Ranked 1st in the UK for careers by the Financial Times (2016), this course provides solid grounding in finance and management principles, rigorous training in relevant tools and techniques, and demonstrates how to apply them practically in the workplace.

At a glance

  • Start date26 September 2016
  • Duration1 year
  • DeliveryTaught modules 60%, individual project 40%
  • QualificationMSc
  • Study typeFull-time

Who is it for?

This course is designed for graduates with a desire to develop their knowledge and skills in finance and management before seeking their first professional role, and professionals who already have work experience in the area of finance or management and are looking to take their career to the next level.  The course is also relevant to business people who want a real-world education delivered by faculty who are actively engaged with business and finance, and ambitious individuals who are keen to develop themselves by enhancing their skills, knowledge and abilities.

Class Profile 2015/16*:

Gender:  Male 79% Female 21%
Age range:  20-37 years
Average age: 24 years
Number of nationalities:    39 

*Combined data: MSc Investment Management and MSc Finance and Management.

Term Dates

Term One: 3 October – 16 December 2016
Term Two: 9 January 2017 – 24 March 2017
Term Three: 10 April 2017 – 23 June 2017
Term Four: 26 June 2017 – 8 September 2017

Why this course?

This course is distinctive in covering the principles, tools and techniques of both finance and management, as well as how to apply them in real work situations. It places emphasis on real-world challenges. Modules include a combination of case studies, participative exercises, interactive lectures, group projects and sessions hosted by industry speakers.

Ternes

"I looked at business schools all over Europe and felt that there were only very few that offered the right resources, that had the experience and the faculty to really offer a world class education."

Tobias Ternes, alumnus, MSc in Finance and Management, 2012

Informed by Industry

An External Advisory Panel informs the design and development of the course, and comprises senior practitioners in investment management, reinforcing its relevance to the modern financial world. Our faculty are also supported by a team of international visiting industry speakers and professors who bring the latest thinking and best practice into the classroom.

Your teaching team

The programme is taught by faculty experts who have extensive industry experience and who regularly work with major global financial services organisations, multinationals and government agencies around the world.

    Professor Sunil Poshakwale
    Professor Huainan Zhao
    Dr Vineet Agarwal
    Dr Matthias Nnadi
    Dr Yacine Belghitar
    Dr Abdul Mohamed
    Dr Peter Yallup
    Dr Andrea Moro
    Professor Michael Bourne
    Dr Tazeeb Rajwani
    Dr Constantinos Alexiou
    Dr Deirdre Anderson

Our full-time faculty team is supported by a diverse group of international visiting industry speakers and professors including:

    Jane Vessey
    Paul Richards
    Ian Alexander
    Steve Wallace 

Accreditation

The course content covers much of the syllabus of the Chartered Financial Analyst (CFA) qualification, giving you the opportunity to work towards an additional professional qualification while you are studying with us. If you choose this option, you will receive revision support from our faculty ahead of sitting the first examination in term three of your course. You can then sit parts two and three of the qualification after completing your course. More information can be found here: www.cfainstitute.org

Course details

The Cranfield MSc in Finance and Management is distinctive in covering the principles, tools and techniques of both finance and management, as well as how to apply them in real work situations. Throughout the course you will have access to Bloomberg live financial news and data, and use real-world, international case studies to support your learning.

Individual project

You will undertake an empirical research project for your individual thesis, enabling you to apply the knowledge and skills you have learnt during the course. Students will be helped to secure their own company research projects or internships under the guidance of their supervisor.

Assessment

Taught modules 60%, individual project 40%

Pre-sessional Course

If you do not have a background in finance and accounting, you may be required to attend the Introduction to Accounting pre-session course prior to the start of the your MSc. Please note that the Statistics and the Basic Finance lectures are compulsory for all students.

Introduction to Accounting - 19th September 2016
This course will introduce you to the basic elements of financial and management accounting techniques to prepare you for the core accounting module. The sessions cover:

  • Accounting information, concepts and standards
  • Preparing financial statements
  • Preparing financial statements - cash flows and adjustments
  • Cost-Volume-Profit analysis
  • Budgeting

Orientation - compulsory for all students to attend

Week 1 - Statistics and Basic Finance – 26 September

The Statistics sessions will help you revise or update your understanding of some statistical concepts that you will use during the MSc in Finance and Management. These will cover:

  • Introduction to matrix algebra and descriptive statistics
  • Introduction to basic linear regression analysis

The Basic Finance sessions will introduce you to two essential concepts in finance. You will have the opportunity to update your understanding of how to value assets given forecasts of future cash flows. You will then explore the different sources of finance available to business and discuss their relative importance. The sessions cover:

  • Time value of money
  • Investment and financing

Core modules

Accounting

Module Leader
  • Dr Matthias Nnadi
Syllabus

    The module looks at both financial and management accounting. You will be provided with a thorough understanding of company accounts, how they are construed and how to interpret them. Further to this, you will look at and understand the key issues in management accounting from the point of view of business leaders needing to make practical decisions in their organisation. 

    The module covers:

    • The fundamental accounting documents: income statement, statement of financial position and cash flow statement.
    • Consolidation of the accounts of companies with subsidiaries.
    • Interpretation of accounts through ratio analysis.
    • Cost/volume/profit analysis and breakeven.
    • Allocation of overhead costs.
    • Budgeting and variance analysis.
    • Divisional performance.
    • Transfer pricing.
Intended learning outcomes

As a result of this module, you will be able to:

  • Demonstrate a systematic understanding of the fundamental principles of financial accounting.
  • Describe how subsidiary accounts are consolidated.
  • Prepare key financial statements from basic information.
  • Analyse and interpret company accounts.
  • Classify different types of costs and conduct break even analysis.
  • Prepare budgets and interpret variances from budget.
  • Evaluate divisional performance and different transfer pricing methods.

Economics for Financial Markets

Module Leader
  • Dr Constantinos Alexiou
Syllabus

    The module develops your knowledge of modern economic theory to help you understand the relationship between the organisation and its place in today's global economy. 

    The module covers:

    • Introduction to economic thinking
    • Demand and revenue
    • Production cost
    • Supply and demand
    • Supply and price determination
    • Perfect competition
    • Monopoly
    • Monopolistic competition
    • Oligopoly
    • Management and the firm
    • Competitive strategy
    • Pricing strategies
    • The labour market
    • The capital market
    • Government and business
    • Money, banking and interest rates
    • Monetary policy
    • Inflation
    • Employment and unemployment
    • Exchange rates.
Intended learning outcomes

As a result of this module, you will be able to:

  • Show an awareness of the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets.
  • Understand choice theory and rational economic decision making as it applies to the levels and structure of prices of assets in a broad range of financial markets.
  • Understand monetary economics and the institutional context to which it applies, in particular money and capital markets in the UK and the US.

Financial Markets Regulation and Ethics

Module Leader
  • Paul Richards
  • Steve Wallace
Syllabus

    The module will give you practical insights into the issues that influence the operation of the main financial markets of the world. You will explore trading institutions, market making, position-taking, market types, controversies in trading and debt, equity and derivative markets. You will also examine the principal ethical issues present in all financial markets, reflect on your own ethical decision-making and discuss strategies to deal with challenging ethical dilemmas.

    The module covers:

    • Markets versus financial intermediaries.
    • Trading institutions and participants.
    • Market making.
    • Market types and market microstructure.
    • Execution costs: definition and measurement.
    • Equity derivatives: options and futures.
    • Arbitrage.
    • Regulation.
    • Market controversies.
    • Preparation for assignments.
    • Financial products overview.
    • Money markets.
    • Debt instruments and markets.
    • Equity markets: secondary.
    • Equity markets: primary.
    • Convertibles and warrants.
    • Hedge funds and trading game.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand the different methods of trading.
  • Appreciate how traders make money.
  • Build a working knowledge of key financial markets and products.
  • Understand the differences in organisation and practice of different products.
  • Understand the language and some of the more important theories of ethics.
  • Understand the structure and content of CFA institute’s ethics code, and be familiar with the broad context with which it deals.

Organisational Management

Module Leader
  • Dr Deirdre Anderson
Syllabus

    This course introduces you to selected topics in the field of organisational behaviour. It will provoke you to reflect on yourself and your experiences of working with others and to think about managing people in organisations and about organisations themselves.

    The module covers:

    • Overview of organisational behaviour theory.
    • Individual and team characteristics, using Myers-Briggs and Belbin.
    • Leadership and management.
    • Organisational power and politics.
    • Negotiation skills.
    • Presentation skills.
Intended learning outcomes

As a result of this module, you will be able to:

  • Identify the factors that affect peoples behaviour within teams and organisations.
  • Evaluate your own behaviours, showing knowledge of personal strengths and weaknesses.
  • Use appropriate tools to demonstrate understanding of how individual differences affect interpersonal interactions between people.
  • Present organisational information using appropriate audio-visual tools.
  • Apply a range of leadership and management theories to real-life organisational settings.
  • Discuss the nature and role of power and politics within organisations.
  • Apply negotiation skills within organisations.

Research Methods in Finance

Module Leader
  • Dr Vineet Agarwal
Syllabus

    The module is designed to impart greater understanding of empirical methods in finance and develop important skills in the assessment, analysis and interpretation of published financial research. You will also look at some of the unresolved issues in finance and some of the paradigms in financial research methodology.

    The module covers:

    • The need for and validity of empirical models.
    • Empirical design.
    • Model testing.
    • Interpretation of results and acknowledgement of limitations in empirical research designs.
    • Asset pricing and efficient markets hypothesis anomalies.
    • Capital structure.
    • New issue puzzles.
    • Corporate governance.
    • Accounting information and asset returns.
    • Mergers and acquisitions.
Intended learning outcomes

As a result of this module, you will be able to:

  • Appreciate the nature of empirical testing of various models.
  • Understand a range of methodologies employed in empirical finance.
  • Recognise the limitations of empirical methodologies.
  • Draw conclusions from empirical studies.
  • Explore some of the unresolved issues in finance.
  • Re-evaluate theories in the light of empirical evidence.
  • Conduct empirical research.

Statistical Analysis for Finance

Module Leader
  • Dr Yacine Belghitar
Syllabus

    The module provides the relevant mathematical and statistical training necessary to be able to conduct appropriate empirical studies and apply theoretical financial models in practice.

    The module covers:

    • Probability theory.
    • Sampling and estimation.
    • Hypothesis testing.
    • Analysis of variance.
    • Non-parametric tests.
    • Regression analysis.
    • Logistic regression.
    • Time-series analysis.
    • Using the statistical package SPSS.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand a variety of statistical techniques for data analysis.
  • Learn application of appropriate statistical techniques to analyse a variety of problems in finance.
  • Understand and appreciate finance theory and related empirical work covered in other subjects within the programme.

Strategic Management

Module Leader
  • Dr Tazeeb Rajwani
Syllabus

    The module will encourage you to explore the concepts and frameworks required when dealing with strategic issues. This involves determining the purpose of the organisation, establishing objectives, and formulating strategies to achieve the objectives. The module predominantly explores how an organisation positions itself with regard to its changing environment, and in particular its competitors, in order to gain and sustain competitive advantage.

    The module covers:

    • Competitive and corporate strategy.
    • Strategy implementation.
    • Strategic management in business.
    • Industry analysis.
    • Resources and sustainable competitive advantage.
    • Corporate level strategy.
    • How strategies can be turned into action.
    • Tools for strategic analysis.
Intended learning outcomes

As a result of this module, you will be able to:

  • Appreciate that in order to achieve and sustain advantage, managers need to be able to understand and react to changes in the organisation's environment, to perceive the threats and opportunities in this environment, and to formulate strategies which are consistent with the organisation's resources and capabilities.
  • Examine the key challenges companies face and have an understanding of the major approaches companies employ as they seek to dominate complex environments.
  • Recognise the key strategy concepts and become familiar with recent research regarding corporate and competitive advantage.
  • Make strategic decisions and improve your ability to think strategically.
  • Use various strategic management tools and techniques.

Valuation and Financial Modelling

Module Leader
  • Dr Vineet Agarwal
Syllabus

    This module will provide you with a comprehensive understanding of valuation principles and techniques, as well as equip you with the ability to communicate professionally within financial services organisations. You will explore the ever-increasing sophistication of spread sheets to develop valuation models and be introduced to programming in Visual Basic for Applications to help unlock the potential of Excel to create more powerful and flexible financial models.

    The module covers:

    • Discounted cash flow.
    • Relative valuation and residual income valuation.
    • Estimating the cost of capital using the capital asset pricing model.
    • Estimating earnings.
    • Cash flows.
    • Growth and terminal value.
    • Building a financial model.
    • Excel simulations and using @Risk.
    • Principles of good financial modeling.
    • How to use built-in Excel functions.
    • Macros in Visual Basic for Applications to enhance the power of models.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand the basic principles of company valuation.
  • Identify a range of valuation methods.
  • Understand the assumptions and limitations of valuation models.
  • Build valuation models and scenarios using Excel.
  • Work with Monte Carlo methods.
  • Recognise how to improve the power of models using Visual Basic for Applications.

