Gain a comprehensive framework of knowledge, insight and vision regarding the key issues in finance and investment banking. The MSc in Finance (Finance, Investment and Risk) pathway develops your cognitive, critical, intellectual and research skills, plus relevant personal and interpersonal skills to interact in the real world of business and organisations.
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 website for entry requirements by country and other relevant information. Due to visa restrictions, international fee-paying students 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.
For detailed information see our English language requirements web pages.
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.
Duration: 1 year full-time
This programme provides the training required for the Bloomberg Certificate. You will have opportunities for practical work to be carried out in the Business School’s dedicated Bloomberg Lab. The virtual trading platform allows you to access and engage with market data through practical case studies and the use of online databases. In addition, you will be invited to take part in a programme-wide case competition, which will comprise a company analysis and will be judged by experts from the industry.
The course structure below provides a sample of the modules available for this programme. Most programmes require you to study a combination of compulsory and optional modules. You may also have the option to take ‘wild’ modules from other programmes offered by the University in order that you may explore other subject areas of interest to you or that may further enhance your employability.
The following modules are offered to our current students. This listing is based on the current curriculum and may change year to year in response to new curriculum developments and innovation:
The course may cover the following 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
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.
This module deals with the interpretation of financial statements, valuation models and implications of market based accounting research.
Indicative topics are:
- A framework for business analysis and valuation;
- Financial analysis/ratio analysis;
- Valuation theory and concepts;
- Quality of earnings;
- Security analysis;
- Credit analysis and financial distress prediction;
- Mergers and acquisitions.
The module provides an understanding of the ethics of cultural, economic, organisational and regulatory issues that arise in an international setting and of the diverse range of methods employed for ethical decision-making by multinational enterprises. Indicative topics are as follows:
- Ethical theories, limitations of ethical theories
- Ethics of self, national and global interest
- Cultural context based ethics
- Ethics of financial and taxation decision making
- Moral imperatives for global financial decisions
- Corporate social responsibility
- UN global compact principles in relation to human rights
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
Topics covered by the module are:
The Risk-Return Relationship
The Arbitrage Pricing Theory
Multifactor Asset Pricing Models
Mergers and Acquisitions
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.
Successful completion of the module will provide a solid base for the student wishing to pursue a career in financial firms, industries, government and international organizations as practitioners, researchers and decision makers. The students will have the knowledge of essential techniques of data analysis and research.
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.
The taught programme is assessed by a mixture of coursework assignments throughout the year, and by examinations in May and June.
The programme aims to:
You gain knowledge and understanding of the following areas:
You gain the following intellectual skills:
You gain the following subject-specific skills:
You gain the following transferable skills:
The 2020/21 annual tuition fees for this programme 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
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 Complete University Guide 2020, 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 2020 for more information.
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 activities at Kent Business School are broadly organised into six areas;
The Finance group addresses academically interesting and practical contemporary issues in finance and banking. Staff pursue research in several areas, including: derivatives pricing and risk management; financial econometrics; international banking; financial regulation; corporate finance; asset pricing and real-estate modelling.
For more information, see our Applied Research Centre:
Full details of staff research interests can be found on the School's website.
Financial engineering and financial derivative modelling, pricing, and forecasting.View Profile
Credit risk; Mutual fund performance; Behavioural finance; Capital structure.View Profile
Financial management; The role of management accounting in decision making; Structures of corporate finance; Financial markets.View Profile
Examining the behaviour of securities in the equity markets, analysing potential determinants of security price movements along with testing various pricing models.View Profile
Financial economics, international finance, macro and monetary economics.View Profile
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. Our finance programmes equip you with an impressive set of skills and specialist knowledge. In addition, inbuilt practical experience will help you succeed in a competitive job market.
This pathway is ideal preparation for a career within finance and investment, trading, financial analysis, fund management, banking, financial services, finance and financial consultancy.
Careers in finance continue to provide exceptional earning potential in the UK and globally; the very highest-paying job specialisms in the finance sector include structurer, trader, M&A and fund management (13 May 2016, City A.M.).
