Masters in Finance
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.
At a glance
- ICMA Centre's longest established Finance Masters programme with a global community of over 2,800 alumni
- Ranked no. 6 in the UK (no.38 in the world) for Masters in Finance programmes by the Financial Times
- Enhance your career prospects by studying CFA level 1 as part of the programme
- Benefit from exclusive features including Applied Professional Development, a Fintech field trip to Greece, and Financial Modelling training delivered by Financial Edge, the leading company training the analysts of the world’s top 3 investment banks
- Unique to this programme and University, you have the opportunity to obtain the Ofqual regulated, The Intercontinental Exchange (ICE) and CISI recognised Advanced Diploma in Options Trading
- Gain partial exemption from the CISI Capital Markets Diploma
- 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
- 9 months / 12 months
- Attendance
- Full-time
- Locations
- Whiteknights campus (Reading)
- Programme Director
-
Dr Michael Smith
Overview
The MSc Finance programme at the ICMA Centre is one of our two flagship Finance Masters. World-ranked by the Financial Times, this is our longest established programme with over 2,800 alumni around the world, previously known as MSc International Securities, Investment and Banking.
It has been designed with the support of industry practitioners to equip you with highly practical skills and expertise sought after by major employers in the financial services industry. The programme is ideal if you are interested in a wider choice of potential career paths in finance. MSc Finance graduates typically enjoy successful careers in Trading, Investment Banking/Corporate Finance, Investment Management, Commercial Banking, and several other pathways within the financial services spectrum.
A number of features differentiate this programme from other Finance Masters, aiming to offer you a competitive edge. At the centre of it all is the hands-on, practice centred approach. You will benefit from interactive, technically advanced teaching and applied training, bespoke simulations, case-study based projects and masterclasses by our distinguished academics and industry guest speakers.
Parallel with your studies, you will have the opportunity to prepare online for the CFA level 1 exam with Fitch Learning, one of the worlds' leading Financial Training providers. Access to Fitch Learning's advanced online learning platform, ‘Fitch Learning Cognition', and CFA exam registration fees, are included in the programme tuition fees. The ICMA Centre is a CFA University Affiliate- this is in recognition that this degree covers at least 70% of the CFA Program Candidate Body of Knowledge, the CFA Institute Ethical and Professional Standards, and other requirements.
You will be eligible for exemptions from the CISI Capital Markets Diploma and students who successfully complete the Advanced Options Trading module will have the unique (to this module and to the University of Reading) opportunity to be awarded the Ofqual regulated, ICE and CISI recognised Advanced Diploma in Options Trading. This is an employer-led, industry accredited programme centred on professional development, practical application and transferrable skills, making individuals work-ready for job role profiles including options trader, options broker, market maker, options analyst or risk manager.
If you are considering a career as an equity or corporate finance analyst, students on our flagship programmes will have exclusive access to a Financial Modelling module delivered by Financial Edge, the leading company training the analysts of the world’s top 3 investment banks.
As part of the programme’s international exposure, you will also have the option to undertake one month of study during the summer semester on Fintech and Digital Transformation in Athens at ALBA Graduate Business School, American College of Greece or attend a not for credit Summer School at Tsinghua University in China.
Along with a comprehensive Finance focused careers development programme available to all ICMA Centre students, you will also have exclusive access to a core module on professional development designed to improve key employability skills and develop a bespoke career progression plan. You will also have the opportunity to undertake a summer work placement anywhere in the world as part of your studies.
You will benefit from a wider choice of summer electives including Alternative Investments, Structured Products and Algorithmic and High Frequency Trading modules.
(Financial Times 2022)
(Financial Times 2022)
(Financial Times 2022)
(Financial Times 2022)
Our Masters 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.
October-December: Part one: Autumn term
January: Part one exams. Please note that the January exams will start one week before the official start of the Spring term.
January-April: Part two: Spring term
May-June: Part two exams
June-August: (12 month programme only): Part three: Summer term
August-September: (12 month programme only): Part three coursework deadlines
The Henley Pre-Masters Course Suite
Exclusively available to Henley Business School offer holders, the Pre-Masters course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.
| Optional modules | Credits |
|---|---|
Building blocks of finance (-)An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms. Read moreThis 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 |
Study skills for success (-)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. Read moreThis 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 |
Future of Work: Coding with Python for Business & Finance (-)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. Read moreThis 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 |
Below is a list of programme modules that will be available in 2022/23. Please note that some of these modules are new for 2022/23, and full module descriptions will be released in March 2022. For any other modules which are available for both this academic year (2021/22) and next (2022/23), follow the “More Information” link to see more.