International Corporate Finance

Module Leader
  • Professor Sunil Poshakwale
Syllabus

    The module will help you understand the complexities of international finance, the instruments used to manage risk, and how risk impacts investment and financing decisions.

    The module covers:

    • Foreign exchange markets.
    • Relationships among inflation, interest and exchange rates.
    • Foreign currency derivatives.
    • Transaction and operating exposure and their management.
    • Foreign direct investments.
    • Long term financing and hedging via currency and interest swaps.
    • Managing interest rate risk.
    • International capital budgeting.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand how foreign exchange markets work.
  • Appreciate how interest rates, inflation and purchasing power parity affect exchange rate.
  • Recognise how and why foreign direct investments arise and what are the key determinants in emerging markets.
  • Identify different types of foreign exchange exposures.
  • Understand business simulation.
  • Appreciate how currency and interest rate derivatives work.
  • Understand how exchange risks can be managed using different types of derivatives instruments.
  • Understand interest rate exposure.
  • Manage interest risk using options, futures, and swaps.
  • Comprehend how multinational firms make international capital budgeting decisions.

Corporate Finance

Module Leader
  • Professor Huainan Zhao
Syllabus

    The module provides you with a basic foundation in the essentials of corporate financial management. The course focuses on three principal aspects of corporate finance: the investment decision; the cost of capital; and the financing decision. Emphasis is put on empirical research in order to provide participants with an understanding of underlying theory and principles of corporate finance. 

    The module covers:

    • The role of the financial manager.
    • The investment process and net present value and internal rate of return methods.
    • The decision-making process for investment appraisal and ideas of capital rationing.
    • Incorporating risks in the project appraisal process.
    • Equity and debt financing: costs and advantages of each and how the cost capital is derived.
    • Capital structure decisions.
    • Dividend policy: relevant theoretical ideas underlying dividend decisions.
    • Basics of equity derivatives.
Intended learning outcomes

As a result of this module, you will be able to:

  • Describe the impact of the separation of corporate ownership, management and control.  
  • Understand the concept of the time value of money and the theoretical justifications for using discounted cash flow techniques in project appraisal.
  • Understand the range of investment appraisal techniques including traditional as well as discounted cash flow methods and be able to identify incremental cash flows in net present value calculations.
  • Appreciate and incorporate risk in project appraisal and investment.
  • Discuss the factors a company should take into account in determining the firm’s dividend policy and capital structure.
  • Understand equity derivatives.

Elective

Advanced Corporate Finance

Module Leader
  • Dr Abdul Mohamed
Syllabus

    This module will build on the learning from the core Corporate Finance module. You will gain in-depth knowledge of why and how choices about capital structure, payout policy and other financial decisions do matter in the real world, to enable you to make the correct financing and investment decisions.

    The module covers:

    • Outside financing capacity
    • Determinants of borrowing capacity
    • Corporate liquidity management
    • Corporate risk management
    • Theory of free cash flow
    • Corporate financing under asymmetric information
    • Monitoring, control rights, and corporate governance.
Intended learning outcomes

As a result of this module, you will be able to:

  • Appreciate the wide existence of moral hazard problem
  • Appreciate the impact of credit rationing and borrowing constraints due to information asymmetries and agency problems
  • Evaluate risk management mechanisms
  • Analyse asymmetric information between insiders and investors and the concomitant adverse selection and moral hazard problems
  • Assess the impact of passive and active monitoring
  • Analyse key issues/problems in corporate governance.

Applied Financial Econometrics

Module Leader
  • Dr Yacine Belghitar
  • Dr Peter Yallup
Syllabus

    The module provides the participants with a solid knowledge of a variety of econometric techniques, useful in modelling and solving financial problems.

    The module covers:

    • Extensions to multiple regression analysis.
    • Relaxing the assumptions of the classical model: multicollinearity, heteroscedasticity and autocorrelation.
    • The use of instrumental variables in time series modelling.
    • ARCH/GARCH models.
    • Simultaneous-equation models.  
    • Stationarity, unit roots and cointegration in time series.
    • Panel data analysis.
Intended learning outcomes

As a result of this module, you will be able to:

  • Model financial problems, using econometric techniques.
  • Understand the advantages and limitations of regression analysis.
  • Use a number of tools designed to improve financial modelling.
  • Use a system of equations to solve problems that occur simultaneously.
  • Investigate the properties of financial data and understand their influence on financial modelling.

