MSc Finance Curriculum
The programme is 90 ECTS, comprising 60 ECTS of taught modules and a 30 ECTS dissertation. Taught modules run across two terms: Michaelmas (September–December), with 6 core modules, and Hilary (January–April), with 12 electives. The final Trinity term (April–August) is dedicated to your dissertation. Assessment is through a blend of written examinations and continuous coursework.
| Module | ECTS |
|---|---|
| Corporate Finance | 5 |
| Credit and Fixed Income Instruments | 5 |
| Financial Econometrics | 5 |
| Financial Statement Analysis | 5 |
| Investment Theory | 5 |
| Quantitative Methods, Coding & AI in Finance | 10 |
| Dissertation | 30 |
Taught modules normally take place across Michaelmas and Hilary terms, with the final Trinity term dedicated to the dissertation or group consultancy project.
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September-December Michaelmas Term |
January-April Hilary Term |
May-August Trinity Term |
| Core |
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| Electives |
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Note: Modules offered each academic year are subject to change. The modules listed above and below are the modules and timetable for 2026/27.
Module Descriptions
Corporate Finance (5 ECTS)
Develop a strong foundation in the core principles of financial management and learn how finance drives strategic decision-making in organisations. Gain practical skills in investment appraisal, risk-return analysis, and value creation, while engaging with both theoretical frameworks and real-world financial practices.
How this fits your MSc journey: Equips you with essential financial literacy and decision-making skills that support leadership, strategy, and value creation across all areas of business.
Learning outcomes:
- Understand financial management fundamentals: Grasp the critical role of finance in organisational success and sustainability.
- Evaluate investment decisions: Apply key techniques to assess capital investments and guide financial strategy.
- Manage risk and return: Explore the balance between risk and return in corporate decision-making.
- Navigate financial markets: Understand stock market behaviour through alternative investment theories.
- Create corporate value: Examine how firms generate and maximise value in competitive environments.
Credit and Fixed Income Instruments (5 ECTS)
Understand how debt instruments are structured, valued and managed in investment portfolios. Progress from money-market securities and bonds to term-structure models, interest-rate risk, credit risk and fixed-income derivatives. With a strong real-world focus, you will learn how markets price debt, how portfolios are hedged and how fixed-income instruments support the allocation of capital across society.
How this fits your MSc journey: Build a core analytical foundation in debt markets that connects directly with valuation, risk management, derivatives and portfolio management.
Learning outcomes:
- Distinguish debt instruments: Compare money-market securities, fixed and floating-rate notes,bonds and embedded options.
- Apply market conventions: Explain cash flows, quotation,accrued interest and settlement practices.
- Value fixed-income assets: Price instruments from first principles and assess the determinants of yield and market value.
- Measure and hedge interest-rate risk: Use duration, convexity, basis-point value and spread duration at security and portfolio level.
- Evaluate derivatives: Compare futures, options, swaps and swaptions and assess their use in transferring risk.
- Analyse corporate credit risk: Apply ratings, failure-prediction and structural approaches to estimate default exposure.
Financial Econometrics (5 ECTS)
Use econometric methods to investigate financial data and research questions. Combine theory with practical software work as you explore the classical regression model, functional form, time series, choice models and panel data. You will learn to generate tests, diagnose model violations and interpret the econometric results reported by software and academic research.
How this fits your MSc journey: Strengthen the quantitative, technological and research capabilities needed to analyse evidence and solve complex financial problems.
Learning outcomes:
- Evaluate econometric models: Assess the classical model, functional-formchoices and potential model violations.
- Generate econometric tests: Apply appropriate procedures across classical, time-series and panel-data models.
- Interpret software output: Explain the meaning and implications of econometric estimates and diagnostics.
- Read financial research critically: Analyse econometric evidence presented in academic journal articles.
- Use econometrics in research: Design evidence-based approaches to financial questions and communicate the findings.
Financial Statement Analysis (5 ECTS)
Turn company reports into evidence for investment and managerial decisions. Learn how to analyse the income statement, balance sheet, cash-flow statement, shareholders' equity and notes to the accounts, while navigating current challenges in comparing corporate reporting. You will assess historical performance, form a reasoned view of future prospects and connect financial results with environmental and social impacts.
