university of oxford diploma in financial strategy · working as part of a team. ... 3% australasia...

University of Oxford Diploma in Financial Strategy

Education is about transformation. Our degree programmes seek to transform individuals who can transform their organisations. Collectively, we aspire to improve the world in which we live.

The Oxford Diploma in Financial Strategy is an opportunity for finance professionals to acquire an Oxford qualification and experience the intellectual challenge of a masters-level programme. Participants develop a thorough understanding of the principles of finance, strategy and valuation which enables them to take their careers to the highest level.

Peter Tufano, Dean, Saïd Business School

3www.sbs.oxford.edu/dipfinance

Key Facts

• Qualification: Postgraduate Diploma, masters-level• Format: Part-time, 4 x 4 day modules• Duration: 13 months• Location: Oxford, UK• Class Composition: Around 60 experienced executives• Start Date: January 2018• Fees: £23,500

Modules

• Strategy• Business finance• Financial strategies for growth• Corporate valuation


4 University of oxford diploma in financial strategy

Why study the Oxford Diploma in Financial Strategy?

Our participants want to:

• Join a world-class global network• Feel inspired by new perspectives• Gain knowledge and skills to equip them

for success• Increase their confidence in decision-making• Find innovative solutions to complex problems• Get the best possible outcomes for

their organisations• Positively impact society• Enhance their credibility in a competitive market

100% of recent alumni achieved their intended goals whilst studying on the programme Source: Alumni survey, 2017

We offer our participants a sustainable trajectory of growth as leaders, strategists and innovators by giving them new ways of working and a network of connected individuals rich in expertise and experience.

‘Oxford thinking’ and ‘Oxford doing’ develops people who can analyse complex problems, devise pragmatic solutions, and implement them working as part of a team.


Voice of the cohort

Lilia Stoyanov Diploma in Financial Strategy 2015 CEO, Transformify UK

Read more testimonials: www.sbs.oxford.edu/dipfinance

I had a business model that needed to be polished prior to being developed and launched to the market. A business model that could change for good the lives of millions of people around the world.

I was admitted to the Diploma in Financial Strategy and during the following months, I both studied and developed my business. It wasn’t an easy journey as graduating from Oxford requires dedication and effort and so does a disruptive business model. However, both were worth it. For months, I was discussing with my peers and Professor Whittington the best strategy to follow to reach a global market on a shoe string budget. It is a widespread belief that an entrepreneur needs a series of external fundraising to achieve such an ambitious goal. I would say that money is good to have, but having a disruptive strategy is better.

Transformify was launched in Jan 2016, and 10 months later, we are supported by Virgin, have registered users from 97 countries, business partners from the US, EU and Asia, a Guinness World Record, programs providing remote jobs for people living in high unemployment areas, single parents, women in the Middle East and refugees…and the best is yet to come.

Would I be able to step in so many countries without my Oxford classmates? I doubt it. They came from all over the world and provided valuable insights of the culture and specifics of each country. The foreign exchange regulations in Nigeria, the funding opportunities provided by the European Union, VCs in the US, a PESTEL analysis of the China market? I always had the best person to ask during the coffee break. We may be alumni now, and not meet and speak with each other so often, but as my fellow participant Katherine said during her graduation speech, we are Oxonians for life.”

Class profile

Participants by region

15% North

America

22% UK

26% Europe (excluding UK)

3% Australasia

20% Africa

2% Latin

America

3% Middle

East

9% Asia

The programme is for finance professionals and general managers looking to equip themselves to lead the financial and business strategy of their organisation. Participants typically have ten years’ professional experience, and must have a minimum of five years plus a good first degree.

Participants learn as part of a highly experienced and qualified group from across the globe. They represent all industry and public sectors, in addition to financial services, and range from independent specialist consultancies, through medium-sized businesses, to multinational corporations and financial institutions. The unique group offers an unparalleled opportunity for peer to peer learning, high level discussion and international networking.

Age range

Employment

12% 26-29

32% 30-34

31% 35-39

8% 40-44

12% 45-49

5% 50+

2% Construction

2% Education

2% Information Technology

2% Public Administration

2% Telecommunications

2% Venture Capital/Private Equity

3% Energy

3% Non-profit/NGOs

3% Real Estate

5% Petroleum

8% Consulting

10% Investment Banking

10% Other Financial Services

31% Other

15% Commercial Banking

28

59

Current nationalities

Current class size

Class composition

66% Male

34% Female


Programme outline

Saïd Business School has particularly rich expertise in the areas of finance and strategy. The Oxford Diploma in Financial Strategy draws these together to provide professionals with a distinct intellectual edge combined with a practical understanding of business and value creation.

Academic assessment

The Diploma is built on four core courses that are completed module by module within one year. Each module begins on a Wednesday and concludes on Saturday afternoon, allowing participants to combine work with study. All four modules are assessed by a mixture of examinations and assignments. Participants must pass all four modules in order to be awarded the Diploma. Participants who pass and are awarded the Diploma are offered the opportunity to receive their Diploma at a traditional Oxford University ceremony.

Module One: Strategy17 – 20 January 2018

Strategy is the art of creating superior performance. It defines the business the organisation is in, and how to structure and manage the organisation for long term success. This module explains the process and practice of formulating the strategy of individual business units – competitive strategy – and the nature of strategy for the multi-business firm – corporate strategy. Participants develop the ability to apply strategy models in the structured analysis of business issues and to devise and evaluate future plans of action. They consider how organisations align internal resources and capabilities with the external competitive and macro-economic environment to formulate strategy. Participants develop the analytic skills of a strategy consultant and the ability to present, defend and interrogate proposals in strategic decision making.

This module will cover:

• Goals and strategies• Competitive advantage• Industry analysis• Strategy and change• Diversification• Global strategy


Module Two: Business Finance14 – 17 March 2018

In this module we measure the value that investments create for investors, and understand how this value is shared amongst the various claimants on the firm’s profits.

Starting with a review of discounting the module then explores how the assumptions made about a corporate project – or entire firm – are turned into a cashflow forecast. Next, the measurement of risk and return is examined, to see how investors build portfolios in order to trade off risk against return which will also enable participants to estimate the return required by investors. We analyse the ways in which the capital structure decisions affect the value of an investment and finally, the module discusses derivative securities and the market for initial public offerings.


• Discounting and bond maths• Capital budgeting• Capital asset pricing model• Capital structure and tax• Options• Initial public offerings

Module Three: Financial Strategies for Growth11 – 14 July 2018

This highly practical module will look at the various methods used by companies to expand their businesses, including mergers and acquisitions, and will seek to understand whether, and how, they create value. Participants will review the unique legal, cultural and procedural issues involved when a company attempts to expand globally. Financial modelling, due diligence and integration techniques will be examined to show the common elements of successful growth strategies and areas to be avoided.

‘Financial Strategies for Growth’ will help participants to develop a solid and practical awareness of the best ways to grow organisations given a particular situation, as well as the pitfalls to avoid.


• Developing a strategy• Financial analysis and due diligence• Mergers and acquisitions• International growth• Combining growth strategies

Module Four: Corporate valuation26 – 29 September 2018

This concluding module incorporates knowledge developed throughout the programme and provides the in-depth understanding and ability to make optimal strategic investment decisions. In explaining the mechanics of corporate valuation, we also discuss how to create (and destroy) corporate value. We demonstrate that valuation is not a precise science, and that the strategic fit and successful integration of projects is as important as the calculation and analysis of a number.

The programme sharpens valuation skills in a variety of contexts including the valuation of human capital, firms in financial distress, valuation in a competitive environment and in a private equity setting. Applications include large-scale investment projects, brand launches, venture capital investments, IPOs, mergers, diversification decisions, R&D, and joint ventures.


• Fundamentals of valuation• DCF and project analysis• Valuing human capital• Value creation• Relative valuation

“I joined the Diploma in Financial Strategy to receive an academic depth to my professional studies over the last twenty years. I have not been disappointed with the quality of lecturing and classmates. The first module, strategy, was enlivened by the insistence of application to the workplace. As a result I have, with the full support of the director, reshaped the divisional strategy.”

Mark Le Page Diploma in Financial Strategy 2016 Deputy Director, Guernsey Financial Services Commission, UK


I was looking for board level education; after diligent research, the diploma came on the top of the list with a comprehensive curriculum and flexibility to combine work and study. Every module so far, for me personally, is at and above expectations in terms of knowledge, social and school experience. The most valuable element throughout the programme is the personal touch and real life example and experience shared by colleagues and teachers.

My hope was to get a programme where we will discuss things that you cannot read in books, ‘secrets’ that only real life teaches you and in the work place not many are eager to share. So far I can tell that my hopes have become reality in the class. I find there is a good balance between technical and practical modules. The requirements for preparation work for the modules and the studying time for exams is reasonable. The off class activities the School organises are very interesting and highly appreciated. I discovered Oxford through the visits to colleges and the city tour, days to remember for life.

The group is an amazing example of diversity and inspiring people. It is absolutely priceless the networking we get to do and hopefully long term friendships are getting built.”

