Finance and Investment Management MSc

About the course

This programme aims to:

• provide students with an intellectually challenging programme of study leading to an awareness of issues, themes and applications within the field of finance and investment management and associated subject fields, such as economics/international economics
• provide students with a programme of study which develops the academic skills and theoretical and empirical underpinnings appropriate to the study of finance, economics and investment management at Masters level;
• provide students with the knowledge and skills to identify suitable tools for the investigation of issues in areas such as investment analysis, fund/asset management, economics analysis and financial reporting;
• provide students with the necessary IT analytical skills which reinforce the theoretical and empirical underpinning of the programme. The students will learn quantitative methodology, to carry out quantitative analyses of relevant financial and economic problems

Trademark Disclaimer: CFA Institute does not endorse, promote or warrant the accuracy or quality of the products or services offered by The University of Hertfordshire. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Why choose this course?

Enhance your career prospects with this unique Master's which will develop the analytical and evaluative skills essential for success within the field of finance and investment management.

The programme provides a coherent and intellectual learning experience, and supports the development of your critical understanding of the subject, allowing you to employ the tools of analysis used within that subject area.

Future career paths could include financial analyst, investment manager, securities’ analyst and portfolio manager. Alternatively, this programme offers a sound platform and preparation for doctoral research in the areas of accounting, finance and economics.

Additionally the programme echoes the Chartered Financial Analyst ® (CFA®) examinations, level one and level two, providing students with the opportunity to sit that body’s examinations on completion.

Trademark Disclaimer: CFA Institute does not endorse, promote or warrant the accuracy or quality of the products or services offered by The University of Hertfordshire. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Study routes

• Part Time, 2 Years
• Full Time, 1 Years

Locations

• University of Hertfordshire, Hatfield

Careers

The programme will not only appeal to those who wish to pursue a professional qualification relevant to corporate analysis and financial intermediation, but also those wishing to enter the field of accounting, banking, economics and finance and corporate regulation.

Specific careers that may be appropriate include those of financial analyst, investment manager, securities’ analyst and portfolio manager.

It also facilitates the transition to a doctoral degree.

Structure

Year 1

Core Modules

• Asset Valuation

  This module builds on the earlier Quantitative Methods Module and Asset Valuation 1, applying statistical methodology to more investment decisions. In this module, the focus is on the evaluation, assessment and use of debt instruments and derivative securities and the use of these classes of security in the formulation of practical investment strategies. The module considers the application of these techniques to a wide range of debt instruments with differing characteristics, including differing levels and forms of securitisation. The forms of derivative securities considered in this module include forwards, futures, swaps and options. Indicative content includes: - forward markets and contracts - future markets and contracts - option markets and contracts - swop markets and contracts - interest rate derivatives investments - swop contracts, convertibles and other derivatives - general principles of credit ananlysis - term structure and volatility of interest rates - valuing bonds with embedded options - mortgage backed sector of bond markets - asset backed sector of bond markets - valuing mortgage backed and asset backed securities

• Dissertation: MSc Finance and Investment Management

  The process of preparing a dissertation requires some formal introduction to the theories and practices of research. The student participating in the 7BSP1119 Research Methods: MSc Finance and Investment Management module provides this essential underpinning for formulating a research proposal on which the dissertation will be based. Each student will be allocated a personal dissertation supervisor, who will guide the student through the process of selecting a research area and hypotheses which will then be developed into a substantial piece of research, with appropriate and managerially-significant conclusions and recommendations. The completed work will comprise approximately 15,000 words and will demonstrate a rounded expertise in the module areas within the MSc Finance and Investment Management. The dissertation is supported by the module 7BSP1119 Research Methods: MSc Finance and Investment Management, formal computer classes taking place in computer laboratories during Semester B, individual supervision and student-led support group meetings.

• Financial Data Analysis

  This module builds on the content of the earlier Quantitative Methods module, applying statistical methodology to investment decisions, often under conditions of uncertainty. The Quantitative Methods module emphasised the characteristics of different asset classes, often focussing on key differences among those characteristics. In this module, the emphasis shifts to the analysis and valuation of the various assets and classes of asset. Additionally, students' skills in the earlier Financial Statement Analysis 1 module are further developed to enable them to apply fundamental analysis to investment and valuation issues. Finally, students are introduced to standard asset and equity valuation models. Indicative content includes: - correlation and regression - multiple regression and regression analysis - co-integration - equity valuation process - swap contracts, convertibles, derivatives - equity: concepts and techniques - competitive strategy - industry analysis

