ICMA MSC Brochure Current

THE BUSINESS SCHOOL FOR FINANCIAL MARKETS
www.icmacentre.ac.uk
Masters Degrees in Finance 2010/11

YOUR COURSE TO SUCCESS. YOUR ICMA CENTRE.
02 | ICMA CENTRE | MASTERS DEGREES IN FINANCE
Welcome Introduction / Dealing Rooms Professional Qualifications / Career Development / Alumni Our masters degrees Learning options MSc International Securities, Investment and Banking (ISIB) MSc Investment Management (IM) MSc Financial Risk Management (FRM) MSc Capital Markets, Regulation and Compliance (CMRC) MSc Corporate Finance (CF) MSc Finance and Real Estate (FRE) MSc Financial Engineering (FE) MSc Investment Banking and Islamic Finance (IBIF) Entry requirements Module catalogue Faculty Henley Business School
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ICMAs investment in the ICMA Centre has delivered tangible benefits for the Associations members and international finance industry as a whole for 18 years in the form of highly skilled graduates, cutting edge research and executive training programmes. The development of this exciting new facility highlights the continuing unique partnership between the industry and the Centre.
Ren Karsenti | President | ICMA Centre
MASTERS DEGREES IN FINANCE | ICMA CENTRE | 03
Europes first active collaboration between the securities industry and a University finance department began eighteen years ago when the International Capital Market Association began its relationship with the University of Reading to create the ICMA Centre as the business school for financial markets. Our mission was to deliver teaching and research of the highest standard and to contribute actively to policy debate.
Over the years, we have expanded our faculty numbers so that we are now among the largest in Europe and have introduced a wide range of Masters courses both mainstream and more specialised and a new undergraduate programme. In addition, we offer a suite of executive education programmes, both certified and bespoke, as well as consultancy services. The universitys recent merger with Henley Management College to create Henley Business School now makes us part of one of the largest and most prestigious business schools in Europe and this will allow us both to expand further, as well as to use Henleys resources to enhance our taught programmes. The Centres facilities are among the best in Europe we have our own award winning building, extended in 2008, which contains the largest simulated dealing room in Europe as well as outstanding teaching and research space.
In all, the ICMA Centre offers an excellent and stimulating environment in which to study and offers plenty of scope to apply theory to practice. Our reputation, our collaborative links with industry, and, not least, our 2,500 graduates from 86 countries demonstrate our ongoing ability to meet our objectives. I very much hope that you find the programmes in this brochure to be of interest and I look forward to welcoming you to the Centre in due course.
Professor John Board Director of the ICMA Centre
Our success
Part of Henley Business School at the University of Reading, the ICMA Centres success is a combination of factors:
The integration of applied finance theory Professional and academic expertise Strong links with banks, trade bodies and The largest and best equipped dealing rooms
focussed support. other financial institutions in any European business school and teaching by former City traders and industry specific education
The Centre was established in 1991 with funding provided by the International Capital Market Association (ICMA) in Zurich. Our state-of-the-art facilities include three dealing rooms running Thomson Reuters, Bloomberg and Datastream products, where students learn how markets really function and apply theory through simulations. The Centre also boasts two lecture theatres, several seminar rooms, a dedicated research area, informal seating areas, caf bars and Bloomberg TV.
$50-100 million trading book. Students also manage multi-asset portfolios using live prices and the latest investment management technology. Having these essential practical skills in todays competitive and uncertain environment gives our students the edge over more traditional finance degrees. We have over 100 terminals in three dealing rooms equipped with Thomson Reuters 3000 Xtra Kobra, Thomson 1 Banker, Thomson Datastream and Bloomberg. The ICMA Centre has the most extensive simulated dealing room facilities in the world. So much so, that regular trading days are held in our dealing rooms for graduate trainees and other personnel of most of the major investment banks. The brand new 40 station flagship dealing room is equipped with all the latest trading technology giving it the feel of a real trading floor. It has a state-of the-art 37 foot 8 colour Daktronics ticker tape displaying up to date market prices and four plasma screens with the latest news and quotes, which allows students to immerse themselves in a trading environment.
These rooms are not merely training centres for traders of the future; but they also enable academic staff to combine theory and practice across a whole range of activities, whether in derivatives trading, portfolio management, risk management, financial engineering or corporate finance.
Rotman International Trading Competition

We are keen to offer our students a variety of additional opportunities each year to add to their skill set and CV. One of these is the Rotman International Trading Competition in Toronto every year we enter a team of students to compete in this event, which is attended by universities from all over the world. The Centre is proud to have won and been the top European business school in the past five years; beating the likes of M.I.T Sloan School of Management, Harvard University and Cass Business School. If you are interested in finding out more about team selection visit www.icmacentre.ac.uk/rotman.
Dealing Rooms
The ICMA Centre was the first business school in Europe to have dealing rooms and is still the only university with a facility on such a scale. Our three dealing rooms, all sponsored by Thomson Reuters, have always been an integral part of our teaching and learning style our technology and facilities allow students to put theory into practice. As part of their coursework they experience the thrill and pressures of a live market take positions, quote two-way prices and manage the risk of a
Specialist Career Development Unit providing
Professional Qualifications
The ICMA Centre offers students the opportunity to study professional qualifications alongside their degrees. For a number of degrees exemptions are in place, including those from the Securities & Investment Institute (SII) Diploma and the ICMA International Fixed Income and Derivatives (IFID) Certificate.
and advising in Securities and Derivatives, and it has also met the FSSCs Key 2 Appropiate Exam standards for activities: Advising on Derivatives and Advising on Securities Further information is available on the individual degree pages and online at www.icmacentre.ac.uk/ mscs_professional_qualifications.
To view our current database visit www.icmacentre.ac.uk/student_profiles.
Alumni
The fast-paced business culture within the global markets is matched by the active ICMA Centre Alumni Association. As markets become increasingly international, career success can often depend on networking with colleagues around the world. With more than 80 nationalities represented within the Association, the ability to network on a truly global basis is one of the key benefits of study at the ICMA Centre. Even for current participants, access to this network can be crucial, as it can provide proven career opportunities.
SII Diploma
Recognised around the world, the SII Diploma is the UKs leading professional finance qualification. The Diploma gives students who take one further exam a licence to trade securities in the UK.
Career Development Unit

There is a wide diversity to our student cohort, so our on-site career development specialists offer a unique personalised service to help you attain your career ambitions. Individual one-to-one coaching and action-planning is freely available as well as group activities, often led by banking and financial services employers and alumni, on topics such as the preparation of successful CVs and application forms, interview skills, job search techniques and networking.
ICMA International Fixed Income and Derivatives (IFID) Certificate

Established for over 30 as THE qualification for the fixed income market, the IFID programme puts emphasis on developing practical skills for trading, investment and risk management. This is a demanding, examined course aimed at developing a broad and in-depth knowledge of the key fixed income instruments, derivatives and markets. The IFID programme is a Recommended Exam on the FSSC (Financial Service Skills Council, United Kingdom) Wholesale Banking list for people working
Alumni benefit from:
Website, which includes all the latest news, ICMag the bi-annual newsletter Networking opportunities Regular reunion events held around the world.
jobs board, forums, photos, profiles
The Derivative Securities module is a must for anybody looking to stand out in derivatives risk management. The detailed and extensive academic background to trading strategies that this module equips you with is priceless in the industry. This knowledge enabled me obliterate the competition completely during my interview and I was fast tracked into working on major projects in no time as a result.
David Armarteifio | 2006 Graduate Risk Analyst Derivatives | Commerzbank AG
Profiles
We offer all our MSc students the opportunity to post their profiles (mini CVs) on the website where recruiters can search for the skills they are looking for.
Our Masters degrees

Key benefits of our Masters degrees:
The latest theory and industry practice The longest established Masters programme Faculty with wide academic and Taught by well respected academics and Recognised by professional organisations The opportunity to study professional
such as CFA Institute, PRMIA and SII industry practitioners real-world experience in securities markets in Europe
General finance degrees:

