Drawing on faculty from across Cranfield School of Management, the programme is led by Cranfield’s Economics and Banking Group, which has been consistently ranked UK top 10 in the Financial Times Global MBA Ranking for its teaching of economics in relation to our full-time MBA programme.

This course is accredited by the Charter Banker Institute. You can obtain the professional qualification of Associate Chartered Banker (subject to pass criteria).

You will also receive a digital badge awarded by the Principles for Responsible Banking Academy (PRBA), which has been established by the United Nations Environment Programme Finance Initiative (UNEP FI) in collaboration with the Chartered Banker Institute and the Deutsche Gesellshaft fur Internationale Zusammenarbeit (GIZ).

Overview

  • Start dateSeptember 2025
  • Duration1 year
  • DeliveryTaught modules 60%, Thesis 40%
  • QualificationMSc, PgDip, PgCert
  • Study typeFull-time
  • CampusCranfield campus


Who is it for?

The Banking, Economics and Finance MSc has been designed for those individuals who wish to develop expertise across three inter-related subject fields. This MSc will equip students with the level of knowledge and skills required for positions in the financial industry as well as positions in the public sector and in consultancy services.

Why this course?

  • Cranfield School of Management consistently performs well in international business rankings. We are ranked 4th in the UK and 25th in Europe in the Financial Times European Business School 2024 Rankings.
  • Our Banking, Economics and Finance MSc is accredited by the Chartered Banker Institute. Upon successful completion of all the PG Diploma modules, the students will obtain the professional qualification Associated Chartered Banker.
  • You will receive a digital badge awarded by the Principles for Responsible Banking Academy (PRBA), which has been established by the United Nations Environment Programme Finance Initiative (UNEP FI) in collaboration with the Chartered Banker Institute and the Deutsche Gesellshaft fur Internationale Zusammenarbeit (GIZ).
  • You will have the opportunity to work on real-business problems set by our industry partners.
  • This course will improve your critical awareness of the issues organisations face and will enhance your communication and research skills.
  • Our Alumni will be engaged with the course to ensure that you are networking with employers throughout your time at Cranfield.
 

Informed by Industry

An external advisory panel informs the design and development of the course, and comprises senior management practitioners, reinforcing its relevance to the modern business world. Many of our faculty have held senior positions in industry and continue to engage with industry through consultancy and teaching. They are also supported by a team of international visiting industry speakers from influential financial organisations and professors who bring the latest thinking and best practice into the classroom.

Course details

This course comprises twelve core modules, which includes one 80 credit thesis. The taught modules will focus on the demands of the external market whilst developing your core knowledge and skills suitable for the dynamic banking, economic, and financial landscape. They will comprise a combination of three 20 credit modules and six 10 credit modules. Specifically, 20 credits focused on Economics content, 20 credits on Accounting and Finance, 60 credits on Banking content, and 20 credits are allocated to Data Analytics.

Course delivery

Taught modules 60%, Thesis 40%

Thesis

You will complete an evidence-led thesis within a banking/economics/finance setting and critically discuss it in a substantial project report, developing justified recommendations and/or action plans. This will enable you to carry out self-guided research and will enhance your analytical skills and critical thinking when producing the report.

Course modules

Compulsory modules
All the modules in the following list need to be taken as part of this course.

Contemporary Issues in Banking

Module Leader
  • Dr Lakshmy Subramanian
Aim

    The aims of this module are to equip students with the skills, techniques and knowledge to:

    • To be proficient in bank risk management in the digital era, considering the several risk categories that result from the nature of banking, the emerging risks, and the consequences of these for the future of bank risk management.
    • Developing appropriate mitigating strategies and applying a suitable control framework to monitor key risk areas
    • Examine the changing landscape of the banking industry and main drivers of change;
    • Develop understanding of change management in banking context andexplore ways of delivering change.
    • Gain an understanding of financial inclusion and how banks can play a critical role in advancing it.
    • Evaluate strategic choices in order to inform strategy.
Syllabus

    The core elements of the module are:

    • Bank risk management and governance
    • Change management in banking
    • Banking operations and strategies
    • Strategies supporting banks in innovations and transitions.
    • Financial Inclusion
Intended learning outcomes

On successful completion of this module a student should be able to:

