Skip to main content
International Business and Finance Hero Image

Masters in Climate Change, Sustainable Business and Green Finance

At a glance

  • Study how climate change is transforming the finance industry and businesses
  • Understand how green finance can contribute to a better and sustainable future
  • Learn how to measure and manage physical and transition risks with real climate data
  • Explore how companies and investors are mitigating and adapting to changing climatic conditions
  • Benefit from the combined expertise of staff at the triple accredited Henley Business School and the top ranked Meteorology Department at the University of Reading, part of the largest cluster of weather and climate scientists in the world
  • Enhance your employability skills by undertaking a summer work placement as part of your study
Level
Masters
Subject area(s)
Finance (ICMA Centre)
Award
MSc
Duration
12 months
Attendance
Full-time
Locations
Whiteknights campus (Reading)
Programme Directors
Simone Varotto small
Professor Simone Varotto
Schopohl Lisa 201
Dr Lisa Schopohl

Overview

Climate change is the most pressing challenge facing humanity today. Governments and businesses are called into action to cut carbon emissions and mitigate global warming. The finance industry has an important role to play to accelerate the transition to net zero and to build more resilient and sustainable societies and economies.

The aim of the new MSc Climate Change, Sustainable Business and Green Finance is to develop graduates with specific competencies in climate change management, sustainability in business practices and green financing which are in high demand in both the private and public sectors. You will be introduced to the science of climate change and learn quantitative techniques and new business models to manage climate risk. You will explore in detail sustainable investments, energy, carbon and commodity markets.

This programme is taught using a hands-on, practice-centred approach. You will benefit from interactive teaching with our distinguished academics and industry guest speakers, applied training, case-study based projects and experiential learning.

Students of this programme will have the opportunity to access the industry-led course on 'Introduction to Green, Social and Sustainability (GSS) Bonds' offered by the International Capital Market Association (ICMA) Group. You will also have the opportunity to undertake a summer work placement anywhere in the world as part of your studies.

Graduates of the new programme will benefit from access to Henley careers services for up to four years after graduation. This, alongside alumni-led networking events run in many locations around the world, will enhance your employability and career progression.

No.6 in the UK (no.38 in the World)
for Masters in Finance
(Financial Times 2022)
No.2 in the UK (no.17 in the World)
For average salary percentage increase after graduating from Masters in Finance
(Financial Times 2022)

The Henley pre-study course suite

Exclusively available to Henley Business School offer holders, the Pre-study course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

This course will provide building blocks of knowledge to help you prepare for your learning journey in the area of your choice as well as equip you with key employability and study skills for successfully navigating your studies and professional career.

This pre-study interactive course is designed by Henley Business School faculty, the University of Reading Study Advice Team and the International Study and Language Institute. The course aims to prepare you for your learning journey at Henley and focuses on helping you build important study skills to succeed in your Masters and beyond. Skills such as curiosity and independent thinking, effective communication and collaboration, digital capabilities, storytelling, empathy and professional integrity are not only important in your course itself but are also sought after by employers in all areas of business. Therefore, they are instrumental in succeeding in your professional career. The learning journey of our Masters programmes is designed in a way that allows you to build such skills and this course intends to demonstrate exactly how, and therefore help you to make the most of your Masters.

N/A

A course delivered online by Henley faculty and you will receive online support from one of our teaching staff members and be able to interact with other prospective students in your course.

This pre-study interactive course is designed by Henley Business School faculty to introduce you to the world of coding in Python. According to recent employer surveys, coding is a top 5 employability skill in the new world of work. The World Economic forum includes technology design and programming in the top 10 skills of 2025. Coding is an extremely powerful skill to have going forward in all areas of business and finance. Due to the importance of coding skills in your future, you will be using coding in some of your courses depending on your choice of programme at Henley Business School. So, this pre-study course can be seen as a stepping stone in your learning journey. Even if coding is not directly utilised as a part of your programme, completing this course, earning the certificate and complementing this with some further independent learning, could set you apart in an increasingly competitive job market. Python is the most utilised programming language in the world and so the purpose of this course is for you to learn the fundamentals of Python, and how to use it to solve practical problems in your area of interest.

