Masters Degrees (Valuation)

After strengthening your knowledge in Management, Technique, Law, Economics and Valuation you will receive the Proof of Proficiency to work as a professional Real Estate Manager. This will also be valid in an international context and give you eligibility to apply for RICS membership.

Contents
Real Estate and Housing Law
Construction Technology and Construction Planning
Real Estate Investment and Financing
Real Estate Valuation
Real Estate Development
Real Estate Trusteeship
Applied Real Estate Management - Project "Refurbishment of an Old Building" and "New Development"
Master Thesis

Target Group
Individuals in control of budgets and personnel, who are interested in Real Estate Operations and Development, who want to act internationally and already have gained professional experience in this area.

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MSc Investment Analysis provides you with the knowledge, understanding and the skills required for a career in the financial sector, banking or investment management. There is a strong focus throughout on the practical application of finance within a trading or corporate setting. Your studies will culminate in a financial analyst evaluation of a UK listed company for your final project.

Subject guide and module

You will study equity, debt and derivative markets in domestic and international sectors, discovering how to undertake security valuation and portfolio management as well as learning about the key techniques used by financial traders.

In addition, you will be encouraged to complete the Reuters Certification – an industry recognised professional qualification. During the summer term you will also have the opportunity of attending preparation and revision classes for the CFA (Chartered Financial Analyst®) Level one programme.

Core Modules :
-Valuation of Investments (A)
-Valuation of Investments (B)
-Quantitative Methods for Finance
-Trading Techniques
-Security Analysis
-Investment Management
-Business Finance
-International Finance
-Professional Development Programme
-Ethics in Academic Practice

The programme then concludes with a dissertation project

In addition to your Aston degree, you will have the opportunity to participate in our international study exchange programme. Studying with one of our partner institutions, the programme will enhance your international experience and communication skills, preparing you for a career in the international business environment.

Learning, teaching and assessment

The taught modules are assessed predominantly through examinations complemented by a substantial piece of research leading to the valuation project.

Career opportunities

This programme provides you with the knowledge, understanding and skills needed for a career in the financial, insurance and corporate sectors. Recent graduate positions include:
-Auditor – PricewaterhouseCoopers (Italy)
-Financial Analyst – Deutsche Bank (UK)
-Investment Manager – Bank of China (China)
-Mergers & Acquisitions Analyst – Ernst&Young (Russia)
-Risk Capital Manager – Kazikorn Bank (Thailand)

Personal development

You will acquire skills in the following areas: giving presentations; team working; report writing; negotiation and IT skills. On successful completion of the programme you are expected to:
-Demonstrate an understanding of valuation techniques used in financial markets
-Understand how to trade financial securities
-Understand strategic decision-making within a financial context
-Be able to employ risk management techniques
-Use financial statements to analyse financial performance
-Understand the international influences of finance

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Programme structure
The programme offers four "core" modules, taken by all students, along with a variety of elective modules from which students can pick and choose. There are examinations and coursework in eight modules altogether, including the four core modules. Additionally, all students complete a dissertation.

Core modules
0.Probability and stochastics. This course provides the basics of the probabilistic ideas and mathematical language needed to fully appreciate the modern mathematical theory of finance and its applications. Topics include: measurable spaces, sigma-algebras, filtrations, probability spaces, martingales, continuous-time stochastic processes, Poisson processes, Brownian motion, stochastic integration, Ito calculus, log-normal processes, stochastic differential equations, the Ornstein-Uhlenbeck process.


0.Financial markets. This course is designed to cover basic ideas about financial markets, including market terminology and conventions. Topics include: theory of interest, present value, future value, fixed-income securities, term structure of interest rates, elements of probability theory, mean-variance portfolio theory, the Markowitz model, capital asset pricing model (CAPM), portfolio performance, risk and utility, portfolio choice theorem, risk-neutral pricing, derivatives pricing theory, Cox-Ross-Rubinstein formula for option pricing.


0.Option pricing theory. The key ideas leading to the valuation of options and other important derivatives will be introduced. Topics include: risk-free asset, risky assets, single-period binomial model, option pricing on binomial trees, dynamical equations for price processes in continuous time, Radon-Nikodym process, equivalent martingale measures, Girsanov's theorem, change of measure, martingale representation theorem, self-financing strategy, market completeness, hedge portfolios, replication strategy, option pricing, Black-Scholes formula.


0.Financial computing I. The idea of this course is to enable students to learn how the theory of pricing and hedging can be implemented numerically. Topics include: (i) The Unix/Linux environment, C/C++ programming: types, decisions, loops, functions, arrays, pointers, strings, files, dynamic memory, preprocessor; (ii) data structures: lists and trees; (iii) introduction to parallel (multi-core, shared memory) computing: open MP constructs; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.


0.Interest rate theory. An in-depth analysis of interest-rate modelling and derivative pricing will be presented. Topics include: interest rate markets, discount bonds, the short rate, forward rates, swap rates, yields, the Vasicek model, the Hull-White model, the Heath-Jarrow-Merton formalism, the market model, bond option pricing in the Vasicek model, the positive interest framework, option and swaption pricing in the Flesaker-Hughston model.

Elective modules

0.Portfolio theory. The general theory of financial portfolio based on utility theory will be introduced in this module. Topics include: utility functions, risk aversion, the St Petersburg paradox, convex dual functions, dynamic asset pricing, expectation, forecast and valuation, portfolio optimisation under budget constraints, wealth consumption, growth versus income.


0.Information in finance with application to credit risk management. An innovative and intuitive approach to asset pricing, based on the modelling of the flow of information in financial markets, will be introduced in this module. Topics include: information-based asset pricing – a new paradigm for financial risk management; modelling frameworks for cash flows and market information; applications to credit risk modelling, defaultable discount bond dynamics, the pricing and hedging of credit-risky derivatives such as credit default swaps (CDS), asset dependencies and correlation modelling, and the origin of stochastic volatility.

