Programme Specification

Programme Specification

1 Awarding body University of Cambridge

2 Teaching institution Judge Business School

3 Accreditation details EQUIS

4 Name of final award Master of Finance

5 Programme title Finance

6 JACS code(s) N200

7 Relevant QAA benchmark statement(s)

None 8 Qualifications framework level 7 (Masters) 9 Date specification was produced June 2015

The Cambridge MFin is a one year, full time post-experience Masters degree taught at Cambridge Judge Business School. It provides an academically rigorous and commercially relevant programme, enabling finance professionals to consolidate their existing experience and develop their future careers in finance. Teaching focuses on the theory and practice of finance, drawing upon the highly successful education provided at Cambridge Judge Business School, as well as the University of Cambridge’s long heritage of teaching and research in finance and related disciplines. The programme has access to a strong network of finance practitioners and institutions to help deliver its goal of a rigorous but commercially relevant programme. Entry into the degree is highly competitive, and students must have a strong academic record and at least two years’ successful work experience in finance. Teaching is delivered through a series of core and elective courses with a high level of interaction with finance practitioners through opportunities like the weekly City Speaker Series. Learning is put into practice through a number of student projects. The programme comprises non-financial material which enables students to broaden their experience at Cambridge beyond finance, develop their interpersonal skills and engage in various career development workshops.

Aims of the Programme

 A rigorous and intensive training in finance for students with very strong academic qualifications and several years’ experience in professional finance.

 Gain a rigorous grounding in the core concepts, an understanding of applied finance and the chance to integrate theory and practice.

Learning Outcomes of the Programme Knowledge and Understanding

 A sound understanding of finance theory, financial products, financial reporting, valuation, etc., derived from a programme of core courses.

 Detailed understanding of a selection of specialist areas, such as takeover, derivatives and private equity, derived from elective courses and project work.

Teaching and Learning Methods: formal lectures, supported by classes and workshops; supervised projects in groups and individually.

Assessment Methods: written exams, essays, projects, and presentations. Skills

 How to inform and make rational financial decisions.

 How to cooperate with members of a team to complete group projects and presentations.

Teaching and Learning Methods

The MFin programme consists of: formal and informal teaching by academic faculty and leading practitioner experts on a series of core courses; a range of electives covering the main areas of applied finance; projects which enable the integration of theory and practice; a weekly City Speaker Series seminar; and a number of summer activities.

Core courses

The core courses provide the foundation to the MFin. They ensure that all students

have a solid grounding in the financial theory, concepts and analysis expected of a master’s degree.

Elective courses

Elective courses focus more on the practice of finance and are taught in the second and third terms.

A small part of the MFin syllabus is devoted to non-finance topics which are relevant to people working in a finance role. Finance and Organisations is a core course comprising a set of ‘bite-size’ seminars. Topics are chosen to illustrate the broader business and

organisational context in which finance ideas are used. Management Practice is a core course designed to help develop an understanding of self and others. Reflective approaches to team work and the practice of management are also covered.

The City Speaker Series

The City Speaker Series brings a further stream of practical financial expertise and the opportunity to network with finance professionals. The series covers a wide range of finance subjects, institutions, product areas and roles. The subjects are determined by the speakers themselves, with a focus on topical themes, deals and business problems that they have faced. The speakers are experts in their fields, working at the cutting edge of applied finance. The talk is followed by a Q&A session, and a small group of students then accompany the speaker for dinner at a Cambridge College.

Projects

Equity Research Project

In groups, students produce an equity research report with a valuation, recommendation and analysis of risk. The report is designed to advise on the investment potential of that company and make an active recommendation to buy or sell shares in the company. The team present their results to a group of actual investment managers and equity analysts.

Group Consulting Project

In teams, students spend a month working on a project for a client on a financial consulting topic. This project is based on a successful format from the Cambridge MBA and provides

a chance for students to work on a real assignment for a host company. Every year we have one or two projects that take place outside the UK (e.g., China, Hong Kong, Abu Dhabi, Portugal, and Mongolia) and in future we aim to expand the international projects we offer. In previous years, GCPs were hosted by such companies as Citi, Schroders, 3i, Blackrock, Abu Dhabi Islamic Bank, Capital Generation Partners, Barclays, Newton Investment, Warburg Pincus, Macquarie, Amadeus Capital Partners Ltd, Philips, Ecofin, Bluestone and SG Securities.

Summer Activity

Students must select one of the following options for their Summer Activity:  An Individual Project which involves one of the following:

- A purely academic piece of research, either statistical or qualitative (including a literature survey) using the resources of the university, with no external

involvement. This would involve writing a 6,000 –12,000 word dissertation. - A piece of research based in part on external interviews and possibly other data,

but not involving an internship or host organisation.

