MSc Finance

www.imperial.ac.uk/business-school/msc-finance

FRONT COVER:
MARTIN JOST, MSC FINANCE
2009
“ONE OF THE REASONS I CHOSE TO STUDY AT IMPERIAL COLLEGE BUSINESS SCHOOL
WAS ITS LOCATION. THERE ARE SO MANY THINGS TO DO IN LONDON AND IT IS A GREAT
PLACE TO STUDY BUSINESS AND FINANCE, AS LONDON IS ONE OF THE FINANCIAL
CAPITALS OF THE WORLD.”
LIXIA LIM, MSC FINANCE 2009 (ABOVE)
Gain a
reputation
for excellence
Undertake your MSc at Imperial College
Business School and you become a graduate
of one of the world’s leading universities.
Imperial College Business School has a
global reputation for excellence in
entrepreneurship, innovation, quantitative
finance and health management. Our faculty
are experts in their fields. As an MSc
student, you will therefore learn from their
cutting-edge research and graduate with a
command of the latest thinking. You will also
graduate with a qualification that is
recognised and respected everywhere for its
academic excellence.
The focus of the programme is highly
practical. You apply what you learn to project
work, building your technical skills and your
confidence. This combination of academic
rigour and practical application is why our
MSc graduates are so highly valued by
employers.
Studying with others encourages
collaboration and helps create contacts that
will enrich your professional and personal
networks. We understand the value and
power of these networks. That is why we are
dedicated to providing a friendly and
supportive environment, where you feel
confident to share insights with other
high-calibre students.
An MSc is more than a qualification: it is a
highly efficient way of fast-tracking your
career. Our dedicated careers service team
provide valuable training in every aspect of
the application and assessment process.
Working with you, one-to-one, we will help
you to fine-tune your career goals and
review your approach tactics in order to
secure the position you are looking for on
graduation.
Our vibrant South Kensington location brings
you to the cultural heart of London, with
many of the world’s most famous museums,
art galleries, parks and restaurants on your
doorstep. You are also close to the City,
London’s financial and business centre,
where you will find the headquarters of
many global organisations.
Kick-start
your finance
career
The MSc Finance at Imperial College Business School is
an intensive, one-year, full-time programme that delivers
the skills and knowledge you need to hit the ground
running in your new career. The programme has now
been running 10 years and is highly regarded by the
industry. Our graduates are pursued by leading
international companies, with over half moving on to
careers in investment banking and financial services.
Research guides the programme. Faculty are
acknowledged leaders in their fields with strong industry
links, and this is reflected throughout your learning. This
emphasis on practical, real-world problem solving is key.
It ensures that you leave knowing how to apply the
technical skills you learn in the workplace.
The Securities & Investment Institute (SII) has designated
Imperial College Business School an SII Centre of
Excellence in the field of Finance. The decade-old MSc
Finance programme has become the first London taught
programme with both SII exemption and Chartered
Financial Analyst (CFA) partner programme status.
Imperial College Business School MSc Finance graduates
will therefore benefit from exemption from the SII's
examinations. Once they have become members of the
SII and passed its online Integrity & Ethics course, they
can apply for exemption from the SII Diploma. This is the
second highest award the SII offers.
Our MSc Finance is one of only nine programmes in the
UK to have CFA Institute partner status, giving graduates
a head start with employers, as well as with the
internationally recognised CFA qualification, because 70%
of the CFA qualification body of knowledge is contained
in the curriculum. Graduates who wish to become
Chartered Accountants can also gain exemption from one
specific ACA Professional Stage exam.
Faculty
Specialists in their field, the Finance and Accounting
Group faculty have international research reputations,
consult for global corporations and advise financial
firms.
Martin Diedrich, Programme Director
Martin was educated at Berlin and Cambridge and has
taught at Cambridge, Keele University and Imperial
College. Recently, Martin led the development of a
bespoke MSc programme in Finance & Investment for
a private education provider and served as the
founding director of the programme. Martin’s research
concentrates on fixed income modelling,
computational finance and the mathematical analysis
of trading networks.
Robert Kosowski, Assistant Professor and Director of
the Risk Management Lab
Robert is head of the Risk Management Lab at the
Business School and is a lecturer in Finance. He has
previously taught finance at INSEAD and has also
worked at Goldman Sachs in London, Boston
Consulting Group in Germany and Deutsche Bank in
New York.
Andrea Buraschi, Professor in Finance
Andrea joined Imperial after holding posts at Columbia
University, the University of Chicago GSB, London
Business School and University of Southern California,
Marshall School of Business. Andrea won the 2006
Inquire Europe Award, the 1999 WFA Award in
Investments and the Teacher of the Year Award at
London Business School.
Karim Abadir, Professor of Financial Economics
Karim holds a DPhil from Oxford University and an MA
and BA from the American University in Cairo. He is a
leading theoretical econometrician with a worldwide
reputation for his research and has taught at the
universities of York, Exeter, Oxford and the University
of Cairo, Egypt.
 Programme
overview

A mix of the latest research, practical application and the broad range of topics covered make the MSc Finance a unique
and challenging experience.

