Ranked as a top 10 UK Master’s in Finance by the Financial Times (2018), 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.

Finance and Management MSc Video
An introduction to the Finance and Management MSc

At a glance

  • Start date24 September 2018
  • Duration1 year
  • DeliveryTaught modules 60%, individual project 40%
  • QualificationMSc
  • Study typeFull-time

Who is it for?

  • Graduates with a desire to develop their knowledge and skills in finance and management before seeking their first professional role
  • Professionals with work experience in the area of finance or management who are seeking to take their career to the next level
  • Individuals who want to be taught by faculty who have experience of business and industry and can bring their knowledge to the programme

Class Profile 2017/18*:

Gender:
Male 73% - Female 27%
Age Range:
21 - 26 years
Average Age:
24 years
Number of Nationalities: 29
Nationality: UK/EU: 26% - International: 74%
Cohort Size: 79
Average Class Size: 40


*The above data combines the 2017/18 class profiles for the two Cranfield Finance MSc courses.


Term Dates

Orientation Week:
24 September 2018 – 28 September 2018
Term One:
1 October 2018 – 14 December 2018
Term Two:
7 January 2019 – 22 March 2019
Term Three:
8 April 2019 – 21 June 2019
Term Four:
24 June 2019 – 6 September 2019

Why this course?

More than just an academic institution, Cranfield School of Management’s world-class research, expertise and teaching result in practical management solutions that are transforming the world of business today. For 50 years, we have been working with leading companies across the globe, pursuing our mission to improve the practice of management.

Our Finance and Management MSc 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. You will gain an in-depth understanding of financial and management accounting, economics, international financial markets, statistical analysis, financial modelling and corporate financial management.

The programme of study is distinct and unique in the way that it provides a link between the School and the business community. You will be taught by faculty with experience of the real world of finance and business, together with practitioners from different areas of finance.

Modules focus on real-world challenges, and include a combination of case studies, participative exercises, interactive lectures and group projects. In addition, you will also have the opportunity to expand your knowledge and get ready to face the professional world, through attendance at regular seminars and speeches.

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

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 prepares you for working in every part of our increasingly globalised world.

Watch our student and faculty videos to find out more

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Ternes

Cranfield offers a unique mix of lecturers. We had theoretical courses with outstanding academic faculty, but also practical courses like financial markets taught by practitioners that gave us the perfect mixture of perspectives on a specific topic.

Tobias Ternes, Associate Leveraged and Acquisition Finance, HSBC Germany, Finance and Management MSc alumnus, 2013

Rankings

This course is consistently recognised in International Business Rankings.

The Economist

In the Financial Times Masters in Finance Pre-experience ranking 2018 Cranfield School of Management's Finance and Management MSc achieved the following rankings:

  • 6th in the UK and 32nd in the world
  • 15th in the UK and 52nd in the world for careers service
  • 13th in the UK and 45th in the world for career progress.



Informed by Industry

An external advisory panel informs the design and development of the course, and comprises senior finance practitioners, 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:

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 Institute University Affiliation 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 Institute University Affiliation Program and associated CFA Program Awareness Scholarships can be found on the CFA website.

CFA logo

Course details

The course comprises 10 core modules and four elective modules. This enables you to tailor the programme of study to suit your personal career plan. 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. The culmination of the learning process is your opportunity to undertake an empirical research project for your individual thesis.

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. This provides the opportunity to work in an original way, and may involve undertaking a research project for one of our industrial partners on a real-world challenge.

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 2017–2018. There is no guarantee that these modules will run for 2018 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 - 17 September 2018
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 – 24 September 2018

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

Compulsory modules
All the modules in the following list need to be taken as part of this course

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

    To introduce the  concepts and techniques of Microeconomics (e.g. market analysis, price theory, rationality)  and Macroeconomics (e.g. inflation, exchange rates and interest rates) in a way which provides a core foundation for later applied financial analysis in a range of other core and elective courses on the MSc in Finance and Management and MSc in Investment Management.

