An introduction to the Master of Finance (MFin) programme at the University of Cambridge Judge Business School....
The Cambridge Master of Finance Post-experience master’s degree in finance
SHARPEN YOUR PERSPECTIVE AND BREAK THROUGH INTO NEW AREAS OF FINANCE. WE WILL EQUIP YOU WITH THE TOOLS.
The Cambridge Master of Finance Post-experience master’s degree in finance
SHARPEN YOUR PERSPECTIVE AND BREAK THROUGH INTO NEW AREAS OF FINANCE. WE WILL EQUIP YOU WITH THE TOOLS.
Contents
The Cambridge Master of Finance
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Overview
Overview 1 A welcome from the Programme Director
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A valuable blend of theory and practice
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An opportunity to build skills, talents and networks
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A broad mix of core courses, electives and projects
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A bridge between Cambridge and the world of finance
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A tailor-made personal and professional development programme
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A year within the University of Cambridge community
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A chance to study alongside a diverse group of fellow professionals
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A rigorous selection process based on academic qualifications and experience
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The Cambridge MFin will provide you with the tools to broaden your finance knowledge and develop your professional skills. You will emerge with the knowledge, confidence and connections to break through to the next stage of your finance career.
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A welcome from the Programme Director
A valuable blend of theory and practice
Tap into the resources of Cambridge Judge Business School, the University of Cambridge and a network of finance professionals.
Academically rigorous and commercially relevant, the Cambridge MFin will consolidate your existing experience and provide new insights.
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.
The Cambridge MFin
The Cambridge experience
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.
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.
Distinguished faculty Our finance faculty are leaders in their fields and are at the cutting edge of financial research.
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 a diverse pool of students from other teaching programmes.
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 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. If you are interested in becoming a part of the MFin degree then please visit our website at www.jbs.cam.ac.uk/mfin
Simon Taylor MFin Director
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. 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 CFA institute recognises that the MFin covers a large part of the CFA level 1 curriculum. The partnership provides a small number of scholarships to MFin students. These cover the cost of registering with the CFA Institute and entering the CFA level 1 exam. Scholarship recipients also benefit from access to study resources.
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. 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. 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. 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.
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Robert Jalali MFin 2010 “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 the resources of the wider University are also at your disposal.”
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An opportunity to build skills, talents and networks
A year at the University of Cambridge, a world-class centre of learning with an outstanding heritage in the research and teaching of finance. 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. 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.
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.
Programme Overview
Michaelmas Term 1 Sept –Dec
Lent Term 2 Jan–March
Easter Term 3 April–June
Electives 1–3
Electives 4–7
Summer Jul–Aug
Core courses 1–7 Core courses 6 & 7 continued 8–10
Core courses 7 continued
Maths and Statistics Pre-Course
Equity Research Project
City Speaker Series
Group Consulting Project
Personal and Professional Development
Summer Activity (optional)
A broad mix of core courses, electives and projects
Core courses Derivatives Econometrics Economic Foundations of Finance Equity Derivatives Finance and Organisations
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Gain a rigorous grounding in the core concepts, an understanding of applied finance and the chance to integrate theory and practice.
Financial Institutions and Products Financial Reporting and Analysis Fundamentals of Credit Management Practice Principles of Finance Elective courses Advanced Corporate Finance Advanced Derivatives Asian Capital Markets Behavioural Finance Financial Reporting and Capital Markets Fixed Income Analysis Further Econometrics Hedge Fund Value Investing Hybrid Risk: Fixed Income, FX and New Asset Classes Infrastructure Finance International Macroeconomics and Finance Overview of Financial Regulation
Core courses, Elective courses and Assessment 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. Students will take seven elective courses which are taught in the second and third terms. Assessment 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.
