2. “participants develop a
thorough understanding of
the principles of finance,
strategy and valuation which
enables them to take their
careers to the highest level.”
2 oxford DIPLOMA IN financial strategy
3. www.sbs.oxford.edu/dipfinance 3
professor
Peter Tufano
Dean, Saïd
Business School
University of Oxford
the bridge to
board level
performance
“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.”
The Oxford Diploma in Financial Strategy
is a postgraduate qualification that
provides expertise in finance, strategy
and corporate valuation. It is a unique
opportunity to broaden and enhance skills
and professional experience while gaining
an Oxford qualification.
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.
4. 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. The programme consists of
four core modules interspersed
by independent study and project
work. Each module is taught over
four days of intensive teaching
at Oxford, concentrating on one
subject at a time. The project
then integrates and applies
the insights gained to an area
of particular interest to the
participant or their organisation.
4 oxford DIPLOMA IN financial strategy
MODULE 1:
strategy
This module will cover:
• Goals and strategies
• Competitive advantage
• Industry analysis
• Strategy and change
• Diversification
• Global strategy
This module will cover:
• Review of basic finance concepts
• Risk, return, and portfolio theory
• The capital asset pricing model and the cost of
capital
• Cash flow analysis and project appraisal
• Financing choices and shareholder value
• Taxation and corporate finance
This module will cover:
• Equity capital raising
• Mergers and acquisitions
• Financial options
• Debt and credit ratings
• Private equity
This module will cover:
• Fundamentals of valuation
• DCF and project analysis
• Valuing human capital
• Value creation
• Relative valuation
MODULE 2:
finance i
MODULE 3:
finance ii
MODULE 4:
corporate
valuation
5. www.sbs.oxford.edu/dipfinance 5
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.
finance i
This module identifies the
sources of investor value, and
uses them to think about portfolio
composition, investment choices,
and corporate financial decisions.
After a fast review of basic
concepts including the time
value of money, discounting, and
simple stock and bond valuation,
participants acquire a detailed
understanding of risk and return.
They use the Capital Asset Pricing
Model as the framework for a
detailed discussion of portfolio
theory and the cost of capital.
The insights generated from
this analysis are employed in a
discussion of cash flow analysis
and its application to investment
appraisal, and to business
entry and exit decisions. The
corporation’s financing choices
are related to tax considerations
and to a wider discussion of
agency effects within the firm.
finance ii
In this module we study applied
topics which exemplify the key
principles of finance. Participants
develop an understanding of how
and why firms go public, raise
equity and debt, acquire each
other – and go bust. We also
study financial options and risk
management techniques, focusing
on their use in corporate finance.
These topics inform participants’
understanding of principles
such as asymmetric information,
principal-agent problems and
market efficiency.
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.
ACADEMIC ASESMENT
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
examined. 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.
BUSINES 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, organisational
issues taking place within the participant’s
own organisation or sector.
1 2 3 4
6. “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
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.
6 oxford DIPLOMA IN financial strategy
7. www.sbs.oxford.edu/dipfinance 7
average class size
46
data: 2010–2012 COHORTS
participants by region (%)
non-uk residents (%) years of experience (%)
non-uk residents 70
previous education (%) employment (%)
30+ (6)
21–30 (26)
11–20 (54)
5–10 (14)
uk residents 30
data: 2010–2012 COHORTS
mba 28
masters 18
undergraduate 18
phd 6
data: 2010–2012 COHORTS
6
32
30
14
4
6
professional qualification 30
6 2
finance 42
oil and gas 8
others 22
retail 8
professional services/
consulting/law 20
8. case studies
8 oxford DIPLOMA IN financial strategy
For further case studies go to
www.sbs.oxford.edu/dipfinance
lynzi harrison
Financial Services
I am Head of Business
Partnering and Reporting for
Shared Services at Skandia
UK. My role is diverse and
covers many aspects of
finance, from sales reporting
to risk management of
finance to all the statutory
and regulatory reporting for
the UK group. I came on the
Oxford Diploma in Financial
Strategy to stretch myself and
improve my capability at the
strategic level. I believe that
it is essential, particularly in
today’s climate, to be able to
understand the bigger picture
and analyse proposals which
will help Skandia meet the ever
changing needs of the market.
