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OXFORD DIPLOMA IN FINANCIALSTRATEGY
2 OXFORD DIPLOMA IN FINANCIAL STRATEGY
“PARTICIPANTS DEVELOP A THOROUGH UNDERSTANDING OF THE PRINCIPLES OF FINANCE, STRATEGY AND VALUATION WHICH ENABLES THEM TO TAKE THEIR CAREERS TO THE HIGHEST LEVEL.”
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THE BRIDGE TO BOARD LEVEL PERFORMANCE
PROFESSOR
PETER TUFANO
Dean, Saïd Business SchoolUniversity of Oxford
“The Oxford Diploma in Financial Strategy is an opportunity for � nance professionals to acquire an Oxford quali� cation and experience the intellectual challenge of a masters-level programme. Participants develop a thorough understanding of the principles of � nance, strategy and valuation which enables them to take their careers to the highest level.
The study of � nance is at the core of Saïd Business School’s mission. This postgraduate diploma, and the professionals who take it, make a signi� cant contribution to its success.”
The Oxford Diploma in Financial Strategy is a postgraduate quali� cation that provides expertise in � nance, strategy and corporate valuation. It is a unique opportunity to broaden and enhance skills and professional experience while gaining an Oxford quali� cation.
The Diploma is for experienced � nance practitioners and senior managers. The programme is rigorous and intellectually challenging. It provides graduates with the � nancial acumen of an investment banker, the strategy techniques of a consultant, and the business knowledge of a � nance director. It complements existing quali� cations and contributes towards professional CPD requirements.
The Diploma programme is based on four fast moving modules of teaching from world leading experts in strategic management, � nance, and corporate valuation.
Saïd Business School is a fully integrated part of the University of Oxford. Since it was founded in 1996, the School has become � rmly established as one of the most prestigious business schools in the world. It is modern, dynamic and at the forefront of business and � nance research, yet is grounded in centuries of academic tradition.
Our admissions process is highly selective and brings together an extraordinary group of high achievers from a wide variety of countries and industry sectors.
4 OXFORD DIPLOMA IN FINANCIAL STRATEGY
PROGRAMME OUTLINESaïd Business School has particularly rich expertise in the areas of � nance 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.
The Diploma is completed alongside participants’ full-time role. The programme consists of four core modules interspersed by independent study and project work. Each module is taught over four days of intensive teaching at Oxford, concentrating on one subject at a time. The project then integrates and applies the insights gained to an area of particular interest to the participant or their organisation.
MODULE 1:
STRATEGY
This module will cover:
• Goals and strategies• Competitive advantage• Industry analysis• Strategy and change• Diversi� cation• Global strategy
This module will cover:
• Review of basic � nance concepts• Risk, return, and portfolio theory• The capital asset pricing model and the cost of
capital• Cash � ow analysis and project appraisal• Financing choices and shareholder value• Taxation and corporate � nance
This module will cover:
• Equity capital raising• Mergers and acquisitions• Financial options• Debt and credit ratings• Private equity
This module will cover:
• Fundamentals of valuation• DCF and project analysis• Valuing human capital• Value creation• Relative valuation
MODULE 2:
FINANCE I
MODULE 3:
FINANCE II
MODULE 4:
CORPORATE
VALUATION
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STRATEGY
Strategy is the art of creating superior performance. It de� nes 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 � rm – 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.
FINANCE I
This module identi� es the sources of investor value, and uses them to think about portfolio composition, investment choices, and corporate � nancial decisions.
After a fast review of basic concepts including the time value of money, discounting, and simple stock and bond valuation, participants acquire a detailed understanding of risk and return. They use the Capital Asset Pricing Model as the framework for a detailed discussion of portfolio theory and the cost of capital. The insights generated from this analysis are employed in a discussion of cash � ow analysis and its application to investment appraisal, and to business entry and exit decisions. The corporation’s � nancing choices are related to tax considerations and to a wider discussion of agency effects within the � rm.
FINANCE II
In this module we study applied topics which exemplify the key principles of � nance. Participants develop an understanding of how and why � rms go public, raise equity and debt, acquire each other – and go bust. We also study � nancial options and risk management techniques, focusing on their use in corporate � nance. These topics inform participants’ understanding of principles such as asymmetric information, principal-agent problems and market ef� ciency.
CORPORATE VALUATION
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 � t 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, � rms in � nancial 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, diversi� cation decisions, R&D, and joint ventures.
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 examined. Participants must pass all four modules and a business project 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.