0.Mathematical theory of dynamic asset pricing. Financial modelling and risk management involve not only the valuation and hedging of various assets and their positions, but also the problem of asset allocation. The traditional approach of risk-neutral valuation treats the problem of valuation and hedging, but is limited when it comes to understanding asset returns and the behaviour of asset prices in the real-world 'physical' probability measure. The pricing kernel approach, however, treats these different aspects of financial modelling in a unified and coherent manner. This module introduces in detail the techniques of pricing kernel methodologies, and its applications to interest-rete modelling, foreign exchange market, and inflation-linked products. Another application concerns the modelling of financial markets where prices admit jumps. In this case, the relation between risk, risk aversion, and return is obscured in traditional approaches, but is made clear in the pricing kernel method. The module also covers the introduction to the theory of Lévy processes for jumps and its applications to dynamic asset pricing in the modern setting.

0.Financial computing II: High performance computing. In this parallel-computing module students will learn how to harness the power of a multi-core computer and Open MP to speed up a task by running it in parallel. Topics include: shared and distributed memory concepts; Message Passing and introduction to MPI constructs; communications models, applications and pitfalls; open MP within MPI; introduction to Graphics Processors; GPU computing and the CUDA programming model; CUDA within MPI; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.


0.Risk measures, preference and portfolio choice. The idea of this module is to enable students to learn a variety of statistical techniques that will be useful in various practical applications in investment banks and hedge funds. Topics include: probability and statistical models, models for return distributions, financial time series, stationary processes, estimation of AR processes, portfolio regression, least square estimation, value-at-risk, coherent risk measures, GARCH models, non-parametric regression and splines.

Research project

Towards the end of the Spring Term, students will choose a topic to work on, which will lead to the preparation of an MSc dissertation. This can be thought of as a mini research project. The project supervisor will usually be a member of the financial mathematics group. In some cases the project may be overseen by an external supervisor based at a financial institution or another academic institution.

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Programme structure

The programme offers five "core" modules, taken by all candidates, along with a variety of elective modules from which students can pick and choose. There are lectures, examinations and coursework in eight modules altogether, including the five core modules. Additionally, all students complete an individual research project on a selected topic in financial mathematics, leading to the submission of a dissertation.

Core modules

Probability and stochastics. This course provides the basics of the probabilistic ideas and mathematical language needed to fully appreciate the modern mathematical theory of finance and its applications. Topics include: measurable spaces, sigma-algebras, filtrations, probability spaces, martingales, continuous-time stochastic processes, Poisson processes, Brownian motion, stochastic integration, Ito calculus, log-normal processes, stochastic differential equations, the Ornstein-Uhlenbeck process.

Financial markets. This course is designed to cover basic ideas about financial markets, including market terminology and conventions. Topics include: theory of interest, present value, future value, fixed-income securities, term structure of interest rates, elements of probability theory, mean-variance portfolio theory, the Markowitz model, capital asset pricing model (CAPM), portfolio performance, risk and utility, portfolio choice theorem, risk-neutral pricing, derivatives pricing theory, Cox-Ross-Rubinstein formula for option pricing.

Option pricing theory. The key ideas leading to the valuation of options and other important derivatives will be introduced. Topics include: risk-free asset, risky assets, single-period binomial model, option pricing on binomial trees, dynamical equations for price processes in continuous time, Radon-Nikodym process, equivalent martingale measures, Girsanov's theorem, change of measure, martingale representation theorem, self-financing strategy, market completeness, hedge portfolios, replication strategy, option pricing, Black-Scholes formula.


Interest rate theory. An in-depth analysis of interest-rate modelling and derivative pricing will be presented. Topics include: interest rate markets, discount bonds, the short rate, forward rates, swap rates, yields, the Vasicek model, the Hull-White model, the Heath-Jarrow-Merton formalism, the market model, bond option pricing in the Vasicek model, the positive interest framework, option and swaption pricing in the Flesaker-Hughston model.

Financial computing I. The idea of this course is to enable students to learn how the theory of pricing and hedging can be implemented numerically. Topics include: (i) The Unix/Linux environment, C/C++ programming: types, decisions, loops, functions, arrays, pointers, strings, files, dynamic memory, preprocessor; (ii) data structures: lists and trees; (iii) introduction to parallel (multi-core, shared memory) computing: open MP constructs; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.

Elective modules

Portfolio theory. The general theory of financial portfolio based on utility theory will be introduced in this module. Topics include: utility functions, risk aversion, the St Petersburg paradox, convex dual functions, dynamic asset pricing, expectation, forecast and valuation, portfolio optimisation under budget constraints, wealth consumption, growth versus income.

Information in finance with application to credit risk management. An innovative and intuitive approach to asset pricing, based on the modelling of the flow of information in financial markets, will be introduced in this module. Topics include: information-based asset pricing – a new paradigm for financial risk management; modelling frameworks for cash flows and market information; applications to credit risk modelling, defaultable discount bond dynamics, the pricing and hedging of credit-risky derivatives such as credit default swaps (CDS), asset dependencies and correlation modelling, and the origin of stochastic volatility.


Mathematical theory of dynamic asset pricing. Financial modelling and risk management involve not only the valuation and hedging of various assets and their positions, but also the problem of asset allocation. The traditional approach of risk-neutral valuation treats the problem of valuation and hedging, but is limited when it comes to understanding asset returns and the behaviour of asset prices in the real-world 'physical' probability measure. The pricing kernel approach, however, treats these different aspects of financial modelling in a unified and coherent manner. This module introduces in detail the techniques of pricing kernel methodologies, and its applications to interest-rete modelling, foreign exchange market, and inflation-linked products. Another application concerns the modelling of financial markets where prices admit jumps. In this case, the relation between risk, risk aversion, and return is obscured in traditional approaches, but is made clear in the pricing kernel method. The module also covers the introduction to the theory of Lévy processes for jumps and its applications to dynamic asset pricing in the modern setting.


