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Development FinancePhD

Determine development strategiesfor Africa and South Africa with research on PhD level

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Acquire the skills to help unlock Africa’s growth

The world, and the way in which we live and work, can change in an instant. It can turn the familiar into something frightening; it can also create enormous opportunities.

What are the new skills we need to navigate our way through the uncertainty, trust deficits and rapid change? How do we rebuild economies and rethink our businesses?

According to the World Economic Forum, adaptability is one of the key competencies we need right now. When we are adaptable, we can use new learning to challenge our thinking and change our behaviour; we can reinvent ourselves and our environments.

USB’s internationally accredited PhD in Development Finance will enable you to become an expert in your field of study, allowing you to solve real-world problems through research on doctoral level. USB emphasises the creation of knowledge that is particularly relevant to African organisations. This forms part of our social responsibility to strengthen our continent to the benefit of all those involved.

USB’s areas of expertise include business management, development finance, futures studies, management coaching, leadership development, project management and financial planning. All of USB’s programmes benefit from these areas of expertise in one way or another. It also creates ample opportunities for continued growth.

If you want your learning to be transformative and your leadership journey to bring both personal and professional growth, USB’s PhD in Development Finance will serve you well.

Now is not the time to stop learning.

Source

World Economic Forum. (2020). 4 ways COVID-19 could change how we educate future generations. https://www.weforum.org/agenda/2020/03/4-ways-covid-19-education-future-generations/

Contents

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Obtaining a PhD requires a contribution to new knowledge through rigorous research. With the University of Stellenbosch Business School’s PhD in Development Finance you will help to find solutions to Africa’s pressing economic problems through research that is underpinned by a strong theoretical base.

During this process you will develop personal and transferable skills which can be used in a range of applied situations, and you will become an expert in the field of development finance.

USB’s PhD may be described as a practice-based programme since knowledge is advanced partly by means of the professional application of the discipline. It combines scientific rigour and practical relevance. Consequently, PhD students must be able to make a contribution to both science and practice.

USB emphasises the creation of knowledge that is particularly relevant to African organisations. This forms part of our social responsibility to strengthen our continent to the benefit of all those involved.

This degree will serve you well if you want to work in industries focused on research and innovation, or at an academic institution.

Dr Ashenafi Beyene Fanta Head: PhD in Development Finance

Message fromthe Programme Head

“From a business school perspective, social

development in South Africa happens through empowering

students to understand their role as responsible leaders

when they go back into society.”

“Help to find solutions to Africa’s challenging problems

through research on PhD level.”Thank you for your interest in the University of Stellenbosch Business School. You have come to the right place to discover and develop your leadership potential.

We are one of the few “Triple Crown” business schools in the world. These are schools with all three of the major international accreditations, namely AACSB (from the USA-based Association to Advance Collegiate Schools of Business), EQUIS (from the Brussels-based European Foundation for Management Development) and AMBA (from the UK-based Association of MBAs). You therefore know in advance that the standards of our academic programmes, infrastructure, and learner support are benchmarked against the best.

We would also like to share the following about USB:

• We are deeply committed to Africa. At the same time, we educate you to function in a global business world.

• We will introduce you to the latest theories in a particular field while also providing you with opportunities for practical application in your business.

• We will walk the road to sharpen your critical thinking abilities while also igniting your passion for better business skills.

• We will widen your strategic vision while also equipping you with operational skills in fields like responsible leadership, finance, strategy and marketing.

• We will carefully assist you to select one of our programmes, and then engage with you to leave us as a changed person.

USB is a values-driven school. We embed our values – which are excellence, value creation, equity, accountability, respect and compassion – in everything we do.

We are part of Stellenbosch University – the top research university in Africa – and steer our research agenda to inform business and the content of our curricula. Via our Small Business Academy and annual Lion’s Den we create value for budding entrepreneurs to improve their businesses and create jobs in their communities.

Ultimately, USB wants to be recognised as a source of value for a better world.

Prof Piet Naudé USB Director

Message from the Director of USB

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PhD DevFin

Become an expert in development finance by doing research on

PhD level

Support developing countries in achieving

their Sustainable Development Goals

Duration:2 years plus

Work as manager or specialist in senior

policy-making positions in local,

regional and global development finance

institutions

Study while you work: Year 1:

2 on-campus blocks Year 2 +:

supervised research

Create new knowledge in

Development Finance

Discover the expert in you through in-depth researchThe University of Stellenbosch Business School’s PhD in Development Finance (PhD DevFin) is awarded on the successful completion of a research-based thesis. The thesis must be based on scientific research and must contribute to and enrich the academic knowledge and understanding of development finance theory and practice.

The internationally acknowledged PhD in Development Finance will therefore enable you to become an expert in your field of specialisation. It focuses on developing applicable expertise through in-depth research.

The PhD (Doctor of Philosophy) implies that the holder is in command of his or her field of study. In terms of the South African Higher Education Qualification Framework, the purpose and characteristics of a doctoral degree are:

“… to undertake research at the most advanced academic level, culminating in the production, defence and acceptance of a thesis. … The defining characteristic of this qualification is that the candidate is required to demonstrate high‐level research capability and make a significant and original academic contribution at the frontiers of a discipline publication. The degree may be earned through pure discipline‐based research, multidisciplinary research or applied research. … A graduate should be able to supervise and evaluate the research of others in the area of specialization concerned.”

As a PhD student at USB, you will be expected to pursue supervised research, culminating in a doctoral thesis which constitutes the examinable product for which the PhD degree is eventually awarded. This thesis must:

• Represent an original and significant contribution to the enrichment and advancement of knowledge in the chosen area

• Demonstrate originality of thought, a theoretical underpinning, relevance to the discipline and rigour in execution

• Create intellectual capital, which is the cornerstone of the knowledge society of the 21st century.

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Join a globally linkedresearch community Why do research at PhD level?

International accreditation

USB’s PhD is internationally accredited by EQUIS of the European Foundation for Management Development (EFMD).

Membership of two PhD research organisations

USB is a member of both EDAMBA and the GRLI’s Global Doctoral Alliance.

USB’s PhD was the first PhD outside Europe audited and approved by the European Doctoral Programmes Association in Management and Business Administration (EDAMBA), based on the quality of this degree at USB. Our membership of EDAMBA demonstrates our commitment to improve the quality of doctoral education.

EDAMBA promotes integration with the European Credit Transfer and Accumulation System (ECTS) which facilitates the recognition of periods of study at other EDAMBA member universities to enhance the quality and mobility of PhD students.

As students from an EDAMBA member institution, USB’s doctoral students benefit in the following ways:

• Eligibility for grants, awards and opportunities

• Attendance of the annual EDAMBA Research Summer Academy

• Participation in the Doctoral Thesis Competition. Winning entries are published in the EDAMBA Journal.

USB is also a member of the Globally Responsible Leadership Initiative’s Global Doctoral Alliance. The GRLI’s GDA and its member schools are committed to the societal dimension of business, making it ideal for high-potential candidates seeking balance between their commitment to the societal dimension of business and their aspiration to a successful career in academia, government or industry. Member institutions are committed to sharing expertise and knowledge in the form of social networking and knowledge sharing.

Over the past two decades, development finance has become increasingly important as events in domestic and global financial systems continue to highlight the inability of formal financial systems to support the financing of development. This has provoked debates on the need for alternative financing avenues. Also, existing PhD programmes in the fields of Economics and Finance do not sufficiently address the needs of development finance because of its highly specialised nature.

At the level of policy formulation, there is a shortage of research professionals who can make substantial contributions by applying sound theoretical frameworks, methods and techniques to solve contemporary and complex development finance problems. This has become even more widespread with the onset of globalisation and cross-border financial flows which could be either constructive or destabilising.

USB’s PhD in Development Finance has therefore been designed as a means through which specialised research can be undertaken to ultimately support the growth agendas of developing economies on any continent.

Doing research at PhD level will enable you to contribute to a crucial understanding of development finance. It also leads to employable expertise. Advanced knowledge of development finance is typically required in senior positions in policy-making institutions, governments, public and private corporations, financial institutions and regional and international organisations.

Support the growth agendasof corporates in any industry,

any country

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This degree is aimed at those who want to:

• Work in senior-level policy-making positions in government, public and private corporations, financial institutions and inter- governmental sub-regional, regional and international organisations

• Lecture at academic institutions.

• Year 1 – 2 blocks of 2 weeks each on campus and proposal defense: In view of the intensive nature of the programme, USB prefers participants to be fully resident for the first year of the programme to enable them to cope with the rigours of the course work. The lectures are organised in two blocks of two weeks each and they will take place between February and May every year. The courses consist of highly interactive lectures, seminars and case discussions. Students are also required to defend their proposals before a review panel to be able to register for the second year. A student who fails to complete the course work and the research proposal after the first year may be asked to withdraw from the programme.

