Do you hold strong numeracy and analytical skills and want to work in a fast-paced, lucrative area in the finance or consultancy industry?
Working in investment and risk means playing a crucial role in determining financial, safety and security risks and spotting investment opportunities for a business. It requires a detailed knowledge of the workings of enterprise and the ability to keep your cool in a pressured environment.
Study our CFA and GARP-accredited Master’s to gain a strong knowledge of financial, risk and investment management principles and techniques, and the confidence necessary to work the trading floor via our real-life simulator, The Bloomberg Lab alongside the option to take an exciting Industrial Placement.
You’ll be gaining knowledge and understanding of finance, investment and risk including modules on global derivative markets, investments and portfolio management, credit risk and quantitative analysis and data management methods. You will end your Master's with a detailed report where you can apply the knowledge and skills developed under the supervision of a fiancé expert supervisor and the option to apply this to a real business, through an In Company scheme.
"This course has a higher focus on the quantitative side of finance which is more desirable in today’s job market."
~ Matthew Adams, MSc Finance, Investment and Risk.
You are more than your grades
For 2022, in response to the challenges caused by Covid-19 we will consider applicants either holding or projected a 2:2. This response is part of our flexible approach to admissions whereby we consider each student and their personal circumstances. If you have any questions, please get in touch.
A minimum of a second-class UK degree, or an equivalent internationally recognised qualification, in finance, accounting, economics, business, mathematics, natural sciences or engineering related discipline.
All applicants are considered on an individual basis and additional qualifications, professional qualifications and relevant experience may also be taken into account when considering applications.
Please see our International Student website for entry requirements by country and other relevant information. Due to visa restrictions, students who require a student visa to study cannot study part-time unless undertaking a distance or blended-learning programme with no on-campus provision.
The University requires all non-native speakers of English to reach a minimum standard of proficiency in written and spoken English before beginning a postgraduate degree. Certain subjects require a higher level.
For detailed information see our English language requirements web pages.
Please note that if you are required to meet an English language condition, we offer a number of pre-sessional courses in English for Academic Purposes through Kent International Pathways.
Duration: 1 year full-time
This flexible course is studied over one year full-time and consists of seven compulsory and two optional modules in Stage 1 with Stage 2 consisting of a piece of finance-related research.
Stage 1 aims to provide you with the knowledge and understanding of finance, investment and risk including modules on global derivative markets, investment management and quantitative methods.
Stage 2 consists of one piece of finance-related research. This allows you to further develop your skills in finance, investment and risk theory whilst practically applying the knowledge and skills developed throughout Stage 1.
The MSc Finance, Investment and Risk course is available with an optional industrial placement, which will require you to complete the Industrial Placement Report.
The following modules are indicative of those offered. This list is based on the current curriculum and may change year to year in response to new curriculum developments and innovation. You may study a combination of compulsory and optional modules. You may also have the option to take modules from other programmes so that you may customise your programme and explore other subject areas that interest you.
This module covers key concepts related to financial risk management, especially market risk in financial institutions. It broadly addresses the rationale for practising risk management, followed by approaches to measuring and managing risk.
The course will cover the following indicative topics:
• Taxonomy of Risks
• Essential Financial Products
• Introduction to Regulation
• Modelling Portfolio Risk
• Market Risk and VAR
• Credit Risk
• Risk-Adjusted Performance Measures
Global derivative markets have exhibited spectacular growth in terms of volume of trading and use by both financial and non-financial institutions. Some of the world’s large institutions-Orange County, Baring, Metallgesellschaft, Negara, AIG, and Lehman Brothers have lost billions of dollars in the financial markets. Whilst national and international authorities have agonised over the regulation of derivative markets, it generated tremendous interest on the nature, operation, working mechanism and true significance of derivative products and markets in the financial system and the economy.