BUSINESS PROJECT
The Diploma concludes with a � nal project report that integrates new insights from the programme. The project report of up to 10,000 words will be based on current or emerging speci� c strategic, organisational issues taking place within the participant’s own organisation or sector.
1 2 3 4
6 OXFORD DIPLOMA IN FINANCIAL STRATEGY
THE DIPLOMACANDIDATEThe programme is for � nance professionals, and general managers looking to equip themselves to lead the � nancial and business strategy of their organisation. Participants typically have ten years’ professional experience, and must have a minimum of � ve years plus a good � rst degree.
Participants learn as part of a highly experienced and quali� ed group from across the globe. They represent all industry and public sectors, in addition to � nancial services, and range from independent specialist consultancies, through medium-sized businesses, to multinational corporations and � nancial institutions. The unique group offers an unparalleled opportunity for peer to peer learning, high level discussion and international networking.
“Each module was very practical, energetic and informative. The class pro� le was exceptional and the networking opportunities way beyond my expectations. Frequent contact with top decision making executives (CEOs/CFOs), elaborate discussions on the � nancial strategies of their organisations, application of theory in the real corporate environment, and the development of on-going friendships are all priceless. I’ve observed immense changes in my knowledge over the duration of this programme.”
SYED SHAHZAD
Investment Banking
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PARTICIPANTS BY REGION (%)
NON-UK RESIDENTS (%) YEARS OF EXPERIENCE (%)
PREVIOUS EDUCATION (%) EMPLOYMENT (%)
NON-UK RESIDENTS 70
30+ (6)
21–30 (26)
11–20 (54)
5–10 (14)UK RESIDENTS 30
DATA: 2010–2012 COHORTS
DATA: 2010–2012 COHORTS
MASTERS 18
MBA 28
PHD 6
UNDERGRADUATE 18
DATA: 2010–2012 COHORTS
6
3230
144
6
PROFESSIONAL QUALIFICATION 30
AVERAGE CLASS SIZE
46
26
FINANCE 42
OIL AND GAS 8
PROFESSIONAL SERVICES/CONSULTING/LAW 20
OTHERS 22
RETAIL 8
8 OXFORD DIPLOMA IN FINANCIAL STRATEGY
CASE STUDIES
For further case studies go to
www.sbs.oxford.edu/dip� nance
LYNZI HARRISON
Financial Services
I am Head of Business Partnering and Reporting for Shared Services at Skandia UK. My role is diverse and covers many aspects of � nance, from sales reporting to risk management of � nance to all the statutory and regulatory reporting for the UK group. I came on the Oxford Diploma in Financial Strategy to stretch myself and improve my capability at the strategic level. I believe that it is essential, particularly in today’s climate, to be able to understand the bigger picture and analyse proposals which will help Skandia meet the ever changing needs of the market.
I found the programme rigorous and intellectually challenging. The quality of the teaching faculty is exceptional and it is a privilege to be part of the Oxford world. For me, an unforeseen and invaluable bene� t was the opportunity to meet so many people from different geographical and professional backgrounds and to debate issues and form relationships with them.
I liked the fact that the programme is introduced with the business strategy module. It really set the scene for the rest of the programme and provides the wider context and
foundation for the application of the � nancial aspects. Some of the material was a refresh from professional training and other material was entirely new which I found stretching and enjoyable.
The programme has widened my knowledge and challenged some of my original ideas and assumptions. It has helped to lift me out of my specialist area and show how I can help others see how the � nancial strategy supports the overall business strategy and aims of the organisation.
I decided to take the Oxford Diploma in Financial Strategy to update and perfect my knowledge since my MBA taken 20 years ago and my PhD six years ago. The experience in Oxford is unique and extraordinary. The modules are excellent on theoretical and practical levels.
I particularly enjoyed Professor Morrison’s Finance I module, which helped me rebuild a strong theoretical foundation for the application of project evaluations and investment decisions. The leveraged buy-out techniques in Finance II were also a very useful tool for evaluating M&A projects for my � rm.
Classmates are all elites in the � nancial and banking industries. I treasured the opportunity of discussing strategic issues with them. The Diploma is de� nitely worthwhile, even to those with extensive experience in corporate � nance or investment banking.