Financial computing II: High performance computing. In this parallel-computing module students will learn how to harness the power of a multi-core computer and Open MP to speed up a task by running it in parallel. Topics include: shared and distributed memory concepts; Message Passing and introduction to MPI constructs; communications models, applications and pitfalls; open MP within MPI; introduction to Graphics Processors; GPU computing and the CUDA programming model; CUDA within MPI; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.

Risk measures, preference and portfolio choice. The idea of this module is to enable students to learn a variety of statistical techniques that will be useful in various practical applications in investment banks and hedge funds. Topics include: probability and statistical models, models for return distributions, financial time series, stationary processes, estimation of AR processes, portfolio regression, least square estimation, value-at-risk, coherent risk measures, GARCH models, non-parametric regression and splines.

Research project

Towards the end of the Spring Term, students will choose a topic for an individual research project, which will lead to the preparation and submission of an MSc dissertation. The project supervisor will usually be a member of the Brunel financial mathematics group. In some cases the project may be overseen by an external supervisor based at a financial institution or another academic institution.

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Programme Background

The real estate market encompasses a diverse range of residential, commercial and industrial land and property. Real estate professionals advise on a broad range of areas needed by occupiers, developers and investors. This programme provides the foundation knowledge and skills needed by future property professionals.

The programme is designed to provide students with the essential learning components of economics, valuation, construction, investment, law, planning, management and development. It will build understanding of the complex interactions and dynamics of the property market, including a sound knowledge of valuation and appraisal techniques.

Professional Recognition

The MSc programme has professional accreditation from the Royal Institution of Chartered Surveyors (RICS) and Heriot-Watt University is a leading centre for the education of commercial and residential property professionals in the UK.

Programme Structure

For the MSc, students undertake eight taught courses plus the research dissertation. Students on the Diploma programme take eight taught courses. Students can opt to complete a total of four courses and graduate with the Heriot-Watt University Postgraduate Certificate. Each taught course represents 150 hours of student effort and the dissertation represents 600 hours.

Semester 1
· Real Estate Economics
· Real Estate Appraisal and Evaluation 1
· Construction Technology
· Spatial Planning (Edinburgh)
· International Planning and Property Law (Dubai, Distance Learning)

Semester 2
· Real Estate Investment and Analysis
· Real Estate Management and Sustainability
· Real Estate Development
· Real Estate Appraisal and Valuation 2

Mode of Study

The programme is offered on a full time study basis (12 months) or part time on a day-release basis (24 months). The programme is also offered via attendance-free distance learning.

Many of our distance learning students are in highly demanding employment. These students can opt to reduce the level of study per year and increase the study period to a maximum of six years, thus gaining a respected postgraduate degree whilst contributing to the CPD requirements of their professional bodies. Arrangements can be made for distance learning student to sit exams at a number of centres throughout the world. Students receive comprehensive course study packs by post. A PC with e-mail and Internet access is necessary for those students to gain the fullest learning experience from the programme.

Graduate Opportunities

The MSc in Real Estate Management and Development programme is focussed on industrial and professional relevance, ensuring that graduates of the programme are quickly able to make a positive and effective contribution to the success of their working environment, and the development of their own professional careers. The programme is suitable for graduates with an interest in pursuing a career as a general practice chartered surveyor with a focus on commercial or residential property valuation, development, management or investment.

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This programme will deliver a highly regarded professional education in real estate. It has been developed in close consultation with the relevant professional, policy and business communities and is intended to provide an intensive fast-track entry to a professional career.

Why this programme

-If you plan a career as a chartered surveyor, primarily as a member of the Commercial Property or Valuation or Property Finance and Investment Professional Groups of the Royal Institution of Chartered Surveyors (RICS), this programme is made for you.
-The programme is professionally accredited by the RICS.
-There is significant input from industry to our teaching programme, including teaching on some courses, guest lectures and seminars. There are also informal opportunities to meet people from industry at open events and recruitment presentations. We will also support you to arrange professional work placements.

Programme structure

You will take a series of core courses, choose optional courses and undertake a dissertation or a major project in real estate.

The core semester 1 courses are multi-disciplinary in nature and use lectures, seminars, tutorials and cases studies to focus on the urban development and planning theories, principles and policies which are necessary for you to build a thorough understanding of how urban areas and economics function. In addition, you will gain an appreciation of real estate values and apply valuation and appraisal principles and techniques in practice-based activities.

In semester 2 you will build on this knowledge base by developing core real estate skills, using project, IT lab, field and team work activities and assessments.

Core courses
-Advanced real estate valuation and appraisal
-Development economics
-Development process
-Global cities
-Governance and markets
-Professional practice, ethics & management
-Real estate markets
-Real estate finance & investment
-Real estate valuation and appraisal

Optional courses
-International real estate markets
-International corporate finance
-Strategic real estate management

Accreditations

Professional accreditation is important because it means that graduates need complete only the Assessment of Professional Competence for the relevant profession in order to obtain chartered status as MRICS and/or MRTPI.

We are pleased to announce that this programme is professionally accredited by the Royal Institution of Chartered Surveyors.

Career prospects

As a graduate you will be in possession of an MSc degree recognised by the Royal Institution of Chartered Surveyors (RICS) and can develop your career as a chartered surveyor.

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The one-year full-time taught MSc Accounting and Finance is open to graduates with an accounting, finance or related first degree. Science and engineering graduates are also eligible for admission to the programme subject to successful completion of a preliminary one week intensive course in Accounting run in the middle of September.

