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Postgraduate Courses 2017/18

Finance, Investment and Risk - MSc

Canterbury

Overview

The global financial sector offers numerous career opportunities for high-calibre students with good numerical skills and a thorough grasp of the principles and application of finance.

In addition, the recent developments in the financial sector have highlighted the importance of understanding and managing financial risk for those aiming for a career in the sector.

This flexible qualification opens up your career opportunities in investment banks, financial and management consultancies, auditing firms, risk management departments of financial institutions and government departments.

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

The programme provides 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.

Kent Centre for Finance

Our newly launched Centre for Finance draws on the expertise of leading academics from four of our highly rated academic schools: Kent Business School, the School of Economics, the School of Engineering and Digital Arts and the School of Mathematics, Statistics and Actuarial Science. Each of these schools has an outstanding reputation in terms of the quality of their teaching and research. This is further confirmed by their excellent ratings in independent surveys such as the RAE, the National Student Survey and the UK university league tables.

Funding opportunities

Kent Business School has a wide range of funding opportunities for postgraduate students, which include 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.

About Kent Business School

Kent Business School has over 25 years’ experience delivering business education. 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 are ranked as a top 30 UK business school for the standard of our teaching and student satisfaction. We also hold a number of accreditations by professional bodies.

Studying at Kent Business School (KBS) 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 60 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

The syllabus of the programme is in line with the Chartered Financial Analyst® (CFA®) professional qualifications.

For those students planning to take the CFA examinations, revision sessions for Level I and Level II examinations are provided. These sessions are taught by professional tutors with industry experience and are provided free of charge. The programme is currently seeking accreditation from relevant professional bodies such as the Chartered Institute for Securities & Investment (CISI). Exemption from the Institute and Faculty of Actuaries Core Technical subjects CT2, CT7 and CT8 are in place.

Modules

The following modules are indicative of those offered on this programme. This list is based on the current curriculum and may change year to year in response to new curriculum developments and innovation.  Most programmes will require you to 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.

CB8022 - Quantitative Methods (15 credits)

The module content will include:



• Statistical Concepts

• Probability Distributions

• Statistical Inference, Estimation and Hypothesis Testing

• Correlation, and General Dependence Measures

• Linear Regression

• Multiple Linear Regression

• Logistic Regression

• Monte Carlo Simulation

• Modelling in Excel

Credits: 15 credits (7.5 ECTS credits).

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MA826 - Finance & Financial Reporting (15 credits)

This module provides an introduction to the principles of corporate finance, financial reporting, the financial markets and financial institutions. It is intended for students of Finance and Actuarial Science. The syllabus introduces and develops the concepts and elements of corporate finance including a knowledge of the instruments used by companies to raise finance and manage financial risk. It introduces the concepts and techniques of financial accounting and enables students to understand and interpret critically financial reports of companies and financial institutions including financial statements used by pension funds and insurance companies. It also covers the basic techniques non financial organisations use to assess and manage their operational risk and the interaction between risk, return and financing costs.

Credits: 15 credits (7.5 ECTS credits).

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MA930 - Investment Analysis and Portfolio Management (30 credits)

This is a core module for the MSc in Finance, Investment and Risk. It introduces the fundamental principles of investment analysis and the theory and techniques of portfolio management, and covers the major issues currently of interest to investors.



The syllabus includes the following: Global investment environment, portfolio theory and practice, fixed income securities, security analysis, derivative securities analysis and derivative securities market, evaluation of asset management, applied portfolio management.

Credits: 30 credits (15 ECTS credits).

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MA931 - Financial Risk Management (30 credits)

This is a core module for the MSc in Finance, Investment and Risk. The module’s focus is on managing financial risk. It initially introduces the concepts of Enterprise Risk Management as well as risk assessment and strategies in an organisation. The modules will concentrate on the fundamental concepts and issues in identifying, measuring and controlling risk in a financial setting and the tools and techniques to measure and manage financial risk.



Syllabus: ERM concept and risk frameworks in regulatory environments, role of credit agencies; ERM process; financial services industry and risk of financial intermediation; risk categories and classification; risk management tools and techniques; measuring risk; managing risk.

Credits: 30 credits (15 ECTS credits).

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MA935 - Mathematics of Finance (15 credits)

The module covers mathematical techniques used in general areas of finance as well as in investment. Its focus is on the application of such techniques and mathematical models to quantitative finance.

The syllabus includes interest rates, time value of money, annuities, investment valuation, fixed income instruments, stochastic models for investment returns, modern portfolio theory and asset pricing, optimal consumption/portfolio strategies, and bond analysis.

Credits: 15 credits (7.5 ECTS credits).

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MA936 - Financial Modelling and Analysis (15 credits)

This modules has been designed in response to the industry's need for practitioners to be able to provide appropriate documentation including an audit trail and a summary of the modelling work undertaken.

The modules provides practice on a range of spreadsheet models used in finance, analysis of the results and scenario testing as well as documentation of the modelling work as practiced in industry.

Credits: 15 credits (7.5 ECTS credits).