    In the Context of the Financial markets, it is imperative that you are aware of the fundamental principles and concepts pertaining to Economic Theory per se. Studying economics not only does it provide knowledge for making decisions but it also offers a tool with which to approach questions such as the desirability of a particular financial investment opportunity, the benefits and costs of alternative careers, or the likely impacts of public policies.

     

Syllabus

    The initial few sessions are spent on discussion of the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets. In next four sessions, an understanding of 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 is developed. Finally, remaining sessions are devoted to discussion of the concepts and ideas in macroeconomics which have a direct relevance to financial markets. Particularly, discussion is centered on understanding of monetary economics and the institutional context to which it applies. Discussion of structure of money and capital markets rounds up this module.

     

Intended learning outcomes

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

  • An awareness of the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets.
  • An understanding of 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.
  • An understanding of monetary economics and the institutional context to which it applies, in particular money and capital markets in the UK and the US.
  • An ability to use economic theory.
  • An ability to use relevant geometric and quantitative models to explain and analyse monetary and financial phenomena.
  • An ability to apply economic theory to real world problems, e.g. via case study analysis.

 

Financial Markets Regulation and Ethics

Module Leader
  • Dr Walter Gontarek
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 understand 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.

    Ethics is a stimulating subject, which thrives on the existence of differing points of view and the arguments which support them.  It is multidimensional and rarely has the opportunity to establish a ‘correct’ answer.  As a discipline it fundamentally depends on the reasoning ability and intuitive maturity of its practitioners. With the demonstrations in Wall Street, outside St Pauls and elsewhere, the world’s attention is on the financial markets, its participants and their behaviour. There are many errors in perception – e.g. ‘the shareholders have made lots of money from the banking crisis’ - well I lost a lot!, but others that demand attention. Most (if not all) financial and accounting bodies now have codes of ethics and they cannot be avoided. Much of the modern financial theory taught elsewhere on the MSc is assumed to be ‘value free’ and the outcomes of rational, profit-maximising, independent actors in a market. These issues will be explored on the course and perhaps challenge some of those theories.

     

Syllabus
    • The module will cover markets versus financial intermediaries, trading institutions and participants, Market making, Market types and market microstructure, Execution costs – definition & measurement, Equity derivatives: options and futures, Arbitrage, Regulation, Market controversies, Financial products overview, Money markets, Debt instruments and markets, Equity markets: primary and secondary, Convertibles and warrants, Hedge funds and trading game.

       

    • Partly in response to that background, professional bodies have attempted to make the lives of their members easier by providing specialist codes of ethics.  These are intended to help members navigate their way through the complex world we now inhabit, and deal with the inevitable dilemmas that arise within it.  The Institute of Chartered Financial Analysts has a code of ethics, and a further objective of the course is to understand the structure and content of this code, and familiarise you with the broad context with which it deals.  However, we will also consider whether codes are well designed for their task in an innovative landscape. 

       

    • By using formal teaching, reading, cases, debates, and discussions which draw on the typically wide variety of cultural, religious, professional, and other influences present in the class, we will explore what ethical behaviour may look like, how theory relates to practice and to codes of practice, and develop reasoning skills that will serve you in whatever field of endeavour they go on to.

     

Intended learning outcomes

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

  1. Understand different methods of trading.
  2. Learn how traders make (and lose) money.
  3. Build working knowledge of key financial markets and products.
  4. Understand differences in organisation and practice of different products.
  5. Be familiar with the language and some of the more important theories of ethics.
  6. Understand the structure and content of CFA institute’s ethics code, and be familiar with the broad context with which it deals.

 

Organisational Management

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
    • 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 (including their own) behaviour within teams and organisations.
  • Evaluate their own behaviours, showing knowledge of personal strengths and weaknesses.
  • Use appropriate tools to demonstrate understanding of how individual differences affect interpersonal behaviours/interactions between people.
  • Present organisational information in persuasive and interesting ways.
  • 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

    Aim

      This 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. The module also discusses some of the “unresolved” issues in finance and some of the paradigms in financial research methodology.

