Our Investment Management MSc will equip you with the knowledge and skills which you need to excel in your investment career. Studying this investment master's course offers you the opportunity to learn the tools and techniques of both investment and management, as well as how to apply them in real work situations globally.

Overview

  • Start date27 September 2021
  • Duration1 year
  • DeliveryTaught modules 60%, dissertation 40%
  • QualificationMSc
  • Study typeFull-time
  • CampusCranfield campus

Who is it for?

  • Graduates with a desire to develop their knowledge and skills in investment management before seeking their first professional role
  • Professionals with work experience in the investment industry 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 2020/21*

Gender:
Male 60% - Female 40%
Age range:
20 - 34 years
Average age:
25 years
Number of nationalities: 21
Nationality: UK/EU: 26% - International: 74%
Cohort size: 73
Average class size: 37


*The above data combines the 2020/21 class profiles for the Finance and Management MSc and Investment Management MSc.

Why this course?

  • Cranfield School of Management consistently performs well in international business rankings. We are top 10 in the UK and 32nd in Europe in the Financial Times European Business School 2020 Rankings.
  • The course is distinctive in covering the principles, tools and techniques of both investment 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, investment and portfolio management and derivatives and financial risk management.
  • Modules focus on real-world challenges, and include a combination of case studies, participative exercises, interactive lectures and group projects.
  • You may also have the opportunity to take part in activities, including the CFA Institute UK Research Challenge
  • You will be taught by faculty with experience of the real world of finance and business, as well as having the opportunity to listen to guest speakers
  • You will have access to highly effective infrastructure including Bloomberg live financial data via our Bloomberg Suite.


At the moment I am working as an Investment Analyst, Cranfield has given me the solid knowledge and background to work in this role. In the third term on the Investment Management MSc, we are required to do valuations so I had to use Bloomberg, Thomson Reuters and Datastream so it was really useful for me because I have to use it almost every day.

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I am able to apply the knowledge that I gained on the course everyday particularly the knowledge that I gained about Bloomberg. I apply this knowledge on a daily basis.

My time at Cranfield was phenomenal. From the excellent, diverse and very accessible faculty, to the superb facilities, there was a great focus on the practical application of knowledge and the emphasis on acquiring the much needed soft skills that make you a well-rounded finance professional.

Rankings

Our excellence in management education here at Cranfield is consistently recognised in International Business Rankings.


Informed by Industry

An external advisory panel, comprised of senior practitioners in investment management, informs the design and development of the course, 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.

Course details

The course comprises nine core modules and three elective modules (choice out of seven). 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 terminal, BOARDEX, Capital IQ, CRSP, Datastream, EIKON, EBSCO, FACTIVA, FAME, Financial Times, ORBIS Bank Focus, ProQuest, Science Direct, SDC Platinum and Thomson One resources. You will use real-world, international case studies to support your learning. The culmination of the learning process is your opportunity to undertake research for your individual thesis.

If COVID-19 restrictions persist into the 2021/22 academic year, our practical and social course activities may be subject to change to ensure your safety and ensure we are compliant with Government guidelines.

Course delivery

Taught modules 60%, dissertation 40%

Dissertation

You will undertake research 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.

Orientation and Pre-session Programme

Orientation week takes place between 27 September and 1 October 2021. If you do not have a background in finance and accounting, you may be required to attend the Introduction to Accounting pre-session course. Please note that the Statistics and the Basic Finance lectures are compulsory for all students.

Introduction to Accounting
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

Week 1 – Statistics and Basic Finance (compulsory for all students to attend)
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

Course modules

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

Corporate Finance

Module Leader
  • Professor Yacine Belghitar
Aim

    This core module provides a 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 and payout decisions. Based on recent theoretical and empirical developments, the course explores the framework in which corporations make their financial and investment decisions.

Syllabus
    • 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 a student should be able to:

  1. Evaluate the impact of the separation of corporate ownership, management and control.
  2. Appreciate and incorporate risk in project appraisal and investment.
  3. Estimate and evaluate the capital structure and dividend policy of the company.
  4. Understand and appreciate the complexity and contradictions of the current academic literature in financial management and its implications for professional practice.