• Financial Economics 1

  This module introduces students to key Macroeconomics, Microeconomics and Corporate Finance concepts. The module will have the following indicative content: Economic theme: - elasticity - efficiency and equity - markets in action - organising production - outputs and costs - perfect competition - monopoly - monopolistic competition and oligopoly - demand and supply in factor markets - monitoring cycles, jobs and price level - aggregate supply and aggregate demand - money, banks and the federal reserve - money, interest, real GDP and the price level - inflation - fiscal policy - monetary policy - trading with the world - international finance - foreign exchange - foreign exchange and parity relations Corporate finance theme: - capital budgeting introduction - cost of capital - capital structure and leverage - dividends and dividend policy - corporate governance for listed companies - asset allocation decision - portfolio management: an introduction - asset pricing models: an introduction

• Financial Economics 2

  This module builds on the content of the earlier Quantitative Methods, Financial Economics 1 and Financial Markets modules, developing understanding and techniques considered in these earlier modules into their use in formulating practical investment strategies. Indicative content includes: - capital budgeting - cost of capital - corporate governance - capital structure and leverage - dividends and dividend policy - mergers - corporate restructuring - economic growth - regulation and anti trust policy - economic future of Asia - foreign exchange - foreign exchange parity relations - international asset pricing - measuring economic activity - monetary policy: a natural experiment - demographic onflict - CAPM - index models - arbitrage pricing theory and multifactor models of risk and return - theory of active portfolio management - portfolio management process and investment policy

• Financial Markets (FIM)

  This module introduces students introduces students to the main financial markets and to the instruments traded on them. The module will have the following indicative content: Organisation and functioning of securities markets Capital market efficiency Stock markets Valuation of securities Capital market ratios Debt markets Valuation of debt securities Yields, spot rates and forward rates Interest rate risk Forward markets, futures markets, swap markets and option markets Forward, futures, swaps and options contracts Investments through funds and other forms of alternative Investments

• Financial Statement Analysis 1

  The module introduces students to the processes of the preparation of publicly available corporate financial information, with emphasis placed on the requirements of United States GAAP (Generally Accepted Accounting Principles). The module continues by considering the analysis of financial statements and the rules governing disclosure. The module will have the following indicative content: - framework for financial statement analysis - accounting income and assets: accrual concept - statement of cash flows - analysis of cash flows - worldwide accounting diversity and international standards - analysis of financial statements - dilutive securities and EPS - analysis of inventories - long term assets - capitalisation decision - long term assets - depreciation and impairment - analysis of income taxes - analysis of financing liabilities - leases and off balance sheet debt

• Financial Statement Analysis 2

  Indicative content includes: - analysis of intercorporate securities - pensions and post-retirement benefits - mergers, acquisitions and other intercorporate investments - analysis of multinational operations - seeking sustainable cash flow - operating and investing cash flow debate - operating and financing cash flow debate - non-recurring sources and uses of operating cash flow - measuring sustainable operating cash flow - using operating cash flow to detect earnings problems - analysing operating cash flows - analysis of financial statements: a synthesis

• Quantitative Analysis

  This module introduces students to elementary statistics as applied to the theory and practice of investment. The module will have the following indicative content: - Time value of money - Discounted cash flow applications - Statistical concepts and market returns - Probability concepts - Probability distributions - Sampling and estimation - Hypothesis testing - Correlation and regression

• Research Methods: MSc Finance and Investment Management

  The purpose of this module is to provide a comprehensive introduction to analytical techniques used in accounting, finance and economics. It contains a treatment of classical empirical techniques such as data sources, data managements and fundamental statistical and econometric analysis and techniques. There will be an emphasis on how to carry out applied work based on previous theoretical developments and the formulation of new testable hypotheses within the boundaries of feasibility and scientific accuracy. These elements will form the basis of the individual research project in the field of accounting, finance and economics and will contribute the students’ knowledge and understanding of the requirements of carrying out an independent project and how the latter can enhance their overall student experience, knowledge, understanding as well as the students’ employment prospects.

Optional

Fees & funding

Fees 2013

UK/EU Students

Full time: £10,300 for the 2013 academic year

International Students

Discounts are available for International students if payment is made in full at registration

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Other financial support

Find out more about other financial support available to UK and EU students

Living costs / accommodation

The University of Hertfordshire offers a great choice of student accommodation, on campus or nearby in the local area, to suit every student budget.

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How to apply