Appl Finance-Brochure2015 PDF

Real-world finance
MACQUARIE APPLIED FINANCE CENTRE

GRADUATE PROGRAMS GUIDE 20142015
2014-2015
MASTER OF APPLIED FINANCE, GRADUATE DIPLOMA OF APPLIED FINANCE, GRADUATE CERTIFICATE OF FINANCE
MACQUARIE APPLIED FINANCE CENTRE

Why
Macquarie?
We offer one of the largest and most respected
graduate programs in the world. These exceptional
programs are for exceptional people and are founded
on avision of applied finance education for and
bypractitioners.
Were unique. We teach applied finance better
andin more depth than anyone else. At the same
time we teach new ways to think about and
solvereal-world problems.
We teach real-world finance. Our students
learnknowledge thats directly relevant to
them, both immediately and throughout
their career. Our teaching frameworks deliver
lifetime understanding.
Our students are the best. We hand-pick our
students based on their experience, aptitude,
andoutlook not on quotas. So when you study
with us youll be learning with the brightest,
mostengaged and most articulate of your peers.
We practise what we teach. No comparable
program has our level of industry experience.
Eachofour full-time academic faculty has a
substantial industry background and all of our
adjunct lecturers are drawn from senior levels
ofthefinance industry.
We teach in real time. To provide the most

productive learning experience, we deliver
our Graduate Diploma of Applied Finance
andMasterofApplied Finance programs
inaface-to-face group setting. Critical thinking
and contextual understanding underpin
our pedagogy.
Were uniquely flexible. Our program structure
is flexible so you dont have to compromise.
Slowdown or speed up according to your work
andlife commitments. Choose the teaching
centre(orcentres) that work best for you.
Were conveniently urban. Our teaching centres
are located in five major cities: Sydney, Melbourne,
Singapore, Shanghai and Beijing.
Were industry connected. Our close
industryconnections are reflected in educational
partnerships with leading professional bodies,
suchas CFA, PRMIA, CAIA, RMA, and FINSIA.
We offer more electives. With an

unparalleled range of electives around
arigorous core curriculum, we provide
anindividualised learning experience
targeting your own career plans.
REAL-WORLD FINANCE 1
2 MACQUARIE APPLIED FINANCE CENTRE

Where Macquarie
will take you
Whatever your finance career goals,
welltakeyouwhere you want to go.
Into your chosen field. With 25+ electives in
fourstreams (Funds Management, Risk Management,
Corporate Finance, and Instruments and Valuation)
added to our five compulsory units of study, weprovide
what you need to specialise in yourareaofinterest.
Into a top income bracket. The cachet of a
Macquarie applied finance award is a platform
for career progression. Our recent survey
shows11% ofour MAppFin graduatesearn currently
$121,000+, 13%earn$151,000+and38% earn
$201,000+. The new Graduate Certificate of Finance
offers a pathway to the Master of Applied Finance.
Into the best companies. Were widely regarded
assetting a benchmark for quality. This translates
into immediate recognition and opens up a world
of opportunities.
Our students achievements are recognised
by industry. KPMG, NSW Treasury Corporation,
ArcadianAsset Management, Risk Management
Association of Australia, and other corporations
sponsor student prizes.
Into an elite alumni network. Through us youll

create permanent links with current and future
industry leaders around the world. We have more
than 4,500 alumni distributed across the globe
and across the industry. Building an amazing
professionalnetwork is an intrinsic part of the
Macquarie experience.
Anywhere in the world. We have 4,500 alumni in
43countries (and counting). The future of the finance
industry is international. Our program recognises this
with its global outlook and extensiveengagement
across the Asia Pacific.
I have absolutely hired candidates in the past

based on the fact that they have Macquaries
Master of Applied Finance. These candidates
come with a known technical capacity,
particularly across subjects that fit extremely
well within the financial markets, corporate
banking and corporate finance roles.
Julie Catanach, MAppFin Alumna, 2007
Executive Manager
Learning, Organisational Design, andDevelopment
Suncorp
4,500 alumni
located in 43 countries
Funds Management
Risk
Management
Funds
Management
Corporate
Finance
Risk Management
Instruments
& Valuation
Corporate Finance
Instruments & Valuation
Funds Management
Funds
Management
Risk
Management
Risk
Management
Corporate
Finance
Funds Management
Corporate &
Finance
Instruments
Valuation
Risk Management
Corporate Finance

Who should
apply?
Our programs are for finance professionals with the
ability and dedication to complete a course thats
more focused, more practitioner oriented and
morerigorous than a standard business qualification.
Our students are individually selected for the value
they will get from our programs and the intelligence,
insight and experience they bring to the group.
If this sounds like you, we would welcome
yourapplication.
Who are our students?

They have worked for several years in finance,
professional services, orarelated industry.
They have demanding jobs and ambitious plans.
They have strong views and informed opinions.
On average 43% are aged 23 to 30, 41% are
aged31to 35, and 16% are aged 36 to 49.
They are studying with us to increase their
knowledge in their chosen area, to gain the
broader understanding needed to step up to
senior management, or to transition from a related
field such as law, accountancy, engineering, or IT.
They are talented, articulate, and committed.
Entry requirements
Entry requirements for our programs depend on
your previous studies (both formal and informal)
andcurrent level of professional experience.
Tofinda pathway that applies to you, pleasesee
pages 6 and7.
Why do we interview
prospectivestudents?
Entry into our Master of Applied Finance (MAppFin)
and Graduate Diploma of Applied Finance
(GDipAppFin) programs depends on a successful
one-on-one interview. This is because we care
aboutthe chemistry of our groups of students
andwe value your life experience and outlook as
wellas your curriculum vitae and academic results.

