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MSc Capital Markets, regulation and Compliance

Masters in Capital Markets, Regulation and Compliance

This practitioner-oriented Masters degree will provide you with a practical and theoretical foundation for a successful career in risk management, compliance, regulation and allied work streams within the financial services industry.

At a glance

  • Gain European and international insights by learning from and sharing ideas with finance & regulatory practitioners and respected academics
  • Engage with a range of critical and mainstream views
  • Stand out from the crowd when applying from jobs by develop your own unique and informed voice
  • Broaden your international exposure with practice-centred teaching attuned to the workplace through case-studies, simulations and interactive discussions
  • Benefit from specialist seminars and class interactions, giving you the opportunity to develop critical thinking skills and the ability to work with diverse groups
Level
Masters
Subject area(s)
Finance (ICMA Centre)
Award
MSc
Duration
9 months / 12 months
Attendance
Full-time
Locations
Whiteknights campus (Reading)
Programme Director
Deepa Govindarajan
Dr. Deepa Govindarajan Driver

In this Masters programme, skills are developed through creating a broader understanding of financial firm risk-taking, accountability and governance. The emphasis is on a deep analysis of mainstream and critical authorship. We will challenge current and past thinking on the role of financial institutions and markets. The programme particularly encourages you to examine regulatory structures and concepts in the context of recent and past financial crises.

You will build the skills and knowledge needed to gain an understanding of financial reform processes and their consequences for markets around the world. Rigorous classroom teaching coupled with extensive reading will provide you with a sound theoretical basis. An understanding of substantive legal issues is also developed.

Contributions by industry and regulatory experts will introduce you to the nuances of real world application of theoretical constructs. Practical case studies, current legal positions and interactive student discussions or presentations are used in most lectures. In addition legal, academic, practitioner and regulatory input is gained through specialist guest lectures and visits as per the ability of the year-group.

Key topics

Some key topics taught within this degree include:

  • The causes and consequences of risk-taking – an in-depth understanding of the financial crisis
  • Solvency II, Basel, UCITS, company law and corporate governance requirements
  • The roles, structure and responsibilities of key regulatory and supervisory bodies. This includes the Basel Committee on Banking Supervision, IAIS, IOSCO, European Systemic Risk Board, SEC, FINRA, UK FSA and its successors, Bank of England and other central banks, EBA, ESMA, EIOPA, BaFin, global, regional and national regulators.
  • Risk appetite and the role of the Board of Directors, Chief Risk Officer and Senior Management
  • How to build a risk management framework and a compliance plan
  • Rationales for regulation and optimal regulatory structures
  • Prudential and conduct of business controls
  • Stakeholders and the consequences of regulatory and governance failures

Expert contributors

As part of the course, you will be taught by experts and academics with a wide range of professional experience. This includes:

  • Dr Joerg Krause – Vice-Chair of the Supervisory Forum of the International Association of Insurance Supervisors (IAIS)
  • Ms Latha Balakrishnan – Former Director of Compliance at the British Business Bank
  • John Christensen – Co-founder of the Tax Justice Network

COVID-19 update

Part 1 Modules

Compulsory modules Credits

The module provides the economic framework for understanding the global financial system and financial markets, financial institutions, market players and the importance of liquidity and price efficiency. Participants will gain an understanding of the international stock and bond markets, ‘repo’ markets (for borrowing/ lending on a secured basis). The module also introduces foreign exchange, money markets and futures markets (which are developed in more detail in optional Part 2 modules) and also focuses on specific markets for commodity and energy.

Academic authors
Brian Scott Quinn
Emeritus Professor Brian Scott-Quinn
Alfonso Dufour
Dr Alfonso Dufour
20

Fixed Income and Equity Investments deals with the valuation of fixed income and equity securities. The module focuses on the basic characteristics of these securities and the strategies used for estimating their fundamental value and assessing their risk. Its primary aim is to discuss how certain characteristics and relationships can affect the value of fixed income and equity securities and how can they be exploited to form optimal investment strategies or for the purpose of conducting financial analysis. The analytical techniques introduced in this module are widely applied in other elements of the programme.