MSc International Securities, Investment and Banking
Our largest programme is designed for those who have not yet reached a decision on the specific area of finance in which they wish to specialise when entering employment after graduation. Most people wishing to work in the trading and sales function of a bank would select this programme.
Specialist degrees:
MSc Capital Markets Regulation and Compliance
Particularly attractive to those already employed in the regulation or compliance function. The programme provides the knowledge base necessary to minimise the likelihood of regulatory failure by a Securities Commission as a result of its staff having insufficient understanding of finance. The financial sector regulatory and compliance industry is growing rapidly due to the many problem issues in regulation and compliance which have been revealed by the credit crisis. For those who already have the benefit of an undergraduate degree in law, this programme provides an excellent complement and should enable them to advance rapidly in this important profession.
MSc Finance and Real Estate

Combines quantitative competence and institutional application in an area of business that relies increasingly on the capital markets and on derivatives. Whereas more traditional real estate courses (such as those leading to membership of the Royal Institution of Chartered Surveyors qualification) focus on planning, surveying and valuation of properties, this programme is for those who wish to enter the growing industry which focuses on the financial aspects of real estate financing, hedging and investment. This industry is based in investment banks, investment management houses and hedge funds.
MSc Investment Management

Designed for those who wish to enter the investment management or wealth management part of the industry. This includes those who might choose to work in a hedge fund, private equity, pension fund or insurance fund management areas.
qualifications alongside the degrees, including CFA Level 1 and PRM Certification and exemptions from others giving students a licence to trade securities in the UK and Europe
MSc Financial Engineering

A highly technical programme for those with strong mathematical skills. It helps provide knowledge of derivatives pricing tools and methods and the use of programming languages like C++ and VBA. As both the investment banking and the investment management industry increasingly seek tailored products, which incorporate one or more derivatives, people with these skills are becoming highly sought after.
Which degree?
Our aim is to offer MSc degrees that appeal to those with interests in any area of finance. We have three large general finance programmes, which are taken by 75% of students, and a range of specialist degrees designed for those with specific requirements and interests.
MSc Financial Risk Management

For those with good quantitative skills and who want a career in this sector of the industry. Risk managers are employed in investment banks, in asset management companies, insurance companies, regulatory agencies and also in the corporate treasury area of manufacturing and service companies.
MSc Corporate Finance

Designed for those who wish to be involved in the primary market function (new equity and debt issues) or mergers and acquisitions in an investment bank, to work in the finance/treasury area of a manufacturing or service company which frequently accesses the capital markets or in a consultancy which provides advice on corporate finance.
MSc Investment Banking and Islamic Finance

For students who see the rapidly growing area of Islamic finance and insurance as one which will provide them with good career options. Careers are increasingly becoming available not only in Muslim countries but also in Western countries where banks provide Islamic finance services.
Learning options
FT Full-time FL Flexible Learning DL Distance Learning
**Please note this relates to study time
10 months* 18 months** 24 months

Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep
Full-Time
Part One
Flexible Learning
Part One (Distance Learning)
Distance Learning
Part One
* With the exception of MSc IBIF which is 12 months
Part One Exams / Part Two
Full-Time
The full-time programme is taught at the ICMA Centre at the Henley Business School, University of Reading. This is the most popular learning option offering the benefit of studying alongside some 200 students from a range of different countries, with academic staff and tutorial assistance at hand.
Part Two Exams IC Live Graduation Part One Exams Part One Exams / Part Two IC Live
Distance Learning
If you want to continue working whilst you study for your Masters degree this option is ideal. We are receiving a growing number of applicants for our distance learning MScs, both from those who have recently graduated and those already working in the industry. You will benefit from using our unique ILE (Interactive Learning Environment), an iPoD pre-loaded with Part One lectures, and our optional IC Live week, which includes dealing room sessions. For a demonstration disk of the distance learning ILE please email admin@icmacentre.ac.uk
Oct Nov Dec Jan Feb Mar Apr May Jun July Graduation Part Two Exams Graduation in December
Please note that the MSc Investment Banking and Islamic Finance is a 12 month programme which includes three months study in Kuala Lumpur (June - August). Students on this degree graduate in December.
Part Two (Full-time at ICMA Centre)
Part Two Exams IC Live
Flexible Learning
This option is a combination of distance learning (Part One) and full-time study. (Part Two), allowing a blend of the benefits of full-time and distance learning.
Aug Sep
MSc International Securities, Investment and Banking (ISIB)

Overview
This is our longest established degree with over 1700 alumni and is widely regarded as one of the leading applied finance programmes in Europe.
This degree is ideal for those who do not wish to specialise in a particular branch of finance while at the ICMA Centre and has the widest range of optional modules of any of our degrees allowing students to study a range of subjects such as financial regulation, portfolio management, Islamic finance and risk management. The programme was designed with the support of industry practitioners to equip you with the skills and knowledge needed to succeed in this challenging arena. The skills developed in this programme are much in demand in the financial sector, but are readily transferable to other business and organisational contexts. It enables our graduates to make an early contribution through the unique combination of hands-on, practical skills valued by the financial markets and the necessary underlying finance theory.
Learning options FT FL DL
www.icmacentre.ac.uk/isib
Content
Part One
Graduate destinations
Our international body of graduates leave us well equipped to pursue a wide range of careers in financial services.
Many join investment banks to train as financial markets professionals in trading, sales and research. Some specialise in complex derivative products while others join brokers and commodity traders. In addition many graduates follow other career paths including consultancy, accountancy, operations, IT, and higher education and doctoral research.
Securities, Futures and Options Fixed Income and Equity Investments Quantitative Methods for Finance Financial Markets
Part Two (Compulsory)
Part Two (Optional)

Choice of 90 credits from: Advanced Methods for Financial Research* Bond Market Pricing and Trading Strategies* Commodity Derivatives Derivatives Securities: Pricing, Hedging and Trading Empirical Market Microstructure Enterprise Valuation Ethics in Finance Financial Econometrics Financial Regulation and Regulatory Policy Foreign Exchange and Money Markets* Hedging* Interest Sensitive Securities Liquidity Risk* Market Risk Portfolio Management Essentials of Financial Engineering The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts Real Estate Finance Research Project Stock Index Futures Topics in the History of Finance* Trading and Exchanges Volatility Analysis
International Securities Markets
Credits explained
All our Masters degrees comprise a total of 180 credits: 80 credits at Part One and 100 credits at Part Two. All modules are 20 credits except those marked with, which are 10. Please note that not all Part Two modules are available on a distance learning basis these are clearly indicated on the degree pages.
Please note that the information included in this brochure was correct at the time of going to print (Sept 09). However, we may offer additional or vary modules each year for most up-to-date information please visit our website.
Professional development
Students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate. MSc ISIB students are also eligible for exemption from the SII Diploma see the website www.icmacentre.ac.uk/isib for more details.
Modules marked with an * are not available on a distance learning basis; those marked with are 10 credits; those marked with are distance learning only. For full explanation of credits see Credits explained box to the left.
MSc Investment Management (IM)
www.icmacentre.ac.uk/im
Overview
This degree programme prepares students for entry into the fast growing and exciting investment management industry.
After completion, our graduates are qualified to work in a variety of investment functions, including research and portfolio management, with a diverse range of organisations such as investment banks, regulators, fund managers and consultants.
Content
Part One
Securities, Futures and Options Fixed Income and Equity Investments Quantitative Methods for Finance Financial Analysis
Part Two (Optional)

Choice of 40 credits from: Advanced Methods for Financial Research* Bond Market Pricing and Trading Strategies* Commodity Derivatives Derivatives Securities: Pricing, Hedging and Trading Empirical Market Microstructure Ethics in Finance Financial Econometrics Financial Regulation and Regulatory Policy Foreign Exchange and Money Markets* Hedging* International Securities Markets Interest Sensitive Securities Liquidity Risk* Market Risk Essentials of Financial Engineering The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts Real Estate Finance Research Project Stock Index Futures Topics in the History of Finance* Trading and Exchanges Volatility Analysis
It provides a theoretical knowledge of portfolio management and quantitative finance, together with an applied set of courses looking at industry structure and trends. Students benefit from professional guest speakers drawn from the heart of the global investment industry in the City of London, only a short distance away. Integral to the academic course is the parallel study of the Chartered Financial Analyst (CFA) programme, level 1. The two programmes support and reinforce the other, ensuring that graduates acquire both the academic and professional knowledge and qualifications required to succeed in the investment management industry. The ICMA Centre is a designated CFA Program Partner and is at the time of printing, one of only three universities in the world that has fully integrated its degree study with the writing of the CFA exam.
CFA Level 1 Support by 7city Learning