• Forwards: No arbitrage principle
• Futures: Marking-to-market, margins call and liquidity
• Swaps: Interest rate risk and measures for risk management
• Options: Arbitrage versus speculation, options trading strategies
• Credit Default Swaps: Selling protection or printing money
• Path Dependent Products
• Exotic Options
• Real-Estate and Subprime Loans: The bubbles that always burst
• Securitization Process and Asset-Backed Securities: Derivatives as weapons from mass destruction?
The module focuses on the principles and characteristics of the main derivative markets, products and instruments, such as Futures, Forward, Options, Swaps, Credit Default Products and Structured Products. It examines the role, significance and working mechanism of various derivatives products, their valuation method and the models underpinning the pricing and hedging of derivative instruments. The module will draw from the rapidly expanding body of academic and professional literature relating to derivatives and their applications in Financial Markets.
This module provides a general introduction to the quantitative methods used in financial applications and topics may include:
Statistical inference, estimation and hypothesis testing
Correlation, spurious correlation and general dependence measures
Multiple linear regression
Monte Carlo simulation
Modelling in Excel
This module assumes basic knowledge and understanding of risk-return relationship, portfolio theory, and CAPM. It considers the investment and portfolio management decision in more detail by first examining the asset allocation decision and investments in a global context. It then attempts to evaluate different types of securities (bonds and stocks) in which investments can be made using a three-step top-down approach consisting of macro- and micro-market analysis, industry analysis and finally, company analysis. It then critically examines different equity portfolio management and performance evaluation strategies.
Introduction of default risk concept and credit risk-related securities.
Credit rankings (internal and external rating) and the role of credit rating agencies, credit migration.
Default prediction and credit scoring models.
Credit risk portfolio models (risk-adjusted performance, stress-testing portfolio losses).
Corporate bonds and yield spreads.
Default risk pricing models (structural models and reduced-form models).
Market default models: (CreditRisk+, Credit Metrics™, KMV model).
Credit derivatives and credit risks of derivatives.
Indicative topics include:
• Overview of the Investment Industry
• Characteristics of debt securities and bond investment strategies
• Equity analysis
• Macroeconomic and industry analysis
• Equity valuation methods
• Equity portfolio management
• Hedge Funds
• Performance measurement
Employers are in search for individuals who possess logical thinking, analytical capability, leadership, communication and the ability to work under pressure. This module develops the necessary research knowledge and skills for students to be able to successfully complete a piece of research in industry or consultancy contexts or academia.
Indicative topics are:
• Choosing the topic of interest and literature review
• Research process and Ethics in in business research
• Choosing your research design
• Preparing the research proposal
• Communicating the Research
This is an IT-oriented hands-on applied econometrics/forecasting module on research methodology. This module focuses on the financial applications of statistical and econometric techniques to develop and implement tools for financial analysis and planning models. It is designed for the post-graduate students who are interested in familiarising themselves with the traditional regression techniques as well as the most recent and ongoing modern time-series econometric and forecasting techniques in order to apply them to test models/hypotheses/topical issues.
The module will develop students' understanding of corporate finance theory and its applications to the main problems faced by financial managers and corporate decision makers. The main topics that will be covered include corporate capital budgeting, investment decisions under uncertainty, cost of capital, sources of finance, capital structure, dividend policy and mergers and acquisitions (M&A) decisions.
