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Master of Finance University of Cambridge Post-experience master’s degree in finance

The Cambridge MFin


The Cambridge MFin

The Cambridge MFin programme


The Master of Finance is a one year post-experience degree for finance professionals. It provides an academically rigorous and commercially relevant programme; enabling finance professionals to consolidate their existing experience and develop their future careers in finance.

world and from a wide range of academic and finance disciplines. Through this, students will benefit from learning alongside a high quality, diverse and professionally strong peer group who can offer support and stimulation throughout the one-year programme and beyond.

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. We have also built an excellent network of finance practitioners and institutions to help us deliver our goal of a rigorous but commercially relevant programme.

If you are interested in becoming a part of the MFin degree then please visit our website at www.jbs.cam.ac.uk/mfin.

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. The class will be drawn from all over the

Simon Taylor MFin Director

www.jbs.cam.ac.uk/mfin

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The University of Cambridge is a world class centre of learning with an outstanding heritage in the research and teaching of finance. By choosing the MFin you become part of this exciting environment and can draw upon the ample resources and networks that it has on offer.

University of Cambridge Departments The University is home to dedicated departments in law, land economy, maths and economics that enable access to a broader study of finance as a discipline.

Why study finance at Cambridge? Cambridge Judge Business School Home to the University’s Finance and Accounting Teaching Group, the business school is a provider of high quality business and finance education. Students benefit from interaction with regular high profile speakers drawn from across business and an intelligent and diverse pool of students from other teaching programmes.

“The MFin curriculum covers all aspects of academic and practical financial theory. It exposed me to a broad array of topics which allowed me to identify my field of interest. Teaching is delivered by both experienced industry practitioners and University academics, and being part of Cambridge University means that all of the resources of the wider University are also at your disposal.�

Robert Jalali MFin 2010

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The Cambridge MFin programme

Research centres The University is home to five research centres dedicated to finance. High standards of research, knowledge sharing and dialogue ensure enhanced teaching and intellectual discussion.


The Cambridge MFin MFin students All MFin students have a minimum of two years postgraduation work experience in finance, which leads to a rich and diverse peer group.

College life All MFin students become a member of one of the 31 Cambridge colleges. This provides the opportunity to be part of the community outside Cambridge Judge Business School. Clubs, societies, social events and sports are at the heart of the college experience.

Distinguished faculty Our finance faculty are leaders in their fields and are at the cutting edge of financial research.

Networks You’ll benefit from involvement in a wide range of networks at Cambridge Judge Business School and throughout the University of Cambridge. Students have access to an alumni network with strong links to the banking and finance industry and networking events take place throughout the year.

Student groups Special Interest Groups and specialised student societies all offer opportunities to gain more experience in areas of particular interest. They are a forum for sharing ideas and expertise on a less formal basis.

Collaborative learning is at the heart of the Cambridge Judge Business School ethos. The small class encourages discussion and the sharing of ideas.

Practitioners Finance practitioners play a central role in the delivery of the programme, through teaching, seminars, speaker events and involvement in projects.

Personal and professional development Through a series of lectures, simulations and workshops, students gain awareness of core business skills needed for a successful career in finance. Resources also comprise 1:1 advice sessions, workshops and seminars to develop skills such as career planning, job searching, interview practice, CV writing and networking.

CFA Programme Partner The MFin is a CFA Programme Partner. This means that the CFA institute recognises that the MFin curriculum incorporates a large part of the CFA level 1 curriculum. The partnership provides a small number of scholarships available to MFin students each year. The scholarship covers the cost of registering with the CFA Institute and entering the CFA level 1 exam. Scholarship recipients also benefit from access to study resources.

www.jbs.cam.ac.uk/mfin

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A one-year post experience master’s degree in finance, providing an academically rigorous and commercially relevant learning experience through which to develop your career in finance.

Michaelmas Term 1 September Ă” December Maths and statistics pre-course

Programme overview

The collaboration between academics and finance practitioners makes for a powerful classroom experience. The guest lecturers added an extra dimension of variety to the MFin, covering topics from neuroeconomics to the financial impact of climate change. Nico Smuts MFin 2009

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The Cambridge MFin programme

Core courses 1-8

City Speaker Series

Personal and Professional Development

Equity research project

The MFin is a full-time degree that starts in late September and runs for 12 months. All of the participants have at least two years prior work experience in a finance related role.


Lent Term 2

Easter Term 3

Summer

January Ô March

April Ô June

July Ô August

Core courses 7 & 8 (continued) & 9

Core course 8 (continued) & 10

Electives 4-7

Electives 1-3

Group consulting project

Teaching is delivered through a series of core and elective courses. You will experience a high level of interaction with finance practitioners through opportunities like the weekly City Speaker Series. You will then put learning into practice through projects.

