MSc in Corporate Finance & Investment Banking

This course focuses on the key corporate finance-related questions faced by companies throughout the typical corporate lifecycle. Questions addressed include (but not limited to) the following: what are the typical financial decisions faced by the company’s owner or senior management; what is project management and how do managers assess the merits of new investment projects; what are the differences between long-term investment strategies of the company (i.e. uses of surplus cash produced by the company), and how does one decide between them; what is the capital structure of a company and what are the criteria around balancing the capital structure (equity / debt) of a company?
Additional topics covered are: capital structure and corporate costs of equity and debt; how to frame, analyse and make financial decisions; financial distress and how to manage this; management information; managerial incentives and compensation; shareholders and dividend payout policy; and the interaction and management of commercial banks, investment banks, accounting firms / other advisors and the broader financial markets.

This course focuses on the process of understanding the risk and profitability of a company (or a division or project of a company), through analysis of reported financial information. An overview of the different accounting tools and techniques is covered, including an element of quantitive analysis which is illustrated by working through examples. Publicly available financial statements are used to show the actual results as reported, together with the use of financial ratio analysis to facilitate understanding of the key financial metrics of a company and the comparison with similar companies in the same sector.
The process of reformulation and adjustment of financial statements is taught so that comparisons are made across companies on a like-for-like basis, and thus the deeper implications of reading and analyzing financial statements is covered. Key financial ratios are introduced and what adjustments are required in order to properly analyse the figures (for example recurring versus non-recurring items); analysis of risk / returns; analysis of profitability and cashflow; cost of equity / debt; return on capital employed; and the analysis of statements to set up and understand future financial projections.

This course provides an overview of corporate development and the use and implication of Mergers, Acquisitions and Divestments on the lifecycle of the company. The measurement and use of value creation in a company is taught, including the use of discounted cash flow analysis and other valuation methods in order to provide a framework for assessing and undertaking investments in projects or target companies. An assessment and understanding of shareholder value is covered.
Topics include understanding and development of business strategy; the process of deciding on and nderstanding the rationale for mergers, acquisitions and spinoffs; the use of option theory to allow the company to make the decision to initiate, maintain or abandon a project; background and historical trends of M&A and how to measure these trends; market reactions to a takeover; the Takeover Process (Valuation, The Offer, Merger “Arbitrage” (value of a merger to the acquiring and acquired entity), Tax and Accounting Issues, Board and Shareholder Approval; Takeover Defenses (Poison pills, Staggered Boards, White Knights, Golden Parachutes , Recapitalization, Other Defensive Strategies); and Regulatory Approval.

This course focuses on the understanding, measurement and management of corporate risk, and the implications to senior management and shareholders. The use and practice of various analytical tools are covered to engender a broader understanding of risk and management thereof.
Topics include: identification of risk; risk assessment; selection of different methods of risk management; implementation and control of risk. Related topics are also included including exposure to risk, valuation, management processes, and the quantification and transfer of risk (insurance, hedging and diversification). In addition, the actual management and operation of corporate risk daily, weekly and ongoing from with the finance and treasury departments of corporates is covered.

This course covers the basic tax rules of corporates and owners / shareholders of corporates and also provides a holistic view of international corporate taxation. The impact of taxation on corporates and individuals is considered, why it is important, how to consider and mitigate taxation, and recognise when to get advice, where to look and how to get it.
Topics include Taxation Systems internationally, double taxation treaties; differences between countries and regions; ownership structures; international profit shifting / transfer pricing, tax beneficial investments and location decisions. The implication of taxation from the senior management / owner of a business is considered, and the implications of tax on managing a business, business location, and growth of a business through raising external equity and debt is covered.

This course covers the basics of finance from the Entrepreneurs perspective, and thus involves understanding value and allocation of resources as applied to new ventures. The course includes the tools and mechanisms required to assist the entrepreneur make investment and financing decisions from seed stage through development of the product / technology, beta testing, customer acquisition, and revenue growth. The interaction with venture capital, private equity and venture debt markets are covered, types of financing instruments used and investment returns and exit. Additional topics include the development and use of financial projections, valuation methodologies and cash flow analysis of the early stage and growing business.

This course covers the basics of corporate strategy and corporate development, as well as providing an overview of corporate restructuring. It provides the background to these topics – why they are required, what is involved and the mechanics of undertaking corporate programs involving any or all of this type of development. The Corporate Strategy element involves the analysis and initiatives undertaken by the company’s senior management on behalf of the shareholders, which resources are analysed and how the company’s performance is measured in internal and external environments. The objectives and tools for driving corporate development are also covered, as well as the reasons behind restructuring and the different types of restructuring that can take place. Related topics include the definition of mission, vision and corporate objectives, policy development, allocation of resources, strategic partnerships, acquisitions & divestments, company structures & ongoing financial viability, debt and financial restructuring, debt for equity swaps and the use of non-executive directors and interim managers.

This course is intended to extend and build on the principles of banking risk taught in the 2nd Year course. The objective is to provide a comprehensive overview of the activities of a commercial / investment bank focused on the corporate market, and the array of products and services available to corporates. The course will deepen the understanding of how banks assess risk, price products and work with other banks in order to provide products and services to corporates, both nationally and internationally. The evolution of the banking market is covered both nationally and internationally, and innovation that has taken place over time both from a product and technology perspective and the implication of this on corporates. The concept of the banking matrix is explained (geography, product and sector) and how banks target corporates and sell products and services to corporates and other institutions (hedge funds, institutional asset management firms and insurance companies). In addition, the topic of how banks operate is covered, and how banks grow (both organically and through acquisition). Well known acquisitions, and international failures of banks are covered, bank bailouts, lifeboats and bank nationalisation, and the lessons learned.