Statistical Analysis in Finance

Module Leader
  • Dr Nemanja Radic
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, regression analysis, and panel analysis.

Intended learning outcomes

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

  1. Critically evaluate probability distributions and their properties
  2. Assess various population parameters and their point and interval estimates.
  3. Formulate null and alternate hypotheses, and to conduct a test of hypothesis about a population mean as well as a population proportion
  4. Critically assess and apply a variety of statistical techniques for data analysis (i.e., OLS, logistic regression and regression with panel data).
  5. Examine and asses financial theory and related empirical work covered in other subjects within the programme.

Accounting

Module Leader
  • Dr Matthias Nnadi
Aim

    The key objective for this course is that students develop a clear understanding of the basics of accounting. By the end of the course, students would be able to interpret accounting information with confidence and use it to make decisions and be able to communicate accounting numbers to others.

Syllabus

    The course is split approximately 50/50 between Financial Accounting and Management Accounting.

    Financial Accounting covers the preparation and presentation of accounts by firms for outside parties such as shareholders or creditors. Such preparation is governed by certain fundamental principles and various rules.

    The first part of the lectures will cover accounting principles and provide understanding on how the key financial statements (income statement, balance sheet, cash flow statement) are prepared.

    The module also covers the interpretation of financial statements. This involves learning financial ratio analysis and interpreting the information contained in a full set of annual accounts.

    The last sessions are devoted to Management Accounting and cover internal accounting by managers for planning and control. Students will cover the nature and classification of costs, break-even analysis, allocation of overheads; preparing and using budgets, variance analysis.

Intended learning outcomes

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

  1. Demonstrate understanding of the fundamental principles of financial accounting and prepare key financial statements from basic information.
  2. Critically analyse and interpret company accounts.
  3. Evaluate the different types of costs and conduct break even analysis.
  4. Critically discuss the different ways in which overheads can be allocated.
  5. Prepare budgets and interpret variances from budget.

Economics for Financial Markets

Module Leader
  • Professor 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 students be 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 a student should be able to:

  1. Assess the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets.
  2. Discuss and justify the rationale 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.
  3. Appraise the monetary institutional context as this is reflected by money and capital markets.
  4. Examine the use of relevant geometric and quantitative models to explain and analyse monetary and financial phenomena.
  5. Assess and effectively discuss real world problems that relate to global financial markets.

Financial Markets Regulation and Ethics

Module Leader
  • Dr Walter Gontarek
Aim

    The course begins in Part I with an overview of the international financial markets, the major financial institution participants and product types. Students will understand the roles, motivations and behaviours of market players including the importance of risk-taking. The role of regulation will be highlighted and examined in Part II. This will include the aims and structures of regulation. In Part III, students will examine using a seminal textbook on business ethics the role and limitations of ethics in financial markets, ethical decision-making frameworks, and evaluate real world cases of lapses in culture and impact upon society and the markets. The challenge of identifying and promoting ethical behaviour will be acknowledged.

Syllabus
    • This module will identify key financial intermediaries including banks and non-banks (i.e., FinTech firms, finance companies, mutual banks, multilateral banks, insurers, pensions, hedge funds, retail investors, shadow banks).
    • Financial products overview includes equity, subordinated debt (notably issued by financial institutions including their motivation), senior debt (including loans, bonds) as well as the role and consequences of deposit-taking/money market activities for financial institutions given the regulatory context of this module.
    • The role, advantages and dis-advantages and recent market developments associated with cash versus derivative markets will be identified and discussed. Lastly, simple securitisations of credit portfolios will be examined both as a funding tool but how it was misused before the crisis in sub-prime markets.
    • Product types identified will include equity and debt (including loans and debt securities), investment banking/advisory, and asset/wealth management. Recent controversies will be looked at in market practice including the scope for market abuse, conflicts of interest, moral hazard, and financial institution misconduct. Various stakeholders will be identified for the key market types.
    • Students will investigate criticisms of financial market policies and shortcomings of supervision and review the response by regulators in banking sector, focusing on the capital and liquidity provisions, and improved risk governance.
    • Key corporate governance theories will also be identified. While current regulatory framework will be highlighted, the focus will shift towards ethical decision-making and an effective risk culture as a viable alternative to conventional supervision and legal shortcomings. Specifically, two ethical-decision making frameworks will be introduced in a case study format, one from Jennings (2013) and the other via Ferrell et al. (2011).
    • Students will appreciate the role of governance within an ESG Framework.
Intended learning outcomes