Our programs at a glance

Your current
qualifications
and experience
You have a Bachelors degree

and
You are seeking an introduction
to the finance industry or an
industry refresher.
You have a cognate

Bachelors degree or
You have a non-cognate degree
and the MAFC Graduate Certificate
of Finance, or equivalent.
and
You have more than 2 years FTE
relevant professional work experience.
You have a cognate

Bachelors degree
and
You have at least 18 months
FTE relevant professional
work experience.
You have a cognate

Bachelors degree (or higher)
and
You have at least 3 years
work experience.
Which MAFC
course can
you apply for?
Graduate Certificate
of Finance
Graduate Diploma
of Applied Finance
Master of Applied Finance
What does
that get you?
A standalone graduate qualification

in applied finance and a pathway
into the GDipAppFin or MAppFin
(when combined with relevant
professional work experience).
Specialised finance knowledge

without doing a full Masters degree.
Units completed in the GDipAppFin
can be credited if you apply to
the MAppFin.
Advanced finance
knowledge and
a prestigious MAppFin
qualification.
Advanced finance
knowledge and
qualification.
How long
does it take?
At least 6 months or two terms.
The GDipAppFin may be completed

in 6 months full-time or two terms.
Given your 18 months relevant

professional work experience and
your prior studies in finance, the
MAppFin may be completed in
15 months full-time or five terms.
Given your three years relevant

professional work experience and your
prior studies in finance, the MAppFin
may be completed in 12 months
full-time or four terms.
Where can
I study?
Anywhere: the whole course

is taught and assessed online.
In Sydney, Melbourne, and

Singapore. Selected units
may be taken in Beijing.


Credit points
16 credit points in total,

comprising 4 units of study.
32 credit points in total, with the

initial 16 credit points satisfied
by recognised prior learning.
48 credit points in total, with the

48 credit points in total, with an

Application
By online application.
By online application
and personal interview.
You have the MAFC Graduate

Diploma of Applied Finance
and
work experience.
You have a non-cognate

Bachelors degree
and
You have a minimum of 18 months
FTE professional work experience
in the same industry as the
discipline of your Bachelors
degree, or in the finance industry.
You have a non-cognate

Bachelors degree,
the MAFC Graduate Certificate
of Finance (or equivalent)
and
work experience.
Advanced finance
knowledge and
qualification.
Advanced finance
knowledge and
qualification.
Advanced finance
knowledge and
qualification.
With a Graduate Diploma of

Applied Finance, the MAppFin
may be completed in six months
full-time or two terms.
Having enrolled directly in the

MAppFin, it may be completed
in 18 months full-time or six terms.
The MAppFin may be

completed in 12 months'
full-time or four terms.



48 credit points in total, with an

by successful completion of the
Graduate Diploma of Applied Finance
and recognised prior learning.
48 credit points in total. Students

with relevant professional work
experience in the finance industry
may be granted up to 4 credit points
48 credit points in total,

with 16 credit points
recognised by prior learning.
Cognate degrees are those in the business

and finance disciplines or have aclose affinity to
business and finance.
Non-cognate degrees are in disciplinesthat
have nospecific study in finance-related
areas. Non-cognate degrees include studies in
archaeology, education, environment, geography,
history, languages, law, management, engineering,
medicine, psychology,science.
Students with a non-cognate degree will need to
complete gateway units of study and/or theGraduate
Certificate of Finance as part of theirprogram of study,
and/or have prior learning recognised.

Graduate Certificate of Finance
The Master of Applied Finance (MAppFin)

is recognised as the finance industrys premier
graduate degree. Genuinely applied finance is taught
by highly experienced industry practitioners in
Sydney, Melbourne, Singapore, Shanghai and Beijing.
The new Graduate Certificate of Finance

(GCertFin) is a comprehensive gateway program
in graduate finance.
With an unparalleled range of electives around

a rigorous core curriculum, we provide an
individualised learning experience targeting
a students own career plans.
Taught for 26 years in Australia, 21 years in
Singapore and 10 years in China, our 4,500 alumni
of the Master of Applied Finance program span
43 countries. Indeed, many of our academic faculty
are graduates and bring to the classroom their own
experiences in completing this rigorous program as
well as their unique understanding of the banking
and finance sector.
Graduate Diploma ofAppliedFinance

The Graduate Diploma of Applied Finance
(GDipAppFin) offers an opportunity for finance
industry professionals with prior studies in a
business/finance field to study at an advanced
level without necessarily taking the full Master of
Applied Finance program. The program is structured
to allow students to develop specialised knowledge
in a sharply focused field.
The Graduate Diploma of Applied Finance is as
rigorous as the Master of Applied Finance program.
All units offered in the Graduate Diploma are
units from the MAppFin program and are taught
and assessed at that level. There is no diminution
of quality.
Students who complete the Graduate Diploma
with satisfactory progress may articulate to the
MAppFin, or this degree may be awarded as
astand-alone qualification.
This fully online program of study with four

commencing dates per year allows you to study
at the pace and time of your own choice.
The Graduate Certificate of Finance offers a
pathway for non-cognate degree holders to
the Graduate Diploma of Applied Finance and
the Master of Applied Finance (providing work
experience admission requirements of the higher
degree are met). It will also appeal to those students
who want graduate level learning in finance as
a stand-alone award.
This award is available for external enrolment.
Applications are completed online via the
Macquarie Applied Finance Centres website.