Academic authors
Miriam Marra
Dr Miriam Marra
Christos Mavis
20

The objective of the module is to provide an overview of econometrics and in particular the analytical techniques used in finance. Via case studies and computer modelling exercises, students then learn how to apply these techniques to real data. Emphasis is placed on practical applications of the techniques in the global financial markets.

10

This module provides an overview of the key building blocks in modern finance theory and introduces techniques for analysing and valuing different classes of risky assets such as equities and derivatives contracts. It also develops ways of optimally selecting portfolios of such assets and develops models of how these portfolios can be priced in financial markets. The techniques introduced in this module are widely applied in other elements of the programme. The module includes simulated trading sessions in our state of the art dealing rooms, where participants are introduced to real world pricing and trading strategies (INVEST sessions).

Academic authors
Nadia Kappou
Dr Konstantina Kappou
20

This module allows students to develop a meaningful understanding of financial intermediation, the consequent risks posed to, and by, financial intermediaries, and how these should be addressed.

Academic authors
Deepa Govindarajan
Dr. Deepa Govindarajan Driver
10

Part 2 Modules

Compulsory modules Credits

This course enables students to develop a deep practical understanding of the corporate governance and compliance challenges specific to financial intermediaries and how these should be addressed within regulated firms. Having understood the key risks posed by financial intermediaries in the first term, this module deals with the roles and responsibilities of those involved with managing and mitigating these risks.

Academic authors
Deepa Govindarajan
Dr. Deepa Govindarajan Driver
20

Please choose a minimum of 40 credits from the following modules:

Optional modules Credits

Financial theories have traditionally assumed that rational, risk-averse investors trade in efficient and free-flowing asset markets. Academic research and practitioner experience have cast doubt on this paradigm, instead proposing that investors may not be utility maximisers, and that there may be impediments to the functioning of markets. This module will describe recent developments in the application of principles drawn from psychology to financial issues.

This course is positioned in the cross-section of Finance and Psychology. It provides an alternative framework to that of traditional neo-classical finance principles in explaining market behaviour and interpreting stylised characteristics. A variety of psychological principles and well-established cognitive biases are examined and connections are made with the influence they have on the investment (and corporate) decision making process. Market anomalies and puzzles are interpreted based on these connections.

Academic authors
Ioannis Oikonomou
Dr Ioannis Oikonomou
20

The objective of the module is to introduce students to the concept of corporate governance, to explain how governance varies around the world and to explore the potential and actual relationships between corporate governance and performance.

The module aims to expose students to the key concepts in the theory corporate governance, to explore how corporate governance varies around the world and to explore the potential and actual relationships between corporate governance mechanisms and accountability to a range of stakeholders.

Academic authors
Deepa Govindarajan
Dr. Deepa Govindarajan Driver
20

This module provides an overview of the purpose and operation of financial regulation, and the consequences of financial sector reform for different markets, including those of the students’ home country. The module aims to deliver a broad insight into the key challenges for financial regulation particularly in the light of changes to the financial architecture in the aftermath of the global financial crisis of 2007.

Academic authors
Deepa Govindarajan
Dr. Deepa Govindarajan Driver
20

Students on 9-month (12-month) programme please choose up to 40 (20) credits from the following modules:

Optional modules Credits

This course will deepen students’ understanding of published Financial Statements. It highlights how the choices made when preparing Financial Statements can impact upon reported company performance and position and thus investment decisions.

The primary aim of this course is to deepen students’ understanding of published Financial Statements and how the choices made when preparing Financial Statements can impact upon reported company performance and position and thus investment decisions.

Academic authors
Linda Arch
Dr Linda Arch
10

Bond and Money Markets explores the economic drivers and relationships between bond, money markets and central bank monetary policies. The module offers students the opportunity to gain an understanding of how these connections affect funding liquidity management, trading strategies and the challenges faced by practitioners as well as regulators/policy makers. The course also covers the overall functions, structure and operation of the money market.

