Leicester Masters in Finance

Discussion in 'General Distance Learning Discussions' started by joi, Jun 2, 2005.

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  1. joi

    joi New Member

    Hi to everyone!!!!

    I am a medical doctor intending to enter the finance field. I am seriously considering the master of Science in Finance offered by the University of Leicester.

    Does anyone have any experience with this program? What are the program fees? Is it tough? Are the materials of good quality?(I have written to Leicester on this issue, but I am still awaiting their response)

    How much may a person with such a masters degree expect to earn in your respective countries?

    Thank you for your help
     
  2. Jack Tracey

    Jack Tracey New Member

    Hiya Doc - I'm afraid that I'm not the finance/business type but your question caught my eye and I couldn't resist firing off a question or two. You see, where I'm from there are lots of people who would love to have gotten into medical school and earned their MD but they didn't have good enough grades or whatever and so they had to settle on their second or third choices (like maybe dental school or business school). I don't think I've ever heard of someone who went to all the sweat and studying and time and trouble and sleepless nights and internships and residencies and all that stuff just to turn around and chuck it all for a career in finance. Would you be willing to say something about how that shaped up for you? Also, it seems a bit unusual that someone in your position, having made all that effort, gone to all that work would decide to toss it all without any real sense of what your prospective income might be in your new career. What is it about the field of finance that you find so compelling that you'd dump a medical career without even knowing what to expect for income?
    Just curious.
    Jack
     
  3. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    University of Leicester www.le.ac.uk

    I've not had any personal experience with the program but the fact that Dr. John Bear was once involved with the North American marketing of the school's DL programs, in my impression of the situation, bespeaks very highly of the quality of the school.

    As to the money you could make, that depends on what you wish to do with the degree. Have you considered starting up a practice as financial planner/financial advisor to well-to-do physicians?
     
  4. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    Re: Re: Leicester Masters in Finance

    Program fees are GBP 4,450 for UK students and GBP 9,995 for international students for the full-time program.

    Currency conversion calculator: www.oasismanagement.com/eurodesk/eurocalc.html

    which means that the above amounts to $8,080 for UK students & $18,149 for intl students (as of 06-02-05).

    For the part-time program, the U.S. agent (www.rdiworldwide.com/usa/courses.asp?courseid=181&instid=5&sitemapid=142) states the charges as $9,600 + exam fees.
     
    Last edited by a moderator: Jun 3, 2005
  5. joi

    joi New Member

    Thank you all for your responses.

    Jack: Reading my original post again I can understand your curiosity. While there are aspects of my plans thatt I prefer to keep for myself, I can answer most of the questions you asked.

    In the first place, I have always been closer to economics and business than to medicine, having worked more than 4 years in an executive post before going to med school in-of all places- Cuba. I am currently enrolled in the University of London External Programme's BSc. in Economics, which I expect to finish soon.

    In the second place, I am completing a MSc. degree in Biochemistry with a concentration in Immunology. I intend to blen my scientific and (future) finance skills working specifically with the biotech sector, though I am open to other options.

    As for my question on income, if you read it again, it was my intention to find out how much a finance graduate may earn in different countries. I know what they earn in MY country.

    As for all the sweat, rotations, you are correct. Not only did I cover the standard curriculum. I also contracted an agressive eye infection that left me nearly blind for more than a year, and I had to take most of my sixth year (Internships) witout being able to read or write. Despite this, I managed to graduate Summa Cum Laude, and still I will not feel any regrets due to my decision to enter the finance field.

    One might wonder why a medical doctor might sacrifice his career and high income to change fields. Dr. Bill Frist did it to service his country. Others in my country have done it to enter politics, to work as economists or to better finance their various companies. Some of Paraguay's wealthiest(honest) people are doctors who happen to be excellent businessmen. The first school of thought in economics, the School of Physiocrats, was founded by medical doctors. A great proportion of political leaders all around the world are doctors. The truth is a medical degree gives a person much more than it may seem at first hand, including excellent contacts, sensitivity to other people's problems, a view of life based on balance(more or less similar to an economist's view) and tremendous prestige. For this reason, lots of doors can open to an MD.

