MONEY MOTIVES

CAN WE USE BEHAVIOURAL FINANCE TO MAKE RETURNS IN THE FINANCIAL MARKETS?

UNDERSTANDING VALUE

WHAT IS THE EQUITY RISK PREMIUM?

GLOBAL WARNINGS

WHAT CONTRIBUTED TO THE 2008 WORLD FINANCIAL CRISIS?

JOIN THE NETWORK
University of Edinburgh Business School 7 Bristo Square, Edinburgh, EH8 9AL, UK t +44 (0)131 650 9663 f +44 (0)131 650 8077 e msc@business-school.ed.ac.uk www.business-school.ed.ac.uk
The University of Edinburgh is a charitable body, registered in Scotland, with registration number SC005336.

MSc in Finance and Investment

Putting you at the heart of business

Edinburgh is a leading international centre for business and finance. Its also a beautiful, inspirational city. And, here in the University of Edinburgh Business School, you have a School that is right at the heart of the city, at the heart of business. Id like to thank you for your interest in the MSc in Finance and Investment. As one of the leading business schools in Europe, at one of the worlds leading universities, we have achieved an enviably high quality of teaching and research, as well as a natural connection to business. What really sets us apart however, is a willingness to look beyond accepted business thinking, to create debate and spark new ideas. With the current state of the worlds financial markets, it is imperative that students equip themselves with the knowledge and skills that are in demand, not just today but into the future. We believe our portfolio of finance MScs are at the forefront of the latest ideas and techniques that will assist the sector emerge stronger and more resilient. If youd like to find out more about the School or our programmes, please do getin touch with our programme directors. Or, better still, come and visit us yourself. I think youll be suitably inspired.

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A CITY OF CULTURE

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A CITY OF CULTURE A CITY OF BUSINESS THE UNIVERSITY OF EDINBURGH THE BUSINESS SCHOOL MSc IN FINANCE AND INVESTMENT PROGRAMME STRUCTURE MAKING YOUR APPLICATION

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THE UNIVERSITY

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THE BUSINESS SCHOOL

CONTENTS
BE PART OF THE DEBATE >>>>

13
CAN WE USE BEHAVIOURAL FINANCE TO MAKE RETURNS IN THE FINANCIAL MARKETS?

14
WHAT IS THE EQUITY RISK PREMIUM?

19
WHAT CONTRIBUTED TO THE 2008 WORLD FINANCIAL CRISIS?

Nick Oliver Head of School

www.business-school.ed.ac.uk 01

A CITY OF CULTURE

EDINBURGH

Beyond the city boundaries, Scotland is a land of rugged beauty, one of Named the Best Place to Live Europes last great wildernesses with and Work in the UK, Edinburgh mountains, lochs and seven thousand is an attractive city, notable for fine miles of stunning coastline. Within Georgian and Victorian architecture, only a few miles of the School lies striking parks and gardens. Here, the gently rolling countryside of East youll find a royal palace, a clifftop Lothian, with beaches, villages and castle and an extinct volcano all in famous golf courses just waiting to the heart of the city.Youll also find be discovered. Scotland is, of course, the Scottish Parliament, housed in the home of golf and its birthplace, an iconic piece of modern design. the ancient town of St Andrews, is less than a couple of hours from The city is both ancient and full here. The landscape of this striking, of vigour. With four universities, diverse land could have been made major international arts festivals, for the outdoor sporting life. Skiing, world class galleries, theatres and surfing, hiking, mountain biking concert halls, Edinburgh has a and kayaking are just some of the modern dynamism within its exhilarating activities on offer.

Edinburgh is a major European capital, a place where history can be felt in every beautiful cobbled street and elegant crescent. A World Heritage site, it is a city of hospitality and creativity. For generations, the gifted and the inspired; the artist and the scientist have made Edinburgh their home.

historic streets. People from all over the world have settled here, with a strong ethnic flavour to the bars, cafs and restaurants. It has all the advantages of a major European capital, yet is small in scale only half a million people and safe.

DUBLIN

LONDON

Did you know? The city of Edinburgh is well-connected, offering a range of direct international flights and extensive rail links, with frequent flights from London taking only 70 minutes. Edinburgh is a year-round festival city with events dedicated to theatre, film, books, art and science. Its home to The Edinburgh International Festival Fringe, the worlds largest arts festival. An offshoot of the International Festival itself, established in 1947, the Fringe staged over 31,000 performances across 250 venues in 2008. Edinburghs Hogmanay is the worlds biggest new year celebration, with more than 100,000 taking to its streets for a party that lasts a whole week.