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.
I liked the fact that the
programme is introduced with
the business strategy module.
It really set the scene for the
rest of the programme and
provides the wider context and
foundation for the application
of the financial aspects. Some
of the material was a refresh
from professional training and
other material was entirely
new which I found stretching
and enjoyable.
The programme has widened
my knowledge and challenged
some of my original ideas and
assumptions. It has helped
to lift me out of my specialist
area and show how I can help
others see how the financial
strategy supports the overall
business strategy and aims of
the organisation.
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.
albert li
Investment Banking
10. 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.
faculty
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 equity-related 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.
alan morrison
Finance
Professor Alan Morrison is a
leading expert on corporate
finance, corporate governance
and regulation. He is the author
of numerous publications,
including a book on the future
of investment banks.
Alan read mathematics at
Brasenose College, Oxford prior
to spells in Andersen Consulting
(now Accenture), Morgan
Grenfell and SG Warburg. He
is a Fellow of Merton College
and a regular consultant to
corporations, public bodies
and governments and was
recently specialist advisor to the
House of Lords Treasury Select
Committee.
10 oxford DIPLOMA IN financial strategy
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.
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.
11. Visit our faculty pages at
www.sbs.oxford.edu/dipfinance
www.sbs.oxford.edu/dipfinance 11
mungo wilson
Finance
Dr Mungo Wilson joined Oxford
after gaining experience as
professor of economics at Asia’s
leading business school, Hong
Kong University of Science &
Technology. His research interests
include asset pricing and mutual
funds. Prior to obtaining his PhD
from Harvard, he practised law in
the City of London, and earned
degrees from London School of
Economics and Oxford.
thomas powell
Strategy
Professor of Strategy at Saïd
Business School, Thomas
Powell’s research centres around
competition, strategy and firm
performance. He has published
extensively in management
journals, consults globally
on competitive strategy and
is a member of the Strategic
Management Society. Professor
Powell teaches on our MBA and
MSc programmes.
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’.
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, Financial 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
12. the business case
the BUSINES 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 four.
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.
PROGRAME 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
12 oxford DIPLOMA IN financial strategy
• 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
PATHWAY TO THE 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.
13. www.sbs.oxford.edu/dipfinance 13
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.
case studies
For further case studies go to
www.sbs.oxford.edu/dipfinance
GARY MINTER
Real Estate
I’m a director at a consulting
firm that offers advisory,
financing and management
services, and am responsible
for overseeing investments
made by the firm through our
associated investment fund. I
was looking for a programme
to help me bridge the gap
between my specialised real
estate background and the
broader world of corporate
finance and business strategy.
The Diploma has certainly
provided that bridge. It has
given me the opportunity to
learn from esteemed instructors
and to discuss financial and
strategic ideas with top-level
executives from around the
world. The modular aspect also
allowed me to continue my full-time
job, a tremendous benefit
in its own right.
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.
The friends I’ve made along
the way are an invaluable
added benefit. I know I will
continue to draw upon the
education and experience
I’ve gained at Oxford as I
progress in my career.
14. 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 Matthew Conisbee
Tel: +44 (0)1865 610083
matthew.conisbee@sbs.ox.ac.uk
PRICING AND PAYMENT SCHEDULE
The fee for the 2014 programme is £20,000. 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.
For further information contact Matthew Conisbee
tel: +44 (0)1865 610083
email: matthew.conisbee@sbs.ox.ac.uk
or visit: www.sbs.oxford.edu/dipfinance
14 oxford DIPLOMA IN financial strategy
ADMISIONS 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.
TOEFLTOEFLIELTS
iBTPaper
Minimum Score 109 630 7.5
Professional experience: Candidates must have
at least five years’ professional experience and be
familiar with the challenges of business strategy and
organisational change.
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.