The CFA Level 1 teaching is provided by 7city Learning Europes most successful training company for the financial services industry. Visit www.icmacentre.ac.uk/im for more details.
Current Issues in Investment Management Enterprise Valuation Ethics in Investment Management Portfolio Management

Students study the CFA level 1 alongside the degree. In addition students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate. MSc IM students are also eligible for exemption from the SII Diploma see the website www.icmacentre.ac.uk/im for more details.
Modules marked with an * are not available on a distance learning basis; those marked with are 10 credits; those marked with are distance learning only. For full explanation of credits see Credits explained box on page 8.
MSc Financial Risk Management (FRM)
www.icmacentre.ac.uk/frm
Overview
This course sets the standards for graduate programmes in financial risk management all over the world.
After completion, you will be well prepared to follow a career in the challenging fields of risk management, or risk analysis with banks, regulators, portfolio managers, corporate treasury, risk management software implementation, specialist financial boutiques and hedge funds.
The role of risk analyst will suit students with good mathematical or computational skills, who wish to utilise cutting-edge quantitative modelling techniques to develop advanced risk assessment and hedging tools. Less quantitative roles include: regulation; market, credit or operational risk management; portfolio management; and enterprise-wide risk management. Most of our FRM graduates are now working for large banks in London and abroad, hedge funds and regulators. Demand from employers continues to grow, despite the crisis in banks and associated financial institutions. Regulators, governments, advisors and commentators are unanimously endorsing the call for more, and better qualified risk managers and analysts to join the financial industry. There has never been a better time to pursue a career in financial risk management.
Content
Part One
Securities, Futures and Options Fixed Income and Equity Investment Quantitative Methods for Finance Financial Markets
Credit Risk Financial Instruments Market Risk

Part Two (Optional)
The MSc in Financial Risk Management has established a world-wide reputation as one of the most complete and established Masters degrees in this specialised area. It was devised and is convened by Carol Alexander, a leading authority on financial risk management education. In addition, this programme is currently one of only three worldwide that has been awarded exemption from professional examinations of the Professional Risk Managers International Association, and we offer an accelerated route to their PRM professional certification. Thus, our graduates may leave the ICMA Centre with an internationally renowned Masters degree and the professional qualification for financial risk managers. Depending on the optional modules chosen, students may decide to specialise in risk analysis, markets and regulation, or risk management. Key risk management concepts, such as Value-at-Risk and the pricing and hedging of financial instruments, are taught by focusing on their application to relevant, practical problems in risk management and analysis.
Choice of 40 credits from: Bond Market Pricing and Trading Strategies* Commodity Derivatives Financial Regulation and Regulatory Policy Hedging* International Securities Markets Liquidity Risk* Portfolio Management Research Project Volatility Analysis
Students who complete appropriate courses within the degree will be eligible for exemption from PRM Exams I and II which form a major part of the PRM Certificate. In addition students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate.
The Professional Risk Managers International Association (PRMIA) has members in over 155 countries worldwide.
MSc Capital Markets, Regulation and Compliance (CMRC)

Overview
Global financial services and capital markets industries are becoming more complex and sophisticated.
www.icmacentre.ac.uk/cmrc
Content
Part One
The financial services sector has an ever expanding need for graduates trained in the fundamentals of compliance, governance and regulation.
This increasing demand has been fuelled by EU directives, US Acts and global standards as well as firms own demands for in-house compliance resources. Explosive growth in capital markets in Eastern Europe, the Middle East, China, India and Latin America also has increased the breadth and depth of the marketplace. With the increasing complexity of financial products, combined with a growing sophistication on the part of investors and market participants, there are immense challenges facing the institutions, compliance professionals within them and their regulators. Our graduates are in a very strong position to build successful careers in the compliance or legal divisions of investment banks, fund managers and hedge funds, retail banking institutions and other market participants, as well as law firms, accountancy firms and consultants and regulators in the UK, Europe and internationally.
Today, recruitment in the capital markets regulation and compliance areas is at an all time high as businesses face growing pressure to comply with new and existing European, US and international directives and legislation. Developed in collaboration with FINRA (Financial Industry Regulatory Authority) and having the strong support of the investment banking community, this degree covers a wide range of European, US and international issues; it focuses on building expertise in the regulation and compliance of the capital markets through courses in both those subjects and the economic functioning of markets and instruments, market mechanics and dealing knowledge. The degree is ideal for recent university graduates from a wide range of disciplines, those people working in the industry who would like to specialise in this fast expanding area and for market professionals seeking to enhance their knowledge and skills in regulation and compliance. The regulation and compliance courses can be combined with quantitative courses or with non-quantitative courses, making the degree particularly suitable for business finance, law, economics, accountancy and other graduates.
Securities, Futures and Options Fixed Income and Equity Investments Financial Markets Regulation of Markets and Traders Introductory Quantitative Methods (not for credit)
Part Two (Compulsory) Part Two (Optional)
Compliance Theory and Practice

Choice of a 80 credits from: Commodity Derivatives Enterprise Valuation Ethics in Finance Financial Regulation and Regulatory Policy International Securities Markets Real Estate Finance Research Project The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts Topics in the History of Finance* A selection of relevant modules from the School of Law is made available on an annual basis Further optional modules are available subject to satisfying any quantitative pre-requisites, visit www.icmacentre.ac.uk/cmrc for more details
Students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate.
The Financial Industry Regulatory Authority (FINRA) is the largest non-governmental regulator for all securities firms doing business with the U.S. public. FINRA International works with regulatory bodies around the world to build strong regulatory and compliance functions as well as education and training programmes in a local context.
MSc Corporate Finance (CF)
www.icmacentre.ac.uk/cf
Overview
This degree offers an introduction to all aspects of the dynamic sector of corporate finance.
Our postgraduate degree in Corporate Finance provides all the theoretical and practical knowledge necessary to build a successful career.
Content
Part One
Securities, Futures and Options Fixed Income and Equity Investment Quantitative Methods for Finance Financial Analysis
Corporate Finance
Part Two (Optional)

Choice of a minimum of 40 credits from: Commodity Derivatives Corporate Governance Enterprise Valuation Mergers and Acquisitions* Strategic Planning and Budgeting Venture Capital Plus a choice of up to 40 credits may be chosen from the ICMA Centre Annual list of Part 2 optional modules for the relevant year of entry.
Students will gain an understanding of the wide range of corporate finance services and corporate transactions businesses face. The exciting world of venture capital, private equity, corporate governance and mergers and acquisitions are explored with hands on sessions and extensive use of case studies. The degree helps students develop key skills in the areas of investment and capital budgeting decisions, IPOs, dividend policy and capital structure, enterprise valuation and risk management which are essential for a successful career as a corporate finance specialist.
There is a demand for professionals who combine an understanding of the financial markets with knowledge of the financial decisions facing companies in their day to day operations. Such professionals also need a clear insight into related fields including accounting, risk management, capital budgeting, debt and equity finance, financial planning, venture capital and mergers and acquisitions. Graduates will be well equipped to join investment banks in the City of London and other international financial centres. Alternatively, they may join large national and multinational corporations in roles ranging from strategic business planning to financial control and capital management. Other opportunities lie with professional services firms, including management consultancies and accountancy practices. Graduates may also choose to join small, entrepreneurial ventures where their in-depth knowledge of finance will be of direct benefit to owner / managers seeking to build their business.
Students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate. MSc CF students are also eligible for exemption from paper 2 of the SII Certificate in Corporate Finance.
MSc Finance and Real Estate (FRE)