This module provides a general introduction to various aspects of the fixed income market and its instruments. Indicative topics may include:
- The structure of fixed income markets, main instruments and pricing
- Introduction to the various types of interest rate curves, and interest rate arbitrage through the Law of One Price
- Modelling the term structure
- Interest rate risk: duration,-based measures of risk, the effect of convexity, multi-factor models and key rate durations
- Passive strategies, active strategies and liability-hedging through immunization
- Funding fixed income positions through the repo rate, liquidity risk and the practical limits to arbitrage
- Interest rate derivatives: forwards, futures and swaps
- Credit scoring, credit risk models, credit risk derivatives and their applications
This module will provide students with a core understanding of algorithmic trading, and specifically how to develop and implement quantitative trading strategies. The module will cover the following indicative topics
• High-frequency trading and tick data
• Backtesting and automated execution
• Mean reversion strategies
• Momentum strategies
• Arbitrage strategies
• Risk management
• Performance evaluation
This module will introduce students to Python, a programming language that has become the industry standard. Students will learn how to use Python in order to conduct financial and econometric analysis. Particular emphasis will be placed on programming for specific financial applications such as portfolio optimization, asset valuation, and derivatives pricing. Indicative topics include
• Data types and structures
• Input/output operations
• Data visualization
• Summary statistics
• Valuation and risk
This module will allow students to apply the knowledge and skills gained throughout the course in order to produce an extended independent piece of work in the Finance subject area. Every student will be allocated a personal supervisor who will guide them through the research and write up process. As part of their project, students will generate a relevant research question in finance, analyse the related financial literature, and conduct their own independent research into their topic. More specifically, students will research topics in the fields of finance (MSc Finance); finance, investment and risk (MSc Finance, Investment and Risk); finance and financial management (MSc Finance and Management);; financial technology (MSc Financial Technology).
Our enthusiastic team of international teaching staff are all experts in their field of study and are regularly published in leading journals worldwide. They guide and support your learning, bringing their subject to life and drawing you into the conversation.
We use a variety of teaching methods, including:
Classroom-based learning is supported by the latest online technologies and learning platforms.
Your progress on this course is assessed through a variety of means, including:
Students wishing to undertake the optional industrial placement will be required to successfully complete all stage 1 modules. The Industrial Placement is assessed by the completion of the Industrial Placement Report.
Industrial placements are the perfect way for you to enhance your career prospects and deepen your understanding of a specific area of expertise. This MSc programme is available with the option to take an in-company or self-employed industrial placement of up to 12 months (visa dependent), allowing you to gain work experience in the UK or overseas.
The 2022/23 annual tuition fees for this course are:
For details of when and how to pay fees and charges, please see our Student Finance Guide.
For students continuing on this programme fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.* If you are uncertain about your fee status please contact email@example.com.
The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying.
Find out more about general additional costs that you may pay when studying at Kent.
Search our scholarships finder for possible funding opportunities. You may find it helpful to look at both:
This programme attracts many applications from Chevening scholars. Chevening is the UK Government’s international awards scheme aimed at developing global leaders, and Kent is a Chevening partner.
For details of the funding available, see our Chevening Scholarships page.
In the Research Excellence Framework (REF) 2021, 80% of our research was deemed ‘world-leading’ or ‘internationally excellent’. The school’s environment was judged to be conducive to supporting the development of high calibre research.
Kent Business School is a research-led business school. Our research strategy is developed around the core theme of sustainable innovation which cuts across the entire School. This theme can be seen as being divided into two sub-strands of research aimed at answering these main questions:
Kent Business School advances knowledge through constant promotion and support of innovative research. We have an impact on wider society through extensive collaborations with external partners which range from other academic institutions to a variety of local, national and international businesses as well as the NHS. Within this wider context, our main strategic aim has been geared towards establishing ourselves as a leading institution for research in sustainable innovation.
Kent Business School is a global leader in research and develops a wide portfolio of research related activities including workshops, conferences and research seminar series. This has led to a large number of international collaborations and to over 200 co-authored papers with international partners.
Specialising in public-sector critical accounting and accounting history.
Looking into a wide array of financial issues from derivatives pricing to real-estate modelling.
Innovating in wide-ranging topics such as operational research and systems thinking.
Studying issues surrounding consumer behaviours, product development and maintaining value supply chains among others.
Specialising in improving human resource management, organisational behaviour and leadership.
Helping in the development of innovative business strategies for business all over the world.
Helping companies to solve complex strategic, tactical and operational problems.