       

    Syllabus

      The module covers:

      • This module uses the positivist approach to finance and introduces the need for and validity of empirical models.
      • It will cover empirical design, model testing, interpretation of results and acknowledgement of limitations in empirical research designs.
      • During the module we will discuss topics of continuing interest in finance such as asset pricing and efficient markets hypothesis anomalies, capital structure and new issue puzzles, corporate governance, accounting information and asset returns, and mergers and acquisitions.


    Intended learning outcomes

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

    • Understand the nature of empirical testing of various models.
    • Understand a range of methodologies employed in empirical finance.
    • Understand 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
    • Professor Yacine Belghitar
    Aim

      Finance is a highly quantitative subject and this core programme 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 will cover probability theory, sampling and estimation, hypothesis testing, analysis of variance, regression analysis, and logistic regression

    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

      Strategic Management is concerned with the direction and scope of the organisation. This involves determining the purpose of the organisation, establishing objectives and formulating strategies to achieve the objectives. It 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. This means that strategic management considers how an organisation’s internal resources and capabilities can be developed to meet the changing demands of customers, in such a way as to achieve the expectations and objectives of its stakeholders.

       

    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

    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:

      • Different valuation approaches: discounted cash flow, relative valuation, residual income valuation, and real options framework
      • Estimating the cost of capital using models like CAPM
      • Estimating earnings, cash flows, growth and terminal value
      • Principles of good financial modelling
      • Building a robust financial model
      • Simulation methods and how to run simulations in Excel
      • Using Excel built-in functions and simple macros in VBA to enhance the power of models

       


    Intended learning outcomes

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

    1. Basic principles of corporate valuation.
    2. Estimating discount rates.
    3. Range of valuation methods.
    4. Assumptions and limitations of valuation models.
    5. Building Valuation models and scenarios using Excel.
    6. Working with Monte Carlo methods.
    7. How to improve the power of models using VBA.

     


    International Corporate Finance

    Aim

      This module aims to develop a solid understanding of foreign exchange and interest rate risks that multinational corporation encounter. The main focus is on developing insights on how and why these risks arise and what can be done to manage these risks. The other aim is to provide you with commonly used applications of derivatives in managing exchange rate and interest rate risks.

       

    Syllabus

      The first four sessions are used to introduce you to the world of foreign exchange markets, how exchange rates are quoted and interpreted and what role FOREX markets play in the international finance.

      The next six sessions are devoted to the detailed discussion of underlying theoretical models which explain the relationship between interest rates, inflation, and other macro economic variables and the exchange rates. How forward rates are determined in the market and why covered interest rate arbitrage and carry trades occur and how they are used by investors to exploit disequilibrium in the foreign exchange rates. This is followed by the discussion of why and how multinational corporations invest in foreign markets. The key determinants of FDI with a particular emphasis on emerging markets are explored in detail.

      The next three sessions are used to introduce basics of currency derivatives and how they work. Next four sessions are devoted to the discussion of different types of foreign exchange exposures and how they affect market value. How transaction and operating exposure are managed by both internal hedging techniques and derivatives are discussed in detail using case studies.

      In the following four sessions, a detailed discussion of how interest rate risks arise and how it affects the multinational corporations is followed by how these risks are managed. You learn about interest rate and currency swaps, how they are set up and how they are valued. The final four sessions are used for discussion of international capital budgeting process, how it is done and how key risks need to be considered and managed.

       

    Intended learning outcomes

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

    •   How foreign exchange Markets work.
    • How interest rates, inflation and purchasing power parity affect exchange rate.
    • How and why Foreign Direct Investments (FDI) arise and what are the key determinants of FDI in emerging markets.
    • How to identify different types of foreign exchange exposures.
    • Business simulation.
    • How to currency and interest rate derivatives work.
    • How exchange risks can be managed using different types of derivatives instruments.
    • How interest rate exposure arises.
    • How to manage interest risk using options, futures, and swaps.
    • How multinational firms make international capital budgeting decisions.

