Accounting and Finance and Economics

Finance (International Banking and Finance) - MSc

2019

Gain a comprehensive framework of knowledge, insight and vision regarding the key issues in banking and finance, with emphasis on learning the regulation of the banking sector and the core functions in a financial system. The MSc in Finance (International Banking and Finance) pathway develops your cognitive, critical, intellectual and research skills, plus relevant personal and interpersonal skills to interest in the real world of business and finance.

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 programme provides a solid background in the principles and practices of financial institutions, markets and systems. You develop your knowledge, understanding and insight into how financial institutions and markets function in the economy and global financial system. 

The International Banking and Finance pathway enables you to gain employability skills that are necessary for working in top tier global financial institutions, international organisations, central banks, financial regulatory agencies and in similar highly specialised institutions.

The programme will be of particular interest to those wishing to build careers within the banking sector, including banks, building societies, specialised financial institutions and fund management, securities dealing firms, multinational companies, or to occupy roles in corporate financial management and independent financial advice.

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

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, 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

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15

This module aims to develop the ability to critically analyse and synthesise banking operations and strategy, examining banks' balance sheet operations with their need to balance liquidity, risk and return. The module also aims to enable an understanding of competitive strategies and the marketing of banking services and the implementation into the real business environment Theoretical models will be used to evaluate the rapidly evolving policy of retail, international and investment banking and to understand issues and problems related to banking operations and strategy in the context of contemporary challenges in the financial sectors like business ethics and sustainability of financial services.

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15

This module aims to develop the ability to critically analyse and synthesise banking operations and strategy, examining banks' balance sheet operations with their need to balance liquidity, risk and return. The module also aims to enable an understanding of competitive strategies and the marketing of banking services and the implementation into the real business environment. Theoretical models will be used to evaluate the rapidly evolving policy of retail, international and investment banking and to understand issues and problems related to banking operations and strategy in the context of contemporary challenges in the financial sectors like business ethics and sustainability of financial services.

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15

This module aims to develop the ability to analyse financial crises and bank regulation, examining the roots, consequences and remedies for the financial crises with the special emphasis on the current global financial crisis. The module also aims to understand the complexity of the financial crisis and the role of bank regulation.

The module will cover topics including the Financial Crisis, banking supervision and regulation, the Basle Accord, banking failures, rating agencies and Financial Crisis, the role of international financial institutions.

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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.

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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

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15

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

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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.

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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

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

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15

This module provides a general introduction to the use of Microsoft Excel in financial applications.

Indicative subjects are:

Excel Essentials

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)

Portfolio Optimization (building efficient frontiers; constrained optimization)

Derivatives Modelling in Excel

Advanced Modelling: VBA for Financial Applications

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15

• Bank Risk Management: Focuses for analysis

• Asset-Liability Management

• Treasury Target Operating Model and reporting line

• ALM trading and hedging principles

• Banking Book interest-rate risk management

• Derivation of the bank internal funding curve

• The Asset-Liability Committee (ALCO) ToR

• Liquidity risk management: principles and appetite

• Liquidity risk management: risk metrics and limits

• Liquidity risk management: optimum liabilities strategy

• Internal funds pricing and funding policies

• Liquidity reporting and stress testing

• Capital management

• Capital strategy

• Securitisation and balance sheet management

• Investor relations and credit ratings

The rationale and objective of the module:

The module is designed to be a practical real-world, and up-to-date, focus on key risk management aspects within banks. It provides latest knowledge on the field of study and develops relevant skills for students interested in specialising in Banking and Finance. Asset-liability management is the core discipline in banking, and one that must be mastered by every bank worldwide, irrespective of its operating model or product suite. Every bank in the world, bar none, possesses a Treasury desk that is responsible for managing the balance sheet asset-liability mix.

Students will gain understanding of current problems and new insights at the forefront of the bank risk management focuses, including latest approaches being introduced and new regulations being applied. The module includes analysis of underlying theories and related applications within the banking environment.

It is a practitioner-developed and practitioner-orientated programme of structured study that will enable students to develop an advanced-level understanding of the core process of banking, that of asset-liability management (ALM), capital and liquidity risk management. Students will be able to apply market standard techniques to measure ALM risks and formulate strategies for management of these risks at any bank.

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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.

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15

This module analyses the key financial decisions made by multinational companies (MNCs) and provides international perspectives to financial problems facing multinational corporations. It examines topical areas, such as international financial environment; international money and capital markets; analysis of foreign exchange risk exposure. It also covers the international monetary system, and the coordination of international economic policy.

Indicative topics are:

• Multinational Financial Management

• International Financial Markets

• Exchange Rate Determination

• Government Influence to Exchange Rates

• International Arbitrage and Interest Rate Parity

• Relationships among Inflation, Interest Rates, and Exchange Rates

• Forecasting Exchange Rates

• Measuring Exposure to Exchange Rate Fluctuations

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15

By applying appropriate research methods, students employ relevant finance techniques to evaluate a chosen company. Analysis about the company’s financial practices and performance is then drawn together and presented in a report format.

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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 project component and write a dissertation based on this, applying techniques and insights presented in the programme to a specific problem.

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 a knowledge and understanding of:

  • 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
  • The structure, operations and regulations in financial markets
  • Quantitative techniques applied to finance and banking practice

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 demonstrate an advanced understanding in the field of finance and banking

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

We are currently seeking recognition for the MSc in Finance (International Banking and Finance) programme from 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 (EFMD) 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) and The Chartered Institute of Logistics and Transport (CILT).

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: 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

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 Mohammad Hasan: Senior Lecturer in Finance

Financial economics, international finance, macro and monetary economics.

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Dr Ortenca Kume: Lecturer in Finance

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

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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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Dr Ekaterini Panopoulou: Reader in Finance

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

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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.

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Professor Radu Tunaru: Professor of Quantitative 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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Fees

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

Finance (International Banking and Finance) - 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: