WPCS 2.1.2
Tuition Fees:$11,002 for the full programme
Applications Begin:March 2021
Final Award:Master of Philosophy (MPhil)
Start Date:March 2022
Academic Unit:Faculty of Economic and Management Sciences
Campus:Bellville Park
Course Type:Master by Coursework & Dissertation
Application Deadline: 31 January 2022
Programme 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.


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

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

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.

Admission Requirements

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

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 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 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.

Application Process
Application Fees for South African Students: $48
Application Fees for International Students: $48

You can apply quickly and easily using the e-application available on the university’s website (

Paper application forms are available on campus for those without internet access.

Before you apply
Make sure that you understand the University’s Admission Policy, and the admission and selection criteria of the different faculties before you apply. The policy, criteria and guidelines are available at the Undergraduate Prospective Student website at, or you can contact Client Service on +27 21 808 9111 or For postgraduate studies, please visit the Prospective Postgraduate Student website at

Closing dates for financial assistance:
31 August: Applications close for Stellenbosch University financial assistance.

Closing dates for applications
International students: Apply by 14 September of the previous year.
South African students: Apply by 31 January of the year in which you wish to study

Career Opportunities

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.

Tuition Fees Details
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Tuition Fees for South African Students: $11,002
Tuition Fees for International Students: $12,092

South African students pay R182440 for the full programme.

Students from the Southern African Development Community (SADC) member countries pay R190980 for the full programme, including an International Registration Fee (IRF). The SADC member countries are Angola, Botswana, Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, Swaziland, Tanzania, Zambia and Zimbabwe.

Students from all other African countries (Non-SADC) will pay R200520, including an International Registration Fee (IRF).

Students from the rest of the world will pay R250660, including an International Registration Fee (IRF).

All figures include the IRF where applicable.

Relevant Contact

Prof. Michael Graham
Programme Head
Marietjie van der Merwe
Contact Person