Masters in Finance
World-ranked for Masters in Finance by the Financial Times, this degree is widely regarded as one of the leading applied finance programmes in Europe.
At a glance
- ICMA Centre's longest established Finance Masters programme with a global community of over 2,800 alumni
- Ranked in the world's top 50 Finance Masters and No. 3 in the UK (14 in the world) for Careers progress by the Financial Times
- Includes exclusive masterclasses by Financial Edge, the leading company training the analysts of the world’s top 3 investment banks
- Benefit from professional exam exemptions from the Chartered Institute of Securities and Investment (CISI)
- Postgraduate scholarship opportunities currently available
- Level
- Masters
- Subject area(s)
- Finance (ICMA Centre)
- Award
- MSc
- Duration
- 9 months / 12 months
- Attendance
- Full-time
- Locations
- Whiteknights campus (Reading)
- Programme Directors
-
Dr Michael Smith
Dr Indrajeet Mohite
The MSc Finance programme at the ICMA Centre is designed with the support of industry practitioners. Through a unique combination of interactive, technically advanced teaching and hands-on training, you will be prepared for a career in finance. You'll gain the skills and knowledge sought by employers to succeed in the challenging field of international securities and investment banking.
World-ranked by the Financial Times, this is our longest established programme with over 2,800 alumni around the world. It is also the most flexible and leading applied finance programme with a choice of over 20 elective modules. The programme provides broad expertise to equip those who have yet to settle on a specialism. It also ideal if you are interested in a wider choice of potential career paths in finance. To enhance your practical skills and market awareness, you will benefit from exposure to advanced analysis tools and resources valued by the industry.
As part of the programme, you will gain an in-depth understanding of the operations of financial markets and securities trading. You will explore corporate transactions, valuation, investment strategies and quantitative techniques. There are also opportunities to undertake a summer work placement and project. Alternative options include a Fintech focused study trip in Greece or the Summer School at Tsinghua University in China.
COVID-19 update
Find out about how we'll be delivering our courses in 2020.
(https://www.henley.ac.uk/news/2020/ft-global-masters-in-finance-ranking-2020)
(https://www.henley.ac.uk/news/2020/ft-global-masters-in-finance-ranking-2020)
(https://www.henley.ac.uk/news/2020/ft-global-masters-in-finance-ranking-2020)
(https://www.henley.ac.uk/news/2020/ft-global-masters-in-finance-ranking-2020)
Part 1
| Compulsory modules | Credits |
|---|---|
Financial Markets (ICM106)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
Emeritus Professor Brian Scott-Quinn
Dr Alfonso Dufour
|
20 |
Quantitative Methods for Finance (ICM103)The module covers the building blocks of econometrics and analytical techniques used in finance. Via case studies and computer modelling exercises, students learn how to apply these techniques to real data. Emphasis is placed on practical applications of the techniques in the global financial markets. |
20 |
Securities, Futures and Options (ICM107)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
Dr Konstantina Kappou
|
20 |
Fixed Income and Equity Investments (ICM108)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
Dr Miriam Marra
Christos Mavis
|
20 |
Part 2
There are no compulsory modules in part 2 of this course. Students on the 9-month (12-month) programme can select 100 (80) credits from the following modules:
| Optional modules | Credits |
|---|---|
Financial Modelling and Valuation Masterclass ((Masterclass))This is a 2-day(12 hours) Masterclass available exclusively to students taking the moduleCorporate finance and Investment Banking as well as to all MSc Financestudents. The Masterclass is delivered by Financial Edge, the leading financialtraining company in the City of London, responsible for training analysts,interns and associates for the top 3 bulge bracket investment banks. TheMasterlass is designed to provide participants with the knowledge and technicalskills required by major employers in the sector and is based on spreadsheetmodelling. It broadly covers areas such as investment banking sell-sidepitchbooks, DCF valuation, transaction comparables valuation, synergy andpremium analysis, LBO analysis, merger analysis and football fieldpresentations. Participants will receive a certificate of completion byFinancial Edge. |
0 |
Portfolio Management (ICM201)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 |
Financial Econometrics (ICM204)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 Clements
|
20 |
Market Risk (ICM207)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
Dr Emese Lazar
|
20 |
Derivatives Securities: Pricing, Hedging and Trading (ICM211)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
|
20 |
Research Project (ICM218)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. Read moreThe 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
Professor Charles Sutcliffe
|
20 |
Corporate Finance and Investment Banking (ICM311)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). Read moreThis 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
Professor George Alexandridis
|
20 |
Commodity Derivatives (ICM265)This module aims to provide students with a detailed knowledge of the commodity derivatives markets. It examines the aspects of pricing and trading physical derivatives, with emphasis on the energy and shipping (freight) sectors. The course is designed using real-life trading examples, stimulating students, who wish to follow a sales and trading career, to approach derivatives pricing from first principles. Academic authors
Robert Wichmann
|
10 |
Topics in Financial Regulation (ICM295)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
Dr. Deepa Govindarajan Driver
|
20 |
Behavioural Finance (ICM302)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. Read moreThis 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
Dr Ioannis Oikonomou
|
20 |
Fixed Income Cash and Derivative Markets (ICM306)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 |
Programming for Finance (ICM142)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 |
Bond and Money Markets (ICM310)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
Dr Ivan Sangiorgi
|
20 |
Part 3 (12-month only)
Students on the 12-months programme should take 20 credits from the following:
| Optional modules | Credits |
|---|---|
Energy Finance (ICM301)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
Professor Marcel Prokopczuk
|
20 |
Advanced Finance Theory with Empirical Applications (ICM289)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
|
20 |
Work Placement and Project (ICM309)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
Dr Michael Smith
|
20 |
Stock Index Futures (ICM308)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
|
20 |
Fintech and Digital Transformation in Financial Services (ICM313)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. Read moreThe principle aim of the module is to provide the students with practical and theoretical understanding of how the financial services industry has been transformed through the adoption and use of digital innovation and information technologies as well as the abundance of data. The module takes both an external perspective on technological and market developments, as well as an internal perspective on organizational transformation and new ways of working for innovation and agility. Academic authors
Professor George Alexandridis
|
20 |
UK & EU students: £16,900
Please note there is a one-off £30 application fee (one charge regardless of how many courses you apply for). You can pay this by credit/debit card at this link (please contact us if you require details of alternative payment methods).
