Master of Science in applied Finance

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					           MaF
Master of Science in
   applied Finance
He Masters the Financials
Applied With Distinction
And Success


CONTENTS

  Message from the Interim Dean         1

  Message from the Programme Director   2

  The SMU Edge                          3

  Finance Scholarship Programme         4

  Faculty                               5

  Programme Structure                   6

  Course Description                    7

  Admission and Fees                    11
                   Welcome to Singapore Management University (SMU).

                   Our Master of Science in Applied Finance (MAF)
                   programme is a rigorous course of substance designed
                   to equip students with a comprehensive and in-depth
                   understanding of the analytical and pricing issues
                   of financial markets and instruments largely from a
                   practical perspective.

  Message froM     Graduates of our programme will attain a solid

the InterIM Dean
                   understanding of economic analysis, financial statement
                   analysis, security pricing and workings of financial
                   markets, all of which are vital in today’s financial
                   industry. Any job interviews of worth will test knowledge
                   of comprehensive understanding of corporate balance
                   sheets, spotting the cracks, and understanding the
                   risks and payoffs of market instruments, and the
                   abilities to invest within appropriate risk appetite and
                   control. Increasingly, understanding of new regulatory
                   frameworks and regulations on the financial industry
                   will be crucial as well, so institutional aspects of some
                   subject syllabi are as important.

                   Having said the above, the MAF programme prepares
                   graduates who will be versatile for a wide range of careers
                   in the financial industry, including equity analysis,
                   portfolio management, fixed-income analysis, derivatives
                   analysis, corporate risk management, corporate strategy,
                   hedge fund management, or in general term, financial
                   analysis. In addition, the curriculum is also designed to
                   meet the Chartered Financial Analyst (CFA) examination
                   requirements for those who wish to pursue their CFA
                   designation. Our students have achieved excellent
                   results in the CFA examinations.

                   Our aim is to enable graduates to acquire the requisite
                   analytical skills which they will require at job interviews
                   and following which they can use and begin as well to
                   build on that foundation even deeper learning, as they
                   rise through the corporate hierarchy.

                   At SMU, our programme is special as we have some of
                   the lecturers who taught in CFA syllabus since 1986
                   when CFA was first introduced to Singapore. SMU is
                   also a highly visible and recognised university known
                   for excellent research and strong pedagogical methods.
                   In this programme, we have put together a team of
                   well-qualified and experienced faculty and industry
                   professionals with a passion for finance to share their
                   knowledge with students.

                   I strongly encourage you to join our programme, and
                   embark on a journey that can transform your future. You
                   will find it a rewarding and enriching experience.

                   Yours truly

                   Professor Lim Kian guan
                   Interim Dean, Lee Kong Chian School of Business
                   Singapore Management University



                                       Message from the Interim Dean             01
                 Greetings from Singapore Management University (SMU).

                 I am pleased to recommend to you the Master of
                 Science in Applied Finance (MAF) programme.

                 This programme is designed specifically to enhance
                 our students’ knowledge and skills in applied finance.
                 Over a period of 18 months, students will be exposed

 Message froM    to a wide range of subjects such as accounting,
                 statistics, equity and fixed-income analysis, corporate

the PrograMMe
                 finance and portfolio management.

                 A special feature of the MAF programme is that the

      DIrector   curriculum is structured to meet the examination
                 requirements of the Chartered Financial Analyst
                 (CFA). Hence, our students will not only graduate
                 with a Master degree from SMU but will also be well-
                 prepared and qualified to take the CFA examinations.

                 Our curriculum is carefully designed to strike a good
                 balance between theory and practice. We provide both
                 rigour as well as the practical aspects of training in
                 finance to our students.

                 The programme is taught by a team of distinguished
                 faculty, many of whom obtained their PhDs from world-
                 renowned business schools, as well as experienced
                 professionals from the financial industry.

                 I am confident that the MAF will provide you with the
                 skills and knowledge required in the fund management,
                 banking and stockbroking industries.

