ADFIM Brochure M and D 2011

7/29/2019 ADFIM Brochure M and D 2011

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Department of Finance and Investment Management 1

Postgraduate Studies

DEPARTMENTOFFINANCEANDINVESTMENT

MANAGEMENT

OPPORTUNITIES FOR POST-GRADUATE STUDIES

2010

The Department of Finance and Investment Management offers students two means of

completing their masters degree the first is a course work programme in Finance with

a limited research component in the form of a minor dissertation, and the second is by

way of a pure research programme in either Finance or Investments Management by

way of the successful completion of a dissertation.

The Department also provides students with the opportunity to complete their doctoral

degree, i.e. a PhD in Finance, a D.Com in Financial Management or a D.Com in

Investment Management by way of a comprehensive research programmeculminating in the successful completion of a doctoral thesis.

M.COM FINANCE (COURSE WORK &LIMITED RESEARCH)

This section of the document provides an overview of the M.Com (Finance) by way of

COURSE WORK & LIMITED RESEARCH.

A student should develop applied specialised competencies in the mastering,

interpretation, understanding, analysis and application of principles in the broader field

of finance. Through the minor dissertation, a qualifying student should show evidence of

independent scientific research, application of scientific research methodologies, and

an ability to reflect thereon in the holistic context of finance.

A potential student must be in possession of a financially oriented university-based

B.Com honours qualification on NQF level 7, which is deemed applicable by the

Department of Finance and Investment Management. Alternatively, a potential

student with any other related qualification with a programme specific minimum level

of competency on NQF level 7, and relevant and sufficient experience, may be

considered by the Department of Finance and Investment Management by way of

recognition of prior learning (RPL).

Purpose of the programme

Rules of access


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All applications are reviewed and potential students are subjected to a personal

selection process as determined by the Department of Finance and Investment

Management.

Applications for the commencement of study in the following year may be submittedfrom July. The closing date for applications is 30 September. The closing date for

applications for non-South African resident students is 31 August for commencement of

study in the following year.

As there are only a limited number of places available for students in this programme, a

stringent selection process of potential candidates for the M.Com (Finance)

programme will take place in October and November. This includes, but is not limited,to an interview with staff members of the Department of Finance and Investment

Management. Successful candidates will be notified in writing of the outcome during

the first week of December.

The programme is presented over two years. During the first eighteen months of study,

students will complete the eight (8) course work modules. The minor dissertation iscompleted during the second year of study (module 9).

Developments in Finance (FNB19X8) Advanced Research Methodology in Finance (FNB17X8) Empirical Finance (FNB15X8) Financial Engineering (FNB16X8) Risk Management (FNB14X8) Applied Research Methodology in Finance (FNB18X8)

Corporate Finance (FNB07X8) Competitive Strategy (FNB09X8) Minor dissertation on an approved topic (FNB01N8 & FNB02N8)

Students have to pass all nine modules independently to obtain the masters degree.

The following table provides a brief outline1 of each module:

1Content and order of modules subject to change

Closing date for applications

Curriculum

Student selection

First year of

study

Second year of

study


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Module 1: Development in Finance (FNB19X8)

Year 1; Semester 1

7 weeks

Core module

The most important concepts in Finance and FinancialManagement

Financial developments over time Financial crises through history Globalisation and finance in the 20th century The development of M&As and IPOs The rise of venture capital and investment banking Pioneers in Asset Management

Module 2: Advanced Research Methodology in Finance (FNB17X8)

Year 1; Semester 1

7 weeks

Fundamental module

Stages in the research process Quantitative and qualitative research paradigms Sampling design Questionnaire design Association and correlation Hypothesis testing Analysis of variance Statistical modelling techniques Analysis of quantitative data using SPSS

Module 3: Empirical Finance (FNB15X8)

Year 1; Semester 1

14 weeks

Core module

The classical linear regression model Univariate time series modelling and forecasting Multivariate modelling Modelling long-run relationships in finance Modelling volatility and correlation Recent and future developments in the modelling of financial time

series

Further technical aspects (e.g. random number generation; datatables in Excel ; matrices and arrays; and introduction to VBA)


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Module 4: Financial Engineering (FNB16X8)

Year 1; Semester 2

Module 1.1:

5 weeksModule 1.2:

4 weeks

Core module

Module 1.1

An introduction to Financial Engineering:

Introduction to derivatives markets and instruments e.g. options,futures contracts, forward contracts, swaps and other derivatives.

Mechanics of futures markets e.g. converges, daily margining,delivery, forward vs. forwards.