A CITY OF CULTURE
HOW DID A CITY SO STEEPED IN HISTORY BECOME AN ICON OF CONTEMPORARY ARTS?

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THE CITY OF EDINBURGH

AS ONE OF EUROPE'S LEADING FINANCIAL CENTRES, EDINBURGH UNIQUELY COMBINES A DYNAMIC BUSINESS COMMUNITY WITH ITS STATUS AS A WORLD HERITAGE SITE

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A CITY OF BUSINESS

EDINBURGH IS A TRULY AMAZING CITY WITH SUCH INCREDIBLE BEAUTY THAT IT WAS A JOY TO STUDY THERE
Yoni Titi, Postgraduate student

A city of culture, a city for business, Edinburgh has a real sense of dynamism. A compelling blend of history and cutting-edge modernity, it is the second largest financial centre in the UK with a thriving, diverse economy and a highly educated, motivated workforce. The University of Edinburgh Business School embodies this potent mix. The University offers a stimulating learning environment, nurtured over more than 400 years. The School itself is one of the most respected, most progressive in Europe, with alumni drawn from all corners of the globe. Here at the heart of Edinburgh, the School is perfectly placed to engage with the local, national and international business community. Several major global financial institutions banks, insurance companies, investment houses, brokers have their HQs in

Edinburgh. In a city that brought the world Dolly the Sheep, the worlds first cloned mammal, a city that is home to the most powerful computer in the UK (here in the University), a city that has developed the countrys most vibrant biosciences sector, the School is right at home in this atmosphere of innovation and collaboration. This focus on cutting-edge learning attracts the worlds leading thinkers and business people to the city. Edinburgh is a major conference destination, a venue for international symposia and research meetings. In a country at the leading edge of research into renewable energy, a city at the heart of Europes financial system, we have a notable pool of talent to draw on. And we do. Every week, guest speakers will present to students, engage in debate with faculty and encourage our potential entrepreneurs. Were connected to business in real, practical ways.
Did you know? The financial services industry in Scotland employs over 100,000 people directly and up to 100,000 more are employed in support services. Scotland is one of the worlds major fund management centres with approximately 580 billion managed directly in Scotland. The Scottish based general insurance, life assurance and pensions sectors manage around 726 billion of funds worldwide. The asset servicing sector employs some 3,800 people and has around 685 billion of funds under administration within Scotland.

A CITY OF BUSINESS
WHAT ATTRACTS THE WORLDS LEADING BUSINESS THINKERS TO EDINBURGH?

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THE UNIVERSITY OF EDINBURGH

INDUSTRY, KNOWLEDGE AND HUMANITY ARE LINKED TOGETHER BY AN INDISSOLUBLE CHAIN

David Hume, Scottish philosopher, economist and historian

The University of which we are a key part is one of the oldest in the United Kingdom. Granted its Royal Charter in 1582, the University of Edinburgh has been the home for some of the countrys most distinguished thinkers. During the 18th century, the University lay at the heart of a truly remarkable period in European history. The Scottish Enlightenment fused art, science, politics, law and sociology to create a new, reasonbased approach to the human condition. The Enlightenment nurtured many great thinkers, a great number of whom studied or taught here. The extraordinary level of creativity shown by the faculty, students and alumni of Edinburgh is evident, for example, in the naturalistic philosophy of David Hume; James Huttons founding of modern geology; Charles Darwins Theory of Evolution; James Clerk Maxwells unified model of electromagnetism;

Joseph Listers development of antisepsis; Sir James Young Simpsons revolutionary work with anaesthesia; Sophia Jex-Blakes pioneering work in advancing medical education for women; Peter Higgs prediction of new subatomic particles; and the first cloning of a mammal by Sir Ian Wilmut and his team. Today, the University is breaking new ground in renewable energy research, in medicine and in informatics. The University of Edinburgh has played a key role in the development of science, arts and business for more than 400 years. Scholars, poets, politicians, scientists, humanists, entrepreneurs and dreamers alike have all found inspiration here.

Did you know? The University of Edinburgh is one of the largest in the world. With more than 25,000 students and 600 different degree programmes, it attracts students from around the globe. Almost every place on every course could be filled several times over; little wonder our alumni have gone on to achieve great things over the centuries.