Students studying finance have an excellent track record for employment and are consistently targeted by leading organisations. Recent graduates are now working in top global companies including AXA, BNP Paribas, FactSet, HSBC, PwC, Santander, Thomson Reuters, USB Investment Bank, Western Power and Zurich Financial Services.
The programme is accredited by GARP (Global Association of Risk Professionals), which represents the best 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.
The syllabus of the programme is in line with the Chartered Financial Analyst® (CFA®) professional qualifications. We are currently seeking recognition for the MSc Finance (Finance, Investment and Risk) programme (formerly known as MSc in Finance, Investment and Risk ) from the CFA. The MSc in Finance, Investment and Risk had already obtained CFA recognition. For those students planning to take the CFA examinations, revision sessions (taught by professional tutors with industry experience ) for Level I and Level II examinations are provided.
Kent Business School is a member of the European Foundation for Management Development (EFMD) and the Chartered Association of Business Schools (CABS); and the Kent MBA is an Association of MBAs (AMBA) accredited programme.
In addition, KBS has accredited programmes with the following professional bodies:
KBS is a signatory of the United Nation's Principles for Responsible Management Education (PRME), which provides a global network for academic institutions to advance corporate sustainability and social responsibility.
Kent Business School (KBS) offers an optional 1½-week refresher quantitative skills workshop in Mathematics, Statistics and Excel, prior to the start of your main MSc programme. The workshop is offered at no extra tuition cost; however, students will need to make their own accommodation arrangements and register to attend via the online booking form.
The workshop will refresh your knowledge of the quantitative concepts and techniques needed for your Master's studies. It is organised as a series of short lectures and practical workshops, and you will have the opportunity to go through a series of theoretical and practical exercises with staff from the School. There will be no assessment at the end of the course.
If you have accepted a formal offer for this programme and you would like to attend the workshop, please register to secure your place.
Kent Business School occupies a purpose-designed building consisting of executive learning facilities with wireless provision throughout. Each postgraduate student is assigned a specific member of academic staff who acts as your first point of contact throughout your studies. There is a lively postgraduate community at the School, with plenty of space to relax and interact with your fellow students and our academic staff.
On the Canterbury Campus, Kent Business School recently moved into a new academic building, known as The Sibson Building, a vibrant new campus destination. This state-of-the-art building includes lecture theatres, seminar rooms, dedicated MBA, PhD and IT suites. These new learning and teaching spaces, as well as modern social and breakout areas, encapsulate Kent Business School’s academic values and identity.
New academic facilities and social spaces for Kent Business School at Medway have also recently opened. The Sail and Colour Loft features six seminar rooms, a group learning room, a computer suite, quiet study areas, student social spaces and a special reference collection of core text books. 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.We also offer excellent teaching facilities with tailor-made specialist resources.
Postgraduate students can access a range of specialist software packages used in quantitative analysis and in finance. Most academic schools have specific study areas for postgraduates and there is also a general postgraduate common room with work area.
Kent Business School has more than 40 internationally recognised academics from 23 different countries. Most of our teaching faculty are involved with researching the latest issues in business and management, working with organisations to provide new insight for business leaders and policymakers. Their knowledge and findings feed into the programmes to ensure they are both cutting-edge and globally relevant.
Kent Business School has close links with a number of European institutions including Neoma Business School, Jean Moulin University Lyon III and Rennes School of Business in France; EBS University of Business and Law, Germany; IE University, Madrid and LIUC Università Carlo Cattaneo in Italy. Our international partners include Hong Kong Baptist University where we offer dual Masters programmes in both Finance and Business Analytics; City University of Hong Kong; Renmin University of China and Universiti Teknologi, Malaysia.
Staff publish regularly and widely in journals, conference proceedings and books. Among others, they have recently contributed to: Applied Mathematical Finance; International Journal of Financial Economics and Econometrics; European Journal of Finance; Journal of Banking and Finance; International Journal of Theoretical and Applied Finance.
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.
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