Corporate Restructuring

Module Leader
  • Dr Yacine Belghitar
Syllabus

    The module develops your awareness of the context of corporate restructuring, the range and constraints of options available and how to establish the right criteria for making restructuring a success.The module covers:

    • Definition, nature and causes of corporate restructuring.
    • Strategies for corporate turnaround and corporate renewal: operational, strategic, managerial, organisational and financial restructuring.
    • Framework for turnaround strategy choices.
    • The turnaround process as a game among different stakeholders, their motives, expectations and payoffs.
    • Effectiveness of restructuring strategies: measuring effectiveness, empirical evidence.
    • Corporate insolvency and reorganisation: insolvency and bankruptcy regimes in the UK, US, Continental Europe and other countries.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand the circumstances in which companies undertake to restructure themselves.
  • Appreciate the framework for corporate turnaround: the range of restructuring choices including operational, strategic, management and financial restructuring and the constraints on these choices.
  • Recognise the financial consequences of restructuring for various stakeholders such as different types of lenders, shareholders, the board of directors and managers and how they generate conflicts of interests among them.
  • Understand the criteria for successful restructuring and reorganisation of firms in bankruptcy/administration.

Entrepreneurial Finance

Module Leader
  • Dr Andrea Moro
Syllabus

    This module focuses on financing issues facing small business ventures from the perspective of both the entrepreneur and the investors. It will provide you with awareness and understanding of the key issues related to the evaluation and financing of entrepreneurial ventures and will explore aspects of deal negotiations and deal structures.

    The module covers:

    • Overview of entrepreneurial finance
    • Identifying and valuing entrepreneurial opportunities
    • Structuring deals with and without debt
    • Venture capital funding and valuation
    • Growth and exit strategies.
Intended learning outcomes

As a result of this module, you will be able to:

  • Evaluate entrepreneurial ventures from the perspective of both the entrepreneur and the investors.
  • Determine the funds an entrepreneur requires to successfully start a business venture.
  • Appreciate the critical role that financing plays in new venture creation.
  • Appreciate the various sources of financing available to small business ventures.
  • Formulate a deal structure for an entrepreneurial venture.
  • Understand the different investment harvesting alternatives.

Infrastructure Finance

Module Leader
  • Professor Sunil Poshakwale
Syllabus

    This module will provide you with an applied knowledge of infrastructure financing models that will help you gain the necessary skills for applying these in real-world environment. You will be able to use the principles underlying infrastructure investment management, with specific emphasis on development of appropriate financing models.

    The module covers:

    • An introduction to infrastructure finance
    • Government policy on funding and using private capital for investment in infrastructure
    • An informative look at infrastructure as an investment opportunity for institutional investors
    • Characteristics of project finance
    • The central financial issues in ever changing landscapes of infrastructure management and finance
    • Navigating the dynamic field of infrastructure finance
    • Risk management framework

           Cash flow risk

           Financial risks
    • Case study on infrastructure projects like Power, Road, Airports, etc
    • The cost of capital for infrastructure investment and the allocation of risk in contracted delivery
    • Understanding and evaluating different financing alternatives
    • Developing appropriate financing models
Intended learning outcomes

Upon successful completion of this module, you will be able to use the principles underlying infrastructure investment management with specific emphasis on development of appropriate financing models.

You will be able to:

  • Develop knowledge of the fundamental aspects of funding and financing including concepts of project life cycle, risk assessment and macroeconomic policy risk
  • Appreciate the importance of early decisions about financing and risk allocation in on-going operation of infrastructure assets
  • Demonstrate knowledge of investment needs in infrastructure projects especially in developing countries
  • Demonstrate the ability to price the risks involved in infrastructure projects using appropriate models and techniques
  • Demonstrate knowledge of innovative sources of funding for infrastructure investments
  • Evaluate the alternative government and non-government funding models and appreciate the pros and cons of different financing models
  • Acquire the skills for development of appropriate financing models for various infrastructure projects
  • Develop a vision of how infrastructure financing will develop in the future.

This module will also provide opportunities for you to develop and/or enhance the following transferrable skills:

  • Project management
  • Risk Assessment skills
  • Critical thinking
  • Ability to use modelling skills.

