University of Oxford MSc Financial Economics 2017/2018
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University of Oxford MSc Financial Economics 2017/18
“Do not join this programme expecting a year of relaxation. But if you are ready to expand your perspectives, to stretch yourself far beyond your limits, and to reap the intellectual and spiritual rewards, then … join crafting the legacy that is the Oxford MSc in Financial Economics.” Matthew Pon, MFE 2015
A nine-month top-ranked Masters in Finance
The Oxford MSc Financial Economics (MFE) is a full-time nine-month
programme that will provide you with outstanding training in the tools
of financial economics sought by many financial institutions, companies,
and public organisations. It combines a rigorous academic core with
tailored practical applications, designed in consultation with leading
financial recruiters.
The MFE is run jointly by Oxford Saïd’s finance faculty and the University’s
Department of Economics. The finance faculty at the Business School is
one of the fastest growing and most prestigious in Europe and they work
closely alongside the most diverse and well-known groups of economists
in the world.
This distinctive programme is delivered through Oxford Saïd and features
interactive classes, use of case studies, practitioner teaching, and
proactive careers support. The programme is currently ranked number
one in the UK and 11th in the world by the FT ranking for Masters in
Finance 2016.
The Oxford MSc Financial Economics is distinctive
because of its emphasis on the fundamental economics
that underpins much of finance. This feature makes our
course intellectually more difficult but also broader,
and the skills learnt on the programme more flexible
and transferable. Taught by world-class faculty, and
attracting highly-motivated, intellectually curious
students, the MFE fully equips its graduates to excel
in today’s competitive markets and weather financial
storms successfully.”
Peter Eso, Programme Director
Professor Peter Eso is Associate Professor in Economics at the University of Oxford.
He is interested in how information disclosure and communication affect economic
outcomes in auctions, bargaining, and other game-theoretic models of trade.
www.sbs.oxford.edu/mfe 3
Programme outline
The MFE programme begins with pre-course training to help
you become familiar with key concepts and techniques. This
is followed by three days of training in ‘financial markets and
institutions’ which takes place in a major financial centre; in past
years, students have visited London, New York, and Shanghai. You
will then be immersed in four core modules and your choice of
five electives. You also have the opportunity to be involved in the
Oxford Saïd Finance Lab, a series of practical workshops on financial
modelling and real-world case studies.
Pre-course international module
We have introduced a three-day
financial markets and institutions
pre-course that will link academic
instruction with talks and seminars by
industry practitioners, talks by potential
employers, and alumni events. You will
be introduced to the wide variety of
financial markets and products in a key
international financial centre, such as
Pre-course training
New York, Hong Kong, or London.
Once accepted on the programme we
will provide you with pre-course reading
so that, if you lack a background in
finance or economics, you can become
familiar with key concepts and techniques
introduced early on in the programme.
Before the first term you will be required
to take pre-course classes in maths
(depending on your existing level),
in MATLAB (a computer language),
and in accounting. You will also attend
pre-course careers training. A maths
workbook has been prepared for you
to study over the summer before the
programme starts. You can also take
additional mathematics and computing
classes should you need further practice
and support.
4 University of Oxford MSc Financial Economics 2017/18
Four core modules
During your time on the programme, you will take four core modules that are all
carefully integrated: the economics and econometrics modules apply theories and
methodologies to finance and the finance modules provide the underlying economic
principles of financial practice.
Asset Pricing explores the theory and debt, and dividend policy. You will
practice of valuing claims to uncertain learn about the relevance of different
cash flows, such as stocks and stock financial institutions to the financing of
options, bonds and foreign-exchange firms, the takeover process, corporate
instruments. You will be taught the restructurings, and financial distress.
CAPM and the Black-Scholes formula,
Financial Econometrics provides you
and some advanced material such
with a background in the fundamentals
as consumption-CAPM and pricing
of empirical modelling and testing in
formulas for “exotic options.” About
finance. This will allow you to better
half of the module is dedicated to the
understand crucial concepts like risk,
application of advanced statistical
evidence, and prediction.
methods to the area of asset pricing and
to practical work with real-world data. Economics is the study of how
financial and commercial frameworks
Corporate Finance studies the financing,
and conditions impact on individual
valuation, and corporate governance
situations and business units. You will
of firms. You will learn the fundamental
learn to apply the basic tools of market
principles of financial accounting,
and firm analysis, game theory, incentive
the valuation of firms’ assets and
theory, and auctions. It will also provide
the determinants of firms’ financial
an introduction to fundamental ideas in
structures. You will be taught the key
macroeconomics reinforced by lectures
components of firms’ financial decisions
from the Economics faculty.
and the operation of financial markets,
including new issues of securities,
Oxford Saïd Finance Lab Five electives
In addition, you can apply to take part The wide range of electives available
in the Oxford Saïd Finance Lab. This is a enables you to gain a deeper knowledge
series of practical workshops on financial of areas of special interest. You will
modelling combined with practitioner-led be expected to complete five elective
case studies. There is also a sponsored modules and they are subject to change
team-based challenge providing real- from year-to-year depending on
world experience and analysis, and plenty demand. In the past we have offered the
of networking opportunities. See page 7 following:
for more details.
