MSc RISK MANAGEMENT AND FINANCIAL ENGINEERING

MSc RISK
MANAGEMENT
AND FINANCIAL
ENGINEERING
www.imperial.ac.uk/business-school/msc-risk-management

“The programme’s
intellectual energy is
challenging. The work was
academically rigorous,
whilst also providing the
hands-on technical skills
I am now using in my role
at J.P. Morgan. Tackling
real-world scenarios
with faculty, visiting
practitioners and fellow
students inspired me to
come up with new and
creative ideas.”
Lola Adeyomo, MSc RMFE 2010
Emerging Markets Rates Exotics Trading Desk,
J.P.Morgan
2 MSc Risk Management and Financial Engineering

MSc Risk Management
and Financial Engineering
“This specialist programme is tailored to those
wanting a deeper, more analytical study
in finance than is found in general finance
programmes. It is the most quantitativelyfocused
full-time programme offered by
Imperial College Business School.
Developed with insight from Standard & Poor’s,
the programme ensures you benefit from a unique
blend of academic theory and real-world
applications, so you graduate with all the
quantitative skills required for a successful
career in risk management.
The programme is taught by a combination of our
outstanding faculty and industry practitioners
from the City, providing a good mix of the latest
research findings from the Business School’s
Risk Management Lab and unique industry
developments from practitioners working in
the field of risk management. Throughout the
programme, you will be exposed to the latest
strategies for managing risk, and you will be able
to learn from other industry speakers who present
regularly at the Business School.
The programme brings together students with different
backgrounds, interests and experience. This diversity,
combined with the international spread of students,
makes for a lively and stimulating learning environment.
Our MSc Risk Management and Financial Engineering
is suitable for high-calibre, ambitious and
technically-minded students who want to study
in London and work in the highly competitive, yet
rewarding financial services sector.”
Professor Andrea Buraschi, Programme Director
(external affairs) and Professor in Finance
The Imperial advantage
• Part of Imperial College London: become a student of one of the world’s most respected research-led
universities, and have access to a highly influential alumni network
• Diversity: you’ll mix with students of the highest calibre, from a wide range of different cultural and
geographical backgrounds
• Putting theory into practice: learn from leading practitioners and world-class academics how to put the
latest academic thinking and business strategies into practice
• Career development: benefit from a dedicated careers service that will help you present yourself with
confidence to the world’s top employers
• London location: you’ll be at the heart of one of the world’s leading cultural and financial centres
• Reputation: the Imperial name will open doors for you across the world
MSc Risk Management and Financial Engineering
3

Gain a reputation
for excellence
Succeed in your MSc at Imperial College Business School and you become a graduate of one of
the world’s leading universities, with a global reputation for excellence in entrepreneurship,
innovation, quantitative finance and health management. Our internationally-recognised faculty
have strong links with industry, so they can bring theory alive through case studies drawn from
their experience as business consultants. You will learn from their ground-breaking research,
benefit from the Business School’s close collaboration with other Imperial College departments
and institutes, and graduate with a command of the latest thinking.
The focus of the programme is practical. You will
apply what you learn through group discussions
and project work, building your technical skills
and confidence, improving your decision-making
ability and enhancing your value to an employer.
This combination of academic excellence and
real-world relevance makes our graduates
attractive to employers from every sector.
We provide a friendly, supportive environment
where you will develop the confidence to share
insights with other high-achieving students from
culturally diverse backgrounds. Project work in small
groups ensures you master the theories, knowledge
and skills taught throughout the course, and gives
you an excellent foundation in the management
expertise you will need in the next stage of your
career. Working in groups is an important part of
our approach, because it encourages collaborative
skills, generates outstanding results and builds
your personal and professional networks.
Our location, in South Kensington, brings
you to the cultural heart of London, with
many of the world’s most famous museums,
art galleries, parks and restaurants on your
doorstep. You are also close to the City, London’s
financial and business centre, home to the
headquarters of many global organisations. One
of the exciting opportunities in the programme
is the chance to visit and learn from leading
organisations operating in different sectors.
4 MSc Risk Management and Financial Engineering

