Master of Commerce: Development Finance

Purpose

The primary purpose of the Master of Commerce (M Com): Development Finance is to provide advanced training, at NQF level 9, in development finance to establish a platform for research into sustainable development finance. Specifically, the programme will produce a broad range of development finance experts for South Africa and the rest of Africa, who will be able to practise development finance and conduct development finance research at an advanced level.

Rationale

The current global financial crisis has highlighted the need for a Postgraduate Degree devoted solely to our understanding of financial systems in developing and/or emerging economies.

The M Com in Development Finance at the University of Cape Town's Graduate School of Business will provide a training and research platform for government employees at central, provincial and municipal levels, NGOs and private sector employees in financial and non-financial sector institutions. The qualification will also attract employees of development finance institutions throughout Africa and graduates from finance, economics and businesses interested in finance for development. The Degree has support from all the Development Finance Institutions in South Africa, the National Treasury, the Department of Trade and Industry (DTI), African Development Bank and a significant number of Development Finance Institutions throughout Africa. The market for the proposed Degree is, therefore, potentially very large. The Degree will also serve as a platform for research in development finance, which is almost non-existent at the moment on the African continent. We have conducted an Africa-wide survey on governments, development finance institutions, NGOs and private sector institutions to establish whether there is a market for the degree and there was an overwhelming support and interest in the programme.

Learners should have a good understanding of basic quantitative methods in financial mathematics and statistics, together with an understanding of finance for development.

Recognition of Prior Learning

Recognition of Prior Learning may be granted to applicants who do not have the necessary qualifications but who have had relevant experience in the world of work and who can supply sufficient verified evidence to enable them to gain access to the qualification. Applicants will be assessed against the relevant competencies at NQF Level 8.

Access to the Qualification

To gain admission into the programme, learners will need to have a four-year or Honours Degree in Economics, Commerce, Accounting, Finance, or any other finance-related discipline with a good quantitative background.

Alternatively, they will need to have a four-year or Honour's Degree in a non-finance-related discipline with at least three years of experience in finance-related work with a good quantitative background.

The qualification comprises nine compulsory modules, one elective module (chosen from a given selection of five) and a research report.

All the modules have 12 credits each. The research report has 60 credits.

Compulsory Modules

• Micro-Enterprise Finance.
• Project Finance.
• International Finance for Development.
• Quantitative Methods in Development Finance.
• Issues in Development Finance.
• Responsible Investment.
• Public Sector Finance.
• Financial Risk Management.
• Research Methods.

Electives

At least one must be completed

• Sovereign Debt Management .
• World Trade Organisation (WTO) and Trade Negotiations.
• Financial Services Regulation.
• Global Financial Architecture.
• International Trade Policies.

Research

• Research Report in a selected area.

1. Critically analyse the techniques and procedures for financial sector development, financial management and issues on finance for development in a developing and emerging market context.
2. Apply these techniques and procedures in a professionally competent manner.
3. Undertake independent research and present research findings in a form that can be disseminated effectively to users.

Critical Cross-Field Outcomes

All the critical cross-field outcomes are addressed in the qualification.

The Associate Assessment Criteria apply to all of the Exit Level Outcomes.

• Assess proposals for micro enterprise initiatives.
• Analyse and evaluate project viability.
• Analyse key issues in international finance development in the global context.
• Analyse complex case studies on issues relating to international finance for development.
• Use mathematical and statistical tools to perform financial and risk analyses.
• Discuss the main issues in the theory of development finance and emerging markets.
• Demonstrate a good understanding of the dynamics of financial architecture and the role it plays in linking developing, emerging and developed economies.
• Critically examine the concepts of fiduciary duty and universal share ownership theory.
• Discuss the link between the integration of environmental, social and governance factors and company valuation/shareholder value maximisation.
• Explain why risk management is a critically important medium to long-term financial sustainability.
• Conduct independent research.
• Interpret research output and answer the research question(s).
• Demonstrate an in-depth understanding of the structures and inner working of the World Trade Organisation and International Trade Laws.
• Discuss the multinational cost of capital and capital structure and how global firms are financed.
• Discuss issues surrounding the interactions between market forces, market failures and regulation.
• Critically examine the benefits of international trade as building blocks for broader trade analysis.
• Discuss the concept of value creation through integrated financial, strategic and operational approaches.
• Design and implement financial risk models using portfolio real life cases as a platform.
• Apply research skills to produce an acceptable research report and present the report according to institutional requirements.

Integrated Assessment

All lecturers will be expected to assess learners through a combination of approaches including final examinations, individual assignments and impromptu tests during lectures. The learners will also be expected to submit research reports for assessment. Examinations will be both internally and externally moderated. For internal moderation, all examination papers will be given to an internal lecturer with expertise in the subject area to moderate. Once the examination papers have been taken and graded, an external examiner will be required to examine the papers and file a report to the examination board.