Hedging strategies using futures e.g. basic principals, arguments forand against hedging, basis risk, cross hedging, stock index futures.

Interest rates and forward and future price determination e.g. typesof interest rates, zero rates bond pricing, forward rates, forward rate

agreements, duration, convexity, investment assets vs.

consumption assets, valuation of contracts.

Interest rate futures e.g. day count and quotation conventions,Treasury bond futures, Eurodollar futures, duration based hedging,

portfolio hedging.

Swaps e.g. valuation of swaps, currency swaps, credit risk, andcomparative-advantage argument.

Mechanics of the option markets e.g. types of options, optionpositions, underlying assets.

Module 1.2

Module 1.2 will build on the knowledge obtained in module 1:

Option trading strategies e.g. spreads, combinations, strategiesinvolving single option on stock.

Binomial trees e.g. one step binomial trees and the no-arbitragemodel, risk-natural valuation, two-step binomial trees, matching

volatility, options on other assets. The Black-Scholes-Merton option pricing model. Options on stock indices and currencies e.g. valuation of options,

options on stock paying a known dividend yields.

Futures options e.g. bound for futures options, valuation of futuresoptions using binomial trees, Blacks model for valuing futures

options

The Greek letters and basic numerical procedures e.g. stop-lossstrategies, delta hedging, theta, gamma, vega, rho, the

relationship between Greeks, scenario analysis.

Assessment opportunitiesThere will be two assessment opportunities - the first after module 1.1

and the second after module 1.2. Students should obtain at least 50%

for the first assessment in order to continue with module 1.2.


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Module 5: Risk Management (FNB14X8)

Year 1; Semester 2

7 weeks

Core module

The syllabus of the module is aligned with the Professional Risk

Managers International Association (PRMIA) associated syllabus and

includes:

Risk management in the organisation

Risk management techniques in a non-quantitative framework Risk management in corporate governance and ethics Risk and return Interest rate risk and hedging Asset-liability management Market risk management Retail and commercial credit risk managementOperational risk management Measurement of performance Enterprise risk management Industry standards and best practices of financial risk management

Module 6: Corporate Finance (FNB07X8)

Year 2; Semester 1

7 weeks

Core module

Estimating the cost of capital Capital budgeting Management of the firms equity: dividends, policy and repurchases Management of the corporate capital structure Analysis of financing tactics: leases, options and foreign currency Valuing the enterprise: acquisition and buyouts

Module 7: Competitive Strategy (FNB09X8)

Year 2; Semester 1

7 weeks

Core module

The nature and process of strategic management within thefinancial management function

Analysing the industry, internal and macro-environments Value innovation Corporate strategy: The quest for shareholder value Business level strategy Strategies for global competitiveness Corporate citizenship and sustainable development Strategic financial leadership Organisational alignment


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Module 8: Applied Research Methodology in Finance (FNB18X8)

Year 1; Semester 2

7 weeks

Fundamental module

Submission and approval of a research proposal (approximately 20

pages):

The research proposal should inter alia include:

Proposed title of the study

Rationale for the study (the scientific merits of the study should bestated)

Identification of the research problem and formulation of theresearch question(s)

Main objective of the study Specific objectives that the student hopes to achieve with the study Scope of the proposed study Proposed research methodology:

- Selected paradigm (quantitative or qualitative) with justification- Data collection method (e.g. sampling strategy)- Research instruments (i.e. specific data to be collected)

Ethical considerations of the proposed research Perceived contribution of the research Preliminary chapter lay-out List of references

Module 9: Minor dissertation on an approved topic

(FNB01N8: first semester & FNB02N8: second semester)

Year 2; Semester 1 & 2

28 weeks

Core module

The core outcome of this module is the submission of a minor

dissertation (comprising approximately 100 pages) based on researchconducted by the student:

The minor dissertation is of a more limited scope than adissertation.

The minor dissertation is a written document communicatingscholarly work that was pursued during the course of an

approved research project, its context and outcome. The

minor dissertation should inter alia provide proof that the

student:

- has identified a researchable research problem;- has formulated a research question;- conducted a literature review related to the research

problem;

- effectively integrated the reviewed literature;- is able to conduct scientific research independently and

report thereon;

- is able to effectively communicate the results of the researchproject; and

- is able to draw conclusions based on the literature reviewedand the results obtained during the research project.

The minor dissertation does not have to represent a uniquecontribution to the existing body of knowledge in its discipline.


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PLEASE NOTE:The Academic Regulations of the University of Johannesburg are applicable toall masters students. This inter alia implies that the student submits to the supervisor(s) at least

one manuscript of an academic article in the format required by an accredited journal for thatspecific discipline as a condition for graduation. The article does not need to have been

accepted for publication.