MSc Risk Management and Financial Engineering
5

Shape your future:
our programme
This highly technical one-year, full-time programme prepares recent high-calibre graduates for
careers in portfolio and risk management, financial engineering, trading, structuring, or a PhD
in Finance.
A solid quantitative foundation, the latest
research, practical application and the broad
range of topics covered make the MSc Risk
Management and Financial Engineering a unique
and truly inspiring experience.
Pre-study courses
There are some online pre-study courses that you
should take before starting the programme.
These may include Induction to Maths, Introduction
to Finance, Accounting Primer, and Ethics and
Professional Standards.
Foundation courses
You will study four courses in September that
introduce you to the tools of modern finance and
enhance your career development skills. These
include Markets and Securities, Financial Modelling,
The Finance Industry, and Mathematical Finance.
Core and elective courses
The MSc Risk Management and Financial
Engineering includes five core courses, as
well as a number of electives that students
can select according to their particular interests
and career aspirations.
Additional options
• Computing workshops, courses in C++
• Chartered Financial Analyst (CFA)
exam preparation
• Reuters Academy
Programme timetable
Pre-study
August
Foundation
September
Autumn term
October – December
Spring term
January – March
Summer term
April – June
Summer
July – August
Pre-study
courses
Foundation
courses
Core
courses
Elective
courses
Project
VBA course
Please note that the programme structure is subject to change and you should check the website for the most up-to-date information.
6 MSc Risk Management and Financial Engineering

“Being based in London has
provided a fantastic opportunity
to engage with highly successful
practitioners from the City of
London. Networking with guest
lecturers and the alumni who
attend events at the Business
School has been inspirational.
London is not only the financial
capital of Europe, it is also a
stimulating and exciting place
to live and study.”
Karim Taha, MSc Risk Management and Financial Engineering 2010
Intern, Investment Banking Department, J.P. Morgan
MSc Risk Management and Financial Engineering
7

Core
courses
There are five core courses, plus a compulsory VBA course, that provide you with a comprehensive
and systematic training in the mechanisms and techniques involved in quantitative financial
modelling. Taught through lectures and quantitative case studies, you will work on real-world
problems faced by financial firms using extensive data sets and computer programmes.
Stochastic Calculus
This course provides students with an essential
understanding of stochastic calculus and its
continuous-time application to finance. A balance
between rigorous mathematical proofs, intuitive
explanations and real-life examples of the financial
industry is achieved.
Financial Statistics
and Advanced
Financial Statistics
Technical work in financial institutions frequently
involves the analysis of data. These two core courses
will ensure you have a solid foundation in statistical
inference and econometrics, with an emphasis on
the special features that are prevalent in finance and
in the management of financial risks.
Market Microstructure
This course covers key areas of risk management
which are particularly relevant in the postcrisis
economy and involves liquidity and price
formation on securities markets. The structure and
performance of prominent real-world securities
markets is described and examined using theory
and evidence from the financial economics
literature. Explicit attention is given to the impact of
differences in trading system design and regulation,
as well as to the relationship between market
liquidity and asset prices.
Investments and Portfolio
Management
This course provides you with a critical
understanding of important portfolio management
techniques used for investments and portfolio
management by hedge funds, asset managers,
investment banks and other financial institutions.
VBA courses
Aimed at familiarising students with the
programming language Visual Basic for Applications
(VBA) for Microsoft Excel, this course covers
introductory and intermediate topics to equip
students with the basic skills necessary to create
VBA projects. This is then followed by an Advanced
VBA course building on the material taught during
the Basic VBA course and introducing students to
more advanced programming and Excel concepts.
8 MSc Risk Management and Financial Engineering

“I came to the Business School
because the programme offered
the combination of quantitative
skills and practical application
to really move my career on.”
Wenying Qiu, MSc Risk Management and Engineering 2010
MSc Risk Management and Financial Engineering
9

