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Development Studies

M Phil Development Finance

 

The M Phil in Development Finance Programme is housed within the School of Economics Development and Tourism at the Nelson Mandela University.  The School comprises of three academic departments.  The Department of Economics, the Department of Development Studies and the Department of Tourism. 

 

With joint collaboration, the Department of Development Studies and the Department of Economics bring an exciting programme, The M Phil in Development FinanceThe programme was developed in partnership with Africagrowth Institute (AGI).  The Institute is an organisation that focuses on economic growth opportunities in Africa. The main business areas of AGI are academic journals and magazine publications, consulting and development finance research & training. http://www.globalcidef.com.

 

The M Phil in Development Finance provides a broad unique platform for postgraduate research and training in the fields of development finance, in developing and transitional economies. It is especially designed to equip government employees at central, provincial and municipal levels as well as parastatal, NGO and private sector employees in development finance institutions with the knowledge, competencies and ethical value systems required in the field of development finance.

In addition it is designed for students to combine academic potential with first-hand developing country experience.

 

The M Phil in Development Finance encourages students to reflect upon and deepen their knowledge, innovation and practice through an inter-disciplinary perspective.  The course has an applied approach.  Students are provided with structured opportunities for study, dialogue, application and critical reflection.  A wide range of teaching methods are employed to vary the learning experience.  These include lectures and seminars, workshops, project-work in small groups and the use of videos. Supervision is offered in small groups and individually.

 

Admission Requirements

  • A cognate honours degree, postgraduate diploma, 480-credit bachelor’s degree or an equivalent qualification at NQF Exit Level 8, with all major modules passed with at least 60% or attained at an equivalent grade and level.
  • Included in the above will be a level appropriate externally examined and/or moderated research project, mini-dissertation or treatise of at least 8,000 to 10,000 words and a module in research methods/ methodology, each passed with at least 60% or attained at an equivalent grade and level. 
  • Candidates considered for admission on the strength of a qualification that does not include a module in research methods/methodology and a research project, mini-dissertation or treatise of at least 8,000 – 10,000 words will be required to complete and pass such additional modules at the appropriate level, each with at least 60% prior to acceptance for registration for the master’s degree.
  • Students in possession of a cognate Bachelor of Technology degree (BTech) may be admitted with the understanding that additional requirements as a condition for admission may be recommended by the HOD for approval by the RTIC of the relevant School within the Faculty. Such additional requirements may include, but are not limited to the following:
    • Register for and pass, with at least 60% or attain at an equivalent grade, an additional module or modules at the appropriate level;
    • Obtain a further 120-credit qualification at the appropriate level (e.g. a cognate postgraduate diploma or an honours degree).
    • Submit and orally defend a draft research proposal.

Conditions that apply

  1. Timeous application is required to allow for a thorough adjudication of applications.
  2. Upon application, candidates, who have not previously studied at Nelson Mandela University, will be required to submit an official, verified transcript of their academic record that, where applicable, includes the syllabus of each module passed in their preceding degree programme together with a copy of the research project, mini-dissertation or treatise.
  3. The acceptance of an application is subject to the availability of the implied supervisory capacity, both in terms of time and expertise.
  4. International students who have completed previous qualifications in a language other than English must submit proof of English language proficiency reflecting minimum adequate scores as follows:

v  IELTS:            6.5 minimum overall score with minimums of 6 in each section;

v  TOEFL:

  • Paper-based (PBT) – 580 minimum overall score with minimums of 53 in listening, 52  in reading and 59  in structure/written;
  • Computer-based (CBT): 237 minimum overall score with minimums of 19 in listening, 19 in reading and 25 in structure/written;
  • Internet-based (IBT): 92 minimum overall score with minimums of 18 in listening, 17 in reading, 22 in writing and 22 in speaking.

Duration of the programme

The programme of study shall extend over a minimum period of one year and a maximum period of four years (General Rule G4.2 applies).

 

Curriculum

 

 

Module Name

Semester

Code

Credit Value

Micro-enterprise Finance

01

EMF501

12

Project Finance

01

EPF501

 

12

Quantitative Methods in Development Finance

01

EQM501

12

Public Sector Finance

01

EPS501

12

Finance & Economic Growth

01

EEG501

12

Issues in Development Finance

02

EID501

12

Project Management

02

EPM501

12

International Finance for Development

02

EIF501

12

Monitoring & Evaluation

02

EME501

12

Local & Regional Finance

02

ELD501

12

Treatise

00

EMR501

60

 

 

 

 

Total credits per year

 

 

180

 

Examination

The examination shall consist of the treatise EMR 501 and a paper written in each of the other ten modules. The qualification will only be awarded after successful completion of all the modules including the treatise.    