• Year 2 and subsequent years: Full registration to work on your PhD thesis. A promoter or supervisor will be appointed once your comprehensive research proposal has been accepted and you are required to present papers at a colloquium in May and October every year as well as submit a progress report. Once completed, your submitted thesis will go through an approval process in which external examiners are involved. Upon completion of the PhD you will be awarded the degree of Doctor of Philosophy (PhD) in Development Finance by Stellenbosch University.

A minimum registration period of two years is required. During the first year, students are granted provisional registration for the PhD. Full registration for the PhD will only be allowed after the successful completion of the course work and finalisation of the research proposal.

USB’s PhD in Development Finance is aimed at supporting the growth agendas of Africa with research at PhD level. This internationally accredited PhD is the first of its kind on the African continent.

This PhD is intended to develop research and discipline-based knowledge and skills in the field of Development Finance. The programme has been designed to help students develop the skills required to carry out advanced research and to equip them with a sound understanding of the principles and theories underpinning development finance practices.

The first year of registration is taken up by course work while the second and subsequent years of registration are taken up by the research component, which culminates in a PhD thesis. This degree is therefore structured into a course-work component and supervised research:

• A discipline-based core curriculum: This structured course-work component is non-credit bearing but candidates are required to pass the requisite courses and submit a comprehensive proposal before proceeding with the thesis. Participants need to do three core courses at PhD level. Students who are not graduates of USB’s MPhil in Development Finance (MDevF) programme may be advised to do three electives from the MDevF based on their areas of interest.

• An independent research thesis: As a PhD student you will be expected to pursue supervised research, culminating in a doctoral thesis which constitutes the examinable product for which the PhD degree is eventually awarded.

Who should enrol?

Programme overview

Registration

Programme format

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Structured course work Structured course work

This degree is structuredinto a course-work component

and supervised research

During their first year, students need to do the following three compulsory courses at PhD level: Advanced Research Techniques, Advanced Theory and Practice of Development Finance and Global Development Finance. This will enable them to prepare and submit a research proposal on which to base their PhD thesis.

Advanced Research Techniques

This course is designed to help students develop the skills to carry out advanced research in the field of Development Finance and related fields. A major concern among policy makers and donor agencies is how to monitor the performance and evaluate the impact of development finance intervention programmes. Hence, this course covers the skills required to gather and analyse data in order to effectively monitor and evaluate development finance programmes. This course also introduces students to the various research designs and methods suitable for both qualitative and quantitative data gathering and analyses. The course is organised into four parts:

• Part 1: Students are exposed to the philosophies of research, addressing questions such as: What kinds of research are there? How does one evaluate the quality of a piece of research? What is the process a researcher goes through? In essence, this part stresses the philosophy and research paradigms.

• Part 2: Students are exposed to data gathering techniques such as primary and secondary data as well as qualitative and quantitative data. This part stresses how to improve the quality of data gathered and how to assess its worth.

• Part 3: Students are exposed to advanced techniques of data analysis with emphasis on quantitative analytical techniques, specifically focusing on applied statistical and advanced econometrics techniques.

• Part 4: Students are drilled in advanced academic writing. This part develops students’ ability to present arguments in a logical, concise and critical manner. It also stresses the quality of presentation in academic writing.

Advanced Theory and Practice of Development Finance

This course is specially designed to deepen students’ knowledge of the theories, principles and empirics of development finance practices that prevail among national development finance programmes. This will enable students to apply the relevant principles in the context of a developing economy. To lay the foundation for the analysis and evaluation of development finance cases, programmes and policies, the course presents, within the context of development finance, the micro foundation theory of market failure, choice under uncertainty, exchange under uncertainty, asymmetric information, incomplete markets and transaction costs. The course demonstrates how such theories influence the design of common development finance practices. A range of development finance practices – such as microfinance schemes, loan guarantee schemes, direct loan schemes and project finance schemes – are also included.

Upon completion of the course, students should be adequately equipped to:

• Carry out at an advanced level the evaluation and design of common development finance practices globally

• Creatively advance the frontier of practices of development finance within the context of Africa and developing countries in general.

Global Development Finance

Development finance is not limited to national initiatives. Globally, there is increasing realisation of the need to attract foreign capital for national development. Foreign capital flows could take the form of foreign direct investment (FDI), foreign equity capital, foreign debt, foreign aid or official development assistance and increasingly remittances. The role of such capital flows and how best to attract and utilise them, especially in developing countries, remain a crucial policy debate. Moreover, the operations of multilateral and international financial institutions and their protocols are complex. Also, the debate around regional financial integration and the consequent policy advocacy as a mechanism of developing the domestic financial markets and expanding access to foreign capital as a way to develop the domestic economies have reached an unprecedented scale in the last decade. This course therefore focuses on these and other issues. The course also demonstrates the nexus between developments in the global financial arena and domestic financial markets. It explores how global financial markets can bridge the gap between domestic resource mobilisation and financing needs in Africa. The course also stresses the roles of external finance for development and the mechanisms for attracting them, and the dynamics of multilateral institutional arrangements.