Contribute to the productivity debate and drive improvements at all levels; from the national economic output, to changes in the ways SME’s operate.
Providing quantitative analysis of issues in the financial markets for businesses and policy makers.
Helping both academics and practitioners tackle the challenges emerging from the rapid development of new digital technologies
Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: Critical Perspectives on Accounting; Quantitative Finance; Human Resource Management Journal; Journal of Product Innovation Management; European Journal of Operational Research; and Psychology & Marketing.
Full details of staff research interests can be found on the School's website.
Our Finance and Investment Risk graduates find work in public and private sector both overseas and in the UK in a wide range of companies and organisations, including:
Many of our students also stay local and find job opportunities regionally in small and medium firms or even set-up their own businesses as well-equipped entrepreneurs.
You gain much more than an academic qualification when you graduate from Kent Business School – we enhance your student experience and accelerate your career prospects.
In today’s business climate employers are increasingly demanding more from new employees, we are therefore proud that they continually target our graduates for their organisations across the globe. Employers respect our robust teaching and reputation for delivering international business expertise, leading global research and an outstanding international learning experience.
From the moment you start with us, our efforts are focused on helping you gain the knowledge, skills and experience you need to thrive in an increasingly competitive workplace. Enhance your employability prospects by undertaking an Industrial Placement or opt for an In-Company Scheme to work on a real business case study. Go on our Business Start-up Journey and transform your idea into a business through ASPIRE.
Kent Business School has an excellent international reputation and good links with businesses locally and globally. Our qualified careers practitioners provide support to all business postgraduate students for up to three years after graduation.
In addition, Careers and Employability Service at the University provide a comprehensive package of skills development training programmes, careers advice, volunteering and paid work opportunities to enhance your career prospects.
This course is accredited by GARP – Global Association of Risk Professionals - the leading professional body in financial education around the world. Kent Business School works closely with GARP to ensure that our risk management course offering meets the latest global industry needs
It is also accredited by the CFA Institute - Chartered Financial Analyst Institute. The mission of CFA Institute is served by generating value for core investment management professionals and engaging with the core investment management industry to advance ethics, market integrity, and professional standards of practice.
Kent Business School has a lively and active postgraduate community, bought about in part by our strong research culture and by the close interaction between our staff and students. Staff publish regularly and widely in journals, conference proceedings and books and embed their research in their teaching.
Taught students have regular contact with their course and module conveners with staff on hand to answer any questions and to provide helpful and constructive feedback on submitted work.
The Business School has an active and inclusive extra-curricular academic and social scene with guest lectures, talks and workshops organised by our academic staff, research centres and the ASPIRE team. You can catch up with our most recent Open for Business minar Series.
The multi-award-winning Sibson Building is Kent Business School's home on our Canterbury campus. This vibrant, state-of-the-art structure includes lecture theatres, seminar rooms, dedicated MBA, PhD and IT suites as well as social and breakout areas to fully enhance your learning experience.
Kent’s libraries offer over a million books, periodicals and journals, and we have subject-specific librarians to help you secure access to the information you need.
Kent Business School has close links with: ifs (Institute of Financial Services); dunnhumby, who partners the Consumer Insight Service in the Centre for Value Chain Research; Hong Kong Baptist University, with whom we offer a joint Master’s programme in Operational Research and Finance Business Statistics; University of Castellanza (Italy); Audencia Nantes Business School (France); Aarhus School of Business and Social Sciences (Denmark); Universiti Teknologi Malaysia; University of Ingolstadt, Bayern (Germany); City University of Hong Kong; Renmin University of China, School of Business.
All students registered for a taught Master's programme are eligible to apply for a place on our Global Skills Award Programme. The programme is designed to broaden your understanding of global issues and current affairs as well as to develop personal skills which will enhance your employability.
Learn more about the applications process or begin your application by clicking on a link below.
Once started, you can save and return to your application at any time.