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

  1. Examine and explain different financial market structures, players including their roles and respective stakeholders.
  2. Combine their knowledge of key financial markets, with their associated regulatory and supervisory framework, major product types, and the scope for misconduct, agency failures and moral hazard.
  3. Discuss the key theories for corporate governance and risk governance practices for financial institutions, and how governance mechanism may interact to impact performance or risk-taking.
  4. Assess and justify the potential for ethical behaviour and improved conduct to fill the void where law and regulations fail to succeed.
  5. Identify and evaluate the role ESG (Environmental, Social and Governance) factors can play in determining the access to or cost of capital for firms and their performance.

Applied Research Methods in Finance

Module Leader
  • Dr Vineet Agarwal
Aim

    This module is designed to provide participants with the required skills for structuring their research projects including conceptualising research questions and writing literature reviews. It uses the positivist approach to finance and introduces the need for and validity of empirical models. The module also imparts a greater understanding of the empirical methods in finance and develops important skills in the assessment, analysis and interpretation of published financial research.

Syllabus
    • Formulating research questions.
    • Critically reviewing the literature.
    • Asset pricing tests using cross-sectional and time-series regressions.
    • Time-series analysis (stationarity, unit roots, and cointegration).
    • Generalised Method of Moments.
    • Event study method.
Intended learning outcomes

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

  1. Conceptualise and formulate research questions.
  2. Identify, compile, and critically evaluate relevant literature.
  3. Select and assess a range of methodologies employed in empirical finance.
  4. Assess the limitations of empirical methodologies and draw robust conclusions from empirical studies.
  5. Design and conduct empirical research.

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
    • Different valuation approaches: discounted cash flow, relative valuation, and residual income valuation framework.
    • Estimating the cost of capital using models like CAPM.
    • Estimating earnings, cash flows, growth and terminal value.
    • Issues in forecasting cashflows.
    • Building a robust financial model
Intended learning outcomes

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

  1. Discuss the principles of corporate valuation.
  2. Estimate discount rates.
  3. Assess and compare a range of valuation methods.
  4. Assess and test assumptions and limitations of valuation models.
  5. Build valuation models and scenarios using Excel.

Derivatives and Financial Risk Management

Module Leader
  • Dr Peter Yallup
Aim

    Financial derivatives are now commonly used in many financial and non-financial companies and play an important role in financial risk management processes. A good understanding of the principles underlying derivative securities will enable students to appreciate the benefits and dangers associated with their use.

    This module examines the pricing and usage of derivative securities (forwards, futures, options and swaps) in financial markets. It covers the conceptual and analytical aspects of derivatives as well as the practical applications of derivative securities in the areas of investments, portfolio insurance and risk management. Thus, valuation models as well as hedging strategies will be examined.

Syllabus

    Futures Markets

    • Mechanics of futures markets
    • Pricing of futures contracts
    • Hedging strategies using futures

    Options Markets

    • Mechanics of options markets
    • Pricing of option contracts
    • Hedging and trading strategies using options
    • Exotic options

    Value-at-Risk (VaR)
    FRAs and Swaps
    Credit Risk and Credit Derivatives

Intended learning outcomes

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

  1. Assess and examine the principles underlying derivative securities, the valuation of these securities and their use for risk management purposes.
  2. Critically discuss the mechanics of different types of derivative securities such as forwards, futures, swaps and options and the ability to price these derivatives.
  3. Demonstrate knowledge and understanding of specific derivative instruments for managing interest rate risk, currency risk and credit risk.
  4. Evaluate the use of alternative derivative products as risk management tools and understand the dangers and risks arising from the use of derivative products.

