To be considered for admission to the MSc programme, a candidate should, normally, hold a good Honours degree or equivalent in Finance, Accounting, Economics and Banking, Risk, Insurance, Actuarial Science, or their equivalents.

 In addition, applicants should have completed the following courses, or their equivalents, at undergraduate level: Accounting, Principles of Economics, and Quantitative Analysis for Business and Corporate Finance. 

Experience in financial markets will be an added advantage.

Bridging Modules

The nature of the programme requires that students be in possession of both mathematical and financial backgrounds prior to undertaking any of the courses. To ensure that this requirement is met, prospective students will be required to attend bridging modules as follows:

Corporate Finance:  This module will be compulsory to students who do not have Corporate Finance, Financial Management, or equivalent, at undergraduate level, as determined by the Department.

Accounting:  The module will be compulsory to students who do not have Accounting I, Financial Accounting I, or equivalent, at undergraduate level, as determined by the Department.

Numerical Methods in Finance:  The module will be compulsory to students who have a weak background in Stochastic Calculus, as determined by the Department.

 

Teaching and Learning Methods:
An eclectic mixture of teaching methods which include but are not limited to lectures, tutorials, case studies, worked examples, problem-based learning, computer laboratory activities, simulations, field practicals, group work, research projects as well as their dissertations, mini-projects, term papers, end of semester professional examinations, continuous assessment tests, written assignments, oral presentations and industrial visits will be used in the programme. Students benefit from the access to financial and business databases and other hands-on learning tools to develop valuable practical skills in analysing the finance industry so as to stand out in the job market.

Assessment Methods:
Written examinations, tests, assignments, practical and oral presentations and tests, seminar presentations, industrial attachment report, research project report, and continuous assessments.
Programme Competences
Generic:
Multidisciplinary:
Ability to draw appropriately from multiple academic disciplines to define and solve problems based on understanding of complex phenomena
Quantitative and innovative reasoning: Capability to draw on big data and use analytics for informed decision making and strive to seek new ways of doing things
Communication skills: Ability to communicate effectively and to present information orally and in writing and using ICTs to both expert and non-expert audiences
Analysis and synthesis: Capacity for analysis and synthesis using logical arguments and proven facts.
Ethical commitment: Professional integrity and awareness of impact of science and technology on society and the environment
Entrepreneurial skills: Capability to identify and create new business ventures based on knowledge and new thinking paradigms
Discipline specific:
Technology development skills: Ability to develop new themes, models, advanced problem-solving techniques in finance and investment, including corporate finance, risk management
Problem-solving skills: Ability to solve a wide range of problems in related finance by identifying their fundamental aspects.
Exit Level Outcomes
Problem solving
Identify, formulate, analyse and solve complex economic, financial and investment problems creatively and innovatively.
Application of scientific knowledge
Apply knowledge of mathematics, quantitative techniques in economics, finance, financial models and software to solve economic and economic, financial and investment problems.
Investigations and data analysis
Demonstrate competence to design and conduct investigations and contribute to the debate, research on contemporary issues in the area of Finance
Information technology knowledge
Demonstrate competence to use appropriate information technology skills and competences. Programming skills are needed to build simulating financial modelsto learn about market behaviour. Through these simulations, the financial engineer is expected to generate results, as much as accurately possible.
Professional and technical communication
Demonstrate competence to communicate effectively, both orally and in writing, with audiences in all sectors of the economy and at various levels, and the community at large.
Sustainability and financing and investing activity
Demonstrate critical awareness of the sustainability and impact of application of modern techniques in finance and investment on the social, economic, financial sectors and business environment in general.
Individual, team and multidisciplinary working
Demonstrate competence to work effectively as an individual, in teams and in multidisciplinary environments.
Independent learning ability
Demonstrate competence to engage in independent learning through well-developed learning skills. Parameterize and use commonly used models in Finance and other related fields for research to solve financial and societal problems.
Finance and investment professionalism
Demonstrate critical awareness of the need to act professionally and ethically and to exercise judgment and take responsibility within own limits of competence.
Finance and investment management
Produce strategic and enterprising finance and investment professionals and academics; Create highly qualified finance and investment professionals to lead the industry into the future. Parameterize and use commonly used models in Finance and other related fields for research to solve financial and societal problems.