Mergers and Acquisitions Private Equity Real Estate Finance and Investments Risk Management and Hedging in Markets Topics in Investment Management Topics in Financial History Venture Capital and the Entrepreneurial World *please note that the specific courses on offer are subject to change from year to year
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. 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 UK (China, Hong Kong, 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, Capital Generation Partners, Newton Investment, Warburg Pincus, Macquarie, Amadeus Capital Partners Ltd, Philips, Ecofin, Bluestone and SG Securities. Summer Activity Student’s can select from 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 there is no 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) A personal development workshop
Rael Cline MFin 2010 “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.”
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A bridge between Cambridge and the world of finance
Our City Speaker Series brings a further stream of practical financial expertise and the opportunity to network with finance professionals.
Nico Smuts MFin 2009 “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.”
The City Speaker Series
Pierre Cherki, Managing Director of RREEF Deutsche Bank
The City Speaker series covers a wide range of finance subjects, institutions, product areas and roles. The subjects will be 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.
Randall Dillard, Partner and CIO Liongate Capital Management
Examples of previous speakers include: Ronnie Barnes, Global Banking & Markets Royal Bank of Scotland Perry Boyle, Managing Director SAC Capital Advisors Chris McHugh, Investment Banking Europe (IBEU) HSBC Mark Robson, Head of Statistics Division Bank of England David Hitchcock, Head of Investor Client Management J.P. Morgan David Wormsley, Chairman of UK Banking and Broking Citigroup Adam Sorab, Head of Investor Relations CQS Paul Tucker, Partner Egerton Capital Richard Evans, Chief Risk Officer, Institutional Clients Group Citibank Simona Paravani, Global CIO of Wealth HSBC Asset Management Charles Sherwood, Partner Permira Roger Doig, Credit Analyst Schroder Investment Management Rick Lacaille, Global Chief Investment Officer State Street Global Advisors Ian Marcus, Head of Real Estate Finance at Credit Suisse
Dania Seiglie, Managing Director, Energy Societe Generale Jamie Walton, Managing Director, Head of Global Macro Quants Morgan Stanley
A tailor-made personal and professional development programme
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In addition to your studies, we provide a programme of workshops and 1:1 coaching sessions to help you achieve your professional objectives. At Cambridge Judge Business School, we are committed to helping our students focus on their professional future. To support students with achieving their objectives, we work closely with them throughout the programme, helping to identify career goals and designing action plans to meet them. Careers workshops and sessions running this year include: Overview of Financial Services This introductory workshop gives students an overview of the overall Finance sector with up to date insights regarding career opportunities in various markets and sub-sectors. CV Workshop This workshop will enable students to create a tailored one page CV and deepen their understanding of what an effective MFin level CV looks like. CV Group Review Sessions Using peer feedback this session enables students to refine their CV. Alumni Panels An opportunity to hear from MFin alumni regarding their job search techniques, their current roles and trends in their sectors, and best practices for success. Business Etiquette and Building Relationships Best practices in networking and cultivating relationships to maximize students’ business potential. Marketing yourself effectively A workshop focussing on techniques to maximize personal impact and to come across positively through the job search cycle (application to interview) and beyond. Presentation Skills Hands on workshop to help students hone their presentation techniques
Job Search Practical tips to help students to build a structured job search and tips on working with head hunters. Interview Skills This covers topics such as ‘How do I make the most of the first minute?’, and ‘How do I answer the common “Tell Me About Yourself” question?’ It also gives tips on how to avoid common interview mistakes. Preparation for Finance Interviews This provides a review of the financial market and valuation methodologies and helps to answer technical interview questions. Negotiating Skills This is a practical workshop, giving an opportunity to explore negotiation approaches and to develop and practice negotiation techniques. Coaching Sessions 45-minute sessions to discuss career development, and job search. In addition to the above, MFin students will have access to a range of on-line careers resources, databases and webinars.
Karen Von Grabowiecki MFin, 2009 “The MFin not only widened my knowledge of finance, it also gave me the confidence necessary to compete in a fast moving and tough environment such as Private Equity and Venture Capital. I would not be where I am today without the MFin.”