• Advanced Financial Econometrics
• Asset Management
• Behavioural Finance
• Capital Raising and Finance
• Cases in Finance and Investments
• Competition and Regulation
• Continuous Time Finance
• Corporate Valuation
• Emerging Market Finance
• Financial Crises and
Risk Management
• Fixed Income and Derivatives
• Mergers, Acquisitions
and Restructuring
• Private Equity
www.sbs.oxford.edu/mfe 5
“Even with high level qualifications and diplomas from top ranking schools, finding a job is not an easy task nowadays. The MFE offers a tremendous amount of advantage compared with other programmes in this respect. Through the Finance Lab, students have the opportunity to meet and learn from senior executives of leading investment banks in small settings, gaining invaluable insights and knowledge that will help in interviews and in the preparation of cover letters and essays.” Lorenzo Duretto, MFE 2016
Oxford Saïd Finance Lab
How to break into investment banking,
private equity, and asset management
The Oxford Saïd Finance Lab, a joint venture between the Private Equity Institute, the
finance faculty, and the Careers Centre, is a tailored financial graduate training programme
which is highly respected by financial services recruiters and senior finance professionals. “Finance Lab is a pioneering
approach to learning and
We recommend that you apply to join the Lab if you are interested in pursuing a career
networking in finance, bridging
in specific areas of finance, especially M&A, Corporate Finance, Leveraged Finance, Real
the gap between universities
Estate and Infrastructure Finance, Capital Markets, Distress & Restructuring, Private
and industry.”
Equity, and Asset Management.
The Oxford Saïd Finance Lab takes place over two terms. It will introduce you to the key
Andreas T. Angelopoulos,
concepts, instruments, and models required for finance courses, electives, and interviews.
Oxford Saïd Finance Lab
In particular you will gain the skills to develop a financial model following a step-by-step
founder and Programme
methodology, and connect the business plan with financial statements, the valuation, the
Director
finance structure, the risks, and the investment returns.
The programme covers 150 hours of teaching that connect theory with practice through
a series of practical workshops on financial modelling, challenges and real-world case
studies led by expert practitioners, each followed by a networking event that offers a
chance to connect with practising professionals.
A mandatory component of the Lab is participating in at least one of four challenges:
the Bridgepoint Private Equity Challenge, Centerview M&A Challenge, Rothschild Global
Advisory Challenge, and the Hermes GPE Private Markets Challenge. The best Finance Lab
students will form a team of five to participate in the annual Oxford Chicago Global Private
Equity Challenge, which takes place in Oxford and Chicago alternately.
In addition to the Lab, students participate in the annual Wharton Private Equity Challenge,
competing with more than 25 leading business schools in New York City. Oxford Saïd won
the 2016 challenge.
Investment banks that have taken part:
• Bank of America Merril Lynch • Houlihan Lokey
• Barclays • JP Morgan
• Centerview • Lazard
• Citi • Moelis
• Deutsche Bank • Morgan Stanley
• Evercore • PJT
• Goldman Sachs • Rothschild
Private equity funds that have taken part:
• 3i • CDC
• Advent International • Denham
• Ardian • Goldman Sachs Merchant Banking
• Bain Capital • Hermes GPE
• Bayside • ICG
• Blackstone • KKR
• Bridgepoint • Oak Tree Capital
• Carlyle • Terra Firma
www.sbs.oxford.edu/mfe 7Professional partnerships
CFA
The CFA (Chartered Financial Analyst) Institute is a global organisation which administers
the CFA qualification, a rigorous three-tiered professional qualification open to those “Through utilising the MFE’s
working within the finance sector, a highly regarded qualification by recruiters. strong links to practitioners,
I was able to gain insight into
Oxford Saïd is the founder member of the CFA Educational Partnership programme,
the daily work life of London
which officially recognises that 70% of the CFA qualification’s required body of
finance professionals, was
knowledge is embedded within the MFE curriculum.
offered several opportunities to
A large proportion of MFE students are registered with the CFA Institute. This network, giving me the edge in
partnership gives them the opportunity to: the recruitment process,
and received great preparation
• Access CFA Institute curriculum materials for my current summer
• Access information on the nature of CFA examinations, including printed copies of internship with a leading US
sample examinations investment bank.”