How this fits your MSc journey: Develop the professional analysis, valuation, credit and sustainability-reporting skills used by financial managers, equity analysts and lenders.
Learning outcomes:
- Assess organisational performance: Apply professional techniques to real financial statements and annual reports.
- Evaluate financial position: Analyse reporting choices such as revenue recognition, inventory valuation and depreciation.
- Reframe accounts for analysis: Distinguish operating and financing items to support informed interpretation.
- Value companies: Apply present-value, multiples and liquidation approaches.
- Conduct credit analysis: Combine fundamental and statistical evidence to assess credit worthiness.
- Interpret complex accounting: Analyse long-term liabilities, intercorporate investments and multinational operations.
- Evaluate sustainability reporting: Assess company impacts and risks using international environmental and social reporting guidance.
Investment Theory (5 ECTS)
Build a systematic, model-based understanding of financial markets, investor behaviour and asset performance. Explore investment choices and the relationship between risk and return across equity, fixed income and real assets. Through an investment club and regular simulated trading, you will apply portfolio theory, evaluate performance against benchmarks and reflect on the decisions shaping a hypothetical portfolio.
How this fits your MSc journey: Establish the investment and portfolio-management foundations that support later study in fixed income, alternative investments and asset valuation.
Learning outcomes:
- Evaluate investment theory: Critically assess the quantitative and qualitative frameworks used in portfolio management.
- Analyse portfolio performance: Use appropriate tools and benchmarks to measure returns and understand investment decisions.
- Make simulated investment decisions: Trade through an investment platform and reflect critically on portfolio choices.
- Apply ethical judgement: Recognise the ethical dimensions of investment management and financial research.
- Adapt to changing markets: Work independently and flexibly across evolving social, cultural and technological environments.
- Communicate professionally: Present investment analysis clearly in written and oral formats.
Quantitative Methods, Coding & AI in Finance (10 ECTS)
Gain real-world skills that top hedge funds value. Master Python, AI, and quantitative tools to tackle portfolio analytics, trading simulations, and risk modelling, just like the pros at Citadel and Millennium. Build a competitive edge with hands-on training in financial data and decision-making.
How this fits your MSc journey: Develops critical coding and analytical skills that prepare you for technical roles in finance and trading.
Having successfully completed this module, the student should be able to:
- Understand market structure: Grasp trade lifecycles, order types, and execution dynamics from both buy-side and sell-side perspectives.
- Apply quantitative techniques: Use return modelling, volatility analysis, VaR, and Monte Carlo simulations to analyse risk.
- Code for finance: Build practical coding fluency in Python using libraries like Pandas, NumPy, and Matplotlib.
- Use AI in analysis: Enhance portfolio insights through AI-driven modelling and real data applications.
- Simulate trading environments: Practice market making and pricing in realistic simulations used by global hedge funds.
Business Ethics (5 ECTS)
Explore the key debates shaping contemporary business ethics. You will examine the nature and scope of corporations, the moral obligations created by organisational structures, and the leading ethical perspectives used to assess decisions affecting individuals and groups. The module also considers emerging questions around artificial intelligence, including its wider social impact and its use in employment.
How this fits your MSc journey: Place financial and business decisions within their wider ethical, social and governance context. The module broadens your understanding of business beyond financial returns and strengthens the critical reasoning needed to evaluate corporate responsibility, stakeholder interests and the role of organisations in society.
Learning outcomes:
- Understand core ethical concepts: Explain corporate sustainability and responsibility, stakeholder management and value creation.
- Develop responsible solutions: Apply stakeholder-oriented management approaches to new and existing business challenges.
- Diagnose complex business issues: Identify ethical, economic, social, environmental and political dimensions and use appropriate decision-making frameworks.
- Think and communicate critically: Develop rigorous reading, writing and argumentation skills in relation to contemporary business ethics.
- Engage with difficult questions: Discuss challenging social and political issues productively and respectfully with peers.
