oxford diploma in financialstrategy

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“participants develop a thorough understanding of the principles of finance, strategy and valuation which enables them to take their careers to the highest level.”

www.sbs.oxford.edu/dipfinance 3

the bridge to board level performance

professor peter tufanoDean, Saïd Business SchoolUniversity of Oxford

“The Oxford Diploma in Financial Strategy is an opportunity for finance professionals to acquire an Oxford qualification and experience the intellectual challenge of a masters-level programme. Participants develop a thorough understanding of the principles of finance, strategy and valuation which enables them to take their careers to the highest level.

The study of finance is at the core of Saïd Business School’s mission. This postgraduate diploma, and the professionals who take it, make a significant contribution to its success.”

The Oxford Diploma in Financial Strategy is a postgraduate qualification that provides expertise in finance, strategy and corporate valuation. It is a unique opportunity to broaden and enhance skills and professional experience while gaining an Oxford qualification.

The Diploma is for experienced finance practitioners and senior managers. The programme is rigorous and intellectually challenging. It provides graduates with the financial acumen of an investment banker, the strategy techniques of a consultant, and the business knowledge of a finance director. It complements existing qualifications and contributes towards professional CPD requirements.

The Diploma programme is based on four fast moving modules of teaching from world leading experts in strategic management, finance, and corporate valuation.

Saïd Business School is a fully integrated part of the University of Oxford. Since it was founded in 1996, the School has become firmly established as one of the most prestigious business schools in the world. It is modern, dynamic and at the forefront of business and finance research, yet is grounded in centuries of academic tradition.

Our admissions process is highly selective and brings together an extraordinary group of high achievers from a wide variety of countries and industry sectors.

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programme outlineSaïd Business School has particularly rich expertise in the areas of finance and strategy. The Oxford Diploma in Financial Strategy draws these together to provide professionals with a distinct intellectual edge combined with a practical understanding of business and value creation.

The Diploma is completed alongside participants’ full-time role. The programme consists of four core modules interspersed by independent study and project work. Each module is taught over four days of intensive teaching at Oxford, concentrating on one subject at a time. The project then integrates and applies the insights gained to an area of particular interest to the participant or their organisation.

module 1: strategy

this module will cover:• Goals and strategies• Competitive advantage• Industry analysis• Strategy and change• Diversification• Global strategy

this module will cover:• Review of basic finance concepts• Risk, return, and portfolio theory• The capital asset pricing model and the cost of

capital• Cash flow analysis and project appraisal• Financing choices and shareholder value• Taxation and corporate finance

this module will cover:• Equity capital raising• Mergers and acquisitions• Financial options• Debt and credit ratings• Private equity

this module will cover:• Fundamentals of valuation• DCF and project analysis• Valuing human capital• Value creation• Relative valuation

module 2: finance i

module 3: finance ii

module 4: corporate valuation

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strategy

Strategy is the art of creating superior performance. It defines the business the organisation is in, and how to structure and manage the organisation for long term success. This module explains the process and practice of formulating the strategy of individual business units – competitive strategy – and the nature of strategy for the multi-business firm – corporate strategy.Participants develop the ability to apply strategy models in the structured analysis of business issues and to devise and evaluate future plans of action. They consider how organisations align internal resources and capabilities with the external competitive and macro-economic environment to formulate strategy. Participants develop the analytic skills of a strategy consultant and the ability to present, defend and interrogate proposals in strategic decision making.

finance i

This module identifies the sources of investor value, and uses them to think about portfolio composition, investment choices, and corporate financial decisions.