The language medium for the programme is English. The minor dissertation may be

submitted in either English or Afrikaans.

Lectures will be presented by academic staff and/or guest lecturers. Guest lecturers are

experts in their respective fields and will conduct their classes with the main objective ofsharing their practical experience. The challenge for the student is to fully utilise this

opportunity to draw from these sources of knowledge and experience and form a

basic understanding of what may be expected from them on completion of the

course.

Coursework module lectures will be presented weekly on a Tuesday and Thursday

evening from 18:00 21:00 during the first year of study and on Wednesday evening

from 18:00 21:00 during the first semester of the second year. Course-work modules will

run over the following times2:

Modules 1, 2 & 3 First semester of the first year Modules 4,5 & 8 Second semester of the first year Modules 6 &7 First semester of the second year Module 9 Second year

Pre-reading and research as will be reflected in active participation in class discussions.

Registered students will be supplied with a detailed timetable during registration.

In each of the course-work modules, students will continuously be assessed via various

individual and/or group assignments which include the analysis and presentation of

business case studies. A last assessment opportunity in the form of a

theoretical/practical examination will be completed at the end of each module.

A supervisor (and co-supervisor) will be allocated to each student for the minor

dissertation module (Module 9). The supervisor (and co-supervisor) will provide

2Please consult the UJ 2011 Calendar

Learning components

Language medium

Assessment


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theoretical and practical advice and expert guidance to the student regarding the

research project.

A minimum of two independent external assessors will be appointed by the Department

of Finance and Investment Management to assess the minor dissertation. Neither the

supervisor nor co-supervisor may act as an assessor of the minor dissertation.

Continuous assessment activities such as assignments and case studies will constitute

the module mark for each of the coursework modules (Modules 1 to 8). The final mark

of each coursework module will comprise of a weighted average of the module mark

and the last assessment opportunity mark.

The final mark for the minor dissertation (Module 9) is the average of the marks

allocated by the independent external assessors.

The final mark for the coursework programme (M.Com Finance) is the weighted

average of the coursework module marks and the minor dissertation mark. The weight

of the minor dissertation is 50%.

The prescribed texts for each module will be communicated on a timely basis. This is byno means sufficient to pass the course. All sources of information will have to be

combined to pass the course, i.e. formal lecturers, class discussions, case studies and

own research.

The use of financial and management magazines including The Harvard Business

Review, Financial Management (CIMA), Business Week and Fortune proved to be of

great value in the past. Local financial magazines as well as the Financial Times offers

rich sources of information on issues relating to financial management and should form

an essential part of any managers toolkit.

In addition to the prescribed books and hand-out material, a list of additional

recommended reading will be distributed for each module. These sources will greatly

enhance students understanding and insight into the topics discussed for each

module, but it is not a requirement that students buy these books.

Registration details for the masters programme will be communicated timeously. Aregistration deposit must be paid before registration. The exact cost of the programme

Compilation of final mark

Course material

Registration


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may be obtained from the division of Student Finance and may also be advised in due

course.

All course content enquiries should be addressed to Prof Ritte Eiselen at:

Telephone: 011 559 4349

Fax: 011 559 3753

E-mail: [email protected]

For any administrative queries, please contact Mrs Elsie Nuss at:

Telephone: 011 559 3969

Fax: 011 559 3753


M.COM FINANCE &M.COM INVESTMENT MANAGEMENT

(RESEARCH)

This section of the document provides an overview of the Master in Finance or Master in

Investment Management by way of RESEARCH.

A student should develop applied competence in the mastering, interpretation,

reflecting on and application of principles in the broader field of Finance or Investment

Management (whichever is applicable). Through the masters dissertation a qualifying

student shows evidence of scientific research, application of scientific research

methodologies, and an ability to reflect thereon in the holistic context of Finance or

Investment Management (whichever is applicable).

A potential student must be in possession of a financially oriented university-based

B.Com honours qualification on NQF level 7, which is deemed applicable by the

Department of Finance and Investment Management. Alternatively, a potential

student with any other related qualification with a programme specific minimum level

of competency on NQF level 7, and relevant and sufficient experience, may beconsidered by the Department of Finance and Investment Management by way of

Enquiries


Rules of access


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recognition of prior learning (RPL). The Department must specifically approve of the

field of study, the research topic, problem statement, research question and the

proposed methodology before the candidate may register. To this end, potential

students are required to present a research proposal to the Department of Finance and

Investment management and have it approved prior to registration.