Upon completion of the course, students will be well equipped to:

• Contribute meaningfully to the analysis and understanding of the issues in Africa

• Play a leading role in charting a course for Africa.

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Fees

Important dates

Doing independent research

Admission requirements

The structured course work part of the programme will enable you to produce a research proposal on which to base your PhD research. Once your PhD research proposal has been accepted, you will receive full registration as a PhD student (from your second year onwards). A promoter or supervisor will be appointed once your comprehensive research proposal has been accepted.

Once completed, your submitted thesis will go through an approval process in which external examiners are involved. Upon completion of the PhD the registrant will be awarded the degree of Doctor of Philosophy (PhD) in Development Finance by Stellenbosch University.

The programme fees for 2021 are published on USB’s website once this information becomes available. See www.usb.ac.za/PhDDevFin for details.

Important

• Fees and deposit: All students pay a deposit on acceptance of admission. South African students must pay a set deposit on admittance. South African students need to pay 75% of the annual fee 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. The deposit is deducted from the programme fee. The deposit payable is non-refundable.

• Deposit: All students pay a deposit on acceptance of admission. South African students must pay a set deposit on admittance. International admitted students pay 50% of the annual fee as deposit. The deposit payable is non-refundable.

• Application fee: The application fee must accompany the application. The application fee is non-refundable.

• Fees for second and subsequent years of enrolment: These fees will be adjusted to make provision for annual price increases.

• Travel and accommodation: Students are responsible for their own travel and accommodation arrangements and costs.

• Fee changes: USB reserves the right to change the fees at any time.

Scholarships

Scholarships will be provided for a limited number of full-time students on a competitive basis. The scholarships are awarded for one year in the first instance, and are renewable based on performance.

Deadline for applications: 31 July each year

The dates of the two course-work blocks (two weeks each) during first year will be made available on the USB website at www.usb.ac/PhDDevFin.

• Block 1: Advanced Theory and Practice of Development Finance and Global Development Finance

• Block 2: Advanced Research Techniques

To apply for the PhD in Development Finance you must meet the following requirements:

• A good master’s degree in Development Finance, Economics, Finance or allied field

• A strong quantitative background.

• 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.

Support developing countriesin achieving their

Sustainable Development Goals

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How to applyFees

Financial and operational support

Financial support is available for registered PhD students on a competitive basis to assist them to:

• Present papers at appropriate academic conferences and workshops

• Participate in courses which offer relevant research

• Attend workshops hosted by organisations of which USB is a member, such as the EDAMBA Summer Research Academy.

• This support is not comprehensive and students are advised to budget for these activities.

• USB’s PhD students enjoy access to the business school’s services and facilities. These include:

o Online and physical access to Stellenbosch University’s library services o USB’s library (USBI) and the services of our on-campus librarians o Access to a shared office at USB, IT facilities and other support services o USB’s online learning platform where news and information regarding our PhD is distributed.

• USB is also eager to employ its PhD students to support the school’s teaching and learning activities where their qualifications are appropriate. Such activities include:

o Supervision of MBA and MPhil research assignments o Teaching on MBA, MPhil and Postgraduate Diploma and/or Executive Education courses o Research support activities o Academic administration.

Before you start

• You will be able to complete the form in steps without losing information.

• The online application form consists of various sections. In order to process to the next section, all the information in the current section must be completed and accepted by the information management system.

• The application process is the same for South African and international students.

• It is best to use Google Chrome as web browser when completing your application.

The application process

Go to www.USB.ac.za/apply and complete the online PhD in Development Finance application form by completing each of the following sections:

Section 1: Personal details

Section 2: Address details

Section 3: Work and studies

Section 4: Documentation. Here you need to upload the following supporting documentation:

• Proof of application fee payment

• Detailed CV (see below)

• Certified copies of degree certificates (which must include a transcript of the subjects)

• Motivational essay (see below)

• Proof of school-leaving mathematics results

• Copy of your ID (or passport for non-SA students)

• Marriage certificate (where the applicant’s new surname does not match that on the degree certificates).