Pre-study Autumn term Spring term Summer term Summer

August – October October –December January – March April – July June – July

Compulsory Pre-study courses Core courses Core courses Electives Project

Electives Project
Project

Optional Computing workshops, courses in C++, Visual Basic and Matlab

Chartered Financial Analyst (CFA) training
Reuters training
Activities and events, including Venture Capital Club and Imperial College Finance Society
Visiting speakers, from top businesses and academic institutions
Please note the programme format is subject to change. Check the website for the most up-to-date information.

Pre-study courses
There are five online pre-study courses that
you must take before starting the
programme. These include: Maths; Matlab;
Statistics; Accounting Primer and Ethics and
Professional Standards. During the induction
week in October, you attend some
accounting and statistics classes.
Core courses
Corporate Finance
Corporate finance is at the heart of
investment banking and crucial to running a
successful business in any sector. You cover
all the key elements of company finance,
valuation and risk management.
Mathematical Techniques in Finance
Whether it is mergers and acquisitions,
derivative asset pricing, optimal portfolio
choice or risk management, success in
modern finance is not possible without a
solid grasp of mathematics. This course
covers a range of essential mathematical
tools and their financial applications.
Statistics and Financial Econometrics
The ability to analyse data has become a
pre-requisite to understanding financial
market developments and quantifying risk.
This course introduces you to all the key
statistical and econometric tools you need
to undertake this analysis and gives training
in some of the most widely used statistical
software.
Empirical Finance
Introduces you to more complex econometric
techniques which are an essential part of
modern advanced empirical research.
Investments and Portfolio Management
This course provides you with a critical
understanding of important portfolio
management techniques used for
investments and portfolio management by
hedge funds, asset managers, investment
banks and other financial institutions.
Asset Pricing and Derivatives
Valuation techniques for financial derivatives
are a core component of the skills
necessary for a career in a modern financial
institution. You’ll learn to develop and apply
the techniques learnt in Investments and
Portfolio Management to the pricing of a
range of financial derivatives and to the
determination interest rates at different
maturities.
Electives
You choose three electives from the
following list, to deepen your knowledge
and acquire practical experience.*
Advanced Corporate Finance
This course covers corporate financial
decisions in the presence of agency conflicts
between shareholders, debt holders and
managers, asymmetric information between
managers and investors and intertemporal
issues in investment and financing
decisions.
Advanced Options Theory
Expand your knowledge beyond the Black-
Scholes model with quantitative techniques
for pricing of exotic options and for
measuring and managing risk of option
hedging strategies.
Credit Risk
Students will study how to assess credit risk
associated with individual exposure, and
discuss the major literature in the field and
some related applications.
Advanced Credit Derivatives and Structured
Products
Students will examine credit risk associated
with portfolios. A wide range of credit
sensitive instruments will be examined
including multi named credit derivatives, and
structured exposures (CDO, ABS, etc.). The
course will also examine the dynamic
management of credit portfolio risk.
Prerequisite: Credit Risk
Private Equity and entrepreneurial Finance
You will examine the role of private equity
financing as a type of financing for
entrepreneurs, and the critical issues that
they will face during negotiations. You will
understand the fundamental analysis and
application related to private equity and
entrepreneurship.
Venture Capital Finance and Innovation
This course provides a strong theoretical
framework for understanding the investment
structures and process for early stage and
growth capital investments or how to raise
capital for new ventures or for expansion.
Project
An essential part of the programme, this is
an individual report of a maximum 10,000
words, based on your own survey and
research plan. Faculty will assist, facilitate
and then assess your efforts, but you will
work independently and take ultimate
responsibility for your report.
Finance of Regulated Industries
Given by Frontier Economics, one of the
world’s leading consultancies on the
economics and finance of regulated firms,
this course is a more practical guide to
corporate finance. You’ll focus on specific
financial issues facing regulated industries.
Finance Statement Analysis
This course introduces you to the basic
mechanics of financial statement analysis,
comparing traditional equity valuation
models with more comprehensive valuation
models. You explore research which tests the
empirical implications of these models in
various business contexts, including
application to risk management exposures.
Fixed-Income Securities
Fixed income securities make up a very
substantial proportion of all investments and
financing strategies in today’s financial
markets. The need to price and hedge this
array of products accurately had led to
prolific literature in this area. The course
covers the main continuous –time term
structure models and valuation techniques.
International Finance
Foreign exchange (FX) is not only the most
heavily traded of all financial assets, it has
the clearest interface between
macroeconomics and finance. You’ll get an
introduction to the main theoretical models
used to understand FX markets as well as in-
depth analysis of their work.
Teaching methods
We use a variety of teaching methods to
ensure depth of learning and exposure to
different techniques. These include:
• Conventional lectures
• Syndicate discussions
• Group exercises
• Case studies and practical examples
• E-learning resources.
Introduction to Numerical Finance with C++
This course introduces the essential numerical
methods used in risk management and financial
engineering and teaches the basic C++
programming for implementation.
Advanced Numerical Finance with C++
This course introduces the advanced numerical
methods used in risk management and financial
engineering and teaches advanced C++
programming for implementation.
Prerequisite: Introduction to Numerical Finance
with C++
Hedge Funds
Building on foundations created in Portfolio
Management, this course discusses advanced
portfolio management techniques, including the
use of dynamic portfolio theory, derivatives and
portfolio insurance. Advanced trading strategies,
such as event driven and credit derivative
strategies are discussed.
For further details of each course visit:
www.imperial.ac.uk/business-school/
msc-finance
*Electives run subject to student interest and
availability. Not all combinations of electives are
possible. Imperial College Business School
reserves the right to withdraw or replace an
elective.
Optional workshops
CFA exam training prepares students
registered for exams in June or December.
C++ and Visual Basic for Applications (VBA)
training teach a number of key finance
applications while other optional
workshops include an introduction to
using Reuters.
 A dedicated
careers service