Offered in conjunction with the School of Real Estate & Planning
www.icmacentre.ac.uk/fre
Content
Part One
Overview
This degree prepares graduates for a career in the financial markets with a specialism in real estate. Because of the current crisis in the credit and real estate markets, it is really important for people to be educated in the risks and rewards of property markets.
Students will explore capital markets with an emphasis on how financial principles and tools are applied to real estate business; how real estate assets are incorporated in financial decision making within the firm and how property management can enhance or inhibit corporate profitability. Students will develop the skills to evaluate real estate investment projects and understand how financing packages are constructed and marketed, how property fits into the multi-asset portfolio and the many institutional features of real estate investment that make it both attractive and different when included in institutional portfolios. Many of the securities and derivatives being developed in the real estate market rely on key financial models; therefore the course has been designed to combine both quantitative competence and institutional application thereby arming students with the theoretical and practical skills essential to succeed. The real estate modules are jointly taught with colleagues from the School of Real Estate and Planning, which is one of the top five real estate departments in Europe. There are still interesting prospects for property investment private funds are continuing to find opportunities whether they are in distressed property or in specialised niche markets and development projects.
This degree will equip graduates to pursue rewarding careers with investment banks and the real estate divisions of other financial institutions that finance the development of both commercial and retail properties in the UK and internationally.
Challenging careers specialising in the real estate sector are also open to our graduates with fund managers, insurance and life assurance companies, property investment firms, specialist hedge funds, brokers and in research organisations. Alternatively, you may choose to use the broad financial knowledge you will acquire to work with a bank or other finance company in a less specialised role.
Securities, Futures and Options Fixed Income and Equity Investment Quantitative Methods for Finance Financial Markets
Part Two (Optional)

Choice of 50 credits from: Advanced Methods for Financial Research* Bond Market Pricing and Trading Strategies* Commodity Derivatives Empirical Market Microstructure Enterprise Valuation Derivatives Securities: Pricing, Hedging and Trading Ethics in Finance Financial Econometrics Financial Regulation and Regulatory Policy Foreign Exchange and Money Markets* Hedging* Interest Sensitive Securities Liquidity Risk* Market Risk Portfolio Management Essentials of Financial Engineering The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts Research Project Stock Index Futures Topics in the History of Finance* Trading and Exchanges Volatility Analysis
Real Estate Finance Real Estate Investment Real Estate Securities International Securities Markets
Students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate.
MSc Financial Engineering (FE)

Offered in partnership with the Department of Mathematics
Learning options FT
www.icmacentre.ac.uk/fe
Content
Part One
Overview
The ICMA Centres financial engineering degree is highly respected by quantitative analysts and their employers.
Many of our financial engineering graduates are now working as Quants in large London banks and other financial institutions. Others have pursued PhDs and have successful academic careers.
Financial instruments are becoming ever more sophisticated, so graduates that understand complex modelling techniques are always in great demand. The high quantitative content of this programme opens many doors to a wide range of careers. You could structure and develop new debt or equity solutions to meet clients funding and hedging needs, or you could become a proprietary trader in exotic derivatives, or a software specialist or a quantitative analyst supporting the traders. There are excellent opportunities on the buy-side, with hedge funds and investment institutions, as well as in investment banking and in software analytics. Opportunities in quantitative research, or with a rating agency, are among the many other attractive alternatives. Outside of mainstream banking and investment, you might also consider firms involved in commodity and energy trading, or the treasury divisions of leading multinationals and management consultancies.
Securities, Futures and Options Quantitative Methods for Finance or
The credit crunch and subsequent events have emphasised the need to develop better pricing and better hedging models for all complex products. The practical and quantitative skills that you will develop on the ICMA Centres Financial Engineering MSc will equip you to meet this challenge. Our compulsory modules provide a firm grounding in probability theory, stochastic calculus, derivatives pricing, quantitative and numerical methods, structuring products, volatility analysis, and the modelling of credit, equity, foreign exchange and interest rate derivatives. We also provide a thorough training in C++ and other programming tools. Optional modules will allow you to focus on risk analysis, portfolio management, designing trading strategies or econometric analysis. This newly structured degree aims to further enhance the strong reputation of its precursor the MSc in Financial Engineering and Quantitative Analysis, that was established in 1999. A good background in mathematics is required for acceptance to this programme. See page 16 for entry requirement details.
Financial Markets Derivatives Pricing Stochastic Calculus for Finance Mathematical and Numerical Methods Probability for Financial Engineering
C++ for Financial Engineering Topics in Financial Engineering Equity and Foreign Exchange
Interest Rate Derivatives Modelling Credit Derivatives Modelling Essentials of Financial Engineering
Derivatives Modelling
Part Two (Optional)

Choice of 40 credits from: Advanced Methods for Financial Research Bond Market Pricing and Trading Strategies Financial Econometrics Hedging Liquidity Risk Market Risk Portfolio Management Research Project Volatility Analysis A selection of modules from the Department of Mathematics is made available on an annual basis subject to satisfying any pre requisites
MSc Investment Banking and Islamic Finance (IBIF)

Overview
This degree is designed to give expertise in both conventional and Islamic finance. It provides students with a thorough understanding of the similarities and differences between these approaches to the common need to raise capital and resource for firms activities.
It is the first degree in the UK focussing wholly on finance to be offered in partnership with a leading teaching and research centre of Islamic finance. This 12 month programme is taught jointly with INCEIF (International Centre for Education in Islamic Finance), Kuala Lumpur and has many key benefits including:
Learning options FT
www.icmacentre.ac.uk/ibif
Content
Part One
Graduates will benefit from a thorough understanding of Western banking practices allied to the principles of Islamic Finance.
Securities, Futures and Options Fixed Income and Equity Investments Financial Analysis Financial Markets Introductory Quantitative Methods (not for credit)
Part Two Reading
Design, Implementation and Risk Aspects of Theory and Ethics in Islamic Economics Essentials of Financial Engineering The Principles of Islamic Commercial
Islamic Financial Products and Services and Finance
First degree in the UK with Islamic material

taught by Islamic specialists
There is a growing demand from financial institutions worldwide for specialist professionals trained in the techniques of Islamic Finance. We expect our graduates will pursue rewarding careers with investment banks in a diverse range of fields, including corporate and project finance, specialist structured products and derivatives, trade finance, sales and trading. In addition, they will be well-qualified to join specialist Islamic financial institutions, regulatory agencies, investment managers, consultancies and the finance divisions of multinational corporations.
Financial Regulation and Regulatory Policy

Part Two Kuala Lumpur
Jurisprudence and the Nominate Contracts
or International Securities Markets or Topics in the History of Finance
Professional qualification from INCEIF Three months study in an Islamic country

and the opportunity to take an internship with an Islamic bank. The degree will not require any previous knowledge of Islamic Law or specific Islamic concepts but will address and explain the respective current issues within their overall Islamic economic and legal context. Among the teaching staff are two leaders in the field of Islamic Finance: Professor Rifaat Ahmed Abdel Karim who is the Secretary-General of the Islamic Financial Services Board (IFSB) and Professor Simon Archer whose research focuses on Islamic financial institutions.
Islamic Financial Institutions and Markets Wealth Planning and Management Deposit Mobilisation and Financial Management Students must study all modules in Kuala
Lumpur but may substitute the Research Project (20 credits) in place of the examinations of two 10 credit modules from the Part Two Kuala Lumpur modules.
The degree covers the materials necessary to qualify for Part 1 of the Chartered Islamic Finance Professional (CIFP) Part 1. In addition students who successfully complete this degree including the module International Securities Markets will be granted the ICMA International Fixed Income and Derivatives (IFID) Certificate. MSc IBIF students will also be supported in achieving the SII Islamic Finance Qualification see website for more details.
Entry requirements
Courses
MSc Corporate Finance MSc Finance and Real Estate MSc Financial Risk Management MSc Investment Management MSc International Securities, Investment and Banking MSc Financial Engineering MSc Capital Markets, Regulation and Compliance MSc Investment Banking and Islamic Finance
Undergraduate Degree Degree Discipline
Minimum 2:1 or the equivalent from an overseas institution. Any degree discipline, but must have a satisfactory* existing level of numeracy.
Minimum 2:1 or the equivalent from an overseas institution. Quantitative discipline must have a very good existing level of numeracy. Mathematical and engineering degrees are preferred. May be required check www.icmacentre.ac.uk/entry_ requirements for details.
Minimum 2:1 or the equivalent from an overseas institution. Any discipline no quantitative requirement.
GMAT
May be required check www.icmacentre.ac.uk/entry_ requirements for details.
No requirement.
*Requirement for MSc Financial Risk Management is for a good existing level of numeracy.
English Language Requirements: For all courses

IELTS 6.5 or better, with no significant weaknesses in any component of the test. TOEFL Paper-based: 570, with TWE of 5, Computer-based: 230, Internet-based: 88.
Solidus Securities MSc Scholarship