Private Equity

Module Leader
  • Dr Abdul Mohamed
Syllabus

    The module explains the importance of private equity, as well as the rationale behind it and how to measure its performance. By exploring policy issues such as transparency, high leverage and the impact of restructuring, the module helps you to understand the broader context of private equity.

    The course covers:

    • The private equity cycle: fund raising, investing, exiting.
    • Risk and return assessment of investment projects.
    • Corporate governance issues.
    • Managerial reward systems in private equity firms.
    • Choice of exit strategies and relevant factors.
    • Management buyouts.
    • Leveraged buyouts.
    • Measuring private equity performance.
    • Regulation of private equity firms.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand what private equity is and how it differs from public equity.
  • Recognise the range of products on offer: financing of ventures, seed ideas, development, expansion, and different types of buyouts.
  • Appreciate the importance of private equity in promoting innovation, growth and corporate restructuring.
  • Identify how private equity firms raise capital.
  • Distinguish the range of players in the private equity markets.
  • Understand private equity firms’ business models and value creation strategies.
  • Comprehend the risk of high leverage and public policy issues.
  • Classify performance measurement issues.

Strategic Management Accounting and Control

Module Leader
  • Professor Michael Bourne
Syllabus

    This module will examine what is meant by organisational performance and the theories of control, performance measurement and management. It will encourage you to consider the applications of direction setting and management control systems, why organisations measure, how performance measures set direction and how performance is delivered.

    The module covers:

    Direction and Control

    • Control theory and control systems
    • Direction setting and levers of control
    • Strategic control of an organisation
    • Management control within an organisation
    • Operational control within an organisation
    • Financial control for an organisation.

    Managing Performance

    • What is performance
    • What is performance measurement
    • What is performance management
    • The view of performance by different functional groups
    • What is a performance management system
    • Quantification vs holistic views of reality
    • Reasons for managing performance
    • Managing risk to improve organisational performance
    • The effects of creating a performance management system.

    Measuring Performance

    • Reasons for measuring
    • Performance measurement frameworks
    • Elements of a performance measurement system
    • Defining performance measures - the PM record sheet
    • Quantitative versus qualitative measures
    • Measuring intangibles
    • Interpreting financial measures and data
    • Reporting procedures – internal and external disclosure.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand the different categories of performance and what is meant by performance measurement, management, direction setting and control
  • Appreciate how different functions, such as HR, Finance and Marketing, view organisational performance
  • Understand the effects control systems can have on an organisation
  • Recognise the ontology of performance, theories of control and measurement
  • Understand the difference between quantifying performance and viewing performance as a holistic system
  • Appreciate the differences between efficiency and effectiveness
  • Consider the different techniques used to direct and control performance at different levels within the organisation
  • Understand how managing risk can improve organisational performance
  • Understand the role of corporate governance in the management of organisational performance
  • Appreciate financial measures, qualitative measures and their application to intangible resources
  • Appreciate the underpinnings of control theory.

Mergers and Acquisitions

Module Leader
  • Professor Huainan Zhao
Syllabus

    The module will equip you with the intellectual and practical skills required to manage mergers and acquisitions effectively in both domestic and international contexts.  It takes an integrated perspective, moving through strategic, financial and regulatory considerations before covering the organisational and human resource issues raised during implementation, including cultural compatibility and the dynamics of building stakeholder support.

    The module covers:

    • Scene setting: integrative case study.
    • Target identification.
    • Mergers and acquisition regulation.
    • Deal-making considerations.
    • Valuation and form of payment.
    • Process and cultural integration.
    • Integration planning and stakeholder communication: the merger plan simulation.
    • A non-executive chairman’s insight into making a public acquisition.
Intended learning outcomes

As a result of this module, you will be able to:

  • Understand the leadership challenges posed by mergers and acquisitions.
  • Appreciate the strategic, financial, regulatory and organisational aspects of mergers and acquisitions and how the success of any merger or acquisition depends on taking a cross-functional perspective.
  • Understand the key management concepts and recent research relevant to mergers and acquisitions, including the determinants of acquisition outcome and how value can be created through mergers and acquisitions.
  • Identify potential acquisition targets, negotiate transactions, and manage the post-acquisition integration phase, including cross-cultural issues and the gaining of stakeholder support.

