The Cambridge Master of Finance

Post-experience master’s degree in finance

NAVIGATING FINANCIAL CHALLENGES. ADVANCING FINANCIAL EDUCATION.

THE POWER OF CAMBRIDGE

1Contents

Overview 3

A welcome from the Programme Director 4

A valuable blend of theory and practice 5

An opportunity to build skills, talents and networks 6

A broad mix of core courses, electives and projects 9

A bridge between Cambridge and the world of finance 12

A tailor-made personal and professional development programme 15

A year within the University of Cambridge community 16

A chance to study alongside a diverse group of fellow professionals 19

A rigorous selection process based on academic qualifications and experience 20

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The Cambridge Master of Finance

Overview

The Cambridge MFin will provide you with the tools to broaden your finance knowledge and develop your professional skills.

You will emerge with the knowledge, confidence and connections to break through to the next stage of your finance career.

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A welcome from the Programme Director

Tap into the resources of Cambridge Judge Business School, the University of Cambridge and a network of finance professionals.

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

Teaching focuses on the theory and practice of finance, drawing upon the highly successful education provided at Cambridge Judge Business School, as well as the University of Cambridge’s long heritage of teaching and research in finance and related disciplines. We have also built an excellent network of finance practitioners and institutions to help us deliver our goal of a rigorous but commercially relevant programme.

Entry into the degree is highly competitive, and students must have a strong academic record and at least two years successful work experience in finance. The class will be drawn from all over the world and from a wide range of academic and finance disciplines. Through this, students will benefit from learning alongside a high quality, diverse and professionally strong peer group who can offer support and stimulation throughout the one-year programme and beyond.

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

Simon Taylor, MFin Director

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5A valuable blend of theory and practice

Academically rigorous and commercially relevant, the Cambridge MFin will consolidate your existing experience and provide new insights.

Why the Cambridge MFin?

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

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

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

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

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

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

CFA Programme PartnerThe CFA institute recognises that the MFin covers a large part of the CFA level 1 curriculum. The partnership provides a small number of scholarships to MFin students. These cover the cost of registering with the CFA Institute and entering the CFA level 1 exam. Scholarship recipients also benefit from access to study resources and events.

Paul Kelly MFin 2014 “ The MFin year delivered

a golden triangle of opportunities. Namely, the ability to further develop my finance skills, to live in a historical college and to be part of the wider Cambridge community and all the incredible experiences it brings.”

The Cambridge advantage

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

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

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

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

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

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An opportunity to build skills, talents and networks

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

Teaching is delivered through a series of core and elective courses. You will experience a high level of interaction with finance practitioners through opportunities like the

weekly City Speaker Series. You will then put learning into practice through projects.

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

A year at the University of Cambridge, a world-class centre of learning with an outstanding heritage in the research and teaching of finance.

Programme Overview

* some of these electives can also be taken during the Summer

MichaelmasTerm 1September–December

5 Core Courses

LentTerm 2January–March

EasterTerm 3April–June

2 Core Courses

Electives 3 or 4 courses to be taken

Electives 4 or 5 courses to be taken*

SummerJuly–August

Summer Activity

Maths and Statistics Pre-CourseCity Speaker SeriesPersonal and Professional Development Summer Activity

Management Lecture Series and Practice

Equity Research ProjectGroup Consulting Project

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Core courses

Econometrics

Economic Foundations of Finance

Financial Institutions and Markets

Financial Reporting and Analysis

Fundamentals of Credit

Introduction to Derivatives

Management Lecture Series

Management Practice

Principles of Finance

Elective courses

Advanced Corporate Finance

Advanced Credit

Advanced Derivatives

Asian Capital Markets

Financial Reporting and Capital Markets

Further Derivatives

Further Econometrics: Time Series

Infrastructure Finance

Liquid Alternatives and Hedge Funds

Mergers and Acquisitions

New Venture Finance

Overview of Financial Regulation

Private Equity

The Coming of Modern Capital Markets

Topics in Investment Management

Understanding the International Economy and Financial System

Venture Capital and the Entrepreneurial World

*please note that the specific courses on offer are subject to change from year to year

9A broad mix of core courses, electives and projects

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

Core courses, Elective courses and Assessment

Core courses The core courses provide the foundation to the MFin. They ensure that all students have a solid grounding in the financial theory, concepts and analysis expected of a master’s degree.

Elective courses Elective courses focus more on the practice of finance. Students will take seven elective courses which are taught in the second and third terms.

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

Management Topics

A small part of the MFin syllabus is devoted to non finance topics which are relevant to people working in a finance role. The Management Lecture Series is a core course comprising a set of ‘bite-size’ seminars. Topics are chosen to illustrate the broader business and organisational context in which finance ideas are used. Management Practice is a core course designed to help develop an understanding of self and others. Reflective approaches to team work and the practice of management are also covered.

Projects

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

Ronald Chua MFin 2016/2017

“ While the Cambridge reputation and elite academic rigor of the post-experience MFin program truly stand out, the opportunity to undertake structured equity research and at least two more consulting engagements during the year is just as valuable. Supervised by a world-class faculty, my projects on the MFin delivered an operational understanding of clean energy finance, REITs and RegTech – new frontiers in finance that I expect to encounter in some shape or form as I advance my career”.

Group Consulting Project In teams, students spend a month working on a project for a client on a financial consulting topic. This project is based on a successful format from the Cambridge MBA and provides a chance for students to work on a real assignment for a host company. Every year we have one or two projects that take place outside UK (China, Hong Kong, Portugal, Mongolia and Abu Dhabi) and in future we aim to expand the international projects we offer. In previous years, GCPs were hosted by such companies as Abu Dhabi Islamic Bank, Amadeus Capital Partners, Barclays, BNY Mellon, Capital Generation Partners, Citibank, GIC, IMF/World Bank, and Standard and Poors.

Financial modelling This programme is intended to train students in financial model building best practice through a series of hands on exercises including the construction of a fully integrated model from scratch.

Summer Activity

In the summer, you must undertake one of the following activities:

• An Individual Project.

• Bespoke project opportunities with our corporate partners may be available

• A choice of a number of electives courses.

• An internship or work placement. Students source their own internships based on their areas of interest.

• A summer programme at Tsinghua University, PBC School of Finance, China

Students are also required to complete a 1,500 word end of year report, reflecting on their MFin experience and learning outcomes.

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12 A bridge between Cambridge and the world of finance

The City Speaker Series

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

Examples of previous speakers include:

Chris McHugh, Investment Banking Europe (IBEU) HSBC

Paul Tucker, Partner Egerton Capital

Dania Seiglie, Managing Director, Energy Societe Generale

Jamie Walton, Managing Director, Head of Global Macro Quants Morgan Stanley

Philip Yates, Partner Perella Weinberg Partners

Hosein Khajeh-Hosseiny, Managing Director and Head of Global Private Equity Investments Northgate Capital

Alan Brown, Senior Advisor Schroders

Chris Eagle, Head of European Foreign Exchange Sales Jeffries

Tom Hall, Equity Partner and Co-Head of the Media team Apax Partners UK Ltd.

Andrea Traversone, Partner, Wireless Telecommunications sector Amadeus Capital Partners

Michael Wilkins, Managing Director, Infrastructure Finance Ratings group Standard and Poor’s Ratings Services

Adam Cohen, Senior Director Societe Generale

Anne-Marie Fleurbaaij, Senior Vice President GIC

Tirad Mahmoud , CEO Abu Dhabi Islamic Bank

Kristine Braden, Managing Director, Head of Europe Global Subsidiaries Group Citi

Helen Steers, Partner Pantheon Ventures

Laurence Hopkins, Managing Director, Morgan Stanley

Kevin Gardiner, Managing Director, Rothschild & Co

Jan-Peter Onstwedder, Managing Director, Citi

Our City Speaker Series brings a further stream of practical financial expertise and the opportunity to network with finance professionals.

Sam Bunt

MFin 2013

“The world class reputation of Cambridge University gives students access to an equally world class set of speakers and presenters. The City Speaker series linked the ‘City’ with the textbook, and was invaluable in gaining real world insight into the financial sector, career paths and career opportunities available.”

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15A tailor-made personal and professional development programme

In addition to your studies, we provide a programme of workshops and 1:1 coaching sessions to help you achieve your professional objectives.

At Cambridge Judge Business School, we are committed to helping our students focus on their professional future. To support students with achieving their objectives, we work closely with them throughout the programme, helping to identify career goals and designing action plans to meet them.