 

CFE 5101 Advanced Financial Econometrics and Data Analysis [20 Credits]

This is a module in advanced econometric theory, providing a rigorous basis for the techniques of analysis of economic data. The emphasis is on analytical methods and tools of econometric analysis. It focuses upon likelihood methods. Maximum likelihood estimation, elements of asymptotic theory and the principles of hypothesis testing are covered. The implementation of these techniques to important special linear and nonlinear models is studied. Methods of non-parametric estimation are also analysed. The application of computer-based methods (e.g. Monte-Carlo analysis, the bootstrap) to econometric problems is discussed. The modern area of empirical likelihoods is introduced, combining the principles of non-parametrics and the likelihood, and is related to the bootstrap.  The course also examines the techniques available in applied research for the analysis of micro-level data in the study of economic behaviour and policy problems. Further, it examines binary choice, multiple choice and ordered response models, limited dependent variable techniques, including censored and truncated regression, selectivity and double hurdle models and switching regression models, and associated diagnostic tests

 

CFE 5102 Stochastic Analysis and Optimization in Finance [20 Credits]

The objective of this module is to provide the background, basic ideas and methods of stochastic calculus and to apply these methods to financial models. The module introduces the concepts of arbitrage and risk-neutral pricing in a discrete-time setting. In addition, it provides an introduction to those aspects of partial differential equations and diffusion processes most relevant to finance, Random Walk and first-step analysis, Markov property, Martingales and Semi-martingales, Brownian Motion, Stochastic Integrals, Ito’s Formula, backward and forward Kolgomorov equations, the Feynman-Kac formula, stepping times, Hull and White models, Cox-Ingersoll-Ross Model.  It covers fundamental techniques for portfolio optimization, pricing and hedging derivative securities and other aspects of continuous time finance.  Finally, the module will introduce and study Levy processes both from an analytic point of view and also from a probabilistic one.

 

CFI 5101 Financial Statement Analysis and Planning [20 Credits]

The module examines concepts; conventions, standards, issues, the regulatory regime and, the reasons and progress towards harmonization of the preparation of Financial Statements and the Analysis of the Financial Statements prepared on these bases.

 

CFI 5111 Advanced Corporate Financial Strategy [20 Credits]

The objective of the module is to examine advanced concepts and issues in corporate financial management. Topics to be covered include: The main building blocks of financial theory of: Efficient Markets Hypothesis, Agency Theory, Asset Price Theory [CAPM, APT], Option Pricing Theory, Portfolio Theory,

 

Stage II Core Modules

           

CFE 5201   Asset Pricing Theory and Practice [20 Credits]

The aim of the module is to provide a formal introduction to asset pricing through the study of its main topics, mainly: the mathematics behind the CAPM model, the APT model, and option pricing models; the review of the CAPT pricing formula derivation with and without a risk-free asset; the APT pricing formula with a one-factor structure and multi-factor structures; and option pricing formulas in discrete time (the Binomial Model) and continuous time (the Black-Scholes (Brownian) Model).  On completion of the model the students should be able to: find expressions for the portfolio frontier with and without a risk-free asset; derive expressions for expected asset returns in the CAPM framework; derive expressions for expected asset returns in the CAPM framework; derive expressions for expected asset return in a factor model (APT); demonstrate an understanding of risk neutral probabilities; derive derivative prices in a Binomial Model; derive the partial differential equation that governs derivatives prices in a Brownian Model; apply put-call parity to options prices problems; apply the Black-Scholes Model to work out option prices.

                       

CFE 5202   Derivative Securities [20 Credits]

This module blends theory and practice that incorporates a new approach to teaching derivatives.  This is an advanced course combining theory and practice of pricing and hedging derivative securities.  The module emphasizes the applications of financial engineering and covers option and futures pricing theory and practice.  Emphasis will be on the pricing of derivatives in continuous time, from the formulation of the pricing problem to the implementation of computational and numerical solution techniques.   In addition, it introduces the arbitrage-based pricing of derivative securities, focusing on topics such as arbitrage, risk neutral valuation, the log-normal hypothesis, binomial trees, the Black-Scholes formula and applications, the Black-Scholes partial differentiation equation, and other analytical and numerical models.  The objective is to develop modelling skills needed to value the full range of derivative securities from exchange-traded options to over-the-counter products including American versus European options, one-factor interest rate models, swaps, caps, floors, swaptions, and other interest rate-based derivatives and credit risk and credit derivatives. In addition, it covers the theory and practical applications of currency derivatives, as well as exotic and embedded options.

