Course Overview
Course summary
The course responds to the increased global demand for talent in both investment and risk management. You’ll develop a strong sense of market awareness from weekly updates on current market conditions drawn from the same commercial research used by several investment banks and hedge funds.
The course provides a thorough theoretical and practical grounding in the key aspects of investment and risk finance, developing sound analytical, numerical and technological skills. Suitable for experienced financial management practitioners who wish to advance their knowledge and those seeking front or middle office careers, the highly practical nature of the course, together with the unique access to professional insight and input, are key strengths.
In our state-of-the-art Financial Markets Suite (FMS), you will apply your knowledge to real-world problems facing the international financial services industry and the corporate financial management community. Using Bloomberg terminals, a leading source of economics and capital markets information available to the global professional financial community, this virtual trading floor allows you to monitor and analyse real-time financial market movements, company performance and financial data. You’ll learn how to use financial products to solve investment management problems or to mitigate financial risks.
The University of Westminster is located close to the City of London, the world-famous financial district where some of the largest global financial institutions and companies are based. Our status as a CISI (Chartered Institute for Securities and Investment) Centre of Excellence in Financial Markets provides eligibility for student membership, giving you access to free attendance at CPD events, industry news and online resources. Since our degree has been designed to align with CISI standard, on completion, you can sit the prestigious CISI L3 Introduction to Securities and Investment (International) examination with little new study necessary. Besides, the course structure can facilitate graduates to take CFA (Chartered Financial Analyst) Examination.
Top reasons to study with us
- Dedicated suite of financial learning resources from a teaching team who remain actively engaged in research and consultancy
- Opportunity to complete work placement with financial services partner organisations or undertake a research project to consolidate your learning
- State-of-the-art Bloomberg-powered virtual trading floor, the largest of its kind in any London university
- Field trips to financial institutions: students had a guided tour of the new Bloomberg HQ in London
Course structure
During the course, you will take six core modules and three option modules. These will help you acquire the ability to perform quantitative investment and risk analyses on a variety of financial instruments and structured products. You'll also learn how to use capital market products in both investment and risk finance applications. As a result, you will develop good transferable skills and solve financial problems in a group setting.
Semester 1
The first semester is designed to build a strong foundation of knowledge of finance and finance risk management, including how to identify, measure and manage a broad range of financial risk types, including operational risk, foreign exchange risk, liquidity risk and market risk. Receiving training in Bloomberg and Excel for Finance, you will learn to use mathematical and statistical analytical methods.
Semester 2
The second semester builds on this strong foundation, and a broad choice of electives helps you customise the MSC IRF qualification. The research and project modules are designed to develop your research abilities and create opportunities to explore finance subject areas of your own interest in more depth. This will enable you to apply the analytical and technical management skills you will encounter to real-life situations. You will conduct an intensive piece of research and prepare an 8,000 to 10,000-word dissertation. Previous students have investigated Bitcoin, Asset Correlations in times of Financial Crisis, Forecasting Equity Markets, Effective Risk Management, Managing Credit Risk and the performance of Pension Plans, to name but a few.
The following modules are indicative of what you will study on this course.
Core modules
This module develops your theoretical understanding of financial derivatives markets. You will price and value financial derivatives from first principles and explore how financial derivative products can be used effectively in risk and investment management applications.
This module will give you the skills in financial mathematics and statistics that are necessary to pursue a career in either banking or international finance. You will cover topics such as matrix algebra, differential calculus, probability theory, descriptive statistics, hypothesis testing, regression analysis, forecasting and modelling volatility. Mastery of these topics will improve your employment chances post graduation.
This module provides you with the fundamental ideas and tools for thinking about risk management.
You will develop your understanding of contemporary portfolio theory and investment management principles in order to actively manage a range of investment funds used by professional institutional investors and the private wealth management industry.
An 8,000-10,000-word dissertation in the area of finance.
This module aims to develop your knowledge and competence of the research process, and the application of research methods in the area of investment and risk finance.
Choose three of the following:
Option modules
You will be able to prepare financial statements up to consolidation with consideration of some of the main accounting standards underlying international financial reports. This module also explores the issues, principles and theories underlying current developments in financial accounting and reporting.
You will develop an understanding of the fundamental concepts and practical skills required by finance professionals as users, evaluators, designers and managers of computer-based financial information systems.
This module offers detailed coverage and analysis of global financial markets and institutions. Theory delivered in class is underpinned by real-life case examples. Students will gain hands-on training and exposure to the Bloomberg system in the Financial Market Suite.
This module provides the fundamental ideas and tools for thinking about traditional fixed income securities.
This module explores advanced ideas and applications of econometrics in forecasting financial markets and risk modelling.
Through the exploration of practical applications, critical appraisal, contemporary approaches and international perspectives, this module explores the role of accounting in the management of organisations, and the development and application of managerial accounting concepts and techniques.