    I hope this answers your questions.

    Again, thank you all for your replies.
     
  6. roy maybery

    roy maybery New Member

    Leicester

    I did my first undergraduate degree at Leicester University B.A.hons Archaeology. I found the University to be more than satisfactory. The night life was also good.
    They run a variety of distance ed programs. Being a perfectly respectable British institution I see no reason why these would not also be high standard.
    An interesting point for those of the medical profession is that D.N.A. fingerprinting was invented at Leicester University. Dr Alex Jeffries from the Med School got a Nobel prize for it. Leicester was also the first place in the world where a successful murder prosecution was achieved using this method. It was also the first time a suspect held in custody was exonerated.

    Roy Maybery
     
  7. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    While you're doing your Leicester MSc in Finance, you might see if the Management Centre will allow you to take the Entrepreneurship and E-Commerce modules of the Leicester MBA. This will certainly help you and your doctor buddies with getting your biotech company going.
     
  8. Jack Tracey

    Jack Tracey New Member

    Best of luck.
    Jack
     
  9. oxpecker

    oxpecker New Member

    Re: Leicester

    Huh? What Nobel Prize was that?
     
  10. Tom57

    Tom57 Member

    Re: Re: Leicester

    I guess he did invent DNA identification, but as far as I can tell, he was never awarded a Nobel.
     
  11. mrbean72

    mrbean72 New Member

    Career in Finance

    I can certainly relate to your desire to enter the finance field. Finance was (and still is) one of my favourite business majors. In order to ensure that I had better job prospects coming out of university (and yet still be in a finance-related area), I ended up becoming a Chartered Accountant, which I do not regret (it has opened up a lot of doors for me and it has been a rewarding career choice). However, I am still keeping the door open to possibly being more directly involved in the finance field (i.e. investment banking, commercial banking, financial planning, etc.).

    Anyway, enough about me ...

    For you, I believe that the Leicester MSc in Finance is a good option. There are also the Masters degrees offered through the University of London External program (Financial Economics and Financial Management).

    In addition to (or even in place of) a Masters degree in Finance, I would highly recommend the Chartered Financial Analyst (CFA) designation. It is rapidly becoming a requirement for most jobs in finance.

    As for earning potential, it depends on where you live, as well as what area of finance you decide to pursue. In Canada, Toronto is the main financial centre (home to the TSX stock exchange as well as head offices for all the major chartered banks and other large financial institutions), although Calgary is hot right now (oil and gas is booming) and there is also some activity in Vancouver. Oh, I cannot forget Montreal!

    The best area of finance for earning potential would have to be investment banking (over $100K/year in some cases), although finance as a whole is fairly lucrative. Considering your medical and science background, you could end up doing financing and investment deals for biotechnology companies or acting as an investment analyst specializing in the biotechnology sector.

    Good luck!

    Michael Weedon, CA
     
  12. tmartca

    tmartca New Member

    I agree with just about everything Michael Weedon has to say except I suggest that you earn a Masters degree in Finance IN ADDITION to your CFA certification.

    The Chartered Financial Analyst certification is offered by the CFA Institute.

    Here is another option for you:MSc International Securities, Investment and Banking @ the University of Reading in the UK

    I have been a trader for over three years and I was looking for a quality distance learning program that focused on the financial markets themselves and less on corporate financial management. I thought this program and the certificate program in Financial Markets at the Illinois Institute of Technology were best for me. (I contacted them recently about putting their entire MS program online, but they said it is more than a year off.)

    Since you want a MS program I suggest the program at the University of Reading. Also, many MS programs structure their program in such a way that it prepares you to take the CFA exams.

    They deliver their instruction through DVD. I sent for a demo and prospectus, and I thought it was very well presented and could see myself enjoying their program.

    Here is a LINK to the student profiles for the 2005 class so you can get an idea of what they want in a student.
     
  13. joi

    joi New Member

    The University of Reading program seems very focused, and could give a graduate an edge. However, the program costs 10000 pounds, far more than the Leicester MSc. They offer scholarshpis up to the full cost of the program, though.