Employability and Careers

The programme is designed to provide students with the academic knowledge and skills necessary to obtain employment with leading accounting and financial institutions or government agencies. Graduates from the MSc in Finance have been very successful securing jobs in the following areas: banking, fund management, broking, program trading, management, corporate finance, economic research and financial regulation. These careers will also be available to Accounting and Finance graduates plus those in corporate finance and investment analysis that involve detailed analysis of accounting information for valuation purposes.

Assessment

Students will be assessed by course work, which will include individual assignments, group exercises, class tests, independent learning activities, and a dissertation.

Programme Structure

The programme comprises five compulsory taught modules, one optional module offered in the second semester, and a dissertation.

September - January

Accounting and Security Valuation
This module provides a framework for assessing the usefulness of accounting information and accounting regulation for external users and management. Theoretical and practical accounting issues will be highlighted by considering specific accounting issues. The usefulness of financial statement information for valuation purposes will be examined and explored through the use of case studies and statistical analysis of share price and accounting data.

Research Methods in Finance
This module is designed to give students both theoretical and practical experience of statistical and econometric techniques. The module will acquaint students with a range of modern econometric techniques, which are an essential part of modern advanced empirical research in accounting and finance.

Corporate Finance
The aim of this module is to familiarise students with the primary theoretical and empirical issues confronting the modern corporation when making decisions about investment, capital structure, dividends and mergers.

January – April

Accounting and Capital Markets
This module integrates material in the accounting and securities valuation module with investment management decision making. The main areas covered include the theoretical economic underpinnings of capital markets, the role of firms’ disclosure in equity markets, the role of information intermediaries, value investing, and market microstructure.

Performance Management and Governance
The module explores the role and application of strategic performance management and governance in organisations. Theoretical and practical performance management and governance issues will be examined in both businesses and not-for profit organizations (NFPOs) primarily through the use of published research papers. Through this, the usefulness of a variety of research methods will be examined, including qualitative research utilising case studies and interviews.

Plus a choice of ONE of the following modules:

International Finance
This module is designed to develop a rigorous understanding of international financial markets. Emphasis is placed on the theoretical basis for pricing such assets as forward exchange rates. Recent international monetary events such as the establishment of the euro are studied extensively.

Options, Futures and Other Derivative Securities
This module provides students with a rigorous theoretical understanding of derivative instruments. The course includes the following topics: the theory of futures markets; futures contract pricing; pricing of interest rate and stock index futures; the theory of option pricing.

Money and Banking
This module provides students with an understanding of modern banking and other financial institutions. The emphasis is placed on policy issues such as: the regulation of financial institutions; the determination of the value and quantity of both private and fiat money; the proper role of central banking, government macroeconomic policies, affecting output and employment; and fixed verses floating exchange rates.

April – June

Dissertation
Students are assigned supervisors and have to undertake an original piece of empirical accounting or finance research. The dissertation will be approximately 12,000 – 15,000 words and must be submitted by the end of September.

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This course is designed for non-cognate graduates intending to work in general practice surveying, property management, investment, development and other property related fields.

It focuses on the appraisal of commercial property for occupation, development and investment, largely in an urban context. It will develop your property-related skills and knowledge together with an understanding of finance, business management and marketing in the context of the industry.

On completion of the course, you'll be able to offer a broad range of expertise and skills, harnessing the theories, practices and techniques of real estate management.

You'll gain an insight into the nature of land and property investment, development and management and its impact on the vitality of our cities. Real estate is a significant contributor to the overall economy of the UK.

As a real estate graduate you will find yourself working with people from a diversity of professional backgrounds that interact in order to implement major projects of national and international importance.

Your knowledge and understanding of innovative methods of financing such as the Private Finance Initiative will provide you with the necessary skills to work in partnership between private and public sectors.

See the website http://www.lsbu.ac.uk/courses/course-finder/real-estate-msc

Modules

- Institutional and legal context for property
This module focuses on introducing students to the various areas of law and issues of professional practice used and applied in the construction and property industries.

- Construction and planning
A module to provide a broad and critical perspective on planning and construction as well as an understanding of the context within which planning and construction decisions are made and implemented.

- Valuations
This module is intended to allow the theoretical knowledge gained in a series of lectures and workshops to be applied in practice. The module will consider the fundamental principles of valuation, valuation formulae and discounted cash flows. It will examine the methods used in the valuation of office, retail, industrial and residential properties.

- Advanced valuations
This module further develops the concepts and techniques covered in the Valuations unit. It is intended to develop the student's awareness of valuations techniques and their practical application in the property market. Analysis of transactions and a critical approach to property appraisal techniques will be developed.

- Real estate economics and finance
This module provides an introduction into a set of theoretical principles and practical skills in economics and finance, which enable property professionals to develop, manage and grow successful businesses.

- Applied valuation and the management of property interests
This module gives a practical insight into managing property. The roles and responsibilities of both landlords and tenants are considered in property management. Financial calculations that inform the decision-making processes in property management are also covered.

- Corporate real estate management
A module to provide a critical understanding of the role that real estate plays in the successful organisation of business activities, and to provide the skills to formulate appropriate strategies for corporate occupiers.

- Property investment appraisal
A module to provide a detailed and critical perspective on property investment and an understanding of the context, in which, investment decisions are made and implemented. In particular the unit is designed to provide an analysis of the corporate and institutional decision-making processes with regard to property.

- Dissertation
The module provides the opportunity for students to undertake an independent piece of research, investigating in depth a subject, in which, they have a particular interest and of their own selection. Each student will submit a dissertation of between 15,000- 20,000 words. The module includes teaching of research methods.

Options:
Please be aware that option selection is subject to availability.
- Behavioural finance
- Building control
- Building Information Modelling and collaborative working
- Management of health and safety in construction
- History of architecture and construction
- International real estate and construction
- Legal resolution of property and construction disputes

Employability

Successful students work as valuers, property managers, agents, advisors and corporate professionals working in a dynamic and fast changing property industry. To date employment prospects have been excellent with many graduates joining major real estate consultancies, as well as a broad range of private and public organisations involved in property.