  • Evaluate the impact of current trends and factors on the types of risk to which banks are exposed
  • Analyse how banks implement and deliver change
  • Evaluate the role of financial inclusion in modern banking
  • Analyse a variety of strategic possibilities for a bank in light of environmental and organisational evaluations and which support the bank's purpose, vision, values and objectives

Financial Markets, Regulation and Ethics

Module Leader
  • Dr Nemanja Radic
Aim

    The course begins in Part I with an overview of the international financial markets, the major financial institution participants and product types. You will understand the roles, motivations and behaviours of market players including the importance of risk-taking. The role of regulation will be highlighted and examined in Part II. This will include the aims and structures of regulation. In Part III, you will examine, using a seminal textbook on business ethics the role and limitations of ethics in financial markets, ethical decision-making frameworks, and evaluate real world cases of lapses in culture and impact upon society and the markets. The challenge of identifying and promoting ethical behaviour will be acknowledged. 

Syllabus
    • This module will identify key financial intermediaries including banks and non-banks (i.e., FinTech firms, finance companies, mutual banks, multilateral banks, insurers, pensions, hedge funds, retail investors, shadow banks).
    • Financial products overview includes equity, subordinated debt (notably issued by financial institutions including their motivation), senior debt (including loans, bonds) as well as the role and consequences of deposit-taking/money market activities for financial institutions given the regulatory context of this module.
    • The role, advantages and dis-advantages and recent market developments associated with cash versus derivative markets will be identified and discussed.  Lastly, simple securitisations of credit portfolios will be examined both as a funding tool but how it was misused before the crisis in sub-prime markets.
    • Product types identified will include equity and debt (including loans and debt securities), investment banking/advisory, and asset/wealth management. Recent controversies will be looked at in market practice including the scope for market abuse, conflicts of interest, moral hazard, and financial institution misconduct.  Various stakeholders will be identified for the key market types.
    • You will investigate criticisms of financial market policies and shortcomings of supervision and review the response by regulators, notably in the banking sector for greater capital, more conservative liquidity provisions, and improved risk governance. Key corporate governance theories will be identified. While regulation presents a legal means to mitigate misconduct by institutions and individuals operating in the financial markets, ethical decision-making and an effective risk culture can offer greater hope over time when conventional supervision and law fail to live up to their promise. Two ethical-decision making frameworks will be introduced in a case study format, one from Jennings (2013) and the other via Ferrell et al. (2011).
Intended learning outcomes

On successful completion of this module you should be able to:

  1. Understand different financial market structures, players including their roles and respective stakeholders
  2. Develop a basic knowledge of key financial markets, major product types, and the scope for misconduct, agency failures and moral hazard
  3. Identify the aims, role and structures to provide financial markets supervision including their limitations and recent criticisms
  4. Identify the key theories for corporate governance and risk governance practices for financial institutions, and how governance mechanism may interact to impact performance or risk-taking
  5. Examine the potential for ethical behaviour and improved conduct to fill the void where law and regulations fail to succeed

Business Accounting

Module Leader
  • Dr Matthias Nnadi
Aim

    The key objective for this course is that students develop a clear understanding of the basics of accounting. By the end of the course, students would be able to interpret accounting information with confidence and use it to make decisions and be able to communicate accounting numbers to others.

Syllabus

    The course is split approximately 50/50 between Financial Accounting and Management Accounting.

    Financial Accounting covers the preparation and presentation of accounts by firms for outside parties such as shareholders or creditors. Such preparation is governed by certain fundamental principles and various rules.

    The first part of the lectures will cover accounting principles and provide understanding on how the key financial statements (income statement, balance sheet, cash flow statement) are prepared.

    The module also covers the interpretation of financial statements. This involves learning financial ratio analysis and interpreting the information contained in a full set of annual accounts.

    The last sessions are devoted to Management Accounting and cover internal accounting by managers for planning and control. Students will cover the nature and classification of costs, break-even analysis, allocation of overheads; preparing and using budgets, variance analysis.

Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Demonstrate understanding of the fundamental principles of financial accounting and prepare key financial statements from basic information.
  2. Critically analyse and interpret company accounts.
  3. Evaluate the different types of costs and conduct break even analysis.
  4. Critically discuss the different ways in which overheads can be allocated.
  5. Prepare budgets and interpret variances from budget.

