Finance, Investment and Risk - MSc

Are you looking to stretch your analytical ability and gain the practical skills needed to enter the competitive world of financial investment and risk?

This CFA and GARP accredited course equips our students with the transferable critical, cognitive and intellectual skills to secure high calibre roles in this specialised sector.

Overview

In this era of uncertainty and economic change, has there ever been a more pressing time to develop your successful investment and areas of financial risk?

As a Kent Business School postgraduate student studying Finance, Investment and Risk, be prepared to develop a solid understanding of the theories that underpin modern techniques in the competitive and ever-growing sector of investment and risk management.

You will learn the skills required to solve problems in investment analysis across a broad range of trading institutions, banks and other organisations and apply this critical knowledge practically. Through our Bloomberg Lab, a virtual trading platform, you can hit the ground running and take part in trading competitions and analysis of case studies using real world data.

You will learn from an internationally recognised team of finance and risk management leaders, at the forefront of research into new and evolving practices.

Our MSc Finance, Investment and Risk degree programme

Students who undertake our rigorous MSc learn up-to-date theories and practices in key finance, investment and risk disciplines including the essentials of risk management, global derivative markets, quantitative methods, portfolio management credit risk analytics and investment management.

On our programme you can also choose from a range of flexible options exploring areas including financial statement analysis, corporate government and ethics, the mathematics of finance, fixed income markets, econometrics, programming for finance in Python and financial institution management.

In the final stage of the course, you will strengthen your knowledge on a specific area of finance and risk management through a largescale research-led report.

Our graduates frequently go on to pursue successful careers in financial and investment risk in a wide range of coveted organisations from international banks, to large organisations and businesses.

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.

Gain a competitive edge: industrial placement

Industrial placements are the perfect way for you to enhance your career prospects and deepen your understanding of your specific area of expertise. You will have the opportunity to put taught skills into practise and develop a network of industry professionals.

With the option to undertake the programme with an industrial placement this course offers you the opportunity to gain work experience in the UK or overseas. Placements are self-sought and can range from an additional 12 to 50 weeks. This would extend the normal 12 month Masters programme to a maximum of 24 months.

The School offers support to those students seeking an industrial placement, through extra-curricular engagement with our dedicated placements team. Our dedicated placement team can help you gain a suitable paid position and provide support throughout your placement.

Students considering this option should be aware that they will be required to successfully complete all stage 1 modules and that there may be additional costs for students in terms of visa extensions, Immigration Health Surcharge (HIS) and accommodation, for example.

What’s next?

If you want to learn more visit the Kent website where you can register for open events, take a virtual tour and explore our world.

If you have any further questions regarding the course or the application process please contact kbsadmissions@kent.ac.uk

You can apply for this postgraduate course online. Before you apply please check our information on how to apply and the documentation required to process your application.

About Kent Business School

Our School is a leading Business School, accredited by The Association to Advance Collegiate Schools of Business (AACSB), which places us within the top institutions globally for business degrees, with only 5% of the world’s Business Schools attaining this accreditation.

Our programmes offer world-class business education enabling transformative learning experiences built around the School’s fundamental values of sustainable innovation and responsible management practice. Our students are at the heart of all considerations and through engaging teaching, world-class research, professional partnerships and an international community, we create an exciting atmosphere in which to learn and thrive.

All of our programmes at Kent Business School address the challenges of modern global business and we aim to meet industry demands of producing quality graduates by ensuring we unlock our students’ potential, expand their thinking and nurture their talent. 

Accreditation

GARP - Global Association of Risk Professionals

CFA Institute - Chartered Financial Analyst Institute.

Entry requirements

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. 

International students

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.

English language entry requirements

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. 

For detailed information see our English language requirements web pages. 

Need help with English?

Applicants who are required to meet an English language condition may be able to study a pre-sessional course in English for Academic Purposes through Kent International Pathways.

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Course structure

Duration: 1 year full-time

This flexible programme 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 programme is available with an optional industrial placement, which will require you to complete the Industrial Placement Report.

Modules

The following modules are indicative of those offered on this programme. This list is based on the current curriculum and may change year to year in response to new curriculum developments and innovation. Most programmes will require you to 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.

Compulsory modules currently include

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

Find out more about CB8011

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.

Main topics:

• 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.

Find out more about CB8016

This module provides a general introduction to the quantitative methods used in financial applications and topics may include:

Statistical concepts

Probability distributions

Statistical inference, estimation and hypothesis testing

Correlation, spurious correlation and general dependence measures

Linear regression

Multiple linear regression

Logistic regression

Monte Carlo simulation

Modelling in Excel

Find out more about CB8022

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.

Find out more about CB8030

Topics are:

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.

Default dependencies.

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.

Find out more about CB9074

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

Find out more about CB9117

Indicative topics are:

• Interest rates and discount factors

• Time value of money

• Level annuities, increasing annuities, and perpetuities.

• Valuation of investments, net present value, internal rates of return.

• Term structure of interest rates.

• Stochastic interest models for investment returns.

• Foreign currency investments.

• Modern portfolio theory and asset pricing.

• Optimal consumption / portfolio Strategies. Utility Maximization in discrete/continuous time. Utility indifference pricing and hedging. Market indices. Portfolio performance measurement. Bond analysis. Option pricing

models. Stochastic investment models.