Join our MSc Finance programme and you
will benefit from a highly professional,
individualised careers service. As soon as
you have accepted your place on the
programme you gain immediate access to
the careers service. We will help you identify
your skills and strengths and refine your
career goals. Make the most of your
investment in the MSc Finance programme
before you join us, visit
www.imperial.ac.uk/businessschool/
currentstudents/careers
During induction week, you attend an
interactive workshop that takes you through
the essentials of preparing CVs and
introduces you to the dynamics of Master's
recruitment. Our team will then provide you
with both one-to-one support and regular
workshops throughout your time at the
Business School. The weekly workshops
focus on the essentials of writing a good
cover letter and application forms, interview
skills and assessment centres.
Our MSc Finance students have gone on to work for a diverse range
of companies and in a range of roles, including:
• BlackRock – Private Equity Analyst (UK)
• China Merchants Bank – Analyst (China)
• Citi – Trader (UK)
• Deloitte – Analyst (Nigeria)
• Deutsche Bank – Analyst (London)
• Fortune Asset Management – Fund Analyst (UK)
• KPMG – Analyst (Cyprus)
• Shell – Gasoline Trader (UK)
• Shenzhen Development Bank – Fixed income and
money market trader (China)
• The Bank of England – Senior Associate (UK)
• Convoy – Financial Consultant (Hong Kong).
Be amongst the best
Nationality by region Degree background MSc Destination
2008 cohort 2008 cohort survey 2007 cohort