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MA937 - Communications in Finance and Investment Writing (15 credits)

Effective communication in writing or in a presentation is as important in industry as are technical skills, whether in corporate and individual client facing roles, trading, publishing investment reports and providing summary report for the board. The module provides guidelines for good communication and practice in a variety of situations and to a variety of audiences. Students will learn to analyse, summarise, or present published reports or short and long reports that they themselves generate based on their knowledge in other finance subjects taught in the programme. The module will thus complete the students' skill set in the area of finance.

Credits: 15 credits (7.5 ECTS credits).

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MA938 - Fixed Income Analysis (15 credits)

In this module, valuation of fixed income or debt securities, and the risk involved in investing in these securities is presented and analysed. The course starts with simple bond and builds up to more complicated fixed income securities such as mortgage-backed and asset-backed securities often traded in the market. Throughout the module the theoretical concepts are combined with the application of the theory using extensive examples. Students will apply their knowledge of the theory using relevant software.



The syllabus includes the following: Different types of bonds and features of debt securities, Risk associated with investing in bonds, Overview of bond sectors and instruments, valuation of Bonds, Yield measures, Spot rates and Forward rates, Interest Rate Risk – The duration model – Convexity, Term structures and volatility of interest rates, Valuing bonds with embedded options

Mortgage-backed sector of the bond market, Asset-backed sector of the bond market, Valuing mortgage-backed and asset-backed securities.

Credits: 15 credits (7.5 ECTS credits).

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MA939 - Case Studies in Finance (15 credits)

There is no specific syllabus for this course. Students select from a range of case studies covering a variety of financial topics. The theoretical background for the case studies is covered in the MSc finance specialist subjects in the first two terms. Students use their knowledge of the theory and techniques of finance, to analyse and report on the selected cases. The emphasis is on application of the financial techniques using real life data, producing results and analysis and interpretation of the results for particular cases.

Students are introduced to the methodology to carry out case studies and learn how to write case study reports in the lectures.

Credits: 15 credits (7.5 ECTS credits).

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MA980 - Applied Financial Econometrics (15 credits)

In this module, econometric techniques and models relevant to finance are introduced with particular emphasis on the analysis of time series. The module’s focus is on application of econometric techniques to key models in finance in order to enhance understanding and the use of such models. Throughout the delivery, learning of the theory is reinforced by students learning to use specialist software and application to financial data. The syllabus includes:



Review of Linear Regression Model, properties, interpretation and application; comparison of regression models; Heteroscedasticity and Autocorrelation, Endogenous Regressors, Instrumental Variables and GMM; MLE; Univariate time series models, AR, MA, ARMA, ARCH and GARCH models. Multivariate time series models; Models with Nonstationary Variables, Vector autoregressive models, cointegration.

Credits: 15 credits (7.5 ECTS credits).

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MA933 - Contemporary Fund Management (15 credits)

This module introduces and further elaborates on the key steps in the investment management process from the client take-on through to performance evaluation, and considers complex current issues in Fund Management in the context of current professional practice.



The syllabus includes:

The security markets, risk, investment management processes, asset allocation, Multi-factor models, Behavioural finance, Hedge funds, Performance measurement, analysis of fund reports.

Credits: 15 credits (7.5 ECTS credits).

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MA835 - Portfolio Theory and Asset Pricing Models (15 credits)

An investor needs an assortment of tools in their toolkit to weigh up risk and return in alternative investment opportunities. This module introduces various measures of investment risk and optimal investment strategies using modern portfolio theory. Pricing of assets using the classical capital asset pricing model and arbitrage pricing theory are discussed. The theory of Brownian motion is used to analyse the behaviour of the lognormal model of asset prices, which is then compared with the auto-regressive Wilkie model of economic variables and asset prices. Principles of utility theory, behavioural finance and efficient market hypothesis provide the context from an investor's perspective. Outline syllabus includes: Measures of investment risk, Mean-Variance Portfolio Theory, Capital Asset Pricing Model, Arbitrage Pricing Theory, Brownian Motion, Lognormal Model, Wilkie Model, Utility Theory and Stochastic Dominance, Efficient Market Hypothesis and Behavioural Finance.



Marks on this module can count towards exemption from the professional examination CT8 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Credits: 15 credits (7.5 ECTS credits).

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MA837 - Mathematics of Financial Derivatives (15 credits)

This module introduces the main features of basic financial derivative contracts and develops pricing techniques. Principle of no-arbitrage, or absence of risk-free arbitrage opportunities, is applied to determine prices of derivative contracts, within the framework of binomial tree and geometric Brownian motion models. The interplay between pricing and hedging strategies, along with risk management principles, are emphasized to explain the mechanisms behind derivative instruments. Models of interest rate and credit risk are also discussed in this context.  Outline syllabus includes: An introduction to derivatives, binomial tree model, Black-Scholes option pricing formula, Greeks and derivative risk management, interest rate models, credit risk models.



Marks on this module can count towards exemption from the professional examination CT8 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Credits: 15 credits (7.5 ECTS credits).