THE UNIVERSITY OF EDINBURGH

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THE BUSINESS SCHOOL

A history of innovation In 1916, the Edinburgh Chamber of Commerce encouraged the University to consider instituting a degree in commerce. And so, in 1918, the Bachelor of Commerce (BCom) was born, one of the first two to be offered in the UK. A year later, the Chair of Accounting and Business Method was founded, the first such Chair in Scotland. The Edinburgh MBA programmes were first offered in 1980 and since then, the Schools postgraduate degree portfolio has grown significantly and now lies at the forefront of business development in areas such as finance and risk, international business, carbon management and accounting. Over 4,000 postgraduate students from a variety of backgrounds and nationalities have successfully graduated from these programmes.

International impact Business is global. So are we. Our This indivisible link between School MSc programmes get to the core and business can be found right across of international business and finance our work. Its there in our sponsored to address key issues of the day. Our research, in our executive education students, like many of our teaching programmes, in our guest speaker faculty, have an international series, in our Entrepreneurship Club background in terms of nationality and our student projects. Its there and career. in the lecture theatre, the classroom and the coffee bar. This strong sense of internationalism creates a lively theatre of debate Cutting edge research among students and between Research is the lifeblood of any students and faculty. We always look major business school, creating to create a mix of nationalities and leading-edge thinking that will backgrounds so that we are able to inform and sometimes revolutionise learn from each other, sharing ideas future business strategy. Be it and insights into different cultures. methodological, applied or blue sky, Our MSc portfolio typically attracts the research conducted at Edinburgh students from over 50 different seeks to set the agenda across a wide countries. range of business disciplines.

Who we are We are a catalyst. A place where ideas are born, theories debated and business done. Much more than a source of knowledge, we can make a crucial difference to the career and personal progression of our students. Our MSc programmes have a strong foundation in academic research, yet all are designed to tackle the very real issues that face todays international business community.

Our research clusters, staffed by teams whose work has real influence in business, in government and the public sector, place original research, original thought at the core of the MSc curricula. The latest research to come out of the School includes some truly groundbreaking work in carbon management, finance, credit scoring and public management.

The University of Edinburgh Business School faculty numbers some 63, with at least 1,200 students studying here at any one time. Our faculty has substantial commercial experience and an impressive track record in the publication of original research and our professors are some of the most respected in business academia.
Impressive resources The Business School is located on the lively University campus right in the heart of the city. MSc students have 24 hour access to dedicated computer labs, study and social spaces. Financial databases The centre of the Schools knowledge base is the Management Information Research Centre and Learning Environment (MIRACLE). This provides students with electronic access to a vast array of specialist research databases, online journals and many of the leading financial information services including Datastream, Osiris, Thomson ONE Banker, Compustat and CRSP (Centre for Research in Security Prices).

THE BUSINESS SCHOOL

Did you know? The University of Edinburgh Business School and its programmes feature highly in global rankings produced by both the Financial Times and the Economist. The School also holds both EQUIS and AMBA accreditations. These features are testimony to the quality of our programmes, students, research, staff and alumni.
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MSc IN FINANCE AND INVESTMENT

THE LECTURERS ARE WELL-NETWORKED AND INVITE GUEST SPEAKERS FROM A RANGE OF FINANCIAL INSTITUTIONS, KEEPING US UP TO DATE ON REAL WORLD ISSUES
Julia (Sze) Young, 2009 Graduate

Most business schools offer an MSc in Finance. Few offer an MSc with such a strong investment component. A powerful blend of academic rigour and vocational insight, the MSc in Finance and Investment will add considerably to the knowledge of those looking to further their career in this vital sector. The MSc was awarded the Scottish Financial Enterprise Innovators Award in the year it was launched. The Schools location in the UKs second largest financial centre allows us to attract visiting speakers from the key financial institutions, fund managers and analysts. Indeed, the course was founded with the financial and practical support of major industry players, including Citigroup, Martin Currie and Baillie Gifford. Students are able to interact with leading figures from these major companies; this is particularly evident in the dissertation, which offers an invaluable opportunity to

collaborate on a topic that has real, of-the-minute industry relevance. Our strong connection to industry is exemplified by our work in the Centre for Financial Markets Research and the Credit Research Centre which bring together leading academics and practitioners. The centres are a keen theatre of debate, creating new thoughts, new ideas for both the theoretical study and practical application of credit, finance and investment. The practical, theoretical and numerical skills learnt through the programme, as well as the global perspective of investment markets and asset classes, will leave you well qualified for a range of financerelated professions. We expect graduates to take up positions in investment analysis, portfolio management, financial statement analysis and evaluation, corporate finance, product development, client servicing and risk management.

