Shipping, Trade and Finance

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The City of London is the centre of the global finance, maritime, insurance and commodity trading industries.

So, Cass is perfectly placed to help you maximise the many opportunities in these areas. And each of this Masters degree will give you the skills necessary to operate at the decision-making levels of activities such as shipping, transport, logistics, supply chain management and related sectors and industries.

A global centre
The MSc courses offered by the Centre reflect the Cass philosophy: advanced, technically challenging programmes that incorporate applied, real-world scenarios.

Students make presentations to lecturers, visitors from the City and other members of the class. This provides you with invaluable practice in using, applying and expressing complex subject matter clearly and concisely to a business audience.

Group work, on the preparation of case studies and a business plan, consolidates the acquired knowledge and also builds the 'soft' skills essential to any future career. From a total of over 1,200 graduates to date, all have taken their place in the international business community.

We review all our courses regularly to keep them up-to-date on issues of both theory and practice. Consequently, there may be some change to the detailed content of the modules, and occasionally to module titles.

To satisfy the requirements of the degree course students must complete:

* ten core courses

and

* five electives

or

* one elective and a Business Research Project

These Masters courses all start with two compulsory induction weeks, focused mainly on:

* An introduction to the Cass Careers offering with a focus on key skills and attributes that employers are looking for. The annual MSc Careers Fair at this time also provides the opportunity to meet over 60 companies who are recruiting across many sectors including finance, energy, insurance, real estate, shipping, strategic management and internal auditing.
* a refresher course of basic financial mathematics, statistics, computing and electronic databases.

Term 1
Five core modules (30 hours each)

International Economics

Explores the economic relationships between nations; international trade relations and benefits; the effects of barriers to trade and income distribution; trade policy; and international monetary relations. The significance of external influences on fiscal and monetary policy, the balance of payments and the theory and evidence of exchange rate determination all form part of this module, which also looks at the response of the exchange rate to monetary and other shocks, and examines the case for fixed exchange rates.

Managerial Accounting

Introduces the principles of accounting and finance in business and the main techniques in management accounting, planning and control. Covers the interpretation and use of annual reports and accounts, financial and ratio analysis, and their use for managerial decision-making, and budgetary control systems.

Principles of Finance

As a first course in finance, addresses the key issues involved in valuing assets and liabilities on the basis of their future earning power. Students are introduced to the problems involved in specifying risky future earnings and the appropriate rate at which to capitalise them. Payoff asymmetry is examined, and options are valued with the help of both the binomial and Black-Scholes models.

Quantitative Methods

Following the induction course, it covers descriptive and inferential statistics, as well as regression analysis techniques. Develops skills that are essential for other modules and the dissertation and is designed to ensure relevance to everyday business problems.

Shipping Economics*

Focuses on the operational environment of the bulk-shipping sector. Subsequently discusses extensively the microeconomic structure of the four main markets (freight, second-hand, shipbuilding and demolition) in dry bulk and tanker shipping, together with the operational characteristics, international regulations and policies which affect these highly competitive, volatile, but nevertheless exciting industries. Continues with an introduction to liner and container shipping economics and concludes with a discussion of the principles of modern supply chain logistics, of which bulk shipping forms an integral part.

*Sponsored by Thanassis and Marina Martinos

Term 2
Five core modules (30 hours each)

Advanced Quantitative Methods

Builds on the knowledge acquired in Quantitative Methods in Part one and focuses on skills required for advanced analysis in areas such as risk management and forecasting.

Corporate Finance

Builds on the subject matter learned in Principles of Finance in Part one and focuses on the decisions undertaken by the modern industrial corporation, with respect to such areas as expansion, restructuring, capital formation and acquisitions. Applying theoretical concepts to case studies, the student will extend his or her ability to formalise, structure and analyse capital expenditures and investments, including how they are financed and how the risks thereby arising are managed. Topics include mergers and acquisitions; restructuring; investment banking; cost of capital; and the use of futures and options to manage risk.

Financial Markets

Covers the global economic and financial environment within which business corporations operate. Globalisation and integration of markets for debt, equity and risk management have created new opportunities in the capital formation process, but pose great difficulties in navigating successfully. Where should capital be raised? How does one manage the risks from certain currencies and certain sovereign regions? In the context of the globalisation of capital markets, considers the structure, functions and performance of financial markets on an international basis and how they facilitate real economic activity; and the role of institutions operating as global intermediaries within these same markets.

International Commodity Trade

Discusses the theory and practice behind the development of modern patterns of trade, focusing on the world's major bulk commodities, such as grains, petroleum, and ferrous and non-ferrous ores. Considers in depth the distinctive microeconomic characteristics of key commodities, such as storability, perishability and seasonalities; pricing mechanisms and methods of adjustment; the role of key producers and key markets in shaping market conditions.