Digital Banking, FinTech, and Artificial Intelligence

Module Leader
  • Dr Lakshmy Subramanian
Aim

    The aim of the module is to enable you to critically evaluate the rapidly changing field of digital technology including artificial intelligence as it applies to the worlds of banking and financial services more generally. This will be achieved through developing a critical understanding of:

    • IT in historical perspective: from the 1970s to today
    • Demand-side and supply-side drivers of digital banking
    • Consumer Impact: where have we come from and how is the future of banking being shaped by new technology paradigms. Focus on customer experience, key trends that are driving this
    • The new business models evolving in digital banking including Open Banking, BaaS, BaaP, Banking as a marketplace and ecosystem, etc.
    • Organisation: what does the digital megatrend mean for how you organise internally? Skills sets are less delineated, agile ways of working etc.
    • Future: what emerging trends promise the next wave of innovation (e.g. blockchain, AI)? What disruption is this likely to cause?

    The module aims to equip you with the knowledge and understanding to better manage digital technology-related decision-making within a banking context.

Syllabus

    The core elements of the module are:

    • Digital disruption in banking and financial services: This part of the module will look at how new digital technologies are changing banks and financial services.
    • Deeper dive on the dominant new technologies reshaping the industry: This part of the module looks in detail at the new technologies fast changing the banking industry so that students understand both what they are and also the strategic implications for the industry.
    • Discussion on the role of regulations, central bank policies, and other related policies.
    • Response strategies: This part of the module explores how banks can respond to the rise of digital technologies and the best strategies to compete with new Big Tech and FinTech.
Intended learning outcomes

On successful completion of this module you should be able to:

  • Critically appraise the impact of new digital technologies including artificial intelligence on the operations of banking.
  • Assess and reflect the impact of new market entrants on the business model and competitive position of traditional banks.
  • Evaluate the key trends in alternative payment systems, and reflect on the key areas of growth by segments, geography, etc.
  • Examine the key motivations for the development of cryptocurrencies and central bank digital currencies, and associated risks, regulatory implications, etc.
  • Outline avenues of organizational development and change open to banks to respond to market changes brought about by digital technology.

Sustainable and Green Banking

Module Leader
  • Professor Catarina Figueira
Aim

    The module's primary goal is to increase your knowledge, comprehension, and aptitude for applying the fundamental ideas and practices of green and sustainable banking. The module will delve deeper into the development of green and sustainable products and services in the banking and allied sectors; raising awareness of the role of the stakeholders in the banking industry in supporting the transition to a low-carbon world; and increasing the student's awareness and understanding of climate change and its impacts.

Syllabus

    The core elements of the module include:

    • Introduction to sustainable and green banking
    • Building a sustainable banking ecosystem including green finance, responsible lending, investments, etc.
    • Risk management
    • Implications of sustainable banking on digital banking, private banking, commercial banking, etc.
    • Role of FinTech and AI in supporting sustainable and green banking.
Intended learning outcomes

On successful completion of this module you should be able to:

  1. Critically analyse "green" and "sustainable" finance highlighting the fundamental theories underlying the climate change and examine how the banking sector could play a role in lessening the impact of climate change.
  2. Assess the nature, significance, and management of the main environmental, sustainability, and climate risks.
  3. Discuss how different banking products and services, activities, and strategies can support the development of sustainable and green finance.
  4. Evaluate the role of digital financial technology in supporting sustainable banking.
  5. Assess the challenges and gaps in the current reporting practices and propose pathways for sustainable financial reporting.

Corporate Finance

Module Leader
  • Professor Yacine Belghitar
Aim

    This core module provides a foundation in the essentials of corporate financial management. The course focuses on three principal aspects of corporate finance: the investment decision; the cost of capital; and the financing and payout decisions. Based on recent theoretical and empirical developments, the course explores the framework in which corporations make their financial and investment decisions.

Syllabus
    • The Objective Function for Corporations
    • Corporate Governance
    • Making Investment Decisions with the NPV Rule
    • Valuing Bonds and Common Stocks
    • Introduction to Risk and Return
    • Portfolio Theory and the CAPM
    • How Corporations Issue Securities
    • Capital Structure
    • Payout Policy
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Evaluate the impact of the separation of corporate ownership, management and control.
  2. Appreciate and incorporate risk in project appraisal and investment.
  3. Estimate and evaluate the capital structure and dividend policy of the company.
  4. Understand and appreciate the complexity and contradictions of the current academic literature in financial management and its implications for professional practice.