DEBATE

CAN WE USE BEHAVIOURAL FINANCE TO MAKE RETURNS IN THE FINANCIAL MARKETS?

Behavioural finance is an exciting new area in finance which takes as its premise that investment decisionmaking and investor behaviour are not necessarily driven by rational considerations but by aspects of personal and market psychology. It recognises that our abilities to make complex investment decisions are limited, and that we can improve our performance as investors and fund managers by recognising the biases and errors of judgment to which all of us are prone. Experts in the business school, specialising in behavioural finance and engaged in internationally recognised research, are currently investigating how useful behavioural finance is in explaining the existence of market anomalies.

BE PART OF THE DEBATE >>>> Join the MSc in Finance and Investment

MSc IN FINANCE AND INVESTMENT

READY TO INVEST IN YOUR POTENTIAL?
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MSc IN FINANCE AND INVESTMENT

DEBATE

WHAT IS THE EQUITY RISK PREMIUM?

The equity risk premium is the difference between the expected rate of return on the stock market and the rate of return on risk-free assets. It is a crucial number in the valuation of companies and projects, because it affects the discount rate (the cost of capital). There is no way to calculate it exactly. Estimates commonly used have fallen in the last 15 years from around 8 per cent per annum to around 3 per cent per annum, a huge drop that raises a whole series of questions: How are the estimates arrived at? Why have they changed so much? Why is there so much uncertainty about this number? The consequences of the under-pricing of equity risk, particularly given recent stock market conditions, are becoming more apparent but the debate as to why it is under priced continues.

Skills developed Through the programme learning and the expertise and support of your course tutors, we would expect you to develop the following skills: - An ability to understand, speak and write the language of finance and investment. - An understanding of industry practice in risk management. - An ability to analyse the financial statements of companies, to evaluate earnings quality and firm performance. - An understanding of a wide range of the financial industrys analytical and problem-solving methods and techniques.

CASE STUDY

Pavle Sabic State Street Bank and Trust, Quantitative Risk Analyst

You will also develop a range of transferable skills including: - An ability to understand, assess and present complex lines of argument. - An ability to work individually and with others, often under time pressure. - An ability to communicate clearly on paper and in presentations. - Enhanced numerical skills and fluency in spreadsheet use.
Links to industry The School is a recognised partner institution by the Chartered Financial Analyst (CFA) Institute. This means that the MSc in Finance and Investment is judged by the Institute as covering at least 70 per cent of the CFA curriculum. The degree will therefore assist those who choose to study for the CFA qualification. We also teach a module on ethics and standards of professional practice.

I graduated from Heriot-Watt University in 2005, with a 1st Class Distinction in Mathematics and Economics; I was also awarded the Watt Club Medal (Dux). Having decided that I wanted to apply my undergraduate skills in the finance industry, I needed to refine and add to my existing tool kit in order to become competent as a practitioner. I applied to Edinburgh because of its great reputation throughout the world and because it is one of the most intensive finance programmes in the UK. It was also encouraging to know that many of the lecturers are experienced practitioners within the field. Finally after applying and being granted a scholarship for the course, my choice was made. Once I had completed the programme, I became a Quantitative Risk Analyst for State Street Bank and Trust. This is a technical and client-facing role which includes frequent travelling. I feel the MSc provided me with the vocabulary and knowledge which is essential in the financial industry. It allowed me to begin my career at a high level and provides huge scope for progression. The MSc really prepares you for the intense working environment this field offers.

BE PART OF THE DEBATE >>>> Join the MSc in Finance and Investment

The Business School is also recognised as a Centre of Excellence in the provision of postgraduate education in finance and investment by the Chartered Institute for Securities and investment (CISI). Students who have passed the MSc in Finance and Investment can apply for exemption from the SII Diploma exams.

