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Putting theory into practice


Apply the tools and expertise gained in the classroom to real business issues and challenges facing organisations around the globe.


Immerse yourself in topics ranging from regulation to applied risk management, and tackle complex business problems using the skills you’ve developed throughout the programme through a range of different experiences.



Practitioner courses


Our practitioner courses link academic learning from electives and core courses to the challenges of real-life business. Delivered by finance professionals, they equip you with insights and practical tools and expose you to the issues, challenges and experiences you’ll encounter as your career progresses. Topics covered include: Regulation, Public Finance, Applied Risk Management and Derivatives, Advanced Financial Modelling, the Business of Corporate Finance and the Business of Asset Management.


  • Business of Asset Management

    This course provides a highly practical overview of asset management and the role it plays in financial services and beyond. Gain a practitioner’s view on the difference between traditional and alternative asset management, and explore other aspects of finance including online channels, regulatory developments and global development trends.


    Executives from two asset management firms talk about how the businesses were launched and the hurdles faced on the journey to success. Gain insight from a consultant into the critical issues for the industry, and from an asset owner who explains how they navigated the bewildering range of products on offer.


    After completing this course, you will:


    • Understand the broad and diverse nature of asset management both traditional and alternative.
    • Reflect on the differences between diverse strands of asset management.
    • Consider how an asset management business is established and run.
  • Business of Corporate Finance

    Using examples and personal experience, this course explains how banks and corporations put corporate finance theory into practice. Explore issues such as capital structure, capital budgeting, risk and cash management from a corporation’s perspective, and look at pricing and issue of bonds, and loan syndication through the lens of a bank. You’ll also analyse risk management, debt and equity issuance and repurchase, both from a strategic and practical perspective.

    After completing this course, you will:


    • Understand the funding strategy and operations of a major corporation from the perspective of banks, investors and the managers of a corporation.
    • Determine how corporations balance their operating cash inflows with investing cash outflows, debt service and returns to shareholders, and how they cope with fluctuations in earnings.
    • Determine how a global corporation manages its cash, debt and internal flows of capital, in order to optimise its taxes and ensure cash is available to service debt.
    • Understand how corporations manage risk.
  • CFO

    The aim of the course is to explain what chief financial officers (CFOs) do and, more importantly, how they think. This will benefit current and aspiring CFOs, but also those consultants, bankers and investors who expect to do business with CFOs.


    The course covers the different types of CFO role – and the broad range of skills they need, which you’ll explore throughout our MiF programme. We focus on a few areas that, in our experience, are specific to the role of the CFO such as performance management (how CFOs work within a business to improve financial and operational performance, both strategically and tactically), the CFO’s role in capital budgeting, and investor relations (how CFOs manage providers of capital, analysts and the financial media).


    Guest speakers, including a practising CEO and a specialist in investor relations, will expand on the role of the CFO in relation to the chief executive.


    After completing this course, you will be able to:


    • Articulate the role of CFO in diverse types of business and understand the skills and behaviours necessary.
    • Understand how CFOs can manage and improve financial and operational performance, and the role they play in the broader management of the business.
    • Know the basics of how to manage investors, analysts and the financial media.
  • Mergers and Acquisitions

    This course explains, from a practitioner’s point of view, how mergers, acquisitions and other transactions involving businesses and corporations work.


    After completing the course, you will:


    • Understand how companies go about planning and executing transactions involving businesses, including sales and purchases.
    • Be clear on how deals are structured and how legal documentation shapes the commercial terms of the deal.
    • Know the specific risks and pitfalls of M&A transactions.
  • Risk Management & Derivatives

    Finance is about managing the balance between risk and reward. This course explores the many ways that corporations (both financial and non-financial) think about and handle various risks. This will benefit anyone interested in how companies (including banks and trading houses) operate, or those wanting to work in risk management.

    Identify a common approach for thinking about most risks (from getting strategy wrong, blowing up oil rigs and investing in the wrong assets to losing unexpectedly large amounts when lending). Analyse the interaction between how balance sheets are structured, the types and sizes of risks in a business and company owners’ risk appetite. Explore how businesses decide whether to reduce, transfer or accept risks and the methods they can use to make those decisions. Learn to differentiate between risk, uncertainty and ignorance, and consider what tools are appropriate to analyse each.