                 Come and join us to experience the rewarding and
                 intellectually stimulating learning environment we
                 provide at SMU.



                 Yours truly

                 Dr Benedict Koh
                 Practice Associate Professor of Finance
                 Programme Director, MSc in Applied Finance
                 Lee Kong Chian School of Business
                 Singapore Management University




                           Message from the Programme Director             0
the sMU eDge
The Singapore Management University (SMU) is pleased
to offer the Master of Science in Applied Finance (MAF)
by coursework. This landmark part-time programme
aims to raise the standard of practitioners’ knowledge
and skills in applied finance, a critical training need as
identified by the Economic Review Committee and the
financial industry.

Besides covering critical components required to meet
the high standards of a MAF, the curriculum is also
designed to meet the Chartered Financial Analyst (CFA)
examination requirements for those who wish to pursue
their CFA designation.


thIs PrograMMe Is IDeaL for
• Practitioners in finance or related fields who wish to
  pursue their CFA designation
• Professionals who wish to enhance their knowledge and
  skills in applied finance
• Those who wish to pursue a career in the finance and
  banking industries


PrograMMe featUres
• Curriculum is tailored to meet the Master degree and
  CFA examinations requirements
• Programme is taught by well-qualified and experienced
  faculty and industry professionals
• Syllabus is customised for local and regional financial
  environment with international perspectives
• Preparatory classes in foundation courses are held
  in May



The SMU MAF programme is intensive and rigorous. To me,
the value of the programme has been that it has not only
provided me with a strong foundation in finance but also
a platform to further understand issues surrounding this
ever-evolving industry. In the course of my participation
in the programme, I had benefitted tremendously from
the insights and knowledge of both the teaching staff
and my fellow classmates. In addition, what is impressive
about this programme is that it is extremely relevant to
the real world, and the skills which I have learnt are very
applicable to my work.

                                 chong Joo Meng edwin
                                 Assistant Vice President
                             Hong Leong Finance Limited



                                        The SMU Edge          0
fInance                                                        for Individuals
                                                               • Candidates must have outstanding academic records

schoLarshIP                                                      and demonstrate strong leadership qualities.
                                                               • Preference will be given to candidates who are Singapore

PrograMMe                                                        citizens or Singapore Permanent Residents.
                                                               • Candidates must have applied to the approved
                                                                 Master’s programmes.
IntroDUctIon
The Financial Sector Development Fund (FSDF) was set up
to facilitate the development and enhancement of talent        fUnDIng sUPPort
and other infrastructure for Singapore’s financial centre.     • FSP provides co-funding for tuition and compulsory
                                                                 fees, a one-time allowance, monthly fixed allowance
The Finance Scholarship Programme (FSP) is one of the
                                                                 and absentee payroll (where applicable), incurred
initiatives supported by the FSDF. Its objective is to build
                                                                 during the scholarship tenure.
up a critical mass of specialists in targeted fields that
would contribute to the long-term growth of Singapore          • FSP funding is tenable for approved overseas Master’s
as an international financial centre.                            programmes offered on a full-time basis, and approved
                                                                 Master’s programmes in Singapore offered on either a
The MAF programme offered by SMU is one of the MAS-              full-time or part-time basis.
approved postgraduate programmes under the FSP. This
programme will be supported for a two-year period              • The level of support is as follows:
ending 1 December 010.
                                                                  for Programmes in singapore (full-time / Part-time)
                                                                supportable Items           company-       Individual
                                                                                            sponsored      track
What the PrograMMe offers                                                                   track
The FSP comprises  components:
                                                                a) tuition and              70% of         70% of
• company-sponsored track – The FSDF will co-fund                  compulsory fees          qualifying     qualifying
  with Singapore-based financial institutions to send              Tuition, examination     expenses       expenses
  their promising financial sector professionals and/or            and other compulsory
  fresh graduates for postgraduate study in approved               fees levied by the
                                                                   university.
  Master’s programmes in the targeted areas.
• Individual track – The FSDF will co-fund with                 b) one-time Book and        70% of         S$00
                                                                   thesis allowance         qualifying
  outstanding individuals to pursue postgraduate                                            expenses,
  study in approved Master’s programmes in the                                              capped at
  targeted areas.                                                                           S$00
                                                                c) absentee Payroll         50% of basic   Not
                                                                   (only for full-time      salary costs   Applicable
eLIgIBILIty crIterIa                                               programmes)              per month,
for financial Institutions                                         Applicable only if the   capped at
                                                                   sponsoring financial     S$50,000
• The Programme is available to Singapore-based financial          institution pays the     per year
  institutions only. Applications for funding support should       scholar substantive
  be made by the sponsoring institutions.                          salary during the
• Financial institutions may sponsor the following                 period of study.
  groups of candidates whom they have identified to            For more information on the FSP, please contact the
  have the potential to assume specialist positions in         FSDF Secretariat at:
  the targeted areas:
                                                               Monetary authority of singapore
   • Existing employees
                                                               10 Shenton Way, MAS Building
   • Outstanding fresh graduates                               Singapore 079117
• Preference will be given to candidates who are Singapore     Tel      : (65) 69 996
  citizens or Singapore Permanent Residents.                   Fax      : (65) 65 61
• Candidates must have gained admission into the               Website : www.mas.gov.sg
  approved Master’s programmes.                                E-mail : fsdf@mas.gov.sg