Section 5: Payment of application fee

• Which bank details to use: Bank: Standard Bank; Type of account: cheque account; Account name: US Business School; Account number: 073003069; Branch name: Stellenbosch; Branch code: 050610; Beneficiary name: Stellenbosch University; SWIFT code: SBZAZAJJ.

• Where to send proof of payment: Please send proof of payment of your application fee to the cashier at payments@usb.ac.za.

Section 6: Status

Keep on learningThe World Economic Forum says

adaptability is one of the key competencies we need in a rapidly changing world. When we are adaptable, we can use new learning to challenge our thinking and change our

behaviour. USB’s programmes will help you unlock the skills you need to reinvent your

business and rebuild the economy.

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How to apply Research workshops aspreparation for your PhD

What happens next?

Your application can only be assessed by the selection panel, headed by USB’s head of Doctoral Programmes, if it is accompanied by all the appropriate supporting documents. The outcome of the selection process will be made known within 30 days or as soon as possible thereafter. (If your qualifications are not from a South African university and/or you are not a South African national, please allow more time for the processing of your application.)

Motivational essay

Write an essay of about 250 words to describe:

• Those academic and/or professional achievements that inform your aspiration to do a PhD and your particular research interest

• Your educational goals and professional aims

• Any information not evident from the rest of your application package which can assist the Admissions Committee to assess the value of your proposed research.

Curriculum vitae (CV)

Your CV must contain:

• Details of your studies to date

• Particulars of previous research experience, including any published articles and papers presented at conferences

• An overview of your activities after the completion of your master’s degree

• Two references who can be contacted to comment on your abilities and who can support your motivation for wanting to commence with PhD research.

• USB – Doctoral Research Training Programme: USB offers the annual 5-day Doctoral Research Training Programme (DRTP) for students to prepare themselves to write a PhD Proposal. The DRTP is applicable to PhD students in any field of study and from any university or business school.

• Stellenbosch University – African Doctoral Academy: The African Doctoral Academy (ADA) serves to coordinate and strengthen excellence in doctoral education at Stellenbosch University (SU) and across the African continent. The ADA’s bi- annual, two-week long Doctoral Schools take place every year in Summer (January) and Winter (June-July), and aim to offer high-impact research and methodology training, as well as options in academic preparedness and career development. The Schools are open to doctoral candidates, their supervisors and researchers in general. Please see http://www.sun.ac.za/english/SUInternational/ADA/home

Stellenbosch University: Library

• Various books are also available to assist those preparing for doctoral study and for proposal writing in particular. Stellenbosch University provides library access for provisional PhD students to assist them in their development of their initial proposal.

Other guidelines and resources

• These include Stellenbosch University’s Policies and Rules, and the Faculty of Economic and Management Sciences’ PhD Guidelines.

Services and facilities

USB’s PhD students enjoy access to the business school’s services and facilities. These include:

• Online and physical access to Stellenbosch University’s library services

• USB’s library (USBL) and the services of our on-campus librarians

• USB’s online learning platform where news and information regarding our PhD is distributed.

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PhD in Development Finance enquiries Telephone: +27 (0)21 918 4246 | PhD@usb.ac.za | www.usb.ac.za/PhDDevFin Carl Cronjé Drive, Bellville 7530, Cape Town, South Africa

Academic aspects of USB’s doctoral programme Head of PhD in Development Finance Dr Ashenafi Beyene Fanta E-mail: Ashenafi.Fanta@usb.ac.za

USB Careers Office Telephone: +27 (0)21 918 4187 | usb.Careers@usb.ac.za

International Affairs Office Telephone: +27 (0)21 918 4196 | international@usb.ac.za

USB Alumni Office Telephone: +27 (0)21 918 4212 | usbalumni@usb.ac.za

Office for West Africa, East Africa and Mauritius Prospective students from can contact USB’s representative for assistance with applications, transcripts and visas: Contact person: Marietjie van der Merwe Telephone: +230 52 91 85 84 E-mail: marie@globalnatives.com

Contact us

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University of StellenboschBusiness School

PGDip DevFin | MDevF | PhD DevFin+27 (0)21 918 4246

PGDDevFin@usb.ac.za | mdevf@usb.ac.za | PhDDevFin@usb.ac.zawww.usb.ac.za

Carl Cronjé Drive, Bellville, 7530, Cape Town, South Africa

Office for West Africa, East Africa and Mauritius

Prospective students can contact USB's representative for assistancewith applications, transcripts and visas:

Contact person: Marietjie van der MerweTelephone: +230 52 91 85 84

E-mail: marie@globalnatives.com

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