After a fast review of basic concepts including the time value of money, discounting, and simple stock and bond valuation, participants acquire a detailed understanding of risk and return. They use the Capital Asset Pricing Model as the framework for a detailed discussion of portfolio theory and the cost of capital. The insights generated from this analysis are employed in a discussion of cash flow analysis and its application to investment appraisal, and to business entry and exit decisions. The corporation’s financing choices are related to tax considerations and to a wider discussion of agency effects within the firm.

finance ii

In this module we study applied topics which exemplify the key principles of finance. Participants develop an understanding of how and why firms go public, raise equity and debt, acquire each other – and go bust. We also study financial options and risk management techniques, focusing on their use in corporate finance. These topics inform participants’ understanding of principles such as asymmetric information, principal-agent problems and market efficiency.

corporate valuation

This concluding module incorporates knowledge developed throughout the programme and provides the in-depth understanding and ability to make optimal strategic investment decisions. In explaining the mechanics of corporate valuation, we also discuss how to create (and destroy) corporate value. We demonstrate that valuation is not a precise science, and that the strategic fit and successful integration of projects is as important as the calculation and analysis of a number.

The programme sharpens valuation skills in a variety of contexts including the valuation of human capital, firms in financial distress, valuation in a competitive environment and in a private equity setting. Applications include large-scale investment projects, brand launches, venture capital investments, IPOs, mergers, diversification decisions, R&D, and joint ventures.

academic assessmentThe Diploma is built on four core courses that are completed module by module within one year. Each module begins on a Wednesday and concludes on Saturday afternoon, allowing participants to combine work with study. All four modules are examined. Participants must pass all four modules and a business project in order to be awarded the Diploma. Participants who pass and are awarded the Diploma are offered the opportunity to receive their Diploma at a traditional Oxford University ceremony.

business proJectThe Diploma concludes with a final project report that integrates new insights from the programme. The project report of up to 10,000 words will be based on current or emerging specific strategic, organisational issues taking place within the participant’s own organisation or sector.

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the diplomacandidateThe programme is for finance professionals, and general managers looking to equip themselves to lead the financial and business strategy of their organisation. Participants typically have ten years’ professional experience, and must have a minimum of five years plus a good first degree.

Participants learn as part of a highly experienced and qualified group from across the globe. They represent all industry and public sectors, in addition to financial services, and range from independent specialist consultancies, through medium-sized businesses, to multinational corporations and financial institutions. The unique group offers an unparalleled opportunity for peer to peer learning, high level discussion and international networking.

“Each module was very practical, energetic and informative. The class profile was exceptional and the networking opportunities way beyond my expectations. Frequent contact with top decision making executives (CEOs/CFOs), elaborate discussions on the financial strategies of their organisations, application of theory in the real corporate environment, and the development of on-going friendships are all priceless. I’ve observed immense changes in my knowledge over the duration of this programme.”

syed shahZadInvestment Banking

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participants by region (%)

non-uk residents (%) years of experience (%)

previous education (%) employment (%)

non-uk residents 70

30+ (6)

21–30 (26)

11–20 (54)

5–10 (14)uk residents 30

data: 2010–2012 cohorts

data: 2010–2012 cohorts

masters 18

mba 28

phd 6

undergraduate 18

data: 2010–2012 cohorts

6

3230

144

6

professional qualification 30

average class size

46

26

finance 42

oil and gas 8

professional services/consulting/law 20

others 22

retail 8

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case studies

for further case studies go to www.sbs.oxford.edu/dipfinance

lynZi harrisonFinancial Services

I am Head of Business Partnering and Reporting for Shared Services at Skandia UK. My role is diverse and covers many aspects of finance, from sales reporting to risk management of finance to all the statutory and regulatory reporting for the UK group. I came on the Oxford Diploma in Financial Strategy to stretch myself and improve my capability at the strategic level. I believe that it is essential, particularly in today’s climate, to be able to understand the bigger picture and analyse proposals which will help Skandia meet the ever changing needs of the market.

I found the programme rigorous and intellectually challenging. The quality of the teaching faculty is exceptional and it is a privilege to be part of the Oxford world. For me, an unforeseen and invaluable benefit was the opportunity to meet so many people from different geographical and professional backgrounds and to debate issues and form relationships with them.