LSBU Employability Services

LSBU is committed to supporting you develop your employability and succeed in getting a job after you have graduated. Your qualification will certainly help, but in a competitive market you also need to work on your employability, and on your career search. Our Employability Service will support you in developing your skills, finding a job, interview techniques, work experience or an internship, and will help you assess what you need to do to get the job you want at the end of your course. LSBU offers a comprehensive Employability Service, with a range of initiatives to complement your studies, including:

- direct engagement from employers who come in to interview and talk to students
- Job Shop and on-campus recruitment agencies to help your job search
- mentoring and work shadowing schemes.

Professional links

The MSc/PgDip is fully accredited by the Royal Institution of Chartered Surveyors.

Brighter connections

London location affording access to:
- Major development areas and schemes to visits / study
- The main offices of the country's leading property consultancies and companies
- The RICS headquarters and its library
- Other professional and academic libraries and exhibitions
- A well developed alumni organisation
- Extensive programmes of talks and lectures, promoted by the RICS and others, often at reduced cost or free to students.

Expertise and history

London South Bank University has a long history of educating professionals for the building-related industries. With roots in London Council School of Building (1904), Brixton School of Building (1940) we have been offering training for this sector for over 100 years.

Today we are expert at attracting property and construction students from the UK and around the world. Much of this is down to the highly successful links we have with major real estate consultancies, property companies, contractors, cost consultants and developers to ensure our courses are highly relevant for the current market.

Today, according to the Guardian PG subject tables 2013 we are the largest School of Building and Town Planning in the UK (combining full-time and part-time modes of study) and our building graduates have the best employment prospects in London (Complete University Guide 2014).

Our current students and alumni hold key positions in their organisation, often as senior managers and business owners.

Placements

- Market report and case study analysis
Students on our Real Estate course can choose to study International Real Estate and Construction as an optional module. For this complex module students need to go on a study visit to an international city which has an emerging real estate and construction market.

Past students have gone abroad to take in either Dubai in the United Arab Emirates or Shanghai in the People's Republic of China. The field trip includes visits to real estate companies and construction firms, site visits and meetings with various professionals. From these briefings, students need to produce a country report that includes a detailed strategy including how they could break through in the real estate or construction market in these overseas destinations.

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This programme provides you with a detailed understanding of the global real estate industry and modern business principles, techniques and contextual conditions. The programme is tailored for those who anticipate a career with international professional real estate service advisers or corporate real estate management.

Why this programme

-If you want to establish a career as a chartered surveyor, primarily as a member of the Management Consultancy or Commercial Property Professional Groups of the Royal Institution of Chartered Surveyors (RICS), this programme is designed for you.
-You will understand how real estate can support the core activities of any organisation and enable you to make informed financial decisions through the application of real estate valuation and appraisal techniques.
-There is significant input from industry in shaping our programme, including teaching on some courses, guest lectures and seminars. -There are also informal opportunities to meet people from industry at open events and recruitment presentations. We will also support you in arranging professional work placements.
-The programme is professionally accredited by the RICS.

Programme structure

You will take a series of core courses and optional courses, and undertake a dissertation or a major project in real estate.

Core courses in semester 1 are multi-disciplinary in nature and use lectures, seminars, tutorials and cases studies to focus on the urban development and planning theories, principles and policies. These are necessary for you to build a thorough understanding of how urban areas and economics function. In addition, you will gain an appreciation of real estate values and apply valuation and appraisal principles and techniques in practice-based activities.

In semester 2, activities and assessments, field and team work, in addition to project and IT lab skills will further develop your core real estate and management skills.

Core courses
-Advanced real estate valuation and appraisal
-Development process
-International real estate analysis
-Managing strategic change
-Professional practice, ethics and management
-Project management
-Real estate valuation and appraisal
-Real estate markets
-Strategic real estate management

Optional courses
-Development economics
-Marketing management
-Operations management
-Real estate finance and investment

Accreditations

Professional accreditation is important because it means that graduates need complete only the Assessment of Professional Competence for the relevant profession in order to obtain chartered status as MRICS and/or MRTPI.

We are pleased to announce that this programme is professionally accredited by the Royal Institution of Chartered Surveyors.

Career prospects

There is a high demand for corporate real estate managers who can act on their own initiative, make decisive financial decisions, show leadership potential and adapt to changing circumstances. As a graduate of this programme, these are the kind of attributes we would expect you to possess.

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The MSc in Real Estate at Liverpool John Moores University is accredited by the RICS and is designed as a fast-rack route for first-degree holders seeking a career in Real Estate.

•Complete this masters degree in one year (full time), two years (part time)
•Professionally accredited by the Royal Institution of Chartered Surveyors (RICS)
•Prepares you for a career in Real Estate from a wide range of first degrees
•The academic team combines academic rigour with extensive practical experience of the construction and property professions
•Extensive industry involvement from the public and private sector
•Excellent career opportunities with leading UK and international surveying firms and consultancies, property companies, developers and public sector organisations
•Internationally recognised research in our Built Environment and Sustainable Technologies (BEST) Research Institute


If you are interested in the valuation and strategic management of Real Estate, this RICS accredited MSc programme is ideal for you.

You will develop your ability to think analytically at a strategic and managerial level in the context of the built environment. The programme covers all aspects of the valuation, investment and management of property as an asset in the context of the legislative framework and economic drivers that underpin today’s complex and dynamic real estate markets.

The commercial property sector provides an important focus within the course; however, the programme content has been enhanced to align not only with the Commercial Property Practice core competencies but also the Valuation and Residential APC pathways.