                                                                                  Finance Scholarship Programme             0
In modern finance, we understand the level of interest
rate we want to yield depends solely on 2 trade-off
factors, either how well we want to eat (more risk &
return) or how well we want to sleep at night.              facULty
At SMU, the dedication of our professors & rigorous         The team comprises SMU faculty
                                                            and industry professionals
curriculum, enabled every graduate to be empowered with
the knowledge and confidence to strive to overcome any      Programme Director Benedict Koh
challenges they face with the highest ethical standards.    PhD, University of Pennsylvania

Clearly, our education has challenged modern portfolio      chan soon huat
theory by giving us an insatiable appetite to achieve       PhD, University of Rhode Island
sustainable success and peace of mind to anyone who
                                                            Michelle cheong
has met or is - a SMU student!                              PhD, Nanyang Technological University

                                          Jeremy chan       edwin choi
                                                            PhD, Australian National University
                                      Associate Director
                                                   UBS      David Ding
                                                            PhD, University of Memphis

                                                            francis Koh
                                                            PhD, University of New South Wales; CPA
We are entering a new paradigm or evolution in the
                                                            Winston Koh
banking/investment industry. Yes, it is going to be tough   PhD, Princeton University
but high rewards will await those who excel and willing
to take risks. The best investment you can make now         andrew Lee
                                                            PhD, New York University
is investing in yourself and there is no better Return
on Investment than SMU Master of Science in Applied         David Lee
Finance. Verify it and welcome aboard.                      PhD, London School of Economics

                                                            Leong thin yin
                                       toto tanuwidjaja     PhD, Massachusetts Institute of Technology
                                Assistant Vice President
                                             OCBC Bank      Leung hing-Man
                                                            PhD, London School of Economics

                                                            Jeffrey c.K. Lim
                                                            PhD, University of Cambridge

The turbulence in the financial markets brought the         Joseph Lim
real economy to its knees. Instead of feeling fear and      PhD, New York University
risk-averse, the SMU MAF programme had provided a
                                                            Lim Kian guan
fantastic ground for me to understand, learn and be
                                                            PhD, Stanford University
able to capitalise on the opportunities arising in these
uncertain times. I thoroughly enjoyed the holistic          aaron Low
SMU experience, provided by excellent lecturers who         PhD, UCLA
delivered a fine education in investment theory with
                                                            edward ng
a strong dose of practical application of finance. For      PhD, Ohio University
me, one of the best aspects of the programme was the
highly interactive and passionate discussions with my       themin suwardy
classmates in the lecture hall and during group projects.   PhD, Monash University
We got on so well that even after completing our course,    christopher ting
we still keep in frequent contact. I can certainly see a    PhD, National University of Singapore
strong MAF alumni coming along in the near future.
                                                            Wang Jiwei
                                                            PhD, Hong Kong University of Science & Technology
                                rayner Woo hin Leong
                                    Assistant Director
                        UOB Asset Management Limited