The main aims of the module are to provide the tools for understanding the functioning of money markets, their connection with bond markets and central bank interventions, the fundamental determinants of interest rate markets and the commonly used trading strategies.

Academic authors
Sangiorgi Ivan 204
Dr Ivan Sangiorgi
20

The main aim of the course is to provide a rigorous grounding of the theory and practice of corporate finance and more specifically the long-term financial management decisions of the firm pertaining to investments, financing and payout and how they affect its value. It deals with how corporations are governed, their financing structures, payout policies, the processes involved in the issuance of public and private equity, as well growing through inorganic investment (mergers and acquisitions).

This course also deals with advanced financial analysis and enterprise valuation methods employed by financial advisors/investment banks as part of providing advice to corporations.

Students on this course take part in a bespoke investment banking pitch-book simulation challenge whereby they work with their team to produce a real life pitch-book including financial analysis on a real transaction as part of assessing the company’s strategic alternatives. In addition to lectures and case study based seminars the module also includes a 2-day financial modelling and valuation training by Financial Edge, the company responsible for training the analysts of the top-3 investment banks.

Academic authors
George Alexandridis
Professor George Alexandridis
20

The module objective is to give students a practical working knowledge of the pricing, hedging and trading of derivative securities, in particular options, via the use of trading simulations and pricing case studies/software. The emphasis of the module is on practical application and it is expected that by the end of the module students will understand and be able to analyse the time/risk dynamics of derivatives in a trading environment. Trading sessions are delivered in our state-of-the-art dealing rooms and utilising our bespoke trading simulation software ICTrader, offering exposure into real trading environment and the price formation process. Students will learn how to “think on their feet”, an essential skill in the investment banking industry.

Academic authors
Michael smith
Dr Michael Smith
20

Fixed Income Cash and Derivative Markets applies more advanced valuation and risk assessment methods that build on the knowledge introduced in the fixed income component of the first term Fixed Income and Equity Investments module: It describes the basic characteristics of fixed income derivatives, structured products and credit sensitive securities and develops practical strategies for valuation and risk assessment. It also considers how the markets for these securities are related and begins the task of showing how these relationships can be exploited for trading or investment. The module is designed not only for students wanting a more advanced knowledge of the fixed income markets, but also for students wishing to take the exam for the ICMA Fixed Income Certificate (ICMA FIC)

Academic authors
Gail Rolland
20

The module aims to build on the techniques for portfolio selection that have been introduced in the Securities, Futures and Options module. The module examines the issues involved in understanding the investment market, constructing a competitive investment portfolio (of an active, passive or smart beta style), evaluating the performance of that portfolio, and adjusting its composition through time. It will also consider issues revolving around the management of risk. The compulsory, practical project of the course will provide students with hands-on experience in constructing and managing a realistic investment portfolio.

20

The objective is to introduce the students to programming and its usage for data processing and finance. It deals with how to write programming code, process files, receive input and provide output. Students who complete this course will be able to write programming code in Python, process files, input, output and manage data. Furthermore, students will be able to read and write to Excel and CSV files, connect to databases, obtain and process data from the Web, as well as use Python for Finance and Econometrics applications.

10

The aim of the research project is to allow students to define and execute a piece of research in finance on a topic of their choice, with direction from an academic supervisor and with assistance from a doctoral student support supervisor.

The self-directed nature of study for this model should encourage students to be resourceful in their search for relevant literature and data, and to manage the various stages involved effectively, leading to timely submission of the finished piece.

Academic authors
Charles Sutcliffe
Professor Charles Sutcliffe
20

In this course you will learn how big data techniques can be used to solve problems in finance. We will first explore issues related to the collection, organisation and visualisation of large sets of structured and unstructured data. We will then look at methods for storage and computation of big data sets by distributed computing (Hadoop). The module will also explore the use of cloud computing platforms with a focus on the Google Cloud Platform (GCP).

