Finance, Investment and Risk - MSc

Open Event - 23 February

Join our next Postgraduate Open Event on 23 February to find out why you belong at Kent. You can choose to visit us in-person, or attend virtually.

Do you hold strong numeracy and analytical skills and want to work in a fast-paced, lucrative area in the finance or consultancy industry?

Overview

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.

Reasons to study MSc Finance, Investment and Risk at Kent

What you’ll learn

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.

See the modules you’ll study

"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.


Entry requirements

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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.

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. 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.

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Course structure

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.

Modules

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.

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 BUSN8011

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 BUSN8016

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 BUSN8022

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 BUSN8030

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 BUSN9074

This module develops the necessary knowledge and skills for students to be able to successfully complete a business report/dissertation proposal. Topics are:

- Choosing a company for analysis/ the finance topic of interest

- Identifying suitable finance issues relevant to the chosen company

- Searching and reviewing the literature and Bloomberg

- Choosing suitable methods and approaches for analysing the chosen company

- Preparing the business report/dissertation proposal

- Structuring the business report/dissertation

Find out more about BUSN9078

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 BUSN9117

Optional modules may include

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 BUSN8014

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 BUSN8020

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 BUSN8025

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

• Regression

• Optimization

• Valuation and risk

• Derivatives

Find out more about BUSN9196

Compulsory modules currently include

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. Every student will be allocated a personal supervisor who will guide them through the process. As part of their project, students will generate an interesting and 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); banking and finance (MSc Banking and Finance); financial technology (MSc Financial Technology).

Find out more about BUSN9034

Teaching and assessment

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 2022/23 UK fees for this course are:

  • Home full-time £11400
  • EU full-time £15900
  • International full-time £21200

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.

We have a range of subject-specific awards and scholarships for academic, sporting and musical achievement.

Search scholarships

Research

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

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

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.

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.  

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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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