    Evidently, the CFA designation is increasingly being sought after, as they provide an edge in the labour market.

    Nonetheless, I would prefer to focus in the MSc. for now.

    As for your sugestions on MBA courses, Ted, I don;t think they can accept them, as the MSc. program has no electives. I am thinking on your suggestions on working with well-to-do physicians. I konw of 3 paraguayan doctors in the US, all earning between 300 and 400K a year, and your idea can become a quite profitable career for me. Thank you for your help.

    I have been reviewing the Leicester MSc. curriculum, and I really like it. It ofers both breadth and depth, although I would like to have the chance of choosing at least a couple of electives.
     
  14. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    With regards to the suggestion of getting into biotech, you could put together a collection of doctor buddies as lenders/investors to fund your own biotech firm. Who knows? Some of them may also be interested in going for biomedical engineering degrees and inventing all these wonderful new medical devices that only you and your doctor buddies could think of.
     
  15. joi

    joi New Member

    Ted: I'm seriuosly thinking in briging you president of my yet-to-be founded biotech company:D . What is your professinal activity?

    I thought someone in this forum would have experience with the Leicester masters in Finanace, but apparently this is not the case.

    What about the university of Reading? Reputation? Quality? What about their B-school, which caters the financial communtiy?
     
  16. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    Unfortunately, I really haven't applied my MBA degrees in the job market. My degrees, as you can see, are on my signature line. My work experience, such as it is, is as follows:

    1978-1983 Ranch Hand, Fallen Rock Arabians, Grand Junction, CO
    1987-1990 Drill Press Operator, B & B Welding, Seattle, WA
    1991-1992 Public Relations Representative, Business Computer Training Institute, Mill Creek, WA
    1996-2000 Business & History Tutor, Ahead of the Class Tutoring, Seattle, WA
    2002-2003 Fast Food Cook, Taco Bell, Port Clinton, OH
     
  17. joi

    joi New Member

    tmartca:

    Have you received the materials from Reading? What do you think of them?

    I also asked for a demo CD ROM, but have not yet received anything.

    What is your perception on the level of difficulty of CFA examinations? I have read that the passing rate is not very high.
     
  18. tmartca

    tmartca New Member

    Have you received the materials from Reading? What do you think of them? I also asked for a demo CD ROM, but have not yet received anything.

    It took about 3 weeks for me to get the demo and prospectus so don't get dissapointed about it not receiving it right away. I believe (although not sure) that they do have a demo online so if you have a broadband connection it might be worth it to download it.

    The demo was a actual 15 minute lecture. I liked the their presentation it is important for me to stay focused on such things, and it keep my focused. The only reason I haven't applied is because I am in other two programs, and I want to get them done before I go for this.


    What is your perception on the level of difficulty of CFA examinations? I have read that the passing rate is not very high.

    You're going to work your tail off to earn the CFA. However, that should make you even more satisfied once you complete it. The pass rate for the December 2004 exam was 36% Here is a link to the CFA exam results: LINK
     
  19. mrbean72

    mrbean72 New Member

    CFA

    I agree with tmarca that you will have to work very hard to get the CFA. However, you will not only have the feeling of accomplishment from earning this very prestigious designation, but also the earning potential and career opportunities that come with the CFA.

    The pass rate that tmarca quoted is only for Level 1 (there are 3 levels to the CFA). In June 2004, the pass rates were as follows:

    Level 1 - 34%
    Level 2 - 32%
    Level 3 - 64%

    Presumably, the weaker candidates are weeded out at Levels 1 and 2, which may explain the much higher pass rate at Level 3.

    The low pass rate may be explained by the fact that it is primarily a self-study program that investment professionals study for while working (pretty hard to balance work and school especially for such a demanding program).
     
  20. joi

    joi New Member

    Re: CFA

    I am currently interested in investment banking. What are the academic(MSc. or MBA or other) and CFA requirements to work in this field for one one the big companies in the sector (JP Morgan, etc.)?
     

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