Ranked 1st in the UK for careers and 4th in the UK overall by the Financial Times (2016), the Finance and Management MSc provides solid grounding in finance and management principles, rigorous training in relevant tools and techniques, and demonstrates how to apply them practically in the global workplace.

MSc in Finance and Management video
Finance and Management MSc video

At a glance

  • Start date25 September 2017
  • 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. Studying this course will enable you to work in a range of financial roles across a variety of organisations worldwide. With students and academics from over 50 countries, the Finance and Management MSc is truly international. High standard content and fruitful discussions about its application within different cultures and geographical areas prepare students to work in every part of our increasingly globalised world.

Class Profile 2016/17:

Gender:
Male 63% - Female 37%
Age Range:
20 - 38 years
Average Age:
24 years
Number of Nationalities: 19
Class Size: 49



Term Dates

Term One:
2 October 2017 – 15 December 2017
Term Two:
8 January 2018 – 23 March 2018
Term Three:
9 April 2018 – 22 June 2018
Term Four:
25 June 2018 – 7 September 2018

Why this course?

Cranfield School of Management is known for being close to business. For 50 years, we have been working with leading companies across the globe, pursuing our mission to improve the practice of management.

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 and modules include a combination of case studies, participative exercises, interactive lectures and group projects. We also organise regular seminars and speeches with experts and practitioners in different areas of finance in order to allow you to expand your knowledge and to be ready to face the professional world.

Our classes are small and each academic tutor has no more than five students, ensuring close, continuous interaction.

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, Associate Corporate Finance, HSBC Germany, Finance and Management MSc alumnus, 2013

Rankings

This course is consistently recognised in International Business Rankings.


Financial Times

In the Financial Times Masters in Finance Pre-experience ranking 2016 Cranfield School of Management's MSc in Finance and Management achieved the following rankings:

  • 4th in the UK and 25th in the world
  • 1st in the UK and 10th in the world for careers
  • 2nd in the UK for value for money.

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.

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

  • Steve Wallace
  • Dr Peter Yallup
  • Professor Huainan Zhao

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 through the CFA University Recognition Program. 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 about the CFA University Recognition Program and associated CFA Program Awareness Scholarships can be found on the CFA website.

Course details

The Cranfield Finance and Management MSc offers the widest range of modules in finance among all UK master’s courses. It 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 a highly effective infrastructure including Bloomberg live financial news and data, DataStream, FAME and EBSCO, 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%

SoM Disclaimer

Keeping our courses up-to-date and current requires constant innovation and change. The modules we offer reflect the needs of business and industry and the research interests of our staff and, as a result, may change or be withdrawn due to research developments, legislation changes or for a variety of other reasons. Changes may also be designed to improve the student learning experience or to respond to feedback from students, external examiners, accreditation bodies and industrial advisory panels.

To give you a taster, we have listed the core modules and some optional modules affiliated with this programme which ran in the academic year 2016–2017. There is no guarantee that these modules will run for 2017 entry. All modules are subject to change depending on your year of entry.

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 - 18 September 2017
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 – 25 September 2017

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
Aim

    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.

     

Syllabus

    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

On successful completion of this module you should 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
Aim

    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. Cranfield School of Management’s MBA programme has been ranked first in the world for economics in the Financial Times 2017 Full Time Global MBA ranking (published 30 January).

Syllabus

    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

On successful completion of this module you should 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
Aim

    The course begins with sessions on traders in the international financial markets, the instruments they trade and the ways in which they trade them and the institutions which employ them. You will learn the motives, techniques and behaviour of market operators. Recent controversies will be looked at in market practice and the continuing regulatory changes associated with them. The later sessions cover the major financial product markets, including debt and equity, and convertible markets. You should develop a good understanding of the main financial products.

Syllabus

    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

On successful completion of this module you should 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
Aim
    • To provide an introduction to the individual and the group in the organisation – how and why people differ - and to introduce frameworks that aid interpersonal understanding, communication and relationships.
    • To introduce the notion of personality and its application.
    • To consider the importance of relationships at work.
    • To introduce the concept of effective teams.
    • To explore the concept of leadership style.
    • To provide an introduction to power, politics and influence in organisations.
Syllabus

    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

On successful completion of this module you should 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
Aim

    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.

