MPhil in Development Finance​
Specialise in development finance to help unlock Africa’s growth potential
- Modular
- Blended
- Course
- Fees
- Structure & Content
- Learning Philosophy
- Admission Requirements
Course Overview
If you want to make it your life’s work to help unlock Africa’s growth potential, the MPhil in Development Finance will equip you with critical skills to become a specialist in this area. You will gain an understanding – on a Master’s level – of the complexities of the different development finance resources available to poor countries, especially in Africa. You will also acquire the skills to help formulate and implement policies to make this happen. This will enable you to take on senior positions in the financial industry and in policy-making and regulatory institutions.
- Modular programme: Attend 3 on-campus blocks (2 weeks each) over 2 years, and complete a research assignment. Classes are presented at the USB campus in the Tyger Valley business district in northern Cape Town.
Application deadlines
- South African applicants: 15 November
- RPL applicants: 30 October
- Applicants from (visa-exempt) SADC countries: 30 October
- Applicants from the rest of the world: 30 October
Block 1
Block 2
| Programme fees for 2021 | 2021 | 2022 | Total | Provisional Quote |
|---|---|---|---|---|
| Students from South Africa | R92 280 | R92 280 | R184 560 | Download |
| Students from the Southern African Development Community (SADC) countries |
R96 780* | R96 780* | R193 560* | Download |
| International students from the rest of Africa (non-SADC) | R101 810* | R101 810* | R203 620* | Download |
| International students from the rest of the world | R165 210* | R101 810* | R267 020* | Download |
| Deposit payable on acceptance of admission for 2021 | ||||
| Students from South Africa | R13 060 | |||
| Students from the SADC countries | R48 390* | |||
| International students from the rest of Africa (non-SADC) | R50 905* | |||
| Students from the rest of the world | R82 605* | |||
| Application fee for 2021 | ||||
| Application fee (non-refundable; applicable to all students) | R850 |
*Provisional international fees for 2021 .
Overview
The aim of USB’s MPhil in Development Finance is to offer an internationally recognised academic qualification with content that is relevant in terms of Africa’s development needs. This critical-skills degree is designed as a coherent programme of study at postgraduate level to train you to:
- Fill the skills gaps in the financial industry and in policy-making and regulatory institutions in the development finance environment
- Better understand the complexities of and manage the different development finance resources available to poor countries, especially in Africa
- Understand thoroughly the special problems of finance in developing countries in general and Africa in particular, and acquire the skills to operate successfully and make a meaningful contribution to policy formulation and implementation in this field.
 This will enable you to take on senior positions in the financial industry and in policy-making and regulatory institutions, allowing you to contribute towards sustainable progress in Africa.
Core Modules
The six core modules are compulsory:
- Economic Development Perspectives in Africa
- Issues in Banking and Finance
- Microfinance
- Project Finance
- Public Policy and Leadership
- Research Methods in Development Finance
Electives
You need to choose 3 of the following electives – one from each block:
Block 1
- Environmental Finance
- Infrastructural Finance
- Public Sector Finance
- Structured Finance
Block 2
- Agricultural Policy & Finance
- Business Forecasting and Econometric Analysis
- Corporate Governance and Ethics
- Food Security and Development
- Leadership Development​
- Small Scale Enterprise Development
Block 3
- Development Project Management
- Economic Diplomacy
- Environmental Finance
- Financial Sector Regulation and Development
- Investment Promotion
Research assignment
Write a research assignment of 15 000 to 25 000 words on a development finance topic, preferably one that is of professional interest to you. You can work on your research assignment while you are doing your course work and electives. Through this research assignment you will learn how to:
- Identify and describe a research problem and goal in the field of development finance
- Become acquainted with relevant literature in this field
- Critically to apply research methods and techniques
- Present your material in a logical, clear and systematic way
- Show your capacity for independent, self-managed learning and critical reflection on the research process.