Financial Data Analytics

Module Leader
  • Dr Nemanja Radic
Aim

    Finance is a highly quantitative subject and this core programme provides the relevant mathematical and statistical training necessary to be able to conduct appropriate empirical studies and apply theoretical financial models in practice.

Syllabus

    The module will cover probability theory, sampling and estimation, hypothesis testing, regression analysis, and panel analysis.

Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Critically evaluate probability distributions and their properties.
  2. Assess various population parameters and their point and interval estimates.
  3. Formulate null and alternate hypotheses, and to conduct a test of hypothesis about a population mean as well as a population proportion.
  4. Critically assess and apply a variety of statistical techniques for data analysis (i.e., OLS, logistic regression and regression with panel data).
  5. Examine and asses financial theory and related empirical work covered in other subjects within the programme.

Economics for Financial Markets

Module Leader
  • Professor Constantinos Alexiou
Aim

    To introduce the concepts and techniques of Microeconomics (e.g. market analysis, price theory, rationality)  and Macroeconomics (e.g. inflation, exchange rates and interest rates) in a way which provides a core foundation for later applied financial analysis in a range of other core and elective courses on the MSc in Finance and Management and MSc in Investment Management. 

    In the Context of the Financial markets, it is imperative that students be aware of the fundamental principles and concepts pertaining to Economic Theory per se. Studying economics not only does it provide knowledge for making decisions but it also offers a tool with which to approach questions such as the desirability of a particular financial investment opportunity, the benefits and costs of alternative careers, or the likely impacts of public policies.

Syllabus

    The initial few sessions are spent on discussion of the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets. In the next four sessions, an understanding of choice theory and rational economic decision making as it applies to the levels and structure of prices of assets in a broad range of financial markets is developed. Finally, remaining sessions are devoted to discussion of the concepts and ideas in macroeconomics which have a direct relevance to financial markets. Particularly, discussion is centered on understanding of monetary economics and the institutional context to which it applies. Discussion of structure of money and capital markets rounds up this module.

Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Assess the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets.
  2. Discuss and justify the rationale of choice theory and rational economic decision making as it applies to the levels and structure of prices of assets in a broad range of financial markets.
  3. Appraise the monetary institutional context as this is reflected by money and capital markets.
  4. Examine the use of relevant geometric and quantitative models to explain and analyse monetary and financial phenomena.
  5. Assess and effectively discuss real world problems that relate to global financial markets.

Responsible Banking

Module Leader
  • Dr Lakshmy Subramanian
Aim

    The aims of this module are to equip students with the skills, techniques and knowledge to:

    • Assess the role of Banking in the wider Economy;
    • Develop knowledge and skills of pricing financial products and services and evaluate how pricing decisions can be influenced by the changing competitive landscape.
    • Examine the changing landscape of the payment ecosystem which are usually the gateway for innovations and appreciate the innovations relating and conditions for success.
    • Grasp nuances of the dynamic lending environment, especially in a digital age, and evaluate how customers perception about lending is evolving.
    • Examine the personal and private banking landscape in the digital age, the challenges that have been encountered, and the effects on banks and the ways customers interact with their banks.
Syllabus

    The core elements of the module are:

    • Retail banking products and services
    • Pricing of financial products and services
    • Payment ecosystem
    • Credit and Lending
    • Private and Personal banking
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Critique the evolving role of payments and the role of technology
  2. Compare and contrast the various pricing decisions embraced by banks and other financial service organisations
  3. Examine how retail banks can prepare in advance for the impact of external events and influences in offering high-quality, cost-effective and sustainable services.
  4. Differentiate between a range of lending customer types, needs, etc and apply frameworks for an enhanced responsible relationship management strategy for a variety of bank customer segments.

Applied Research Methods

Module Leader
  • Dr Vineet Agarwal
Aim

    This module is designed to provide participants with the required skills for structuring their research projects including conceptualising research questions and writing literature reviews. It uses the positivist approach to finance and introduces the need for and validity of empirical models. The module also imparts a greater understanding of the empirical methods in finance and develops important skills in the assessment, analysis and interpretation of published financial research.