The research proposal (of approximately 20 pages) should inter aliainclude:

o Proposed title of the studyo Rationale for and background to the study (the scientific merits

of the study should be stated)

o Identification of the research problem and formulation of theresearch question(s)

o Main objective and specific objectives of the studyo Scope of the proposed studyo Proposed research methodologyo Perceived contribution of the studyo List of references.

Potential students will be subject to a selection process as determined by the

Department of Finance and Investment Management. Applicants with no formal

research methodological training at honours (NQF 7) level will be required to register

and successfully complete the coursework modules: Advanced Research Methodology

in Finance (FNB17X8) and Applied Research Methodology in Finance (FNB18X8) for non-

degree purposes prior to registering for the M.Com Finance or M.Com Investment

Management Research programme.

The closing date for applications is 30 September annually for commencement of study

in the following year, as well as 31 May annually for commencement of study in the

second semester. The closing date for applications for non-South African resident

students is 31 August annually for commencement of study in the following year.

The minimum duration of the programme is one year and the maximum period is two

years.

The table below provides a brief outline of the programme.


Curriculum


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Dissertation on an approved topic

180 credits The core output of a research masters degree is the submission of a

dissertation (comprising approximately 180 to 200 pages):

The dissertation is a written document communicating scholarlywork that was pursued during the course of an approved

research project, its context and outcome. The dissertationshould inter alia provide proof that the student:

- has identified a researchable research problem;- has formulated a research question;- conducted a literature review related to the research

problem;

- effectively integrated the reviewed literature;- is able to conduct scientific research independently and

report thereon;

-

is able to effectively communicate the results of theresearch project; and

- is able to draw conclusions based on the literature reviewedand the results obtained during the research project.

Masters students are thus expected to exhibit mastery ofresearch methodology and evidence of understanding

scholarly processes at work, as evident through a novel

research project.

Students are not expected to make an original theoretical orfundamental contribution to their field of knowledge, but

through the provision of new data or evidence they should

demonstrate proficiency in research methods and the ability towork independently.

The dissertation does not have to represent a uniquecontribution to the existing body of knowledge in its discipline.

* Content may be subject to change.

PLEASE NOTE:The Academic Regulations of the University of Johannesburg are applicable toall masters students. This inter alia implies that the student submits to the supervisor(s) at leastone manuscript of an academic article in the format required by an accredited journal for that

specific discipline as a condition for graduation. The article does not need to have been

accepted for publication.

The dissertation may be submitted in either English or Afrikaans.

Language medium


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A supervisor (and co-supervisor) will be allocated to each student. The supervisor (and

co-supervisor) will provide theoretical and practical advice and expert guidance to the

student regarding the research project. The core output of the research masters

degree takes the form of a dissertation, a written document communicating scholarly

work that was pursued in the course of an approved research project, its context and

outcome.

In addition it is expected that each research masters student submits to the supervisor(s)

at least one manuscript of a paper (article) in the format required by an accredited

journal for that specific discipline as a condition for graduation. The student will receive

guidance from his/her supervisors in preparing the manuscript of the paper. Authorship

of such a paper must be guided by the level of intellectual input respectively made by

the supervisor(s) and the student. This Faculty will adopt specific rules in this respect, in

accordance with guidelines formulated by the Senate Academic Ethics Committee.

A minimum of two independent external assessors will be appointed by the Department

of Finance and Investment Management to assess the dissertation. Neither the

supervisor nor the co-supervisor may act as an assessor of the dissertation. The final

mark for the dissertation is the average of the marks allocated by the independent

external assessors.

Registration details for the masters programme will be communicated timeously. A

registration deposit must be paid before this day. The exact cost of the programme

may be obtained from the division of Student Finance and will also be advised in due

course.

Successful candidates will be notified of the outcome during the first week of

December (for commencement in the following year) and in June (for

commencement in the second semester) .

All course content enquiries should be addressed to Prof Ritte Eiselen at:

Telephone: 011 559 4349

Fax: 011 559 3753


Assessment

Enquiries

Registration


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Telephone: 011 559 3969

Fax: 011 559 3753


PHD IN FINANCE,D.COM IN FINANCIAL MANAGEMENT AND D.COM IN

INVESTMENT MANAGEMENT (RESEARCH)

This section of the document provides an overview of the doctoral programmes offered

by the department of Finance and Investment by way of RESEARCH, namely the PhD in

Finance, the D.Com in Financial Management and the D.Com in Investment

Management.

A student should develop high level applied competence in the mastering,

interpretation, reflecting on and application of principles in the broader field of finance.