CFE 5203   Quantitative Risk Management [20 Credits]

This module provides a broad theoretical and practical grasp of the latest risk management and security valuation techniques used in financial industry and corporate treasury. Although the core content is mathematical in nature, the non-technical student should be able to understand the mathematics through application. The emphasis is placed upon the use of martingale techniques for pricing risk. Topics include the basic hedging techniques used to handle equity and exchange rate risk; forwards, futures and derivative contracts and models of bond pricing and the term structure of interest rates.

 

CFE 5204   Financial Computing [20 Credits]

The module introduces approaches useful in practical applications of computing, namely Microsoft Excel, Matlab and C-programming. Comparisons between the approaches will be made by using simple common problems.  The objective is to enable students to gain a level of competence with, and understanding of, computers and computer packages in a financial environment.  At the end of the course, students will be able to analyse a wide range of problems arising in finance using a mixture of spreadsheets, Matlab and C programming.  Topics include: Microsoft Excel – simple spreadsheets using in-built functions, optimization using Goal-Seek tool; finding roots using the Solver tool; data analysis; MATLAB – graphics, matrix computations, in-built functions, programming in MATLAB;  ANSI C Programming – basic C programming (data types, arithmetic and mathematical functions, flow control, arrays); Functions – passing information to and from functions; Pointers – pointer arithmetic, the relationship between arrays and pointers; File handling – opening and closing files, reading from and writing files. Application focuses on derivative pricing and fixed income applications, treatment of discrete dividends, numerical methods for stochastic differential equations, random number generators, Monte-Carlo Methods for European and American options.

 

Stage III Core Modules

 

CFI 5303 Financial Modelling and Trading Rules [20 Credits]

The module involves the financial use of computer software packages to model corporate finance problems such as: Operating Budgets, Capital budgeting, Decision Tree Analysis, Sensitivity Analysis, Computer Simulations, Business and Securities Valuations.  In addition, the course examines the dominant technical analysis tools in the stock exchange markets, foreign exchange markets, and other financial markets.  Furthermore, the course seeks to equip students with advanced skills needed to test for the weak-form, semi-strong form, and strong form versions of the Efficient Market Hypothesis (EMH), in the process of identifying opportunities for successful application of technical analysis tools.  The learning process is not limited to the study and evaluation of existing technical analysis tools, but also equips students with skills to develop new skills.

 

CFE 5301Product Design and Engineering [20 Credits]

The module provides students with the opportunity to design and engineer financial products, taking them from the fundamentals of design, from conception of an idea, prototype design, to a marketable end-product.  The module is designed to encourage creativity and innovation so that the students may be more successful in the real-world. It provides the preliminary planning of complex and realistic financial engineering systems, which include the design, use and pricing of structured products, how the products are constructed and hedged and applied in live situations.  Design concepts and techniques are introduced and the students’ design ability is developed in a design or feasibility study chosen to emphasize innovation and ingenuity to provide wide coverage of financial engineering topics.  It also emphasizes design optimization of financial models. Topics include; application of engineering methods in financial design, analysis, and construction of financial contracts to meet the needs of enterprises; architecture and creation of structured notes, structured notes through repackaging vehicles, creating financial investments to match investors’ requirements, constructing a delta hedge, options Greeks and their applications, Delta, Gamma, Theta, Vega, Rho; Dynamic hedging; Black-Scholes model, Binomial model; Ho and Lee model Cox Ross Rubinstein model Interest rate-, currency-, equity-linked notes, complex interest rate swap structures, risk management of structured products and derivatives; and reverse engineering.

 

Electives

CFE 5302Foreign Exchange Exotic Options [20 Credits]

The objective of the module is to develop a solid understanding of the exotic currency derivatives used in international treasury management, thus providing the mathematical and practical background necessary to deal with all the products on the market.  Topics include: pricing and hedging in the Black-Scholes model, Vanilla options, volatility measures, first generation exotics (products, pricing and hedging), structuring with Vanilla options, the Traders’ Rules of Thumb, Second generation exotics (single and multi-currency).