Shipping Investment and Finance*

The skills developed in both Principles of Finance and Corporate Finance are applied to the shipping industry while introducing several new and important concepts to develop the ability and the analytical tools to make rational shipping investment and finance decisions. Making extensive use of case studies, areas covered include the fundamental principles of shipping investment and finance; vessel investment and disposal markets; investment feasibility studies; bank credit policy, bank credit analysis and proposals; other sources of shipping finance such as shipyards and capital markets; and risk management in shipping.

*Module sponsored by the American Bureau of Shipping (ABS)

Term 3
Five electives (18 hours each)

OR

One elective and a Business Research Project

Electives

You may choose from a wide variety of electives. For example:

* 6 Sigma for Managers
* Air Transport
* Chartering
* Commodity Derivatives & Trading
* Container and Intermodal Transport
* Dry Cargo Chartering
* E-commerce and IT
* Empirical Finance
* Energy & Weather Derivatives
* Equity Investment Management
* Finance in Emerging Markets
* Fixed Income Analysis
* Forecasting Investment Markets
* Futures
* International Banking
* Marine Insurance
* Mergers, Acquisitions and Divestments
* Options
* Project Finance
* Retail Supply Chain Management
* Risk Management
* Shipping Innovation*
* Shipping Law
* Shipping Risk Management
* Supply Chain Finance
* Supply Chain Modelling

*Module sponsored by the American Bureau of Shipping (ABS)

Research Methods module

This compulsory module trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete a project.

To be accepted on to this course you will need a good Bachelors degree, usually a UK 2.1 or above or the equivalent from an overseas institution. Some level of previous study in finance or quantitative methods is preferred.If you have not yet completed your current course of study, your university should be able to provide an interim transcript showing your marks achieved to date. If you are still undertaking your Bachelors degree studies, you should provide a separate list of the modules that you are undertaking in your final year of study when you submit your application (if these are not listed on your degree transcripts).English RequirementsEvery year we welcome students from around 100 different countries. It is essential that all students have an excellent command of English in order to participate fully in our collaborative learning process. If you are not a native English speaker but have been studying in English at a degree level for the last three years, please submit a copy of your most recent English language test scores/qualification along with your application and a decision will be made by the Admissions Panel. If you have done a 2+2 degree with two years in the UK you WILL be required to provide IELTS or TOEFL scores and possibly to resit the test to meet our academic entry requirements.Please note that we assess each application on its own merit and you can help us to make decision by providing all relevant documents at the time of application.We require all Cass MSc students who are not nationals of a majority English-speaking country OR have not successfully completed an academic qualification, at least equivalent to a UK bachelor's degree, which was taught in a majority English-speaking country as defined by the UK Border Agency, to have an overall IELTS score of at least 7.0 (with a minimum of 6.5 in writing). For TOEFL we require, 107 (internet based test) / 263 (computer based test) / 627 (paper based test). Our TOEFL code is 7650.We do not offer nor accept a pre-sessional English class as an alternative to the listed English tests. Any pre-sessional course should be viewed as an aid to living and studying in the UK and not as a way of topping up an IELTS or TOEFL score. English Language Requirements IELTS band: 7 TOEFL paper-based test score : 627 TOEFL iBT® test: 107 IMPORTANT NOTE: Since April 2014 the ETS tests (including TOEFL and TOEIC) are no longer accepted for Tier 4 visa applications to the United Kingdom. The university might still accept these tests to admit you to the university, but if you require a Tier 4 visa to enter the UK and begin your degree programme, these tests will not be sufficient to obtain your Visa. The IELTS test is most widely accepted by universities and is also accepted for Tier 4 visas to the UK- learn more. Work Experience No work experience is required. No work experience is required for this course, but please provide details of any relevant experience that might enhance your profile.

Scholarship applicants will be informed of the donors' decisions as and when they are made over the summer. Decisions are normally made from late June onwards, although as they are awarded by external donors it can sometimes take a little longer.
We understand the importance of confirming the outcome of your application for funding as soon as possible, and we therefore strive to inform you of the decisions as soon as they are made. We regret that we are unable to give updates on the status of individual scholarship applications.

Accreditation

An integral part of City University London, Sir John Cass Business School is among the global elite of business schools that hold the gold standard of 'triple-crown' accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). We are consistently ranked amongst the best business schools and programmes in the world which, coupled with an established 40-year reputation for excellence in research and business education, enables us to attract some of the best academics, students and businesses worldwide into our exclusive Cass network.