Part one: Autumn term
| Compulsory modules | Credits |
|---|---|
Securities and Investments (new for 2022/23) (ICM331)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. Read moreThe 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
Dr Miriam Marra
|
30 |
Financial Markets and Institutions (new for 2022/23) (ICM332)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. Read moreTo provide an economic framework for understanding global financial markets, financial institutions, market players and the importance of liquidity and price efficiency. Participants will gain an understanding of commercial and investment banks, mutual funds, central banks, stock, bond and repo markets. Also, participants will learn about specific characteristics and risks of foreign exchange markets as well as futures markets and commodity markets. Students will become familiar with different firms in the industry, how they differ from each other and the various careers available within the industry as an aid to their own career development. Academic authors
Dr Alfonso Dufour
|
10 |
Emerging Leaders in Finance: Applied Professional Development (new for 2022/23) (ICM333)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. Read moreThe 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. |
10 |
Econometric Analysis for Finance (new for 2022/23) (ICM337)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. Read moreThe 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
Professor Michael P. Clements
|
20 |
Part two: Spring term
| Compulsory modules | Credits |
|---|---|
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
Dina Ghanma
|
20 |
Modelling Skills for Equity Analysis (new for 2022/23) (ICM334)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. Read moreEquip students with the practical skills required to enter a role within an investment bank or buy side investment house analysis team. Develop student’s modelling and valuation skills using financial statements from a peer group of real companies. Equip students with the skills necessary to develop and investment thesis and communicate that through a research report. |
10 |
Students on the 12-month programme choose 50 credits from a selection of electives. Students on the 9-month programme choose 70 credits from a selection of electives.
| Optional modules | Credits |
|---|---|
Understanding Management and Financial Research (Not for credit) (ICM116 (Not for credit))This module examines the steps involved in carrying out a PhD at the ICMA centre. Academic authors
Dr Alfonso Dufour
|
0 |
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 P. 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 |
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 Yueting Cui
|
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 |
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 |
Private Equity and Venture Capital (ICM312)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
|
10 |
FinTech Regulation and Data Protection (ICM320)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. Read moreThis course starts by introducing how financial regulation seeks to protect consumers and markets, looking at the rationales for regulation, national and international organisational structures, and approaches to regulation. Each of these will be linked to the impact that it may have on new financial technologies, recognising that Fintech is a broad term that covers a wide variety of products and services, each of which may be subject to regulation by different regulators and in different ways. Fintech innovations are often seen as a form of regulatory arbitrage. But the relationship between regulators and innovators need not be adversarial, and this module will also explore how regulators are engaging pro-actively with Fintech developers to encourage innovation and provide advice on compliance with regulation. It will also investigate the emerging potential of 'RegTech', namely the use of new technologies to facilitate the delivery of regulatory requirements. The module will then consider how financial and Fintech firms collect and manage data, the role of data monetisation in Fintech business models, and the challenges presented by the General Data Protection Regulation and by cyber-crime. Cyber-security is a key concern today and the module will examine the sources of cyber-vulnerability and the importance of instilling a strong cyber-security culture within an organisation. Academic authors
Dr Tony Moore
|
10 |
Big Data in Finance (ICM323)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). Read moreThe 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 |
Financial Regulation (new for 2022/23) (ICM338)This module develops a fundamental understanding of and critical perspectives on the rationales, purpose, design, application and consequences of financial regulation globally. Read moreThis module aims to
Academic authors
Dr. Deepa Govindarajan Driver
|
20 |
Investment Portfolio Management (new for 2022/23) (ICM340)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. Read moreThe module aims to build on the investment management foundation that has been introduced in the Securities, Futures and Options module. This investment portfolio management module covers the issues involved in understanding the investment management industry, constructing and maintaining an optimal investment portfolio (active, passive or smart beta investment styles), diversification, evaluating portfolio performance, risk management and portfolio rebalancing. The module will also introduce you to the world of alternative investments - the hedge fund industry, in particular. The compulsory, practical group project of the course will provide students with hands-on experience in constructing and managing a realistic investment portfolio. |
20 |
Part three: Summer term (9-month only)
Students of the 9-month programme have a compulsory 10 credit applied project to be submitted by the end of June (Applied Project).
| Compulsory modules | Credits |
|---|---|
Applied Project (new for 2022/23) (ICM330)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. The self-directed nature of study for this module should encourage students to be resourceful in their search for relevant literature, ideas and data; and to manage the various stages involved effectively, leading to a timely submission of the finished piece. |
10 |
Part three: Summer term (12-month only)
No compulsory modules for the 12-month programme. Students choose 30 credits from a selection of electives.