EMF501                                  Micro-enterprise Finance                                            12

Purpose

The module aims to address essential concepts of micro-enterprise finance by examining both institutional finance and finance as a structured approach to decision-making with specific reference to small, micro and medium enterprises.

Outcomes

Students will be able to

  • Analyse and explain the origins, causes and potential outcomes of current issues and debates in the field of micro enterprise finance
  • Analyse and critique particular microfinance experiences presented in the form of case studies
  • Do micro financial forecasting based on available information
  • Distinguish between institutional and entrepreneurial sources of start-up capital and highlight the advantages and disadvantages of each
  • Implement and evaluate processes of working capital management
  • Make and evaluate investment decisions based on a structured approach 
  • Critically assess proposals for micro enterprise initiatives and make recommendations for changes and revision based on a structured approach to decision making in SMME finance.

Core content

  • Small, micro and medium enterprises (SMMEs)
  • Institutional finance
  • Entrepreneurial finance
  • Start-up, venture and alternative sources of capital
  • Profit and profitability
  • Break-even analysis
  • Structuring smart deals
  • Financial forecasting
  • Working capital management
  • Evaluating investment decisions
  • Choice of financing and harvesting

Assessment (as per prospectus/ or refined)

40% class mark; 60% examination

Pre-requisites for this module

None

 

EPF501                                           Project Finance                                                     12

Purpose

The module aims to provide students with concepts and theories, as well as the practical tools and techniques for project finance evaluation, analysis and modelling, resulting in a deep understanding of the risk-return character of limited recourse projects in project finance from multiple perspectives.

Outcomes

Students will be able to;

  • Define, analyse and describe project finance
  • Do project finance evaluation and modelling
  • Analyse and critically evaluate project viability
  • Structure and plan a financial project
  • Plan and put project security arrangements in place
  • Manage and minimize project risk
  • Conduct a cash flow analysis
  • Do a complete project finance evaluation
  • Analyse and assess the project finance markets
  • Analyse and evaluate complex case studies on government project finance.

 

Core content

  • Project finance
  • Project viability
  • Security arrangements and project risk
  • Project structuring
  • Project finance market
  • Financial planning
  • Cash flow analysis
  • Financial modelling and project evaluation
  • Issues for host governments

 

Assessment (as per prospectus/ or refined)

40% class mark; 60% examination

 

Pre-requisites for this module

None

 

EQM501                    Quantitative Methods in Development Finance         12

Purpose

The aim of the module is to equip students with the competencies required to conduct independent quantitative research of which the statistical results will offer both theoretical and practical solutions to challenges encountered in the field of development finance.

Outcomes:

Students will be able to

  • Develop a framework for and present a research proposal built around a relevant hypothesis or research problem
  • Prepare a research design in order to conduct quantitative research independently
  • Structure purposeful quantitative methodologies
  • Collect, assess and analyse data by utilising descriptive statistics
  • Interpret and articulate the results of the statistical analysis in the form of findings, recommendations and conclusions

Core content

  • Key aspects of quantitative analysis
  • Probability theory and data analysis with special reference to finance
  • Descriptive data analysis
  • Decision trees
  • Estimation & hypothesis testing
  • Statistical analysis: correlation, regression and time series
  • Case Studies

Assessment

40% class mark; 60% examination

Pre-requisites for this module

None

 

EPS501                     PUBLIC SECTOR FINANCE                                CREDITS 12

Purpose

The module aims to provide students with specialist knowledge and competencies in public sector finance and financial performance.

Outcomes

Students will be able to

  • Initiate, implement, and manage developmental issues such as public sector financial performance, budget construction,  cost control, key performance indicators, market testing and outsourcing as well as issues relating to private finance initiatives and public-private partnerships
  • Utilise analytical tools such as decision trees, estimation, hypothesis testing, time series, regression, probability theory and descriptive data analysis to access, describe and evaluate public sector financial performance 
  • Critique relevant case studies to enhance own understanding of real-life development finance situations as captured in financial statements and other public expenditure documents.

 

Core content

  • Methods of resource allocation
  • Public sector financial performance
  • Budget construction
  • Cost control
  • Key performance indicators
  • Market testing and outsourcing
  • Private finance initiatives
  • Public private partnership
  • Methods of resource allocation
  • Internal accounting measures

 

Assessment

40% class mark; 60% examination

 

Pre-requisites for this module

None

 

EEG501                     Finance and Economic Growth                                                 12

Purpose

The module provides students with the opportunity to review a selection of analytical models as a platform for an in-depth analysis of the critical role of finance in money in economic growth and development.  