Advanced Data Analysis (5 ECTS)
The ability to manage and analyse data is a powerful skill and one which is a prerequisite for many jobs in economic and financial fields. This module has been designed with two broad objectives in mind: (1) To enhance students’ state-of-the-art knowledge on advanced econometrics and application with a particular emphasis on a rapidly growing field of study – panel data analysis – which combines features of both cross-sectional and time series data within a single estimation framework. (2) To enrich students’ knowledge in terms of both theory and application on the study of panel data under alternative estimation environments and use inference to help decision-making.
Having successfully completed this module, the student should be able to:
- Demonstrate knowledge and understanding of econometric techniques used to analyse complex datasets, with a particular emphasis on panel and cross sectional data;
- Show competence in using an econometric software package;
- Undertake rich analysis of financial and economic data and interpret the statistical output;
- Evaluate model performance based on parametric, semi-parametric and non-parametric methods which would lend realistic approximations to complex financial and economic problems;
- Relate real life financial/economic data to strategic decision making.
Alternative Investments (5 ECTS)
Move beyond traditional stocks and bonds to explore hedge funds, private equity, real estate, commodities and derivative-based investments. Learn what distinguishes alternative assets, how investors access them and how they can contribute to portfolio allocation. You will assess performance, ethical considerations and the macroeconomic and market challenges facing alternative investment strategies.
How this fits your MSc journey: Broaden your investment analysis skills and understand how alternative assets can be evaluated and incorporated into diversified portfolios.
Learning outcomes:
- Characterise alternative assets: Explain how their structures, risks and return profiles differ from stocks and bonds.
- Evaluate routes to investment: Compare the vehicles through which investors access alternative markets.
- Integrate alternatives into portfolios: Assess their role within appropriate asset-allocation strategies.
- Measure performance responsibly: Apply relevant performance guidelines while recognising ethical dimensions.
- Analyse changing market conditions: Evaluate the macroeconomic and microeconomic challenges facing alternative-investment managers.
- Work and communicate effectively: Present analysis professionally through independent and collaborative work.
Energy Finance and Trading (5 ECTS)
Navigate the financial dynamics of global energy markets. Map the energy value chain and its participants, evaluate energy companies and examine how climate-related challenges affect their valuations. You will also explore energy derivatives, market views, trading strategies and hedging approaches in a sector shaped by transition, innovation and volatility.
How this fits your MSc journey: Develop sector-specific expertise that combines corporate valuation, commodity-market insight and practical financial-risk management.
Learning outcomes:
- Map the energy value chain: Explain the roles of producers, traders, utilities, consumers and other market participants.
- Value energy companies: Critically evaluate pricing methods and the impact of climate and market challenges.
- Address sector challenges: Identify financial and strategic risks and propose workable responses.
- Design trading strategies: Formulate positions that express informed views on energy markets.
- Recommend risk controls: Develop hedging and risk-management approaches for energy exposure.
Financial Markets and Institutions (5 ECTS)
Understand how financial markets, banks and central banks support economic activity and influence financial stability. Explore the structure of the financial system, analyse major crises and trace how shocks spread into the real economy. By evaluating policy responses and regulatory reforms, you will learn to identify systemic vulnerabilities and judge whether financial safeguards are fit for purpose.
How this fits your MSc journey: Build the financial-system knowledge needed to understand where risk originates, how it spreads and how institutions and regulators respond.
Learning outcomes:
- Understand financial systems: Explain how markets and institutions support economic activity.
- Assess crisis-management tools: Evaluate the policies and mechanisms used to manage financial risks and shocks.
- Analyse systemic failures: Identify the causes, transmission channels and consequences of major financial crises.
- Evaluate regulatory reform: Judge how effectively financial rules promote stability and reduce future vulnerabilities.
- Interpret central banking: Assess how central-bank functions influence markets, stability and economic performance.
Fintech in Banking, Insurance & Asset Management (5 ECTS)
This module explores the intersection of financial technology (FinTech) with the traditional domains of banking, insurance, and asset management. Over six sessions, students will be guided through the development of a FinTech product, gaining hands-on experience in ideation, wireframing, model development, customer research, and final presentation. This practical approach ensures that students not only understand the core concepts of FinTech but can also apply them to create innovative solutions that address real-world challenges in the financial risk industry.
