Masters in Finance

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.

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 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 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.

Academic authors

Professor Michael P. Clements

This module is designed to offer programme participants the opportunity to develop key employability skills sought after by employers in the sector of their area of studies. As part of the module students will develop a bespoke career strategy, which they will be able to apply in making an impact when seeking employment. They will develop a map of the career options and target employers relevant to their strengths and areas of interest, and work on enhancing important employability skills such as presentation, team-work and leadership. The aim of the module is to provide a platform for participants to reflect on their strengths, skills and careers development plan, thus preparing them for a career in their area of interest and enhancing their chances of securing a placement or full-time role after graduation. The module comprises a series of specialist masterclasses and group workshops by the department’s careers advisor, the relevant programme director as well as senior market practitioners and is assessed by a 2,000 word reflective project.

This module provides an introduction to international financial markets and an overview of financial institutions. The main characteristics and risks of a range of financial markets are presented: equity, fixed income, foreign exchange, futures and commodity markets. A series of interactive workshops are used to learn about ethical investing and alternative trading systems.

Academic authors

Dr Alfonso Dufour

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.

Academic authors

Dr Miriam Marra

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).

Academic authors

Dina Ghanma

Unique to the Investment Management and Masters in Finance Programmes, this module is delivered by Financial Edge, the leading financial training company responsible for training the analysts of the 4 leading global investment banks. The aim of the module is to equip students with the practical skills required to enter a role within an investment bank or buy side investment house equity analysis team. The module will develop students’ modelling and valuation skills utilising real company financial information. Participants will build an integrated three statement model and utilize relative and intrinsic valuation methodologies, to analysing a peer group of real companies. The module is taught using best practice techniques and the practical skills can be applied directly to the workplace. Students will write an equity research report, building an investment thesis and making investment recommendations. Participants will also receive certification by Financial Edge.

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.

Academic authors

Dr Yueting Cui

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).

Academic authors

The main aims of the module are to provide the tools for understanding the functioning and pricing 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 and portfolio management strategies.

Academic authors

Dr Ivan Sangiorgi

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

Dr Michael Smith

Building on the material introduced in Quantitative Methods for Finance, this module covers a number of more advanced techniques that are relevant for financial applications, and in particular for modelling and forecasting financial time series. These include an introduction to maximum likelihood estimation and two-stage least squares, models of volatility, simulation techniques, and multivariate models. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. Extensive use is also made of financial econometrics software to demonstrate how the techniques are applied in practice.

Academic authors

Professor Michael P. Clements

This module develops a fundamental understanding of and critical perspectives on the rationales, purpose, design, application and consequences of financial regulation globally.

Academic authors

Dr. Deepa Govindarajan Driver

Regulation is often seen as an obstacle to innovation, or innovation as a way of avoiding regulations. However, successful Fintech products and services must comply with the letter and spirit of financial regulations, and effective regulation of Fintech is essential to protect wider public interests. This module will place the relationship between financial innovation and regulation at the centre of students' understanding of Fintech.

Academic authors

Dr Tony Moore

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

This investment portfolio management module covers key topics, techniques and discussions, including investment styles, in relation to constructing and maintaining an optimal investment portfolio. The teaching approaches all topics from academic and market, practical perspectives. More detailed aims and learning outcomes are included below.

The purpose of the module is to provide an understanding of the latest developments in banking regulations that are the main driving force behind changes in our approaches to risk measurement. It focuses on the foundations of market risk analysis and the basic models for assessing market risk. Participants utilise market risk measurement techniques that are used daily in the front and middle offices of banks; particular emphasis is placed on the appraisal of the covariance matrices that are used to measure the market risk of portfolios. They also learn to build various Value-at-Risk (VaR) models for market risk for international portfolios of equities, FX, interest rate products, commodities, derivatives etc. The module has a significant practical component with computer-based workshops that are designed to support the lecture material.

Academic authors

Professor Emese Lazar

The objective of the module is to develop students’ appreciation of the practical aspects of raising venture capital finance for a private company, working with the venture capital investor in growing the business and achieving a successful exit. The focus of the module is on venture capital and high-growth ventures from the viewpoints of both the entrepreneur or management team and of the investing institution (general partner), although private equity as a whole is covered as well as the relationship between the private equity or venture capital firm and its own investors (limited partner institutions). Extensive use will be made of case studies and a business plan project in addition to guest lectures from invited experienced practitioners.

Academic authors

Dr Keith Arundale

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.

Academic authors

Professor Charles Sutcliffe

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.

Academic authors

Dr Lisa Schopohl

This module examines the steps involved in carrying out a PhD at the ICMA centre.

Academic authors

Dr Alfonso Dufour

To develop the skills of finding the available information on their chosen topic, and then analysing, synthesising and summarising this information in a way that is both sensible and clear to the reader. This will be done with a fixed time constraint. Students will improve their analytical and report-writing skills, learn how to structure their study, and how to place their findings in a wider context.

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

Professor Marcel Prokopczuk

The Advanced Options Trading module, exclusive to the ICMA Centre’s Masters in Finance programme, is an employer-led, industry accredited programme centred on professional development, practical application and transferrable skills, making individuals work-ready for job role profiles such as: Options Trader, Options Broker, Market Maker, Options Analyst or Risk Manager.

Throughout this module, students will develop their knowledge and understanding of trading, management and supervision of options within financial markets.

Delivered in an investment bank internship style by leading market practitioners and in collaboration with one of the world’s largest financial exchanges, The Intercontinental Exchange (ICE), students will engage with employers and use industry leading software such as Volcube, ICE Connect and ICE Options Analytics to support their learning, development and application. Students who successfully complete and pass the course will qualify for a sought-after interview with the OSTC Group for different roles, including Junior Trader.

Industry participants estimate that 70-80% of equity trades are executed through computers. Market-makers in fixed income and currency markets use algorithms to automatically adjust their quotes. This module reviews the current state of the trading industry and identifies aims, features, regulations, and limitations of three main groups of algorithmic trading strategies: market making, trade execution and statistical arbitrage. Practical seminars are used to demonstrate how to apply trading algorithms to high-frequency data.

Academic authors

Dr Alfonso Dufour

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

Academic authors

Professor Marcel Prokopczuk

This module is available as an elective to MSc Finance students as part of a 1-month study-abroad trip during the summer at ALBA Graduate Business School at the American College of Greece, in Athens, Greece. The study fees are covered by the ICMA Centre but the candidates are responsible for their travel, accommodation and subsistence expenses. Student accommodation can be arranged via the American college of Greece at student prices.

Academic authors

Dr Michael Smith

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

Professor Charles Sutcliffe

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

Professor Marcel Prokopczuk

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.