Syllabus

    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

On successful completion of this module you should 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
Aim

    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.

Syllabus

    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

On successful completion of this module you should 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 Richard Schoenberg
Aim

    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.

Syllabus
    The module begins by focusing on strategy at the strategic business unit level. It is orientated around five key questions 1) where to compete? 2) how to gain competitive advantage? 3) what capabilities are required? 4) what capabilities do we have? 5) how do we change? The module then explores corporate level strategy and the issue of strategy implementation and change. Throughout the module a range of tools and techniques for strategic analysis and choice will be introduced.
Intended learning outcomes

On successful completion of this module you should be able to:

  • Describe the key questions and associated challenges to be addressed in formulating an organisation’s competitive and corporate-level strategies.
  • Appreciate that to sustain competitive advantage an organization must harness its internal resources and capabilities and react appropriately to changes in its external environment.
  •  Appraise and differentiate between corporate, competitive (business unit) and functional strategies. 
  • Critically apply a range of tools and techniques to illuminate the key questions of competitive strategy and corporate strategy.

Valuation and Financial Modelling

Module Leader
  • Dr Vineet Agarwal
Aim

    A good understanding of techniques of valuation of firms as well as the different securities issued by firms is vital for managers and financial analysts. This understanding has a bearing on both financing decisions (issue of equity or debt) and investment decisions (identifying securities for inclusion in a portfolio, acquisitions, buy-backs, divestitures etc.).In addition, building sound financial models is critical for understanding and communicating valuations. This course provides the framework for valuing equity and firms as well as financial modelling to aid decision making.

Syllabus

    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

On successful completion of this module you should 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
Aim

    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.

Syllabus

    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

On successful completion of this module you should 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
  • Dr Yacine Belghitar
Aim

    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. 

Syllabus

    The module covers:

    • The Objective Function for Corporations
    • Corporate Governance
    • Making Investment Decisions with the NPV Rule
    • Valuing Bonds and Common Stocks
    • Introduction to Risk and Return
    • Portfolio Theory and the CAPM
    • How Corporations Issue Securities
    • Capital Structure I
    • Capital Structure II
    • Pay-out Policy
Intended learning outcomes

On successful completion of this module you should 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.

Electives

Applied Financial Econometrics

Module Leader
  • Dr Yacine Belghitar
  • Dr Peter Yallup
Aim

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

Syllabus

    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

On successful completion of this module you should 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
Aim

    This elective is concerned with firms that for a variety of reasons experience serious performance decline and begin to destroy value rather than create it. Such firms are generally described as financially distressed firms although the causes of their decline are not entirely financial. The course focuses on some of the most prominent types of corporate restructuring such as debt restructuring, equity restructuring, and corporate spinoffs. The course will also focus on transactions significantly affecting the corporation’s assets, liabilities and/or equity claims and will stress the economic motives for undertaking them. Transactions will be examined from the perspective of the corporation (e.g., firm managers), from the perspective of capital markets (e.g., investors, stockholders, creditors) as well as from the perspective of the society.

Syllabus

    The module covers:

    • Definition, nature and causes of corporate restructuring.
    • Strategies for corporate turnaround and corporate rewewal – operational, strategic, managerial, organisational and financial restructuring.
    • Framework for turnaround strategy choices.
    • 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; empirical evidence on reorganisation.
Intended learning outcomes

On successful completion of this module you should be able to:

  • The circumstances under which companies undertake to restructure themselves; 
  • The proximate causes, nature and scope of such restructuring; 
  • 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; 
  • The criteria for successful restructuring and reorganisation of firms in bankruptcy/ administration.

