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SID200 MFE AW.qxp1/9/064:22 pmPage 11“The core areas of botheconomics and finance arecovered, which equip studentswith both solid theory foundation and practical techniques.Also the elective coursesinclude fields such as PrivateEquity and Fixed Income,which are essential for professionals in investment banks,and Advanced CorporateFinance and Mergers andAcquisitions, which suit myparticular interests.”Wei Nie, ChinaCASE STUDYTHE PRIVATEEQUITY ELECTIVECo-taught by Dr Tim Jenkinson ofSaïd Business School and HumphreyBattcock, a Director of AdventInternational, the Private Equity courseopens up one of the more complexareas of financial management. Privateequity investments are illiquid and hardto value and those who manage themoften become engaged in the decisionmaking of the companies involved,all of which makes practical skills asimportant as theoretical knowledge.Assessed through four case studies, twospreadsheet assignments and a grouppresentation, the course demands thatstudents constantly apply the materialthey have been presented.Dr Tim Jenkinson says: “Practicalrelevance is hard-wired into the course.Humphrey Battcock and I design acourse that addresses the current issuesfacing the private equity industry.We wanted to integrate practice andfinance principles from the word go.”WWW.SBS.OXFORD.EDU/MFE11

SID200 MFE AW.qxp1/9/064:22 pmPage 12THE APPLICANTSWHO SHOULD APPLY?STUDENT PROFILECHITEMWANG’AMBIGoldman Sachs,MFE 2005/06,Rhodes Scholar,ZambiaWork experience:1 1/2 years12THE UNIVERSITY OF OXFORD MFEChitemwa Ng’ambi graduated fromthe University of Namibia in 2003,with a Bachelor’s Degree in Accounting.Afterwards, she was a trainee inFinance Management at KonkolaCopper Mines Plc and worked as anAudit assistant for Grant ThorntonChartered Accountants in Zambia.“The MFE met my every expectation, from academic rigour, andpreparing me for a career in financebecause I came from not knowing whatsimple financial instruments reallywere, to learning how such instrumentsare priced. This is exactly what I waslooking to learn.It was an honour to be taught bysome of the best in their field and tobe surrounded by some of the brightestminds from diverse backgrounds andfrom all around the globe. It was trulya unique experience like nothing I everimagined. Academically and intellectually gruelling but a course from whichdividends will surely pour.One of the greatest assets of the firstMFE class was definitely the wonderfulpeople I have formed friendships withwho helped me through. The MFE hasopened and I believe will continue toopen a range of doors of opportunityfor me. Moving from being a buddingaccountant in a mining company in asmall town in Zambia to a part of theglobal world of finance seemed almostimpossible to me. The Oxford MFE hasmade all of this possible.”

SID200 MFE AW.qxp1/9/064:22 pmPage 13We are looking for applicants from allover the world and from all kinds ofbackgrounds. The one essential requirement for a candidate is a desire tounderstand the theory of finance andto apply it in practice.If you are planning a career infinance or financial research then theMasters in Financial Economics is foryou. If you are a prospective or recentgraduate who wishes to gain financialexpertise, then the MFE will provide youwith precisely the training you require.lf you are already in work but feel that aformal training in financial economicswould aid your career then the MFE isjust the course you are looking for. If youare an employer in need of a financiallyskilled workforce then the MFE is thelong-term training tool you need.In assessing our applicants we willlook for evidence that you:Have made an informed decision tostudy finance and are highly motivatedAre able to cope with complex quantitative tasks and numerical analysesWill actively contribute to a class ofdiverse backgrounds, nationalitiesand outlooksHave a proven capacity for hard workand a desire to achieve great thingsHave a track record of academicachievement at degree levelWe do not assume prior knowledge ofeconomics or finance but you will bejoining a group of highly motivated andcapable individuals, many with a background in these areas, and all with astrong ability to think conceptuallyand analytically.There is no formal mathematicsrequirement for the course, but you willbe expected to understand basic mathstechniques – such as functions, limits,calculus, probability, linear algebra andunconstrained optimisation – at thestart of the course, and to acquire statistical skills rapidly during the course.Pre-course reading will provide a precise indication of the standard of mathsthat will be expected, and ensure thatyou can reach this level. Maths classeswill be held before the programmeand during the first term to provideassistance to those who require it. Inaddition, students will be expected todevelop a knowledge of Matlab, a matrixprogramming language, during thecourse (as it will be used in the AssetPricing and Financial Econometricscore courses). Various classes and exercises will be provided to help with this.The Masters in Financial Economicsis a tough and demanding course whichoffers significant professional and academic rewards to successful candidates.We expect our applicants to be exceptional and judge them accordingly.Have the maturity to cope with a professional learning environment, althoughprior work experience is not essentialJamal Ismayilov graduated fromTexas Tech University in 2003, witha Bachelor’s Degree in Finance andEconomics summa cum laude, and aGPA of 4.0/4.0. Prior to Texas Tech, hewas enrolled at the American UniversitySTUDENT PROFILE in Baku 1998-00 and spent one year atJAMAL ISMAYILOV Pace University, New York (2000–01)on a Freedom Support Act ExchangeMercer OliverScholarship. Jamal has interned atWyman,Morgan Stanley, and after graduationMFE 2005/06,joined the IMF as a Research AssistantAzerbaijan.in Fiscal Affairs. His research projectshave included work upon fiscal manWork experience:agement and fiscal decentralisation,2 yearsand he has also participated in two missions to Tanzania (on tax regime for themining sector) and Azerbaijan (on fiscaltransparency of the oil and gas sector).He has co-authored a forthcomingpaper on “Law, finance and frontiermarket returns” in the Journal ofEmerging Markets and published anarticle on the “Comparison of economicdevelopments in Kazakhstan andAzerbaijan” in US-Azerbaijan Chamberof Commerce Quarterly.“The MFE was one of the mostchallenging but at the same time themost exciting periods of my life. Ihave met the most interesting people,made great friends, and gained wideknowledge in different areas of financeand economics.“The diversity of the class isremarkable and I have beenconstantly challenged andenhanced by their variousperspectives. Having studiedin four different countries,I have been exposed to awide range of views; yetnowhere else have I seensuch views effectively pooledto add value.”Thomas Hovaguimian,SwitzerlandNext year, I will be joining MercerOliver Wyman as a consultant. MOW is aconsulting firm specialising in financialservices. I will be based in London butwill probably travel quite a bit.The MFE was just the right programme to push my limits and allow meto evaluate critically my best abilities aswell as my weaknesses. It gave me muchconfidence in what I can achieve.”WWW.SBS.OXFORD.EDU/MFE13

SID200 MFE AW.qxp1/9/064:22 pmPage 14Safia Minney,People TreeALUMNI NETWORKSFor centuries, the University of Oxfordhas produced some of the most influential and respected people in business.Oxford Graduates are represented inevery Fortune 500 company, countryand government in the world.The Oxford Business Alumni (OBA)was established in 1998 and exists toprovide a focus for Oxonians who have aspecial interest in the world of business.There are currently 22 regional groups(or Chapters) of the OBA, spanningevery continent across the world.As a member of the Oxford BusinessAlumni, participants are entitled toaccess the alumni search directory,an invaluable tool for networking withorganisations throughout the world,as well as attend regular seminars,lectures and other networking events,giving current participants and alumnithe chance to meet, exchange ideasand get to know each other.We encourage participants to takean active role on the Advisory Boardduring their time at the School. Furtherinformation can be found on the OBAwebsite: www.oba.co.ukNETWORKINGWHO WILL YOU TALK TO?By attending the Saïd Business Schoolyou gain exposure to the top ranks ofthe business world. Regular seminarsand guest lectures provide a steadystream of networking and businessopportunities.14THE UNIVERSITY OF OXFORD MFETHE MFE SENIOR FINANCEPRACTITIONER SERIESThe MFE Senior FinancePractitioner Series bringsleading figures from financeand economics to the Schoolduring Michaelmas term.Speakers include chairmen,chief executives and boardmembers of financial institutions as well as heads ofkey business divisions. Theseries provides students withinsights into how the financialservices sector is being shapedand provides the opportunityto network with key recruiters.Recent speakers include:Richard Gladwin, Head ofForeign Exchange of BarclaysCapital; Abbey Cohen, CoChair of Goldman SachsInvestment Policy Committee;Kevan Watts, Chairman ofMerrill Lynch International;Hector Sants, ManagingDirector of FSA; Nigel Higgins,Head of Investment Bankingof Rothschild; and KeithJones, CEO of Morley.THE OXFORD PRIVATEEQUITY FORUMThe Oxford Private EquityForum brings together private equity practitioners,investment bankers, lawyers,and senior business peopleto discuss the opportunitiesand challenges facing globalinvestors within the privateequity industry. Panellistshave included: ChristopherSpray of Atlas Ventures;Edmund Lazarus of EnglefieldCapital; Jonathan Blake of SJBerwin; Markus Golser ofGraphite Capital; Robin Jarrattof CVC Capital Partners; andJoe Haim of Egon Zehnder.