                                                                                                         Faculty   05
PrograMMe                                                     Economic Analysis
                                                                                         term 1


strUctUre                                                     Equity Analysis and Portfolio Management
                                                              Financial Statement Analysis 1
The MAF is an intensive part-time programme designing         Quantitative Methods and Statistics
to be completed in 18 months and spreading over              Corporate Finance
terms. Each term is 18 weeks, and is divided into            Derivatives Analysis
halves of 9 weeks each. The programme begins in July.         Financial Statement Analysis 
There is only 1 admission each year.
                                                              Fixed-Income Analysis
Candidates are required to complete 15 compulsory                                        term 2
modules and 5 elective modules to meet the requirements
                                                              Advanced Equity Analysis
of a SMU MAF degree.
                                                              Advanced Quantitative and Economic Analysis
                                                              Financial Statement Analysis 
PrograMMe scheDULe                                            Advanced Derivatives Analysis
Preparatory classes in May                                    Advanced Fixed-Income Analysis
Economic Analysis                                             Financial Modelling
Financial Statement Analysis 1
                                                                                         term 3
Quantitative Methods & Statistics
Financial Modelling                                           Advanced Portfolio Management
                                                              Choose 5 electives:
Term 1 July – November
                                                              Advanced Corporate Finance
Term  January – May
                                                              Bank Risk Management
Term  July – November
                                                              Corporate Risk Management
Preparatory classes in foundation courses will be             Global Financial Markets
conducted in May prior to the commencement of the             Hedge Fund Management
programme. When the programme begins in July,                 Investment Advisory Service and Wealth Management
candidates will have to attend 5 class sessions per
                                                              Private Equity and Venture Capital Investing
module. Each class session lasts ½ hours. Classes are
                                                              Structured Products
held on weekday evenings from 7.00 pm to 10.0 pm
and on Saturdays from 9.00 am to 5.00 pm.                    The modules are subject to change as deem appropriate.


Getting to the root cause seems to be the motto and          The students were both diligent and committed. We were
culture of the graduate students that we had encountered     pleasantly surprised and delighted that our classroom
in teaching the Hedge Fund Management course. The            sessions had been both liberating and challenging. The
stimulating issues that the students raised and the          students posed excellent questions, which demonstrated
relentless questioning brought back memories of seminars     their efforts in thinking through the important issues with
during our graduate school days when research findings
                                                             an open and inquiring mind.
were being presented. Unlike the traditional way of
teaching where the lecturers led the students to the final
                                                                                                     Dr Phoon Kok fai
points, we find that the SMU students were confident
                                                                                Practice Associate Professor of Finance
in dictating the pace and direction on many occasions.
                                                                                   Lee Kong Chian School of Business
Their enthusiasm and sharpness would sometimes stump
even the most well-prepared lecturers.

                                Dr David Lee Kuo chuen
                                      Managing Director
                      Ferrell Asset Management Pte Ltd



                                                                                               Programme Structure         06
coUrse                                                       Quantitative Methods and Statistics
                                                             This module provides the basic aspects of quantitative