The course has been developed in partnership with principal surveying practices and enjoys established links with employers in both the private and public sector, ensuring that it is responsive to the changing needs of industry, government, local communities and professional practice.

The overall aim of the programme is to provide you with the skills and attributes to gain a graduate surveyor position within the profession.

Please see guidance below on core and option modules for further information on what you will study.
Level 7
Valuation
Real Estate Investment
Building Technology and Management
Research Methods
Law
Planning and Development
Real Estate Management
Dissertation

Further guidance on modules

The information listed in the section entitled ‘What you will study’ is an overview of the academic content of the programme that will take the form of either core or option modules. Modules are designated as core or option in accordance with professional body requirements and internal Academic Framework review, so may be subject to change. Students will be required to undertake modules that the University designates as core and will have a choice of designated option modules. Additionally, option modules may be offered subject to meeting minimum student numbers.

Academic Framework reviews are conducted by LJMU from time to time to ensure that academic standards continue to be maintained. A review is currently in progress and will be operational for the academic year 2016/2017. Final details of this programme’s designated core and option modules will be made available on LJMU’s website as soon as possible and prior to formal enrolment for the academic year 2016/2017.

Please email [email protected] if you require further guidance or clarification.

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Are you new to property or looking to pursue a career in the field? If so, then this course was developed with you in mind.

The programme of study will equip you with an excellent working knowledge of the commercial property market, including its relevance to national and international financial and investment markets.

You’ll also become professionally competent in applying current investment and appraisal techniques, and learn how to make sound property management decisions that take into account legal, economic, facilities management and planning variables.

Key benefits:

• The full Masters degree is RICS accredited
• Follow a programme developed for new and aspiring real estate professionals
• Learn skills directly related to the practice of the real estate profession

Visit the website: http://www.salford.ac.uk/pgt-courses/real-estate-and-property-management

Suitable for

New entrants to the commercial property sector or anyone looking to forge a career in the field. A strong academic background is necessary, but prior study of real estate or property is not required.

This course is also suitable for established property professionals who want to formalise their real estate and property management skills with an accredited qualification.

Programme details

By undertaking this course you will learn about:

• The workings of the commercial property market and its relevance to national and international financial and investment markets
• Advanced current investment and appraisal techniques
• Legal, economic, planning, technical and facilities management factors in property management decision making
• IT in the property industry
• Environmental considerations of real estate development and management

Format

On-campus study comprises lectures, tutorials and project work.

Lectures introduce the core knowledge for each module. Tutorials provide a forum for discussion and debate with personalised instruction from tutors and project work is your chance to use research and other techniques to develop solutions to prescribed tasks. Throughout the course, experts from various fields are invited to deliver guest lectures and field trips are organised to give you an insight into the workings of the industry.

If you’re studying by distance learning, you’ll enjoy access to an internet-based learning environment backed up by intensive tutor support. Weekly online tutorials are led by tutors and encourage student interaction. Our online repository of learning material enables you to undertake self-directed study at your own convenience. Learning is driven by real-world problems with application to your workplace and job role.

Module titles

• Valuation and Investment Appraisal
• Property Law and Practice
• Buildings In Use
• Planning and Development
• Dissertation

Assessment

You will be assessed through written coursework (100%) and continuous informal assessment by your tutors.

Career potential

This course provides you with the knowledge and skills to develop a successful career in the corporate property industry. Our graduates are highly regarded by employers, enjoy excellent career prospects and have gone on to work within corporate, financial, government and private sectors to create property, investment and business solutions.The MSc in Real Estate and Property Management primarily equips you with knowledge and expertise in the valuation and management of urban land and buildings in both public and private ownership. Professional activities will include acting for clients in connection with the purchase, letting, management and sale of all types of urban property such as shops, offices, industrial premises, distribution warehouses, shopping centres, houses, leisure facilities, etc. In addition, advice may be sought by clients on matters relating to investment, finance, planning, development, refurbishment, landlord and tenant relationships, and a wide range of other issues.

Employment opportunities are extensive and range from local property consultancies to positions in large, multi-office practices with regional, national and international representation. There are also many opportunities in the institutional and corporate sectors with organisations such as insurance companies, pension funds, property companies, multiple retailers, and other major trading companies. Some local authorities and central government departments also maintain an 'in-house' team of property professionals.

Graduates often find themselves specialising after an initial period and the following are examples of favoured aspects: commercial estate agency, investment appraisal, property finance, development appraisal, property valuation, property management, strategic corporate real estate management and rating and taxation matters.

How to apply: http://www.salford.ac.uk/study/postgraduate/applying

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Our International Financial Analysis MSc develops an in-depth understanding of financial reporting and management in the context of the international financial environment.

The global economic crisis, high-profile banking failures and increased regulatory supervision have highlighted the importance of sound financial management and robust reporting. This course has been developed specifically to meet this need.

It provides you with quantitative and qualitative skills of analysis. You will also understand how accounting and finance expertise may be successfully combined to assess corporate performance and valuation.

The course is aimed at management, business or economics graduates, who would like to gain a more specialist knowledge of issues related to financial analysis. It is also suitable for non-business graduates with good numeracy levels who wish to develop financial skills and understanding.

The course also covers many relevant topics for those intending to study for the Chartered Financial Analyst (CFA) exams.

What you'll learn

You will analyse individual companies from an external perspective with substantial emphasis placed on:
-Corporate strategy
-Accounting
-Valuation

You will undertake practical studies of real world data via DataStream and other industry sources, in order to develop skills in the manipulation of financial and statistical software.

Your dissertation consolidates this learning, as it takes the form of an analyst's report on a major corporation. You will prepare a report on a company of your choice, analysing financial and accounting data, strategy and corporate governance. You will conclude with a valuation of the company itself.