Investment and Portfolio Management

Module Leader
  • Professor Sunil Poshakwale
Aim

    This module is one of key modules for the programme as it deals with foundations of investment and portfolio theory. The module aims to develop an understanding portfolio construction, portfolio management and portfolio evaluation. The module will focus on imparting knowledge of the investment process, portfolio theory, efficient market hypotheses, asset pricing models, analysis and management of common stock portfolio, portfolio evaluation and basic understanding of equity options and futures and their application in management of portfolios. The module’s aim is to help participants acquire knowledge of investment and portfolio management. The module introduces some of the principal ideas and concepts underpinning the theory and practice of investment. By the end of the module students will be able to understand the main issues involved in investment management and develop skills to construct equity portfolios and manage their risk.

Syllabus

    This module will also provide opportunities for students for developing and/or enhancing the following transferrable skills:

    • Introduction to investments and asset allocation decisions
    • The Efficient capital markets
    • Portfolio theory
    • Portfolio optimisation through case study
    • The Capital Asset Pricing Model and other Multi Factor Models
    • Portfolio Formation using real data
    • Management of Equity portfolio
    • Equity Derivatives and Portfolio Management
    • Evaluation of Portfolio Performance
Intended learning outcomes

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

  1. Discuss and question relevant ideas and theory of investment and portfolio management and practical considerations.
  2. Assess and evaluate the Efficient Market Hypothesis (EMH) and main asset pricing models.
  3. Evaluate various equity management styles and strategies.
  4. Discuss and examine options and futures and evaluate how to use them in managing portfolios risk.
  5. Compare, select and justify various portfolio performance evaluation tools.

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

Investing for Environmental and Social Impact

Module Leader
  • Dr Walter Gontarek
Aim

    This module focuses on environmental, social and governance (ESG) criteria into financial decisions. It provides students with insight into how impact investors seek to generate environmental and social impacts in addition to financial returns.

    Module targets students seeking careers in financial services who want to better understand the interaction of capital markets and policy issues.

    The class will draw upon principles of finance, public policy and investment management to evaluate specific cases and investment tools in areas such as environmental markets and climate change, public finance and sustainable development. Students will be exposed to both traditional and alternative risk management approaches and investment theory frameworks, as well as a range of case studies on the role and impact of institutional investors, banks, financial supervisory authorities and governments in aligning financial markets with ESG goals.

Syllabus
    • Environmental, social and governance (ESG) and finance in practice
    • Climate finance and Impact investing
    • Traditional vs. Alternative Investments in Environmental Finance (Stocks and Impact Funds; Green Bonds)
    • Investment Stewardship (Board of directors and its committees; Shareholder stewardship and engagement; Shareholder protection and agency issues)
    • Sustainable and responsible investments (SRI)
    • Responsible business and firm value
Intended learning outcomes

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

  1. Define and describe environmental trends and judge the potential risks and opportunities they present to financial markets, with a particular emphasis on climate risks.
  2. Discuss the challenges arising from climate change for sustainable investing.
  3. Assess how green initiatives could be financed, introduce green finance instruments and their evolving regulatory framework.
  4. Evaluate how sustainability issues affect investment decisions made by institutional investors, corporate lenders, insurance companies, asset management funds, hedge funds, venture capitalists and retail investors, as well as business decisions made by corporate managers.
  5. Assess corporate sustainability risks and opportunities from a financial perspective and plan how to manage/mitigate those risks.

Organisational Management

Module Leader
  • Dr Valentina Battista
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 a student should be able to:

  1. Evaluate the factors that affect peoples’ (including their own) behaviour within teams and organisations.
  2. Assemble and present organisational information in persuasive and interesting ways.
  3. Select, apply and justify a range of leadership and management theories to real-life organisational settings.
  4. Examine and discuss the nature and role of power and politics within organisations and describe/predict their impact.
  5. Apply negotiation skills within organisations.