Careers workshops and sessions running this year include:

Overview of Financial ServicesThis introductory workshop gives students an overview of the overall Finance sector with up to date insights regarding career opportunities in various markets and sub-sectors.

CV WorkshopThis workshop will enable students to create a tailored one page CV and deepen their understanding of what an effective MFin level CV looks like.

CV Group Review SessionsUsing peer feedback this session enables students to refine their CV.

Alumni PanelsAn opportunity to hear from MFin alumni regarding their job search techniques, their current roles and trends in their sectors, and best practices for success.

Presentation SkillsHands on workshop to help students hone their presentation techniques.

Job SearchPractical tips to help students to build a structured job search and tips on working with head hunters.

Preparation for Finance InterviewsThis provides a review of the financial market and valuation methodologies and helps to answer technical interview questions.

Negotiation SkillsAn opportunity to explore negotiation approaches and develop your negotiation skills effectively.

Coaching Sessions45 minute one to one sessions to discuss career development and job search strategy.

Team Management System WorkshopExploring individual work and lifestyle preferences using this integrated system designed to help organisations and individuals perform optimally and work effectively to achieve their personal and professional goals.

Smarter NetworkingAn interactive workshop focusing on the importance of networking to help you find your next role and to build and foster your professional network. The sessions will cover leveraging networking events, how to mingle professionally and creating a networking plan.

Range of Practitioner based Career Sessions

LinkedIn Session Focusing on how social media can help promote your personal brand and influence your career.

Networking EveningsAn opportunity to meet and with alumni and professionals within the financial services sector in London.

Asset Management EventA networking event with alumni and Asset Management companies.

Access to Sector-Specific Career AdviceThere will be plenty of opportunities throughout the year for you to engage with both Alumni and senior finance practitioners from across the Finance industry. One to one career coaching with industry practitioners will also be available.

In addition to the above, MFin students will have access to a range of online careers resources, and a series of finance specific on-campus recruitment events throughout the course of the year.

Lu Zhou MFin 2014/2015

‘’ My network grew exponentially throughout the MFin year. The number of opportunities to meet senior city executives and fellow professionals was extremely valuable. The Cambridge name opens doors.’’

16 A year within the University of Cambridge community

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

There are almost 400 University Clubs and Societies, which cater for a wide range of interests including a successful student led investment club.

Colleges have active drama and music societies, sports facilities and boat clubs. MFin students enjoy participating in these activities and often represent their college at sporting events.

The University regularly hosts high profile speakers from many walks of life. This offers students a further opportunity to meet new people and learn about areas outside of finance.

College Life

MFin students will automatically become a member of one of the colleges. Many MFin students live in college, and you will usually spend some time eating and socialising there. Most colleges have their own library, chapel, dining hall and bar, and there is always a great range of sporting and cultural clubs and societies for you to enjoy.

The majority of single MFin students are housed in college accommodation which usually consists of a single room, with access to shared bathroom and kitchen facilities. College accommodation is not always within the college site, and many students are housed in college owned houses in residential streets around Cambridge.

Some of What’s on Offer

The Cambridge Business School Club (CBSC)Run by MBA as well as MFin students, it exists to complement the Judge Business School experience by fostering interactions between students, companies and other business schools. The CBSC enables students

to connect with each other, the business school, the local community, and the world at large; through organising business, social, sports, cultural and community events.

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

Cambridge University Finance and Investment Society (CUFIS)The Cambridge University Finance and Investment Society (CUFIS) is the largest finance and investment society at the University of Cambridge with over 2,500 members. Founded in 2001, the club invests a £27,000 fund (the Relative Return Fund) directly in capital markets. The club arranges events for sponsoring Banks and Finance houses; and organises various workshops in Investment Banking, Sales and Trading, Private Equity, Venture Capital, Hedge Funds, and Investment Management.

Just one hour from London, the historic yet dynamic city of Cambridge provides an inspiring learning environment.

Meshaal Al Saleh MFin 2016/2017

“ The learning experience on the MFin is unparalleled. Not only do you learn from top professors in their fields, but also from your highly-experienced classmates who come from all over the world. On top of this, you meet skilled individuals from other fields within your college which is invaluable. This was definitely the best and most rich leaning environment in my educational career”

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Financial Services 3%

Real Estate Finance 3%

Financial Accounting / Law 2%

Hedge Funds 2%

Mergers & Acquisitions 2%

Venture Capital / Private Equity 2%

A chance to study alongside a diverse group of fellow professionals

The MFin attracts a diverse group of finance professionals. Learning from each other’s experiences creates a powerful classroom environment.