SID200 MFE AW.qxp1/9/064:22 pmPage 15“Through the weekly seriesof high level speakers,there are also unparalleledopportunities to probe someof the brightest and mostsuccessful financial mindsin the private sector; I havediscussed the growing derivative market in China withthe Chief Investment Officerof Goldman Sachs and theevolving role of technologyin investment banking withthe Chairman of MerrillLynch International.”Andrew Klaber,Marshall Scholar, USADavid Bonderman, founder of Texas Pacific Groupand Sir Victor Blank, Chairman of Lloyds TSBTHE SAS DISTINGUISHEDSPEAKER SERIESThe SAS DistinguishedSpeaker Series provides afurther opportunity for youto meet with leaders in business on an open and informalbasis. Recent visitors to theSchool have included: NobelPrize-winning economist,Daniel Kahneman; DamonBuffini, CEO of Permira;Rosalind Hedley-Miller,Vice Chairman of DresdnerKleinwort Wasserstein;Professor Muhammad Yunus,founder and ManagingDirector of Grameen Bank;and Ruben Vardinian, founderand CEO of Troika Dialog.OXFORD FORUM ONENTREPRENEURSHIPAND INNOVATIONThis unique gathering ofSilicon Valley entrepreneurs,investors, and venture capitalists has previously included:Max Levchin, Chief TechnicalOfficer at PayPal; Jeff Skoll,Co-founder and former President of eBay; and RaymondNasr, Director of ExecutiveCommunications, Google.THE SKOLL WORLDFORUM ON SOCIALENTREPRENEURSHIPThis world summit on socialentrepreneurship bringstogether the world’s leadingsocial entrepreneurs, withfunders, policy makers andacademics.THE INTERNATIONALMEDIA AND COMMUNICATIONS SUMMITAn opportunity for studentsto meet with leading executives in the media industry.Previous master classesgiven by: Michael Heseltine;Melvin Bragg; PeterBazalgette; and John Barrie.WWW.SBS.OXFORD.EDU/MFE15

SID200 MFE AW.qxp1/9/064:22 pmPage 16As a source of general informationthe following web pages fromthe University and other websitesmay o.uk/oxford/homeaccommodationThe Oxford MFE programme gives youaccess to some of the world’s mostimpressive architecture and one of theUK’s most vibrant cities. Beyond theUniversity, Oxford has some of the bestpubs and restaurants in Britain and iswell stocked with cinemas, theatres andvenues for all kinds of live music. Publictransport is comprehensive, althoughmany students find Oxford’s lack of hillsmakes bicycle the ideal way to travel.Walking about the compact city centregives you an instant feeling of belonging.Students and their families havelittle trouble finding ways to amusethemselves in Oxford. A population of30,000 students means there is lots ofnightlife, and societies exist for everything from archery to caving, medievalmusic, painting and snowboarding.Families can occupy themselves in themany museums, parks, sports activitiesand art galleries, or choose to explorethe beautiful Oxfordshire countryside.Located in the centre of England,Oxford is ideal for students wishing toexplore the UK during their year here,and is only an hour from London andinternational airports by train or bus.If you have any questionsabout bringing your familyto Oxford for your MFE yearplease contact us on 44 1865 278809 or by emailat HAMOXFORDCARDIFFLONDONBRIGHTONLIVING IN OXFORDHOW WILL YOU LIVE?Living in Oxford for a year will be an unforgettableexperience. Oxford is home to over 1,400 high-techcompanies and some of the most advanced researchlaboratories in the world, but remains best known forits medieval colleges and their dreaming spires.16THE UNIVERSITY OF OXFORD MFE