FinTech, Start-Ups and Small Business Finance

Module Leader
  • Dr Andrea Moro
Aim

    This module focuses on financing issues faced small business ventures, entrepreneurial firms as well as by very innovative and technological based start-ups. It explores the issues from the perspective of the entrepreneur, the investors and the providers of debt finance.

    The module aims to provide students with awareness and understanding of the risk incurred by investing in an entrepreneurial firm (entrepreneurs, providers of equity and providers of debt) as well as to explain how technology is revolutionising the financial strategy start-ups can pursue.

    Thus, it implies:

    • a thorough examination and evaluation of traditional alternative financing strategies that small/entrepreneurial ventures can pursue by exploring both the traditional financial tools (bootstrap finance, business angels, venture capital, as well as bank finance) and the relatively new ones such as crowdfunding;
    • the exploration of blockchain technology as a tool to finance high tech start-ups and the application of blockchain technology to smart contracts.
Syllabus
    • Overview of the entrepreneurial venture and its peculiarities;
    • Identification and valuation entrepreneurial opportunities and related risk;
    • Exploration of equity funding (entrepreneur’s finance, bootstrap finance, business angels, venture capital, etc.);
    • Exploration of debt finance (trade credit, short term finance, factoring, long term finance, leasing);
    • Examination of evolution of financial needs with growth and exit strategies;
    • Examination of innovative form of finance (tokens);
    • Smart contracts: structure and use.
Intended learning outcomes

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

  1. Discuss and contrast the peculiarities of entrepreneurial ventures and how they affect entrepreneurs’, investors’ and banks’ decision about financing entrepreneurial ventures;
  2. Value and relate to the critical role that traditional financing tools play in new venture creation (in terms of start-up survival and firm’s growth) as well as the risk and advantages of the use of blockchain technology;
  3. Formulate a deal structure for an entrepreneurial venture;
  4. Evaluate the benefits and risks of the use of smart contracts in finance;
  5. Select and assess different investment harvesting alternatives.

Fixed Interest Securities and Credit Risk Modelling

Module Leader
  • Dr Vineet Agarwal
Aim

    The global bond market exceeds $100 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:

    • Pricing of fixed and floating rate bonds.
    • Measuring bond price volatility.
    • Yield curves and bond pricing.
    • Analysing callable and convertible bonds.
    • Analysing mortgage-backed securities.
    • Properties of interest rate derivatives and their use in altering portfolio characteristics.
    • Credit risk analysis.
    • Bond portfolio management
Intended learning outcomes

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

  1. Assess the risks of investing in fixed interest securities.
  2. Examine and assess the role of yield curves in bond pricing.
  3. Assess the impact of embedded options on risk-return profile of bonds.
  4. Evaluate credit risk models and their application in fixed interest investing.
  5. Discuss and evaluate the bond portfolio management techniques using combination of bonds and interest rate derivatives.

Investing in Emerging Markets and Alternative Investments

Module Leader
  • Professor Sunil Poshakwale
Aim

    The landscape of investing has been constantly evolving. Most institutional and high net worth individuals include international stocks and alternative investments. Growing role of emerging markets in the global economy and high growth rates offer huge investment opportunities. Investing in alternative investments such hedge funds, commodities, real estate, precious metals, currencies, fine art, wine, etc. offers diversification of portfolio risk and increases return potential. However, despite these trends, there is not enough known or understood about the opportunities and challenges that investors face while investing in emerging markets and alternatives. The aim of this elective is to provide students with an in-depth understanding of the types of investment avenues, their characteristics, and rewards and risks. The module aims to offer both academic research and practical guidance on investing in these asset classes.

