MSc Finance Timetable and Modules

Michaelmas Term	Hilary Term	Trinity Term
Corporate Finance Credit and Fixed Income Instruments Financial Econometrics Financial Statement Analysis Investment Theory	Alternative Investments International Finance Private Equity Sustainable Finance Treasury Management & Derivatives	Dissertation This project allows students to showcase the knowledge they have gained and enhance their career potential by specialising in a particular area

Michaelmas Term (September to December)

• Corporate Finance
• Credit and Fixed Income Analysis
• Financial Econometrics
• Financial Statement Analysis
• Investment Theory

Hilary Term (January to April)

• Alternative Investments
• International Finance
• Private Equity
• Sustainable Finance
• Treasury Management & Derivatives

Electives (Hilary Term)

• Alternative Investments
• Business Ethics
• Energy Finance and Trading
• Financial Markets and Institutions
• Fintech in Banking, Insurance & Asset Management
• International Finance
• Private Equity
• Sustainable Finance
• Trading Psychology and Behavioural Analysis
• Treasury Management & Derivatives

Module Descriptions

Corporate Finance (5 ECTS)

Every single business across every single industry in every single economy in the world is trying pull off the same simple but difficult trick; invest funds productively. Those businesses which can do this well, repeatedly, over time, will be successful and grow. Those businesses which cannot, will not flourish. This module will examine and study that trick from a number of different perspectives. Firstly, businesses must decide where to get money from (the capital structure decision). Then they must decide which assets to buy with that money and crucially, how much to pay for them (the capital allocation decision). Businesses need to then manage their assets to generate sufficient return to keep their capital providers happy (cost of capital and financial management). This module will also look at other concepts that are important to maximising firm or business value including corporate governance, working capital management, mergers and acquisitions and risk management.

Having successfully completed this module, the student should be able to:

• Evaluate the financial health of a company and analyse its capital structure.
• Understand working capital dynamics and the working capital cycle of a firm.
• Calculate the cost of capital for a firm and use financial models that incorporate the cost of capital for decision-making.
• Understand capital budgeting techniques and capital allocation decisions.
• Understand the intersection and interactions between capital markets and the firm.
• Critique the corporate governance structure of a firm and its impact on firm value.

Credit and Fixed Income Analysis (5 ECTS)

The aim of this programme is to provide students with the required knowledge in managing fixed income and credit instruments in investment portfolios. It encompasses the basics of the various debt vehicles, their valuation and how to use them. Respective derivative instruments and hedging practices are also covered. The course aims to provide a real-world understanding of how fixed income instruments are used and useful to society.

Having successfully completed this module, the student should be able to:

• Describe and differentiate the various types of fixed income instruments.
• Evaluate all types of bonds and assess the factors affecting their price.
• Manage and hedge a bond portfolio.
• Compare the various fixed income and credit derivatives.
• Analyse complex credit instruments, including CDS’s and CDO’s.

Financial Econometrics (5 ECTS)

The module is designed to enable students to understand a broad range of models and techniques within the field of financial econometrics. The course will explore the classical model, time series, choice models and panel data components. The module will be both applied and theoretical in nature and students will be exposed to the use of software and academic articles containing econometric output.

Having successfully completed this module, the student should be able to:

• Reflect upon the classical model, the selection of functional forms and the violations of the classical model.
• Demonstrate the ability to generate various econometric tests across the classical model, time series models and panel data models.
• Hypothesise on the meaning of econometric output from software.
• Interpret econometric output as contained in Journal.
• Demonstrate the role of econometrics in research.

Financial Statement Analysis (5 ECTS)

This module provides students with a comprehensive skill-set in financial statement analysis. It aims to aid decision-making in a wide range of contexts and is relevant for financial managers and external analysts. The module introduces the techniques required to analyse and interpret a company’s annual report, and includes a detailed review of the five main components of the annual report, the income statement, the balance sheet, the cashflow statement, the statement of changes in shareholders’ equity and the notes to the accounts. A key objective of the module is to enable students to better understand the basis of the company’s past performance and to form a reasoned assessment of its prospective future performance. 

