University Of Stellenbosch MPhil in Development Finance

University Of Stellenbosch MPhil in Development Finance

MPhil in Development Finance (MDevF)

The MPhil in Development Finance (MDevF) covers all aspects of development finance, including a thorough understanding of the theories underpinning development finance practices. It also focuses on enterprise-level development finance and sustainable growth. This makes the MDevF a critical-skills degree for Africa.

It is aimed at people who are involved with finance and financial management issues in developing countries.

Study while you work

The MDevF is a 2-year modular programme, which means that you have to attend 3 blocks of 2 weeks each on the USB campus in Bellville, Cape Town. Off-campus you have to complete a research assignment. This enables students from all over South Africa and other countries to attend – even when working full-time.

Structure and content


  • Attend 3 blocks spread over 2 years: The MDevF is presented as a modular programme over two years. Students attend three class contact sessions of a fortnight each over a period of two years, and complete a research assignment.
  • Core subjects, electives and research assignment: Students need to do the six core modules, as well as two electives chosen from a list of options. These electives provide areas of specialisation. Students also need to write a research assignment.
  • Course methodology: A mix of highly interactive lectures/course material, case studies and a workshop on financial risk and structure. Handbooks, guidelines, articles, journal materials and a matrix /checklists will serve as reference material for future project design and delivery.
  • Credits: 180 credits (120 credits for course work and 60 credits for the research assignment)

Core modules

The core modules consist of:

  • Economic Development Perspectives in Africa
  • Issues in Banking and Finance
  • Microfinance
  • Project Finance
  • Governance and Ethics
  • Research Methods in Development Finance


  • Small-scale Enterprise Development
  • Development Project Management
  • African and Emerging Financial Markets
  • Environmental Finance
  • Business Forecasting and Econometric Analysis
  • Public Sector Finance
  • Infrastructural Finance
  • Corporate Finance
  • Human Resource Issues in Development Finance
  • Financial Sector Regulation and Development
  • Investment Promotion

Research assignment

The research assignment forms an integral part of this master’s programme and carries a total of 60 credits which represent one-third of the credit requirements of the programme. The research assignment is usually between 15 000 – 25 000 words on a topic of the student’s choice. Students are encouraged to base their research assignments on topics of direct professional interest to them


Find out about the fee structure