DescrIPtIon                                                  analysis, probability theory and data analysis, with
                                                             special reference to finance. Topics include the time
                                                             value of money, theory of interest, probability theory,
term 1                                                       descriptive data analysis, decision trees, estimation and
Economic Analysis                                            hypothesis testing, and simple statistical analysis such
This module covers the principles of microeconomic           as correlation analysis, regression analysis and time
and macroeconomic analysis, with particular reference        series analysis.
to economic management and the financial markets.
Our aim is to learn theories in order to apply them in
analysis. Topics in microeconomics include supply and        Corporate Finance
demand, competition and monopoly, externalities and
                                                             This course aims to provide students with a basic
the new IT economy. Topics in macroeconomics include
growth, trade, cycles, and the causes and cures of the       understanding of Corporate Finance. Students will be
008 global financial turmoil.                               exposed to key financial concepts and tools commonly
                                                             used by managers in making sound financial decisions.
                                                             These include time value of money, risk-return trade-off
                                                             analysis and cost of capital. The course also reviews the
Equity Analysis and Portfolio Management
                                                             basic financial activities undertaken by firms to create
This module covers basic techniques of valuation and         value for its shareholders. These activities include
management of securities in a portfolio context. For         investing, financing and dividend policy.
valuation of stocks, models such as discounted cash
flow models, P/E multiples, and alternative-pricing
models will be covered. Implication of efficient market
                                                             Derivatives Analysis
theory on fundamental and technical analysis will also
be examined. Global and local equity market features         This module introduces the concept of derivative
                                                             pricing based on the idea of an arbitrage-free market.
will be incorporated to add depth to the module. For
                                                             Basic derivative instruments such as forwards, futures,
portfolio management, concepts of risk and return are
                                                             options, and swaps will be covered. Valuation models for
analysed in the context of formal pricing models such
                                                             forwards and the Black-Scholes model for options will
as the Capital Asset Pricing Model and the Arbitrage
                                                             be studied. The difference between forwards and futures
Pricing Theory. Aspects of efficient market theory and
                                                             will be discussed. The module contents will also address
anomalies are considered. The concept of portfolio
                                                             the hedging issue and the trading issue. From a hedging
diversification and the construction of optimal portfolios
                                                             perspective, option Greeks, interest rate and currency
such as mean-variance efficient portfolios are studied.
                                                             swaps versus exposures, and forward-spot basis risks
The syllabus extends to the consideration of international
                                                             will be studied. From a trading perspective, arbitrage
diversification and investments where currency risks and
                                                             opportunities, violations of parities such as put-call
interest rate risks need to be evaluated.                    parity, and other options strategies will be reviewed.


Financial Statement Analysis 1
                                                             Financial Statement Analysis 
This module provides an introduction to the framework
for financial statement analysis and financial statements    This is a continuation of Financial Statement Analysis 1.
(statement of financial position, statement of financial     More advanced topic will cover specific areas of the
performance and comprehensive income, statement of           financial statements (inventory, receivables, PPE,
cash flows). In order to understand financial statements,    income taxes, financing liabilities and off-balance sheet
students will learn the key accounting concepts and          financing) and the need for analytical adjustments in
policies that determine the “numbers” presented on           analysing financial statements. Students will also be
financial statements. Students will also be introduced to    introduced to the differences in US and IFRS GAAP,
basic financial analysis techniques.                         and the convergence of accounting standards.



                                                                                               Course Description        07
Fixed-Income Analysis                                        Advanced Derivatives Analysis
This course focuses on the fixed-income markets              This module builds on and extends the coverage of the
and basic analytical tools used in analysing fixed-          basic module Derivatives Analysis. The basic concepts will
income securities. Features of fixed-income securities       be reinforced with some degree of modelling skills including
and credit rating will be covered in detail. Topics on       the building of simple PDEs using Ito’s lemma. Some ideas
basic analytical tools include interest rates and yield-     of extension of Black-Scholes and other adaptations to
                                                             different commodities and financial instruments will be
curve mathematics, duration analysis and convexity.
                                                             provided. More sophisticated theories such as forwards
Theories on the term structure of interest rates will also
                                                             versus futures pricing, and interest rate swaps versus
be discussed.
                                                             interest rate futures will be covered. Interest rate derivatives
                                                             such as caps, floors, and others will be studied. The use of
                                                             derivatives in risk management will also be analysed.


term 2                                                       Advanced Fixed-Income Analysis
Advanced Equity Analysis                                     This course is the continuation of Fixed-Income Analysis.
This course is the continuation of Equity Analysis. It       This module focuses on fixed-income derivatives and risk
aims to provide students with an in-depth understanding      management. Valuation models on fixed-income securities
of valuation and equity analysis. The course will equip      with embedded options, such as callable and convertible
students with conceptual and analytical skills necessary     bonds, will be discussed in detail. Issues in securitisation,
                                                             asset-backed securities and options pricing theory with
to make valuations on any publicly traded firm and to
                                                             applications to fixed-income market will be covered.
come out with a value enhancement strategy for a firm’s
management. This module examines various advanced
equity valuation models including contingent claim           Financial Modelling
valuation using Option Pricing Model.
                                                             Managers very often need to make important quick
                                                             decisions. These are usually difficult to justify without a
                                                             good model and thorough analysis. This course focuses
Advanced Quantitative and Economic Analysis                  on helping students learn to use spreadsheets as effective
This module builds on and extends the coverage               tools in financial modelling. Through practices in class,
                                                             students will be able to develop on their own spreadsheet
of the earlier modules of Economic Analysis and
                                                             models, covering representative topics from corporate
Quantitative Methods and Statistics. Some advanced
                                                             finance to investment planning and analysis, analysing
topics in analysis of economic data are covered,
                                                             trade-offs and sensitivities, and understanding implications
including multiple regression model, time series and         of uncertainties and risks. The key emphasis of this course
econometric modelling, nonparametric statistics,             is on acquiring the necessary programming skills and
multivariate analysis. Applications of these techniques      developing the art of modelling, more than learning about
in portfolio management, economic forecasting,               available financial models.
term structure modelling, asset pricing theories,
performance measures and interest rate management
will be examined.
                                                             term 3
                                                             Advanced Portfolio Management
Financial Statement Analysis                                This module builds on and extends Portfolio Management.
                                                             The module covers the complete investment process
This module builds on and extends the coverage of the
                                                             from constructing investment objectives and policies to
earlier modules, Financial Statement Analysis 1 and .
                                                             broad class asset allocation, portfolio selection, revisions,
Advanced topics in financial statement analysis including    monitoring, and performance measurement and attribution.
corporate restructuring, accounting for inter-corporate      Practical issues relating to investment management
investments, mergers and acquisitions, distress              philosophy and style, and active and passive management
analysis, accounting for multinational operations and        will be discussed. Advanced techniques in portfolio
the use of financial statements as a tool for valuation      construction involving the use of single index, multi-factor
and forecasting will be covered.                             and Arbitrage Pricing Theory models are studied.


