MPhil in Development Finance
Applications close 15 November
- MPhil in Development Finance Intake 1
- MPhil in Development Finance Intake 2
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 in this field. This will enable you to take on senior positions in the financial industry and in policy-making and regulatory institutions.
Application closes
South African students: 15 November 2019
ARPL candidates: Applications closed
Students from SADC countries: Applications closed
Students from rest of world: Applications closed



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 in this field. This will enable you to take on senior positions in the financial industry and in policy-making and regulatory institutions.
Application closes
South African students: 15 November 2019
ARPL candidates: Applications closed
Students from SADC countries: Applications closed
Other international students: Applications closed



Professor Michael Graham
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.
- Fees
- Structure & Content
- Learning Philosophy
- Admission Requirements
- These are the 2020 provisional tuition fees.
Programme fees for 2020 | 2020 | 2021 | Total | Provisional Quote |
---|---|---|---|---|
Students from South Africa | R91 220 | R91 220 | R182 440 | Request Quote |
Students from the Southern African Development Community (SADC) countries |
R95 490 | R95 590 | R190 980 | Request Quote |
International students from the rest of Africa (non-SADC) | R100 260 | R100 260 | R200 520 | Request Quote |
International students from the rest of the world | R125 330 | R125 330 | R250 660 | Request Quote |
Deposit payable on acceptance of admission for 2020 | ||||
Students from South Africa | R12 600 | |||
Students from the SADC countries | R47 745 | |||
International students from the rest of Africa (non-SADC) | R50 130 | |||
Students from the rest of the world | R62 665 | |||
Application fee for 2020 | ||||
Application fee (non-refundable; applicable to all students) | R800 |
Overview
If you want to make it your life’s work to help unlock Africa’s growth potential, this MPhil in Development Finance will equip you with critical skills to become a specialist in this area. You will gain an understanding – on 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 in this field. This will enable you to take on senior positions in the financial industry and in policy-making and regulatory institutions.
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
The elective modules have been grouped together in specialization streams and students are expected to choose an elective from each group. Select any 3 electives from the following groups:
Group A: Environmental Finance; Infrastructure Finance; Public Sector Finance; Structured Finance
Group B: Agricultural Policy and Finance; Business Forecasting & Econometrics; Corporate Governance & Ethics; Food Security and Development in Africa; Leadership Development; Small Scale Enterprise Development
Group C: Development Project Management; Economic Diplomacy; Financial Sector Regulation and Development; Investment Promotion
Research assignment
Write a research assignment of 15 000 – 25 000 words on a development finance topic, preferably one that is of direct professional interest to you. You can work on your research assignment while you are doing your course work and electives.
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. In this regard please contact SAQA at saqainfo@saqa.org.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 THREE 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 September each year to allow sufficient time for the assessment process.
Class Profile 2018
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.
- You will be able to become a development finance practitioner and develop Africa where it matters.
- You will be able to implement the design and financing of growth initiatives ranging from roads and energy plants to houses and hospitals.
- You will gain an understanding of the structure of African economies and how financial markets contribute to development.
- You will acquire the skills to make a meaningful contribution to policy formulation and implementation in this field.
- You will be able to work in financial institutions such as banks and development finance corporations, and in policy-making institutions, governments, public and private corporations, and also global organisations.
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.’
Related programmes
Related Content
FAQ’s
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 Assessment and Recognition of Prior Learning (ARPL).
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 SIX years of working experience after obtaining the qualification mentioned in 1, of which at least THREE 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 ine heads) who can testify about the candidate’s managerial or related professional abilities. 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.
- Note that ARPL candidates need to apply by 30 October each year to allow sufficient time for the assessment process.
Yes. For South African students, 75% of the annual fees are payable by the end of May and the balance of 25% by the end of September. Foreign students, however, need to pay the full programme fee prior to or upon registration.
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.