I liked the fact that the programme is introduced with the business strategy module. It really set the scene for the rest of the programme and provides the wider context and

foundation for the application of the financial aspects. Some of the material was a refresh from professional training and other material was entirely new which I found stretching and enjoyable.

The programme has widened my knowledge and challenged some of my original ideas and assumptions. It has helped to lift me out of my specialist area and show how I can help others see how the financial strategy supports the overall business strategy and aims of the organisation.

I decided to take the Oxford Diploma in Financial Strategy to update and perfect my knowledge since my MBA taken 20 years ago and my PhD six years ago. The experience in Oxford is unique and extraordinary. The modules are excellent on theoretical and practical levels.

I particularly enjoyed Professor Morrison’s Finance I module, which helped me rebuild a strong theoretical foundation for the application of project evaluations and investment decisions. The leveraged buy-out techniques in Finance II were also a very useful tool for evaluating M&A projects for my firm.

Classmates are all elites in the financial and banking industries. I treasured the opportunity of discussing strategic issues with them. The Diploma is definitely worthwhile, even to those with extensive experience in corporate finance or investment banking.

albert liInvestment Banking

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faculty

howard Jonesfinance, academic director

Dr Howard Jones joined Oxford from a successful 15-year career in investment banking at Deutsche Bank and BNP Paribas. He was Worldwide Head of Equity Capital Markets, responsible for equity and equity-related capital raising. He earlier worked in debt capital markets and fixed income trading. Howard teaches the Capital Raising Techniques, and Trading and Market Microstructure courses on the Oxford MBA and MSc in Financial Economics and has particular expertise and experience in IPOs and primary markets.

The Diploma is taught by members of Oxford’s outstanding finance and strategy faculty team. The programme leaders bring access to world leading research and a wealth of industry experience.

alan morrisonfinance

Professor Alan Morrison is a leading expert on corporate finance, corporate governance and regulation. He is the author of numerous publications, including a book on the future of investment banks.

Alan read mathematics at Brasenose College, Oxford prior to spells in Andersen Consulting (now Accenture), Morgan Grenfell and SG Warburg. He is a Fellow of Merton College and a regular consultant to corporations, public bodies and governments and was recently specialist advisor to the House of Lords Treasury Select Committee.

ken okamurafinance

Dr Ken Okamura completed his DPhil at Saïd Business School. His doctoral research focused on the Japanese financial crisis of 1997–2003, specifically looking at bank-firm relationships and bankruptcies.

Prior to this he was the Chief Strategist for Japanese equities at Dresdner Kleinwort Wasserstein. He has also worked in private equity for Dresdner Kleinwort Capital and as a fund manager for Baring Asset Management.

Ken has an LLB from the University of Exeter, an MA in International Business from Sophia University and an MSc in Management Research from Oxford University. He is also a Chartered Financial Analyst.

han oZsoylevfinance

Dr Han Ozsoylev is a University Lecturer in Financial Economics at Saïd Business School, and Fellow of Linacre College. He teaches the core managerial economics course on the Oxford MBA. His current research deals with communication in markets and its economic consequences, questions related to market manipulation, and the causes of crashes and frenzies.

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visit our faculty pages atwww.sbs.oxford.edu/dipfinance

mungo wilsonfinance

Dr Mungo Wilson joined Oxford after gaining experience as professor of economics at Asia’s leading business school, Hong Kong University of Science & Technology. His research interests include asset pricing and mutual funds. Prior to obtaining his PhD from Harvard, he practised law in the City of London, and earned degrees from London School of Economics and Oxford.

thomas powellstrategy

Professor of Strategy at Saïd Business School, Thomas Powell’s research centres around competition, strategy and firm performance. He has published extensively in management journals, consults globally on competitive strategy and is a member of the Strategic Management Society. Professor Powell teaches on our MBA and MSc programmes.

