the Volatility Analysis first term. Provides an in-depth understanding of the discrete and continuous time approaches to modelling Market Risk financial market volatility, pricing and hedging options Provides an understanding of the Value-at-Risk (VaR) with stochastic volatility, local volatility and volatility framework for market risk assessment and control. trading. This course is very comprehensive. It has The module has a significant practical component with a high quantitative content and a significant practical computer-based workshops that are designed to component with computer-based workshops support the lecture material. designed to support the material.
  8. 8. www.icmacentre.ac.uk Entry Requirements Entry requirements for all our MSc programmes are as detailed below: Undergraduate Degree: Minimum 2:1 or the equivalent from an overseas institution. Degree Discipline: Any, but applicants must have an existing level of numeracy. GMAT (Graduate Management Admissions Test): We recommend that all applicants submit a GMAT score, particularly if they have been out of education for more than a few years or have no evidence of any numerical ability. We may ask you to submit a GMAT score before considering your application if we think it appropriate in your individual case. For information on the GMAT and the location of test centres worldwide, please visit www.mba.com. Scholarships Other ICMA Centre The Centre is authorised to award five CFA Institute Scholarships per year to qualifying Masters Degrees students to help reduce the costs associated with registering for the CFA program. For more information on these In addition, the Centre awards up to ten academic scholarships to students who degrees please visit our website are likely to excel on their courses. Further details of selection criteria can be found or request a brochure via email: on our website. mscim@icmacentre.rdg.ac.uk. • MSc Capital Markets, How to Apply Regulation and Compliance You can apply online at www.icmacentre.ac.uk or via our printed application form. (www.icmacentre.ac.uk/cmrc) For flexible and distance learning programmes we can only accept online applications. • MSc Finance and Real Estate You can apply at any time before the start of the course but we advise that applications (www.icmacentre.ac.uk/fre) are submitted by early June. • MSc Financial Risk Management If you have any queries or would like to discuss any aspect of the degree or admissions (www.icmacentre.ac.uk/frm) process in more detail please call our Admissions Officer on +44 (0)118 378 6299 or • MSc International Securities, email im@icmacentre.rdg.ac.uk. Investment and Banking (www.icmacentre.ac.uk/isib) Please note that we may offer additional or vary modules on our degree courses each year – for most up-to-date information please visit our website. ICMA Centre • University of Reading Whiteknights • PO Box 242 • Reading • RG6 6BA • UK Designed & printed by The PD Group – www.thepdgroup.com Tel: +44 (0)118 378 8239 • Fax: +44 (0)118 931 4741 Email: im@icmacentre.rdg.ac.uk • www.icmacentre.ac.uk ICMA Centre: the Business School for Financial Markets is supported by the International Capital Market Association, the trade association and market regulator for some 430 member organisations active in the global securities market.
  9. 9. MSc International Securities, Investment and Banking Module changes for 2008 entry Below are the syllabi for the generic programme and for both specialisms for 2008 entry. Those modules highlighted are new or amended. Generic Syllabus Quantitative Finance Trading & Asset All modules are worth 20 credits with the Specialism Syllabus* Management Specialism exception of those marked with an asterisk*. Part One Modules All modules are worth 20 credits with the Syllabus exception of those marked with an asterisk*. No change Part One Modules All modules are worth 20 credits with the exception of those marked with an asterisk*. Part Two Compulsory Modules - No change Part One Modules No change Part Two Compulsory Modules - Plus a choice of 70 credits from the No change optional modules below: No change Part Two Compulsory Modules - Plus a choice of 20 credits from the Part Two Optional Modules optional modules below: Research Project Advanced Methods for Financial Research* Derivatives Securities: Pricing, Hedging and Part Two Optional Modules Trading Bond Market Pricing and Trading Advanced Methods for Financial Research* Foreign Exchange and Money Markets Enterprise Valuation* (formerly Corporate) Bond Market Pricing and Trading Portfolio Management Derivatives Securities: Pricing, Hedging and Trading Enterprise Valuation* (formerly Corporate) International Securities Markets Ethics in Finance* Derivatives Securities: Pricing, Hedging and Plus a choice of 10 