Our programs in detail

Master of Applied Finance (MAppFin)
Purpose
Location
Our flagship program for

advancedstudies in
applied finance.
Sydney, Melbourne,
Singapore,orBeijing
Top-level practitioner-focused
graduate education for
experienced professionals.
Admission requirements
Previous degree:
Australian level 7 bachelors
qualification or recognised equivalent
and
Industry experience:
18 months full-time equivalent relevant
professional work experience.
Entry requirements or pathways are
provided on pages 6 and 7. English
language proficiency is required.
Application process
Online application
andpersonalinterview.
Duration
The minimum time to
completetheMAppFin is one
full-time equivalent year with
fullrecognitionofpriorlearning,
orup to1.5 full-time equivalent years
without recognitionof priorlearning.
The maximum time to complete
theMAppFin isseven years.
A normal load for full-time students
would be twounits perterm
(oreightunits per year).
Note: Gateway units

arecompletedonline
Content
Four gateway units (4 credit
points each): Case Studies in
Applied Finance; Quantitative
and Economic Analysis; Financial
Statement Analysis and Modelling;
andFinance Principles.
Four initial, advanced core
units (4creditpoints each):
Portfolio Management and
Valuation; FinancialInstruments;
Financial Risk Management;
andCorporateFinance. Portfolio
Management and Valuation (PMV)
is the single prerequisite for all
othercore units.
Six elective units (2 credit points
each). Electivesmay be taken
after completion of PMVand the
nominated prerequisite core units.
One compulsory advanced core
unit (4 credit points), Professional
Practice. Thisunit may be taken
after completing 24 credit points
ofstudy(excluding gateway units).
Recognition of
priorlearning
Macquarie Universitys recognition
of prior learning (RPL) policy
allows for the recognition of
formal (accredited qualifications),
non-formal (non-award programs of
learning), and informal (for example,
work experience) learning for entry
into and for credit (or an exemption)
towards a program of study. It is
possible for programs to recognise
learning gained through work
experience, training programs,
industry accredited qualifications,
and so forth. The granting of
admission or credit on the basis
of prior learning may contribute
materially to reducing the required
number of program units for some
students. Further information on
applying for, evidence required
to support applications, and
the processes for assessing and
granting recognition for prior
learning, is available from the
Universitys website.
Graduate Diploma ofApplied Finance (GDipAppFin)

Purpose
Application process
Specialised Masters-level studies

in finance without undertaking
the full Master of Applied
Finance(MAppFin), or as a
pathway to the MAppFin.
Online application and

personalinterview
All units of study offered in the

Graduate Diploma are units from
the Master of Applied Finance
program and are taught and
assessed at that level.
Previous degree:
qualification degree or
recognised equivalent in
relevant field, or
qualification or recognised
equivalent and Graduate
Certificate of Finance or
recognised equivalent
Duration
The minimum time to
complete the GDipAppFin with
recognitionof prior learning is
sixmonths full-time equivalent.
the GDipAppFin is four years.
A normal load for full-time
students would be two units
per 12-week term (or eight
units per year).
Location
Sydney, Melbourne, or Singapore
Content
and
Portfolio Management and

Valuation (4 credit points), and
Two years full-time
equivalent relevant
professional work experience.
Any combination of advanced

core or elective units of
study for an additional
12 credit points
Entry requirements or pathways

are provided on pages 6 and 7.
English language proficiency
isrequired.
Advanced coreunits are 4 credit

points each and electives are
2 credit points each. Prerequisite
units ofstudy are required
for some advanced core
andelective units.
Recognition of
priorlearning
Macquarie Universitys
recognition of prior learning
(RPL) policy allows for the
recognition of formal (accredited
qualifications), non-formal
(non-award programs of learning),
and informal (for example, work
experience) learning for entry into
and for credit (or an exemption)
towards a program of study.
It is possible for programs to
recognise learning gained
through work experience, training
programs, industry accredited
qualifications, and so forth.
The granting of admission
or credit on the basis of prior
learning may contribute materially
to reducing the required number
of program units for some
students. Further information on
applying for, evidence required
to support applications, and
the processes for assessing and
granting recognition for prior
learning, is available from the
Universitys website.

I have absolutely hired candidates in

thepast based on the fact that they
have aMacquarie Masters of Applied
Finance. Thesecandidates come with
aknown technical capability, particularly
across subjects that fit extremely well
within thefinancial markets, corporate
bankingand corporatefinance roles.
Julie Catanach, MAppFin Alumna, 2007
Executive Manager
Learning, Organisational Design, andDevelopment
Suncorp
Graduate Certificate ofFinance (GCertFin)

Purpose
Application process
The Graduate Certificate

delivers graduate-level learning
infinanceas a stand-alone
awardforthose with either no
priorstudies infinance or those
who may need a refresher.
Online application
It is also a pathway for students

withanon-cognate degree
to the Graduate Diploma
of AppliedFinanceand the
Master ofApplied Finance,
when combined with relevant
professional workexperience.
As foundation study, the GCertFin
provides the assumed knowledge
for students to pursue further
graduate studies in finance.
Previous degree:
Australian level 7
bachelors qualification or
recognised equivalent.
Notrequired
Entry requirements or pathways
are provided on pages 6 and 7.
English language proficiency
isrequired.
Duration
The minimum time to complete
the GCertFin is six months (a half
full-time equivalent year).
the GCertFin is four years.
A normal load for full-time
students would be two units
per 12-week term (or eight
units per year).
Location
Both domestic and international
students may complete the
GCertFin from any location,
globally. This program is
deliveredand assessed online.
Content
Four units of study
(allcompulsory),
in the following
recommended order:
Quantitative and
EconomicAnalysis; Financial
Statement Analysis andModelling;
Finance Principles; and Case
Studies in Applied Finance.
Recognition of
prior learning
Industry professionals without
a bachelors degree but who
do have 5+ years professional
work experience, may be
eligible for admission.