Fees and funding

MSc Full-time £22,000

Fee notes:

  • The fees outlined apply to all students whose initial date of registration falls on or between 1 August 2016 and 31 July 2017.
  • All students pay the tuition fee set by the University for the full duration of their registration period agreed at their initial registration.
  • A deposit may be payable, depending on your course.
  • Additional fees for extensions to the agreed registration period may be charged and can be found below.
  • Fee eligibility at the Home/EU rate is determined with reference to UK Government regulations. As a guiding principle, EU nationals (including UK) who are ordinarily resident in the EU pay Home/EU tuition fees, all other students (including those from the Channel Islands and Isle of Man) pay Overseas fees.
MSc Full-time £22,000

Fee notes:

  • The fees outlined apply to all students whose initial date of registration falls on or between 1 August 2016 and 31 July 2017.
  • All students pay the tuition fee set by the University for the full duration of their registration period agreed at their initial registration.
  • A deposit may be payable, depending on your course.
  • Additional fees for extensions to the agreed registration period may be charged and can be found below.
  • Fee eligibility at the Home/EU rate is determined with reference to UK Government regulations. As a guiding principle, EU nationals (including UK) who are ordinarily resident in the EU pay Home/EU tuition fees, all other students (including those from the Channel Islands and Isle of Man) pay Overseas fees.

Funding Opportunities

To help students in finding and securing appropriate funding we have created a funding finder where you can search for suitable sources of funding by filtering the results to suit your needs. Visit the funding finder.

Bursaries and scholarships

We have a limited number of bursaries available for exceptional candidates, worth up to a maximum of £4,000. These are awarded at the course director's discretion and are based on merit as well as considerations of financial need. If you would like to be considered for a bursary, please indicate so in in the financial details section of your application.

CFA Programme Awareness Scholarship

The MSc Finance and Management has been approved by the CFA Institute and is able to participate in the University Recognition Program. It is now entitled to award 5 CFA Program Awareness Scholarships to students. To find out more about the application process, visit the CFA www.cfainstitute.org

Entry requirements

We welcome applications from talented candidates of all backgrounds and each application is considered on its individual merit.  Usually candidates must hold either a first or a second class UK honours degree in a relevant discipline; or the international equivalent of these UK qualifications; or a professional qualification (e.g. CIMA, ACA, ACCA) and have 5 years' relevant work experience.

Having taken your application into consideration, the course director may also require you to take GMAT (minimum score 600)The GMAT course code for the MSc in Finance and Management is K2H-N3-88.

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Exposure to quantitative subjects

Exposure to quantitative subjects (mathematics, statistics, engineering, economics etc.) from previous studies or work experience is essential for this course.

English Language

 If you are an international student you will need to provide evidence that you have achieved a satisfactory test result in an English qualification. The minimum standard expected from a number of accepted courses are as follows:

IELTS - 6.5, with a minimum of 6.5 in the writing component

TOEFL - 92, with a minimum of 21 in the writing component

Pearson PTE Academic - 65

Cambridge English Scale - 180

Cambridge English: Advanced - C

Cambridge English: Proficiency - C

In addition to these minimum scores you are also expected to achieve a balanced score across all elements of the test. We reserve the right to reject any test score if any one element of the test score is too low.

We can only accept tests taken within two years of your registration date (with the exception of Cambridge English tests which have no expiry date).

Students requiring a Tier 4 (General) visa must ensure they can meet the English language requirements set out by UK Visas and Immigration (UKVI) and we recommend booking a IELTS for UKVI test.

Your career

The Cranfield Career Development Service offers a comprehensive service to help you develop a set of career management skills that will remain with you throughout your career.

During your course you will receive support and guidance to help you plan an effective strategy for your personal and professional development, whether you are looking to secure your first management role, or wanting take your career to the next level.

The 2016 Financial Times Masters in Finance ranking ranked Cranfield 1st in the UK for careers.

Last year's MSc in Finance and Management graduates secured jobs with a diverse range of organisations including PricewaterhouseCoopers, Barclays Investment Bank, Bloomberg, Bank Indonesia, Lloyds Banking Group, Credit Agricole, Diageo, Ernst & Young, Thomson Reuters, Toyota, UBS and Morgan Stanley.

Applying

To apply you will need to register to use our online system. Once you have set up an account you will be able to create, save and amend your application form before submitting it.

Once your online application has been submitted together with your supporting documentation, it will be processed by our admissions team. You will then be advised by email if you are successful, unsuccessful, or whether the course director would like to interview you before a decision is made.  Applicants based outside of the UK may be interviewed either by telephone or video conference.

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