The course focuses on (1) issues facing big data handling (2) retrieval, organisation and cleaning of structured and unstructured data (3) a high level description of a system for the distributed storage and processing of big data (Hadoop) (4) cloud computing with a focus on the Google Cloud Platform (5) finance applications.

Academic authors
Mr Mininder Sethi
10

Part 3 Modules (12-month only)

Students on the 12-months programme should take 20 credits from the following:

Optional modules Credits

This module is designed for advanced Master’s students and doctoral students. It has a very high technical content. It aims to equip the students with the foundations of theoretical asset pricing and with the relevant skills for performing empirical tests. Additionally, a few important corporate finance topics will be covered in the format of student presentations. The objective of the module is to prepare students to become independent and quality researchers.

Academic authors
Marcel Prokopczuk
Professor Marcel Prokopczuk
20

This course aims to provide students with an understanding of financial decision making in the context of the energy industry. The course will combine theoretical models with practical applications. It focuses on energy markets (products, companies, production and consumption), capital budgeting in energy companies, financing of energy companies, energy derivatives and trading in energy markets. A number of case studies in energy finances are utilised.

Academic authors
Marcel Prokopczuk
Professor Marcel Prokopczuk
20

The module is less quantitative option open to all MSc students that builds on the coverage of futures contracts from term 1. By the end of the module it is expected that students will be aware of the different ways of constructing stock market indices and the implications of these differences, how futures contracts are traded and the identity of some of the close substitutes for trading index futures, how futures can be priced using an arbitrage relationship, how futures can be used for hedging the price risk of the underlying, and the various uses that fund managers make of these instruments.

Academic authors
Charles Sutcliffe
Professor Charles Sutcliffe
20

This module gives students the opportunity to pursue a work placement with an external organisation broadly related to the general sphere of their degree studies. The aim of the module is to allow participants to gain work experience in a career path of interest, develop a wide range of employability skills, build their network and enhance market awareness. The maximum duration of the placement is 3 months and it takes place during the summer vacation period (June-August). Placements should be secured by students independently. The Centre’s career development office can support students in their search and application process. Placements secured by students are subject to the approval of the module convenor. The module is assessed by a 3,000-word project based on the work experience gained.

Academic authors
Michael smith
Dr Michael Smith
20

The module or course content descriptions set out on this page are correct for those being taught in the current academic year. Modules or course content marked as optional are indicative and may be subject to change.

Our master's in finance courses are available only on a full-time basis with the option of studying for 9 or 12 months.

Learning options

Full-time: 9 months
Full-time: 12 months
Students will be resident and undertake full-time study in the UK. Under both, the 9 and 12-month programmes students take compulsory and/or elective modules in Part 2.
The 12 month option involves taking an elective 20 credit module between July and August, which would also mean a 20 credit reduction in the number of taught modules taken in the spring term.

Course structure

October – December:Part 1 Autumn Term
January:Part 1 Exams. Please note that the January Exams will start 1 week before the official start of the Spring Term.
January-April:Part 2 Spring Term
May – June:Part 2 Exams
June – August (12 month programme only):Part 3
August/Sep (12 month programme only):Part 3 Coursework deadlines

How can Henley Careers work with you?

Here at Henley we have an award-winning careers team here to support you through your time here and four years after graduating from us.

Here is how Henley Careers can help you:

  • Careers Consultant appointments - Our Careers Consultant are here to help and support you with any careers related concern that you might have. Whether it’s advice on your CV, practicing for an interview, looking at possible reasons why applications aren't being successful or support planning your career goals, we’re here to help empower you to progress in your career.
  • Events - Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for, network with employers and expand your industry knowledge.
  • Alumni support - You can continue to book one-to-one appointments with your Careers Consultant and use our online resources for up to four years after you graduate to get help and support in your career.
  • Career Smart - Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK, where to look and how to start applying to jobs, and the different types of roles available to you.