Syllabus
    • Formulating research questions.
    • Critically reviewing the literature.
    • Asset pricing tests using cross-sectional and time-series regressions.
    • Time-series analysis (stationarity, unit roots, and cointegration).
    • Generalised Method of Moments.
    • Event study method.
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Conceptualise and formulate research questions.
  2. Identify, compile, and critically evaluate relevant literature.
  3. Select and assess a range of methodologies employed in empirical finance.
  4. Assess the limitations of empirical methodologies and draw robust conclusions from empirical studies.
  5. Design and conduct empirical research.

Elective modules
One of the modules from the following list needs to be taken as part of this course.

Valuation and Financial Modelling

Module Leader
  • Dr Vineet Agarwal
Aim

    A good understanding of techniques of valuation of firms as well as the different securities issued by firms is vital for managers and financial analysts. This understanding has a bearing on both financing decisions (issue of equity or debt) and investment decisions (identifying securities for inclusion in a portfolio, acquisitions, buy-backs, divestitures etc.). In addition, building sound financial models is critical for understanding and communicating valuations. This course provides the framework for valuing equity and firms as well as financial modelling to aid decision making.

Syllabus
    • Different valuation approaches: discounted cash flow, relative valuation, and residual income valuation framework.
    • Estimating the cost of capital using models like CAPM.
    • Estimating earnings, cash flows, growth and terminal value.
    • Issues in forecasting cashflows.
    • Building a robust financial model
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Discuss the principles of corporate valuation.
  2. Estimate discount rates.
  3. Assess and compare a range of valuation methods.
  4. Assess and test assumptions and limitations of valuation models.
  5. Build valuation models and scenarios using Excel.

Private Equity

Aim

    Private equity differs from public equity, which is generally the focus in corporate finance. Private equity has become a major source of capital for innovation, growth and corporate restructuring. To succeed as a PE professional, one needs to embrace and tackle various challenges relating to the financing of the company, its operations and the entrepreneurial and uncertain nature of business venturing. The module will cover the nature of and rationale for PE investing, the spectrum of PE activities and the potential conflicts among stakeholders. Another focus will be on value creation programmes to generate PE fund returns.

Syllabus
    • The PEQ cycle, from fund raising to investing and exiting.
    • Strategies to create firm value in private equity: due diligence, operational concept, exit strategies.
    • Measures to align interests among stakeholders in PE.
    • Consider the ethical implications of the PE model.
Intended learning outcomes

Upon successful completion of this module, a student will be able to:

  1. Discuss the idiosyncrasies of PE investments from the perspective of investors in this asset class.
  2. Assess and contrast the various types of PE investment: venture capital, buyouts, restructuring, etc.
  3. Propose and justify practical measures through which private equity firms can enhance the value of their portfolio companies.
  4. Design a due diligence programme to critically assess the risks involved in a particular proposed PE transaction.

Mergers, Acquisitions and Restructuring

Module Leader
  • Professor Yacine Belghitar
Aim

    The module focuses on transactions significantly affecting the corporation’s assets, liabilities and/or equity claims and stresses the economic motives for undertaking them. Transactions are examined from the perspective of the corporation (e.g., firm managers), from the perspective of capital markets (e.g., investors, stockholders, creditors) as well as from the perspective of the society. The module integrates various technical skills learned earlier in the MSc programme such as accounting, corporate finance and strategy.

Syllabus
    • Theoretical rationale of mergers, acquisitions, and restructuring.
    • The range of restructuring choices.
    • Strategies for takeover, merger, corporate turnaround, and corporate renewal.
    • Corporate insolvency and reorganisation – insolvency and bankruptcy regimes in the UK, US, Continental Europe and other countries.
    • The role of competition and shareholder protection regulation in the mergers, acquisition and restructuring.
    • Financing strategies and tools.
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Assess the financial, strategic and political causes and motivations driving mergers, acquisitions and restructuring transactions.
  2. Evaluate the regulations on competition and shareholders’ protection and their impact on mergers and acquisitions.
  3. Assess the financial consequences of restructuring for various stakeholders such as different types of lenders, shareholders, the board of directors and managers and how they generate conflicts of interests among them.
  4. Justify and apply alternative valuation techniques to assess a deal.
  5. Examine and assess the strategic and managerial implications of methods of payment and the criteria for successful restructuring and re-organization of firms in bankruptcy/ administration.