Having successfully completed this module, the student should be able to:

• Independently assess and analyse the performance of an organisation by applying professional financial analysis techniques to real world financial statements and other relevant elements of the annual report.
• Provide an informed opinion regarding a company’s current and future financial position, including possible issues such as revenue recognition, inventory valuation and depreciation methods.
• Prepare and articulate financial accounts for analytical purposes, encompassing appropriate distinctions for operating and financial items.
• Formulate corporate valuations based on present value approaches, multiples and the liquidation approach.
• Conduct a credit analysis based on both fundamentals and statistical analysis.
• Describe and apply the critical financial accounting procedures pertaining to long-term liabilities, intercorporate investments and multinational operations.
• Report on firms’ environmental and social impact, and the impact of environmental and social issues on the firm, in line with international sustainability reporting standards and guidelines.

Investment Theory (5 ECTS)

The programme develops theoretical and applied foundations in investment theory relevant for both financial and business managers, investment managers, fund managers, analysts covering investment, financial markets and personal finance; and is designed as a prescribed course in the Masters of Finance.

The programme explores the basic foundations of investment choices, investors’ behaviour and underlying theoretical models of investment returns, and risks-returns interactions in broadly defined equity, real investment and fixed income investment markets.

The main objective of the programme is to introduce the students to a systematic model-based thinking about the financial markets, investors behaviour and assets performance.

Students will be requested to trade several times per week and keep reflective diary for a hypothetical portfolio. This is achieved by the StockTrak software, which is discussed in more detail below

Having successfully completed this module, the student should be able to:

• Identify, critically evaluate and synthesise in substantive theories, frameworks and models, both quantitative and qualitative, which are used in the investment/portfolio management.
• Communicate effectively in oral and written modes in professional settings.
• Use appropriate tools in analysing, solving and communicating a variety of problems in measuring investment performance with respect to various benchmarks and appropriately comprehend forces that support investment and portfolio decisions.
• Apply knowledge and understanding of the ethical dimensions of management and research in both the public and private sectors of society and to apply this knowledge effectively in management and research contexts.
• Demonstrate flexibility, adaptability and independence in order to engage productively with a changing social, cultural and technological environment.
• Make investment decisions by participating in an investment club and by trading on relevant simulation platforms.

Alternative Investments (5 ECTS)

Building upon the knowledge acquired in introductory corporate finance courses on stocks and bonds as the necessary tools of investments, this course goes a step further and introduces students to a range of alternative investments, such as hedge and private equity funds, real estate, commodities and a range of derivative instruments.

Having successfully completed this module, the student should be able to:

• Identify, critically evaluate and synthesise the substantive theories, frameworks and models, both quantitative and qualitative, that are used in the modern financial analysis.
• Select and justify approaches to identify, analyse and solve a variety of financial and finance related problems at corporate, business and functional levels and to relate these to the macroeconomic and political environment.
• Understand the ethical dimensions of financial management in both the public and private sectors of society and to apply this knowledge effectively in management and research contexts.
• Work effectively as an individual and in teams in multi-disciplinary and multi-cultural settings.
• Demonstrate flexibility, adaptability and independence in order to engage productively with a changing social, cultural and technological environment.
• Communicate effectively in oral and written modes in professional and academic settings.

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 (5 ECTS)

The module provides an emersion into the increasingly popular asset class of private equity including buyouts, growth and venture capital; we will also touch on the debt financing that enables these transactions and look at the emergence of private credit as an asset class. Students will be equipped with the tools used by analysts in private equity markets from both an investor and investment manager perspective. We’ll hear from guest speakers from some of the largest asset managers including Apollo, Blackstone and KKR.