You will gain an overview of fundamental topics in the field of finance, including capital structure, corporate value, cost of capital, dividend policy, financial instruments, investment and modern portfolio theory.
This module will give you a rigorous introduction to high-frequency finance and empirical market microstructure of electronic financial markets. It will examine the problems and data sets that arise in financial industries and the models and business requirements of financial businesses. The module includes hands-on practical analysis of financial industry-specific analytic data sets using the methodologies learned earlier in the programme.
Professional recognition
The Chartered Institute for Securities & Investment (CISI)
CFA Institute University Affiliation Program
For more details on course structure, modules, teaching and assessment Download the programme specification (PDF).
To request an accessible version please email [email protected]
Get your copy of the University of Westminster prospectus and browse the range of courses on offer.
Contact us for general course enquiries:
+44 (0)20 7911 5000 EXT 65511
(Mon–Fri, 10am–4pm GMT)
Live chat with us
(Mon–Fri, 10am–4pm GMT)
Open evenings
Join us at an open evening online or on campus. Get a feel for student life at the University of Westminster and talk to course leaders and our support teams.
Can't attend? See more open events
Careers
This course is designed to prepare you for a variety of roles and careers including security and financial analysis, trading and fund management, capital market sales and administration.
Our graduates go on to develop careers in treasury and front office positions in global financial institutions, investment banks and securities companies. They occupy management positions as financial analysts, finance, sales administrators and senior posts at S&P Dow Jones, United Bank for Africa Cameroon, HSBC, RBS, EY, Deloitte, Prudential, J.P Morgan, Fidelity International, Well Fargo, Deutsche Bank, Barclays, Standard Chartered, Citibank, and governmental agencies, such as the Central Bank of Nigeria, World Economic Forum and Taiwanese government.
Your exposure to simulated financial trading in the Financial Markets Suite will prepare you for professional practice. You’ll be able to demonstrate in-depth knowledge of core investment and finance principles, and the numerical and analytical skills to succeed in this rapidly changing complex environment. You will also graduate with a range of inter-personal, leadership, digital and analytical skills that employers want.
The University's Careers and Employability Service has built up a network of over 3,000 employers around the world, helping all our students explore and connect with exciting opportunities and careers.
Careers support
Postgraduate students have access to the University’s Careers and Employability Service for up to three years after graduation.
Kickstart your career
Learn how to use social media in your job hunt or LinkedIn to kickstart your career.
Develop your CQ
Develop your cultural intelligence – or ‘CQ’ – studying alongside students and staff representing more than 100 nationalities.
Industry links
We have excellent industry links with some of the top firms in the financial services, along with leading financial technology and data vendor services providers such as Bloomberg. Our course was designed with input from a range of industry professionals with expertise in financial markets, institutions and financial regulation. To retain currency and relevance, we receive ongoing feedback from the Business School’s Departmental Employability Board, whose members include representatives from Vanguard, JPMorgan and Global Structured Finance.
Staff who currently teach on this course also have extensive professional experience that includes the following professions: financial analyst; credit risk analyst; lending specialist in the banking sector; global entrepreneur; risk management; software development and management; research consultant; and financial consultant.
Job roles
This course will prepare you for roles such as:
- Asset manager in a bank, corporation, hedge fund or insurance company.
- Credit controller
- Financial consultant/manager
- International financial analyst
- International financial manager
- Investment analyst
- Market analyst
- Quantitative investment analyst
- Quantitative risk analyst
- Venture capitalist
Graduate employers
Graduates from this course have found employment at organisations such as Vanguard, Blackrock, JP Morgan, to name but three.
Westminster Employability Award
Employers value graduates who have invested in their personal and professional development – and our Westminster Employability Award gives you the chance to formally document and demonstrate these activities and achievements.
The award is flexible and can be completed in your own time, allowing you to choose from a set of extracurricular activities.
Activities might include gaining experience through a part-time job or placement, signing up to a University-run scheme – such as mentoring or teaching in a school – or completing online exercises.
Read more about our Westminster Employability Award.
Course Leader
Dr Jason Cheng
Senior Lecturer
Jason Cheng obtained his Bachelor of Business Administration and Master of Science in Finance from The Chinese University of Hong Kong. In 2019, he graduated with a PhD in Business Administration from Hong Kong Baptist University. He is currently a Chartered Financial Analyst (CFA). Prior to joining the education sector, Jason did investment and analyst work in different industries such as banking, securities and property sectors. He has worked as a research analyst in Brokerage House, focusing on analysing small-mid-caps listed in the Hong Kong Stock Exchange. Dr Cheng is fascinated by the opportunity of sharing his experience and unique insights into the application of financial theories in the real world. His dedication to teaching is evident from his student-centred approach to academic learning and development.