richard whittingtonstrategy

Richard Whittington, Professor of Strategic Management, teaches strategy courses and heads the Strategy, Entrepreneurship and International Business Group at Saïd Business School. Amongst his nine books are the prize-winning ‘What is Strategy – and Does it Matter?’ and the biggest selling strategy textbook in Europe, ‘Exploring Corporate Strategy’.

kathy harveydirector, executive degree programmes

Kathy Harvey is responsible for the development of postgraduate diplomas and the Executive MBA programme at Saïd Business School. She has extensive experience of working with senior executives from international organisations, and has worked closely with clients from many sectors to deliver management development programmes. Kathy began her career as a BBC journalist and has written for a variety of publications, including the Independent, Financial Times and Sunday Times.

“It’s a tough market out there and the Diploma is certainly a door opener. As well as having the academic pedigree of Oxford, it’s a very commercial programme – the diversity of the participants, and the expertise of the professors mean that it’s tuned into real life.”

victoria cornishDirector – International Internal Audit, Live Nation

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the business casethe business caseMany candidates are self-funding, but if you are seeking support from your employer it may be helpful to prepare a skills gap analysis. Think through where you currently fit in your organisation and how the Oxford Diploma in Financial Strategy will enhance the contribution you make.

Match your objectives in undertaking the Diploma to those of your organisation by using the module content on page four. Illustrate how an increased knowledge of these areas could benefit your organisation. Consider a strategic issue facing the organisation that you could research in more detail for the business project. This ensures a project of direct relevance to you and results in a valuable piece of internal consultancy work for your organisation. programme benefitsPresenting your case to your organisation is likely to include information on how organisations and participants benefit from the programme. For instance:

for individual performance• Develop world class strategic and

financial management skills• Build on existing knowledge,

qualifications and experience• Acquire the strategic perspective to

progress to the highest level

• Access the latest research and thinking in finance and strategy with world leading Oxford University faculty

• Exchange experiences, generate ideas and discuss strategic issues with a senior financial peer group from around the globe and across sectors

• Exposure to the top ranks of the business world via seminars, guest lectures and other networking opportunities

• Join the Oxford Business Alumni with access to a global network of Oxford University graduates in business

for organisational performance• The modular format enables

participants to integrate study into their working lives, while remaining a productive and contributing member of the management team

• Participants can apply their learning directly, adding value to their organisation from the first module

• Participants gain increased expertise and confidence, enabling them to impact directly on strategic business decisions

• Employer involvement in the Business Project is encouraged and contributes to the expertise available to the organisation

oXford networksAs a member of Oxford Business Alumni (OBA), graduates of the Oxford Diploma in Financial Strategy will be able to maintain a lifelong connection with the School and the wider University of Oxford. Joining the OBA provides access to the network directory, an invaluable tool for networking with organisations throughout the world, and the opportunity to attend high profile events both in Oxford and internationally. Further information can be found at www.oxfordbusinessalumni.org

pathway to the eXecutive mbaSome Diploma participants may already hold an MBA; others may be seeking to broaden their knowledge through this general management qualification. Participants who graduate from one of the Oxford Diplomas and successfully apply for Saïd Business School’s prestigious Executive MBA programme are automatically exempt from those modules they have already taken through the Diploma programme. They also receive a reduction in fees, equivalent to 60% of the value of their Diploma course fee.

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marcia favale-tarterfinancial consulting

I own my own company advising governments or companies on financial matters. I am currently advising the government of Kazakhstan on restructuring their banking sector, with specific responsibility for two banks with US$18bn under advisory.

I attended the Oxford Diploma in Financial Strategy because I wanted to re-test my financial knowledge and re-challenge

certain concepts. It is good to test yourself with colleagues who have a lot of experience. It’s one thing to learn the theory when you are 21 but quite another when you revisit those concepts with 17 years of experience under your belt.