Elective
courses
You choose five electives from the following list to deepen your knowledge and acquire
practical experience.*
Enterprise Risk
Management
An introduction to modern methods of enterprise
risk management applicable to financial
organisations. It analyses different types of risk and
methods for measuring and managing them before
examining how insurance companies and pension
funds employ models that bring together different
risk types in order to implement risk mitigation
techniques, such as reinsurance, securitisation,
or hedging.
Advanced Financial
Valuation
Provides advanced techniques in contingent
claims analysis. Valuation techniques are
derived and applied for options, term structure
derivatives, credit-sensitive instruments and
structured products.
Hedge Funds
Building on the material covered in Investment
Portfolio Management, this course discusses
advanced portfolio management techniques,
including the use of dynamic portfolio theory,
derivatives and portfolio insurance. Advanced
trading strategies, such as event-driven and
credit derivative strategies are also covered.
International Finance
An introduction to key concepts and analytical
tools used in the field of international finance and
international macroeconomics. Topics covered
are balance of payments, exchange rates, foreign
debt and default, direction of capital flows, global
imbalances and home bias.
Private Equity and
Entrepreneurial Finance
Applications and tools for students interested in
late-stage investments, such as Growth Capital, LBO,
Mezzanine, HY and Infrastructure. You will examine
the role of private equity, finance instruments
and structures, and the application of these tools
in company acquisition or restructuring. You will
understand the role of the banks and the funds in
the debt-raising process, and the financial and legal
aspects of the structuring and valuation involved in
executing an investment in sectors such as Energy, the
Environment, Retail/Consumer Goods and Industry.
Banking
The first part of the course focuses on issues in
financial intermediation from a microeconomic
perspective: risk-sharing, bank runs, regulation
and underscoring asymmetric information models.
The second part analyses the dominant role of
investment banks as information intermediaries.
Advanced Portfolio
Management
A discussion of common advanced portfolio
management techniques such as Bayesian
portfolio optimisation, derivatives and portfolio
insurance, dynamic portfolio theory and assetliability
management. These techniques are used
by some of the most successful practitioners in
fund management, risk management, structured
products, pension funds and consultancies.
Life Insurance
Covering the broad economics of life insurance,
this course introduces students to important
financial operations performed by life companies,
10 MSc Risk Management and Financial Engineering

including the measurement and management of
risk, the pricing and reserving of life contracts, their
investment policies and capital management and
the role of government.
General Insurance
An introduction to institutional features of the
general insurance market, techniques useful
for analysing general insurance exposures, and
important aspects of the operation of general
insurance companies, including reinsurance,
securitisation and investment policies. It also looks
in depth at the design, pricing, and underwriting
of general insurance contracts, as well as the
challenges posed by catastrophe risks and
climate change.
Venture Capital Finance and
Innovation
Provides a strong finance framework for students
interested in understanding the investment
structures and processes for seed, start-up and
growth capital financing in early stage investments,
how to raise capital for new ventures or to invest in
the growth of innovative companies, with a focus on
the Clean Tech, Life Sciences and TMT sectors.
Introduction to Numerical
Finance with C++
Introduces the essential numerical methods used in risk
management and financial engineering, and teaches
the basic C++ programming for implementation.
Advanced Numerical
Finance with C++
Introduces the advanced numerical methods used
in risk management and financial engineering,
and teaches advanced C++ programming for
implementation. Prerequisite: Introduction to
Numerical Finance with C++.
Credit Risk
Students will study how to assess credit risk
associated with individual exposure, and
discuss the major literature in the field and some
related applications.
Structured Credit
and Equity Products
Students will examine credit risk associated
with portfolios. A wide range of credit-sensitive
instruments will be examined including multi-named
credit derivatives and structured exposures (CDO,
ABS, etc). The course will also examine the dynamic
management of credit portfolio risk.
Prerequisite: Credit Risk
For further details of each course visit:
www.imperial.ac.uk/business-school/msc-riskmanagement
* Electives run subject to student interest and availability. Not all combinations of electives
are possible. Imperial College Business School reserves the right to withdraw or
replace an elective.
Project
The majority of students are expected to complete the applied project that,
as its name suggests, has a practical focus, designed for those pursuing a
career in a financial institution. For the small number of students who wish
to follow an academic career and want to go on to a PhD programme, we
offer the Research project.
Applied project
The aim of the applied project is to enable students to produce new and
relevant insights that demonstrate the practical application of tools, theories
and techniques learnt from the material taught in core and elective courses.
It also allows those who have secured a work placement to incorporate this
experience into their year of study. Students choosing the applied project
are required to take five elective courses.
Research project
Advised by your faculty tutor, you’ll identify a topic of interest and then
analyse it statistically or numerically. The research project report, of up
to 10,000 words, is due for assessment at the end of August. Students
choosing the research project are only required to take four elective courses.
MSc Risk Management and Financial Engineering
11