Structure of
our programs
Delivery
Classes are generallytimetabled over four terms
between Januaryand November. Delivery modes
include online, and face-to-face by weekly or
block classes.
Gateway units
Gateway units of study are delivered and
assessed online over four terms, each 12-weeks,
betweenJanuary and November.
Units require approximately 150 hours of study.
Students are expected to:
read notes, articles, and texts
complete specified learning activities, including
participation in online discussions as required
submit learning activities and/or assessment tasks
on/or before due dates.
Advanced core units

Taught face-to-face, lectures are held on evenings
and weekends.
Advanced coreunits of study involve approximately
36 hours of lecturetime, deliveredover 12 teaching
weeks (inclusive of examination period), or two
intensive blocks (46weeks apart). In Sydney
aweekly lecture mode is also offered.
The typical format for advanced core unit lectures is:

Saturday: Whole day
Sunday: Whole day
Monday Evening: 3 hours
Tuesday Evening: 3 hours
Students may be required to sit a mid-semester
exam as well as a final exam. Final exams
for advancedcore units are held in week 11.
Other assessments may include one or more
casestudies, quizzes, pre-unit assessments
(flippedclassroom), andlearning activities.
The compulsory unit of study, Professional Practice,
is undertaken towards a students completion of
the Master of Applied Finance. This unit comprises
face-to-face lectures, case study analysis, and
research. Group work will be required.
Elective units
Elective units of study are heldinasingle
intensive block, of approximately18hours
lecturetime, as follows:
Thursday Evening: 3 hours
Friday Evening: 3 hours
Saturday: Whole day
Sunday: Whole day
There will be a final exam in each elective unit held in
the common exam week, and a case study typically
due in week 10.
Other assessments may include quizzes,
participation tasks, and other learning activities.
Credit points
Advanced core units of study are each equivalent
to fourcredit points.
Elective units of study are each equivalent to
two credit points.
What counts as a
non-cognate degree?
Non-cognate degrees are in disciplines that
have no specific study in finance-related areas.
Non-cognate degrees include studies in:
archaeology
The compulsory unit, ProfessionalPractice, may

be undertaken after completing 24credit points
of study.
education
Recognition of prior learning (RPL) may allow for

entry into and for credit (or an exemption) towards
a program of study.
history
Further information on applying for, evidence

required to support applications, and the process
for assessing and granting recognition of prior
learning, is available from the University at
studentadmin.mq.edu.au/undergrad/credit.html.
What counts as a cognate degree?

Cognate degrees are in the business and finance
disciplines or have a close affinity to business
andfinance. Dependingon specialisations,
cognatedegreesmay include:
Bachelor of Actuarial Studies
Bachelor of Business (Accounting) (Banking)
(Finance) (Economics) (Actuarial Studies)
Bachelor of Commerce (Accounting) (Banking)
(Finance) (Economics) (Actuarial Studies)
Bachelor of Economics
Bachelor of Finance
environment
geography
languages
law
management
engineering
medicine
psychology
science.
Students with a non-cognate degree will need
to complete gateway units of study, and/or the
Graduate Certificate of Finance, aspart of their
program of study.

Commencing terms
Key dates for 2015
Master of
Applied
Finance
Graduate
Diploma
of Applied
Finance
Graduate
Certificate
of Finance
Term 1
(January) or
Term 3 (July)
Term 1
See below
Term 2
(April) or
Term 4
(September)
Term 2
(April) or
Term 4
(September)
See below
Melbourne Term 1
Part-Time
(January) or
Term 3 (July)
Term 1
(January) or
Term 3 (July)
See below
Sydney
Full-Time
Sydney
Part-Time
(January) or
Term 3 (July)
Singapore Term 2 (April) Term 2 (April)

Part-Time
Beijing
Part-Time
Term 4
(September)
Online
See below
For Australia, the key dates are:
Term 1
Start date:
5 January
Census date:
30 January
Exam start date: 23 March
Term 2
Start date:
30 March
Census date:
24 April
Exam start date: 15 June
Term 3
Start date:
22 June
Census date:
17 July
Exam start date: 7 September
Term 4
Terms 14
Start date:
14 September
Census date:
9 October
Exam start date: 1 December
For other teaching centres, please see the insertedflyer
at the back of this brochure orvisitmafc.mq.edu.au
The Macquarie MAppFin

demystified many of the assumed
complexities surrounding the
world of finance so it immediately
helped in my then day-to-day job.
Moreimportantly, it helped me
to think much more strategically
and that was instrumental in my
promotion and transfer to work
in Londonin 1998. In a nutshell,
ittaught me to think, rationally,
logically,commercially.
Ultan MacDonald, MAppFin Alumnus, 1992
Head of Offshore Banking Unit
Commonwealth Bank

Recommended study programs

The MAppFin may be studied by part-time or full-time mode.
See page 10 for details of recognising prior learning. RPL may
reduce the length of your program of study, and in this case
may exclude the gateway units of study.
Recommended part-time program