| Optional modules | Credits |
|---|---|
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 |
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 |
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 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 |
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
Dr Michael Smith
|
20 |
Algorithmic and High Frequency Trading (ICM325)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. Read moreBy the end of the module, it is expected that the student will be able to: • explain the concepts of high frequency trading and algorithmic trading • identify the characteristic elements of alternative algorithmic trading strategies • solve simple trade execution problems and develop effective execution strategies Academic authors
Dr Alfonso Dufour
|
10 |
Structured Products (ICM326)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. Read moreThis module aims to introduce the key principles and techniques of financial engineering used in structured product design. By the end of the module, students will be able to - Apply key concepts of financial engineering to structured product design - Understand and analyse different types of structured products currently available in the global capital markets. - Solve a large variety of financial problems by designing and valuing one or more structured solutions. Academic authors
Professor Marcel Prokopczuk
|
10 |
Alternative Investments (ICM327)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 Read moreThis module aims to provide students with an understanding of financial decision making in the context of alternative investments. Academic authors
Professor Marcel Prokopczuk
|
10 |
Advanced Option Trading Qualification (new for 2022/23) (ICM339)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. Read moreThroughout this module, students will develop their knowledge and understanding of the trading, management and supervision of options within financial markets. They will also develop the ability to practically apply the knowledge, understanding and required skills to trade options actively within the financial markets. Students will:
The module is delivered by market practitioners in the style of an internship to support the behavioural development of enhanced employability skills and ultimately make students work-ready and professionally competent for future careers. |
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. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.
| Fees | |
|---|---|
| 2022 entry | £18,600 |
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. UK/Home 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 UK/Home and International applicants. Please note that scholarship application is via the University of Reading applicant portal once an offer has been made. You can only apply when you have received an offer (conditional or unconditional). When you view your offer in the portal you will see the link to apply for scholarship(s) relevant to your offer.
For a full list of scholarships, visit our scholarships webpage.
Current scholarships
- 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
Studying in a second language can be challenging. If your English language ability is below the minimum requirement, we may ask for evidence of proficiency. Alternatively, we may ask you to attend an English language course before you begin your studies with us.
| Requirement | Criteria |
|---|---|
| IELTS | 6.5 with no component below 6.0 in any sub-skills |
| IELTS with pre-sessional English | 6.5 with no component below 5.5 in each of the four sub-skills |
Acceptance of LanguageCert Online and DuoLingo English qualifications
We appreciate the difficulties that some students are having with the availability of English Language tests, as the impact of the global pandemic continues. As a result of this, we are pleased to announce that we can now accept the non-SELT version of LanguageCert (which includes the online version) and DuoLingo as suitable English language qualifications. These can be accepted for direct entry onto Undergraduate (except Speech and Language Therapy), Postgraduate Taught (except Speech and Language Therapy) and Postgraduate Research programmes.
For information on individual programme requirements and other English language qualifications, please visit our English requirement equivalent page.
If you require specific advice on your qualification please contact admissions directly by e-mail or telephone on +44 118-378-5289.
UK visa requirements
If you are not a national of the European Union (EU), you may need to obtain a UK visa. This visa will allow to live and study in the UK. See the UK Border Agency website. Contact the University's International Office with any questions: intoff@reading.ac.uk.
Graduate Route
The UK's Graduate Route post-study work visa allows you to apply to stay in the UK for up to two years after you graduate, with the opportunity to undertake skilled work. Visit the University website for the latest information.
Where are our 2020 graduates now?
2020 graduates in this area have secured the following roles:
Associate Financial Advisor at RW Baird
Assurance Associate at PWC
Client Manager at ICBC
Data Analyst at Barclays
Finance Business Partner at Unilever
Financial Advisor at Bangkok Bank
Investment Analyst at Citigroup
Investment Analyst at Shanghai Eureka Investment
Industry of employment for 2020 graduates
Function of employment for graduates in financial services
2020 graduates are employed in the following locations:
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.
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
Apply for 2022 entry now
Apply online now through the University of Reading’s online application service.
The online application service allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information. It also provides a facility for an email request to be sent to your referees. This enables the referees to send your supporting references directly to us.
When to apply
We operate a rolling admissions system and it is recommended that you apply early to secure your place. There is no specific deadline and applications will be considered until the programme is full. However, to allow us time to process your application we recommend that you apply by the following dates:
| UK/Home applicants | International applicants |
|---|---|
| 1 August | 1 June |
After you apply
You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of staff. If successful, you will receive a formal offer letter outlining any necessary entry criteria you will need to meet. You'll then be asked to confirm your acceptance of this offer.
If you require a Certificate of Acceptance for Studies (CAS) for your visa, details will be sent by email once all conditions of the offer have been met.
Throughout the admissions process we will keep you updated with key information via email. We also provide opportunities to interact with faculty and staff online.
Find us on Facebook and keep up-to-date with news and events at Henley or ask us a question. In addition, you can speak to a current student, our students are always happy to share their Henley experience.
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 7 in the UK for its Masters programmes in 2021 (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 directly contact the Programme Director, Dr Michael Smith at m.j.smith@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
“I joined this Masters due to its excellent reputation and its hands-on design. The experience, both at a personal and professional level was transformational, providing me with a platform to pursue an international career in Finance.”
“The practical nature of the course strongly helped me. I could lean on my experience to better understand topics, completing tasks accurately and easily. As a result, I’ve had more responsibilities and been able to develop my career quickly. ”
“The trading courses and faculty are very attractive to me and I have mastered a lot of professional skills during my Masters. Henley provides a wealth of extracurricular resources and the knowledge and application skills I learnt help my work.”
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