     

    Corporate Finance

    Module Leader
    • Professor 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 will cover the following:

      • 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
      • Payout 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.
    • Be aware of the range of investment appraisal techniques including traditional as well as discounted cash flow methods.
    • Appreciate and incorporate risk in project appraisal and investment.
    • Discuss the factors a company should take into account in determining the firm’s capital structure and dividend policy.

    Elective modules
    A selection of modules from the following list need to be taken as part of this course

    Applied Financial Econometrics

    Module Leader
    • Professor Yacine Belghitar
    Aim

      To provide 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 covered in the course Statistical Analysis in Finance
      • Relaxing the assumptions of the classical model: multicollinearity, heteroscedasticity and autocorrelation
      • Panel data analysis
      • Stochastic regressors and the method of instrumental variables
      • Stationarity, Unit Roots and Cointegration in Time Series
      • ARCH/GARCH Models
    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
    • Professor 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:

    1.  The circumstances under which companies undertake to restructure themselves;
    2. The proximate causes, nature and scope of such restructuring;
    3. 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;
    4. The criteria for successful restructuring and reorganisation of firms in bankruptcy/ administration.

     

    Entrepreneurial Finance

    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

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

       

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

       

    Intended learning outcomes

    On successful completion of this module a student 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

    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 you 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 you career opportunities in infrastructure finance management.

    Syllabus

      This 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:

    1. Appreciate the importance of early decisions about financing and risk allocation in on-going operation of infrastructure assets.
    2. Demonstrate knowledge of investment needs in infrastructure projects especially in developing countries.
    3. Demonstrate the ability to price the risks involved in infrastructure projects using appropriate models and techniques.
    4. Demonstrate knowledge of innovative sources of funding for infrastructure investments.
    5. Evaluate the alternative government and non-government funding models and appreciate the pros and cons of different financing models.
    6. Acquire the skills for development of appropriate financing models for various infrastructure projects.
    7. Develop a vision of how infrastructure financing will develop in the future.

     

    Private Equity

    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 PEQ cycle
        • fund raising
        • investing
        • exiting
      • Risk and return assessment of investment projects
      • Corporate governance issues
      • Managerial reward systems in PEQ firms
      • Choice of exit strategies and relevant factors
      • Management buyouts
      • Leveraged buyouts
      • Distressed and turnaround investments
      • Measuring PEQ performance
      • Regulation of PEQ firms


    Intended learning outcomes

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

     

    1. What PEQ is and how it differs from public equity.
    2. The range of products on offer – financing of ventures, seed ideas, development, expansion, and different types of buyouts.
    3. The importance of PEQ in promoting innovation, growth and corporate restructuring.
    4. How PEQ firms raise capital and make investments in portfolio companies.
    5. The range of players in the PEQ markets.
    6. PEQ firms’ business models and value creation strategies.
    7. How General Partners (GPs) evaluate venture and buyout opportunities, operate portfolio companies and monitor their performance.
    8. Performance measurement issues.
    9. Public policy issues – economic contribution vs risk.
    10. Regulation of PE firms and recent regulatory changes.

     

    Strategic Management Accounting and Control

    Aim

      The module is designed to give you a thorough understanding of what is meant by organisational performance and the theories of control, performance measurement and management. The module will encourage you 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 twofold:

      •  For you to fully understand what is organisational performance in different areas and levels of an organisation.
      • For you 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 you 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

    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.

      The investment management industry has often appeared opaque to outsiders, in spite of the fact that most of us are or will be its clients in one way or another. The purpose of this elective is to shed light into the workings of an industry that affects us all, and to look at how theory is actually implemented in practice, and consider the latest developments in the industry.

       

    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 towards outcome based investing.
      • Performance measurement techniques and interpreting fund performance.
      • Choosing an investment manager.