- A piece of research linked to an internship, i.e., a contractual period of work (not - necessarily full time) for a host organisation.

 A choice of a number of elective courses taught over the summer term.  An Internship or work placement (student sourced).

 Tsinghua University Summer Program

Students must also complete a short end of year report, reflecting on their MFin experience and learning outcomes.

Programme Requirements

The Degree Committee for the Faculty of Business and Management will publish a list of available modules and required courses in each academic year. This will usually consist of seven compulsory core courses; students will in addition choose elective modules from a menu of approximately 20. Students must also complete a minimum of two projects and a summer activity.

This is a very intensive programme, typically involving full days of formal teaching, plus substantial preparation work; vacations are largely devoted to projects and private study. Occasionally teaching takes place on Saturday.

Assessment

Assessment is through a mix of exams, written assignments and presentations. Teaching is typically delivered through formal lectures, participative workshops and case learning. The Cambridge MFin aims to foster a learning environment where ideas can be generated and discussed and we expect students to contribute actively to this environment.

Management of Teaching Quality and Standards

The Faculty ensures high standards of teaching and learning in the following ways:  Monitoring by the General Board’s Education Committee, through a reflective,

centrally-coordinated Learning and Teaching Review every six years; this review aims to explore provision and suggest constructive courses of action.

 Review for accreditation, along with the rest of the School, by EQUIS. In 2007, the School was awarded full EQUIS accreditation from the European Foundation for

Management Development. The accreditation was renewed for a further 5 years in November 2012.

 Student evaluations of every lecturer and every aspect of educational support; formal termly review of feedback by Teaching Committee. In addition, MFin students

complete online feedback on all courses. The student representatives also attend the Teaching Committee meetings to voice any concerns of the class. The results are analysed and where necessary feedback is acted upon by the MFin programme team.

 Entry standards – first class or near first class degree required, plus at least two years of experience in professional finance.

 External Examining: the MFin programme works closely with an independent External Examiner as well as a committee of Internal Examiners through the course of the academic year. A comprehensive External Examiner’s report is prepared at the end of the academic year covering all aspects of the programme including the outgoing students’ grades for final approval before the degree is formally conferred. Action in response to reports includes, where appropriate, revisions or adjustments to the programme and its delivery.

 Course approval: the School is required to obtain the approval of the Board of Graduate Studies and the General Board’s Education Committee before any significant changes to courses are made.

 Support/participation of leading employers: leading banks, hedge funds, and multinationals provide speakers and projects.

 Financial support: substantial (seven figure) sums have been provided by the financial sector to support the programme.

Student Support

 Within the School: from the the MFin administrative team and MFin Director; personal supervision of projects; class support for practice in techniques, etc. by faculty and teaching assistants from within the Finance & Accounting subject group.

 By the College: tutorial support system.

Personal Development and Employment

Students join the programme from leading employers – e.g. Goldman Sachs, JP Morgan, Citi, Merrill Lynch, Nomura, McKinsey, Central Bank of China, African Development Bank. On graduation they are expected to take up employment at similar institutions at a high level (e.g., Associate in an Investment Bank).

The Cambridge MFin takes a highly personalised approach to career development, providing guidance and support to enable students to achieve their career goals and connect with global employers on a one-on-one basis, as well as offering a range of career and personal development workshops.

 Self-assessment tools.

 Skill development workshops (CV and cover letter preparation, industry and company research, job search strategies, networking skills and interview practice).

 One-to-one advisory and feedback sessions with sector experts.  Extensive online tools and resources.

 Employer presentations, skill sessions and networking opportunities.

Our student-focused approach to career development, links with global recruiters and close relationships with our alumni network around the world helps students explore their futures and secure a successful outcome from the MFin.

School facilities

The School’s learning resources include a computer room, common room, and Information and Library Centre housing business and management books, journals and electronic resources. There are also a number of other libraries in Cambridge which house business and management information. MFin students also have their own syndicate room and project meeting rooms.

Every effort has been made to ensure the accuracy of the information in this programme specification. At the time of publication, the programme specification has been approved by the relevant Faculty Board (or equivalent). Programme specifications are reviewed annually, however, during the course of the academical year, any approved changes to the programme will be communicated to enrolled students through email notification or publication in the Reporter. The relevant faculty or department will endeavour to update the programme specification accordingly, and prior to the start of the next academical year.

Further information about specifications and an archive of programme specifications for all awards of the University is available online at: www.admin.cam.ac.uk/univ/camdata/archive.html