Year One Gateway units or Graduate Certificate
of Finance
Term 1
Quantitative and Economic Analysis
Term 2
Financial Statement Analysis and Modelling
Term 3
Finance Principles
Term 4
Case Studies in Applied Finance
Year Two
Portfolio Management and Valuation
Term 2
Advanced core unit of study
Term 3
Advanced core unit of study
Term 4
Advanced core unit of study or two elective units
Term 1
Term 2
Term 3
Finance Principles
Term 4
Term 1
Term 2
Term 3
Term 4
Year Three
Term 1
Two elective units
Term 2
Two elective units or remaining advanced core

unit of study
Two elective units or remaining advanced core
unit of study
Professional Practice (compulsory unit of study)
Term 4
Precompletion of gateway units
Year One
Term 1
Term 3
Recommended full-time program

Financial Instruments
Corporate Finance
Financial Risk Management
Four elective units
Two elective units
Professional Practice
Graduate Diploma of Applied Finance
Graduate Certificate of Finance
Units of study comprise any combination of advanced core

units and/or electives, totalling 12 credit points.
This program is suitable for students with or without

formal qualifications in finance.
A typical program of study and the recommended
order of units is provided below.
Delivered and assessed online, the following units of
study are offered over four terms. For timetables, please
see the Macquarie Applied Finance Centres website.
Recommended part-time program
Recommended program
Year One
Year One
Term 1
Term 1
Term 2
Advanced core unit or two elective units
Term 2
Term 3
Term 3
Finance Principles
Term 4
Term 4
Recommended full-time program

Year One
Term 1
Term 2

Two advanced core units of study or four elective
units (or any combination for 8 credit points)

Unit descriptions
There are three categories ofunitsof study:
Gateway units (taken and assessed online)
Advanced core units
Elective units.
Advanced core units earn 4 credit points
eachandelectives earn 2credit points each.
Detailed descriptions of each unit are available
atmafc.mq.edu.au
Gateway units
Case Studies in AppliedFinance
This unit provides an understanding of the finance
industry and its integral role in the modern economy.
The focus is on a high-level, fully integrated
overview of the major participants, their roles,
their interactions and the purpose they endeavour
to fill for all stakeholders in the economy. The key
structures of the finance system are examined, and
how theyusually work and sometimes do not work.
Casestudies of actual events and participants will
be used to provide a sense of the application of
finance in the real world whatactually happens
aswellaswhat should happen.
Quantitative and EconomicAnalysis

This unit develops the importantbuilding blocks in
microeconomic and quantitative analysis required
for further study in applied finance. Thefirst part of
the unitdevelops skills in microeconomic analysis.
Thispart develops tools in demand and supply
andapplies this to the consumer and the firm.
It concludes with an analysis of market structure.
Thesecond part of the unit develops quantitative
skills thatare used in finance, including descriptive
statistics, probability, statistical inference, correlation,
and regression analysis. This part of the unit makes
extensiveuseofspreadsheets instatistical modelling.
Financial Statement AnalysisandModelling
Finance Principles
This unit equips students with financial analysis skills

to support further study in corporate finance and
investment analysis. Emphasis is placed on being able
to interpret financial statements in the context of
acompanys operational performance and strategy,
to assess historical financial performance, and to
prepare a spreadsheet based financial model capable
of forecasting integrated financial statements for
a company.
This unit covers the key building blocks required to

give students an appreciation of the whole finance
discipline within a single unifying conceptual
framework. Students will be introduced to three of
the key ideas in finance: the analysis of trade-offs
over time; asset valuation; and risk management.
These ideas will be applied to the following
subfields of finance: corporate finance; investments;
andfinancialmarketsand institutions.
After this unit, students should feel comfortable

with the language of financial statements, and feel
comfortable to use an annual report to develop an
understanding of a companys historical performance
and prospects. Specific topics include the income
statement, balance sheet and cash flow statement,
and financial statement analysis using DuPont
methodology. Financial modelling applications will
also be developed, so students are able to prepare
forecasts for the three financial statements, aswell as
being able tointegrate the threestatements.

Advanced core units
Financial Instruments (FI)
These units are undertaken by students completing

the Master of Applied Finance and Graduate
Diploma of Applied Finance. Each advanced core
unit earns four credit points. Portfolio Management
and Valuation is the only common compulsory unit
between these programs.
This unit covers the structure, pricing and usage

of various financial instruments, including spot,
forward, swaps and option contracts for equity,
debt, foreignexchange, andcommoditymarkets.
Portfolio Management andValuation (PMV)

This unit equips students to apply an advanced
body of finance knowledge to a range ofcontexts.
The unit commences with an individual investors
perspective and then progresses to the viewpoint
of a professional funds manager. This enables
the student to develop the ideas of portfolio
theory, asset pricing and behavioural finance.
The unit continues with a security analysts
perspective to address the broad question of
how to value enterprises and then drills down to
security valuation, financial statement and cash
flow analysis. Lastly we shift the focus to that of a
derivatives trader to explore the pricing of forwards
and options and employing these derivatives to
achieve desired asset allocationexposures.
The unit emphasises an appliedorientation for
the majortechniques and themes to be further
extended and developed across the Masters
program. It represents the essential prerequisite
knowledge for all other advanced core units and
electivestreams.
Financial Instruments is concerned with

understanding how these financial instruments work,
how they are used by end users for speculation and
risk management, how they are priced and valued,
and how market makers manage their risks when
they trade these financial instruments.
Financial Risk Management (FRM)