       

    Intended learning outcomes

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

     

    1. Understand how investment managers construct portfolios including asset allocation decisions.
    2. Use style analysis to categorise the different types of investment manager.
    3. Understand the arguments for and against active and passive management.
    4. Assess critically a manager’s investment decision-making process, and delve into how managers attempt to add value and the impact of transaction costs.
    5. Evaluate the performance of fund managers and interpret fund reports.
    6. Communicate effectively with members of the industry.
    7. Consider trends in the industry, including greater use of liability driven investment, separation of alpha and beta and hedge fund strategies.

     

    Through the use of lectures and case studies, and following the module you will gain a solid understanding of the theory and practice of fund management.

     

    Fixed Interest Securities

    Aim

      The global bond market exceeds $36 trillion which is more than the world’s stock markets. The market has become increasingly quantitative due to the proliferation of new products. Combined with increased volatility of financial prices and exposure to new sources of risk, there are now greater risks and opportunities for fixed income portfolio management.          

      This module provides the participants with a solid grounding in the mechanics of fixed income markets and introduces them 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, securitisation, credit derivatives and basics of bond portfolio management.

       

    Intended learning outcomes

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

    1. The risks involved in fixed interest securities and how to price fixed rate and floating rate bonds;
    2. Duration and convexity of bonds and their use in hedging and investment;
    3. The term structure of interest rates and using yield curve to price fixed rate bonds;
    4. Basic analytics for bonds with embedded options;
    5. Some basic structured products; and
    6. The basics of active and passive bond portfolio management.

     

    Technical Analysis and Trading Systems

    Aim

      Technical analysis is the method of identifying investment opportunities by analysing historical price and volume data. Quantitative methods for evaluating price movements have become the dominant method used for short term forecasting of prices of all traded assets including stocks, bonds, currency and commodities. Technical analysis has become much more than simply identifying trends from charts, it encompasses inter-market analysis, complex indicators, aspects of portfolio construction and multilevel risk control. It is estimated that well over half the managed money uses algorithmic trading. 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: 

    1. Have a comprehensive understanding of theories and techniques of Technical Analysis.
    2. Be able to construct charts and test trading rules using real financial data.
    3. Understand how statistical tools such as regression analysis can be used for forecasting with technical indicators.
    4. Critically assess the performance of technical forecasters and forecasting systems.
    5. Develop the ability to select and apply practical techniques for trading.

     

    International Investment and Emerging Markets

    Aim

      The landscape of international investing has been constantly evolving. The historical dominance of the developed countries has been declining whilst the relative importance of developing countries with their emerging economies has been on the rise. The high rates of economic growth and access to their large markets have attracted international investors to invest in emerging markets. However, despite these trends, there is not enough known or understood about the opportunities and challenges that international investors face while investing in emerging markets. The aim of this elective is to provide you with a good understanding of rewards and risks of investing in emerging markets.  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 to risks can be managed.

       

    Syllabus

      This module will cover:

      • Introduction to Emerging Markets
      • Reasons for Investing in Emerging Markets: Growth and Diversification
      • Empirical evidence on benefits of investing in emerging markets
      • 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 



    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.

     

    Blockchain, Cryptocurrencies and Smart Contracts

    Module Leader
    • Dr Walter Gontarek
    • Dr Andrey Pavlov
    Aim

      This module covers three aspects of FinTech:

      a) Blockchain technology

      b) Cryptocurrences

      c) Smart contracts

      The aim of the module is to explain how technology is revolutionising the financial context in particular. The first part of the module provides a short technical introduction to the blockchain technology and explains the principles of its operation. In addition, this part investigates the disruptive potential of this technology with respect to the current structure of the financial system and the regulatory context.

      The second part of the module builds on the application of blockchain technology to cryptocurrencies and tokens and how they work. In particular, it explores their current popularity, advantages and risks; ethical implications in terms of fraudulent or criminal use; and the use of cryptocurrencies as an investment tool.

      The last part of the module explores the application of blockchain technology to smart contracts. In particular, it introduces the principles of smart contracts; examines their advantages and risks; and discusses the implications of smart contracts for business and finance.