The aim of this degree is to offer an internationally recognised academic qualification with content that is relevant in terms of Africa’s development needs. This critical-skills degree is designed to:
- Fill the skills gaps in the financial industry and in policy-making and regulatory institutions in the development finance environment
- Better understand the complexities of and manage the different development finance resources available to poor countries, especially in Africa
- Understand the special problems of finance in developing countries and Africa in particular, and to acquire the skills to operate successfully and to make a meaningful contribution to policy formulation and implementation in this field.
To apply for the MPhil Development Finance you must meet the following requirements:
- An appropriate Honours degree (the first postgraduate degree after a Bachelor’s degree) or a 4-year Bachelor’s degree in business, finance, economics, accounting or commerce; OR
- A 3-year Bachelor’s degree and a postgraduate diploma (120 SAQA credits) from a university or a university of technology in business, finance, economics, accounting or commerce; OR
- A postgraduate degree in any discipline and appropriate experience in the area of development economics and/or finance; AND
- A sound understanding of quantitative analysis – a good pass/grade for school-leaving mathematics is an advantage.
- International students require a SAQA evaluation certificate to evaluate your degree according to South African standards. USB’s International Affairs Office will handle your credential evaluation free of charge. Please enquire at international@usb.ac.za.
IMPORTANT: The Bachelor’s or Honours degree must be on a level that is equivalent to the South African qualification. Local and foreign academic qualifications have to be at the NQF 7 level (old) or NQF 8 level (new). This implies that the qualification includes a module in Research Methodology and an individual research paper.
Assessment and Recognition of Prior Learning
USB provides wider access to its programmes through its Assessment and Recognition of Prior Learning (ARPL) process. In line with the requirements of the Council for Higher Education (CHE), USB may admit up to 10% of its student body under ARPL.
In order to be admitted to a Master’s programme at USB, candidates should be in possession of a relevant NQF 8 qualification, such as an Honours degree, 4-year in-depth Bachelor’s degree or a postgraduate diploma.
Candidates who wish to be admitted under the ARPL policy will firstly have to submit all the documentation and tests as required for all prospective students. In addition, prospective students applying for a Master’s degree at USB have to adhere to the following:
- Have at least an NQF 6 qualification.
- Have at least SIXyears of working experience after obtaining the qualification mentioned in 1, of which at least THREEÂ years should have been in a management or related professional position.
- Submit a comprehensive CV, indicating detailed areas of responsibility as well as information on activities outside the work environment.
- Write an assignment of 10 to 15 pages (11-point font size with 1.5 spacing) on a topic supplied by the programme head. The assignment must contain a signed declaration of own work.
- Provide USB with at least two references (typically current or former line heads) who can testify about the candidate’s managerial or related professional These references will be required to give a detailed personal reference about the candidate on forms provided by USB.
- Next, USB’s Admissions Committee (head of the programme and another academic) will conduct an in-depth interview with the candidate.
- If the Committee is of the opinion that the candidate has the abilities to cope with the demands of the MDevF programme, he/she may be admitted.
- A recommendation of admission is sent via USB’s Academic Planning Committee to the Board of the Faculty of Economic and Management Sciences for notification. ​
- ARPL candidates need to apply by 30 October each year to allow sufficient time for the assessment process.
- Course
- Fees
- Structure & Content
- Learning Philosophy
- Admission Requirements
Course Overview
If you want to make it your life’s work to help unlock Africa’s growth potential, the MPhil in Development Finance will equip you with critical skills to become a specialist in this area. You will gain an understanding – on a Master’s level – of the complexities of the different development finance resources available to poor countries, especially in Africa. You will also acquire the skills to help formulate and implement policies to make this happen. This will enable you to take on senior positions in the financial industry and in policy-making and regulatory institutions.
- Blended Learning: Attend 1 on-campus block at the start of Year 1, followed by weekly blended learning classes (using any internet-linked device), and a final on-campus block (which covers the electives) in Year 2. See how blended learning works at USB.