ALBERT LI
Investment Banking
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10 OXFORD DIPLOMA IN FINANCIAL STRATEGY
FACULTY
HOWARD JONES
Finance, Academic Director
Dr Howard Jones joined Oxford from a successful 15-year career in investment banking at Deutsche Bank and BNP Paribas. He was Worldwide Head of Equity Capital Markets, responsible for equity and equity-related capital raising. He earlier worked in debt capital markets and � xed income trading. Howard teaches the Capital Raising Techniques, and Trading and Market Microstructure courses on the Oxford MBA and MSc in Financial Economics and has particular expertise and experience in IPOs and primary markets.
The Diploma is taught by members of Oxford’s outstanding � nance and strategy faculty team. The programme leaders bring access to world leading research and a wealth of industry experience.
ALAN MORRISON
Finance
Professor Alan Morrison is a leading expert on corporate � nance, corporate governance and regulation. He is the author of numerous publications, including a book on the future of investment banks.
Alan read mathematics at Brasenose College, Oxford prior to spells in Andersen Consulting (now Accenture), Morgan Grenfell and SG Warburg. He is a Fellow of Merton College and a regular consultant to corporations, public bodies and governments and was recently specialist advisor to the House of Lords Treasury Select Committee.
KEN OKAMURA
Finance
Dr Ken Okamura completed his DPhil at Saïd Business School. His doctoral research focused on the Japanese � nancial crisis of 1997–2003, speci� cally looking at bank-� rm 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.
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.
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Visit our faculty pages at
www.sbs.oxford.edu/dip� nance
MUNGO WILSON
Finance
Dr Mungo Wilson joined Oxford after gaining experience as professor of economics at Asia’s leading business school, Hong Kong University of Science & Technology. His research interests include asset pricing and mutual funds. Prior to obtaining his PhD from Harvard, he practised law in the City of London, and earned degrees from London School of Economics and Oxford.
THOMAS POWELL
Strategy
Professor of Strategy at Saïd Business School, Thomas Powell’s research centres around competition, strategy and � rm performance. He has published extensively in management journals, consults globally on competitive strategy and is a member of the Strategic Management Society. Professor Powell teaches on our MBA and MSc programmes.
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’.
KATHY HARVEY
Director, Executive Degree
Programmes
Kathy Harvey is responsible for the development of postgraduate diplomas and the Executive MBA programme at Saïd Business School. She has extensive experience of working with senior executives from international organisations, and has worked closely with clients from many sectors to deliver management development programmes. Kathy began her career as a BBC journalist and has written for a variety of publications, including the Independent, Financial Times and Sunday Times.
“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
12 OXFORD DIPLOMA IN FINANCIAL STRATEGY
THE BUSINESS CASETHE BUSINESS CASE
Many candidates are self-funding, but if you are seeking support from your employer it may be helpful to prepare a skills gap analysis. Think through where you currently � t 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 using the module content on page four. Illustrate how an increased knowledge of these areas could bene� t your organisation. Consider a strategic issue facing the organisation that you could research in more detail for the business project. This ensures a project of direct relevance to you and results in a valuable piece of internal consultancy work for your organisation. PROGRAMME BENEFITS
Presenting your case to your organisation is likely to include information on how organisations and participants bene� t from the programme. For instance:
For individual performance
• Develop world class strategic and � nancial management skills
• Build on existing knowledge, quali� cations and experience
• Acquire the strategic perspective to progress to the highest level
• Access the latest research and thinking in � nance and strategy with world leading Oxford University faculty
• Exchange experiences, generate ideas and discuss strategic issues with a senior � nancial peer group from around the globe and across sectors
• Exposure to the top ranks of the business world via seminars, guest lectures and other networking opportunities
• Join the Oxford Business Alumni with access to a global network of Oxford University graduates in business
For organisational performance
• The modular format enables participants to integrate study into their working lives, while remaining a productive and contributing member of the management team
• Participants can apply their learning directly, adding value to their organisation from the � rst module
• Participants gain increased expertise and con� dence, enabling them to impact directly on strategic business decisions
• Employer involvement in the Business Project is encouraged and contributes to the expertise available to the organisation
OXFORD NETWORKS
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 pro� le events both in Oxford and internationally. Further information can be found at www.oxfordbusinessalumni.org
PATHWAY TO THE EXECUTIVE MBA
Some Diploma participants may already hold an MBA; others may be seeking to broaden their knowledge through this general management quali� cation. Participants who graduate from one of the Oxford Diplomas and successfully apply for Saïd Business School’s prestigious Executive MBA programme are automatically exempt from those modules they have already taken through the Diploma programme. They also receive a reduction in fees, equivalent to 60% of the value of their Diploma course fee.