Entrepreneurial Finance

Module Leader
  • Dr Andrea Moro
Aim

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

Syllabus

    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

On successful completion of this module you should be able to:

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

Infrastructure Finance

Module Leader
  • Professor Sunil Poshakwale
Aim

    Many countries, especially in developing part of the world are targeting to invest heavily for creating and improving their infrastructure. Those countries that have a well-developed infrastructure are faced with the challenges of maintaining and making further qualitative improvements to their infrastructure. The capital requirements for infrastructure investment are estimated to be huge running into trillions of US dollars. There is an increasing need for people who have the required project management skills with sound knowledge of finance and investment issues. This is particularly relevant since though record levels of investments are required, many governments lack the funding resources due to high level budget deficits especially in emerging economies. This limits governments’ ability to fund infrastructure investment. Thus there is an urgent need for developing innovative investment and financing models to bridge the gap in infrastructure financing. The module aims to fulfil these aims by providing students with an applied knowledge of infrastructure financing models that will help them gain necessary skills for applying these in real world environment. The insights gained from the module will provide students career opportunities in infrastructure finance management.

Syllabus

    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

On successful completion of this module you should be able to:

  • 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.

Private Equity

Module Leader
  • Dr Abdul Mohamed
Aim

    Private equity, as opposed to public equity markets, has become a major source of capital for innovation, growth and corporate restructuring.   It now accounts for billions of pounds of investments and has become a global phenomenon. The module will cover topics on the nature of private equity, the spectrum of PEQ activities, the rationale for PEQ, performance record and measurement issues, the importance of PEQ markets and public policy issues.

Syllabus

    The module 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

On successful completion of this module you should 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
Aim

    The module is designed to give the students a thorough understanding of what is meant by organisational performance and the theories of control, performance measurement and management. The module will encourage students to consider the applications of direction setting and management control systems, why organisations measure, how performance measure set direction and how performance is delivered.

    The aims of this module are two fold:

    • For the students to fully understand what is organisational performance in different areas and levels of an organisation.
    • For the students to fully understand theories of control and performance measurement and to equipped them to critique and apply tools and systems in different organisational settings.
Syllabus

    The module covers:

    • 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

On successful completion of this module a student should be able to:

Knowledge & Understanding:

Demonstrate a critical awareness of :

  • The different categories of performance and what is meant by performance measurement, management, direction setting and control.
  • How different functions, such as HR, Finance and Marketing, view organisational performance.
  • The effects control systems can have on an organisation.
  • The ontology of performance, theories of control and measurement.

Critically assess:

  • The difference between quantifying performance and viewing performance as a holistic system.
  • The differences between efficiency and effectiveness.
  • The different techniques used to direct and control performance at different levels within the organisation.
  • How managing risk can improve organisational performance.
  • The role of corporate governance in the management of organisational performance.
  • Financial measures, qualitative measures and their application to intangible resources.
  • The underpinnings of control theory.

Skills and Other Attributes:

  • Apply the key principles taught to the design of control systems, goal setting and the measures employed.
  • Contribute to planning and budgeting cycles within an organisation.
  • Contribute to risk management policies within an organisation.

Mergers and Acquisitions

Module Leader
  • Dr Andrea Moro
  • Professor Ruth Bender
Aim

    The module introduces you to the historic pattern of merger and acquisition activity and provides an overview of the five-stage merger and acquisition process. You will explore the organisation's view of mergers, the fundamentals of the deal transaction, antitrust regulation, the bid process and post-acquisition analysis of organisational performance. A simulated takeover game will give you further insight into the acquisition process.

Syllabus

    The module covers:

    • The role of mergers and acquisitions in corporate strategy.
    • Strategic rationale of different merger and acquisition types.
    • How firms organise their merger and acquisition activities.
    • Merger and acquisition deal structuring and negotiation.
    • How to search for, identify and value suitable targets for acquisition.
    • Different bidding strategies and tactics available to bidders.
Intended learning outcomes

On successful completion of this module you should be able to:

  • Identify motivations driving mergers and acquisitions.
  • Recognise fiduciary duties of the board of directors.
  • Apply valuation techniques in valuing targets for acquisition.
  • Understand the impact of methods of payment in mergers and acquisitions.
  • Understand merger arbitrage and price pressure.
  • Measure acquisition performance.