Having successfully completed this module, the student should be able to:
- Identify and evaluate key trends and innovations in the FinTech space, particularly within banking, insurance, and asset management.
- Design and wireframe a FinTech product, integrating user experience principles and applied finance principles.
- Develop financial models using ML and GenAI technologies to support FinTech applications.
- Conduct customer research to align FinTech products with market needs and regulatory requirements.
- Present and defend a FinTech product concept, demonstrating its viability and potential impact on the financial industry.
- Reflect critically on the challenges and opportunities presented by FinTech, considering ethical implications and future trends.
International Finance (5 ECTS)
This module describes and analyses the operations of the main international financial institutions and markets, it demonstrates the essential elements of international risk management, and it provides practical examples of managing risk.
Having successfully completed this module, the student should be able to:
- Understand the evolution of the current international monetary systems and the role of the main international financial institutions.
- Critically appraise the extent to which the theories of exchange rate determination explain exchange rate movements in today's globalised economy;
- Compare, contrast and evaluate the main parity relationships in international finance;
- Understand the role of derivative instruments in managing international financial risk, and evaluate alternative approaches to international financial risk management within the firm;
- Assess global sustainability challenges and the role of international companies in achieving sustainable development objectives.
Private Equity & Venture Capital (5 ECTS)
Explore how private equity, venture capital and private credit finance businesses and reshape institutional portfolios. Follow the complete private-market investment lifecycle, including fundraising, fund structures, due diligence, valuation, portfolio management, governance and exit. Through contemporary cases and industry insight, you will evaluate opportunities from both the fund-manager and institutional-investor perspectives.
How this fits your MSc journey: Extend core finance and investment knowledge into private markets while building the analytical and governance skills required across investing, advisory and corporate-finance careers.
Learning outcomes:
- Understand private markets: Evaluate their evolution, economic role and relationship with global capital markets.
- Analyse investment structures: Assess strategies, fund lifecycles, GP and LP economics, leverage and performance measurement.
- Evaluate venture investments: Analyse funding stages, financing instruments and early-stage opportunities.
- Construct private-market portfolios: Apply manager selection, due diligence, liquidity planning, commitment pacing and diversification.
- Value illiquid assets: Use discounted cash flow, comparables, precedent transactions and venture-capital techniques critically.
- Assess governance and emerging issues: Examine conflicts, continuation funds, co-investments, democratisation, regulation and industry practice.
- Communicate investment recommendations: Present evidence-based analysis clearly through individual and collaborative work.
Sustainable Finance and Investment Management (10 ECTS)
Integrate sustainable finance with the practical management of investment portfolios. Explore ESG investing, regulation, climate commitments and emerging sustainable-finance solutions alongside asset allocation across equities, bonds and alternatives. Using live market analysis and economic outlooks, you will evaluate risk and return, construct multi-asset portfolios and design strategies for long-term wealth, liabilities and the transition to net zero.
How this fits your MSc journey: Connect modern portfolio management with sustainability, impact and climate considerations to support responsible investment decisions for institutions and individuals.
Learning outcomes:
- Understand sustainable investing: Critically assess the principles,drivers and challenges behind sustainability and ESG integration.
- Build multi-asset portfolios: Apply theportfolio-management process to asset-allocation decisions across traditional and alternative investments.
- Manage long-term objectives: Address the practical needs of institutional and individual investors seeking stable returns and liability coverage.
- Design sustainable wealth strategies: Incorporate ESG principles into investment and retirement-planning decisions.
- Respond to economic scenarios: Evaluate how changing market conditions affect returns,strategy and portfolio positioning.
- Manage execution risk: Assess implementation challenges andidentify ways to reduce investment and ESG-related risks.
- Support the net-zero transition: Prioritise investments that mitigate climate change and contribute to long-term climate commitments.