Fixed Interest Securities and Credit Risk Modelling

Module Leader
  • Dr Vineet Agarwal
Aim

    The global bond market exceeds $100 trillion which is more than the world’s stock markets. The market has become increasingly quantitative due to the proliferation of new products. Combined with increased volatility of financial prices and exposure to new sources of risk, there are now greater risks and opportunities for fixed income portfolio management.

    This module provides the participants with a solid grounding in the mechanics of fixed income markets and introduces them to bond portfolio management techniques.

Syllabus

    The module will cover:

    • Pricing of fixed and floating rate bonds.
    • Measuring bond price volatility.
    • Yield curves and bond pricing.
    • Analysing callable and convertible bonds.
    • Analysing mortgage-backed securities.
    • Properties of interest rate derivatives and their use in altering portfolio characteristics.
    • Credit risk analysis.
    • Bond portfolio management
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Assess the risks of investing in fixed interest securities.
  2. Examine and assess the role of yield curves in bond pricing.
  3. Assess the impact of embedded options on risk-return profile of bonds.
  4. Evaluate credit risk models and their application in fixed interest investing.
  5. Discuss and evaluate the bond portfolio management techniques using combination of bonds and interest rate derivatives.

Investing for Environmental and Social Impact

Module Leader
  • Dr Emmeline Cooper
Aim

    This module focuses on environmental, social and governance (ESG) criteria into financial decisions. It provides students with insight into how impact investors seek to generate environmental and social impacts in addition to financial returns.

    Module targets students seeking careers in financial services who want to better understand the interaction of capital markets and policy issues.

    The class will draw upon principles of finance, public policy and investment management to evaluate specific cases and investment tools in areas such as environmental markets and climate change, public finance and sustainable development. Students will be exposed to both traditional and alternative risk management approaches and investment theory frameworks, as well as a range of case studies on the role and impact of institutional investors, banks, financial supervisory authorities and governments in aligning financial markets with ESG goals.

Syllabus
    • Environmental, social and governance (ESG) and finance in practice.
    • Climate finance and Impact investing.
    • Traditional vs. Alternative Investments in Environmental Finance (Stocks and Impact Funds; Green Bonds).
    • Investment Stewardship (Board of directors and its committees; Shareholder stewardship and engagement; Shareholder protection and agency issues).
    • Sustainable and responsible investments (SRI).
    • Responsible business and firm value.
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Define and describe environmental trends and judge the potential risks and opportunities they present to financial markets, with a particular emphasis on climate risks.
  2. Discuss the challenges arising from climate change for sustainable investing.
  3. Assess how green initiatives could be financed, introduce green finance instruments and their evolving regulatory framework.
  4. Evaluate how sustainability issues affect investment decisions made by institutional investors, corporate lenders, insurance companies, asset management funds, hedge funds, venture capitalists and retail investors, as well as business decisions made by corporate managers.
  5. Assess corporate sustainability risks and opportunities from a financial perspective and plan how to manage/mitigate those risks.

International Finance

Module Leader
  • Professor Sunil Poshakwale
Aim

    This module aims to develop a solid understanding of foreign exchange and interest rate risks that multinational corporations encounter. The focus is on developing insights on how and why these risks arise and what can be done to manage these risks. The other aim is to provide students with commonly used applications of derivatives in managing exchange rate and interest rate risks.

Syllabus
    • Introduce students to the world of foreign exchange markets, how exchange rates are quoted and interpreted and what role FOREX markets play in the international finance.
    • Discuss why and how multinational corporations invest in foreign markets. The key determinants of Direct Foreign Investments (DFI) are explored in detail.
    • Discussion of underlying theoretical models which explain the relationship between interest rates, inflation, and other macro-economic variables and the exchange rates. How forward rates are determined in the market and why covered interest rate arbitrage and carry trades occur and how they are used by investors to exploit disequilibrium in the foreign exchange rates.
    • Discussion of basics of currency derivatives and how they work, and the different types of foreign exchange exposures and how they affect market value. How transaction and operating exposure are managed by both internal hedging techniques and derivatives are discussed in detail using case studies.
    • How interest rate risks arise and how it affects multinational corporations is followed by how these risks are managed. Students learn about interest rate and currency swaps, how they are set up and how they are valued. The final sessions are used for discussion of international capital budgeting process, how it is done and how key risks need to be considered and managed.
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Discuss relationship between interest rates, inflation and purchasing power parity and exchange rate.
  2. Identify and contrast different types of foreign exchange exposures.
  3. Analyse and predict interest rate and exchange risks.
  4. Select and apply different types of derivatives for managing interest rate and exchange risks.
  5. Evaluate the issues for multinational firms in their international capital budgeting decisions.