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PROGRAMME STRUCTURE

ONE OF THE BEST THINGS ABOUT THE MSc WAS THE DIVERSE RANGE OF PEOPLE I MET
Kathryn Wardrope, Ernst & Young

Semester 1 Induction Corporate Finance Financial Markets Investment Mathematics Statistics for Finance

Semester 2 Research Methods in Finance Plus one or both of Derivatives Investment Management Plus one or two of Option Course Option Course Dissertation

Summer

Recent speakers - AEGON Head of Strategy - Barrie & Hibbert CEO - Bell Lawrie Head of Investment Company Research - Cairn Energy Finance Director - Charterhouse Capital Partners Partner - Citigroup Scotland Managing Director - Dresdner Kleinwort Chief Economist - International Accounting Standards Board Chairman - KPMG Director of Corporate Finance - Lloyds TSB Chief Economist - Martin Currie Chief Investment Officer - Royal Bank of Scotland Head of HR Shared Services - Scottish Financial Enterprise CEO - Scottish Financial Operations CEO - Scottish Development International Operations Director - Securities and Investment Institute Managing Director - Standard Life Investments Head of Socially Responsible Investing - Standard Life CEO

Induction At the beginning of the programme there is a comprehensive induction week that provides an introduction to the School, the programme and the University. Designed to be both informative and fun, it enables you to get acquainted with your fellow students with whom you will be studying with for the duration of the programme. Core courses The MSc programme features seven core courses. These are the foundation upon which the whole MSc is built. Four of these are studied in Semester 1 and three in Semester 2. Learning is achieved through lectures, set reading, exercises and case studies. Option courses This is your MSc. And this is where you tailor your studies towards your career interests. From a range of option courses, you have the opportunity to choose three. These options are reviewed every year, ensuring that each option is of direct relevance to the needs of today's businesses.

Assessment The taught courses use a combination of formal examination, individual/group assessment and presentation. The nature of the course will dictate which form(s) of assessment are used. Dissertation The conclusion of the MSc brings all of the years learning together in a piece of work unique to each student. Taking inspiration from the information and insights you have gained, each student devises the subject matter, in discussion with faculty, and sets the research agenda. The subject chosen should be viewed in light of your own future career plans.

Mid-September

December

April

Mid-June

End-August

Key

Core course

In Semester 2 students select three courses in total (plus Research Methods in Finance) The proposed option courses for 2010/2011 are:* (choose one or two) - Advanced Corporate Finance - Advanced Finance Theory - Advanced International Accounting - Behavioural Finance and Market Anomalies - Equity Valuation - Financial Ethics - Public Sector Financial Management

Through the extensive links the School and faculty have with the finance sector, we are able to provide a number of students each year with an opportunity to base their dissertation on a specific live issue that a particular company is facing. Students have been offered positions as a direct result of the work they have carried out through their dissertation on these sponsored projects.
Indicative dissertation topics - The correlation between credit spreads and equity markets - Socially responsible investing: facts, performance and impact on corporate behaviour - Short selling around rights issues in the UK - Secondary loan trading in China and its impact on bank behaviour - Value-at-risk methodologies for different asset classes Recent MSc recruiters AEGON Baillie Gifford Barrie & Hibbert Ernst & Young Goldman Sachs JP Morgan Morgan Stanley Newton Investment Management PriceWaterhouseCoopers Royal Bank of Scotland Scottish Widows Investment Partnership Standard Life State Street Bank and Trust UBS

* correct at time of going to press

PROGRAMME STRUCTURE
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NATIONALITIES OF MSC PORTFOLIO COHORT 2010-11

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MSc IN FINANCE AND INVESTMENT

CASE STUDY

Nelly Terekhova Scottish Widows Investment Partnership, Investment Analyst

Careers support The MSc has one overarching aim to help you determine your career goals and realise your ambitions. It is a concept that runs at the very heart of the programme. Gaining new knowledge and skills, working with multi-cultural groups and developing a personal network that will provide lifelong connections will all contribute to achieving your goals.

We work in close collaboration with the Universitys Careers Service in providing extensive support that provides access to: - One-to-one careers advice - Two on-campus recruitment fairs plus an extensive series of employer presentations - Extensive online job vacancy sources - Practical skills training on making applications, selection techniques and assessment centres - Access to comprehensive guides and videos covering all aspects of career development
Alumni services When you graduate, you will automatically become a member of the Business Schools alumni network as well as that of the University. In addition to the benefits and services provided to alumni by the University, the Business School alumni network provides you with: - Dedicated online alumni resources which offer access to a wide range of services including job posting platforms and listings of events and activities - The Business School alumni magazine Aluminate - Access to an alumni version of the MIRACLE electronic resources - A growing number of alumni groups and events worldwide - Access to the LinkedIn MSc alumni network