Fund Management

Module Leader
  • Jane Vessey
Aim

    This elective aims to take you beyond security analysis and into the broader topic of investment management, and how portfolios can be constructed to meet client objectives. You will come away with a deeper understanding of how investment managers differ from each other, how to assess them, and an appreciation of the issues involved in setting realistic risk and return objectives. We look at how managers design their decision making processes, including asset allocation, risk budgeting, and implementation and trading.

Syllabus

    This module will cover:

    • Overview of the institutional investment management industry; industry structure, clienteles; regulation and governance.
    • Types of manager; internal organizational structure; active and passive management; hedge funds; quantitative managers; managers of managers.
    • Portfolio construction; factor models, building a decision-making process; sources of added value; the information ratio and the fundamental law of active management; risk budgeting; style analysis; setting realistic risk and return targets.
    • Implementation issues. Managing the trading function; measuring frictional costs; how much turnover makes sense; how much capacity in terms of assets under management does the manager have to add value.
    • Contemporary asset allocation and the move toward
    • Choosing an investment manager
Intended learning outcomes On successful completion of this module you should be able to:
  • Understand how investment managers construct portfolios including asset allocation decisions.
  • Use style analysis to categorise the different types of investment manager.
  • Understand the arguments for and against active and passive management.
  • Assess critically a manager’s investment decision-making process, and delve into how managers attempt to add value and the impact of transaction costs.
  • Evaluate the performance of fund managers and interpret fund reports.
  • Communicate effectively with members of the industry.
  • Consider trends in the industry, including greater use of liability driven investment, separation of alpha and beta and hedge fund strategies.

Fixed Interest Securities

Module Leader
  • Dr Vineet Agarwal
Aim

    This module will provide you with a solid grounding in the mechanics of fixed income markets and will introduce you to bond portfolio management techniques.

Syllabus

    The module will cover bond mathematics, product fundamentals, the structure of the yield curve and yield spreads, risks of investing in bonds, bonds with embedded options, securitization, credit derivatives and basics of bond portfolio management

Intended learning outcomes

On successful completion of this module you should be able to:

  • Identify the risks involved in fixed interest securities and how to price fixed rate and floating rate bonds;
  • Understand the duration and convexity of bonds and their use in hedging and investment;
  • Understand the term structure of interest rates and using yield curve to price fixed rate bonds;
  • Use basic analytics for bonds with embedded options;
  • Understand basic structured products; and
  • The basics of active and passive bond portfolio management.

Technical Analysis and Trading Systems

Module Leader
  • Dr Peter Yallup
Aim

    This module covers the basic building blocks of Technical analysis and allows you to develop your own trading strategies by recognising recurring patterns in price movement and determining the most likely result.

Syllabus

    This module covers:

    • Introduction to charting and Dow theory
    • Charting systems and techniques
    •  Identifying trading signals through regression analysis
    • Momentum and oscillators
    • Seasonality and cyclicality
    • Volumes, spreads and arbitrage
    • Adaptive techniques of Technical Analysis
    • Trading systems testing and risk control
    • Portfolio diversification and asset allocation
Intended learning outcomes On successful completion of this module you should be able to:
  • Have a comprehensive understanding of theories and techniques of Technical Analysis
  • Be able to construct charts and test trading rules using real financial data
  • Understand how statistical tools such as regression analysis can be used for forecasting with technical indicators
  • Critically assess the performance of technical forecasters and forecasting systems
  • Develop the ability to select and apply practical techniques for trading

International Investment and Emerging Markets

Module Leader
  • Professor Sunil Poshakwale
Aim

    The module aims to offer both academic research and practical guidance on investing in emerging markets. The module also aims to explain why policies and regulations matter and how risks can be managed.