• Attend professional development events organised by the Institute
Julian Muller, MFE 2016,
• The partnership also offers a scholarship to five MFE students. Under each
joining Morgan Stanley
scholarship, CFA registration fees are waived and the enrolment fee is lowered
The MFE and the CFA do not provide exemptions from each other’s exams.
Actuarial society exemption
Actuaries provide commercial, financial, and prudential advice on the management of
assets and liabilities – especially where long-term management and planning are critical
factors. Actuaries traditionally work in finance, investment and risk management,
general insurance, life insurance, pensions, and social security.
The Institute of Actuaries and the Faculty of Actuaries are the two chartered
professional bodies for UK actuaries, working closely together across the UK as The
Actuarial Profession.
Our programme has been approved by the Actuarial Profession as being of the required
standard and leads to blocks of exemptions from the Profession’s exams, providing that
a suitable overall standard is achieved.
We offer a number of
professional partnerships
and exemptions to help
fast-track your career
in finance.”
8 University of Oxford MSc Financial Economics 2017/18Career success
The Careers Development Centre provides guidance and advice to help you
meet your career goals in international business. During the academic year, the
Careers Development Centre delivers a wide range of activities to assist you
with your career planning and skills development.
These include workshops and one-on-one meetings addressing areas such
as CV writing, interview preparation, networking and presentation skills,
and opportunities to meet with recruiters through panel discussions and on-
campus presentations.
Our Careers team has developed relationships with a range of organisations in:
“I appreciated the emphasis
• Investment banking by the career development
• Asset management team on the importance of
• Private equity and venture capital the choice of careers we make
• Risk management today and how this decision
• Investment consulting can have a significant impact on
• Strategy consulting career openings … Even though
it is very difficult to foresee
how one’s career will turn out,
The Careers Development Centre also aims to maximise your contact the team really tried to make
with potential employers by providing: us consider the long-term,
which is an incredibly valuable
• Informal sector-based panel discussions with representatives from leading advice, given that it comes
financial institutions from individuals with extensive
• Advanced financial modelling training in collaboration with the finance faculty, and experience and a deep
corporate competitions to build practical skills understanding of the various
• Visits by employers and recruiters to meet with students and to make roles in the industry.”
presentations about their organisations
• Events with alumni and other networks, aimed at facilitating sector-based contact Nathalie Mylog, MFE 2016
and knowledge sharing
Alumni networks
Aside from a world-class education, you will also have the opportunity to engage
with alumni during your studies using the Oxford Business Alumni LinkedIn group. This
group is maintained by the Oxford Saïd Alumni Relations Office, so you will know you
are connecting with genuine Oxonians. You will also be invited to a selection of alumni
events during the year and have the opportunity to connect with alumni through their
colleges’ Middle or Senior Common Rooms.
Within the School, you can join or start an Oxford Business Network (OBN). OBNs
are student-led groups which exist to promote the exchange of ideas and knowledge
surrounding an industry, interest, or geographical region. Upon graduation, you
will then be able to the Oxford Business Alumni (OBA) Network. This is a truly
international community with more than 13,000 members, living in over 130
countries across the globe. You will also become a member of the University of
Oxford’s wider alumni community.
10 University of Oxford MSc Financial Economics 2017/18Beyond the MFE
• Average post-MFE annual salary: £49,729
• Percentage of students employed within 3 months of
programme completion: 85%
Employment by region Top employers:
(expressed as a percentage over each region)
• Bain & Company
• Bank of America Merrill Lynch
• 53% UK • Barclays
• 28% Asia • Credit Suisse
• 11% Europe • Deutsche Bank
• 4% Oceania • Goldman Sachs
• 2% MENA • HSBC
• 2% N America • JP Morgan
• Lazard
• McKinsey & Co.
• Morgan Stanley
• OC&C Strategy Consulting
MFE post-graduation careers choices
(expressed as a percentage over each section)
• 37% Investment banking
• 22% Management consulting
• 15% Other
• 12% Sales, trading & research
• 8% Investment management
• 4% Advisory
• 2% Private equity
Please note this data only relates to those students who provided
employment data and not the whole class.How to apply
We operate a staged admissions process. The deadline for receiving
applications will be on the stated deadline date at 23:59 (UK time). You will
benefit from submitting your application as early as possible in the year as
availability can be more limited in the final admissions stage. Also, if you are
interested in a particular college, or want to live in college accommodation,
you are more likely to be successful if you submit your application in the
earlier stages.
Requirements *Minimum Score:
1. A good undergraduate degree: As guidance a 2.1 degree (GPA 3.5 or its equivalent). • TOEFL iBT - 110
2. A GRE or GMAT score: We expect the average scores to be around the 90th • IELTS - 7.5
percentile on the quantitative tests.