Living expenses are in addition to the above fees. Overseas full-time participants can expect to spend approximately £9,400 on additional living expenses during the course of their studies. Home/EU full-time participants can expect to spend approximately £8,000 on additional living expenses during the course of their studies.
Scholarships
We offer a number of scholarships for EU/UK and international applicants with excellent academic performance as well as for international applicants with work experience, covering up to £5,000 of the cost of the programme.
For a full list of scholarships, visit our scholarships webpage.
Current scholarships
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
You will be resident and undertake full-time study in the UK. Under both, the 9 and 12-month programmes you will take compulsory and/or elective modules in Part 2.
The 12 month option involves taking an elective 20 credit module between July and August. This 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
- Undergraduate Degree – Minimum 2:1 or the equivalent from an overseas institution*.
- Degree Discipline – Any degree discipline, but must have a satisfactory existing level of numeracy.
- GMAT – We may ask you to submit a GMAT score if we think it appropriate in your individual case. For example, if you have been out of education for more than a few years or have little evidence of any numerical ability. For information on the GMAT and the location of test centres worldwide, please visit www.mba.com
* Please note that due to increasing competition for places on our Masters programmes our entry requirements may change.
We operate a rolling admissions system and you are therefore advised to apply early in order to be sure of your place on our programmes. We experience high levels of demand, and it is possible we might have to close applications to some programmes once places are filled.
English requirements
Not quite at the required level of English language proficiency for your chosen programme?
- Applicants whose first language is not English, are required to attain the International English Language Test Scores (IELTS) defined below. An equivalent acceptable qualification accepted by the University will also be taken into consideration, to enter a programme.
- We now accept Duolingo scores for 2020 entry. Students are required to have a score of 120 with no subscore less than 95 (with recommendation to take 2 week pre-enrolment support course). With a Pre-sessional English Course we offer: 115 plus 6 week Course, or 110 plus 9 week Course.
Following a review, and in response to English language testing disruption caused by Covid-19 in a number of countries, we have made some changes to our English language criteria for September 2020 entry for Henley Business School master’s applicants.
For master's programmes that previously required an IELTS score of 7.0 overall, with scores of no less than 6.0 in each of the four sub-skills (Reading, Writing, Speaking and Listening), we have with immediate effect, set a revised requirement of 6.5 overall with scores of no less than 6.0 in each of the four sub-skills.
To confirm, for 2020 entry, Henley Business School requires a minimum IELTS score of 6.5 (with no element below 6.0). Our International Study and Language Institute (ISLI) offers a comprehensive range of Pre-sessional English (PSE) courses. We encourage all students who have not lived or studied in an English-speaking country before to register for one. Students completing the above mentioned pre-sessional courses would be allowed entry onto their chosen programme after achieving an overall score of 6.5 with scores of no less than 5.5 in each of the four sub-skills.
This is a change to the previous half-band discount, which will not apply for 2020 entry.
Equivalent English Language Qualifications will also be accepted. If you require specific advice on your qualification please contact our admissions office directly either by e-mail at pgadmissions@reading.ac.uk or by telephone on +44 118 378 5289.
Tier 4 visa pilot scheme
Careers
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
You will enhance your employability as you will leave us well equipped to pursue a wide range of careers in financial services. You may join investment banks to train as a financial markets professional in trading, sales and research. You can also specialise in complex derivative products or join brokers and commodity bankers. In addition, you may decide to follow other career paths including consultancy, accountancy, operations, IT, and higher education and doctoral research.
Professional Accreditation
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
Student blogs
Ana Maria discusses how she maintains her work/study-life balance, along with attending different events for career development. Coming from a Law background, she shares her motivations for pursuing a Master's in Finance and the skills she has developed. Read the full blog here.
How did studying at Henley Business School change my career? Fenghui Guo, explains why she decided to study her Master's in Finance. From winning the Portfolio Management Challenge to networking with bankers from top financial institutions. Find out more about Fenghui's student experience in this blog.
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 Michael Smith at m.j.smith@icmacentre.ac.uk and Programme Co-Director Dr Indrajeet Mohite at indrajeet.mohite@icmacentre.ac.uk
Admissions
If you have any questions about admissions, please don't hesitate to contact us.
Email: admissions@icmacentre.ac.ukTelephone: +44 (0)118 378 6497
My whole experience at the ICMA Centre was great. Starting from the personal perspective, my life changed radically; I came to another country with many varied languages and cultures, which offered a totally different life experience. The course was demanding…
My experience at the Centre was one of the best moves I made in my career. It has gotten me to where I wanted to be both financially and job satisfaction. It has been the most rewarding and valuable experience…
The opportunity to learn from experts along with meeting and networking with a diverse group of students from all over the world has been an amazing experience!
Besides the career support provided by both the ICMA Centre and Henley Business School, I also enjoyed the networking events that provided opportunities to meet interesting people and connect with people from the other side of the world.