Outcomes

The student will be able to

  • Describe and critique Keynesian and post-Keynesian perspectives on finance and growth, both exogenously and endogenously and in terms of McKinnon-Shaw and Schumpeterian frameworks
  • Describe and explain an imperfect informational paradigm
  • Point out, describe and critically analyse the links between saving, investment and economic growth
  • Critically review relevant empirical evidence drawn from documented case studies on finance, growth and development

 

Core content

  • Keynesian and post-Keynesian perspectives on finance and growth
  • Exogenous and endogenous growth literature
  • McKinnon-Shaw and Schumpeterian frameworks
  • Finance, growth and development in an imperfect informational paradigm
  • Link between saving, investment and economic growth
  • The link between the development of the financial system and growth and development
  • Empirical evidence (case studies) on finance, growth and development

 

Assessment

40% class mark; 60% examination

Pre-requisites for this module

None

 

EID501                       Issues in Development Finance                                     12

 

Purpose

The aim of the module is to provide students with insight into significant concepts, approaches and issues of policy relevant to financial and economic development processes.

 

Outcomes

Students will be able to

  • Describe, analyse and weigh significant development finance theories in terms of their relevant strengths and weaknesses in the context of emerging economies
  • Identify, define, explain and apply key concepts in development finance, a o inverted and collateral banking, credit markets and asymmetric information
  • Explain and evaluate approaches and policy issues relevant to financial and economic development processes
  • Identify situations, explain and manage operations concerning corporate credit, loan processing and related financial agency communications, including country risk analyses
  • Identify, describe and discuss the key tenets of the national, provincial and local government financial management and regulatory framework
  • Outline and explain the policy framework for municipal financial management and accountability  in South Africa
  • Explain the dynamics of financial architecture and sustainable development and the role it plays in linking developing, emerging and developed economies;
  • Critically analyse real-life case studies in development finance applications in developing countries
  • Explain the pathology of fraud and corruption
  • Discuss the significance of upholding ethical standards and the implications of failure to do so 

Core content

  • Development finance
  • Contracts, agency and transaction costs
  • Asymmetric information, capital markets and credit rationing
  • Social, collateral and inverted banking
  • Formal and informal credit markets
  • External aid and development
  • Finance and sustainable development
  • Country risk analyses
  • Professional ethics in national, provincial and municipal finance
  • Operational financial management, control and accountability

Assessment

40% class mark; 60% examination

Pre-requisites for this module

None

 

EPM 501                                Project Management                                             12

Purpose

To provide students with the essential knowledge and competences required to practice as project managers in the field of development finance.

Outcomes

The students will be able to initiate, design and manage a development finance project, from its inception, throughout its life-cycle and up to the termination of the project. This capacity will include

  • Conducting a project feasibility study
  • Reviewing and validating project objectives
  • Drafting successful project proposals
  • Establishing a multifunctional project team
  • Producing a viable work schedule, of which each team member can take ownership, and one that can be managed by critical path and float
  • Estimating, refining and producing a final statement of resource requirements
  • Developing a feasible business plan serving as a platform to access sustainable funding
  • Applying state-of –the-art software to facilitate the management and implementation of a development finance project
  • Track, assess and communicate project status
  • Identify, elaborate and manage project contingencies and risks
  • Conduct close-out reviews
  • Record and report key learning experiences.

Core content

  • Origins of project management
  • The role and characteristics of the project manager
  • Project conception
  • Key variables of the project management process (POLC = Planning, Organising, Leading and Monitoring)
  • Characteristics of projects
  • The project life cycle
  • Project selection models
  • Stakeholder issues
  • Project initiation, planning, organization and implementation
  • Project scoping
  • Work breakdown structure
  • Project HR management and human relations
  • Negotiation, procurement and resource allocation
  • Project monitoring and communication
  • Project appraisal/evaluation
  • Project termination
  • Avoiding project pitfalls
  • Managing for success

Assessment

40% class mark; 60% examination

Pre-requisites for this module

None

 

EIF501                             International Finance for Development                                    12

Purpose

The module aims to investigate key aspects that drive international finance in developing countries using case studies and best practice models.

Outcomes

Students will be able to

  • Describe the international financial system and financial markets, and explain their operation with reference to portfolio theory, the determination and the structure of interest rates, the bond market, etc.
  • Analyse key global issues in international finance development, including the international monetary system, foreign exchange, exchange rates, international financial markets and cash flow operations
  • Critically analyse topics including international funds flow; balance of payments; foreign direct investment and money laundering
  • Identify and define key international regulatory concepts
  • Describe international regulatory processes and critically discuss the regulation of international financial markets, including key aspects of banking regulation in the US, the UK and other EU countries like Germany, France and Italy
  • Highlight and explain the major difficulties of financial market regulation    
  • Discuss and explain market failures in the international financial sector
  • Explain the origins and discuss the causes of the lending and debt crisis in developing countries, with particular reference to foreign direct investment, capital outflows, capital flight and money laundering
  • Analyse, critically evaluate and debate complex development-related case studies on issues pertaining to international monetary and financial policy, money and capital markets and international banking.

