Accounting and Finance and Economics

Finance (Financial Markets) - MSc

2018

Gain a comprehensive framework of knowledge, insight and vision regarding the key issues in finance, and the financial function of organisations and operations. The MSc in Finance (Financial Markets) 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.

2018

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.

The Financial Markets pathway gives you the benefit of studying quantitative and non-quantitative modules that are relevant to core areas of industry including Investments, Risk Management, Derivatives and Hedge-Funds. You will be introduced to the latest academic techniques that can identify profitable opportunities in competitive financial markets.

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 two-week refresher workshop in Mathematics, Statistics and Excel, prior to the start of this programme. See Study support for full details.

Funding opportunities

The Business School has a wide range of funding opportunities for postgraduate students, which includes Scholarships, Bursaries, the Double Loyalty Scheme for University of Kent undergraduates and the KBS Early Bird Scheme. The Early Bird equates to a 10% discount on tuition fees.

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, 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

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.

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15

This module will cover the following topics:

• Investment Appraisal Techniques and Decisions

• Portfolio Theory

• The Capital Asset Pricing Model

• Stock Market Efficiency

• Sources of Finance

• Capital Structure

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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

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15

The course will 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

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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.

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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.

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15

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

• Choosing a company for analysis

• 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 proposal

• Structuring the business report

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15

Indicative topics are:

• Excel Essentials

- Excel Functions: important mathematical and statistical functions

- Useful Excel Tricks

- Data Analysis, Solver, Goal Seek

- Array functions; workings with rows and columns

- Financial applications:

o Portfolio analysis basics in Excel

o PCA Analysis of correlated financial systems

o Finding a bond yield with Solver

• Basic Financial Calculations with Excel (PV and FV, with applications to stock valuation; building loan tables)

• Essential Probability and Statistics with Excel

• Bond & Stock Analysis (bond pricing, duration and convexity, the yield curve, stock valuation using the DDM, DuPont Stock Analysis)

• Portfolio Optimization (building efficient frontiers; constrained optimization; performance measurement for active and passive strategies; the Black-Litterman approach)

• Derivatives Modelling in Excel (building swaps cash flow tables; spot-futures parity; options on various underlying assets: pricing, Greeks, implied volatility).

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15

This module examines the workings of financial markets and firms within their regulatory and legal context. Students will develop an appreciation of the interaction between company law, governance, legal engineering, financial engineering, modern financial intermediaries and the real economy. The implications of company law for corporate governance in financial firms will be developed. In parallel an understanding of regulatory policy development, implementation, supervision and enforcement by the regulator will be shaped. We will examine the nature and impact of ‘soft’ law and ‘hard’ law requirements in various international jurisdictions, and their significance in the aftermath of the global financial crisis. We will discuss implications of the Lamfalussy process, post-crisis legislation (such as Dodd-Frank) and the regulatory and legal changes that are currently evolving. We will also discuss the role of the Basel Committee, EBA, EIOPS and ESMA, national regulators (both in the developed and the developing world), sector regulators for banking, insurance, asset management and securities, the European Commission and others. Through these topics we will examine why and how financial firms should be regulated. Particular attention will be paid to current and proposed legal and regulatory requirements affecting banks, insurers, reinsurers, investment firms and asset managers globally as well as in Europe, the UK and the US.We will also study the relationships between regulators and senior management, compliance and risk management functions within financial firms. The interaction between risk, management, compliance, internal audit and the business will be examined through practical classroom exercises and interaction with practitioners.

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15

Fixed income markets account for a very significant part of the global financial system and are widely used by a diverse set of market participants. Fixed income markets are particularly important for governments and governmental agencies which, in contrast to corporations, can only raise external funds through bonds rather than equity.

The module focuses on the structure and the mechanics of fixed income markets. It explores the principles of valuing fixed income securities and derivative instruments. It also examines the construction of bond portfolios for investment and hedging purposes.

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15

This is an independent research module.

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45

Teaching and Assessment

The programme involves a taught and a project component. The taught programme is assessed by a mixture of coursework assignments throughout the year, and by examinations in May and June. Once these are completed, you work full time on the Business Report in Finance.

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 the following knowledge and understanding:

  • 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
  • Econometric and statistical methods applied to financial data
  • Quantitative techniques to the practice of 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 perform statistical and econometric analysis

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 with investment and commercial banks, insurance companies, specialised financial institutions, trading companies and financial management roles in other industries.

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.).

Our students have an excellent record for employment. Recent graduates are now working in top global companies including AXA, BNP Paribas, FactSet, HSBC, PwC, Santander, Thomson Reuters, USB Investment Bank and Zurich Financial Services.

Professional recognition

The  MSc Finance (Financial Markets) programme (formerly known as MSc Financial Markets) is recognised by the Global Association of Risk Professionals (GARP) and the Professional Risk Managers’ International Association (PRMIA) as PRMIA academic partner at programme level.

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 workshops

Kent Business School (KBS) offers an optional 2.5 - 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.

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.

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: Journal of International Financial Markets, Institutions and Money; International Journal of Finance & Economics; Journal of Banking and Finance; European Journal of Operational Research; Review of Quantitative Finance and Accounting; Journal of Economic Dynamics and Control; European Journal of Finance; Journal of Asset Management; International Review of Financial Analysis.

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

Students who wish to apply for a higher degree should have a good honours degree from the UK or equivalent internationally recognised qualification, in a relevant subject such as finance, accounting, economics, mathematics or engineering. Consideration will be given to those applicants holding a good second class honours degree.

Applications from students with a business studies background are also welcome.

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, and 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. 

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 Ekaterini Panopoulou: Reader in Finance

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

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Dr Mohammad Hasan: Senior Lecturer in Finance

Financial economics, international finance, macro and monetary economics.

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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.

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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.

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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.

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Dr Nikolaos Voukelatos: Lecturer in Finance

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

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Dr Ortenca Kume: Lecturer in Finance

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

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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.

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Izidin El Kalak: Lecturer in Finance

Credit Risk Modelling;  Financial Risk Management;  Hedge Funds;  Renewable Energy Investments

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Fees

The 2018/19 annual tuition fees for this programme are:

Finance (Financial Markets) - 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: