Articles Written By: André Mansi

Chancellor’s Awards Celebratory Reception

We are very proud of four of our ICMA Centre undergraduates who were honoured at this annual celebration hosted by the Chancellor, Sir John Madejski.

This was a fitting opportunity to mark the achievements of 70 of the University’s most talented students who achieved top marks in their School or subject area during the last academic year.

Included in these were ICMA Centre students Amy Ho and Juvereya Shoab who are now in their second year and Yihan Zhou and Aaron Lam who are finalists.

The Vice-Chancellor, Sir David Bell, congratulated the very best and highest academically achieving students and welcomed the Chancellor who was extremely pleased to celebrate the success of these students. Each recipient of the Chancellor’s Award is featured in a specially designed and created yearbook which they received during the Awards Reception along with a bespoke University pin-badge.

Many congratulations from all at the ICMA Centre to Amy, Juvereya, Yihan and Aaron!

Meet the Tutor event a success

Meet the Tutor eventAnother annual event took place at the ICMA Centre recently to help new and returning students to settle back into university life.

Students from all programmes and many different countries gathered together at the ICMA Centre to meet their tutor over a drink and light buffet. Postgraduates mixed with undergraduates, including ERASMUS students from Bucharest and Venice, to make the occasion most memorable. Many new friends were made and common interests discovered at this popular event as staff mingled with students.

In a record year, it certainly seemed to be the most populated the building has ever been and whilst it poured down with rain outside, everyone was having the best of times inside the ICMA Centre.

Long may it continue!

More photographs from the event can be found on our facebook page.

Research success for ICMA Centre lecturer

The ICMA Centre’s Dr Ioannis Oikonomou has reason to look fondly on 2012 as he has experienced two significant academic successes in recent months, which are bringing wider recognition across Europe to the research he is undertaking.

In early 2012 Dr Oikonomou’s project, ‘Corporate Social Responsibility and Credit Costs’ was awarded a highly prestigious grant by the Centre for European Economic Research in Mannheim, Germany. The Strengthening Efficiency and Competitiveness in the European Knowledge Economies (or SEEK) grant is worth approximately €150,000 and aims to contribute to a deeper understanding of policy rationales, the design of appropriate policy instruments as well as their effectiveness and efficiency.

The awarded project, a collaborative effort with Professor Michael Schroder, Dr Andreas Hoepner and Professor Bert Scholtens, is an international investigation of the effects of Corporate Social Responsibility on the cost of corporate loans. “As our work on this project falls in the intersection between business and society, it meets the overall objectives of the SEEK grant perfectly which made the committee very keen to invest in the research” said Dr Oikonomou.

The second success of 2012 for Dr Oikonomou is the awarding, in the previous month, of his thesis, ‘Empirical Investigations of the Relationship between Corporate Social and Financial Performance’ with the Best Thesis in Finance and Sustainability European Research Award for 2012. This award is administered by the French Social Investment Forum and the United Nations-backed Principles for Responsible Investment (PRI) and is worth €5,000.

The PRI is a network of international investors working together to put the six Principles for Responsible Investment (link to the principles) into practice. Their interest in Dr Oikonomou’s thesis is a wonderful testament to the work he has done and demonstrates the potential for his research to develop into practical financial applications across institutions in Europe and further afield.

Dr Oikonomou was presented with his award at a ceremony in Paris in September. The event was covered by a variety of media including renowned French newspaper Le Monde for which Dr Oikonomou gave an interview.

Welcome Day 2012

We were really pleased to welcome our 19th postgraduate student cohort to the ICMA Centre last Friday. Even the sun came out as if to celebrate the arrival of our new students who had arrived from 38 different countries.

This was the largest postgraduate student group to date, numbering 329 – a far cry from the 74 students who joined us in 1994. With eight MSc degrees now on offer, the MSc International Securities, Investment and Banking is still the most popular programme with one third of the students choosing to study this particular degree.

The students were welcomed to the Centre by Professor Adrian Bell, Head of the ICMA Centre, as well as by the Dean of Henley Business School, Professor John Board. This year there was a special presentation made to the students by Martin Scheck, Chief Executive of ICMA in Zurich in which he gave an overview of the standards of market practice, explained the supportive relationship between the two organisations and commented on the major market themes present in the finance industry following the financial crisis of 2008.

After receiving all their study materials for Part 1 of their programmes the students returned to the serious business of Freshers’ Week and preparing for their first lectures of a unique educational experience which hopefully will lead to their career goals.

We wish all our new students good luck in their studies over the next academic year and are confident that their experience at the ICMA Centre will be most memorable.

New faculty members welcomed

Staff from the ICMA CentreThis academic year the ICMA Centre is very pleased to welcome three new members of faculty – Dr Nadia Kappou, Ogonna Nneji and Miriam Marra.

