Master of Finance
- CRICOS Code: 065397C
What will I study?
The degree is designed to be completed in two years of full-time study and requires completion of 200 points.
The first year of the program comprises:
- 6 discipline core subjects
- 2 elective subjects
The second year of the program comprises:
- 4 discipline core subjects
- elective subjects (worth 50 points)
Sample course plan
View some sample course plans to help you select subjects that will meet the requirements for this degree.
Sample course plan - Example 200 point plan
Explore this course
Explore the subjects you could choose as part of this degree.
- Quantitative Analysis of Finance I12.5
Quantitative Analysis of Finance I
This course is concerned with the application of quantitative tools to model, estimate and forecast financial variables. Topics considered include: the analysis of the properties of financial data (such as non-normality and non-stationarity); the application of estimation methods (such as unit roots and cointegration) to test the rational valuation model of share prices; the application of the GARCH class of models to estimate volatility and to test the capital asset pricing model.
- Economics of Finance12.5
Economics of Finance
This subject examines important features of financial markets, illustrating how economic analysis can aid understanding of those features. Topics considered may include: payments systems (drawing on network economics); security issuance techniques (drawing on auction theory); credit rationing (drawing on asymmetric economics); financial market regulation (drawing on the theory of regulation); macroeconomic determinants of financial prices; flow of funds analysis and long term influences on saving, investment and financial markets (such as retirement incomes policy); international debt defaults and enforcement and international agencies.
- Derivative Securities12.5
This subject covers derivative markets and derivative securities. It discusses pricing, risk management and regulatory aspects of derivative securities. Topics include: forwards and futures markets, options markets, arbitrage and trading securities, basic pricing concepts, the cost-of-carry model, the Black-Scholes model, hedging and risk management techniques.
- International Financial Management12.5
International Financial Management
Balance of payments analysis, foreign exchange markets and terminology, international financial markets and international banking, international investments and portfolio allocation, measuring and managing foreign exchange exposure, international capital budgeting and counting risk analysis, international corporate financing decisions.
- Financial Markets and Instruments12.5
Financial Markets and Instruments
The structure of the financial system; terminology, trading and pricing of money and capital market instruments; duration, value at risk, financial market volatility; term structure of interest rates; inflation, interest rates and indexed securities; regulation of securities markets and financial institutions; market; tax treatment of financial institutions; tax and company finance; futures markets; options markets; forward rate agreements; swaps; developments in retail financial markets.
- Accounting for Decision Making12.5
Accounting for Decision Making
This subject focuses on the nature of accounting for organisations from the perspective of a preparer and user of financial reports. The subject examines the methods of recording and reporting transactions and events and how to both prepare and analyse financial reports.
This includes obtaining an understanding of the judgements and decisions involved in the preparation of financial reports. The subject examines how these different judgements and accounting policy choices can impact the analysis of profitability, liquidity, financial stability and efficiency outcomes.
- Quantitative Analysis of Finance II12.5
Quantitative Analysis of Finance II
The subject will focus on estimating and testing nonlinear models in finance including volatility models, artificial neural networks, factor models of contagion and discrete models of financial behaviour. Special attention will be given to applications in option markets (implied volatility and smiles), bond markets (level effects) and credit markets (default risk). Estimation and testing methods are based on maximum likelihood and generalised method of moments. The computer software used throughout the course is E-Views.
- Mergers and Value Enhancing Strategies12.5
Mergers and Value Enhancing Strategies
This subject covers mergers and acquisitions and other value enhancing policies. Topics to be covered include: valuation techniques, mergers and acquisitions (introduction, motives, corporate control, strategic issues, offensive and defensive strategies and ploys); demergers (equity carve outs and spin-offs); other value enhancing strategies including redesigning dividend policy and capital structure to create value, corporate restructuring, EVA, and case studies.
- Case Studies in Finance12.5
Case Studies in Finance
This is a capstone subject for the program consisting of selected case studies from topics including: financial management, investment management, portfolio analysis, derivatives and risk management, mergers and acquisitions, raising capital and other topical issues. The case studies describe actual business situations faced by financial managers, which requires analysis and decision-making.
- Strategic Management12.5
This subject provides an integrative learning experience and affords students the opportunity to apply the skills and knowledge acquired in previous subjects in a coherent way to solve business problems. In a business strategy simulation students are required to make decisions, assess outcomes, and compete with other management teams for resources, opportunities and markets. Each team develops a strategy for its firm and applies the subject’s concepts and frameworks, as well as the concepts and frameworks acquired in other subjects. In the process, students will discover the interaction of a firm’s production, marketing, research and development, human resources, and financial operations and observe the impact of key decisions on business performance within a competitive market.
First year electives
- Financial Spreadsheeting12.5
The following topics will be covered: Financial Applications using Excel: basic spreadsheeting skills, functions and the function wizard, worksheet formatting and graphics. Financial problem solving tools: Solver, Goalseek and the Analysis Toolpak. Data management tools, subtotalling, consolidation, sorting filtering and pivot tables. Programming principles with applications to finance: object orientated programming, variable and control structures, writing Excel financial functions and subroutines, and creating add-ins. Communicating with the user of financial applications through message boxes, input boxes and dialogue boxes.