Individual Project Optional

Approximately 5% of the MFin degree comprises non-financial material which enables you to broaden your experience at Cambridge beyond finance, develop your interpersonal skills and engage in various career development workshops.

www.jbs.cam.ac.uk/mfin

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The MFin degree comprises ten core courses, seven electives and two projects.

Programme content

“The MFin experience helped me internationalise, benchmark and develop my skills and perspectives. As financial services is a truly global industry, the program struck a good balance between delving into both technical & structural region-specific aspects, and the interconnecting worldwide financial and economic themes.” Rael Cline MFin 2010

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The Cambridge MFin programme

Core

Derivatives

Core

Econometrics

Core

Economic Foundations of Finance

Core

Equity Derivatives

Core

Finance and Organisations

Core

Financial Institutions and Products

Core

Financial Reporting and Analysis

Core

Investment Strategy and Arbitrage

Core

Management Practice

Core

Principles of Finance

Elective

Advanced Corporate Finance

Elective

Applications of Fixed Income and FX Products

Elective

Asian Capital Markets

Elective

Behavioural Finance

Elective

Credit Derivatives

Elective

Econometrics Part II

Elective

Entrepreneurship Venture Capital

Elective

Financial Reporting and Capital Markets

Elective

Financial Services Strategy

Elective

Fixed Income Analysis

Elective

Hedge Fund Value Investing

Elective

Infrastructure Finance

Elective

International Finance

Elective

International Financial Econometrics

Elective

Investment Management

Elective

Liberalisation and Regulation of International

Financial Markets

Elective

Macroeconomics

Elective

Mergers and Acquisitions

Elective

Private Equity

Elective

Real Estate Finance and Investment

Elective

Risk Management and Hedging

Elective

Topics in Financial History

Elective

Venture Capital Deal-Making

• Please note that the specific electives on offer are subject to change from year to year.


Core courses, Elective courses and Assessment 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 focus more on the practice of finance. Students will take seven elective courses which are taught in the second and third terms. Assessment is achieved through a mix of exams, written assignments and presentations. Teaching is typically delivered through formal lectures, participative workshops and case learning. We want to foster a learning environment where ideas can be generated and discussed and we expect students to contribute actively to this environment. A small part of the MFin syllabus is devoted to nonfinance 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.

Other Core Components of the MFin The City Speaker Series provides a further stream of practical financial expertise to the degree and provides regular networking opportunities with finance professionals. 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 project. 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. Optional Individual Project This is an optional project spent working for a financial institution or completing a research dissertation. This project is deliberately flexible to accommodate the varying needs of students.

The Personal and Professional Development Programme teaches core business skills through a series of lectures, simulations and workshops. Examples include Presentation and Communcation skils, and the Investment Challenge.

www.jbs.cam.ac.uk/mfin

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We believe one of the benefits of the MFin is that you become part of the lively and collaborative University of Cambridge community. It is a place where creative information sharing leads to the fostering of new ideas that have a real impact on the world. This approach provides an exciting and stimulating environment to enhance the overall learning experience.

At the heart of Cambridge...

The University of Cambridge offers its students plenty of opportunities to connect with the broader community outside of the formal teaching environment.

The MFin was an amazing yet challenging year. The beautiful city of Cambridge offered more than just the degree. We were surrounded by hundreds of years of history, stunning colleges, an outstanding and unique group of students and a variety of social activities and societies. It’s a combination that would be difficult to find anywhere else in the world! Karen von Grabowiecki MFin 2009

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The Cambridge MFin programme

There are almost 400 University Clubs and Societies, which cater for a wide range of interests including a successful student led investment club. Colleges have active drama and music societies, sports facilities and boat clubs. MFin students enjoy participating in these activities and often represent their college at sporting events. The University regularly hosts high profile speakers from many walks of life. This offers students a further opportunity to meet new people and learn about areas outside of finance.


There is ample opportunity to get involved in many college sports or societies and because the University is broken down into 31 colleges it makes Cambridge feel like a close knit community. Additionally, the college system provided me with the opportunity to form a group of friends in many other disciplines who have enriched my Cambridge experience. Camila Aguirre MFin 2008

Some of What’s on Offer... The Cambridge Business School Club (CBSC) Run by MBA as well as MFin students, it exists to complement the Judge Business School experience by fostering interactions between students, companies and other business schools.The CBSC enables students to connect with each other, the business school, the local community, and the world at large; through organising business, social, sports, cultural and community events.