This is awarded annually to one Greek applicant to any full-time MSc programme at the ICMA Centre. This unique Scholarship includes 50% of all tuition fees and an optional 1-2 months summer training within Solidus Securities SA in Athens, Greece.
How to Apply
You can apply online at www.icmacentre.ac.uk/applyonline or via our printed application form. All distance learning and flexible learning programmes must be applied for online only. We advise that applications are submitted by July. If you have any queries or would like to discuss any aspect of the degree or admissions process in more detail please call our Admissions Officer on +44 (0) 118 378 6406 or email admissions@icmacentre.ac.uk.
Scholarships
ICMA Centre Scholarships
Scholarships are available for all our full-time MSc programmes. We offer several awards of up to 15,000 to students on the basis of academic excellence.
Academy of Economic Studies Scholarship

The ICMA Centre is pleased to announce up to five scholarships of a maximum of 15,000 for our full-time Masters programmes are now available to students studying at the Academy of Economic Studies in Bucharest. Further information including application criteria and deadlines can be found at www.icmacentre.ac.uk/scholarships_and_prizes.
Modules
Advanced Methods for Financial Research
Convenor: William Ziemba
This module will discuss a number of important research topics in finance. It will review current research in various areas, which will include but will not be limited to: the strategies and approaches of a number of great investors and speculators in various financial markets; futures and options; horseracing, stock and mutual fund selection; value investing and hedge fund investing.
C++ for Financial Engineering

Convenor: Daniel Duffy
This module teaches essential skills for C++ programming with emphasis on practical applications in financial engineering. The main objective is to provide intuitive understanding of quantitative finance and to prepare the students, through small assignments and projects, for real world requirements in the industry. By the end of the module, it is expected that students will be able to: design and construct simple pricing applications in C++; use classes and objects for pricing derivative securities; apply templates and the inheritance property and use Excel as an interface for C++ programs.
Corporate Governance
Convenor: Carol Padgett
This module introduces students to the concept of corporate governance, how governance varies around the world and explores the potential and actual relationships between corporate governance and performance. By the end of the module it is expected that students will be able to: understand how merger activity affects corporate governance; appreciate the legislative and regulatory approaches to governance; compare governance regimes around the world; and understand the issues involved in empirical testing of the relationship between governance and performance.
how to measure portfolio credit risk using contingent claim and credit rating based approaches, credit risk management tools and credit risk capital regulation (Basel II).
Current Issues in Investment Management

Convenor: John Evans
Current Issues in Investment Management is an applied debate on the issues and trends affecting the investment management industry and as such the topics may vary and / or be updated on a year-to-year basis. The purpose is to give the student a clear overview on industry structure and the forces of change something that has been identified as a key information need by investment management firms in regard to their future management hires. Although stand alone topics, they will be integrated by usage of an industry model for competition such as that advanced by Michael Porter to show the interaction between the various financial players, underlying trends in demographics and government regulation.
Bond Market Pricing and Trading Strategies

Convenor: Andy Bevan
The main aims of the module are to identify the fundamental determinants of short- and long-term interest rates, learn how to monitor developments in interest rate markets and employ commonly used trading strategies. The course will be based around the work of a research department in an investment bank when formulating strategy for its proprietary trading desk and hedge fund customers. Each lecture will provide: (1) a concise outline of economic theory, (2) practical examples of events in markets from recent years, and (3) identification of trading strategies. Seminars will focus on market pricing conventions and worked examples.
Compliance Theory and Practice

Convenor: Gary Tidwell
This course complements the Regulation of Markets and Traders module and focuses on the deeper study of both the practice of compliance within the markets and institution; and the theoretical issues that arise in those contexts. The module is heavily based on case studies and real world compliance issues and problems.
Credit Derivatives Modelling

Convenor: Leonardo Nogueira
This module familiarizes the students with the necessary tools to model credit risk. It explores the different approaches to credit risk analysis. The models are then applied to the valuation and hedging of the essential types of credit derivatives. In addition, typical trading strategies in the credit markets are analysed. By the end of the module, it is expected that students will be able to: describe and analyse the main approaches in modelling credit risk; apply the related mathematical tools; identify the major credit derivatives; present and appraise the pricing methodologies; and describe and analyse some popular trading strategies.
Corporate Finance
Introduces students to the main financial decisions taken by companies, and examining how those decisions influence the markets valuation of companies. By the end of the module it is expected that students will be able to: undertake investment appraisals in the face of uncertainty; understand how new security issues are made, and analyse their consequences; analyse the effects of dividend policy and share repurchases on company value; understand how companies manage working capital and how companies manage risk.
Deposit Mobilisation and Financial Management

Convenor: INCEIF (taught in Kuala Lumpur)
Explores the mobilisation of deposits by conventional and Islamic banks as well as the savings cost, determinants and forecasting techniques. Topics include: Functions of Deposits in the Economy; Theories and Principles Related to Deposits; Deposit Mobilisation by Conventional Financial Institutions; Deposit Mobilisation by Islamic Banks; The Cost of Deposit; Saving Determinants; Forecasting Savings; The Functions and Roles of Credit and Financing in the Economy; The Rules and Regulations Relating to Financing Practices; The Financing Process; Use of Financing Evaluation Techniques in Credit Management; The Practice of Financing; Secured and Unsecured Financing; Financial Aspects of Financing; and Financing Risk.
Commodity Derivatives
Convenor: Konstantina Kappou
This module aims to provide students with a detailed knowledge of the Commodity Derivatives Markets. It examines the aspects of pricing and trading physical derivatives and their complexity relative to financial derivatives, with emphasis on the Energy (Oil) and Shipping (Freight) sectors.
Credit Risk
Convenor: Simone Varotto
This course introduces students to a set of newly developed techniques to measure and manage credit risk in bank portfolios. In recent years financial institutions have been looking at ways to quantify risk in their corporate loan and mortgage books. The lack of market prices for these types of illiquid assets implies that standard risk assessment procedures can not be employed. The course focuses on default and recovery risk, credit ratings and credit scoring models,
Modules
Derivatives Pricing
Convenor: Emese Lazar
The aim of the module is to convey the basic concepts and analytical methodology for the valuation of derivatives in the standard Black-Scholes framework. By the end of the module, it is expected that the student will be able to: derive the price and the hedging parameters for a variety of equity based derivatives; digest literature on equity based derivatives at the introductory level; work in a support function, such as product structuring, in a derivatives business and use this as a platform for further research.
Empirical Market Microstructure

Convenor: Alfonso Dufour
In the trading industry there is an increasing awareness of the importance of transaction costs and liquidity risk management. However, transaction costs and liquidity risk can be appropriately managed only if they can be measured. The objective of this course is to give students an introduction to state-of-the-art econometric techniques for analysing trade data, measuring transaction costs and market liquidity and evaluating market fragmentation. (Available via Distance Learning only).
Essentials of Financial Engineering

Convenor: Dr Marcel Prokopczuk
An applied, innovative approach to financial engineering from a practical point of view. Topical issues are addressed in a systematic way to discuss the principles of financial engineering. The focus is on major applications in interest rate, forex and credit markets.
part of the course focuses on financial statement analysis and then looks to apply this framework to the corporate valuation decision. The final objective is to bring together these various disciplines into a single framework for analysis. The analytical techniques taught in this course are very applied, to allow successful candidates to apply directly to industry either the analysis section (as an equity analyst would do) or the usage of the relative value results as a fund manager or trader would do.
Ethics in Finance
Introduces different schools of ethics and provides the framework needed to identify ethical and non-ethical responses to choices faced in the finance industry. Investigates the ethical standards imposed by financial regulators. Identifies the ethical dimension involved in the decision-making process and the conflicts between economic efficiency and ethical behaviour.
Financial Econometrics
Building on the material introduced in Quantitative Methods for Finance, this module examines a number of additional techniques that are relevant for financial applications, and in particular for modelling and forecasting financial time series. An introduction to the method of maximum likelihood estimation will be given, and emphasis will be placed on modelling volatility and its prediction. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. Extensive use is also made of financial econometrics software to demonstrate how the techniques are applied in practice.
Derivative Securities: Pricing, Hedging and Trading