Having successfully completed this module, the student should be able to:

• The move of capital into private markets: This section gives background to the growing trend of capital movement into private markets from their public market equivalents – the what, the why and the challenges. The topic will also include the basics of private market investing including the metrics, market segments, structures, funds v directs and primaries v secondaries.
• Current Trends across Buyout, Venture Capital and Private Debt: To ensure students have their finger on the pulse and can speak on up to date information to potential employers, we will look at the current environment and trends across the various markets including some data sources to stay up to date.
• Analysing Private Equity asset class from the eyes of an allocator: A deep dive into how investors/allocators look at private equity as an asset class and its role within an investment portfolio. We’ll look at areas including why include it, basic characteristics, portfolio construction, private equity investment strategies, and the challenges that the asset class face from investors.
• The setup of mechanisms of Private Equity Managers and their Funds: The module will focus on the difference between buyout and growth, fundraising variables for managers, the different components to a private equity fund’s platform, capital formation and valuation methods.
• Understanding Private Credit as an Asset Class and its role within Private Equity: The growth of private equity created what is now a popular asset class among investors – private credit. We look at private credit’s role of debt financing for buyout transactions and how the asset class of private credit has grown to the current day.
• Analysing Venture Capital asset class from the eyes of an allocator: A deep dive into how investors/allocators look at venture capital as an asset class and its role within an investment portfolio. We’ll look at areas including why include it, basic characteristics, portfolio construction, early-stage strategies, and the challenges that the asset class face from investors.
• The setup of mechanisms of Venture Capital Managers and their Funds: The module will focus on the difference between seed and pre-seed, fundraising variables for managers, the different components to a venture fund’s platform and underwriting framework.

Sustainable Finance (5 ECTS)

The module seeks to develop core understanding the main drivers of sustainable finance, investment in sustainable finance, the changing regulatory landscape in corporate reporting in emissions, and the growth of new industries and technology in the sustainable finance area.

The module covers best practise ESG investing, putting investing sustainably at the centre of developing investment strategy, in prioritising investments which mitigate climate change, and aid the transition to Net Zero by 2050.  The module examines the most efficient pathways to meeting legally binding carbon budgets and how both investors and corporations play a vital role in the execution of strategies to meet country specific climate commitments.  It will also examine the role of impact investing, green bonds, and responsible investing in investment strategy.

Having successfully completed this module, the student should be able to:

• Understand the key principles behind sustainable and ESG investing
• Utilise the foundations of the portfolio management process to build multi-asset portfolios as part of the overall asset allocation decision making process
• Understand the practical challenges which both institutional and individual investors face in managing sustainable investment portfolios to provide long term stable returns to meet long term liabilities,
• Design and evaluate strategies for managing institutional and individual wealth, while incorporating key ESG principles
• Evaluate and recommend the most suited wealth management strategy for a range of potential economic scenarios. Understand how economic conditions can impact investment returns and investment strategies
• Clearly understand the risks in implementation and execution of a wealth management strategy, how ESG investing impacts those risks, and how those risks can be minimised.         
• Recognise the critical importance of ESG factors when developing investment portfolios, with emphasis on assessing investments which mitigate climate change, and aid the transition to Net Zero by 2050.

Treasury Management & Derivatives (5 ECTS)

This module will explore the principles and practices of treasury management, with a focus on cash and liquidity management, financial and operational risk management and capital structure financing. Students will explore the vital role of treasury management in the organisation, learning the different structures for managing treasury and its importance in managing liquidity, financial, credit, operational, legal and regulatory risks.

Having successfully completed this module, the student should be able to:

• Understand the role of Treasury management within the broader context of corporate finance and how it operates for different types of organisations.
• Understand the principles and best practices in the development of treasury polices.
• Understand cash management including planning and optimisation along with how to develop cashflow forecasting and the management of working capital.
• Understand various types of treasury risks such as financial market, operational, legal and regulatory, credit counterparty and liquidity risks.
• Understand the theoretical foundations and practical applications of derivative instruments in financial markets.
• Understand and value several types of forwards, futures, options, swaps and other derivatives and their place in the financial markets.
• Understand how derivatives can be used to achieve various hedging strategies.
• Understand optimal capital structures, how to raise capital and deal with investors.
• Understand the rationale for a credit rating, the different agencies and the credit rating process and its determinants.
• Understand and analyse the key elements of Liquidity Risk including methods to measure and manages the liquidity risks focusing on certain sectors.