Core content

  • International financial markets and systems
  • International flow of funds and balance of payment
  • Forecasting exchange rates
  • Financial globalization
  • Financial Sector and economic growth
  • Market Failures in the financial sector
  • International monetary system
  • Lending and debt crisis in developing countries
  • Foreign direct investment
  • Capital outflows and capital flight
  • Money laundering

 

Assessment

40% class mark; 60% examination

 

Pre-requisites for this module

None

 

EME501                           Monitoring & Evaluation                                                              12

Purpose

To equip students with monitoring and evaluation tools to conduct quantitative and qualitative surveys and evaluations in the field of development finance.

Outcomes

Students will be able to

  • Design appropriate and relevant survey questionnaires
  • Develop performance indicators and social capital assessments tools 
  • Conduct quantitative and qualitative delivery surveys
  • Monitor and evaluate development progress quantitatively and qualitatively
  • Utilize M & E tools such as participatory impact assessment, poverty appraisal, rapid rural appraisal, public expenditure tracking surveys, core welfare indicators, partial equilibrium analysis and the like
  • Conduct public expenditure surveys
  • Identify core welfare indicators

 

Core content

  • Tools used to measure progress
  • Questions and criteria for evaluations
  • Methods and techniques for evaluations   
  • Outcome monitoring and outcome evaluation
  • Readiness assessment, rapid appraisal and participatory impact assessment
  • Public expenditure tracking surveys
  • Quantitative and qualitative delivery surveys
  • Developing performance indicators for monitoring
  • Core welfare indicators
  • Social capital assessment tool
  • Beneficiary assessment
  • Citizen report cards
  • Participatory public expenditure
  • Qualitative monitoring tools to gauge perceptions and satisfaction of beneficiaries of development policy and implementation
    • Group analyses
    • Spider diagram
    • Impact rating profile
  • Qualitative monitoring tools
  • partial equilibrium analysis
  • general equilibrium analysis
  • propensity-score matching
  • difference-in-difference
  • matched double difference
  • instrumental variables regression

Assessment

40% class mark; 60% examination

Pre-requisites for this module

None

 

ELD501                     Local & Regional Development                                     12

Purpose

To provide students with specialist knowledge and a comprehensive understanding of the political and economic aspects of regionalism and the tools to manage these aspects in a practical way.

 

Outcomes

The student will be able to

  • Describe geographical and regional advantage and disadvantage
  • Analyse and evaluate the political and economic impact of regionalism on the management of development 
  • Describe and critique relevant regional integration systems
  • Explain the concept of economic destiny and apply it to specific and relevant cases
  • Explain the concept of territorial cohesion and relate it to regional development and public policy

Core content

  • Political and economic aspects of regionalism
  • Regional integration systems
  • Economic destiny
  • Territory cohesion
  • Regional blocs
  • Comparative and competitive advantages
  • Regional development and public policy

Assessment

40% class mark; 60% examination

Pre-requisites for this module

None

 

EMR501                                Treatise                                            60

Purpose

To provide students with the opportunity to conduct credible independent research and practically demonstrate the outcomes of the module Qualitative Methods and Statistics for Development Finance Practitioners.

Outcomes

Students will be able to

  • Formulate hypotheses or identify research problems or questions
  • Conduct a literature review
  • Prepare a research design with appropriate methodologies
  • Collect and analyse data & present and interpret the research output
  • Draft, edit and present the Treatise in the appropriate format meeting the following minimum requirements:
    • An introductory chapter indicating the hypothesis/problem statement, research questions and objectives with a rationale for the study
    • A chapter on the research design and methodology
    • A relevant literature survey appropriately referenced
    • A chapter presenting the results quantitatively, delineating the results/   limitations/contributions and the conclusions of the study
    • A full reference list of the material and sources consulted in the preparation of the treatise.

Core content

A Treatise of no more than 30 000 words (100 pages) based upon a topic in the selected research area and with evidence of substantive quantitative and statistical data analysis.

Assessment

Internal and external examination of the treatise: 100%

Pre-requisites for this module

None

 

 

 

Contact information
Miss Danai Tembo
Associate Lecturer
Tel: 0415042861
Danai.Tembo@mandela.ac.za