Convenor: Michael Smith
The module objective is to give students a practical working knowledge of the pricing, hedging and trading of derivative securities, in particular options, via the use of trading simulations and pricing case studies / software. The emphasis of the module is on practical application and it is expected that by the end of the module students will understand and be able to analyse the time / risk dynamics of derivatives in a trading environment.
Enterprise Valuation
Introduces techniques used to measure corporate performance and / or value companies. Examines the calculation and explanation of a variety of performance measures, the valuation of companies based on projective cash flows and how information asymmetrics affect valuation.
Ethics in Investment Management

Introduces ethical difficulties encountered by investment professionals as they invest other peoples money. By the end of the course students will appreciate the ethical standards imposed by professional bodies and financial regulators. They will be able to identify the ethical dimension involved in the decision-making process, and be able to discuss the conflicts between economic efficiency and ethical behaviour.
Equity and Foreign Exchange Derivatives Modelling

This module introduces extensions to the Black-Scholes framework to accommodate the empirical evidence from equity and FX markets, namely stochastic volatility and jumps. It also reviews some exotic instruments and the techniques for their pricing and hedging. By the end of the module, it is expected that students will be able to: outline the possible extensions to the Black-Scholes model; price and hedge options in the presence of jumps and / or stochastic volatility; describe what is meant by an incomplete market and how this affects the pricing and hedging of options; outline simple exotic instruments and propose techniques to price them; and differentiate between dynamic replication and static replication of exotic options.
Financial Instruments
This course is aimed at the synthesis of the finance theory that they have learned in Part I of their MSc. Students will find that the Financial Instruments course will fuse together their knowledge of finance that is gained in Securities, Futures and Options, with their knowledge of markets obtains in the Financial Markets course and their understanding of Quantitative Methods for Finance.
Design, Implementation and Risk Aspects of Islamic Financial Products and Services
Convenor: Simon Archer
Provides students with the opportunity to study the application of Shariah principles and nominate contracts in the design of financial products and services that are Shariah compliant, as well as the risk characteristics of these products and services, with particular reference to Islamic banks and insurance (Takaful) undertakings.
Financial Analysis
Financial Analysis provides a comprehensive study of top-down fundamental analysis and then allows one to take this framework and apply it to the valuation of financial securities. The first part of the course takes the student through macro-economics, micro-economics, industry analysis, financial statement analysis and the second
Financial Markets
Knowledge of global financial markets, the importance of liquidity, the distinction between exchange versus OTC markets, primary and secondary markets and the role of intermediaries in their various forms. Participants will gain an understanding of: international stock and bond markets, repo markets (for borrowing / lending on a secured basis); an introduction to foreign exchange and money markets, and to futures markets; finally specific markets for commodity and energy are studied in more detail.
Foreign Exchange and Money Markets

Convenor: Richard Comotto
The basic aim of this module is to equip students with a firm understanding of the structure and operation of the foreign exchange and short-term interest rate markets. This will not only provide the technical knowledge required to trade in or use those markets, but will also introduce and illustrate a number of key financial concepts such as balance sheet constraints, liquidity, funding issues, no-arbitrage pricing and arbitrage. The module has a strong practical flavour. Students will be given the opportunity to trade various money market instruments on simulated electronic markets.
Interest Rates Derivatives Modelling

Conveys the basic concepts and analytical methodology for interest rate modeling and the valuation of interestbased products. By the end of the module, it is expected that the student will be able to: work with some of the state-of-the-art interest rate models; price interest rate products and equity derivatives under a stochastic interest rate; digest the literature on interest rate modelling at an the introductory level; work in a support function, such as product structuring, in a derivatives business and use this as a platform for further research.
Islamic Financial Institutions and Markets

Develops deeper analytical and theoretical insights of the two main components that constitute the Islamic financial system and a full comprehension of the various financial systems and institutions that operate in the Muslim countries. Topics include: Functions of Financial Institutions and Markets; An Overview of the Global Financial System; The History and Development of Islamic Financial Institutions; The Islamic Financial System of Selected Muslim Countries; The Islamic Financial Institutions (Covering History & Organisation, Function and Product & Services); The Similarities and Differences of Islamic Financial Institutions in Selected Muslim Countries; Islamic Financial Markets (Covering Function & Organisation, Mechanism, Regulators & Regulations and Development); and The Monetary Authority / Central Bank.
Financial Regulation and Regulatory Policy

Convenor: Richard Dale
This module aims to provide both a theoretical basis for financial regulation and a description of its practical application. The focus is on prudential regulation that is designed to maintain systemic stability while also protecting depositors, investors and counterparties in banking, securities and derivatives markets. The module explores a number of key regulatory policy issues, including the balance between official and self-regulation, the nature and scope of moral hazard in financial markets and alternative approaches to capital adequacy assessment.
Hedging
Convenor: Jacques Pzier
Designed for students seeking a career in front office risk management whether in banks, fund management or corporate treasury. Hedging is financial risk management in action; it is often cited as the raison detre of derivatives markets trading and arbitrage playing the supporting roles of providing liquidity and keeping prices fair and thus facilitating hedging. Corporates can reduce uncertainty by hedging away financial risks that fall beyond their areas of competence; fund managers can design hedge strategies that provide risk / reward profiles tailored to their clients; but it is in banking, where the core activity is financial risk management, that efficient hedging makes the difference between success and failure.
International Securities Markets

International Securities Markets applies general valuation risk assessment methods to: fixed income securities, derivatives and markets. It describes the basic characteristics of each fixed-income security, cash and underlying, and develops practical strategies for finding its value and assessing its risk. It also considers how the markets for these securities are related and begins the task of showing how these relationships can be exploited for trading or investment. The analytical techniques introduced in this module are applied to allow the successful candidate to apply directly to industry the more theoretical market valuation and risk models learned in other core modules taken in the first term.
Fixed Income and Equity Investments

Applies general valuation methods to specific financial instruments: fixed income and equity securities. It describes the basic characteristics of each security and develops practical strategies for finding its value and assessing its risk. It develops general trading strategies for each type of security. It considers how the markets for these securities are related and begins the task of showing how these relationships can be exploited to form an optimal investment strategy.
Modules
Liquidity Risk
The evolution of algorithmic trading, the proliferation of alternative trading platforms for trading the same security and the development of new products and assets with limited liquidity have contributed to raising the awareness of academics and traders of the importance of understanding and properly managing liquidity and execution risks. The objective of this course is to give students an introduction to liquidity and execution risks and an overview of the methods for managing these risks. The issues discussed in this course are important when developing trading strategies, valuing portfolios, liquidating large positions and transitioning assets to new investments. the numerical implementation of the models covered in Derivatives Pricing. It also presents the latest methodologies in calibration and interpolation. The module puts emphasis on presenting the methodologies and the possible applications will also be covered, using computer programmes. commercial jurisprudence; prohibitions to be respected in order for Islamic contracts to be valid (Avoidance of riba (pure return on money), maysir (speculation), and gharar (uncertainty or ambiguity of subject matter)); the frequently used nominate contracts; overview of Islamic financial products and their basis in nominate contracts; Shariah governance of Islamic financial institutions; the IFSB Guidelines on Shariah governance.
Real Estate Securities

Convenor: Charles Ward
Develops understanding of how real estate is securitised and valued. Examines the specific characteristics of real estate securities and derivatives and how they are incorporated into mixed asset portfolios. Explores the appropriate models for valuing and pricing securities and derivatives. The module also evaluates recent advances in real estate research in securitisation.
Portfolio Management
The module builds on the techniques for portfolio selection that were introduced at Part One. It addresses both the theory and practice of portfolio management. The theoretical part will examine the issues involved in constructing an investment portfolio, evaluating its performance, adjusting its composition through time to ensure that its performance remains optimal, and it will consider the use of derivatives in managing risk. The practical part will provide students with handson experience of constructing and managing an equity portfolio.
Quantitative Methods for Finance

Convenor: Carol Alexander
Gives a thorough grounding in essential mathematical methods used in finance, including basic principles of calculus, linear algebra, statistics, probability and regression. Students apply these skills to the fundamental problems in finance, such as compounding interest, pricing and hedging options, portfolio volatility, portfolio beta and simulation. The theory is illustrated by numerous examples and Excel spreadsheets.
Regulation of Markets and Traders

Convenor: Gary Tidwell
The module offers an in depth understanding, of market regulation and its different philosophies. Participants study, and complete a comparative analysis of the regulatory law in a number of jurisdictions including both developed and developing countries. Students will understand the links between regulation and compliance and the most common regulatory charges including: fraud, insider dealing, market manipulation, breach of fiduciary duty, and manipulative practices. Finally, students will have full exposure to the regulatory process of becoming publicly held as well as the reporting requirements of a publicly held company.
Market Risk
This module provides an understanding of the Value-at-Risk (VaR) framework for market risk assessment and control. The module has a significant practical component with computer-based workshops that are designed to support the lecture material.
Probability for Financial Engineering

Convenor: Tobias Kuna
This module introduces students into the mathematical tools of probability underlying the understanding of probabilistic approaches to finance and necessary for understanding stochastic analysis. Namely, it covers basic concepts and methods of modern probability placing emphasis on presenting the methodologies and the possible applications in finance.
Real Estate Finance

Aims to apply some key corporate finance issues using real estate as the core example. Examines what makes real estate different, why companies are selling it and how it is affected by mergers and take-overs. Real estate is one of the most important assets held by companies, it is used as security for more debt than any other asset, widely used in leasing transactions yet hardly figures in any corporate finance textbook.
Mergers and Acquisitions

Convenor: Simone Varotto
Introduces students to the technical and practical aspects of M&A deals. Explores (1) several corporate valuation methods, (2) how to identify and value synergies, and (3) how to finance an acquisition. Selected case studies will help students become familiar with the practical aspects of the deal making process.
Research Project
Convenor: Charles Sutcliffe
The aim of the research project is to allow students to define and execute a piece of research in finance on a topic of their choice, with direction from an academic supervisor.
Mathematical and Numerical Methods for Derivatives

This module introduces students to the mathematical tools needed for derivatives pricing. Namely, it covers special topics in calculus for finance, optimization and
The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts

Convenor: Simon Archer
Provides students with the opportunity to study the juristic basis of Islamic finance, and the nominate contracts that are set out in Islamic commercial jurisprudence (the Fiqh al Muamalat). Topics include: the origins of Islamic
Real Estate Investments

Develops the ability to describe, estimate and evaluate a number of different approaches to the valuation and pricing of real estate investments. Explores the application of general approaches to cash flow appraisal and considers the main issues in incorporating real estate into the portfolio management of mixed assets.
Securities, Futures and Options

Convenor: John Board
Introduces techniques for analysing and valuing different classes of risky assets. It also develops ways of optimally selecting portfolios of such assets and develops models of how these portfolios may be priced in financial markets. The techniques introduced in this module are widely applied in other elements of the programme.
Strategic Planning and Budgeting

Convenor: Richard Thornton
Introduces students to the practicalities of developing and utilising financial models with a view to achieving the strategic objectives of an organisation. Students will also gain a thorough understanding of the interaction between the separate statements within a financial model.
Topics in Financial Engineering

Designed for future quants and financial engineers to introduce them to the main types of problems they will be asked to solve and to make them aware of the range of issues they will have to consider. Financial engineering is the art of designing and implementing innovative solutions to financial problems. This course explores a number of typical problems faced by both financial and non-financial institutions for which a range of solutions, often using derivative products, is possible. In each case we examine the feasibility and relative advantages and disadvantages of alternative solutions, taking into account legal, accounting, tax and regulatory matters as well as risks and returns.
Venture Capital
Convenor: Keith Arundale
Develops students appreciation of the practical aspects of raising private equity, venture capital and debt finance for a private company and subsequently taking the private company public. This module covers the real world processes involved, and issues in raising private equity and loan finance; the current issues and challenges facing the private equity industry and how the industry is structured; preparing a business plan for the purpose of raising finance, expansion or a management buyout proposition; the investment process and how private equity firms appraise, structure and monitor their deals; the ability to negotiate a term sheet and final shareholders agreement; exit routes and how private equity firms make a return on their investments; and the pricing of IPOs and rights issues.
Wealth Planning and Management

Introduces students to the best ways of managing, investing and distributing wealth in accordance with the Islamic laws. This module also discusses the issues related to wealth planning such as tax matters, relevant institutions and the code of conduct for professionals involved in this industry. Topics include: Functions of Deposits in the Economy; Nature and Scope of Wealth Planning; Wealth (Asset) Allocation Process; Investment in Real Estate; Investment in Securities; Insurance and Takaful Scheme; Estate Planning; Retirement Planning; Taxation Planning and Management; and Issues Related to Wealth Planning and Management.
Stochastic Calculus for Finance

Convenor: Department of Mathematics
Presents the basics of stochastic calculus for Brownian motion as used in contemporary finance, in an elementary fashion with plenty of practice. By the end of the module, it is expected that the student will be able to work with the principal stochastic differential equations that are used in derivative modelling and other areas of quantitative finance, and understand the theoretical concepts of stochastic integration.
Topics in the History of Finance

Convenor: Adrian Bell
This module aims to provide students with an understanding of the origins of Financial Markets, and with a broader appreciation of the early development of products and innovations in Finance which many assume are recent twentieth century inventions.
Volatility Analysis
Convenor: Carol Alexander
This module provides an in depth understanding of the different approaches to modelling financial market volatility in discrete and continuous time. The module will focus on GARCH statistical models and the local and stochastic volatility models that are now in standard use by leading industry practitioners, and which have been the subject of extensive academic research. It has a high quantitative content and a significant practical component with computer-based workshops (face-toface and distance) designed to support the material.
Stock Index Futures

Convenor: Charles Sutcliffe
This module covers the construction of stock market indices, how futures are traded, pricing futures from an arbitrage relationship, how futures can be used for hedging the price risk of the underlying, and the various uses that fund managers make of these derivative instruments.
Trading and Exchanges

Provides students with an overview of exchanges and trading mechanisms and an introduction to modelling market player behaviour and trade price dynamics. This course helps the student understand how security markets work and how they are regulated. The focus is on the understanding of market performance key factors such as efficiency, transparency and liquidity. Students are provided with a framework for comparing and contrasting existing market structures; then students learn how market makers set spreads and quotes. (Available via Distance Learning only).
Theory and Ethics in Islamic Economics and Finance

Convenor: INCEIF
Provides students with a critical understanding of Islamic economy by considering the implications of the application of Shariah law for the economic and financial systems. Topics include: Scope of Islamic economics and finance in relation to conventional economics and finance; History of the Islamic economic system in various eras; Contributions by Islamic economists or Muslim thinkers; Wealth creation and mobilisation; and the Concept of money, risk and returns from an Islamic perspective.
Faculty
Professor Carol Alexander
Specialisms: Volatility Analysis, Option Pricing, Hedging, Risk Management, Quantitative Finance
Professor Richard Dale

Specialisms: Financial Regulation, Regulatory Policy
Dr Marcel Prokopczuk, CFA

Specialisms: Asset Pricing, Derivatives, Commodity Markets, Risk Management
Dr George Alexandridis
Specialisms: Mergers and Acquisitions, Corporate Finance
Dr Alfonso Dufour
Specialisms: Financial Econometrics, Market Microstructure, Regulation
Professor Brian Scott-Quinn

Specialisms: Bank Governance and Regulation, Asset and Wealth Management
Professor Simon Archer

Specialisms: Islamic Finance (Banking, Insurance, Investment, Capital Markets and Regulation)
Mr John D. Evans CFA

Specialisms: Investment Management, Financial Analysis, Fixed Income, Credit Analysis, Equity Valuation, Corporate Strategy
Dr Michael Smith
Specialisms: Equity, Spot FX and U.S T Bond Trading, Derivative Securities (Pricing, Hedging and Trading)
Keith Arundale
Specialisms: Private Equity and Venture Capital
Dr Konstantina Kappou
Specialisms: Commodity Derivatives
Professor Charles Sutcliffe

Specialisms: Stock Index Futures, Pension Schemes
Dr Adrian Bell
Specialisms: History of Finance, Football Finance
Professor Rifaat Ahmed Abdel Karim