Financial Risk Management is based on an enterprise
risk management framework designed to increase
the likelihood that an organisation will achieve
its objectives. Unlike traditional, purely defensive
approaches to risk, FRMs philosophy focuses on
how effective risk management adds value to the
organisation. Weconsider methods for identifying,
assessing and treating a variety of risks, with
special focus on market, credit, funding liquidity
and operational risks. The unit encompasses
both quantitative skills and broader human and
organisational issues. Weencourage students to
question the assumptions behind the models,
tothink about behavioural biases, to identify ethical
issues, toconsider incentives, and to thinkcreatively
ofrisk managementsolutions.
The lectures deliver theoretical and industry
relevance by using a case study methodology.
Lectures are complemented by online learning
activities designed to promote student interaction,
engagement, and understanding throughout
the unit. Assessable pre-unit activitiesmust be
completed priortothe first class.
Corporate Finance (CF)
Professional Practice (PP)
Corporate Finance is concerned with understanding

the link between shareholder value and corporate
investment and financing strategies. Students
willexplore how corporate financeskills can
contribute to developing value-creating strategies
for an organisation. Building on valuation and
financialanalysis skills from prerequisite units,
theunit explores how to value an organisation,
andassess key investment decisions including capital
investment projects, mergers, acquisitions and
international investments. Theimpact on value of
risk, optionality and strategic choicesisalso explored.
Professional Practice, the new compulsory unit,

is completed towards the end of the Master of
Applied Finance. This unit represents an opportunity
to integrate and synthesise knowledge and
skills from across the program. Students apply
their theoretical and practical learning to issues
that simulate professional practice in finance,
enabling reflection on the role of afinance
industry practitioner. Students willfurther
develop theirprofessional identity.
Valuation approaches utilised include a range of

discounted cash flow models, residual income
and multiples valuation. The unit considers how to
develop practical, value-creating financing strategies,
including the optimal mix of debt and equity, capital
management and debt management strategies.
Financingstrategies in the context of M&A and
international investments are also considered.
The unit addresses how to calculate cost of
capital for companies and projects, and howto
incorporate financing impacts into a valuation.
Practicalissues in the implementation of the
shareholder value objective, including the impact
of governance strategies, alternativeownership
structuresandperformance measures
are considered.
Students will undertake researchinapplied finance

and will be challenged to critically reflect on current
issues via the preparation and presentation of
amajor research report. Personal communication,
negotiation and collaborative skills will be
further developed.

Electives
Taught by industry practitioners, electives offer
students aninsight into the current state-of-play
in the finance sector.
Elective units of study each earn two credit points.
Advanced Valuation for Corporate Finance
Individual Research Paper
Applied Business Valuation
Infrastructure and Property
Applied Portfolio Management
Interest Rate Portfolio Management
Corporate Financial Strategy
Managing Shareholder Value
Corporate Treasury Management
Mergers and Acquisitions
Credit and Lending Decisions
Modelling Prices and Risk
Credit Portfolio Management
Private Equity Investment
Debt Capital Markets
Private Wealth Management
Derivatives Valuation
Project Finance
Economics of Financial Markets
Resource Industry Investment Analysis
Ethical Risk in Finance
Risk and Portfolio Construction.
Exotic Options
Hedge Funds
For all unit of study outlines, pleasereferto

our website at mafc.mq.edu.au
Educational partnerships
with industry
Chartered Financial Analyst
(CFA)Institute
Professional Risk Managers

International Association (PRMIA)
Macquarie Applied Finance Centre is the first

memberof the CFA Institutes Educational
Partnership Program in Australia.
Macquarie is the first university in the region to have

adegree accredited by PRMIA. Our MAppFin program
complements the PRMIA curriculum and provides
excellent preparation for attaining Professional Risk
Manager (PRM) Certification.
This is an acknowledgement that at least 70% of the

required body of knowledge for CFA candidates
is covered in the MAppFin. Candidates preparing
for CFA certification will therefore benefit greatly
fromundertaking the MAppFin program.
CFA certification consists of three exams covering
a range of topics in finance and investments,
undertaken by self-directed study.
The CFA Institute has partnered with Macquarie
because CFA candidates often underestimate what it
takes to achieve CFA certification. Fewer than one in
five candidates who enrol in the CFA program succeed
in earning the CFA charter. By contrast, Macquarie
graduates have an excellent record of success in
passing the CFA exams, often on the firstattempt.
The table opposite shows how you can use the
MAppFin program to optimise your preparation
forthese exams.
Students who complete applicable units (see the table

opposite) in the MAppFin program will be eligible for
exemption from PRM Exam I: Finance Theory, Financial
Instruments and Markets and Exam II: Mathematical
Foundations of Risk Measurement.
Accreditation by PRMIA recognises that the MAppFin
Program covers at least 70% of the PRM syllabus
andprepares candidates for careers as professional
riskmanagers.
Chartered Alternative Investment

Analyst Association (CAIA)
Macquarie is the first strategic partner of the CAIA
in Australia. This is an acknowledgement that the
MAppFin covers at least 60% of the required body
ofknowledge for CAIA candidates. Anyone preparing
for the CAIA qualification will therefore benefit
fromundertaking the MAppFin program.
MAppFin students have access to the CAIAs curriculum
and events and are eligible for scholarships to earn the
CAIA Charter, which requires passing rigorous LevelI
and LevelII examinations.
The table on page 27 shows how you can focus your
MAppFin studies to optimise your preparation for
theseexams.