Cambridge University Finance and Investment Club (CUFIC) Is the foremost finance society at Cambridge University. Founded in 2001, the club has over 1000 members and invests a £27,000 fund (the Relative Return Fund) directly in capital markets. The club arranges events for sponsoring Banks and Finance houses; and organises various workshops in Investment Banking, Sales and Trading, Private Equity, Venture Capital, Hedge Funds, and Investment Management.

Oxbridge Sports Tournament In keeping with the long standing competitive tradition between Oxford and Cambridge. This annual sports event features a wide range of sports and athletics, with participants from Oxford University’s Said Business School as well as CJBS. This is a great opportunity to savour the true flavour of the competitive spirit between the two Universities, in addition to a engaging with Oxford University students and broadening your network.

www.jbs.cam.ac.uk/mfin

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Who should apply? The programme is particularly relevant for: • Those who have developed a very narrow specialisation professionally and want to broaden their experience • Those who went straight into the industry from university and now want to take stock, consolidate their experience and gain a master’s degree to support their professional development

2011 class profile

• Those who studied a subject other than finance at undergraduate level and find they would benefit from a finance master’s degree • Those who want to benefit from learning alongside strong, experienced peers in an intellectually stimulating environment

Finance Industry Area 2011

Size of class

45

Nationalities

23

Average work experience

4 years

Range in work experience

2-13 years

Female / Male split

40% / 60%

Investment banking 36%

Wealth management / private banking 2% Hedge funds 2% Insurance and pensions 4% Venture capital / private equity 4%

Financial services in non-financial company 16%

Financial consulting 13%

Public sector finance 9%

Asset management 7% Commercial / retail banking 7%

MFin intake has been progressively growing over the last 4 years. However our aim is to maintain a relatively small class size (of up to 60 students) in order to preserve the learning experience. This offers students an opportunity to engage with one another, our faculty and our speakers. The emphasis is on providing students with a well rounded, collaborative and culturally diverse environment to pursue their studies.

MFin or CFA? On the Cambridge MFin you can have the best of both worlds. We are an accredited CFA programme partner, with a large part of the CFA level 1 body of knowledge covered within the MFin Curriculum. The exposure you get on the MFin will help foster a well rounded understanding of a broad spectrum of finance disciplines – ranging from Asset Management to Venture Capital – guiding your future career decisions along the way.

www.jbs.cam.ac.uk/mfin

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Entrance into the MFin is competitive. Applicants must demonstrate that they meet the minimum entry criteria. Successful candidates are expected to have a strong academic record, good analytical and communication skills and be willing to engage fully with the course. They must also demonstrate success in their career to date and the potential to continue this on their return.

Applying to the Cambridge MFin

Application

Interview

Ă’

Ă’

Step 1 Submit application online

Step 2 Application reviewed, if successful, interview by two faculty members at Cambridge Judge

Minimum entry requirements 1 A strong undergraduate degree. UK 1st class or high 2:1/ at least GPA 3.6 or equivalent 2 Minimum of 2 years professional experience (post graduation) in a finance related role. Usually this experience would be gained predominently in a front office role or similar. 3 A high standard of English language. Fluency or TOEFL min score 110 with 5.0 in essay or IELTS min of 7.5 with no band below 7.0 4 Three references: professional (line manager or equivalent), peer (professional colleague) and academic

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The Cambridge MFin programme


Please apply online at www.jbs.cam.ac.uk/mfin

Conditional offer

Ò Step 3 If interview successful, a conditional offer is made.

College place and funding guarantee

Ò

Step 4 You must provide evidence of how you will fund the course. In addition, you must pay a commitment fee. The MFin office will apply for a college place on your behalf.

Fees and financing Tuition fee: £34,500 College fee: £2,538 Application fee: £100 In addition we recommend that students budget an additional £11,250 to cover living expenses for the year.

Unconditional offer

Ò Step 5 Once all the conditions have been met, an unconditional offer is made.

Funding Cambridge Judge Business School provides a number of MFin specific scholarships (see website). Financial support is also available through Cambridge Trusts and a number of external funding bodies. We encourage you to explore national and regional funding sources independently as well. Cambridge Judge Business School has a loan arrangement with a well known global bank that is open to MFin students to apply to.

www.jbs.cam.ac.uk/mfin

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MFin Office Cambridge Judge Business School University of Cambridge Trumpington Street Cambridge CB2 1AG United Kingdom T +44(0)1223 330775 F +44(0)1223 339701 mfin-enquiries@jbs.cam.ac.uk www.jbs.cam.ac.uk/mfin

The Cambridge Master of Finance Brochure 2011  

The Master of Finance is a one year post-experience degree for finance professionals. It provides an academically rigorous and commercially...