Application deadlines
- South African applicants: 15 November
- RPL applicants: 30 October
- Applicants from (visa-exempt) SADC countries: 30 October
- Applicants from the rest of the world: 30 October
Block 1
Thereafter
| Programme fees for 2021 | 2021 | 2022 | Total | Provisional Quote |
|---|---|---|---|---|
| Students from South Africa | R92 280 | R92 280 | R184 560 | Download |
| Students from the Southern African Development Community (SADC) countries |
R96 780* | R96 780* | R193 560* | Download |
| International students from the rest of Africa (non-SADC) | R101 810* | R101 810* | R203 620* | Download |
| International students from the rest of the world | R165 210* | R101 810* | R267 020* | Download |
| Deposit payable on acceptance of admission for 2021 | ||||
| Students from South Africa | R13 060 | |||
| Students from the SADC countries | R48 390* | |||
| International students from the rest of Africa (non-SADC) | R50 905* | |||
| Students from the rest of the world | R82 605* | |||
| Application fee for 2021 | ||||
| Application fee (non-refundable; applicable to all students) | R850 |
*Provisional international fees for 2021 .
Overview
The aim of USB’s MPhil in Development Finance is to offer an internationally recognised academic qualification with content that is relevant in terms of Africa’s development needs. This critical-skills degree is designed as a coherent programme of study at postgraduate level to train you to:
- Fill the skills gaps in the financial industry and in policy-making and regulatory institutions in the development finance environment
- Better understand the complexities of and manage the different development finance resources available to poor countries, especially in Africa
- Understand thoroughly the special problems of finance in developing countries in general and Africa in particular, and acquire the skills to operate successfully and make a meaningful contribution to policy formulation and implementation in this field.
Core modules
The six core modules are compulsory:
- Economic Development Perspectives in Africa
- Issues in Banking and Finance
- Microfinance
- Project Finance
- Public Policy and Leadership
- Research Methods in Development Finance
Electives
You need to choose 3 of the following electives – one from each block:
Block 1
- Environmental Finance
- Infrastructural Finance
- Public Sector Finance
- Structured Finance
Block 2
- Agricultural Policy & Finance
- Business Forecasting and Econometric Analysis
- Corporate Governance and Ethics
- Food Security and Development
- Leadership Development​
- Small Scale Enterprise Development
Block 3
- Development Project Management
- Economic Diplomacy
- Environmental Finance
- Financial Sector Regulation and Development
- Investment Promotion
Research assignment
Write a research assignment of 15 000 to 25 000 words on a development finance topic, preferably one that is of professional interest to you. You can work on your research assignment while you are doing your course work and electives. Through this research assignment you will learn how to:
- Identify and describe a research problem and goal in the field of development finance
- Become acquainted with relevant literature in this field
- Critically to apply research methods and techniques
- Present your material in a logical, clear and systematic way
- Show your capacity for independent, self-managed learning and critical reflection on the research process.
The aim of this degree is to offer an internationally recognised academic qualification with content that is relevant in terms of Africa’s development needs. This critical-skills degree is designed to:
- Fill the skills gaps in the financial industry and in policy-making and regulatory institutions in the development finance environment
- Better understand the complexities of and manage the different development finance resources available to poor countries, especially in Africa
- Understand the special problems of finance in developing countries and Africa in particular, and to acquire the skills to operate successfully and to make a meaningful contribution to policy formulation and implementation in this field.
To apply for the MPhil Development Finance you must meet the following requirements:
- An appropriate Honours degree (the first postgraduate degree after a Bachelor’s degree) or a 4-year Bachelor’s degree in business, finance, economics, accounting or commerce; OR
- A 3-year Bachelor’s degree and a postgraduate diploma (120 SAQA credits) from a university or a university of technology in business, finance, economics, accounting or commerce; OR
- A postgraduate degree in any discipline and appropriate experience in the area of development economics and/or finance; AND
- A sound understanding of quantitative analysis – a good pass/grade for school-leaving mathematics is an advantage.