I originally looked at a number of business schools in the UK, based on how interesting I thought their MSc programmes were. I decided to go to Edinburgh because it had the highest rating and a very strong reputation among potential employers. The fact that the course was strongly applied to the real-world financial markets, rather than only theory, influenced my decision as well. As well as the theoretical knowledge, I learned a lot of skills that are largely applicable to most of the jobs in the financial markets. I am now working with Scottish Widows Investment Partnership, in the Fixed Income team. I mostly work with swaps, creating pricing and valuation models for them. I also analyse potential structured trades. In addition to that, I am now in my second year helping to teach the Statistics for Finance tutorials on the MSc in Finance and Investment. One of the best things about doing the MSc is that it helped create a good network of students, alumni and professors. We are already taking advantage of this network, and that is when we are all relatively new in our careers. Can you imagine how useful it is going to be in a few years time?

DEBATE

WHAT CONTRIBUTED TO THE 2008 WORLD FINANCIAL CRISIS?

World financial markets came close to 'meltdown' in 2008. The debates that have started to try and explain the reasons for this are prevalent in every walk of life. In parliaments, boardrooms, across newspapers, in chat rooms and online, everyone has their own theories and explanations. Some observers believe that the inappropriate use of quantitative measures of risk, such as standard deviation of return or value at risk, used extensively in the banking and finance industry, contributed to the crisis. As a consequence in the future, market participants are likely to focus less on the normal distribution of possible outcomes and more on rare but consequential shocks and jumps, and on multivariate dependencies. This is just a snapshot of one of the debates, as to which one will provide the definitive answer is of course subject to another.

BE PART OF THE DEBATE >>>> Join the MSc in Finance and Investment

18 MSc IN FINANCE AND INVESTMENT

MAKING YOUR APPLICATION

Want to find out more? We would encourage you to come to the School to attend one of our Open Days to truly experience the MSc in Finance and Investment. Details of forthcoming events are posted on our website. We can also arrange informal one-to-one sessions with the Programme Director and are happy to put you in touch with current students and alumni. Educational and professional experience The entry requirement is normally an Honours degree from a good university, with an excellent or very good classification, in which the subjects studied include finance, accounting or economics. (Our website clarifies international equivalents to the desired UK 2:1/1st honours degree.)

Conditional offers can be made whilst a final degree result/language score result is awaited. Applicants with an Honours degree in a non-related subject will also be considered, but they will need to demonstrate a very high standard of ability and motivation for the programme.
English language There is an English language requirement for applicants whose first language is not English. One of the following is required: Test of English as a Foreign Language (TOEFL) - Paper based TOEFL Overall score of 600 or above (with scores of at least 55 in each section and a score of 4.0 in essay writing); - Computer based TOEFL Overall score of 250 or above (with a score of at least 21 in each section); - Internet based TOEFL Overall score of 100 or above (with a score of at least 20 in each section)

International English Language Testing System (IELTS) - Overall score of 7.0 or above (with a score of at least 6.0 in each section) Cambridge Certificate of Proficiency in English (CPE) Grade A

Fees The fees for entry in September 2010 are 14,250 (Home/EU students) or 18,150 (Overseas). Application Deadlines Demand for places on the programme is high, and places are allocated to suitably qualified persons on a first-come, first-served basis. There is, therefore, a clear advantage in an early online application to the programme, uploading full documentation. We recommend that you submit your application by 30 June 2010. A limited number of applications received after this date may be considered. If the programme is full before this date we will indicate this on our website. Once an offer is made, you have 28 days to accept this offer online.

If your first language is not English, but your previous degree includes at least three years study at an English-speaking university or your previous degree education was conducted in English, please visit our website for further details of language proficiency assessment.
How to apply We ask all candidates to complete an online application and a personal statement which should indicate your reasons for applying to the programme. The statement should be approximately 500 words in length and answer the following questions: why have you selected this particular programme; what contributions do you feel you can make to the programme; and how do you see the programme affecting your career plans?

Work experience is not required. However, relevant work experience will be an advantage, especially for applicants with a degree in a nonrelated subject.

To apply online and for details of deposit payments, visit the specific MSc in Finance and Investment pages on www.business-school.ed.ac.uk

MAKING YOUR APPLICATION

WE'RE READY. ARE YOU?
20 MSc IN FINANCE AND INVESTMENT

t +44 (0)131 650 9663 e msc@business-school.ed.ac.uk www.business-school.ed.ac.uk

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