Focus on
Faculty
Our world-class faculty combine academic rigour with a hands-on approach to the latest
business practice. They are engaged in cutting-edge research, and many are actively
involved as consultants for leading international organisations.
Focus on faculty
Andrea Buraschi, Programme Director (external affairs), MSc Risk Management
and Financial Engineering, Professor of Finance
Andrea teaches on the PhD Programme and the MSc Finance, as well as directing
the International Wealth Management Programme, which trains top international
private bankers and financial executives. He has published in numerous journals,
presented papers internationally and won many teaching and research awards, including the Inquire
Europe award and the WFA Award in Investments.
Nigel Meade, Professor of Quantitative Finance, Programme Director (student
affairs), MSc Risk Management and Financial Engineering
Nigel supervises students whose research is sponsored by corporate and
financial institutions. His work has been published widely in magazines such
as Management Science and the International Journal of Forecasting. He is an
associate editor of the International Journal of Forecasting and the European Journal of Finance, and
was a director of the International Institute of Forecasters until 2006.
Robert Kosowski, Assistant Professor and Director of the Risk Management Lab
and Centre for Hedge Fund Research
Robert teaches in the MSc Finance and MSc Financial Engineering and Risk
Management programmes. He has published in numerous finance journals,
and has received best paper awards from Inquire Europe, Inquire UK, and the
European Finance Association. Previously an Assistant Professor at INSEAD, he has worked for Goldman
Sachs, the Boston Consulting Group and Deutsche Bank, as well as serving as Specialist Advisor to the
UK House of Lords and Expert Technical Consultant to the IMF.
Paolo Zaffaroni, Professor in Financial Econometrics
Paolo teaches Financial Econometrics. His publications include The Annals of
Statistics, The Journal of Econometrics, The Journal of Time Series Analysis,
The Journal of Empirical Finance, and The Journal of Monetary Economics and
Econometric Theory. He acts as a quantitative consultant in asset and risk
management and as an instructor of executive courses for various financial institutions.
12 MSc Risk Management and Financial Engineering

“As an MSc Finance alumnus,
I enjoy coming back to the
Business School to present
a real case study to students
in the ‘Private Equity and
Entrepreneurial Finance’
course with adjunct professor
Andreas Angelopoulos. I like
to challenge the thinking of
the class, and am impressed
by their ability to apply
the technical skills and
techniques they have learnt.”
Elias Sakellis, Executive Director, Goldman Sachs,
MSc Finance 1999
Guest lecturers and speakers
We are proud to host guest lecturers and speakers alongside our world-class
teaching faculty and external instructors, giving you industry insight and
perspectives from the modern business world.
Piotr Karasinski, Senior Advisor, European Bank for Reconstruction
and Development
Elias Sakellis, Executive Director, Goldman Sachs (alumnus)
Abel Elizalde, Credit Derivatives Strategy, J.P. Morgan, teaches Structured
Equity and Credit Products
Francois-Serge L’Habitant, Chief Investment Officer, Kedge Capital Fund
Management Ltd, teaches Hedge Funds
MSc Risk Management and Financial Engineering
13