Syllabus
    • The case for global investing and alternative assets
    • Understanding characteristics of emerging markets, reasons for their growing role in international portfolios
    • The risks and challenges of investing in emerging markets
    • Boom to Bust: How, when, and why?
    • Long- and short-term perspectives of investing in emerging markets
    • Introduction to Alternative Investments and their characteristics
    • Hedge funds, their key features, types and role in portfolio diversification
    • Real Estate investments
    • Investing in commodities
Intended learning outcomes

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

  1. Describe what characterises markets as emerging markets and alternative investments.
  2. Evaluate and justify the investment opportunities and benefits of investing in emerging markets and alternatives.
  3. Appraise risks and challenges related to investing in these asset classes
  4. Assess these assets and their attributes for diversification.
  5. Reflect and learn from analytical work through research on these asset classes.

Mergers, Acquisitions and Restructuring

Module Leader
  • Professor Yacine Belghitar
  • Dr Andrea Moro
Aim

    The module focuses on transactions significantly affecting the corporation’s assets, liabilities and/or equity claims and stresses the economic motives for undertaking them. Transactions are 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. The module integrates various technical skills learned earlier in the MSc programme such as accounting, corporate finance and strategy.

Syllabus
    • Theoretical rationale of mergers, acquisitions, and restructuring.
    • The range of restructuring choices.
    • Strategies for takeover, merger, corporate turnaround, and corporate renewal.
    • Corporate insolvency and reorganisation – insolvency and bankruptcy regimes in the UK, US, Continental Europe and other countries.
    • The role of competition and shareholder protection regulation in the mergers, acquisition and restructuring.
    • Financing strategies and tools.
Intended learning outcomes

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

  1. Assess the financial, strategic and political causes and motivations driving mergers, acquisitions and restructuring transactions.
  2. Evaluate the regulations on competition and shareholders’ protection and their impact on mergers and acquisitions.
  3. Assess 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. Justify and apply alternative valuation techniques to assess a deal.
  5. Examine and assess the strategic and managerial implications of methods of payment and the criteria for successful restructuring and re-organization of firms in bankruptcy/ administration.

Private Equity

Aim

    Private equity differs from public equity, which is generally the focus in corporate finance. Private equity has become a major source of capital for innovation, growth and corporate restructuring. To succeed as a PE professional, one needs to embrace and tackle various challenges relating to the financing of the company, its operations and the entrepreneurial & uncertain nature of business venturing. The module will cover the nature of and rationale for PE investing, the spectrum of PE activities and the potential conflicts among stakeholders. Another focus will be on value creation programmes to generate PE fund returns.

Syllabus
    • The PEQ cycle, from fund raising to investing and exiting.
    • Strategies to create firm value in private equity: due diligence, operational concept, exit strategies.
    • Measures to align interests among stakeholders in PE.
    • Consider the ethical implications of the PE model
Intended learning outcomes

Upon successful completion of this module, a student will be able to:

  1. Discuss the idiosyncrasies of PE investments from the perspective of investors in this asset class.
  2. Assess and contrast the various types of PE investment: venture capital, buyouts, restructuring, etc.
  3. Propose and justify practical measures through which private equity firms can enhance the value of their portfolio companies.
  4. Design a due diligence programme to critically assess the risks involved in a particular proposed PE transaction.

Modules

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. As a result, they 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 above the compulsory and elective (where applicable) modules which are currently affiliated with this course. All modules are indicative only, and may be subject to change for your year of entry.


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. The Course Director for this course is Dr Nemanja Radic, and the Deputy Course Director is Dr Matthias Nnadi.



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.

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Your career

We are ranked second in the UK for graduate employment (DLHE longitudinal survey, 2017).

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.

Our 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. Last year's Investment Management MSc graduates secured jobs with a diverse range of organisations including JP Morgan, Standard Chartered, CommerzBank, Henderson and Gimv.

How to apply

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 Investment 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.

Entry for September 2021

  • Applicants domiciled in mainland China must submit their applications by Monday 31 May 2021.
  • Applications from all other international and European students requiring a visa to study in the UK must submit their application by Friday 30 July 2021.
  • 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.