Find out more about CB9121

Optional modules may include

The module will review the principles of financial economics in the form of approaches required to understand the value of risky assets. It will then provide the foundations for understanding and evaluating asset pricing models, using both equilibrium and no arbitrage approaches. Finally, it will introduce students to new developments in the field of asset pricing and the challenges that lie ahead for the discipline of financial economics.

Find out more about CB9118

The module provides the knowledge required to understand issues in corporate governance and business ethics. Indicative topics are as follows:

• Corporate governance

• Shareholder versus stakeholder view of the firm

• Board of directors

• Role of institutional investors

• Performance and renumeration

• Corporate purpose and corporate communications

• Ethics and corporate social responsibility

• Key ethical theories and practical ethical reflections

Find out more about CB9059

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

Find out more about CB8025

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.

Find out more about CB8020

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.

Find out more about CB8014

Compulsory modules currently include

Students select from a range of research topics or case studies covering a variety of financial subjects. Students use their knowledge of the theory and techniques of finance, to explore particular topics or

analyse selected cases. The emphasis is on application of the financial techniques using real life data, producing results and analysis and interpretation of the results. Students are introduced to the methodology to carry out research/case studies in the lectures. Students use relevant specialist computing software and specialist market data platforms.

Find out more about CB9116

Teaching and assessment

In the Governments recent Teaching Excellence Framework (TEF) assessment of teaching at UK universities, Kent was awarded a Gold rating. Based on the evidence available, the TEF panel judged that the University of Kent delivers consistently outstanding teaching, learning and outcomes for its students. It is of the highest quality found in the UK.

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.

Teaching

We use a variety of teaching methods, including:

  • lectures
  • small group seminars
  • group projects
  • presentations
  • expert speakers
  • company visits
  • computer-based workshops.

Classroom-based learning is supported by the latest online technologies and learning platforms.

Assessment

Your progress on this course is assessed through a variety of means, including:

  • written examinations
  • essays
  • presentations
  • reports
  • projects
  • computer based quizzes.

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.

Fees

The 2021/22 annual tuition fees for this programme are:

  • Home full-time £11100
  • EU full-time £15400
  • International full-time £20500

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 information@kent.ac.uk.

Your fee status

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.

Additional costs

General additional costs

Find out more about general additional costs that you may pay when studying at Kent. 

Funding

Search our scholarships finder for possible funding opportunities. You may find it helpful to look at both:

Chevening scholarships

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.

The Complete University Guide

In The Complete University Guide 2021, the University of Kent was ranked in the top 10 for research intensity. This is a measure of the proportion of staff involved in high-quality research in the university.

Please see the University League Tables 2021 for more information.

Complete University Guide Research Intensity

Independent rankings

In the Research Excellence Framework (REF) 2014, we were placed 25th (out of 101 institutions) in the UK for research intensity in business and management studies and 98% of our research was judged to be of international quality. The School’s environment was judged to be conducive to supporting the development of research of international excellence.

The School was also ranked 24th for its breadth and depth of research across the whole community of research active staff by the Association of Business Schools.

Research areas

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:

  • How can innovation that enables sustainable long-term economic growth be created and supported?
  • How can sustainable business practices improve environmental and social conditions?

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.

Research groups

Accounting

Specialising in public-sector critical accounting and accounting history.

Finance

Looking into a wide array of financial issues from derivatives pricing to real-estate modelling.

Management Science

Innovating in wide-ranging topics such as operational research and systems thinking.

Marketing

Studying issues surrounding consumer behaviours, product development and maintaining value supply chains among others.

 People, Management and Organisation

Specialising in improving human resource management, organisational behaviour and leadership.

 Strategy and International Business

Helping in the development of innovative business strategies for business all over the world.

 Research centres

 Centre for Logistics and Heuristic Optimisation

Helping companies to solve complex strategic, tactical and operational problems.

 Centre of Productivity and Workplace Performance

Contribute to the productivity debate and drive improvements at all levels; from the national economic output, to changes in the ways SME’s operate.

Centre for Quantitative Finance

Providing quantitative analysis of issues in the financial markets for businesses and policy makers.

TIME

Helping both academics and practitioners tackle the challenges emerging from the rapid development of new digital technologies

Dynamic publishing culture

Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: Critical Perspectives on AccountingQuantitative FinanceHuman Resource Management JournalJournal of Product Innovation ManagementEuropean Journal of Operational Research; and Psychology & Marketing.

Careers

Of Kent postgraduate students who responded to the most recent national survey of graduate destinations, over 97% were in work or further study within six months. (DLHE 2017)

Successful KBS graduates: graduate destinations

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:

  • Dolfin Group Wealth Management
  • NatWest
  • Huawei
  • US Bank
  • Caterpillar
  • Eurex

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.

Embedded employability: developing career-enhancing skills

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.

Ongoing support: help finding a job

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.

Professional recognition

Global Association of Risk Professionals

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

CFA Institute 

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.


Study support

A friendly and supportive environment

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.

State-of-the-art facilities

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.

Worldwide partnerships

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.

Global Skills Award

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.  

Apply now

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.

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Fax: +44 (0)1227 761187

Email: kbsadmissions@kent.ac.uk

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