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MA819 - Business Economics (15 credits)

The aim of this module is to introduce students to the core economic principles and how these could be used in a business environment to help decision making and behaviour. The coverage is aimed at giving a coherent coverage of the material suitable for students of finance, where understanding economic concepts and principles is important and also to enable the students to gain exemptions from the actuarial subject Business Economics. The syllabus coverage includes: 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.



Marks on this module can count towards exemption from the professional examination CT7 of the Institute and Faculty of Actuaries. Please see http://www.kent.ac.uk/casri/Accreditation/index.html for further details.

Credits: 15 credits (7.5 ECTS credits).

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Teaching and Assessment

Assessment is by a combination of coursework and written examinations.

Programme aims

This programme aims to:

  • provide you with the in-depth skills necessary to analyse and find solutions to problems arising in areas of finance, investment and risk
  • enable students who successfully complete the programme to follow careers in various areas of finance and investment
  • provide you with a fully grounded and integrated knowledge base in areas of corporate finance, investment analysis and risk management
  • develop your understanding, knowledge and awareness of the current problems that preoccupy academic researchers, financial institutions, regulatory bodies and governments
  • ensure you gain the necessary computing skills essential to the current professional practice.

Learning outcomes

Knowledge and understanding

You will gain knowledge and understanding of:

  • specific financial, mathematical, statistical or economic techniques at an advanced level, required to solve problems arising in all major areas of investment analysis, corporate finance, economics, financial statements analysis, portfolio management, financial instruments and risk management (including where appropriate international issues)
  • the theories of finance and risk and the complex techniques applicable to the solution of problems in some of the major areas of current practice in finance
  • complex current issues in financial markets.

Intellectual skills

You develop intellectual skills in:

  • the ability to demonstrate a high level of understanding of the main body of knowledge for the programme
  • the ability to demonstrate skill in calculation and manipulation of the material written within the programme
  • the ability to apply a range of concepts and principles in various contexts
  • the ability for logical argument
  • the ability to demonstrate skill in solving problems by various appropriate methods
  • the ability to work with relatively little guidance
  • the ability to analyse complex financial problems using structured approaches drawn from a range of quantitative  techniques, models and methods.

Subject-specific skills

You gain subject-specific skills in:

  • the specific mathematical and statistical techniques used in finance, and in their application to solving problems in finance, investment and related areas.
  • understanding the practical applications of the programme material in finance, investment and related areas.

Transferable skills

You will gain the following transferable skills:

  • communication: the ability to organise information clearly, respond to written sources, present information orally, adapt style for different audiences and use images as a communication tool
  • numeracy: make sense of statistical materials, integrate numerical and non-numerical information, understand the limits and potentialities of arguments based on quantitative information
  • information technology: produce written documents, undertake online research
  • improve your own learning: explore your personal strengths and weaknesses, time management, review your working environment (especially the student-staff relationship), develop specialist learning skills, develop autonomy in learning.
  • problem-solving: identify and define problems, explore alternative solutions and discriminate between them
  • working with others: define and review the work of others, work co-operatively on group tasks, understand how groups function
  • make sound judgements
  • make decisions in complex situations.

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.

A postgraduate qualification in the area of finance equips you with an impressive portfolio of skills, specialist knowledge and practical experience to help you succeed in a competitive job market.

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

The programme is currently seeking accreditation from relevant professional bodies such as the Chartered Institute for Securities & Investment (CISI). Exemption from the Institute and Faculty of Actuaries Core Technical subjects CT2, CT7 and CT8 are in place.

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 Nation's Principles for Responsible Management Education (PRME), which provides a global network for academic institutions to advance corporate sustainability and social responsibility.

Study support

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.

An international focus

Kent Business School has more than 60 internationally recognised academics from 22 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: 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.

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

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.

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.

General entry requirements

Please also see our general entry requirements.

English language entry requirements

For detailed information see our English language requirements web pages. 

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.

Profile

Dr Jaideep S Oberoi: Lecturer in Finance

Risk management and asset pricing.

Profile

Professor Paul J Sweeting: Professor of Actuarial Science

Enterprise risk management; longevity; pensions.

Profile

Dr Pradip Tapadar: Lecturer in Actuarial Science

Economic capital and financial risk management; genetics and insurance. 

Profile

Dr Huamao Wang: Lecturer in Finance

Portfolio choice under forecasted stock dynamics and transaction costs; momentum, mean reversion and reaction to the fundamentals of price returns.

Profile

Enquire or order a prospectus

MSc Finance Investment and Risk

Resources

Contacts

Admissions enquiries

T: +44 (0)1227 827272

E:information@kent.ac.uk

School website

Fees

The 2017/18 annual tuition fees for this programme are:

Finance Investment and Risk - MSc at Canterbury:
UK/EU Overseas
Full-time £10130 £16240

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

The University of Kent makes every effort to ensure that the information contained in its publicity materials is fair and accurate and to provide educational services as described. However, the courses, services and other matters may be subject to change. Full details of our terms and conditions can be found at: www.kent.ac.uk/termsandconditions.

*Where fees are regulated (such as by the Department of Business Innovation and Skills or Research Council UK) they will be increased up to the allowable level.

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