For more information please see our Careers page.

Continuing your career

The financial services sector has an ever-expanding need for graduates trained in the fundamentals of compliance, governance and regulation. The increasing demand has been fuelled by implementation of a number and rules and laws, including the EU Market Abuse Directive, Markets in Financial Instruments (MiFID), global standards such as Basel II, and the FSA and US regulators’ focus on principles-based regulation. All of these require significant in-house compliance resources.

With recent explosive growth in capital markets such as China, India, the Middle East and Eastern Europe, combined with the increasing complexity of financial products and a growing sophistication on the part of investors and market participants, there are immense challenges facing institutions, compliance professionals within them and regulators.

You will be in a very strong position to build a successful career in the compliance or legal divisions of investment banks, fund managers and hedge funds, retail banking institutions and other market participants.

Professional accreditation

Chartered Institute of Securities & Investment (CISI)

The ICMA Centre is an accredited Centre of Excellence of the Chartered Institute for Securities and Investment (CISI). It is one of eight Universities in the UK to hold this status. Centres of Excellence are a select group of UK universities, recognised by the CISI as offering leadership in academic education on financial markets. Students who are on a financially-related masters course recognised by the CISI are eligible for exemptions and membership.

ICMA Centre students on MSc Capital Markets, Regulation and Compliance, MSc Corporate Finance, MSc Finance, MSc Financial Risk Management and MSc Investment Management who register and successfully complete two CISI Diploma in Capital Markets modules (Securities and Bonds & Fixed Interest Markets) are eligible for an exemption from the third module (Financial Markets).

Chartered Institute of Securities & Investment (CISI)

ICMA Fixed Income Certificate

To obtain the requisite knowledge to pass the rigorous FIC exam, students are required to take the ICMA Centre Fixed Income Cash and Derivatives Markets module at Part 2. In order to receive the FIC certificate, students will need to register and pass the FIC exam through ICMA.

ICMA Fixed Income Certificate

The ICMA Centre is among the pioneers in finance education and renowned for its strong links with the financial services industry. The Centre was ranked in 2020 among the UK’s top 5 for its Masters programmes (Financial Times Masters in Finance Ranking). It is also part of Henley Business School – among an elite group of 75 business schools in the world to hold triple-accredited status from the leading UK, European and US accrediting bodies: AMBA, EQUIS and AACSB.

The Centre’s unique practice centred approach includes a number of finance education innovations. These will provide you with a solid grounding for a career in the industry. The approach aims to equip you with a skill set that sets you apart from graduates of other finance programmes. Your employability track record is also bolstered by an in-house comprehensive career development programme.

Reading has proximity to the world’s top financial centre (25 mins from London Paddington). Several leading professional bodies including the CFA, CISI, GARP and ICS validate our programmes and offer exam exemptions to our students.

Joining one of the top schools of finance in Europe, you will benefit from state-of-the-art facilities. You will have access to the latest technology and will be taught by world-renowned faculty and industry experts. Our innovative teaching and learning environment includes trading and financial analysis simulations. We also have the latest financial data and programming software. Our three dealing rooms are one of the largest facilities of its kind in the world. They provide an ideal setting for understanding how businesses and markets function in practice.

Our students’ learning experience is a top priority for academic faculty and administrative staff at the ICMA Centre. This is reflected in the latest student satisfaction rates in the PTES and NSS student surveys.

“When I joined I was immediately impressed by the high-end facilities and the fact that that renowned practitioners and academics in the sector are involved from day one in the teaching as well as our career development.”
Elena-Anna Gkermpesioti, MSc International Shipping & Finance

Speak to a current student

Contact us

For any questions of academic nature about this programme you are welcome to contact directly the Programme Director, Dr Deepa Govindarajan Driver at d.govindarajan@icmacentre.ac.uk

Admissions

If you have any questions about admissions, please don't hesitate to contact us.

Email: admissions@icmacentre.ac.uk
Telephone: +44 (0)118 378 6497