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A year within the University of Cambridge community
Just one hour from London, the historic yet dynamic city of Cambridge provides an inspiring learning environment. The University of Cambridge offers its students plenty of opportunities to connect with the broader community outside of the formal teaching environment. There are almost 400 University Clubs and Societies, which cater for a wide range of interests including a successful student led investment club.
Richard Duff MFin 2011 “The beauty of the college experience is that you get to mix with people from all walks of life, not necessarily from a finance background. In choosing a Business School, I thought that it was really important to interact with people from other parts of the university. The colleges are spread across all different disciplines, so the diversity which the college experience brings is fantastic.“
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. 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.
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. 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.
A chance to study alongside a diverse group of fellow professionals
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The MFin attracts a diverse group of finance professionals. Learning from each other’s experiences creates a powerful classroom environment. 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 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 MFin or CFA?
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. A small, select group MFin intake has been 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 protect the learning experience. This offers students an opportunity to engage with one another, our faculty and ourspeakers. The emphasis is on providing students with a well rounded, collaborative and culturally diverse environment to pursue their studies. 2012 class profile Size of class
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
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Nationalities
25
Average work experience
4 years
Range in work experience
2–8 years
Female / Male split
39% / 61%
2012 Class Finance Industry Breakdown
Investment Banking 37% Insurance and Pensions 2% Public Sector Finance 8.5%
Commercial/ Retail Banking 11%
Financial Accounting/ Law 8.5% Asset Management 11% Financial Services in Non-Financial Company 11%
Financial Consulting 11%
Erguen Katak MFin 2011 “The MFin class is not only diverse culturally, but also professionally. Everyone has worked in different sections of the finance industry. We have people from Private Equity, Hedge Funds, Investment Banking, Consulting, Ministries of Finance, and the Worlds’ Banks. This means that in class discussions, everyone is contributing their insights of the industry. “
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Cambridge Science Park
A rigorous selection process based on academic qualifications and experience
Fitzwilliam College The Møller Centre Murray Edwards College Churchill College St Edmund’s College
To join the programme you need a strong academic record and at least two years’ successful work experience in finance.
Lucy Cavendish College Magdalene College
St John’s College We run a rolling admissions process and applications will be accepted for consideration until all available places are filled. The deadline for applying is 31st May 2013.
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. Minimum entry requirements A strong undergraduate degree. UK 1st class or high 2:1/at least GPA 3.6 or equivalent Minimum of 2 years professional experience (post graduation) in a finance related role. Usually this experience would be gained predominantly in a front office role or similar. 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 Three references: professional (line manager or equivalent), peer (professional colleague) and academic Fees and financing
Interview
Grand Arcade
Clare Hall College Emmanuel College
Application reviewed, if successful, interview by two faculty members at Cambridge Judge Business School.
Corpus Christi College St Catharine’s College Queens’ College
Pembroke College Downing College
Selwyn College
Conditional offer If interview successful, conditional offer is made.
College place and funding guarantee
Unconditional offer
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.
Clare College King’s College
Robinson College
In addition we recommend that students budget an additional £11,750 to cover living expenses for the year. Funding
Christ’s College Gonville and Caius College Trinity Hall College
Trinity College
Submit application online.
Application fee: £100
College fee: £2,402
Sidney Sussex College
Application
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.
Tuition fee: £34,500
Jesus College
Applying to the Cambridge MFin
Darwin College
Newnham College
Wolfson College
Key Cambridge Colleges
Green areas Water
Hughes Hall College
Cambridge Judge Business School
Once all the conditions have been met, an unconditional offer is made.
Please apply online at www.jbs.cam.ac.uk/mfin
Peterhouse College
Main roads Roads
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 E
[email protected] www.jbs.cam.ac.uk/mfin © Cambridge Judge Business School has the copyright of all original material contained in this brochure (October 2012) Designed by Powell Allen