The one-to-one session is tailored to your

individual needs, so can be used to either
fine tune your CV and application letter or
you can have a mock interview with an
industry sector expert or one of our I Africa/ I Business/ I Commercial/
experienced advisors. As an alumnus, the Middle East 5% Management 8% Retail
support continues and you can arrange I Americas 3% I Computing 4% Banking 17%
appointments with us at any time during I Asia/Pacific 52% I Economics 28% I Consulting/
your career. I Europe 27% I Engineering/ Professional
I UK 13% Technology 21% Services 8%
The MSc Finance programme also provides a I Finance/ I Financial
gateway to our Doctoral programme. Accounting 14% Services 33%
For more information, please visit I Mathematics 18% I Insurance 8%
www.imperial.ac.uk/business-school/ I Science/ I Investment
doctoral-degree Medicine 7% Banking 17%
I Power &
Energy 17%
Make
connections
A vibrant social networking
experience
Contacts you make through lectures
and group work are developed and
widened through our social and
networking events. The lasting
relationships you form will enrich
you both professionally and
personally. You will network not only
with your fellow students, but with
alumni, Adjunct Professors, students
from other programmes and visiting
lecturers.
Students nominate their own social
reps, who organise events part-
funded by the School. There is also
the opportunity to become involved
in various industry sector clubs,
including the Venture Capital Club
and the Imperial College Finance
Society. A wide range of sports clubs
are on offer and you will receive free
membership to Ethos, Imperial’s
state-of-the-art sports centre, just a
short walk from the Business School
building. More information on
student clubs can be found at
www.imperialcollegeunion.org
“IMPERIAL COLLEGE BUSINESS SCHOOL HAS A REPUTATION FOR EXCELLENCE AND IS
INTEGRATED IN THE LONDON FINANCIAL INDUSTRY. THE MSC FINANCE PROGRAMME IS
HIGHLY TECHNICAL AND MATHEMATICAL WHICH OPENS THE DOOR TO A BROADER
SPECTRUM OF JOBS IN THE CITY.”
PEDRO MONTEIRO DE BARROS, MSC FINANCE 2009 (ABOVE)
Imperial College Finance Society
Sponsored by UBS, Credit Suisse,
Deutsche Bank, Citi, Morgan Stanley,
Goldman Sachs and many others,
the Finance Society is one of the
largest and most proactive student
societies in the UK. The club forges
links between academia and
industry, promotes careers in finance
and rewards initiative, creative
thinking and professionalism with
clubs, discounted resources and
direct contact with top employers.
It is a valuable resource bringing
in diverse opinions and
complementing your other
networking opportunities.
Alumni Network
Like every other aspect of our MSc
programmes, the alumni network
offers you practical benefits and
allows you to take full advantage of
your Imperial College Business
School connections from the
beginning of your study and
throughout your career. Here at
Imperial College Business School, we
play a big role in keeping the alumni
network connected and start by
providing our students with the
opportunity to access a powerful
international community of alumni –
we host events, support class and
country networks, hold sector
interest groups and provide ongoing
learning and career services. We
encourage you to play an active part
in this prestigious network and, as a
student and alumnus of the
Business School, leverage the life
long access to outstanding business
leaders, thinkers and decision
makers.
Entry requirements
Who should apply?
The MSc Finance attracts a large number of applications
from high-calibre students across the world. You will need
strong, proven mathematics skills with an excellent degree
in mathematics, engineering, economics or a similar,
mathematics-based discipline.
Applicants should ideally be able to demonstrate their
interest in the finance sector in the form of work
experience/internship.
To apply you need:
• A degree (equivalent of a UK 2.1 honours or above) in a
highly quantitative subject such as mathematics, science,
engineering, economics or finance
• All students are required to hold an English language
qualification, of a higher standard than the College
minimum requirement. Acceptable qualifications include:
• GCSE English grade C or equivalent
• IELTS (academic)
An overall score of 7.0 with a writing score of 6.0
• TOEFL (paper-based)
An overall score of 610 with a minimum score of 4.5 in
written English
• TOEFL (computer-based)
An overall score of 253 with a minimum score of 4.5 in
written English
• TOEFL (internet-based)
An overall score of 98 with a minimum score of 25 in
writing and 23 in speaking
Our English language requirement is equally applicable to
Home, EU and Overseas students. It may be possible to
waive the Business School higher language requirement
element under exceptional circumstances at the discretion
of the School. ALL applications MUST meet the College
minimum requirement.
Contact Recruitment
MSc Finance Recruitment Team
Imperial College Business School
Tanaka Building
South Kensington Campus
London SW7 2AZ
United Kingdom
T: +44 (0)20 7594 9552
F: +44 (0)20 7594 9184
E: mscfinance@imperial.ac.uk
www.imperial.ac.uk/business-school/msc-finance
How to apply
Apply online
For more information and to submit your application online
visit www.imperial.ac.uk/business-school/applyingonline. If
you have further questions visit our ‘Find an answer’ section
at www.imperial.ac.uk/askimperial. We run a rolling
admissions process and there is no specific application
deadline. However, we strongly advise you to apply early.
The programme commences in October each year.
Fees
Tuition fees for the programme are currently £26,000. Fees
and payment terms for the next intake will be confirmed in
Published September 2009.
early 2010. Please visit www.imperial.ac.uk/ business-
school/msc-finance for more details.
Scholarships
Scholarships are available. For further details visit
www.imperial.ac.uk/registry/finance/scholarships/pg_schol
or email scholarships@imperial.ac.uk
Information Sessions
We regularly hold dedicated on-campus information sessions
for MSc Finance. Each session includes a presentation from
the Programme Director, followed by a reception where you
have the opportunity to discuss the programme further with
Disclaimer: While all reasonable efforts have been made to ensure that the information in this publication is
current students, alumni and Business School staff. If you
are unable to visit us on-campus we run virtual sessions
correct, matters covered by this publication are subject to change. Imperial College Business School
online. To check times and dates or reserve your place on
accepts no liability for any loss or damage caused by errors or omissions, howsoever caused.
any session visit www.imperial.ac.uk/business-
school/waystomeetus telephone +44 (0)20 7594 5656 or
email business-school@imperial.ac.uk
Try one of our lectures
If you would like to visit our campus and attend a lecture
before you apply, please contact the MSc Finance
Recruitment Team to arrange this.
Attendance Requirements
The Government has recently imposed a new requirement
on universities to monitor the attendance of international
students, and to report to the UK Border Agency (UKBA) any
student visa holders who cease to be in regular attendance.
On joining the programme, you will be provided with further
information on the attendance requirements and expected
course interactions to avoid being unnecessarily reported.