- International students require a SAQA evaluation certificate to evaluate your degree according to South African standards. USB’s International Affairs Office will handle your credential evaluation free of charge. Please enquire at international@usb.ac.za.
IMPORTANT: The Bachelor’s or Honours degree must be on a level that is equivalent to the South African qualification. Local and foreign academic qualifications have to be at the NQF 7 level (old) or NQF 8 level (new). This implies that the qualification includes a module in Research Methodology and an individual research paper.
Assessment and Recognition of Prior Learning
USB provides wider access to its programmes through its Assessment and Recognition of Prior Learning (ARPL) process. In line with the requirements of the Council for Higher Education (CHE), USB may admit up to 10% of its student body under ARPL.
In order to be admitted to a Master’s programme at USB, candidates should be in possession of a relevant NQF 8 qualification, such as an Honours degree, 4-year in-depth Bachelor’s degree or a postgraduate diploma.
Candidates who wish to be admitted under the ARPL policy will firstly have to submit all the documentation and tests as required for all prospective students. In addition, prospective students applying for a Master’s degree at USB have to adhere to the following:
- Have at least an NQF 6 qualification.
- Have at least SIXyears of working experience after obtaining the qualification mentioned in 1, of which at least THREEÂ years should have been in a management or related professional position.
- Submit a comprehensive CV, indicating detailed areas of responsibility as well as information on activities outside the work environment.
- Write an assignment of 10 to 15 pages (11-point font size with 1.5 spacing) on a topic supplied by the programme head. The assignment must contain a signed declaration of own work.
- Provide USB with at least two references (typically current or former line heads) who can testify about the candidate’s managerial or related professional These references will be required to give a detailed personal reference about the candidate on forms provided by USB.
- Next, USB’s Admissions Committee (head of the programme and another academic) will conduct an in-depth interview with the candidate.
- If the Committee is of the opinion that the candidate has the abilities to cope with the demands of the MDevF programme, he/she may be admitted.
- A recommendation of admission is sent via USB’s Academic Planning Committee to the Board of the Faculty of Economic and Management Sciences for notification. ​
- ARPL candidates need to apply by 30 October each year to allow sufficient time for the assessment process.
Professor Michael Graham received his PhD from the University of Vaasa, Finland, and was an Associate Professor of Finance at Stockholm Business School in Sweden before being appointed as Professor in Finance at USB. His research interests are in corporate finance, corporate governance and financial markets.
Programme Ambassadors
These programme ambassadors are current students and alumni who support prospective students in their new stage of life and share their personal experience about studying at USB.
- Who should enrol?
- What will you gain?
If you work on a managerial level in a financial services environment, you should consider this qualification. This MPhil holds value for people like financial analysts and policy makers in the private or public sector who engage with macro, enterprise and sectoral finance and financial management issues with a focus on developing countries and emerging markets.
Graduates typically work in financial institutions such as central banks, commercial banks, non-bank financial institutions, and development finance institutions such as the DBSA, industrial development corporations and the African Development Bank. They are often project managers or management-level financial analysts.
- The skills to develop Africa where it matters. Acquire an astute understanding of development finance and its application in African countries and beyond. This will enable you to evaluate development finance projects in terms of feasibility and outcomes, and to manage the development finance resources available to poor countries.
- Meaningful ways to contribute towards sustainable development. This programme focuses on the impact and effectiveness of the policy and project interventions that underpin sustainable development.
- The ability to shape finance policies and programmes: Know how to articulate economic development needs and how to formulate, implement and evaluate development finance policies and programmes to address these needs.
- The skills to design and implement African-driven solutions. Learn how to structure need-specific solutions for Africa and how to apply this knowledge in any developing country in the world.
- A critical skill set in development finance: This includes economic development perspectives in Africa, project finance, microfinance, and governance and ethics.
Research skills: Learn how to use a structured method and rigorous process to answer a question or solve a real-life challenge relating to development finance. It will also give you the ability to make a value judgement on research presented at managerial level.
