Accounting and Finance and Economics

Finance (Finance, Investment and Risk) - MSc

2019

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.

2019

Overview

In today’s competitive global environment, employers are increasingly selective in their search for competent business and finance professionals. Our Master’s in Finance programmes equip you with a solid background in financial principles and practices and help to cultivate your practical finance skills and real-world business knowledge.

This pathway has been specially designed to develop your practical finance skills and give you real-world business knowledge. It prepares you for a career in investment banks, financial and management consultancies, auditing firms, risk management departments of financial institutions and government departments.

You gain a sound understanding of the theories that underpin modern techniques in investment and risk management. The application of the theories is demonstrated in our finance lab with the aid of Bloomberg, via case studies and the use of online databases. Regular training sessions led by experienced Bloomberg trainers help you gain valuable practice in accessing and using market data. The Bloomberg platform also provides an opportunity for virtual trading practice and competitions.

Global Association of Risk Professionals

MSc Finance (Financial Markets) 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 programme is well established and attracts a substantial number of applications from over 20 countries each year. This international aspect enables you to gain a deeper and wider learning experience and to benefit from networking opportunities during your studies and after graduation.

In the 2015 Postgraduate Taught Experience Survey (PTES) the MSc in Finance Suite achieved a 97% student satisfaction rate, placing us in the top quarter of the UK Higher Education sector. PTES is a Higher Education Academy initiative and is carried out among 99 institutions. This result, coupled with our strong performance in the national league tables, underlines the strength of Finance programmes at Kent Business School and quality of our postgraduate teaching.

Quants workshop

Kent Business School offers an optional 1½-week refresher workshop in Mathematics, Statistics and Excel, prior to the start of this programme. See Study Support for full details.

Funding opportunities

Kent Business School has a wide range of funding opportunities for postgraduate students, which includes Scholarships, Bursaries and the Double Loyalty Scheme for progressing University of Kent undergraduates.

For more information on funding available from the University of Kent, please visit the Student Funding page.

Kent Business School (KBS)

With over 25 years’ experience delivering business education, Kent Business School (KBS) is ranked as a top 20 UK business school, both for the standard of our teaching and student satisfaction. Our portfolio of postgraduate programmes demonstrates the breadth and depth of our expertise. Academic research and links with global business inform our teaching, ensuring a curriculum that is relevant and current. We also hold a number of accreditations by professional bodies.

Studying at Kent Business School gives you the opportunity to increase your employability with real-life case studies, a student council and a business society. We have strong links to local and national organisations providing opportunities for projects, internships and graduate placements. The School attracts many high-profile speakers from industry and last year included visits and lectures from staff of the Bank of England, BAE Systems, Barclays, Lloyds Insurance, Cummins, Delphi and Kent County Council.

The School currently has 45 PhD students, who form a dynamic and close-knit research community.

National ratings

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.

Course structure

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.

Modules

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:

Modules may include Credits

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

Read more
15

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.

Read more
15

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

Read more
15

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.

Read more
15

Indicative 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.

Read more
15

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

Read more
15

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.

Read more
15

Indicative topics include:

* Measures of investment risk and the assumptions underlying the investment returns.

* Assumptions of mean-variance portfolio theory and its principal results.

* Utility functions, first and second order dominance, and calculations using commonly used utility functions to compare investment opportunities.

* Single and multifactor models of asset returns.

* The various forms of the Efficient Markets Hypothesis and the evidence for and against the hypothesis.

* Asset pricing models.

* Stochastic models of the behaviour of security prices and discuss the main theoretical and practical issues in setting up such models.

* Brownian motion (or Wiener Processes).

Read more
15

The module looks at the working of competitive markets, consumer demand and behaviour, product selection, marketing and advertising strategies, costs of production, production function, revenue and profit, profit maximisation under perfect competition and monopoly, imperfect competition, business strategy, the objectives of strategic management, firms' growth strategy, pricing strategies, government intervention, international trade, balance of payment and exchange rates, the role of money and interest rates in the economy, the level of business activity, unemployment, inflation, and macroeconomic policy.

Read more
15

This module deals with the interpretation of financial statements, valuation models and implications of market based accounting research.

Indicative topics are:

1. A framework for business analysis and valuation;

2. Financial analysis/ratio analysis;

3. Valuation theory and concepts;

4. Quality of earnings;

5. Security analysis;

6. Credit analysis and financial distress prediction;

7. Mergers and acquisitions.

Read more
15

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

Read more
15

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.

Read more
15

The indicative topics covered by the module are:

1. The Risk-Return Relationship

2. The Arbitrage Pricing Theory

3. Multifactor Asset Pricing Models

4. Dividend Policy

5. Mergers and Acquisitions

Read more
15

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.

Read more
15

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.

Read more
30

Teaching and Assessment

The taught programme is assessed by a mixture of coursework assignments throughout the year, and by examinations in May and June.