International Public Finance and Taxation

Module Leader
  • Dr Matthias Nnadi
Aim

    This module aims to train students in both theory and applications in the field of public finance and taxation. The purpose of the module is to understand the role of the government through expenditure and taxation, as well as develop an idea on topics such as externalities and the political economy. It will expose students to frontier research on the theory behind the design of various public policies relating to the spending, taxing, and financing activities of Government. The module addresses the fundamental questions of how decisions should be made; whether tasks should be financed through the public sector or the private sector budgets? It therefore deals with public goods, and policies with respect to external effects.

Syllabus
    • The public sector context.
    • What is public sector finance and how does it differ from that in the private sector?
    • Sources and control of finance in the Public Sector.
    • Choice of government financing systems.
    • Purposes and principles of taxation.
    • Public budgeting at state and local levels of government.
    • Financial Management Techniques Budget preparation and analysis.
    • Budgets, managing budgets, estimating, budgetary control.
Intended learning outcomes

On successful completion of this module a student should be able to:

  1. Critically discuss the principles of taxation and its application in public sector.
  2. Apply the range of methods available for financing the public sector.
  3. Identify sources of finance, develop, and manage budgets in public and/or private sector contexts.
  4. Critically examine budgeting in a public service environment.
  5. Evaluate the relationships between costs and performance; and the rationale for charging for public services.

Keeping our courses up-to-date and current requires constant innovation and change. The modules we offer reflect the needs of business and industry and the research interests of our staff. As a result, they may change or be withdrawn due to research developments, legislation changes or for a variety of other reasons. Changes may also be designed to improve the student learning experience or to respond to feedback from students, external examiners, accreditation bodies and industrial advisory panels.

To give you a taster, we have detailed the compulsory and elective (where applicable) modules which are currently affiliated with this course. All modules are indicative only and may be subject to change for your year of entry.


Accreditation

The Banking, Economics and Finance MSc is accredited by the Chartered Banker Institute. Upon successful completion of all the PG Diploma modules, the students will obtain the professional qualification Associated Chartered Banker.

Chartered Banker

Cranfield School of Management is one of an elite group of business schools worldwide to hold triple accreditations from:

Triple Accreditation

Your career

The Careers and Employability Service offers a comprehensive service to help you develop a set of career management skills that will remain with you throughout your career.

We expect that, following completion, you will be able to progress faster in your career, particularly within the financial sector industry. This course will improve your employability prospects by being interdisciplinary and internationally focused. Moreover, by working with senior professionals in the relevant areas of business, we will ensure that the course stays relevant to industry and prepares you with the right skills to address the latest challenges in banks, businesses, government organisations and consultancies.

How to apply

Our students do not always fit traditional academic or career paths. We consider this to be a positive aspect of diversity, not a hurdle. We are looking for a body of professional learners who have a wide range of experiences to share. If you are unsure of your suitability for our Banking, Economics and Finance MSc programme we are happy to review your details and give you feedback before you make a formal application.

To apply you will need to register to use our online system. Once you have set up an account you will be able to create, save and amend your application form before submitting it.

Application deadlines

There is a high demand for places on our courses and we recommend you submit your application as early as possible.

Entry for September 2025

  • Applications from international and European students requiring a visa to study in the UK must submit their application by Monday 14 July 2025.
  • There is no application deadline for UK applicants, but places are limited, so we recommend you submit your application as early as possible.

Once your online application has been submitted together with your supporting documentation, it will be processed by our admissions team. You will then be advised by email if you are successful, unsuccessful, or whether the course director would like to interview you before a decision is made. Applicants based outside of the UK may be interviewed either by telephone or video conference.

Read our Application Guide for a step-by-step explanation of the application process from pre-application through to joining us at Cranfield.