Who should apply?

The programme is particularly relevant for:

Those who have developed a very narrow specialisation professionally and want to broaden their experience

Those who went straight into the industry from university and now want to take stock, consolidate their experience and gain a master’s degree to support their professional development

Those who studied a subject other than finance at undergraduate level and find they would benefit from a finance master’s degree

Those who want to benefit from learning alongside strong, experienced peers in an intellectually stimulating environment

MFin or CFA?

On the Cambridge MFin you can have the best of both worlds. We are an accredited CFA programme partner, with a large part of the CFA level 1 body of knowledge covered

within the MFin Curriculum. The exposureyou get on the MFin will help foster a well rounded understanding of a broad spectrum of finance disciplines — ranging from Asset Management to Venture Capital — guiding your future career decisions along the way.

A small, select group

Our aim is to maintain a relatively small class size (of around 60 students) in order to protect the learning experience. This offers students an opportunity to engage with one another, our faculty and our speakers. The emphasis is on providing students with a well rounded, collaborative and culturally diverse environment to pursue their studies.

2017 class profile

Size of class 60

Nationalities 29

Average work experience 4 years

Range in work experience 2 – 11 years

Female/Male split 33% / 67%

Julio Recalde MFin 2015 “What I enjoyed the most

about our Group Consulting Project with Barclays was our results’ presentation to the Head of Research and the leading Research Analyst. It was invaluable to discuss our findings with them and receive their honest feedback. During the project I also learned how to harmonise different expectations and motivations in a small multicultural team, which I’m looking forward to applying in my finance career.“

2017 Class Finance Industry Breakdown

Financial Consulting 11.5%Finance role in non-financial company 13%

Commercial / Retail Banking 13%

Investment Banking 21.5%

Public Sector Finance 8%

Asset Management 7%

Wealth Management / Private Banking 7%

Insurance / Pensions 5%

20 A rigorous selection process based on academic qualifications and experience

We run a rolling admissions process and applications will be accepted for consideration until all available places are filled.

The deadline for applying is 31 May 2018. However admissions may close earlier should the class become full. Therefore early application is advised. If the class is full candidates may be invited to join a waiting list.

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

Minimum entry requirements

A strong undergraduate degree. UK 1st class or high 2:1 / at least GPA3.6 or equivalent

Minimum of 2 years professional experience (after graduation) in a finance-related role.

A high standard of English language. Fluency or TOEFEL min score 110 with 5.0 in essay or IELTS min of 7.5 with no band below 7.0

Three references: professional (line manager or equivalent), peer (professional colleague) and academic

Fees and financing

£43,995 – including college fee

Application fee: £120

In addition we recommend that students budget an additional £13,740 to cover living expenses for the year.

Funding

Cambridge Judge Business School provides a number of MFin specific scholarships (see website). Financial support is also available through Cambridge Trusts and a number of

To join the programme you need a strong academic record and at least two years’ successful work experience in finance.

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

Application

Submit application online.

Interview

Application reviewed, if successful, interview by a finance faculty member at Cambridge Judge Business School.

Conditional offer

If interview successful, conditional offer is made.

College place and funding guarantee

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

Unconditional offer

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

Fransiska Novianti MFin 2016/2017

“ The combination of rigorous finance training, studying at one of the world’s best Universities, international classmates from diverse finance background and a powerful alumni network has made the MFin Program unique and enriching. Beyond finance, Cambridge life spanning across formal dinners, college events and travel were perfect getaways from the Program’s intensity, forging lifelong friendships and amazing cultural experiences. Truly a remarkable, well-rounded experience - probably one of the best years in my life.”

external funding bodies. We encourage you to explore national and regional funding sources independently as well.

Applying to the Cambridge MFin

Cambridge Colleges

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Key

MFin OfficeCambridge Judge Business SchoolUniversity of CambridgeTrumpington StreetCambridge CB2 1AGUnited Kingdom

T +44(0)1223 330775F +44(0)1223 339701E mfin-enquiries@jbs.cam.ac.ukwww.jbs.cam.ac.uk/mfin

© Cambridge Judge Business School has the copyright of all original material contained in this brochure (October 2014)