Testimonials from our alumni
‘As a future policy maker, I needed a programme that would stimulate critical thinking about the continent’s development challenges and act as a platform for the exchange of ideas and solutions to improve opportunities for all Africans. I have started building networks in Southern, West and East Africa, a tribe of Africa’s future leaders committed to the advancement of the continent and its people. No other development finance programme is as committed to Africa as USB’s MDevF.’
‘With USB’s rating as one of the top three business schools in Africa, it was the obvious choice for me. I chose the MDevF to challenge myself on a professional and personal level. It broadened my knowledge base and gave me a different perspective on the challenges faced by the African continent. I’ve met some extraordinary people on this programme and it has made me realise the importance of a strong network of leaders who, together, can deal with the unique challenges of our continent.’
‘I enrolled on MDevF to enhance my skills as a PPP practitioner. The MDevF, its experienced professors and diverse students challenged me to take a broader view of Africa’s sustainable economic development. I have now become a Development Practitioner playing various roles in promoting the economic development of Malawi and SADC.’
FAQs
Not necessarily. The Postgraduate Diploma in Development Finance is a natural feeder to the MPhil. In extreme situations we accept exceptional candidates as RPL candidates.
Yes, you can apply through Recognition of Prior Learning (ARPL).
USB may admit up to 10% of its student body under RPL. In order to be admitted to a Master’s programme at USB, candidates should be in possession of a relevant NQF 8 qualification, such as an Honours degree, 4-year in-depth Bachelor’s degree or a postgraduate diploma.
Candidates who wish to be admitted under the RPL policy will firstly have to submit all the documentation and tests as required for all prospective students. In addition, prospective students applying for a Master’s degree at USB have to adhere to the following:
- Have at least an NQF 6 qualification (all school and academic certificates are required)
- Have at least SIXÂ years of working experience after obtaining the qualification mentioned above, of which at least THREEÂ years should have been in a management or related professional position
- Submit a comprehensive CV, indicating, in detail, areas of responsibility as well as information on activities outside the work environment
- Write an assignment of 10 to 15 pages (11-point font size with 1.5 spacing) on a topic supplied by the programme head. The assignment must contain a signed declaration of own work.
- Provide USB with at least two references (typically current or former line heads) who can testify about the candidate’s managerial or related professional abilities (on forms provided by USB).
The RPL selection process entails the following:
- USB’s Admissions Committee (programme head and another academic) will conduct an in-depth interview with the candidate.
- If the Committee is of the opinion that the candidate has the ability to cope with the demands of the programme, he/she may be admitted.
- A recommendation of admission is sent via USB’s Academic Planning Committee to the Board of the Faculty of Economic and Management Sciences for notification. ​
- RPL candidates need to apply by 31 August to allow sufficient time for assessment.
Yes. South African students must pay a set deposit on admittance. 75% of the annual fee is payable by the end of May and the balance of 25% by the end of September. International admitted students pay 50% of the annual fee as deposit. The remainder is due two weeks before commencement of the programme.
USB supports the principle of recognition of prior academic learning, although this is only applied in very selective instances, because group work and collaborative learning are cornerstones of the USB MBA. To obtain an MBA degree at USB, a student must be registered at Stellenbosch University for at least two years and at least 50% of the credits have to be obtained at this University. A student who has been admitted to the MBA programme may apply for accreditation of prior learning, provided that it was obtained on another MBA programme. Students wanting to apply for accreditation of credits obtained elsewhere need to supply:
- An application which includes full course outlines, number of SAQA credits, learning outcomes, number of class contact hours, prescribed textbooks, method and weights of assessment, and outcomes or topics per class session.
- Additional work or assessments may be required.
Study loans for students from West Africa: Guaranty Trust Bank Plc, with its headquarters in Lagos, Nigeria, has partnered with the USB to provide loan facilities for tuition expenses to USB students in West Africa. The MaxAdvance facility is a time loan or term loan that aims to meet a range of personal needs for students.