A dedicated
careers service
You will benefit from a highly professional careers service that focuses on your individual needs.
From the moment you accept an offer of a place on our programme, our Career and Professional
Development Service works with you in a combination of one-to-one support and regular
workshops. They will identify your skills and strengths, and give you all the support you need to
build a career strategy that is right for you.
The workshops start by providing guidance on
preparing CVs, cover letters and application
forms, as well as training in interview and
assessment centre skills. They then move on to
personal development, giving you valuable skills
such as how to present with impact, network
effectively and work well in cross-cultural teams.
Our expert consultants are available for oneto-one
sessions throughout the year, whether
you want to fine-tune your CV, take part in a mock
interview, or review your overall career strategy.
The Business School’s careers team engages
with potential employers on behalf of students
and organises events targeted at Business School
MSc and MBA students. Leading companies deliver
tailored workshops or provide guest lectures to MSc
Finance students. Recent examples of supporting
organisations include Citi, Nomura, Morgan
Stanley, RBS, BlackRock, Man Group, BNP Paribas,
Macquarie, Bank of America Merrill Lynch, Standard
Bank, PwC, and J.P.Morgan. You will also have the
opportunity to attend careers sessions coordinated
by the Imperial College Careers Advisory Service
that caters for all Imperial College students.
Our service continues after you graduate.
As an alumnus, you can arrange appointments with
us at any time during your career - for example,
if you are considering a change in direction or
want to explore developing your career further.
Our MSc Risk Management and Financial Engineering graduates
are now working for a wide range of companies in many different
roles, including:
• Accenture
• Algorithmics, Financial Engineer
• Avantage, Senior Risk Consultant
• Bank of America, Credit Risk
• BarclayCard, Credit Risk
• Barclays Capital, Quantitative Associate
• Barclays Capital, Valuations
• Barclays Wealth, Investment Advisory
• BNP Paribas, Fixed Income Research
• Citi, Risk Management
• Credit Suisse, Market Risk
• Deloitte, Audit
• Deutsche Bank, Loan Exposure
Management
• Deutsche Bank, Dutch Corporate
Coverage
• Goldman Sachs, Market Risk
• Guo Xin Securities, Asset Management
• J.P. Morgan, Investment Banking
• J.P. Morgan, Fixed Income Exotics and
Hybrids Trading
• Marfin Capital Partners, Quantitative
Analyst
• Millen Group, Real Estate Derivatives
• Monetary Authority of Singapore,
Specialist Risk Associate
• Morgan Stanley, Market Risk Manager
• Nomura, Investment Banking
• RBS, Global Banking & Markets
Technology
• RBS, Structurer
• Risk Management Solutions,
Catastrophe Risk Modelling
• Royal Bank of Canada, Analyst
• Standard Chartered Bank,
Credit Valuation Team Lead
• Trafigura, Graduate Analyst
14 MSc Risk Management and Financial Engineering

Employability
81% of the 2009 MSc Risk Management and
Financial Engineering cohort were employed within
six months of completing the course.
Destination by sector of
2009 graduates
16%
6%
3%
4% 3%
3%
4% 3%
6% 8%
40%
8%
10%
21%
28%
Financial Services 40%
Investment Banking 28%
Investment Fund/Hedge Fund 8%
Consulting/Professional Services 6%
Central Bank/Ministry of Finance 3%
Insurance 3%
Engineering/Manufacturing 3%
Research/Education 3%
Other 6%
“Studying here has given me the
opportunity to receive a first class
education from a world-renowned
faculty, and widened my links with
potential employers through the
school’s excellent careers service.
I also like living in London, one of
the world’s most diverse cities.
You will never be bored here.”
Aleksejs Krecetovs, MSc Risk Management and Financial Engineering 2009
PhD student, Imperial College Business School
MSc Risk Management and Financial Engineering
15

Make connections:
Be amongst the best
You will work alongside other high-calibre individuals from diverse backgrounds who will
help you develop strong interpersonal and communication skills, as well as commercial and
international awareness.
A powerful social
networking experience
The contacts you make through lectures and group
projects are developed through our social and
networking events. The lasting relationships you
form, not only with your fellow students, but with
alumni, adjunct professors, students from other
programmes and visiting lecturers, will enrich you
both professionally and personally.
Profile of 2010 cohort
Number of students 101
Average age 24
Age range 20-37
Number of countries 34
Proportion of female students 43%
Students nominate their own social
representatives, who organise events part-funded
by the School and some students volunteer for the
Business School’s Student Ambassador Programme.
There are over 200 sports clubs and societies on
offer including a very active Finance Society and
Venture Capital Club. You will also receive free
membership to Ethos, Imperial’s state-of-the-art
sports centre, just a short walk from the Business
School building.
Information on student clubs can be found at
www.imperialcollegeunion.org
Nationality by region, 2010 cohort
7%
6%
11%
51%
25%
Asia/Pacific 51%
Europe 25%
Africa/Middle East 11%
UK 7%
Americas 6%
Alumni network
Like every other aspect of our MSc programmes, the alumni network offers
you practical benefits and allows you to take full advantage of your Imperial
College Business School connections from the beginning of your study and
throughout your career. Our role in keeping the alumni network connected
starts by providing you with the opportunity to meet a powerful international
community of alumni through events, support classes and country networks,
sector interest groups and continuous learning and career services. We
encourage you to play an active part in this prestigious network and, as a
student and alumnus of the Business School, to make full use of your lifelong
connection to outstanding business leaders, thinkers and
decision-makers. For more information please visit
www.imperial.ac.uk/business-school/alumni
16 MSc Risk Management and Financial Engineering