N/A

An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

This pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject. Through the course, you will appreciate the purpose of finance and investment, the main types of investment and financial markets, as well as the process of valuing investments and the role of risk and return in investment performance. These are all important fundamentals in understanding the workings of financial markets and being able to apply them to real and practical problems as part of your course. We encourage you to take the course even if you have studied finance before. The course is delivered online, requires around 15 hours of study and can be completed at your own pace.

N/A

This pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject.

Quantitative techniques and statistics are among the main tools finance and investment professionals utilise in analysing data linked to financial markets and securities. This interactive pre-study course is designed to deliver these essential building blocks in maths and quants and prepare you for a Finance Master’s if you don’t have a finance, maths, or quants background. For those with a relevant background, it can serve as a refresher of this essential knowledge.

N/A

Below is a list of programme modules that will be available in 2023/24. Please note that some of these modules are new for the academic year and full module descriptions will be released in March 2023. For any other modules which are available for both this academic year and next, follow the “More Information” link to see more.

Part 1 Modules

Compulsory modules Credits

The aim of this module is to make students familiar with the effects of climate change on individuals, governments, businesses, and financial institutions. Students will be introduced to the main climate analytics. The module helps students understand the complex relationship between climate change, businesses, and financial decisions. Furthermore, students will learn about the relevant international regulations and agreements. More information on this module will become available in April 2023.

20

This module equips you with the quantitative tools used by market participants. The module uses a mixture of (1) lectures where the theory and concepts are introduced and (2) seminars and workshops where we apply the knowledge to practical cases.

It is an introductory applied econometrics module with an emphasis on finance.

The aims and objectives of the module are to give students an introduction to econometrics so that they might understand the econometric techniques used in the finance research literature. 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. The module aims to encourage the development of IT and data handling skills: in particular, the use of Python as the software to apply the econometric techniques to data from Eikon and Bloomberg.

Academic authors
Michael Clements
Professor Michael P. Clements
20

This module provides an introduction to the science of climate change, aimed at students who do not necessarily have a scientific background. It provides the background for a deep and informed understanding of one of today’s key global challenges. Why is climate changing, and how will it change in the future? How can we predict future climate? What is a “dangerous” climate change? And how can we construct and use knowledge of climate change to inform adaptation and mitigation?

10

This module focuses on cash securities evaluation (fixed income, equity, and FX) and the use of these securities for investments (derivatives and portfolio theory).

Part I of the module applies general valuation methods to specific financial instruments: fixed income, equity securities, and FX. It describes the characteristics of each security/market and develops practical strategies for finding its value and assessing its risk.

Part II of the module provides an in-depth introduction to financial derivatives (futures and options) and their evaluation. Part III of the module analyses the main framework behind portfolio theory and optimum asset allocation, followed by the introduction of the main pricing models, their applications and limitation.

Equity and FX trading simulations sessions (INVEST sessions) are paired with the modules. Exercises based on Eikon, and Bloomberg data will be used.

The module deals with the valuation of fixed income and equity securities. It focuses on the basic characteristics of each security and the strategies used for approximating 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. The module also develops ways of optimally selecting portfolios of assets and develops models of how these portfolios may be priced in financial markets. Through a detailed overview of derivatives instruments, their characteristics and valuation, it is shown how they can enhance portfolio returns and help in the management of investment risk. The analytical techniques introduced in this module are widely applied in other elements of the programme.

Academic authors
Miriam Marra
Dr Miriam Marra
30

Elective

Optional modules Credits

This is a seminar-based module looking at weather and climate issues of both local and global importance. The objective is to encourage awareness of the current weather and recent world-wide climate events, the behaviour of recent weather and short-term (up to 5-day) forecasts through an informal meeting of the Meteorology department (staff and students).

Academic authors
Suzanne Gray
Professor Suzanne Gray
0

Part 2

Compulsory modules Credits

The aim of this module is to make students familiar with the types of climate risk factors that affect businesses and the financial industry. Students will learn about the various ways in which these risks can be measured, hedged, and managed in the corporate and financial sector. More information on this module will become available in April 2023.

Academic authors
Simone Varotto small
Professor Simone Varotto
20

The aim of the module is to familiarise students with the main strategies employed in sustainable investments and the role that sustainable investment can play in addressing societal challenges such as climate change. Using real-world examples and ESG data, students will learn about the key challenges and opportunities that investors incorporating ESG criteria face. More information on this module will become available in April 2023.