Trading Psychology and Behavioural Analysis (5 ECTS)
This module will, through practical application, highlight the realities of taking decisions of risk in today’s financial markets. Candidates will be connected directly to our Amplify Trading’s London trading floor as they research, analyse and strategize for each trading decision made. Students will be encouraged to explore the practical implications of contemporary financial market theory. As candidates take and manage decisions of risk in live market prices, core behavioural theory will be explored in relation to the variability of their trading performance.
Having successfully completed this module, the student should be able to:
- Understand the different objectives and pressures on buy-side and sell-side financial institution trading operations.
- Communicate with confidence how asset values have been impacted by behavioural factors in 2024/25.
- Appreciate your own strengths and weaknesses within different roles within the industry, helping to better align a career path to your skill sets.
- Understand through practice the impact of liquidity and volatility on market makers.
- Understand the importance of relationship management in order for an investment bank to facilitate client flow.
- Understand through practice the challenges facing portfolio managers when it comes to construction and managing a multi asset portfolio through major market volatility.
- Learn how to manage risk within an environment of uncertainty.
- Build and execute their own macro + technical trading strategies in live market prices.
- Appreciate the impact of technical levels on asset prices.
Derivatives (5 ECTS)
Learn how derivatives allow companies and investors to reshape exposure to interest rates, currencies, equities, commodities, inflation and other market risks. Examine forwards, futures, options and swaps, how they are valued and how they support hedging or speculative strategies. Real market cases and developments in machine learning connect pricing theory with contemporary practice.
How this fits your MSc journey: Develop the derivative-valuation and risk-management capabilities that complement investment theory, fixed income, treasury and alternative investments.
Learning outcomes:
- Understand derivative markets: Explain the purpose, structure and analytics of the principal derivative instruments.
- Value derivatives: Price forwards, futures, options, swaps and related contracts.
- Design risk strategies: Assess how derivatives can support hedging and informed speculative positions.
- Compare specialised products: Evaluate index and currency options, futures options, exotic options and other structures.
- Learn from market events: Critically analyse historical derivative cases and apply the lessons to current risk decisions.
Treasury Management (5 ECTS)
Understand how treasury supports liquidity, resilience and corporate value. Explore cash and working-capital management, forecasting, financial and operational risk, treasury policy, funding and capital-structure decisions. You will also examine credit ratings and how market, regulatory and organisational factors influence access to capital and the cost of debt.
How this fits your MSc journey: Apply finance theory to the day-to-day management of liquidity, funding, risk and investor relationships across different organisations.
Learning outcomes:
- Understand treasury's role: Explain how treasury operates within corporate finance across different organisational structures.
- Develop treasury policy: Apply sound principles and practices while aligning policy with corporate objectives.
- Manage cash and working capital: Plan liquidity, prepare cash-flow forecasts and identify opportunities for optimisation.
- Evaluate treasury risks: Assess financial-market, operational, legal, regulatory, counterparty and liquidity exposures.
- Optimise capital structure: Compare debt and equity choices and understand their effect on funding and investor relations.
- Assess credit ratings: Explain rating processes and evaluate the factors that influence borrowing costs and access to capital.
Dissertation (30 ECTS)
Undertake an independent research project that allows you to specialise in a contemporary area of finance. You will identify a focused research question, critically evaluate relevant academic literature, select and apply an appropriate methodology, and present evidence-based findings. The dissertation provides an opportunity to integrate the theories, analytical techniques and practical skills developed throughout the MSc Finance programme.
How this fits your MSc journey: Bring together your learning from across the programme and demonstrate your ability to investigate a complex financial issue independently, communicate rigorous analysis and develop specialist expertise aligned with your academic or career interests.
Learning outcomes:
- Evaluate financial research: Critically analyse and synthesise the literature surrounding a focused research question.
- Explain relevant theory: Demonstrate a clear understanding of the theoretical foundations underpinning the chosen topic.
- Apply appropriate methods: Select, justify and use suitable statistical, numerical, theoretical or qualitative research techniques.
- Analyse evidence rigorously: Interpret research findings and develop conclusions that follow logically from the analysis.
- Structure independent research: Organise relevant material into a coherent and professionally presented dissertation.
- Communicate findings effectively: Present complex research clearly to academic and broader audiences through a dissertation and executive summary.