Overview
- Start date26 September 2022
- Duration1 year
- DeliveryTaught modules 60%, dissertation 40%
- QualificationMSc
- Study typeFull-time
- CampusCranfield campus
Who is it for?
- Graduates with a desire to develop their knowledge and skills in investment management before seeking their first professional role
- Professionals with work experience in the investment industry who are seeking to take their career to the next level
- Individuals who want to be taught by faculty who have experience of business and industry and can bring their knowledge to the programme
Class profile 2021/22*
Gender: |
Male 62% - Female 38% |
Age range: |
19 to 43 years |
Average age: |
25 years |
Number of nationalities: | 20 |
Nationality: | UK/EU: 13% - International: 87% |
Cohort size: | 100 |
Average class size: | 34 |
*The above data combines the 2021/22 class profiles for the Finance and Management MSc and Investment Management MSc.
Why this course?
- Cranfield School of Management consistently performs well in international business rankings. We are top 10 in the UK and 34th in Europe in the Financial Times European Business School 2021 Rankings.
- The course is distinctive in covering the principles, tools and techniques of both investment and management, as well as how to apply them in real work situations.
- You will gain an in-depth understanding of financial and management accounting, economics, international financial markets, statistical analysis, financial modelling, investment and portfolio management and derivatives and financial risk management.
- Modules focus on real-world challenges, and include a combination of case studies, participative exercises, interactive lectures and group projects.
- You may also have the opportunity to take part in activities, including the CFA Institute UK Research Challenge.
- You will be taught by faculty with experience of the real world of finance and business, as well as having the opportunity to listen to guest speakers.
- You will have access to highly effective infrastructure including Bloomberg live financial data via our Bloomberg Suite.
At the moment I am working as an Investment Analyst, Cranfield has given me the solid knowledge and background to work in this role. In the third term on the Investment Management MSc, we are required to do valuations so I had to use Bloomberg, Thomson Reuters and Datastream so it was really useful for me because I have to use it almost every day.
I am able to apply the knowledge that I gained on the course everyday particularly the knowledge that I gained about Bloomberg. I apply this knowledge on a daily basis.
My time at Cranfield was phenomenal. From the excellent, diverse and very accessible faculty, to the superb facilities, there was a great focus on the practical application of knowledge and the emphasis on acquiring the much needed soft skills that make you a well-rounded finance professional.
Rankings
Our excellence in management education here at Cranfield is consistently recognised in International Business Rankings.
Informed by Industry
An external advisory panel, comprised of senior practitioners in investment management, informs the design and development of the course, reinforcing its relevance to the modern financial world. Our faculty are also supported by a team of international visiting industry speakers and professors who bring the latest thinking and best practice into the classroom.
Course details
The course comprises nine core modules and three elective modules (choice out of seven). This enables you to tailor the programme of study to suit your personal career plan. Throughout the course you will have access to a highly effective infrastructure including Bloomberg live financial news and data terminal, BOARDEX, Capital IQ, CRSP, Datastream, EIKON, EBSCO, FACTIVA, FAME, Financial Times, ORBIS Bank Focus, ProQuest, Science Direct, SDC Platinum and Thomson One resources. You will use real-world, international case studies to support your learning. The culmination of the learning process is your opportunity to undertake research for your individual thesis.
If COVID-19 restrictions persist into the 2022/23 academic year, our practical and social course activities may be subject to change to ensure your safety and ensure we are compliant with Government guidelines.
Course delivery
Taught modules 60%, dissertation 40%
Dissertation
You will undertake research for your individual thesis, enabling you to apply the knowledge and skills you have learnt during the course. This provides the opportunity to work in an original way.
Orientation and Pre-session Programme
Orientation week takes place 26-30 September 2022. If you do not have a background in finance and accounting, you may be required to attend the Introduction to Accounting pre-session course. Please note that the Statistics and the Basic Finance lectures are compulsory for all students.
Introduction to Accounting
This course will introduce you to the basic elements of financial and management accounting techniques to prepare you for the core accounting module. The sessions cover:
- Accounting information, concepts and standards
- Preparing financial statements
- Preparing financial statements - cash flows and adjustments
- Cost-Volume-Profit analysis
- Budgeting
Week 1 – Statistics and Basic Finance (compulsory for all students to attend)
The Statistics sessions will help you revise or update your understanding of some statistical concepts that you will use during the Finance and Management MSc and Investment Management MSc. These will cover:
- Introduction to matrix algebra and descriptive statistics
- Introduction to basic linear regression analysis
The Basic Finance sessions will introduce you to two essential concepts in finance. You will have the opportunity to update your understanding of how to value assets given forecasts of future cash flows. You will then explore the different sources of finance available to business and discuss their relative importance. The sessions cover:
- Time value of money
- Investment and financing
Course modules
Compulsory modules
All the modules in the following list need to be taken as part of this course.
Corporate Finance
Module Leader |
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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 |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Statistical Analysis in Finance
Module Leader |
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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:
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Accounting
Module Leader |
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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:
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Economics for Financial Markets
Module Leader |
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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 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:
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Financial Markets Regulation and Ethics
Module Leader |
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Aim |
The course begins in Part I with an overview of the international financial markets, the major financial institution participants and product types. Students 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, students 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 |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Applied Research Methods in Finance
Module Leader |
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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 |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Valuation and Financial Modelling
Module Leader |
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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 |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Derivatives and Financial Risk Management
Module Leader |
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Aim |
Financial derivatives are now commonly used in many financial and non-financial companies and play an important role in financial risk management processes. A good understanding of the principles underlying derivative securities will enable students to appreciate the benefits and dangers associated with their use. This module examines the pricing and usage of derivative securities (forwards, futures, options and swaps) in financial markets. It covers the conceptual and analytical aspects of derivatives as well as the practical applications of derivative securities in the areas of investments, portfolio insurance and risk management. Thus, valuation models as well as hedging strategies will be examined. |
Syllabus |
Futures Markets Options Markets Value-at-Risk (VaR) |
Intended learning outcomes |
On successful completion of this module a student should be able to:
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Investment and Portfolio Management
Module Leader |
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Aim |
This module is one of key modules for the programme as it deals with foundations of investment and portfolio theory. The module aims to develop an understanding portfolio construction, portfolio management and portfolio evaluation. The module will focus on imparting knowledge of the investment process, portfolio theory, efficient market hypotheses, asset pricing models, analysis and management of common stock portfolio, portfolio evaluation and basic understanding of equity options and futures and their application in management of portfolios. The module’s aim is to help participants acquire knowledge of investment and portfolio management. The module introduces some of the principal ideas and concepts underpinning the theory and practice of investment. By the end of the module students will be able to understand the main issues involved in investment management and develop skills to construct equity portfolios and manage their risk. |
Syllabus |
This module will also provide opportunities for students for developing and/or enhancing the following transferrable skills: |
Intended learning outcomes |
On successful completion of this module a student should be able to:
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Elective modules
A selection of modules from the following list need to be taken as part of this course
Investing for Environmental and Social Impact
Module Leader |
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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 |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Organisational Management
Module Leader |
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Aim |
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Syllabus |
The module covers: |
Intended learning outcomes |
On successful completion of this module a student should be able to:
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FinTech, Start-Ups and Small Business Finance
Module Leader |
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Aim |
This module focuses on financing issues faced small business ventures, entrepreneurial firms as well as by very innovative and technological based start-ups. It explores the issues from the perspective of the entrepreneur, the investors and the providers of debt finance. The module aims to provide students with awareness and understanding of the risk incurred by investing in an entrepreneurial firm (entrepreneurs, providers of equity and providers of debt) as well as to explain how technology is revolutionising the financial strategy start-ups can pursue. Thus, it implies: |
Syllabus |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Fixed Interest Securities and Credit Risk Modelling
Module Leader |
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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: |
Intended learning outcomes |
On successful completion of this module a student should be able to:
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Investing in Emerging Markets and Alternative Investments
Module Leader |
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Aim |
The landscape of investing has been constantly evolving. Most institutional and high net worth individuals include international stocks and alternative investments. Growing role of emerging markets in the global economy and high growth rates offer huge investment opportunities. Investing in alternative investments such hedge funds, commodities, real estate, precious metals, currencies, fine art, wine, etc. offers diversification of portfolio risk and increases return potential. However, despite these trends, there is not enough known or understood about the opportunities and challenges that investors face while investing in emerging markets and alternatives. The aim of this elective is to provide students with an in-depth understanding of the types of investment avenues, their characteristics, and rewards and risks. The module aims to offer both academic research and practical guidance on investing in these asset classes. |
Syllabus |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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Mergers, Acquisitions and Restructuring
Module Leader |
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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 |
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Intended learning outcomes |
On successful completion of this module a student should be able to:
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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 & 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. |
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Syllabus |
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Intended learning outcomes |
Upon successful completion of this module, a student will be able to:
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Modules
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 listed above 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.
Teaching team
The programme is taught by faculty experts who have extensive industry experience and who regularly work with major global financial services organisations, multinationals and government agencies around the world. The Course Director for this course is Dr Nemanja Radic, and the Deputy Course Director is Dr Matthias Nnadi.
Accreditation
The course content covers much of the syllabus of the Chartered Financial Analyst (CFA) qualification, giving you the opportunity to work towards an additional professional qualification while you are studying with us through the CFA Institute University Affiliation Program. If you choose this option, you will receive revision support from our faculty ahead of sitting the first examination in term three of your course. You can then sit parts two and three of the qualification after completing your course. More information about the CFA Institute University Affiliation Program and associated CFA Program Awareness Scholarships can be found on the CFA website.
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.
During your course you will receive support and guidance to help you plan an effective strategy for your personal and professional development, whether you are looking to secure your first management role, or wanting take your career to the next level.
Our graduates are highly valued in the job market and aim for careers in investment banking, financial services or the financial function of a diverse range of global corporations. Last year's Investment Management MSc graduates secured jobs with a diverse range of organisations including JP Morgan, Standard Chartered, CommerzBank, Henderson and Gimv.
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 Investment Management 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. The following application deadlines apply.
Entry for September 2022
- Applications from international and European students requiring a visa to study in the UK must submit their application by Friday 1 July 2022.
- 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.