Customise your
programs focus
Given the increasing demand for people with
specialist finance skills, students can choose to
focus on a specific area in which to expand their
industry knowledge:
Corporate Finance
Funds Management
Instruments and Valuation, or
Risk Management
Each area of specialisation contains one of the widest
and most innovative ranges of elective units.
The table opposite is a guide to selecting electives to
suit a chosen stream and/or to optimally prepare for
CFA, PRMIA, and CAIA accreditation. Students may
follow a particular stream or select a mixture.
*CFA =
Chartered Financial Analyst Institute

(see opposite page)
**PRMIA = Professional Risk Managers International

Association (see opposite page)
***CAIA = Chartered Alternative Investment Analyst
Association (see opposite page)
Funds
management
stream
Risk
management
stream
Corporate
finance stream
Instruments
and valuation
stream
Best preparation Best preparation Best preparation

for CFA* exams for PRMIA**
for CAIA***
certification
exams
Applied Portfolio
Management
Corporate Treasury Applied Business

Management
Valuation
Credit Portfolio
Management
Most applicable: For exemptions: Applied Portfolio

Management
Applied Portfolio Credit Portfolio
Economics of
FinancialMarkets
Credit and
Advanced
Lending Decisions Valuation for
Corporate Finance
Credit Portfolio
Management
Corporate
Financial Strategy
Derivatives
Valuation
Corporate Treasury
Management
Interest Rate
Portfolio
Debt Capital
Management
Markets
Debt Capital
Markets
Management
Management
Economics of
FinancialMarkets
Debt Capital
Markets
Ethical Risk
in Finance
Derivatives
Valuation
Private Wealth
Management
Managing
OperationalRisk
Risk and Portfolio

Construction
Modelling Prices
and Risk
Hedge Funds
Infrastructure
andProperty
Investment and
Credit Analysis
Private Equity
Investment
Private Wealth
Management
Investment and
Credit Analysis
Modelling
Resources Industry
PricesandRisk
Investment
Analysis
Risk and Portfolio
Construction
Risk and Portfolio
Construction
Equity Capital
Markets
Infrastructure
andProperty
Investment and
CreditAnalysis
Managing
Shareholder Value
Mergers and
Acquisitions
Modelling Prices
and Risk
Private Equity
Investment
Project Finance
Derivatives
Valuation
Economics of
FinancialMarkets
Exotic Options
Interest Rate
Portfolio
Management
Credit Portfolio
Management
Derivatives
Valuation
Economics of
Financial Markets
Ethical Risk
inFinance
Exotic Options
Also applicable: Also applicable: Hedge Funds

Applied Business Applied Portfolio Infrastructure
Valuation
Management
andProperty
Applied Valuation Corporate
Interest Rate
for Corporate
Treasury
Portfolio
Finance
Management
Management
Credit and
Lending
Decisions
Derivatives
Valuation
Hedge Funds
Infrastructure
andProperty
Interest Rate
Portfolio
Management
Mergers and
Acquisitions
Modelling
Prices and Risk
Private Equity
Investment
Resource Industry
Investment
Analysis
Equity Capital
Markets
Investment and
Credit Analysis
Ethical Risk
inFinance
Modelling
Prices and Risk
Interest Rate
Portfolio
Management
Private Equity
Investment
Investment and
CreditAnalysis
Risk and Portfolio
Construction
Resources
Industry
Investment
Analysis
Risk and Portfolio
Construction

Real-world
connections
Professor Kevin Jameson
Director, Macquarie Applied Finance Centre

With over 30 years global financial experience to
draw from, Professor Kevin Jameson is committed
to high-quality education in professional practice
as an essential prerequisite for a sustainable and
vibrant industry.
Professor Jameson has been the Australian Head
of Capital Markets, Country Head for Japan and
Regional Head of Treasury and Capital Markets
forAsia (based in Tokyo) and Global Managing
Director of Capital Markets (based in London)
for a large UK banking and investment group.
He has also been a Director of the Sydney Futures
Exchange (and Chairman of its New Products
Committee), a director of and advisor to several
private investment businesses, and chairman of
a technology company specialising in products
and services for the wholesale asset management
industry, operating in Sydney, Europe and the US.
He currently sits on the Advisory Council
of the Centre for International Finance and
Regulation and its Education Committee, and
the Editorial Board of JASSA: The Finsia Journal
of Applied Finance.
I looked at a number of courses but the

Macquarie Applied Finance Centre offered
me the most practical alternative. I wanted
acourse that had the best mix of theory and
current market practice, I wanted to know
what was going on in the business world right
now, what course would best equip me for
working in the financial markets, now. I found
Macquariegave me the strong academic
theoretical base, but over the top of that
wasthe current(real-world) application.
Teaching faculty
No other program can boast our level
ofindustryexperience.
Everyone who teaches at our centres has
asubstantial finance practitioner background.
Ouradjunct lecturers are drawn from senior
levelsof the industry as well as being subject
matter experts.
For faculty profiles please refer to our
websiteatmafc.mq.edu.au
Alumni
Building an amazing professional network is
an intrinsic part of the Macquarie experience.
After you graduate, your MAFC peers and other
alumni will continue to support, challenge and
inspire you throughout your career. Youll also
form new bonds through our worldwide alumni
network. AMAppFin in common creates instant
connections wherever you go.
Alison Belot, MAppFin Alumna, 1998

Vice President, Group Treasury, BHP Billiton
Honorary Fellow, Corporate Treasury Management
As a lecturer, I enjoy seeing the students

develop throughout the course; from the
beginning where their experience is not
enormous, to the end where they are really
taking away a lot of practical information.
They are then able to put this learning
intopractice in their every day roles.
John Deakin-Bell
Portfolio Manager, Northcape Capital
Honorary Fellow, Equity Capital Markets
I am still in contact with a lot of fellow