Dr Nadia Kappou

After having worked in the finance industry for seven years, Nadia joined the ICMA Centre on a full time basis in July 2012.

In the City, Nadia has worked as an equity derivatives trader for Credit Suisse, London and also as a commodity derivatives marketer for Credit Suisse-Glencore Alliance.

After studying Banking and Financial Management at the University of Piraeus in Greece, Nadia went on to gain an MSc in International Securities, Investment and Banking from the ICMA Centre followed by a PhD in Finance. She has taught on commodity and shipping derivatives on postgraduate programmes for a number of years.

Nadia has been involved in various projects within the shipping industry and has carried out research focusing on index tracking strategies and ETF’s which has been published in established financial journals as well as been presented at conferences worldwide.

Ogonna Nneji

After studying Economics and Finance at the University of Bristol and gaining an MSc in Finance and Investment from the University of Exeter, Ogonna studied for a PhD in Finance at the ICMA Centre where he has now been appointed as a Lecturer in Finance.

Ogonna has taught at a postgraduate level in Real Estate Finance and Securities, Futures and Options and is now convenor of the module Quantitative Methods for Finance at the ICMA Centre.

His experience in the finance industry includes working as an M&A Summer Analyst in HSBC Global Banking & Markets, a Research Summer Analyst in Olympia Capital Management and a Quantitative Summer Analyst in CQS Management.

His primary research interests include applied financial econometrics, asset bubbles and real estate finance/economics. He has presented his work at numerous leading finance and real estate conferences around the world, including the 2012 Financial Management Association (FMA) in Istanbul. His most recent work has focused on bubble contagion and spillovers across markets and regions.

Miriam Marra

Prior to joining the ICMA Centre as Lecturer in Finance, Miriam was a Teaching Fellow at Warwick Business School where she taught in Corporate Finance as well as acting as Tutor to several other finance modules.

She holds a BSc in Economics and an MA in International Economics from the University of Tor Vergata (Rome) as well as an MSc in Economics and Finance from Warwick Business School.

Her research interests are primarily in the areas of Asset Pricing and Liquidity, Credit Risk, Empirical Finance, Financial Crisis and Contagion, and Market Microstructure.

Miriam has presented her work on “Illiquidity Commonality across Equity and Credit Markets” in several workshops and conferences throughout Europe. She is also working on detecting illiquidity effects on credit default swaps and synthetic CDOs, testing structural models for default risk in credit derivative markets, developing the research on debt and credit derivative microstructure, and investigating issues related to downside risk and investors’ uncertainty in financial markets.

Adrian Bell announced as ICMA Centre Head of School

From 1 August 2012, Professor Adrian Bell will take over as Head of ICMA Centre. Adrian is well known to graduates of the ICMA Centre having been a member of staff since 1994 and has been involved with every group of BSc, MSc and PhD students since.

For many years Adrian was Director of Teaching and Learning, and for the last year has been Head of Pre-Experience Postgraduate Programmes across Henley Business School.

Adrian will continue his research into the History of Finance – currently with Chris Brooks and Tony Moore into Medieval FX markets; and Football finance!  For a recent opinion piece on medieval rate fixing see a piece written for Bloomberg.

Adrian’s most recent media appearance was on BBC Radio 4′s The Long View, where he was joined by Nick Leeson, the rogue trader who brought down Barings Bank; former Deputy Governor of the Bank of England, Sir John Gieve; John Coggan of the Economist and Performance poet, Attila the Stockbroker. You can listen to this broadcast on the BBC’s iPlayer.

How to Apply

 

Full-Time MSc Applications

Applications for 2013 entry are open for all programmes.

The ICMA Centre operates on a rolling admissions basis, meaning that prospective students can apply for our programmes throughout the year, however we do advise to apply early in the year. We aim to return a decision within 4-6 weeks of receiving your application.

Full-time applicants can apply online or download our application form and complete it by hand.

Flexible and Distance Learning Applications

We accept online applications only for flexible and distance learning.


FAQs

Do I need to take GMAT?

If you are unsure as to the need to take GMAT (Graduate Management Admissions Test), please apply without taking it. We will advise in the form of a conditional offer if we think that it is necessary for you to take it. Obtaining a good score in the quantitative section of the test can support your case at the Admissions Committee. The GMAT is not a mandatory requirement for applications to the MSc programme, but can enhance an application. More information about the GMAT can be obtained at www.mba.com.

When is the deadline for applications?

There is no fixed deadline for full-time applications. However, you are advised to apply early, as the admission process can take up to 4-6 weeks to complete. Places become very limited from June onwards. You are encouraged to telephone the Centre after that date to clarify the situation.