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MARCIA FAVALE-TARTER
Financial Consulting
I own my own company advising governments or companies on � nancial matters. I am currently advising the government of Kazakhstan on restructuring their banking sector, with speci� c responsibility for two banks with US$18bn under advisory.
I attended the Oxford Diploma in Financial Strategy because I wanted to re-test my � nancial knowledge and re-challenge
certain concepts. It is good to test yourself with colleagues who have a lot of experience. It’s one thing to learn the theory when you are 21 but quite another when you revisit those concepts with 17 years of experience under your belt.
The programme piqued my interest to the point that I progressed onto the full Oxford Executive MBA. I found it an effective academic foundation
and the class around me provided a challenging overlay. Bonds were forged which made the programme truly memorable. The entire group was one you would want to be associated with and we worked in a very conducive environment. If you are considering taking the Diploma, my advice would be do it, but be aware that it is going to be harder than you thought – which is a good thing.
CASE STUDIES
For further case studies go to
www.sbs.oxford.edu/dip� nance
GARY MINTER
Real Estate
I’m a director at a consulting � rm that offers advisory, � nancing and management services, and am responsible for overseeing investments made by the � rm through our associated investment fund. I was looking for a programme to help me bridge the gap between my specialised real estate background and the broader world of corporate � nance and business strategy.
The Diploma has certainly provided that bridge. It has given me the opportunity to learn from esteemed instructors and to discuss � nancial and strategic ideas with top-level executives from around the world. The modular aspect also allowed me to continue my full-time job, a tremendous bene� t in its own right.
The Oxford Diploma in Financial Strategy has been,
without a doubt, the right programme for me to develop the � nancial understanding and strategic outlook that I need to perform at the top level in my organisation. The friends I’ve made along the way are an invaluable added bene� t. I know I will continue to draw upon the education and experience I’ve gained at Oxford as I progress in my career.
14 OXFORD DIPLOMA IN FINANCIAL STRATEGY
HOW TOAPPLYCandidates should apply online at www.sbs.oxford.edu/applyIf you require any assistance with your application or would like to discuss any aspect of the programme please contact Matthew ConisbeeTel: +44 (0)1865 [email protected]
PRICING AND PAYMENT SCHEDULE
A 20% deposit is required to secure the place on acceptance. The balance is due no less than eight weeks before the start of the programme. The programme fee covers tuition, course materials, essential reading texts, examinations, assessments and supervision. Lunch and refreshments are provided and there will be a dinner at a selected historic Oxford College during each module. The programme fee does not include accommodation.
For further information contact Matthew Conisbee tel: +44 (0)1865 610083email: [email protected] or visit: www.sbs.oxford.edu/dip� nance
ADMISSIONS CRITERIA
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:
Intellectual ability: A good undergraduate degree or equivalent professional quali� cation is required. Applicants who do not hold such quali� cations may be considered if they have a very strong employment history, demonstrating their ability as a high achiever.
English language pro� ciency: The programme is taught in English. A Test of English as a Foreign Language (TOEFL) or International English Language Test Scheme (IELTS) is required if English is not your native language. Candidates with a degree from, or signi� cant experience of working in, an English speaking country may be granted exemption from this requirement. Please see our website for further information on our English language requirements.
TOEFL TOEFL IELTS
iBT Paper
Minimum Score 109 630 7.5
Professional experience: Candidates must have at least � ve years’ professional experience and be familiar with the challenges of business strategy and organisational change.
APPLICATION PROCESS AND DEADLINES
Admissions are processed through a system of review before a � nal decision is reached. Each application is considered individually and a waiting list will operate once the programme is full.
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© 2012 SAID BUSINESS SCHOOL. PHOTOGRAPHY BY DAVID FISHER [WWW.DAVIDFISHERPHOTOGRAPHY.CO.UK] & GREG SMOLONSKI [WWW.PHOTOVIBE.NET]
Saïd Business SchoolUniversity of OxfordPark End StreetOxfordOX1 1HPUnited Kingdom
Contact:Matthew ConisbeeTel: +44 (0)1865 [email protected]/dip� nance
WWW.SBS.OXFORD.EDU
SAID BUSINESS SCHOOLSaïd Business School is one of the world’s leading and most entrepreneurial business schools. An integral part of the University of Oxford, the School embodies the academic rigour and forward thinking that has made Oxford a world leader in education. The School is dedicated to developing a new generation of business leaders and entrepreneurs and conducting research not only into the nature of business, but the connections between business and the wider world.
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