Programme aims

The programme aims to:

  • Develop students’ existing skills and knowledge and to provide students’ with an advanced conceptual understanding of the key issues in Finance/Financial Management
  • Provide students with the knowledge to be able to evaluate relevant literature critically
  • Provide students with a theoretical framework so as to understand, interpret and analyse key issues in finance
  • Provide students with knowledge of research methodologies adopted in empirical research
  • Provide students with the skills to test and evaluate theoretical models
  • Develop an appropriate range of cognitive, critical and intellectual skills, research skills and relevant personal and interpersonal skills
  • Provide preparation for and/or development of a career in the field of Finance/Financial Management by developing skills at a professional or equivalent level, or as preparation for research  or further study in the area
  • Add value to a first degree by developing in individuals an integrated and critical awareness and understanding in the field of financial services
  • Provide teaching and learning opportunities that are informed by high quality research and scholarships, from within the Kent Business School and elsewhere. Develop students’ ability to develop independent self-directed research

Learning outcomes

Knowledge and understanding

You gain knowledge and understanding of the following areas:

  • The advanced concepts and theory within the field of finance and their application to company’s financial decisions
  • The research methodologies to test and evaluate finance and economic models
  • Theoretical and practical aspects of key areas of finance
  • Up to date relevant empirical literature in the fields of finance
  • Financial, mathematical and economic techniques required to solve problems in investment analysis, corporate finance, portfolio management and risk management

Intellectual skills

You gain the following intellectual skills:

  • Critical thinking and creativity. Including the capability to identify assumptions, evaluate statements, and generalise appropriately
  • Ability to solve complex problems and make decisions
  • Ability to select, organise, develop and synthesise complex material
  • Analytical skills necessary for the analysis of problems and the identification of appropriate solutions
  • Ability to plan work and study independently and use relevant resources in a away which reflects best current practice and anticipated future practice
  • Plan, structure, and produce a dissertation, business report or project

Subject-specific skills

You gain the following subject-specific skills:

  • Ability to interpret financial data and perform quantitative analysis
  • Ability to interpret and evaluate the results obtained from quantitative analysis
  • Ability to apply theories to practical and theoretical problems
  • Ability to demonstrate problem solving skills
  • Ability to analyse important issues relevant for companies’ financial decisions
  • Ability to conduct research in Finance issues
  • Ability to apply mathematical, econometric and statistical analysis on financial data

Transferable skills

You gain the following transferable skills:

  • Development of numeracy and quantitative skills
  • Communication skills; listening, oral, and written communication using a range of media   
  • Effective use of communication and Information technology
  • Ability to undertake independent and self-managed learning
  • Capacity for self-development and continuous learning
  • Effective performance within a team environment and the ability to recognise and utilise others’ contributions in group processes

Careers

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.

Professional recognition

Global Association of Risk Professionals

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 (EMFD) and the Chartered Association of Business Schools (CABS); and the Kent MBA is an Association of MBAs (AMBA) accredited programme. In addition, KBS have accreditations with The Chartered Institute of Personnel and Development (CIPD), The Chartered Institute of Logistics and Transport (CILT) and The Chartered Institute of Marketing.

KBS is a signatory of the United Nations' Principles for Responsible Management Education (PRME), which provides a global network for academic institutions to advance corporate sustainability and social responsibility.

Study support

Quants workshop

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.

Full details and how to register.

Postgraduate resources

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.

An international focus

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.

Worldwide partnerships

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.

Dynamic publishing culture

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.

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.  

Entry requirements

Qualification requirements

Students who wish to apply for a higher degree should have a good honours degree from the UK (minimum 2:2) or equivalent internationally recognised qualifications in a finance, accounting, economics, business, mathematics or engineering related discipline.

Applicants without an honours degree may also be considered on the basis of work experience, professional qualifications and the relevance of the programme to their current professional role.

All applicants are considered on an individual basis and additional qualifications, professional qualifications and experience will 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 for your country.  Please note that international fee-paying students cannot undertake a part-time programme due to visa restrictions.

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. Certain subjects require a higher level.

For detailed information see our English language requirements web pages. 

Need help with English?

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.

Research areas

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:

Staff research interests

Full details of staff research interests can be found on the School's website.

Dr Antonis Alexandridis: Lecturer in Finance

Weather derivatives and weather risk management; derivatives modelling; pricing and forecasting; artificial intelligence and financial engineering; neural and wavelet networks; quantitative finance.

View Profile

Professor Radu Tunaru: Professor of Finance

Property derivatives; financial engineering; financial mathematics; MCMC applications in finance; statistical properties of risk measures; pricing and hedging of reverse mortgages; calibration of market price of risk with stochastic filtering methods; Markov Chain Monte Carlo Methods for risk management in asset-backed securities market; dependence modelling for portfolio analysis.

View Profile

Dr Ekaterini Panopoulou: Reader in Finance

Financial Econometrics, Time Series (Modelling and Forecasting), Financial Economics and International Finance

View Profile

Professor Roman Matousek: Professor of Banking and Finance

Financial Institutions and Services, Banks, Financial Crises, Ratings and Ratings Agencies, Regulation, Corporate Governance, Monetary Policy, Central Banking, and the Supply of Money and Credit.

View Profile

Dr Ortenca Kume: Lecturer in Finance

Credit risk; Mutual fund performance; Behavioural finance; Capital structure.

View Profile

Mrs Angela Ransley: Senior Lecturer in Finance and Financial Management

Financial management; The role of management accounting in decision making; Structures of corporate finance; Financial markets.

View Profile

Dr David Morelli: Senior Lecturer in Finance and Financial Management

Examining the behaviour of securities in the equity markets, analysing potential determinants of security price movements along with testing various pricing models. Integration of the global capital markets.

View Profile

Dr Mohammad Hasan: Senior Lecturer in Finance

Financial economics, international finance, macro and monetary economics.

View Profile

Dr Nikolaos Voukelatos: Lecturer in Finance

Econometrics; risk-neutral densities; efficiency of options markets; forecasting; conditional variance models.

View Profile

Fees

The 2019/20 annual tuition fees for this programme are:

Finance (Finance, Investment and Risk) - MSc at Canterbury:
UK/EU Overseas
Full-time £10480 £18400

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

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: