MSc Finance and Private Equity

About the MSc programme

The MSc Finance and Private Equity programme has been designed to meet the needs of high-level graduates from a range of backgrounds, whose career objectives lie broadly within the field of private equity. The programme follows the core structure of the MSc Finance (Full-time) programme, with a compulsory dedicated core course in private equity taught in the second term.

The foundation of the programme is built in the first term with the study of two core courses – Asset Markets and Corporate Finance. Asset Markets takes the student from fundamental concepts to up to date applications in fixed-income, equity, and derivatives markets. Corporate Finance begins with the firm's investment decision and the cost of capital. This in turn is linked to the firm's financial structure and market environment where the firm operates. It studies in detail major financial decisions including dividend choice, going public, mergers and acquisitions, and restructuring in financial distress. In the second term, students deepen their specific knowledge of private equity by taking a dedicated course taught by the School's Abraaj Capital Chair in Finance and Private Equity. This will explore the structure of private equity (PE) funds and how PE can be used in start-ups, in scaling-up cash flow businesses, and in restructuring firms facing financial distress. It explores the link between PE and venture capital on the one hand and public securities markets on the other. This course involves case study and is taught in conjunction with a range of practitioners in the field. Students write a 6,000 extended essay on a topic related to PE as part of the course's assessment. During the second term students will take three optional half unit courses, on topics such as financial systems, risk management, portfolio management methods, advanced derivatives and structured financial products, fixed income, advanced corporate finance, and applied financial valuation.

The programme is designed for students whose academic background is not necessarily in finance, however it is aimed at people with good undergraduate degrees and good quantitative skills. Admission to the programme is very competitive. In previous years the majority of students accepted into the programme have obtained first class degrees or the equivalent. The mathematics used in the programme includes basic calculus and statistics. Applicants are also required to have studied a minimum of A level Mathematics (or its equivalent). Applicants without a UK undergraduate degree are required to submit a GMAT test (GRE is acceptable exceptionally). The GMAT is also recommended for all students with UK undergraduate degrees, especially those who have not achieved, or are not expected to achieve a first class degree, or those whose quantitative skills are not demonstrated by their undergraduate studies. Prior work experience is not necessarily a pre-requisite for entry into the programme. A good mastery of English is required as demonstrated by a TOEFL score of at least 627 or an IELTS score of at least 7.0 for those whose undergraduate degree was not taught in English. Admitted students are required to attend a pre-sessional Quantitative Methods course in September. Applicants from developing countries may be eligible to be considered for one of the Lord Dahrendorf Scholarships (sponsored by Deutsche Bank) or the Standard Bank Scholarships. For more information, please see the Department of Finance| web pages.

Compulsory courses

(* half unit) 

• Corporate Finance
• Asset Markets
• Private Equity*

You will be required to write a 6,000 word extended essay as 70 per cent of the assessment in the core Private Equity course.

Options

Choose three half unit options from the following list of courses, two of which must be from the list of dedicated courses (†):

• Applied Financial Valuation*†
• Financial Engineering*†
• Fixed Income Securities and Credit Markets*†
• Risk Management and Financial Institutions*†
• Topics in Portfolio Management*†
• Cases in Corporate Finance*†
• Corporate Finance Theory*
• International Finance*

In exceptional cases it may be possible to take an unlisted optional course with the approval of the programme director.