Your development

On completion of this course, you will be able to show practical skills and the ability to:
-Deal with complex issues both systematically and analytically
-Use this analysis to make sound judgements around investment management
-Analyse quantitative data used for operational decision making
-Critically engage with contemporary debates on financial theory
-Apply, with originality and creativity, the knowledge, skills and understanding gained on the course to complex issues within the finance sector.

Course accreditation

This course is accredited by the Association of Chartered Certified Accountants (ACCA) and the Association of International Accountants (AIA). It provides you with eight exemptions from the following professional examination papers:
-F1, F2, F3 and F9 from ACCA
-Paper 1, Paper 2 and Paper 11 from AIA

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Why take this course?

This course is aimed at graduates who are looking to pursue careers in investment analysis, stock broking, securities trading, fund management, banking and investment banking in financial institutions. It is also suitable for those who are aiming for careers in corporate financial management in large non-financial companies. The curriculum covers the three key areas of finance: investments, corporate finance, and financial markets and institutions, with a focus on financial investments.

What will I experience?

Students are taught by academically qualified and enthusiastic staff with research and consultancy experience and links to industry. Access to extensive financial databases including Bloomberg, DataStream and Bank Scope is available along with excellent library facilities and with 24-hour internet access to leading databases.

On successful completion of your Bloomberg training you will be awarded the Bloomberg Certificate, an essential qualification for all city professionals.

What opportunities might it lead to?

Our graduates have gained employment in a wide range of roles and industrial sectors. These include investment analysis, banking and investment banking in financial institutions as well as in accountancy and general management.

The University of Portsmouth is recognised as a centre of excellence for finance teaching by the Chartered Institute for Securities and Investment (CISI). You will be eligible for student membership and this provides access to a range of networking and career opportunities. During the programme you will be prepared for CISI's Integrity Matters and Corporate Finance Technical Foundation examinations. Successfully completing these examinations allows you to achieve an industry-recognised professional qualification alongside your degree.

Module Details

Financial Econometrics

Econometrics is a core tool used in the study of finance. The aim of this unit is to give you a strong practical understanding of the econometric tools you will be using throughout your study of finance. The teaching philosophy is to take an applied approach, to provide you with a strong intuitive understanding of the most important statistical techniques, and how to apply them successfully to a wide variety of practical situations in finance using the main statistical packages, such as Eviews and SPSS. Many of the econometric techniques covered are used and applied in other units in the course, to help you gain a good practical understanding of how to apply them in the practice of financial management.

Derivatives: Options, Futures and Swaps Markets

In this unit you will study the main derivatives securities and markets, options, forwards, futures and swaps. The emphasis is on the study of derivatives pricing models and how these are applied in speculation, hedging, arbitrage and price discovery in financial investments as well as in the measurement and management of financial risks. In finance some models work better than others. The pricing models and techniques developed in derivatives work so well that all professionals working in derivatives markets use these models and techniques all the time, every day. In this unit you will acquire a high degree of theoretical understanding and practical competence in using and applying these techniques.

Corporate Finance and Business Valuation

In this unit you will study the primary financial decisions of the firm, working capital management, advanced capital budgeting techniques, the strategic analysis of capital investment decisions, capital structure theories, and the financing and dividend decisions. Theories will be appraised in the context of empirical research to facilitate critical understanding of the issues. In the second half of this unit you will move on to the advanced study of business valuation. The main focus is on providing a strong practical understanding, and on the application of the key professional techniques used in firm valuation, mergers and acquisitions, initial public offerings and private equity transactions.

Portfolio Theory and Behavioural Finance

In the first half of this unit we look at stock markets and bond markets from the rational perspective. Here you will study the standard material of ‘modern portfolio theory’. In the second half of the unit we move on to behavioural finance, looking at the emotional, cognitive, institutional, and agency theory factors that impact upon financial markets. Topics include stock market booms and busts, financial crises, systematically irrational market behaviours, and the investment strategies that have been devised to exploit them. The unit has a strong practical philosophy. The theory, empirical research and analysis of real data that you will study are designed to help you to become a better investor.

Research Methods and Dissertation

This is a scheme of independent research. We offer comprehensive training through lectures and workshops throughout the year to develop skills commensurate with standards of good research practice. You will be assigned a Dissertation supervisor who will provide feedback, guidance and support on an individual basis.

Programme Assessment

Teaching methods include lectures, seminars, computer-based workshops, invited speakers and live case studies. Student participation is encouraged and classes are challenging but informal and friendly, which promotes discussion and debate. The course tutors are available to support your studies and you will also have a personal tutor to provide help and guidance for any problems that you might have.

You are assessed in a variety of ways to reflect the individual topics. Our approaches to learning, assessment and feedback are varied and constructive, to help you build the personal management and employability skills that are essential for a fulfilling career.

Student Destinations

This course is designed to provide you with powerful analytical tools and methods to understand the complexities of modern financial markets. These skills are in high demand and you’ll be strongly placed to enter industry in the finance and industrial sectors. Previous graduates have gone on to secure roles in accountancy and general management as well as investment analysis, banking and investment banking in financial institutions. Alternatively, this course is also beneficial if you are aiming for careers in corporate financial management in large non-financial companies.

Roles our graduates have taken on include:

Commercial Finance Analyst
Bid Pricing Executive
Finance Internship
Graduate Econometrician
Hedge Fund Manager

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Why take this course?

If you are from a non-financial background, this course provides a viable route to financial management roles in a variety of organisations.

It is a practically orientated course based on financial, computational and modelling studies related to financial decision making and analysis. You’ll apply your improved decision-making ability in a range of areas including investment, risk management, budgeting, planning and forecasting.

What will I experience?

On this course you can:

Use the University’s Bloomberg terminals to monitor and analyse real-time financial market data movements and trade
Receive guided support and mentoring from staff through formal meetings and via our use of social media
Tap in to our Library’s vast selection of electronic resources, which can be accessed from anywhere with an internet connection

What opportunities might it lead to?