    Assess the role that governments and central banks play in ensuring companies manage their risks. Consider the regulations being imposed and the differences between managing risk and following regulation.


    After completing this course, you will be able to:

    • Look at and manage a wide range of risks in a rational and consistent way.
    • Appreciate how most types of risk interact with other risks.
    • Understand the elements of risk modelling methods and approaches.
    • Understand the interplay between funding and risk management.
  • Theory and Practice of Regulation

    The global, European and domestic response to the financial crisis has led to more regulation, with many financial services practitioners seeing red tape as one of their greatest challenges and biggest risk. This course looks at regulation from a practical perspective, covering the latest developments such as structural reform, the Senior Managers Regime and Basel III. This lecture and case study-based course uses worked examples based on the lecturer’s 30 years of regulatory experience. it will benefit anyone wanting an insider’s view of regulation and how it might impact a financial services business, consumer or investor.


    Learning outcomes


    • Understand why financial services are regulated and how the reasons for that regulation have changed (in emphasis) over time
    • Knowledge of how regulation impacts organisational structure.
    • Appreciate how regulators are organised, how this shapes their approach to regulation and how red tape affects businesses.
    • Understand through comparing and contrasting of different regulatory philosophies and how that impacts the regulated.
    • An appreciation of the wider context for regulation and the international dimension, but also the impact regulation can have on macro-economic policy through its tendency to be pro-cyclical.
    • A detailed understanding of how regulators protect the perimeter of regulation by controlling market entry and the differences between those approaches.
    • Understanding of the characteristics of capital instruments and how the regulator treats them. Know how the regulator determines what an appropriate level of capital is for the type of business carried out – including how stress testing is used.
    • Knowledge of liquidity regulation and its impact on asset and liability management in regulated firms. Understand how liquidity regulation interacts with the monetary operations of the Central Bank.
    • Detailed understanding of the key concepts underlying conduct regulation and how these impact the regulated.
    • Appreciation of the regulatory requirements in respect of how firms are managed and governed.
    • Appreciation of how firms that fail are resolved by the authorities and the main choices they have to do that. Also, understanding of how the resolution plan impacts the current business of regulated firms.
    • Detailed understanding of how markets are regulated and the impact on the regulated.
    • Appreciation for the regulatory approach to risk management, the role of models and stress testing.
    • Appreciation for the main areas of regulatory reform – in the key countries and internationally. Also, understand how to compare the proposed changes with what has gone before using the concepts learnt on the course.

Finance@Work


Gain valuable insights as panels of alumni, practitioners and faculty share their experiences and talk about current financial trends and topics. Catch up with fellow alumni in the LBS network and make new connections. Finance@Work events focus on a wide range of topics and themes relevant to finance today and its place in the world. Events in 2017/18 included:


  • An Investment-focussed discussion on Extra-Financials with a panel drawn from Private Equity, endowment funds and a family office.
  • A presentation from a successful alum and founder of a FinTech company, giving an overview of the industry landscape and speaking about funding new ventures.
  • A discussion with a leading CFO, learning about his role, his career path and how the finance world is evolving.


Business project


Analyse and resolve complex business problems using the skills, frameworks and tools acquired during the programme. Supervised by a member of faculty, it provides a great opportunity to dive deep into specific topic of interest.


Many students undertake this for the organisation they work for. It’s also a chance to partner with an organisation you would like to work for and expand your network. Examples of recent projects include:


  • Blockchain technology and cryptocurrencies
  • Infrastructure in Latin America: the role of institutional investors for agency costs and conflict of interest
  • Desirable future of fintech regulation in Korea
  • The theory of credit cycles and practical implications for BAML
  • Applying machine learning for stock selection
  • Valuation benchmarking of the Banking and Insurance industries


Internship


Practice the skills you have learnt, and build on your experience and develop your network on an eight to 10 week internship. MiF students have previously interned at organisations such as Goldman Sachs, Credit Suisse, Nomura, Deutsche Bank, HSBC, Citibank, and Bank of America Merrill Lynch.


Internships are only available for full-time students taking the fourth term.

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