           

CFE 5203 Intellectual Property and Contracts Law [20 Credits]

The objectives of the module are: (a) to familiarize with intellectual property (IP) mechanisms such as, copyrights, patents, trademarks and trade secrets, and other related state law doctrines; (b) to provide an overview of the contracting process in a common law country.  Topics on IP rights embody how the need to balance between public and private interests shape the contours of the legal protection conferred on IP rights; general and codified legal institutions found within the IP law, such as fair use, compulsory licenses, substantial similarity, direct, indirect and contributory infringements, public policy defence and the implementation of these principles; and how IP rights are affected by emergence of the internet, the digital environment and international treaties (e.g. TRIPS Agreement).  Contracts law focuses on types of contracts and the requirements for their validity, breach of contract and legal consequences of a breach; formation of contracts (the offer and its acceptance, as well as effective revocation of offers, counter-offers and their acceptance); comparisons of different international legal systems pertaining to contracts; rights of each contracting parties, breach of contract, remedies for breach of contract; consideration of the Uniform Commercial Code (UCC) and its role in international commercial transactions.

 

CFE 5304   Financial Time Series Analysis [20 Credits]

The aim of the module is to introduce the special statistical character of series of observations measured

overtime, and to show how this affects modelling Time Series data. Stochastic processes are introduced,

andmeasures of their heterogeneity andmemory are investigated. Special important processes are

covered, andthese include Vector Auto-Regressive Integrated Moving-Average (VARIMA) models. The

analysis coversboth the time and frequency domains. We also analyse the effects of seasonality, comovements (such as

cointegration and error-correction), spurious correlations, structural breaks and outliers.

 

CFE 5307 Advanced Capital Budgeting [20 Credits]

The module explains several methods of analysis that can help business managers in valuation of investment projects and making investment decisions using a rigorous cost/benefit analysis. Topics include: calculating the payback period and evaluating capital investments using the payback period; calculating the accounting rate of return and evaluating investments using the ARR; capital budgeting using the time value of money; capital rationing; inflation and capital budgeting; risk and capital budgeting; replacement of assets; scenario, sensitivity and break-even analysis; capital structure and capital budgeting; leverage and NPV analysis; managerial options; CAPM and capital budgeting;  multiperiod capital budgeting. Innovations in the field of capital budgeting will also be considered.

           

CFI 5304 Structured Finance[20 Credits]

The module is aimed at designing debt, equity and hybrid financing techniques in order to resolve particular issues or investor problems that cannot be resolved by conventional methods. The focus is on identifying situations that call for nonstandard corporate finance solutions, and the design and pricing of the situation-specific financing instruments. Such situations include, stress-induced financial restructuring, recapitalisations, private equity and leveraged buyouts, and arbitrage-driven hybrid notes; security issues that arise in securitisation transactions, financing with asset-backed securities; medium term notes and equity-linked structured notes; design and pricing of convertible, hybrids and mezzanine debt; structured leveraged finance; high leveraged bridge loans and interim financing; presale investments; sale leaseback transactions; complex domestic and cross-border leasing transactions; a variety of project financing structures, including programs provided by the World Bank, IFC, ADB and other governmental and multinational risk insurance lending agencies.

 

Stage IV

 

CFE 5401 Research Methodology [20Credits]

At the end of this course, the students should be able to: • understand some basic concepts of research and its methodologies • identify appropriate research topics • select and define appropriate research problem and parameters • prepare a project proposal (to undertake a project) • organize and conduct research (advanced project) in a more appropriate manner • write a research report and thesis • write a research proposal (grants).

 

CFE 5400 Dissertation [80 Credits]

The dissertation, which is compulsory, helps students to consolidate theoretical and practical knowledge gained in the Taught Section of the programme by completing a research project under the supervision of the Department staff and or professionals in sectors relevant to the topic being pursued.

BULAWAYO
Stage 1	$1160
Stage 2 & 3	$940

HARARE
Stage 1	$1510
Stage 2 & 3	$1290

BULAWAYO AND HARARE
Stage 1	$1290
Stage 2 & 3	$595