Academic authors
Schopohl Lisa 201
Dr Lisa Schopohl
20

The proponents of Green entrepreneurship claim that Greentech businesses are creating novel business models. The module will review the theory of Green entrepreneurship and enable students to explore different case studies of Greentech entrepreneurial businesses and their underlying business models. More information on this module will become available in April 2023.

20

Students select 20 credits from a selection of electives:

Optional modules Credits

The aim of this module is to familiarise students with the workings of global energy and commodity markets and their role in the transition to a net-zero economy. The module helps students to understand key renewable energy technologies as well as the opportunities and challenges that arise from a transition to such technologies on a broad scale. More information on this module will become available in April 2023.

20

This module aims for cross-disciplinary learning of a current corporate social responsibility (CSR) theory and practice and an exposure to the ethical issues involved from the perspective of the individual (manager), and stakeholders beyond shareholders, through an integration of research-led and experiential teaching/learning.

20

The main aim of the module is to enable students to understand and critically evaluate the mapping between underlying economic events and the information in sustainability reports, and how this mapping affects inferences about the economic activities and position of the firm. The curriculum puts strong emphasis on the wider social and political implications of sustainability reporting practice. More information on this module will become available in April 2023.

20

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

Part 3

Students should take 20 credits from the following:

Optional modules Credits

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 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

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

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 aims to provide students with an understanding of financial decision making in the context of alternative investments.

Academic authors
Alfonso Dufour
Dr Alfonso Dufour
10

An applied, innovative approach to the structured product market from a practical point of view. Topical issues are addressed in a systematic way to discuss the principles of financial engineering and application to structured products.

Academic authors
Marcel Prokopczuk
Professor Marcel Prokopczuk
10

In this module, alternative forms of financial investments are discussed. In particular, the following topics are covered:

· Introduction to Alternative Investments: Hedge Funds: Market Structure, Strategies and Performance Evaluation

· Macro and Managed Futures Funds

· Funds of Hedge Funds

· Commodities: Physical and Financial Markets. Energy, Agricultural, Metals.

· Real Estate: Investment Types. Commercial and Residential markets. Valuation Approaches

· Collectables: Art, Wine and other Special Forms of Investments

This module aims to provide students with an understanding of financial decision making in the context of alternative investments.

Academic authors
Marcel Prokopczuk
Professor Marcel Prokopczuk
10

*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. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.

Our master's in finance courses are available only on a full-time basis.

Learning options

Full-time: 12 months
Students will be resident and undertake full-time study in the UK.

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: Part 3

August/September: Part 3 Coursework deadlines


Where are our 2020 graduates now?

90% employed post graduation
Masters Careers Survey 2021
94% of students would recommend their programme
Masters Careers Survey 2021

2020 graduates in this area are working at the following organisations:

RW Baird

PWC

Barclays

Unilever

Bangkok Bank

Citigroup

Shanghai Eureka Investment

2020 graduates in this area have secured the following roles:

Associate Financial Advisor

Assurance Associate

Client Manager

Data Analyst

Finance Business Partner

Financial Advisor

Investment Analyst

Industry of employment for 2020 graduates

22 MIS 037 ICMA industry

Function of employment for graduates in financial services

22 MIS 037 ICMA function

2020 graduates are employed in the following locations:

22 MIS 036 ICMA map

Please note the above statistics are based on respondents to our Masters Outcomes Survey in 2021, which was completed by our 2020 graduates.

Respondents are from the following programmes: MSc Behavioural Finance, MSc Corporate Finance, MSc Finance, MSc Finance and Financial Technology, MSc Financial Risk Management, MSc Investment Management.

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, practising 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 ICMA Centre is a pioneer in finance education and renowned for its strong links with the financial services industry. If you plan to work elsewhere, acquiring this Masters qualification will impress potential employers.

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 number 6 in the UK for its Masters programmes in 2022 (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.

Speak to a current student

Contact us

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

You might also like

Masters in Finance and Financial Technology (FinTech)

Finance (ICMA Centre) · Full-time

This Masters programme will prepare you for a career in the rapidly expanding FinTech sector.

Masters in Finance

Finance (ICMA Centre) · Full-time

World-ranked for Masters in Finance by the Financial Times, this flagship programme is widely regarded as one of the leading applied finance Masters in Europe.

Masters in Corporate Finance

Finance (ICMA Centre) · Full-time

This highly specialised degree will provide you a practical understanding of a wide range of corporate finance services and corporate transactions.