credits from the Trading optional modules below: Financial Econometrics Ethics in Finance* Financial Engineering Part Two Optional Modules Financial Econometrics Financial Regulation and Regulatory Policy* Advanced Methods for Financial Research* Financial Engineering Foreign Exchange and Money Markets Enterprise Valuation* (formerly Corporate) Financial Regulation and Regulatory Policy* Hedging Ethics in Finance* Foreign Exchange and Money Markets Liquidity Risk* Financial Regulation and Regulatory Policy* Hedging Market Risk Liquidity Risk* Liquidity Risk* Portfolio Management Real Estate Finance* Market Risk Real Estate Finance* Topics in the History of Finance* Portfolio Management Topics in the History of Finance* Real Estate Finance* Volatility Analysis The following modules are available to Topics in the History of Finance* distance learners only: Interest Sensitive Volatility Analysis Securities: Pricing & Hedging; Empirical *This specialism will be replaced by the Market Microstructure; Trading & Exchanges. MSc Financial Engineering upon its validation. Advanced Methods for Financial Research Bond Market Pricing and Trading Strategies economic theory, (2) practical examples of events This module will discuss a number of important Identifies the fundamental determinants of short- in markets from recent years, and (3) identification research topics in finance. It will review current and long-term interest rates, and students will of trading strategies. Seminars will focus on market research in various areas, which will include but learn how to monitor developments in interest pricing conventions and worked examples. will not be limited to: the strategies and approaches rate markets and employ commonly used trading Liquidity Risk of a number of great investors and speculators strategies. The course will be based around the Introduces students to liquidity and execution risks in various financial markets; futures and options; work of a research department in an investment and an overview of the methods for managing horseracing to stock and mutual fund selection; bank when formulating strategy for its proprietary these risks. The issues discussed in this course value investing and hedge fund investing. trading desk and hedge fund customers. Each are important when developing trading strategies, lecture will provide: (1) a concise outline of valuing portfolios, liquidating large positions and transitioning assets to new investments.
  10. 10. MSc Investment Management MSc Financial Risk Management MSc Finance and Real Estate Module changes for 2008 entry Below are the syllabi for the MSc Investment Management (IM), MSc Financial Risk Management (FRM) and MSc Finance and Real Estate (FRE). Those modules highlighted are new or amended. MSc IM Syllabus MSc FRM Syllabus MSc FRE Syllabus All modules are worth 20 credits with the All modules are worth 20 credits with the All modules are worth 20 credits with the exception of those marked with an asterisk*. exception of those marked with an asterisk*. exception of those marked with an asterisk*. Part One Modules Part One Modules Part One Modules No change No change No change Part Two Compulsory Modules Part Two Compulsory Modules Part Two Compulsory Modules No change No change Research Project Plus a choice of 40 credits from the Plus a choice of 20 credits from the Real Estate Finance* optional modules below: optional modules below: Real Estate Investments* Part Two Optional Modules Part Two Optional Modules Real Estate Securities Advanced Methods for Financial Research* Bond Market Pricing and Trading International Securities Markets* Bond Market Pricing and Trading Financial Regulation and Regulatory Policy* Plus a choice of 40 credits from the Derivatives Securities: Pricing, Hedging and Hedging optional modules below: Trading Liquidity Risk* Part Two Optional Modules Ethics in Finance* Portfolio Management Advanced Methods for Financial Research* Financial Econometrics Volatility Analysis Bond Market Pricing and Trading Financial Engineering Enterprise Valuation* (formerly Corporate) Financial Regulation and Regulatory Policy* Derivatives Securities: Pricing, Hedging and Foreign Exchange and Money Markets Trading Hedging Ethics in Finance* International Securities Markets* Financial Econometrics Liquidity Risk* Financial Engineering Market Risk Financial Regulation and Regulatory Policy* Real Estate Finance* Foreign Exchange and Money Markets Topics in the History of Finance* Hedging Volatility Analysis Liquidity Risk* Market Risk Portfolio Management Topics in the History of Finance* Volatility Analysis New degrees for 2008: MSc Corporate Finance MSc Financial Engineering (subject to validation by the University of Reading)

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