- Treasury Management12.5
This subject consists of a structured reading program and assignments and a series of seminars presented by practitioners on various aspects of Treasury Management and related themes. Topics covered include issues such as treasury functions, international borrowings, corporate ratings, foreign exchange exposure management, interest rate risk management, value based management, treasury performance measurement, liquidity management systems and controls, tax and accounting issues.
- Project Finance12.5
Definitions and examples of project financing; analysis of the risks and potential returns associated with major projects; participants involved in projects financing deals - financing techniques used in project finance; case studies of specific project financing.
- Property Investment, Development Finance12.5
Property Investment, Development Finance
This subject presents the principles, concepts and methods needed to analyse an investment in an existing property, to analyse a potential property development and to raise private and public debt or capital for property investment. Discounted cash flows and real estate economics are the basis of these analyses. The subject introduces students to principles of rent and vacancy determination; the application of real estate market analysis to the investment decision; the financial analysis of properties; mortgage financing and the role of public debt taxation; and raising private capital for property.
- Fundamentals of Portfolio Management12.5
Fundamentals of Portfolio Management
Investment principles, philosophies and processes. Application of modern portfolio theory; capital asset pricing models; equity valuation models and interest rate theory in managing various types of investment portfolios containing cash; and fixed interest securities and equities both domestic and international. Students use investment software to solve practical problems.
- Ethics In Finance12.5
Ethics In Finance
Ethical practices instil a public trust in the fairness of financial markets and transactions, allowing them to function efficiently. Ethical practices by finance and investment professionals benefit all market participants and stakeholders and lead to increased investor confidence in global capital markets. The perspectives acquired in this subject should be useful to students in their chosen finance profession as this subject presents a framework for ethical conduct in the investment profession by focusing on the CFA Institute Code of Ethics and Standards of Professional Conduct. Citing and discussing examples of the financial scandals that have shaken public confidence in the ethics of financial market participants, this subject explains the importance of ethics in the operation of financial institutions and in the personal conduct of finance professionals.
- Emerging Markets Finance12.5
Emerging Markets Finance
In today’s world economy, business is conducted in a global arena. As a result financial managers are expected to have a global perspective. Emerging economies are the engine of growth opportunities in the world economy: financial decision making at many levels is, hence, increasingly dealing with the developing world. This course offers a conceptual as well as an applied framework for analyzing emerging markets from multiple perspectives in order to prepare business leaders to make sense of the challenges and make the most of the opportunities of succeeding in a globalized world.
This course is intended for post-graduate (Masters) students specializing in Finance with an interest in exploring business opportunities and future work in emerging markets or in financial decision making involving investments or corporate relations with the developing world. The course builds on the finance concepts learnt in the first and second year finance courses and provides students with a different perspective of finance in an emerging markets context - vital for a modern finance professional. Expertise in emerging market finance will enhance students’ marketability at places like multinational companies, hedge funds and money management firms, commercial banks, investment banks, development banks, consulting firms and financial market regulators.
- Marketing Management12.5
This subject provides an introduction to the basic concepts, principles and activities of marketing and how to manage an organisation's marketing effort. Some of the principal topics include value-based marketing, market research, selecting target markets, product and brand management, marketing communications (advertising and promotions, as well as personal selling), management of distribution channels, pricing decisions and marketing ethics. Students are also introduced to the nature of buyer behaviour, including decision-making patterns, purchase behaviours, and customer satisfaction.
Second year electives
- Fixed Income6.25
This subject covers capital markets and money markets for fixed income securities. Topics include: fixed income analysis; capital and money market instruments; forwards and futures of interest rate securities; interest rate volatility; the term structure of interest rates; interest rate risk; inflation; swaps; callable bonds; convertible bonds; securitised products; and risk management techniques.
- Technical Analysis and Trading6.25
Technical Analysis and Trading
Technical trading analysis including pattern analysis and trends, stochastics, momentum market profiles, price-time analysis, elementary statistical evaluation of these methods.
- Financial Engineering6.25
Financial engineering principles, valuation techniques, tax and regulatory issues involved in product development, analysis of specific products such as: Victorian Equity Trust, Tascorp Equity Bonds, Market Index Deposits, Converting Preference Shares, Convertible Notes, IOs - POs, Lyons.
- Bank Lending Practices and Techniques6.25
Bank Lending Practices and Techniques
Characteristics of alternative loan facilities; bank loan pricing principles; principles of credit evaluation; banker-client relationships; approaches to security and collateral; methods of monitoring borrower solvency; and workout situations.
- Financial Planning and Advising6.25
Financial Planning and Advising
This subject focuses on the role of the professional financial adviser in personal financial planning. Topics will be drawn from: risk and return analysis; investment asset classes; features of different investment products; taxation issues relating to securities and the impact of tax on various investment choices; the advantages and disadvantages of gearing; estate planning; rent versus buy decision-making problems; superannuation issues; insurance; relevant legal principles and industry standards; codes of conduct and the relationship between ethics and regulatory requirements.