Through the doctoral thesis a qualifying student shows evidence of extensive scientific

research, application of scientific research methodologies, and an ability to reflect

thereon in the holistic context of finance.

The essential (necessary and defining) requirement for the award of a doctoral degree

is furthermore an original contribution to the field of study of Finance, Investments

Management or Financial Management (whichever is applicable). The originality needs

to be predominantly at a theoretical, conceptual or analytic level rather than at the

practical level or at the level of producing new data. In addition, proficiency in

research methods and the ability to think and work independently should be

demonstrated.

For admission to a doctoral programme, a candidate should have successfully

completed a relevant masters programme in the same or relevant field of study or

discipline on NQF level 8, in which case the relevant field of study/discipline is

determined by the Faculty Board concerned, approved by the Senate Higher Degrees

Committee, ratified by Senate and contained in the Faculty Rules and Regulations

concerned.


Rules of access


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Alternatively any other related qualification with a programme specific minimum level

of competency on NQF level 8, and related experience which is considered relevant

and sufficient by the Department of Finance and Investment Management.

Potential students will be subject to a selection process as determined by the

Department of Finance and Investment Management. In particular, the Department of

Finance and Investment Management through the Faculty Higher Degrees Committee

must specifically approve of the field of study, the research topic, research problem

and intended methodology before the candidate may register. To this end, potential

students are required to present theirresearch proposals to the Department of Finance

and Investment management and have it approved prior to registration:

The research proposal (of approximately 20 pages) should inter alia include:

o Proposed title of the studyo Rationale for and background to the study (the scientific merits of

the study should be stated)

o Identification of the research problem and formulation of theresearch question(s)

o Main objective(s) and specific objectives of the studyo Scope of the proposed studyo Proposed research methodologyo Unique theoretical, analytical and practical contribution of the

study

o List of references.

The closing date for applications is 30 September annually for commencement of study

in the following year. The closing date for applications for non-South African resident

students is 31 August annually for commencement of study in the following year.

The core output of a doctoral degree is the submission of a thesis, i.e. a written

document of approximately 300 pages in length, communicating the work that was

pursued in the course of the research project, its context and outcome, and

communicating the original contribution made by the work.

The thesis must make an original contribution to the subject knowledge and the student

must have sufficient knowledge of both the research subject and those fields on whichthe subject has a bearing.


Scope of a doctoral degree


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In addition, it is expected that a doctoral graduate would have submitted to his/her

supervisor at least one research article manuscript in the format required by an

accredited journal for that specific discipline as a condition for graduation. The article(s)

should be based on the research and must be submitted to the supervisor before the

submission of the thesis for assessment. The aim of the publication of such articles is to

make the research results more widely known to fellow experts in the field. The article(s)

do not need to be accepted for publication.

Depending on the students previous studies, work experience and proposed research

subject, it may be necessary to do additional preliminary research. The supervisor will,

where deemed necessary, prescribe an additional study programme.

A student will furthermore be expected to do the necessary self-study on the relevant

subjects with which he/she deals in the thesis. Students are personally responsible to

identify and master the sources pertaining to the subject. However, their supervisor(s)

may be of assistance in this regard.

The minimum duration of a doctoral programme is two years (either full-time or part-time).

A supervisor (and co-supervisor) will be allocated to each doctoral candidate. The

supervisor (and co-supervisor) will provide theoretical and practical advice and expert

guidance to the student regarding the research project. The core output of the

doctoral programme is the submission of a thesis, a written document communicating

scholarly work that was pursued in the course of an approved research project, itscontext and outcome.

In addition it is expected that each doctoral candidate submits to the supervisor(s) at

least one manuscript of a paper (article) in the format required by an accredited

journal for that specific discipline as a condition for graduation. The student will receive

guidance from his/her supervisors in preparing the manuscripts of the papers.

Authorship of such a paper must be guided by the level of intellectual input

respectively made by the supervisor(s) and the student. This Faculty will adopt specific

rules in this respect, in accordance with guidelines formulated by the Senate Academic

Ethics Committee.

A minimum of three independent external assessors will be appointed by the

Department of Finance and Investment Management to assess the thesis. Neither the

supervisor nor the co-supervisor may act as an assessor of the thesis. The final mark for

the dissertation is the average of the marks allocated by the independent external

assessors.

Assessment


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The thesis may be completed in either English or Afrikaans.

It is imperative that any student interested in commencing with a doctoral degree

should contact Prof Ritte Eiselen at:

Telephone: 011 559 4349

Fax: 011 559 3753



Telephone: 011 559 3969

Fax: 011 559 3753


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Language medium

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Documents

ADFIM Brochure M and D 2011