                                                                                                 Course Description             08
Advanced Corporate Finance                                         Hedge Fund Management
The objective of this course is to help students develop further   This course will provide an overview and a framework
understanding of current theories and their implications           for hedge fund management. Topics will include hedge
for solving financial problems. The approach taken is that         fund objectives, institutional features, statistical and
of financial strategy. The major topics covered include            econometric concepts, hedge fund strategies, fund of
wealth creation and the enhancement of shareholder value,          hedge funds, risk management, performance measurement
managing working capital and corporate growth, corporate           and compensation issues.
capital investments, capital structure and corporate payout
policy, real options, investment banking and capital raising,
mergers and acquisitions, etc. Throughout the course, we
will study the problems which corporations face in making
                                                                   Investment Advisory Service and Wealth Management
investment decisions with an emphasis on valuation.
Research results from recent empirical work and their              Investment advisory service is part of financial planning
implications for corporations will also be discussed, where        for individuals. The course will start with a review of
appropriate. Cases will be used to illustrate the concepts and     the financial planning process and tools of financial
tools introduced in the course.                                    planning, which include liquidity and credit planning.
                                                                   Tax planning, insurance planning, retirement planning
                                                                   and estate planning are key areas for servicing high net
Bank Risk Management                                               worth and high income clients. The course will include
Since 007, banks in many countries have started                   the construction of a written financial plan with a focus
embracing a new approach to risk management. Commonly              on recommendation of products offered by private
termed Basel II, it requires banks to move away from               banks and other financial institutions to meet the
unvalidated human judgments to testable and verifiable             investment objectives of upmarket clients. This elective
empirical methods in assessing risk, especially credit             is recommended for students who are contemplating
risk. Countries that cannot meet the deadline have a few           client relationship and business development roles in
years grace period but will eventually have to adopt this          the fast-changing financial services industry.
new approach. Basel II prescribes specific definitions and
parameters that banks have to use for risk measurement.
The module will cover these plus the immense challenges
that they pose to banks.                                           Private Equity and Venture Capital Investing
                                                                   The elective explores topics and issues in private equity
Corporate Risk Management                                          and venture capital investing from both the point of view
This course examines techniques and issues in corporate            of the investors as well as the entrepreneurs. The course
credit risk analysis. The various economic, business and           is suited for those who are interested in pursuing a
financial factors that affect corporate credit quality will        career in the private equity and venture capital industry.
be discussed, as will the evaluation of a corporation’s            It will give an overview of the private equity and venture
debt servicing ability and likelihood of default. Topics           capital industry in Asia and US and also provide the
will include business and financial risk analysis, debt            foundation on general investment terms and structure,
covenants, seniority and security structures, parental             equity and debt classes, valuation approaches, due
support, structural subordination, credit scoring and credit       diligence processes and exit/divestment strategies. It
rating models, recovery prospects, credit analysis of multi-       will be taught with a combination of case studies and
business conglomerates, and structured finance. Practical          lecture-discussions including visiting entrepreneurs.
illustrations and case studies will be used throughout the
course. Prior knowledge of fundamental financial accounting
and statement analysis will be assumed.
                                                                   Structured Products
Global Financial Markets                                           This course will cover the use of structured products by
This course focuses on the practical operations and                fund managers for investment. These products include
institutional aspects of domestic and international financial      convertible bonds, mortgaged-backed securities, option-
institutions, including commercial and investment banks.           embedded bonds, equity-linked notes, dual currency
Topics include stock, bonds, options and futures markets.          options, reverse floaters and similar forms of innovative
Capital market activities and their processes, including           financial instruments. Participants will obtain a good
initial public offers, mergers and acquisitions and capital        understanding of the risk and return of these products,
bankruptcy will also be discussed.                                 and their use in portfolio management.



                                                                                                    Course Description          10
aDMIssIon anD fees
aDMIssIon crIterIa
• A good university degree
• A good GMAT score (Graduate Management Admission Test)
  (http://mba.com/mba/TaketheGMAT) or GRE score (Graduate Record Examinations General Test)
  (http://www.gre.org)
• Preferably with two years of working experience
• This part-time programme is also opened to foreign candidates who hold
  employment or dependant passes

PrograMMe fees
The full programme fee is S$8,50 (inclusive of GST) and is payable over 
instalments. Each instalment is to be paid before each term starts.
Application Fee : S$50
Registration Fee : S$00 (Singaporean and Singapore Permanent Resident)
                   S$500 (Others)

Application and registration fees are non-refundable. The registration fee is payable on
acceptance to the programme. The registration fee covers payment for matriculation,
insurance, examination fees, orientation activities, library and computer accounts.
Tuition Fee       : S$8,000 payable in  instalments
First instalment payable  weeks before Term 1 begins                           : S$10,000
Second instalment payable  weeks before Term  begins                          : S$ 9,000
Third instalment payable  weeks before Term  begins                           : S$ 9,000

hoW to aPPLy
Please apply for the MAF programme online via our website at http://www.smu.edu.sg/MAF.
Please submit supporting documents and application fee to the Graduate Programmes Office.
Early application is encouraged. Check our website for updates on application periods.