Specialisms: Islamic finance
Mr Gary Tidwell
Specialism: Regulation and Compliance
Dr Andy Bevan
Specialisms: Fixed Income, Credit Derivatives, Structured Credit
Dr Emese Lazar
Specialisms: Financial Econometrics, Market Risk, Volatility Modelling
Dr Simone Varotto
Specialisms: Credit Risk, Bank Regulation
Professor John Board

Centre Director Specialisms: Market Regulation
Dr Leonardo Nogueira
Specialisms: Derivatives: Pricing and Hedging, Volatility Modelling, Trading Systems and Portfolio Optimisation
Professor Charles Ward

Specialisms: Property Investment and Finance
Professor William Ziemba

Specialisms: Security Market Imperfections, Great Investors, Dynamic Investment Analysis, Hedge Funds
Professor Chris Brooks

Specialisms: Financial Econometrics, Investment Management, Asset Pricing, Historical Finance
Dr Carol Padgett
Specialisms: Corporate Finance, Corporate Governance
Mr Richard Comotto
Specialisms: Money Markets, Foreign Exchange, Repo, Securities Financing
Dr Jacques Pzier
Specialisms: Investment Management, Risk Management, Financial Engineering
The course provided me not only with a solid theoretical foundation for the complex world of high finance and investment, but also with an effective bridge to link this theory to practice through challenging live trading sessions and portfolio construction and management cases.
Qutaiba Hawamdeh | 2002 Graduate Head of Asset Management | AB Invest
Introducing Henley Business School

One of Europes largest full-service business schools, Henley is also one of the very few international business schools to hold triple accredited status from the major awarding bodies in the UK, US and Europe (AMBA, EQUIS, AACSB).
The pragmatic yet innovative programmes are tailored to service the rapidly evolving needs of modern business at every level, from undergraduate degrees to executive education, encompassing our specialist postgraduate Masters programmes, the world-ranked Henley MBA and our DBA (Doctor of Business Administration) and PhD doctoral programmes. It is home to the world-ranked Henley MBA, available on a full-time, executive and distance learning basis. Henley Business School is the worlds third largest provider of MBA education. Alongside the ICMA Centre, Henley Business School comprises four other distinctive units:
School of Economics
One of the worlds premier centres for teaching and research in international business, the School provides a leading range of undergraduate degree and postgraduate Masters programmes. The School also welcomes high quality PhD candidates from all over the world. Its research strengths lie in areas that include economic development and emerging markets, econometrics, micro and macroeconomics and urban and regional economics.
University of Reading
The University of Reading is an internationally renowned university, and ranked among the top 200 universities in the world (The Times). Established over 100 years ago, it is situated within its own 300 acre landscaped campus near the centre of Reading and remains one of the UKs largest, best-known and successful campus-based universities. Our main Whiteknights site is set in 130 hectares of beautiful parkland. This is the heart of university life and provides a special sense of community. With its green open spaces, lake, rare trees and wildlife it is an exceptional environment in which to study, live and relax. Everything you need is here or within walking distance. The University offers excellent sports facilities and at the hub of Whiteknights is the very popular Reading University Students Union (RUSU). A hive of activity day and night, it provides easy access to services, shopping and a ready-made social life. Its state-ofthe-art award-winning entertainment venue, 3Sixty, is a prime example of the Universities ongoing investment in first-class facilities. The University is currently undertaking a huge capital investment in facilities as part of its ten year development plan designed to enhance the universitys academic activity. It will ensure the University of Reading continues to be regarded as one of the leading universities in the UK and internationally. Work includes redevelopment and building of new halls of residence, new teaching facilities, and enhanced sports and recreation provision. The University is conveniently located for central London with high speed trains from Reading to London Paddington with a journey time of only 25 minutes. A regular coach service also connects the campus with the City and Heathrow Airport.
School of Management
The largest unit within Henley Business School, the School of Managements offering includes a wide range of undergraduate degree and postgraduate Masters programmes in areas such as accounting, business administration, marketing and international management. The School is also the largest producer of DBA graduates in Europe and operates a successful PhD programme. The School of Managements research expertise spans a broad range of areas, from human resource management to entrepreneurship, leadership and change to strategic management.
Executive Education
Our Executive Education division delivers leading-edge open executive development, tailored qualification and tailored non-qualification programmes. Henley is ranked second in the UK for the quality of participants on open programmes, which centre on areas including leadership, sustainability, strategy and coaching. Henley works closely with a wide range of leading global organisations, from IBM to Shell, 3M to Microsoft, to deliver tailored programmes aligned to critical challenges for the future.
School of Real Estate and Planning

The UKs largest centre for real estate education and research, the School of Real Estate & Planning is consistently ranked among the worlds top 3 in all major league tables. It is home to a broad range of undergraduate degree and postgraduate Masters programmes, all of which are accredited by the Royal Institution of Chartered Surveyors (RICS), alongside a thriving PhD programme. Research expertise within the School spans areas that include town planning, real estate appraisal, urban and rural planning and real estate finance and investment.
For further information on Henley Business School at the University of Reading please visit www.henley.reading.ac.uk
For more information

For more information regarding the ICMA Centre or any of our programmes please call +44 (0)118 378 8239 or email msc@icmacentre.ac.uk. We have several open days during the year dates and timetables are available at www.icmacentre.ac.uk/open_days. You can also book individual appointments if these dates are not convenient.
An excellent life changing experience and an essential introduction to financial markets. The skills learned are immediately applicable to the workplace and hugely beneficial in the long term.
Nicholas Burgess | Graduate 2006 Global Market Valuations Associate | Deutsche Bank AG
Also available at the ICMA Centre

Further information regarding all of our programmes can be found on our website where you can also request brochures which are of interest to you. Academic Programmes:
BSc Finance and Investment Banking PhD Programme
Executive Education:
FINRA Capital Markets, Regulation and Compliance Short Courses and Diploma ICMA Financial Markets Foundation Certificate (FMFC) ICMA International Fixed Income and Derivatives (IFID) Certificate Programme ICMA Operations Certificate Programme (OCP) ICMA Primary Market Certificate (PMC) PRM Professional Risk Manager Certification Programme ICMA Centre Workshop Series Simulated Trading Days Tailored Training Programmes
TM
ICMA Centre, Henley Business School, University of Reading, Whiteknights, Reading, RG6 6BA, UK T: +44 (0)118 378 8239 F: +44 (0)118 931 4741 E: msc@icmacentre.ac.uk
www.icmacentre.ac.uk
The ICMA Centre is supported by the International Capital Market Association, the trade association and market regulator for member organisations active in the global securities market.
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THE BUSINESS SCHOOL FOR FINANCIAL MARKETS

Masters Degrees in Finance 2010/11

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Professor John Board Director of the ICMA Centre

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Rotman International Trading Competition

Specialist Career Development Unit providing

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To view our current database visit www.icmacentre.ac.uk/student_profiles.

Career Development Unit

ICMA International Fixed Income and Derivatives (IFID) Certificate

Alumni benefit from:

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Our Masters degrees

General finance degrees:

MSc Finance and Real Estate

MSc Investment Management

MSc Financial Engineering

MSc Financial Risk Management

MSc Corporate Finance

MSc Investment Banking and Islamic Finance

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10 months* 18 months** 24 months

* With the exception of MSc IBIF which is 12 months

Part One Exams / Part Two

Part Two (Full-time at ICMA Centre)

Part Two Exams IC Live

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MSc International Securities, Investment and Banking (ISIB)

Part Two (Optional)

International Securities Markets

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MSc Investment Management (IM)

Part Two (Optional)

CFA Level 1 Support by 7city Learning

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MSc Financial Risk Management (FRM)

Part Two (Compulsory)

Credit Risk Financial Instruments Market Risk

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MSc Capital Markets, Regulation and Compliance (CMRC)

Part Two (Compulsory) Part Two (Optional)

Compliance Theory and Practice

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MSc Corporate Finance (CF)

Part Two (Compulsory)

Part Two (Optional)

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MSc Finance and Real Estate (FRE)

Part Two (Optional)

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MSc Financial Engineering (FE)

Securities, Futures and Options Quantitative Methods for Finance or

Part Two (Compulsory)

Part Two (Optional)

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MSc Investment Banking and Islamic Finance (IBIF)

Part Two Reading

Islamic Financial Products and Services and Finance

First degree in the UK with Islamic material

Financial Regulation and Regulatory Policy