MAppFin alumni, we get together
often and bounce ideas off each other.
Thereare a lot of people in the market
who have done the program.
Matt Price, MAppFin Alumnus, 2005
Head of Group Capital Management,
National Australia Bank

Practical details
Teaching centres
Academic year
Sydney (CBD): Level 3, Swire House,

10 Spring Street, Sydney NSW 2000, Australia
The academic year has four terms, with Term1

starting in January. Each term is 12 weeks long
inclusive of teaching weeks, a one-week exam period,
and a short break between terms. There is a longer
break for the Australian summer during December
and early January.
Sydney (North Ryde): Macquarie University,

Level7,Building E4A, North Ryde NSW 2109, Australia
Melbourne: Level 6, 500 Collins Street,
MelbourneVIC 3000, Australia
Singapore: 111 Somerset Road, TripleOne Somerset
#06-01/02, Singapore 238164
Beijing: Tsinghua University, 7th Floor, Tower B,
Innovation Plaza, Beijing, China
Shanghai: East China Normal University,
MinhangCampus, 500, Dongchuan Road,
MinhangDistrict, Shanghai, China
Academic partners
Our programs in China are delivered with two
partneruniversities: Tsinghua University School of
Continuing Education (Beijing) and ECNU (Shanghai).
Each offers different pathways to our programs.
For more information please refer to our website
atmafc.mq.edu.au
The four-term structure provides flexibility for

students, making it easier to regulate the pace of
studies. Core units are taken sequentially rather
thanconcurrently, allowing students to focus
ononeunit at a time.
There is a common exam week across all centres,
which means students know before enrolling
whenexams will be held. This helps students plan
special events or work schedules ahead of time,
andaround exam timetables.
There is only one census date each term,
whichmeans just one date for all students as
thedeadline toenrol in or withdraw from a unit.
Core units are offered in block mode.
Teaching commences on a Saturday and
continues on Sunday, Monday night and
Tuesday night. A second block generally takes
place four weeks after the first block.
Elective units are taught in block mode,
commencingon a Thursday night and ending
on Sunday afternoon.
Timetables
Fees
A complete timetable for all units of study is

at mafc.mq.edu.au. This includes detailed
informationforindividual units of study and a
whole-of-year calendar for all units. Some units are
taught by weeklyclasses and some by block mode.
Some units, such as electives, are taught in alternate
or limited numbers of terms at different teaching
centres. This provides greater flexibility by helping
students to complete studies in Sydney, Melbourne,
Beijing, or Singapore.
For the fees of each teaching centre, please see

theinserted flyer at the back of this brochure or
visitmafc.mq.edu.au
For the 2015 timetables, please visit mafc.mq.edu.au
For domestic students, applications are submitted

online via our website. For details of how to apply,
please visit mafc.mq.edu.au
2015 application deadlines

Term 1, 2015 intake: 28 November, 2014
Term 2, 2015 intake: please visit mafc.mq.edu.au
How to apply
International students
For international students, applications are submitted
online. For details of the application process for
international students, please visit mafc.mq.edu.au
The information provided is correct at publication, and every reasonable effort has been made to ensure its accuracy. However, the information
is subject to change from time to time. Macquarie University Applied Finance Centre reserves the right to vary, without notice, any information
relating to the provision of courses or units of study including the content and mode of offering of such courses or units, the withdrawal of any
course or unit for whatever reason, requirements for entry (including score conversions) to a program and the fees applicable to enrolment in
any course or unit of study.
Intrigued?
Find out more.
www.mafc.mq.edu.au

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Real-world finance

MACQUARIE APPLIED FINANCE CENTRE

MACQUARIE APPLIED FINANCE CENTRE

We teach in real time. To provide the most

We offer more electives. With an

2 MACQUARIE APPLIED FINANCE CENTRE

Into an elite alumni network. Through us youll

I have absolutely hired candidates in the past

4 MACQUARIE APPLIED FINANCE CENTRE

Who are our students?

6 MACQUARIE APPLIED FINANCE CENTRE

Our programs at a glance

You have a Bachelors degree

You have a cognate

You have a cognate

You have a cognate

Master of Applied Finance

Master of Applied Finance

A standalone graduate qualification

Specialised finance knowledge

At least 6 months or two terms.

The GDipAppFin may be completed

Given your 18 months relevant

Given your three years relevant

Anywhere: the whole course

In Sydney, Melbourne, and

In Sydney, Melbourne, and

In Sydney, Melbourne, and

16 credit points in total,

32 credit points in total, with the

48 credit points in total, with the

48 credit points in total, with an

You have the MAFC Graduate

You have a non-cognate

You have a non-cognate

Master of Applied Finance

Master of Applied Finance

Master of Applied Finance

With a Graduate Diploma of

Having enrolled directly in the

The MAppFin may be

In Sydney, Melbourne, and

In Sydney, Melbourne, and

In Sydney, Melbourne, and

48 credit points in total, with an

48 credit points in total. Students

48 credit points in total,

Cognate degrees are those in the business

8 MACQUARIE APPLIED FINANCE CENTRE

Master of Applied Finance

Graduate Certificate of Finance

The Master of Applied Finance (MAppFin)

The new Graduate Certificate of Finance

With an unparalleled range of electives around

Graduate Diploma ofAppliedFinance

This fully online program of study with four

10 MACQUARIE APPLIED FINANCE CENTRE

Our programs in detail

Our flagship program for

Note: Gateway units

Graduate Diploma ofApplied Finance (GDipAppFin)

Specialised Masters-level studies