“Taught by leading
industry practitioners,
the programme equips
you with the risk
management tools
and strategies sought
by top financial firms.”
Yousif Mohammed, MSc Risk Management and
Financial Engineering 2010, Financial Engineering
Intern, Algorithmics (UK) Ltd
MSc Risk Management and Financial Engineering
17

“I found working with
people from so many
different backgrounds
really stimulating.”
Ariel Sun, MSc Risk Management and Finance 2009
Account Associate, Risk Management Solutions
18 MSc Risk Management and Financial Engineering

Entry requirements
Who should apply?
This intensive and highly quantitative programme attracts recent
graduates and young professionals with an excellent academic
background, who want to launch their career in the finance sector.
You will need strong, proven mathematics skills, with an
outstanding degree in a highly quantitative discipline, as well as
high-level English language skills.
You should be able to demonstrate well researched long term
career goals, and an understanding of the financial sector.
Work experience is not a requirement, but relevant work
experience or internships will add weight to your application.
To apply you need:
• A UK 2.1 honours degree or above (or international equivalent)
in a highly quantitative subject such as mathematics, science,
engineering, economics or finance
• An English language qualification:
• GCSE, IGCSE, GCE ‘O’ Level or equivalent at grade B or above
• Cambridge Certificate of Proficiency in English (CPE) at grade B
or above
• IELTS (academic): A minimum score of 7.0 with a minimum score
of 6.5 in writing and speaking
• TOEFL (computer based): A minimum score of 250 (TWE of 4.5+)
• TOEFL (internet based): A minimum overall score of 100, with a
minimum of 24 in writing and 22 in speaking.
Please note:
• Our English language requirements are applicable to Home,
EU and Overseas students
• TOEFL and IELTS scores will only be valid if they are less than two
years old on the programme start date
• Our English language requirements are higher than the minimum
standard set by Imperial College and waivers will only be
considered under exceptional circumstances.
Pre-sessional English
Language Course
This intensive five week course offers you the opportunity to
develop the academic English and study skills you need to begin
your postgraduate programme with confidence.
For more information visit www.imperial.ac.uk/business-school/
programmes/english-language-support
How to apply
Apply online. For more information, and to submit your application
online, visit www.imperial.ac.uk/business-school/applyingonline
Start date
2 September 2011.*
Fees
£27,500 (2011)
For details of payment terms, please visit
www.imperial.ac.uk/business-school/msc-risk-management
Scholarships
We have a number of scholarships available for students joining
the MSc Risk Management and Financial Engineering programme.
Please visit www.imperial.ac.uk/business-school/msc-riskmanagement
for more details. Imperial College scholarships are
also available. For details please visit
www.imperial.ac.uk/registry/studentfinancialsupport/
pgscholarships or email scholarships@imperial.ac.uk
Ways to meet us
We hold regular, on-campus and online information sessions for
prospective students. To reserve your place or to check times and
dates for all sessions, please contact us at
www.imperial.ac.uk/business-school/waystomeetus, or email
business-school@imperial.ac.uk
If you would like to visit our campus and attend a lecture
before you apply, email the MSc Risk Management and Financial
Engineering Recruitment Team at
mscriskmanagement@imperial.ac.uk
If you would like to find out when to meet us at a UK or
international recruitment fair, visit
www.imperial.ac.uk/business-school/waystomeetus
If you would like one of our faculty to visit your university to
discuss the programme email business-school@imperial.ac.uk
Attendance requirements
The UK Government has recently imposed a new requirement on
universities to monitor the attendance of international students,
and to report any student visa holder who ceases to be in regular
attendance to the UK Border Agency (UKBA). On joining the
programme you will be provided with further information on
attendance requirements and expected course interactions to
avoid being reported unnecessarily.
* Exact date subject to change
MSc Risk Management and Financial Engineering
19

MSc Risk Management and Financial Engineering Recruitment Team
Imperial College Business School
Tanaka Building
South Kensington Campus
London SW7 2AZ
United Kingdom
T: +44 (0)20 7594 9552
E: riskmanagement@imperial.ac.uk
www.imperial.ac.uk/business-school/msc-risk-management
Disclaimer: While all reasonable efforts have been made to ensure that the information in this publication is correct, matters covered by this publication are subject to change. Imperial College Business School accepts no liability for any loss or damage caused by errors or omissions, howsoever caused.
Published November 2010