Syllabus

    This module will cover:

    • Introduction to Emerging Markets
    • Reasons for Investing in Emerging Markets: Growth and Diversification
    • How to Invest in Emerging Markets
    • Comparing investment styles
    • The risks involved and their management
    • Boom to Bust: How, When, and Why?
    • Long and short term perspectives of investing in emerging markets
    • Regulatory issues and challenges of investing emerging markets
    • Empirical evidence on benefits of investing in emerging markets
Intended learning outcomes On successful completion of this module you should be able to:
  • Understand how and why countries are categorised as emerging markets;
  • Research, evaluate and reflect on the investment opportunities and benefits of investing in emerging markets;
  • Appraise the different investment styles and routes that can be used for investing in emerging markets;
  • Analyse how to pick industries and companies that are likely to do well;
  • Update their understanding of the various risks involved in investing in emerging markets and how these can be managed;
  • Appraise the regulatory issues and challenges while investing in emerging markets;
  • Reflect on the practical relevance of academic research on emerging markets.

Fees and funding

European Union students applying for university places in the 2017 to 2018 academic year and the 2018 to 2019 academic year will still have access to student funding support. Please see the UK Government’s announcement (21 April 2017).

Cranfield University welcomes applications from students from all over the world for our postgraduate programmes. The Home/EU student fees listed continue to apply to EU students.

MSc Full-time £23,000

Fee notes:

  • The fees outlined apply to all students whose initial date of registration falls on or between 1 August 2017 and 31 July 2018.
  • All students pay the tuition fee set by the University for the full duration of their registration period agreed at their initial registration.
  • A non-refundable £1,000 deposit is payable on offer acceptances and will be deducted from your overall tuition fee. 
  • 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.

For further information regarding tuition fees, please refer to our fee notes.

MSc Full-time £23,000

Fee notes:

  • The fees outlined apply to all students whose initial date of registration falls on or between 1 August 2017 and 31 July 2018.
  • All students pay the tuition fee set by the University for the full duration of their registration period agreed at their initial registration.
  • A non-refundable £1,000 deposit is payable on offer acceptances and will be deducted from your overall tuition fee. 
  • 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.

For further information regarding tuition fees, please refer to our fee notes.

Funding Opportunities

The funding opportunities detailed below are specific to this programme:

Cranfield Scholarships

We have a number of Cranfield Scholarships available for UK/EU candidates. 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 scholarship, please indicate so in in the financial details section of your application.

Haniel Stiftung Scholarship

Together with the German National Academic Foundation, the Haniel Foundation offers up to eight scholarships every year to young German scholars studying for a business-related postgraduate course in or outside Europe.

The Spotcap Fintech Fellowship

The Spotcap Fintech Fellowship is worth £8,000 for UK students pursuing a postgraduate degree in study related to financial technology.

To help students find and secure appropriate funding we have collated details of a range of scholarships and bursaries available which contribute towards fees and/or living costs for graduates applying for full-time Masters courses in business and management.

Find out more

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
  • international degree - equivalent of UK qualifications
  • professional qualification (e.g. CIMA, ACA, ACCA) with 5 years' relevant work experience.

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. Our minimum requirements are as follows:

IELTS - 6.5 overall and 6.5 in the writing component

TOEFL - 92 and a writing score 21

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.

Applicants who do not already meet the English language entry requirement for their chosen Cranfield course can apply to attend one of our Presessional English for Academic Purposes (EAP) courses. We offer Winter/Spring and Summer programmes each year to offer holders.

Your career

95% of School of Management students were employed within 3 months of graduation*.

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 Master's in Finance ranking ranked Cranfield 1st in the UK for careers.

Cranfield graduates are highly valued in the job market and aim for careers in investment banking, financial services or the financial function of a diverse range of global corporations. Our Finance and Management MSc graduates have secured jobs with organisations including PricewaterhouseCoopers, Barclays Investment Bank, Bloomberg, Bank Indonesia, Lloyds Banking Group, Credit Agricole, Diageo, Ernst & Young, Thomson Reuters, Toyota, UBS and Morgan Stanley. Their roles have included Data Analyst, Financial Planner, Consultant, Private Equity Analyst and Financial Risk Manager.

*based on those students for whom we hold data, across all School of Management full-time master's courses (2015/16 cohort).

Career Development Service video
Career Development Service video

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.

Apply Now