Business Ethics (5 ECTS)

This module aims to prepare students to understand, identify and shape the responsibility of businesses vis-à-vis society and the future generations. It seeks to help students to think critically about ethical issues that arise in the real business world and analyse the impact of business decisions on a variety of stakeholders. While there are no easy recipes for what corporations should and must do, our departing assumption is that learning to effectively manage ethical, social, and environmental issues can produce positive results for the manager, for the company, and for society at large.

The key themes in this course will revolve around moral decision making; stakeholder orientation; environment, social and governance dimensions and impact; and corporate social responsibility.

Having successfully completed this module, the student should be able to:

• Understand the critical role and fundamental concepts of business ethics including corporate sustainability and responsibility, stakeholder management and value creation.
• Develop innovative approaches to new and existing business problems. (i.e., solving ethical challenges through stakeholder-oriented, responsible management practices)
• Identify relevant business problems and opportunities including ethical, economic, social, environmental and political aspects of global business, and then employ appropriate methodologies to solve decision problems (i.e., tools and frameworks for ethical decision-making and problem-solving)
• Demonstrate effective fundamental professional oral and written communications skills through group presentations and class discussions.
• Work effectively in a diverse team environment to generate an appropriate solution for a real-world business problem through group projects as well as case studies in class.

Energy Finance and Trading (5 ECTS)

This module starts with an overview of energy finance and trading by first covering the current energy outlook, introduction to the oil and gas industry, and industry structure and terminology. After covering financial statement analysis of oil and gas companies, the module turns to capital budgeting and risk analysis of energy projects. In the remainder of the module, energy derivatives, energy risk management, and energy trading is discussed and applied to problems and situations.

Having successfully completed this module, the student should be able to:

• Discuss basic knowledge, terminology, industry structure, supply and demand issues, and related concepts about the “energy value chain”.
• Analyse the financial statements of oil and gas companies including energy ratio analysis.
• Conduct capital budgeting and risk analysis in the oil and gas industry.
• Describe strategies that energy firms apply during challenging times.
• Identify energy derivatives markets around the world.
• Apply energy risk management techniques.
• Investigate energy trading strategies in the industry.

Financial Markets and Institutions (5 ECTS)

In this module we will discuss the role of a well-functioning financial system. The main types of financial institutions and financial markets are described.  We will then cover the role of national and supranational financial institutions, and their involvement in recent events in financial markets. We will look at a number of financial crises that have occurred in recent decades, their causes and their effects.  We will then examine the role of regulation and the regulatory changes that have been implemented to attempt to prevent future crises.

Having successfully completed this module, the student should be able to:

• Understand the role of the financial system and its importance to a well-functioning economy.
• Describe the main financial assets and the markets in which they are traded.
• Understand the role of the main financial institutions and the purpose they are designed to serve.
• Describe some of the financial crises that have occurred, their causes and effects and the regulation that has been put in place to try to prevent future crises.

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.

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.

Dissertation (30 ECTS)

The objective of the project is to allow students to demonstrate and apply the techniques and knowledge acquired from the taught courses to a problem of real-world academic or managerial concern. To complete this module, which is worth 30 ECTS credits and is compulsory, students should:

• demonstrate that they have a good knowledge of the relevant literature on their chosen topic
• identify an interesting question associated with that topic and analyse this question using the techniques and tools learned, showing that they have a good grasp of the applicability of these techniques (statistical, numerical or theoretical);
• present the results of their analysis in a clear and convincing manner, within the word limit of no more than 12,000 words;
• show their ability to communicate their work to a broad audience via the creation of an executive summary which should be 1500 words or less and which should be in the form of an academic article or managerial report.