SID200 MFE AW.qxp1/9/064:22 pmPage 17COLLEGESOxford University is composed of over30 separate colleges and each studentmust belong to one. Colleges can provide accommodation, meals and mostimportantly community. For those whohave the opportunity to ‘live in’, facilities are excellent, although graduateaccommodation (as used by MFEs)is often located away from the maincollege building in converted housesor purpose-built annexes.Students are asked to state acollege preference in their application.Everyone who is accepted by theBusiness School is guaranteed a collegeplace. However colleges make independent student selections and you may notbe accepted by the college you choose.Early applications are recommendedbut are not a guarantee of a place.While all the colleges have differentpersonalities and most students will tellyou that theirs is superior, actual differences are limited. Key things to be awareof are the difference between graduatecolleges which only take post-graduatestudents (including MFEs) and themajority of colleges which also admitundergraduates. A full list of the collegesand links to their individual websites isavailable at: www.ox.ac.uk/collegesFACILITIES FOR FAMILIESA number of students bring their families to Oxford each year and the Schoolis delighted to welcome spouses orpartners, and children. Early in the year,students’ partners and their childrenestablish a community and form newfriendships. Families often join students in the School for lunch and at theend of a day of lectures. They also meetsocially outside the life of the Schooland many will remain friends after theirstudies are finished. Students enjoy awide range of social events in the Schoolto which families are warmly welcomed.Moving a family from home, oftenfrom another country, is a demandingtask and one that requires considerableplanning. We are committed to doingwhat we can to make this as straightforward as possible. Each student willhave their own individual requirementsand the staff of the Admissions Officewill provide as much help and information as possible to meet these. We canprovide information and advise on anumber of important matters includinghousing, doctors, hospitals, healthinsurance, nurseries and schools.“Oxford’s residential collegesystem allows me to mingleon a daily basis with studentsstudying every subjectimaginable and takeadvantage of the variousextra-curricular activitiesthat abound in Oxford. Lastyear I shot on the varsityarchery team, performed ina musical and co-ordinateda charity ball.”Heather Long,Rhodes Scholar, USAWWW.SBS.OXFORD.EDU/MFE17

SID200 MFE AW.qxp1/9/064:22 pmPage 18For a complete listing offaculty and further informationabout their work, please go toour website at:www.sbs.oxford.edu/facultyNEIL SHEPHARDCHAIR, MFE COMMITTEEHOWARD JONESMFE DIRECTORNeil received his PhD. from LSEand is now a Professor of Economics at Oxford and a ProfessorialFellow at Nuffield College. AFellow of the Econometric Societyand the British Academy, he isa highly regarded specialist infinancial econometrics. He is anAssociate Editor of the leadingeconomics journal Econometrica.Neil is currently researching onthe use of high frequency financial data to improve volatilitymeasurement and jump detection. He runs the Oxford FinancialResearch Centre that bringstogether researchers in financeacross the University as a whole.Howard joined Oxford’s BusinessSchool in 2002 after a 15-yearcareer in investment banking.He previously worked at DeutscheBank and at BNP Paribas, wherehe was worldwide head of equitycapital markets, responsible forequity and equity-related capitalraising. Earlier in his careerHoward worked in debt capitalmarkets and fixed income trading.His current research interestsare initial public offerings andinvestment banks. At SaïdBusiness School Howard teaches‘Capital Raising Techniques’and ‘Trading and MarketMicrostructure’. Howard is agraduate of Oxford University.KNOWLEDGEWHAT ARE WE THINKING ABOUT?18THE UNIVERSITY OF OXFORD MFEThe Finance Faculty at the SaïdBusiness School is one of thefastest growing and most prestigiousin Europe. The Oxford UniversityDepartment of Economics ishome to one of the most diverseand well-known groups of economists in the world. As a groupthey are extremely active in publishing in top journals, speakingat academic and practitionerconferences, and in advisingcompanies, financial institutionsa

THE OXFORD MASTERS IN FINANCIAL ECONOMICS A NEW GATEWAY TO PROFESSIONAL FINANCE CONTENTS SID200 MFE_AW.qxp 1/9/06 4:22 pm Page 02. WWW.SBS.OXFORD.EDU/MFE 03 16 LIVING IN OXFORD Find out about our ancient University and modern city 18 KNOWLEDGE Be taught by the world's leading finance and