Voice of the cohort

Silvia Caraman Diploma in Financial Strategy 2016, Compliance and External Reporting, Camso, Canada

Read more testimonials: www.sbs.oxford.edu/dipfinance


As a member of Oxford Business Alumni (OBA), graduates of the Oxford Diploma in Financial Strategy will be able to maintain a lifelong connection with the School and the wider University of Oxford. Joining the OBA provides access to the network directory, an invaluable tool for networking with organisations throughout the world, and the opportunity to attend high profile events both in Oxford and internationally.

Further information can be found at: www.oxfordbusinessalumni.org

Diploma students are Associate Members of St Hugh’s College. Founded in 1886, St Hugh’s is one of the most popular colleges for Saïd Business School students and is the home of the prestigious new ‘Dickson Poon University of Oxford China Centre’. Membership of an Oxford college enables you to make connections with faculty and students across different disciplines. Diploma participants also have access to certain college facilities during their time here at Oxford. Pathway to the Oxford Executive MBA

The Diploma can be the beginning of a longer relationship with Oxford. Some Diploma participants may already hold an MBA; others may be seeking to broaden their knowledge through this general management qualification. For those considering further study there is a proven pathway from the Diplomas to the prestigious Oxford Executive MBA programme. Successful applicants to the EMBA receive a reduction in fees, equivalent to 60% of the value of their Diploma course fee. There is also an option to take exemptions from the Diploma onto the EMBA. Please see our website for further details.

Find out more: www.sbs.oxford.edu/dipfinance

The Oxford experience

St Hugh’s, OUI/Rob Judges


Selected facultyThe Diploma is taught by members of Oxford’s outstanding finance and strategy faculty team. The programme leaders bring access to world leading research and a wealth of industry experience.

Ken Okamura, Finance, Academic Director Dr Ken Okamura completed his DPhil at Saïd Business School. His doctoral research focused on the Japanese financial crisis of 1997–2003, specifically looking at bank-firm relationships and bankruptcies. Prior to this he was the Chief Strategist for Japanese equities at Dresdner Kleinwort Wasserstein. He has also worked in private equity for Dresdner Kleinwort Capital and as a fund manager for Baring Asset Management. Ken has an LLB from the University of Exeter, an MA in International Business from Sophia University and an MSc in Management Research from Oxford University. He is also a Chartered Financial Analyst.

Richard Whittington, Strategy Richard Whittington, Professor of Strategic Management, teaches strategy courses and heads the Strategy, Entrepreneurship and International Business Group at Saïd Business School. Amongst his nine books are the prize-winning ‘What is Strategy – and Does it Matter?’ and the biggest selling strategy textbook in Europe, ‘Exploring Corporate Strategy’.

Bob Stefanowski, Finance Bob Stefanowski is Visiting Professor of Management Practice and has 25 years’ experience in the Global Financial Services Sector including strategic and operational leadership, business turnaround, direct investing, board governance and regulatory compliance. As Chief Financial Officer of UBS Investment Bank, Bob was instrumental in restructuring the bank to a smaller, more capital efficient, economically profitable organisation. Bob was previously Chairman and Managing Partner, International of 3i Private Equity, a FTSE 100 Company and CEO of GE Corporate Finance EMEA for General Electric Capital. His first book “Making M&A Deals Happen” was published by McGraw Hill Publishing in February 2007.


Ilaria Piatti, Finance Ilaria Piatti obtained a PhD in Economics in May 2014 from the University of Lugano. Her main research interests are in the field of empirical and theoretical asset pricing, financial econometrics and term structure modeling. In particular, her research focuses on heterogeneos beliefs, on present value models for predictability of market returns and dividend growth, and on bond risk premia. Her current work investigates the pricing implications of heterogenous beliefs in fixed income markets using survey data. Starting from an extensive dataset of yield curve forecasts from financial institutions she builds direct measures of subjective bond risk premia, which are then compared to rational expectation model-implied expected excess bond returns.

Han Ozsoylev, Finance Dr Han Ozsoylev is a University Lecturer in Financial Economics at Saïd Business School, and Fellow of Linacre College. He teaches the core managerial economics course on the Oxford MBA. His current research deals with communication in markets and its economic consequences, questions related to market manipulation, and the causes of crashes and frenzies.

Olivier Sibony, Strategy Olivier is an Associate Fellow of Saïd Business School and Affiliate Professor at HEC Paris, specialising in the quality of strategic thinking and the organisation of decision processes. He spent 25 years in the Paris, New York and Brussels offices of McKinsey & Company. Among other roles, he served as global leader of the Corporate Strategy Practice, as a European leader of the Consumer sector, and as a member of the Firm’s global Partner Review Committee. He has extensive experience in Consumer Packaged Goods, Luxury Goods, Retail, and Private Equity. Olivier’s research focuses on Behavioural Strategy.