The programme piqued my interest to the point that I progressed onto the full Oxford Executive MBA. I found it an effective academic foundation

and the class around me provided a challenging overlay. Bonds were forged which made the programme truly memorable. The entire group was one you would want to be associated with and we worked in a very conducive environment. If you are considering taking the Diploma, my advice would be do it, but be aware that it is going to be harder than you thought – which is a good thing.

case studies

for further case studies go to www.sbs.oxford.edu/dipfinance

gary minterreal estate

I’m a director at a consulting firm that offers advisory, financing and management services, and am responsible for overseeing investments made by the firm through our associated investment fund. I was looking for a programme to help me bridge the gap between my specialised real estate background and the broader world of corporate finance and business strategy.

The Diploma has certainly provided that bridge. It has given me the opportunity to learn from esteemed instructors and to discuss financial and strategic ideas with top-level executives from around the world. The modular aspect also allowed me to continue my full-time job, a tremendous benefit in its own right.

The Oxford Diploma in Financial Strategy has been,

without a doubt, the right programme for me to develop the financial understanding and strategic outlook that I need to perform at the top level in my organisation. The friends I’ve made along the way are an invaluable added benefit. I know I will continue to draw upon the education and experience I’ve gained at Oxford as I progress in my career.

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how toapplyCandidates should apply online at www.sbs.oxford.edu/applyIf you require any assistance with your application or would like to discuss any aspect of the programme please contact Matthew ConisbeeTel: +44 (0)1865 610083matthew.conisbee@sbs.ox.ac.uk

pricing and payment scheduleThe fee for the 2014 programme is £20,000. A 20% deposit is required to secure the place on acceptance. The balance is due no less than eight weeks before the start of the programme. The programme fee covers tuition, course materials, essential reading texts, examinations, assessments and supervision. Lunch and refreshments are provided and there will be a dinner at a selected historic Oxford College during each module. The programme fee does not include accommodation.

for further information contact matthew conisbee tel: +44 (0)1865 610083email: matthew.conisbee@sbs.ox.ac.uk or visit: www.sbs.oxford.edu/dipfinance

admissions criteriaThe Oxford Diploma in Financial Strategy is designed for experienced executives who aspire to, or already hold, strategic management positions. In order to be considered for the programme candidates must be able to demonstrate the following:

Intellectual ability: A good undergraduate degree or equivalent professional qualification is required. Applicants who do not hold such qualifications may be considered if they have a very strong employment history, demonstrating their ability as a high achiever.

English language proficiency: The programme is taught in English. A Test of English as a Foreign Language (TOEFL) or International English Language Test Scheme (IELTS) is required if English is not your native language. Candidates with a degree from, or significant experience of working in, an English speaking country may be granted exemption from this requirement. Please see our website for further information on our English language requirements.

toefl toefl ielts ibt paper

minimum score 109 630 7.5

Professional experience: Candidates must have at least five years’ professional experience and be familiar with the challenges of business strategy and organisational change.

application process and deadlinesAdmissions are processed through a system of review before a final decision is reached. Each application is considered individually and a waiting list will operate once the programme is full.

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Saïd Business SchoolUniversity of OxfordPark End StreetOxfordOX1 1HPUnited Kingdom

Contact:Matthew ConisbeeTel: +44 (0)1865 610083 matthew.conisbee@sbs.ox.ac.ukwww.sbs.oxford.edu/dipfinance

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said business schoolSaïd Business School is one of the world’s leading and most entrepreneurial business schools. An integral part of the University of Oxford, the School embodies the academic rigour and forward thinking that has made Oxford a world leader in education. The School is dedicated to developing a new generation of business leaders and entrepreneurs and conducting research not only into the nature of business, but the connections between business and the wider world.

taught programmes

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Executive MBA

MSc in Financial Economics

MSc in Major Programme Management

MSc in Law and Finance

Diploma in Financial Strategy

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Diploma in Organisational Leadership

Diploma in Strategy and Innovation

BA in Economics and Management

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DPhil Programme

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strategy and change

Oxford Scenarios Programme

Consulting and Coaching for Change

CIO Academy

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