Deadline for Flexible and Distance Learning applications: Wednesday 14th August 2013.

How long will it take to receive an answer to my application?

The admissions process will take up to 4-6 weeks from receipt of a completed application. We will endeavour to process your application sooner, however, the delay is normally due to outstanding supporting documents.

My referee has sent his reference direct, is this OK?

Yes. We keep all references and match them with applications when they are received.

Who decides on the suitability of an application?

Each application is considered by the Admissions Committee, made up of academic members of staff and the Admissions Officer.

How do I pay the £1000 deposit and when is the deadline?

By Sterling cheque payable to the University of Reading by credit card or bank transfer.

Applicants accepted on to an ICMA Centre MSc programme should pay their deposit by the deadline indicated in the  recommendation e-mail from the ICMA Centre.

Where do I send my information proving that I have fulfilled my conditions?

Send this information to the Postgraduate Admission Office, the ICMA Centre will be automatically updated. Their full address is:

Postgraduate Admissions Office
Henley Business School
University of Reading
Whiteknights
PO Box 218
Reading
RG6 6AA

Am I qualified to do this programme?

We can only give a considered answer to this question if we have received a completed application form and supporting documents. Without this information it is difficult to make any evaluation of your previous qualifications.

To whom should I address any queries about my application?

All queries should be addressed to the Admissions Team: admissions@icmacentre.ac.uk.

Does the ICMA Centre provide funding? If not, how do I fund the programme?

A range of scholarship awards are available. Please refer to the ICMA Centre Scholarships pages for further details.

How do I arrange accommodation?

All enquiries concerning accommodation should be directed to Student Services, telephone number +44 (0)118 378 5555.

Scholarships – course page default

MSc Scholarships

There are six different scholarships available at the ICMA Centre:

  • Ambassador Scholarship – up to ten awards of £10,000 each for 2012
  • CISI Stephen Cooke Scholarship Programme
  • Solidus Securities MSc Scholarship**
  • Academy of Economic Studies Scholarship
  • Felix Scholarship

Deadline for applications: 16 March 2012. Applicants informed by 30 March 2012.

*Excludes CISI Stephen Cooke
and Felix Scholarship deadlines TBA.

**Candidates for the Solidus Securities MSc Scholarship will be considered in the summer.

Please note that applicants will have to submit an application for our MSc programmes and be offered a place before they can be considered for the scholarships.

Ambassador Scholarship

We are delighted to introduce our new ICMA Centre Ambassador Scholarship. Next year (2012 entry) we will offer up to ten awards of £10,000 (against fees) each to students on the basis of academic excellence.

Winning this scholarship not only provides you with a very substantial discount but comes with a number of added benefits including publicity (both on the website and in external media) and a valuable role to include on your CV. Your role will include mentoring international students at the Centre and participating in open days so you can share your experiences with prospective students.

Scholarship Entry Criteria:

  • Be of UK or EU nationality with an excellent level of spoken English (those whose first language is not English will require an IELTS score of 7 overall with no significant weaknesses in any component of the test).
  • Partial scholarship awards will be available to outstanding candidates for the MSc in International Shipping and Finance Programme

Application process:

All applicants for our full-time Masters programmes who meet the criteria will be considered for this scholarship. Successful applicants will be contacted via letter to arrange a convenient face-to-face or telephone/Skype interview. You will be notified within ten working days following the interview whether you have been awarded the scholarship subject to fulfilling any conditions attached to your offer of a place on the MSc programme. Please note that we expect demand to be high for this scholarship and the deadline for applications is Friday 16 March 2012.

Apply online today

ISF Directors’ Scholarship Scheme

Partial scholarship awards will be available to outstanding candidates for the MSc in International Shipping and Finance Programme. 

The CISI Stephen Cooke Scholarship Programme

The Stephen Cooke Scholarship is administered and awarded by the Chartered Institute for Securities and Investment , the largest and most widely respected professional body for those who work in the securities and investment industry in the UK.  The awards commemorate the Late Stephen Cooke, Chief Executive of a leading private client firm, Gerrard Vivian Grey, who had a particular passion for education. The awards are only open to students attending CISI Centres of Excellence.  The purpose of the awards is to encourage students to focus on those standards needed for embarking on a successful career in the financial industry.

There are two tiers of Scholarship available to Masters students:

  • One Premier Scholarship of £5000
  • One General Scholarship of £3000.

The award for the premier scholarship are made on the basis of three factors:

  • Submission of an essay
  • General knowledge test
  • Panel interview

Entry Criteria

Applicants need to be a registered student at an CISI Centre of Excellence and:

  • be a postgraduate student, enrolled on a specified course at one of the CISI’s designated Centres of Excellence;
  • must not have been a previous winner under the CISI Scholarship scheme.