Visit our faculty pages at www.sbs.oxford.edu/dipfinance

It’s a tough market out there and the Diploma is certainly a door opener. As well as having the academic pedigree of Oxford, it’s a very

commercial programme – the diversity of the participants, and the expertise of the professors mean that it’s tuned into real life.

Victoria Cornish Director – International Internal Audit, Live Nation

14 University of oxford diploma in financial strategy14 university of oxford diploma in financial strategy

How to Apply

The Oxford Diploma in Financial Strategy is designed for experienced executives who aspire to, or already hold, strategic management positions. In order to be considered for the programme candidates must be able to demonstrate the following:

Professional experience: Candidates should have at least five years’ professional experience and be familiar with the challenges of business strategy and finance.

Intellectual ability: A good undergraduate degree or equivalent professional qualification is required. Applicants who do not hold such qualifications may be considered if they have a very strong employment history, demonstrating their ability as a high achiever.

English language proficiency: The programme is taught in English. An English test score of IELTS 7.5, TOEFL iBT 110, or TOEFL 630 is required if English is not your native language, although a previous degree or work experience in English may be sufficient. Please see our website for further information about our English language requirements.

Application process and deadlines

Applications are submitted online. You will need an up-to-date CV, degree transcripts, two short essays and two references. Admissions are processed through a system of review before a final decision is reached. Each application is considered individually and a waiting list will operate once the programme is full.

Read more about how to apply and details about application deadlines at: www.sbs.oxford.edu/dipfinance

Fees

2018 programme fees are £23,500, covering tuition, course materials, essential reading texts, examinations, assessments and supervision.

Scholarships for women

Oxford Saïd is committed to increasing the economic participation and influence of women in both developing and developed countries. As a result, there are three scholarships on this programme for outstanding female candidates: one for 50% of tuition fees and two for £5,000 fee reductions.

Read more on our website: www.sbs.oxford.edu/dipfinance

Building your business case

Not all candidates are sponsored or funded by their employer, but if you are building a business case in order to seek employer funding, explaining why you think they should invest in sending you on the Oxford Diploma in Financial Strategy, you may find it helpful to perform a skills-gap analysis. Think through where you currently fit in your organisation and how the Oxford Diploma in Financial Strategy will enhance the contribution you make. Match your objectives in undertaking the Diploma to those of your organisation by researching the modules covered on the programme to see how they could benefit your particular organisation.

Read more on our website: www.sbs.oxford.edu/dipfinance

All information is correct at time of going to press but is subject to change without prior notice

Next stepsWe would be delighted to discuss the Oxford Diploma in Financial Strategy with you. Please contact Tom Brownrigg with your questions or your CV:

Tom Brownrigg Tel: +44 (0)1865 [email protected]

Candidates should apply online atwww.sbs.oxford.edu/apply

www.SBS.oxForD.eDu © 2017 said business scHool.

Saïd Business School

saïd business school at the university of oxford blends the best of new and old. we are a vibrant and innovative business school, but yet deeply embedded in an 800-year-old world-class university. we create programmes and ideas that have global impact. we educate people for successful business careers, and as a community seek to tackle world-scale problems. we deliver cutting-edge programmes and ground-breaking research that transform individuals, organisations, business practice, and society. we seek to be a world-class business school community, embedded in a world-class university, tackling world-scale problems.

Taught Programmes

MBA

Oxford 1+1 MBA

Executive MBA

MSc Financial Economics

MSc in Major Programme Management

MSc in Law and Finance

Diploma in Financial Strategy

Diploma in Global Business

Diploma in Organisational Leadership

Diploma in Strategy and Innovation

BA in Economics and Management

research Programmes

DPhil Programme in Management Studies

executive education

Leadership

Oxford Advanced Management and Leadership Programme

Oxford Strategic Leadership Programme

Oxford High Performance Leadership Programme

Women Transforming Leadership Programme

Finance

Oxford Chicago Valuation Programme

Oxford Private Equity Programme

Oxford Real Estate Programme

Oxford Impact Investing Programme

Oxford Social Finance Programme

Strategy, risk and reputation

Oxford Scenarios Programme

Consulting and Coaching for Change

Corporate Affairs Academy

Oxford Strategic Marketing Programme

Oxford Programme on Negotiation

Corporate Reputation and Executive Leadership Programme

Custom executive education

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tel: +44 (0)1865 610059 email: [email protected] www.sbs.oxford.edu/dipfinance

university of oxford diploma in financial strategy · working as part of a team. ... 3% australasia...

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