InforMatIon sessIons
We have  information sessions every year (September, November and January of the
following year). We encourage you to attend our information sessions to find out more
about our programme. The venue and time of the information sessions will be available at
our website, http://www.smu.edu.sg/MAF.

graduate Programmes office
Lee Kong chian school of Business
singapore Management University
50 Stamford Road #0-01
Singapore 178899
Tel : (65) 688 080 / (65) 688 015
Fax : (65) 688 07
Email : appliedfinance@smu.edu.sg


All information correct at time of printing (April 009). Updates will be posted on http://www.smu.edu.sg/MAF.



                                                                                 Admission and Fees              11
FreqUentLy aSKed qUeStionS
How many intakes are there per year?                       does my work experience need to be in finance?
One intake per year in July.                               No. We admit students from all backgrounds and
                                                           working experience. In fact, some of our students
                                                           are using their knowledge and skills learnt in the
When is the application period?
                                                           programme to enable them to enter the finance
Application will start in early September and end          and banking industries.
in end February the following year.

                                                           What is the minimum GMat score?
What is the admission process?
                                                           We do not have a minimum GMAT score as we
All applicants must complete an online application         have to view your application in totality for
form and arrange for two personal references.              admission to this programme.
Applicants must also append a one-page personal
statement explaining why they want to take
the programme and how it fits with their career            Can i be exempted from taking GMat?
aspiration. Applicants will need to take the               No, every applicant is required to take GMAT,
Graduate Management Admission Test (GMAT) or               regardless of their academic background or prior
the Graduate Record Examinations General Test              qualifications. This is for a variety of reasons:
(GRE). Shortlisted candidates will be invited for an       (i) we receive applications from virtually every
interview which is conducted in March and April.           country (and educational system) in the world, so
                                                           it is very helpful to have one measure on which we
Applicant may log onto the Applicant Self Service          can compare all candidates in the applicant pool;
functions to check the application status anytime.         (ii) all business schools have to provide summary
All applicants will receive a notification regarding the   data on applicants and students to various external
outcome of the application via mail by end April.          bodies, and this invariably includes the average
                                                           GMAT score; and (iii) it will lead to inconsistency
                                                           and unfairness in our admissions processes if
What is the term structure?
                                                           we require all applicants to take GMAT, but then
The structure is spread over 3 terms. Each term            exempt a few.
is 18 weeks, divided into 2 halves of 9 weeks
duration. Preparatory classes in foundation
courses will be conducted around end May/early             am i required to take toeFL test?
June prior to programme commencement in July.              TOEFL test is required if the medium of
                                                           instruction in your undergraduate education was
                                                           not in English.
How many modules do i have to complete within
this 18-months course?
You have to complete 15 compulsory modules                 are there any scholarships or financial
and 5 elective modules.                                    assistance available?
                                                           MAF is one of the MAS-approved postgraduate
                                                           scholarship programmes. Please refer to the
i am a foreigner. am i eligible to apply?                  Finance Scholarship Programmes (FSP) for
Foreigners are eligible to apply as long as they           more information.
hold an employment or dependant pass.
                                                           The MAF programme has established a special
                                                           SMU (MAF) tuition loan scheme. The scheme
do i need work experience for admission into               assists deserving candidates by providing 50%
the programme?                                             financing of the tuition fees at an affordable
We expect applicants to have at least 2 years of           cost and repayment schedules. Candidates
work experience after graduation. Based on our             holding a part-time job, unemployed for at least
past intakes, the typical student has 4 or 5 years         3 months and unable to get a study loan from any
prior working experience.                                  commercial banks are eligible to apply.
  SMU MaSterS. Be One.
      Lee Kong Chian School of Business
       Singapore Management University
50 Stamford Road #04-01 Singapore 178899
 Tel: +65 6828 0100 Fax: +65 6828 0427
      Email: appliedfinance@smu.edu.sg
    http://www.business.smu.edu.sg/MAF

				
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