For more information visit the CISI website.

Winner in 2011: Chardin Wese Simen – MSc student
Winner in 2010: Imran Khan – MSc student
Winner in 2009: Richard Hamilton – MSc student
Winners in 2008: Tamoor Ali and Philip Board – BSc students

Solidus Securities MSc Scholarship

The ICMA Centre is pleased to announce the Solidus Securities MSc scholarship, which has been established to support Greek students with a strong academic background who would benefit from financial support. This will be awarded annually to one Greek applicant to any full-time MSc programme at the ICMA Centre.

This unique scholarship includes:

  • 50% of all tuition fees of any ICMA Centre MSc programme
  • Optional 1-2 months summer training with Solidus Securities SA inAthens,Greece

Winner in 2010: Eleana Kitsara

Scholarship Entry Criteria

  • Strong academic background (7.5 GPA in their first degree or equivalent)
  • Evidence that the candidate would benefit from financial support (total family and/or personal income of less than 40,000 euro per annum – additional evidence will be required)

Academy of Economic Studies Scholarship

The ICMA Centre is pleased to announce up to five scholarships of a maximum of £15,000 for our full-time Masters programmes are now available to students studying at the Academy of Economic Studies in Bucharest.

Scholarship Entry Criteria

  • Achieved or expect to achieve excellent results at undergraduate level from aUK institution or the equivalent international qualification
  • Submit a minimum GMAT score of 650
  • Submit a statement (no more than 250 words) addressing the following statement: ‘Why ICMA should make this contribution to your education and how it may benefit you and the international securities markets?’

Felix Scholarship

The ICMA Centre is pleased to announce up to three scholarships for Indian graduates taking up places in September/October 2010.  Felix Scholarships are intended for scholars who would be unable, without financial assistance, to take up their place and who have not studied outside their home country.

The Felix Scholarships will cover full fees, living costs, a return air fare, and provide additional allowances for books, equipment, warm clothing etc.  For more information please see

http://www.extra.reading.ac.uk/studentfinance/felix2010.doc

Prizes

The Vetiva Prize

This prize is for the highest achieving full-time MSc Student from Africa graduating from the ICMA Centre, University of Reading. The prize includes a £1000, which will be presented upon graduation. The winner may be offered work opportunities with Vetiva and other Investment Banking firms that operate within the African Continent.

Prize Criteria

  • The ICMA Centre will identify suitable recipients based on their examination performance and participation during the academic year;
  • Applicants for the prize, may be asked to submit a short essay on a topic relating to African Financial Development (the precise title will be determined annually by the ICMA Centre);
  • In the event of two or more candidates being ranked equally, Vetiva may then require an interview by the short listed candidates.

Winner in 2011: Chardin Wese Simen

New Book: Corporate Governance: Theory and Practice

Corporate Governance Book JacketCapitalism is high on the political agenda. Like coffee it seems to come in a bewildering number of varieties. Some politicians like it “responsible” others “moral” and still others “popular”. While some argue that it is time for shareholders to wield real power, others feel that that certain shareholders, notably hedge funds should sit on their hands, at least if they have bought shares after a takeover has been announced. Out on the streets the tents of the “occupy” protectors may be under threat but many are sympathetic to the view that bankers and board members have been rewarded for taking too many risks with other people’s money.

In Corporate Governance: Theory and Practice, Carol Padgett explores these issues, considering why shareholders may not see themselves as owners of companies and examining new regulation designed to change this view. The book covers a variety of other governance topics including directors’ remuneration, using a wealth of examples from companies around the world.

‘Carol Padgett has written an excellent book on corporate governance.  It is comprehensive and thorough in its coverage of an important and expanding topic.  The book combines an extensive review of the relevant literature with an insightful description of corporate governance policy and practice.  It is well illustrated with case studies and examples, and it guides the reader carefully through the different aspects of current corporate governance debates.’
Colin Mayer, Peter Moores Professor of Management Studies, Saïd Business School, University of Oxford, UK

‘This text provides an excellent and comprehensive introduction to corporate governance and leads the reader through what would otherwise be complex theoretical  concepts and issues in an easy-to-read and understandable manner.  Explanations are very clear and the book is punctuated with real world examples of the governance issue at hand.  This should be an essential text for corporate governance students or for those wishing to gain a strong grasp in this subject without getting lost in complicated jargon.’
Dr. Bruce Hearn, Course Director MSc Finance, University of Leicester, UK

‘Students will find Corporate Governance a comprehensive and readable introduction to a subject of increasing importance.’
Robert A. G.  Monks, shareholder activist and author of Corporate Governance