3. A Test of English as a Foreign Language (TOEFL) or International English
Language Test Scheme (IELTS): You do not need to take the TOEFL or IELTS test
if you have studied full time at degree level for a minimum of nine months at a
recognised institution where the medium of instruction is English. Please see our
website for further information on our language requirements and how to request a
waiver if applicable.*
4. University academic transcripts: These should outline the subjects studied and
grades obtained.
5. Two references: Professional or academic
6. A 500-word personal statement: Title on the application form
The Oxford College system
As an Oxford student, you will belong to one of the University’s 38 colleges or six halls.
College life will enrich your time at Oxford, offering you the chance to socialise with
students and faculty from diverse academic backgrounds in situations ranging from
high table dinners to guest speaker events to college balls. All MFE teaching takes place
at Oxford Saïd, so your college will act solely as a social base. Some colleges may also
provide you with accommodation.
Once you receive an offer to join the MFE programme, you will be able to name one
college you would like to apply to. If you do not secure membership at your first choice,
the admissions team will place you elsewhere. Colleges have their own alumni societies
and professional networks.
12 University of Oxford MSc Financial Economics 2017/18Class profile 2015-16
ates
ates
ass
tesmates
80 22 20-29 97.5%
97.5%
80 80Class
ass Size
80
79
Class 80 80
Size
Size
22
80
22
22
Average
Average
Average Age
Age
Age 2220-29
22
22
19-26
22
Age
Age 20-29
Range
Range
Age Range 20-29 20-29
96%
20-2920-29
International 97.5%
Students
International
International Students
97.5%9
97
97
Class Size
Class Class
Size
Class Size
Size ClassAverage
Size Age Average
Average
Average Age AgeAge
Age
Average AgeRange AgeInternational
Age Range
Range
Age
Students
Age Range Range Students
Internatio
Internat
Internat
International Stude
41% 23 738 2 yrs
Female Students Nationalities GMAT Score Work Experience
41% 41% 23
41%43% 23 23GMAT
738
23 23 738 2 yrs738 2 yrs 22
41%Female41%
le Students Nationalities 23 Score738 Work738
744 2
Experience yrs
41%
Female Students
Female
Female
Students Nationalities
Nationalities GMAT
Students Nationalities
Female Students
Score
GMAT Score
Nationalities NationalitiesGMAT Score GMAT Work
Students 23
GMAT Score Work
Work Experience
ScoreExperience
Work E 738 2
Female Students Nationalities GMAT Score Work
Nationality Previous educational background
6%Previous
Eastern education
Europe background
• 49% Economics
• 13% Finance
8% North America 25% Western 40% Economics
12% South Asia
4% Accounting
26% Finance 3% IT • 13% Business Studies
Europe 10% Mathematics 1% Physics
8% Business studies 38% East Asia
1% Psychology • 9% Mathematics
7% Engineering
• 5% Engineering
• 5% Accounting
• 3% Physics
• 1% IT
• 1% Biological Sciences
• 1% Psychology
1% Caribbean
3% Latin America
7% South East Asia14 University of Oxford MSc Financial Economics 2017/18
Next Steps
Open days
We host a number of open days at Oxford Saïd over the application cycle. This is an
opportunity for you to hear about the programme from the Programme Director, get
advice from our Admissions and Careers Services, learn more about the Oxford Business
Alumni Network, speak with current students, and get a tour of the School and Oxford.
Join us on:
• 20 October 2016
• 17 November 2016
• 16 February 2017
Fees
Tuition fee: £35,805 Please note that applications received
Application: £100 (non-refundable) after the staged deadlines will be held
College fee: £3,021 over to be considered in the next stage.
Deadlines Application deadline Interview decision on Final decision on
Stage 1 9 September 2016 23 September 2016 14 October 2016
Stage 2 28 October 2016 18 November 2016 9 December 2016
Stage 3 6 January 2017 27 January 2017 24 February 2017
Stage 4 17 March 2017 7 April 2017 28 April 2017
“… in the last seven months
I have received support and
friendship from my MFE
classmates. Those people who
I didn’t know one year ago are
now close friends who have
encouraged me to go on in
difficult times ... I don’t think the
MFE is about who gets the best
grades, but about competing
against yourself to get the best
result you can, feeling satisfied
about giving your best effort.”
Rodrigo Navarro, MFE 2016
www.sbs.oxford.edu/mfe 15MFE Admissions Office
Saïd Business School
Park End Street
Oxford, OX1 1HP
Tel. +44 (0)1865 288871
Email: mfe-enquiries@sbs.ox.ac.uk
www.sbs.oxford.edu/mfe
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