Analytical skills are exceptionally important in finance as financial practitioners have to synthesise and analyse large volumes of data to find a solution to various problems.
Course Team
Teaching and assessment
Your learning experience is designed to provide both a practical and theoretical understanding of the structure, function and management of finance, investment and risk management. A series of welcome videos from former students of this course provides tips on how to make the most of your teaching and learning experience. A highlight for many are the social events organised throughout the course, which provide an opportunity for networking with fellow students and alumni.
To assist the learning experience, we provide reading lists, lecture and seminar materials in advance via Blackboard, our virtual learning environment. Where possible, lectures are recorded using specialist software and similar tools.
How you’ll be taught
Through a variety of teaching methods – from lectures and seminars to case study analysis, project work and pop quizzes – we aim to bring study to life by incorporating real-world experience.
A course-specific extended induction event is available to students to provide tuition and basic grounding necessary to succeed in the programme. The induction covers: financial mathematics, statistics and numerical analysis; basic software skills development (EViews, Excel, etc); introduction to finance; accounting and interpretation of company accounts; and induction to the Bloomberg database and its analytical system.
As well as being taught by staff with their own experience of ‘skin in the game’ when it comes to trading, you’ll have plenty of opportunities to gain valuable insight from current practitioners. In the past, this has included guest lectures about current topics in finance and opportunities in the entrepreneurial finance landscape.
Our problem-based approach to learning means you’ll tackle real-life scenarios at every stage, whether it’s unpicking the situation that led to oil prices going negative in 2020 or assessing the risk associated with various investment options. We will encourage you to keep up-to-date with market trends and regularly review current events, using trade publications such as the Financial Times and the live news streams available in the FMS. Where practical, we also take you to visit and learn first-hand from various financial institutions and businesses. For example, our students were recently treated to a guided tour of the new Bloomberg Headquarters in London.
In the following graph you'll find examples of how study time has been distributed in the past (data from the academic year 2023/24). Changes to division of study time may be made in response to feedback and in accordance with our terms and conditions. Learning typically falls into three broad categories:
- Scheduled hours: examples include lectures, seminars, practical classes, workshops, supervised time in a studio
- Placement: placement hours normally include placement opportunities, but may also include live projects or virtual activity involving employers
- Independent study: non-scheduled time in which students are expected to study independently. This may include preparation for scheduled sessions, follow-up work, wider reading or practice, completion of assessment tasks, or revision
How you’ll be assessed
We use a wide range of techniques, including time-constrained examinations, individual and team-based coursework and presentations.
We try to make assessments as practical and relevant as possible, incorporating the type of work required by future employers, for example, the need to write strategic reports or to collect, analyse and present financial data.
In the following graph you'll find an indication of what you can expect (data from the academic year 2023/24). Changes to assessment weights may be made in response to feedback and in accordance with our terms and conditions. Assessments typically fall into three broad categories:
- Practical: examples include presentations, podcasts, blogs
- Written exams: end of semester exams
- Coursework: examples include essays, in-class tests, portfolios, dissertation
Why study this course?
Outstanding facilities
State-of-the-art Bloomberg-powered Financial Markets Suite (FMS) featuring industry-leading technology and software.
Combine theory and practice
Link theory to global practice through real-life case studies, guest lectures, field trips and insight from one of the world’s largest financial databases.
Professional software
Free access to professional software including Bloomberg, Datastream, Fame, Factiva, EViews, Matlab, Nvivo, SPSS, Sage, Statista, EIU Viewswire, Mintel, Passport (Euromonitor), and LinkedIn Learning.
Entry Requirements
A minimum of a lower second class honours degree (2:2).
Relevant degree disciplines include business studies, economics, geography, management, and operations research. However, students with qualifications in other disciplines, such as engineering, environmental sciences, the humanities and languages, are also encouraged to apply. Alternative professional qualifications with at least three years of relevant professional experience will also be considered.
If your first language is not English you should have an IELTS 6.5 with at least 6.5 in writing and no element below 6.0.
Applicants are required to submit one reference.
View more information about our entry requirements and the application process
A minimum of a lower second class honours degree (2:2).
Relevant degree disciplines include business studies, economics, geography, management, and operations research. However, students with qualifications in other disciplines, such as engineering, environmental sciences, the humanities and languages, are also encouraged to apply. Alternative professional qualifications with at least three years of relevant professional experience will also be considered.
If your first language is not English you should have an IELTS 6.5 with at least 6.5 in writing and no element below 6.0.
Applicants are required to submit one reference.
More information
University preparation courses
Our partner college, Kaplan International College London, offers Pre-Master’s courses that may help you gain a place on a postgraduate degree at Westminster.
To find out more, visit University preparation courses.
What our students say
Oreoluwa Akinyele
Investment and Risk Finance MSc - 2023
I love the fact I am meeting new people with diverse cultures and personalities and because of London’s location, I get to see new places and have great experiences. I am enjoying studying Investment and Risk Finance, especially because in class I can relate the scenarios that I study in books to real-life situations.
Fawzy Nofal
Investment and Risk Finance MSc - 2023
My experience at the University of Westminster has been a truly enriching one. The University provides a perfect balance of academic rigor and practical relevance, while also providing a wealth of resources and opportunities to help students succeed in their chosen careers.
Student work
Students will learn how to analyse companies and forecast asset prices, the goal of which is, of course, to profit. You will quickly understand that skilled traders and make money no matter how markets are moving — up, down or sideways. Alternative investments will be considered at length, both for their diversifying and wealth generating properties.
Bloomberg terminals are used extensively throughout this course, allowing you to gain valuable and highly marketable skills from day one. You will be encouraged to use Bloomberg not only for Coursework where it may not be required, but also to informally review the job market, and insure key skills are acquired in a timely manner throughout the period of study.
Learn new skills
Build analytical and statistical skills
Develop the strong analytical and statistical skills needed in the world of finance and banking.
Enhance your digital literacy
Enhance your digital literacy, learning how to collect and use data from Bloomberg, Datastream and Fame.
Improve your problem-solving skills
Improve your problem-solving skills to better understand and tackle issues facing the global financial markets.
Fees and Funding
UK tuition fee: £14,500 (Price per academic year)
When you have enrolled with us, your annual tuition fees will remain the same throughout your studies with us. We do not increase your tuition fees each year.
Find out how we set our tuition fees.
Paying your fees
If you don't wish to pay the whole amount of your fees at once, you may be able to pay by instalments. This opportunity is available if you have a personal tuition fee liability of £2,000 or more and if you are self-funded or funded by the Student Loans Company.
Find out more about paying your fees.
Alumni discount
This course is eligible for an alumni discount. Find out if you are eligible and how to apply by visiting our Alumni discounts page.
Funding
There is a range of funding available that may help you fund your studies, including Student Finance England (SFE).
Find out more about postgraduate student funding options.
Scholarships
The University is dedicated to supporting ambitious and outstanding students and we offer a variety of scholarships to eligible postgraduate students.
Find out if you qualify for one of our scholarships.
Additional costs
See what you may need to pay for separately and what your tuition fees cover.
International tuition fee: £15,000 (Price per academic year)
When you have enrolled with us, your annual tuition fees will remain the same throughout your studies with us. We do not increase your tuition fees each year.
Find out how we set our tuition fees.
Paying your fees
If you don't wish to pay the whole amount of your fees at once, you may be able to pay by instalments. This opportunity is available if you have a personal tuition fee liability of £2,000 or more and if you are self-funded or funded by the Student Loans Company.
Find out more about paying your fees.
Alumni discount
This course is eligible for an alumni discount. Find out if you are eligible and how to apply by visiting our Alumni discounts page.
Funding
There are a number of funding schemes available to help you fund your studies with us.
Find out more about funding for international students.
Scholarships
The University is dedicated to supporting ambitious and outstanding students and we offer a variety of scholarships to eligible postgraduate students.
Find out if you qualify for one of our scholarships.
Additional costs
See what you may need to pay for separately and what your tuition fees cover.
Westminster Business School blog
Read our blog and get an insight into life and studies at Westminster Business School.
Facilities
The Learning Platform
Lecture theatres
Library
Bloomberg Financial Market Suite
Digital Marketing Lab
Meeting spaces
Cafe
Supporting you
Our Student Hub is where you’ll find out about the services and support we offer, helping you get the best out of your time with us.
- Study support — workshops, 1-2-1 support and online resources to help improve your academic and research skills
- Personal tutors — support you in fulfilling your academic and personal potential
- Student advice team — provide specialist advice on a range of issues including funding, benefits and visas
- Extra-curricular activities — volunteering opportunities, sports and fitness activities, student events and more
Course Location
Our Marylebone Campus has benefitted from a multi-million-pound refurbishment resulting in new workshops, digital studios and development of the Marylebone Library. The campus is home to Westminster Business School and our award-winning Architecture, Planning and Tourism courses. For more details, visit our Marylebone Campus page.
Westminster Business School
Based in the heart of London's political, media and financial services, Westminster Business School has excellent industry links and a strong commitment to social enterprise.
Our courses are accredited by professional bodies including the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Building (CIOB), Chartered Institute of Marketing (CIM), Chartered Institute of Personnel and Development (CIPD) and Royal Institution of Chartered Surveyors (RICS).
Our practical teaching relates learning to the real world, and we develop graduates who are ready to respond to contemporary business challenges.
Contact us
Call our dedicated team on:
+44 (0)20 7911 5000 ext 65511
Opening hours (GMT): 10am–4pm Monday to Friday
Opening hours (GMT): 10am–4pm Monday to Friday
More information
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