Program Objectives

Master the financial management of business entities

This program, delivered by experienced lecturers and practitioners in the heart of London, gives you the opportunity to specialize in corporate finance, and prepares you for an international career in financial and banking organisations.

Core modules covering Corporate Finance and Investment Banking-related topics will help you acquire an understanding of the owners and senior management of the corporate entity and their relationships with the investment and commercial banks, also known as the “sell side” ecosystem in investment banking.

This program delivers a title of Financial Manager, certified level I by the CNCP.

At a glance

Program operated by

logo-inseec-msc-mba

Initial, continuous or work-study training

0
year
Duration

Full English

in London

Intake in October

Accessible after a 4-year post-secondary degree

0
months of internship
Core Courses

This stream includes 8 core courses covering Corporate Finance and Investment Banking-related topics. Thus it is focused on the perspectives of the owners and senior management of the corporate entity and their relationships with the investment and commercial banks, also known as the “sell side” ecosystem in i-banking.

Advanced Corporate Finance and Valuation

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.

Financial Statement Analysis

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.

Mergers & Acquisitions

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.

Corporate Risk Management

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.

International Taxation

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.

Entrepreneurial Finance

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.

Corporate Strategy & Restructuring

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.

Bank Management / Commercial Banking

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.

Interdisciplinary Courses

The Interdisciplinary Courses are a requirement for all students to take and are intended to provide capstone-style courses not only to draw the two sets of core courses together but also to provide a broader perspective of people and culture in London, doing business in the UK as well as overviews of digital media and general management. There is also at least one corporate visit in London that is intended to provide a general corporate overview as well as perspectives from management on the challenges and opportunities of managing their business.

PGSE / Corporate Strategy

This course will explore the fundamental principles of corporate strategy and their applications in companies today. Concepts and tools of strategic analysis will be studied in an interdisciplinary fashion, from both a managerial and consultancy perspective. Students will be required to study complex case studies and devise a corporate strategy based upon their analysis of significant internal and external data. Thus, strategic analysis skills will be developed and knowledge of current issues in strategic management will be heightened through the study of methodology and the use of pertinent, up-to-date cases. The course prepares the student for their exit examination on the subject and provides them with a 6-hour mock exam.

Business Intelligence & Digital Media

Description of the theories, methods, processes and use of technology that support Business Intelligence (BI), where it is commonly used and the implications of BI in the corporate world. The course also includes an overview of the functions of BI and the inter-relationship with competitive intelligence. The use of BI to analyze internal data and business processes will be taught, with practical examples of the technology suppliers of BI to corporate customers, and of the use and implications of BI within corporates.
The course also includes an overview of Digital Media, the historical development and the possible future uses of Digital Media from a B2B perspective. The use of BI within Digital Media will also be covered as well as the suppliers of data sources and newsfeeds as used in the financial services industry (e.g. Thomson Reuters, Bloomberg).

Finance Ethics

Finance ethics is a sub-discipline of business ethics that focuses on the specific moral issues that typically arise amongst financial managers and professionals. Using ethical systems, such as utilitarianism and rights-based theory, students are trained to analyse and evaluate issues such as, agency theory, fiduciary duty, fairness in financial markets, the purpose of regulation, and the consequences of financial activity in the larger , economic, political and social setting.
Through the use of case studies, students are taught how to recognize and respond to moral issues as they arise and to anticipate possible difficulties in advance. The course also teaches students how to communicate effectively with variety of relevant stakeholders, such as regulators, policy-makers, legislators and the media.

VBA / Excel

This course provides a deeper understanding, application and practice of VBA, with practical examples relevant to the financial markets ecosystem. The course also includes teaching Excel at a more sophisticated level including use and practice of the additional and perhaps less well known functions within Excel. The objective is to enable students operate at more sophisticated levels using both VBA and Excel so that students are ahead of the peer group in terms of comprehension and efficiency with future employers.

Quantitative Analysis & (3rd Year) International Financial Markets

This course covers a description of the different valuation methodologies and a practical application of the typical quantitative techniques used in investment banking and asset management / private equity for valuing both private and publicly quoted companies. The course also incorporates an International Financial Markets module for Third Year Students which is a follow on to the Financial Markets course taught in Second Year. This includes a summary of the key macroeconomic factors driving the financial markets globally as well as how the various interested parties interact with each other across commercial and investment banks, hedge funds, private equity, insurance and institutional asset management. A component of the course also involves the students tracking various macroeconomic indicators over the time period of the course and learning a framework for understanding, analysing and predicting the underlying trends.

Leadership / Management

This is largely a case-study driven course that highlights the qualities for success of senior managers, typical character traits, and – utilizing the case studies – pitfalls to avoid. Definitions of leadership are discussed, with examples from the corporate world. Examples of management styles are taught including how different styles have changed over time. In addition, the management of suppliers, strategic partners and customers is discussed highlighting methodologies that work well and not well and why.

UK Culture

This course is designed to help students gain optimum benefit from their study abroad experience by providing insight into various aspects of British life, culture, politics and history. This course seeks to sensitize students to the need for cultural literacy to enhance their efficacy and credibility in the labour market.
In addition to the classes and excursions each student undertakes an independent study on some aspect of British Life. The course also aims to help students find their bearings and adjust to life in London, which may be very different from what they know. Among the topics included are issues of identity, sovereignty issues, empire, immigration and ethnicity, sport and fashion.

Program Structure

The MSc Corporate FInance & Investment Banking allows students to alternate business studies with professional experience:

From October to March: work-study rhythm

Students follow a 6-month semester of academic coursework alternated with internship (3 days in class and 2 days of internship per week). An exam session is planned at the end of this semester (in March).

From April to September: internship

Students complete a full-time professional internship of 5 or 6 months, in France or aborad. During this period, they must also write and defend a thesis in a field related to this program.