The Chartered Institute of Management Accountants (CIMA) offer exemption for their five Certificate level papers on successful completion of this course.

For the Association of Chartered Certified Accountants (ACCA), we currently have exemptions from Fundamentals Level papers F1 - F3.

The University is recognised as a centre of excellence for finance teaching by the Chartered Institute for Securities and Investment (CISI).

Here are some routes our graduates have pursued:

Commercial banking
Corporate finance
Financial planning
Insurance
Investment banking
Money management
Real estate

Module Details

You will study a total of five units which incorporate a range of topics covering decision and risk analysis, strategic management accounting, investment strategies and business valuation. We will also guide you in applying sophisticated forecasting techniques to help you understand and anticipate business trends, and with our guidance you will learn how to design and deliver research to the highest standards. The course then concludes with your dissertation where you’ll engage in research on a topic of your choice.

Here are the units you will study:

Financial Analysis and Modelling: This will enable you to gain a critical awareness of the financial environment from both an accounting and finance perspective. You will learn to understand, analyse and interpret company reports, examine the role of the regulatory framework for corporate reporting and the stock market, and explore the pricing of securities. You will also cover the key areas of decision and risk analysis, alongside the process of decision making, key statistical concepts, and selecting and using appropriate analytical software tools as aids to decision making.

Strategic Business Planning and Control: You will start on this unit by considering the internal perspectives of the firm in areas such as business planning and control including issues such as budgeting, the design of management control systems and the development of spreadsheet-based decision support systems. You will then build on this foundation by developing a more strategic corporate perspective. You will explore the relationships between strategy, strategic management and strategic management accounting and set the latter in the context of the historical development of management accounting in general.

Managerial Finance and Financial Markets: You will be introduced to key theoretical issues relating to financial markets and institutions, investments and corporate financial management and their practical applications and limitations. The areas covered will encompass shareholder value and the goals of the firm and the process of shareholder value creation, project evaluation and the discounted cash flow model, capital market theories including the efficient markets hypotheses and the ideas of modern portfolio theory. From this core understanding you will move on to look at the psychological, institutional and agency theory factors that impact upon financial markets. You will consider key empirical research on the explanatory and predictive power of models in the context of implementing investment strategies. This will be assisted by guided critical analysis of research and analysis of live data.

Corporate Finance and Valuation: This unit will give you the opportunity to consider the primary financial decisions of the firm focussing on advanced capital budgeting techniques and the strategic analysis of capital investment decisions, capital structure theories and financing policy, and dividend policy. You will appraise theories in the context of empirical research to facilitate critical understanding of the issues. Advanced study in business valuation will give you a practical understanding and further enable you to apply key professional techniques, which is particularly relevant for mergers and acquisitions, initial public offerings and private equity transactions.

Research Methods and Dissertation: This is a scheme of independent research. We offer comprehensive training via lectures and workshops throughout the year to develop skills commensurate with standards of good research practice. On completing this programme you will be ideally placed to develop your own research projects and work within professional research teams.

Programme Assessment

We use a combination of teaching methods from lectures, seminars and tutorials to student presentations, case studies and practical sessions in our Bloomberg Suite. We are committed to best practice in learning and encourage group participation promoting discussion and debate in a friendly, yet challenging class environment.

You are assessed in a variety of ways to reflect the individual topics. Our approaches to learning, assessment and feedback are varied and constructive, to help you build the personal management and employability skills that are essential for a fulfilling career.

Student Destinations

This course is designed to provide you with powerful analytical tools and methods to understand the complexities of modern financial markets. These skills are in high demand and you’ll be strongly placed to enter industry in the finance and industrial sectors. Previous graduates have gone on to secure roles in accountancy and general management as well as investment analysis, financial consultancy and project management in financial institutions. Alternatively, this course is also beneficial if you are aiming for careers in corporate financial management in non-financial companies or consultancy firms, government departments and international agencies.

Roles our graduates have taken on include:

Commercial finance analyst
Bid pricing executive
Finance internship
Graduate econometrician
Hedge fund manager

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This course produces graduates with a sound knowledge of both accounting standards and corporate governance, as well as their role in the operation of financial markets. The programme includes topics such as the theory of finance, company valuation, the assessment of corporate risk, international accounting standards, corporate governance and financial statement analysis. Subsequently, it provides a solid platform for a successful career in the financial sector.

Course Content
The programme includes topics such as the theory of finance, company valuation, the assessment of corporate risk, international accounting standards, corporate governance and financial statement analysis.

All students will also be offered research training to prepare them for undertaking independent research and preparing a dissertation in an accounting and/or finance related topic.

All students take a one-week introductory course in mathematics and statics.

Modules are subject to change but at the time of printing modules were drawn from the following areas:
Core Modules:
Introduction to Quantitative Methods
Financial Theory
Company Valuation and Performance
Accounting and Corporate Governance
Dissertation

Elective Modules:
Security Investment Analysis
International Finance
Financial Engineering
Money and Banking
Development Finance

Dissertation
Recent examples of dissertations by students taking this course include:
Volatility spillover effects from developed to emerging markets;
Interrelationship between banking and currency crises;
Pension funds - is there an alternative? Comparison with property investment.

Here's what some of our students have to say:

Joseph: “Brunel’s graduates have amongst the highest graduate starting salaries in the UK.”
Huong: “Something I love here at Brunel is the international environment, which enriches
my understanding of different cultures.”
Jigar: “I found the tutors very friendly and they were ready to explain everything from
scratch.”
Vidar: “Academic staff at Brunel are of a high standard and the University has first class
facilities to offer its students.”
Enid: “The programme has equipped me to make a meaningful contribution to he
development process in my country as a government analyst, particularly with
regard to financial regulations, practices and institutions.”

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