    Syllabus

      The module covers:

      • Overview of the blockchain technology
      • The use of blockchain technology in finance
      • Ledgers in interbank transactions
      • Cryptocurrencies and tokens: structure and use
        • As currencies
        • As investment tools
        • As a vehicle for raising capital
      • Smart contracts: structure and use
      • Ethical and regulatory issues related to blockchain technology
      • Blockchain applications beyond finance
    Intended learning outcomes

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

    • Identify areas in finance that can benefit from blockchain technology;
    • Ealuate Blockchain projects from the perspective of both the investor and the firm;
    • Determine risk and advantages of the use of blockchain technology in the financial context;
    • Identify, categorise and evaluate different cryptocurrencies and their risks/advantages;
    • Understand the benefits and risks of the use of smart contracts in finance;
    • Evaluate business and regulatory risks related to cryptocurrencies and smart contracts.

    Big data Management and Cybersecurity

    Module Leader
    • Dr Andrea Moro
    Aim

      This module focuses on two aspects:

      1. Big Data: use and analysis
      2. Cybersecurity: Security in the financial transaction/operations

      The aim of the module is to explain how Big Data is revolutionising the financial context as well as to explore the issues in cybersecurity in the financial realm. The first part of the module covers the Big Data as source of data in order to take strategic and investment decision in the financial markets. Some analytical techniques to deal with Big Data are also covered. In addition, how Big Data informs human decision making is explored.

      The second part of the module deals with the issues raised by the intense use of IT in the financial world and the sharing of information. This part explores the issues linked to the use of Clouds, the level of protection that can be obtained, the issues linked to cyberattacks and techniques that can be implemented to protect data.

    Syllabus
      • Overview of the Big Data
        • Big Data management
        • Big Data as a source of information for financial decisions
        • Ethical and moral issues in using Big Data
      • Overview of cybersecurity
        • Major issue in data protection
        • Protecting data in the cloud
        • Level of protection and its costs
    Intended learning outcomes

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

    1. evaluate Big Data as a source for strategic and financial decisions
    2. to be able to exploit Big Data in financial decision
    3. evaluate the ethical implication of Big Data
    4. evaluate the relationship between data analytics and human decision making
    5. analyse the issues linked to the data protection
    6. evaluate the impact of the issues linked to cybersecurity in the financial realm
    7. to deal with major issues in data protection

    Fees and funding

    European Union students applying for university places in the 2019 to 2020 academic year will still have access to student funding support. Please see the UK Government’s announcement (24 July 2018).

    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 2018 and 31 July 2019.
    • 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.
    • 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 £24,500

    Fee notes:

    • The fees outlined apply to all students whose initial date of registration falls on or between 1 August 2018 and 31 July 2019.
    • 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.
    • 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

    Specific funding opportunities for this course

    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.

    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.

    Additional scholarships and bursaries

    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, or
    • international degree - equivalent of UK qualifications.

    Candidates who do not meet these criteria may be considered if they have a professional qualification (e.g. CIMA, ACA, ACCA) together with 5 years' post-qualification relevant work experience. Other relevant qualifications, together with significant experience, may be considered.

    We accept a range of qualifications from different countries – learn more about international entry requirements.

    If you are currently studying at a Chinese university, please view our specific entry requirements for further study at Cranfield School of Management.

    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

    Trinity College London Integrated Skills in English III - pass

    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.

    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).

    Applying

    Our students do not always fit traditional academic or career paths. We consider this to be a positive aspect of diversity, not a hurdle. We are looking for a body of professional learners who have a wide range of experiences to share. If you are unsure of your suitability for our Finance and Management MSc programme we are happy to review your details and give you feedback before you make a formal application.

    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.

    Application deadlines

    There is a high demand for places on our courses and we recommend you submit your application as early as possible. The following application deadlines apply for entry to the course in September 2019.

    • Applicants domiciled in mainland China must submit their applications by 30 April 2019
    • Applicants from all other international students requiring a visa to study in the UK must submit their application by 30 June 2019
    • There is no application deadline for Home/EU applicants, but places are limited so we recommend you submit your application as early as possible

    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