MSc — 2024 entry Investment Management
This course combines thorough training in investment theory with the practical tools you’ll need to solve real investment problems. You’ll learn the analytical, decision-making, problem-solving, risk mitigation and technical skills you need to thrive in an increasingly complex global financial environment.
Why choose
this course?
- You’ll be based in the Surrey Business School and be part of a vibrant community, focused on improving business practice and creating a sustainable and positive change.
- This course will teach you a systematic approach to decision-making in investment management.
- You’ll be taught by experienced industry professionals and academics who will help you develop the skills you need to succeed in investment management or investment analysis roles within the finance industry.
- You’ll learn how to use market-leading tools such as Bloomberg, with Bloomberg Market Concepts certification embedded in our course.
- Our course is affiliated with the CFA Institute and you can apply for a scholarship to sit the Chartered Financial Analyst exam during your studies at a reduced fee. In addition, we offer the Schweser CFA Essential Study Package free of charge to all scholarship holders.
- The School is renowned for its:
- World-class teaching and research
- Strong focus on entrepreneurship and enterprise
- Vibrant and diverse community
- Excellent career prospects.
Accreditation
What you will study
Our compulsory modules will give you an understanding of core investment concepts and are based on the CFA curriculum, while our optional modules allow you to tailor your learning to your own interests or your planned career path.
By the time you graduate, you’ll understand the investment management process, and will be able to make informed decisions at every stage while considering various ethical and sustainability aspects and implications as well.
Professional recognition
MSc - Association to Advance Collegiate Schools of Business (AACSB)
Accredited by the Association to Advance Collegiate Schools of Business (AACSB).
MSc - Chartered Financial Analyst Institute (CFA)
Recognised by the Chartered Financial Analyst Institute (CFA).
The year is structured across three semesters, with taught modules during autumn and spring semesters over 11 academic weeks, respectively, and a final summer term which starts in June and runs for a 6-week period until July. You'll then work on your International Finance Project until September.
The structure of our programmes follows clear educational aims that are tailored to each programme. These are all outlined in the programme specifications which include further details such as the learning outcomes:
Modules
Modules listed are indicative, reflecting the information available at the time of publication. Modules are subject to teaching availability, student demand and/or class size caps.
The University operates a credit framework for all taught programmes based on a 15-credit tariff.
Course options
Year 1
Semester 1
Compulsory
The module examines the various approaches to equity investment analysis, providing a systematic understanding of the challenges faced and the decisions to be taken when analyzing and valuing corporate equity. It encompasses the principles and practice of valuation of companies’ shares. This is examined from several aspects; industry analysis, company analysis, valuation methods and the link between valuation and investment style. Real corporate analysis will be undertaken in order to highlight and evaluate the different approaches to investment analysis.
View full module detailsThe module provides a systematic approach to analyzing and valuing various types of fixed income securities. It encompasses the principles and practice of valuation of Treasury securities and corporate bonds, and factors affecting bond prices.
View full module detailsTo provide a grounding in the principles of accounting for students at Master level, most of whom are intending to pursue a specialist career in accounting or finance.
View full module detailsThe module provides the theoretical underpinnings of our MSc Accounting and Finance programme. It introduces the pivotal concepts which form the basis of theoretical finance under three broad headings; Portfolio Theory and Practice, Equilibrium in Capital Markets and Introductory Analysis of Asset Classes. Core concepts include the relationship between risk and return, the Capital Asset Pricing Model (CAPM) and the Efficient Market Hypothesis (EMH) but the module also extends this analysis into new theoretical areas such as Behavioural Finance.
View full module detailsSemester 2
Compulsory
This module is targeted at students interested in understanding the pricing of derivative securities, specifically options. Applications are used to reinforce a rigorous development of arbitrage theory that underpins the pricing of derivative securities.
View full module detailsThe module studies the various stages of the investment management process from the award of an investment sponsor’s mandate through investment manager selection to the portfolio and performance outcome of that selection. Consideration is made at each stage of who makes the decisions and what those decisions are based upon. This includes asset allocation, benchmarking, active versus passive investment, investment style and investment performance. Seminars investigate real asset allocation problems. The module is the lynchpin of an investment management programme. This module is particularly useful for students considering a career in finance; investment management, investment banking or investment consultancy but is also useful for those involved in other areas of the financial sector such as insurance and pensions; the main users of investment management services.
View full module detailsAs a result of a range of recent corporate scandals an increased emphasis has been put on corporate social responsibility and the need for the board of directors to conform to an ethical code of conduct while managing the affairs of an entity. This module explores how corporate governance examines the system of rules, principles and procedures through which a company is run to promote the best interest of its shareholders, other stakeholders and the wider society.
View full module detailsThis is a compulsory module for the MSc International Financial Management Programme and MSc Investment Management. Being the final element of the Programme, it provides an opportunity to conduct a study on a finance-related situation and reflect on it. Students are expected to select a finance-related issue from a range of choices, conduct independent research and complete a report within a stipulated period. They will have the opportunity to consult with the Module Convenor while deciding on the business case that interests them. The research should be based on secondary data sources. The students will have opportunity to understand the techniques essential in writing financial reports in the taught module “Cases in International Finance”. In addition, support sessions will be conducted by the module convenor to assist students to gain a comprehensive understanding of the requirements of the report.
View full module detailsThe Applied Cases in International Finance module aims to help students to develop an understanding of the process involved in successfully analysing case information to complete an international finance-related project. The module enables students to understand real-life, complex, multi-layered, multinational issues and synthesise appropriate information while preparing an analysis on a case. It facilitates the independent learning process and provides students with the knowledge, skills and understanding required to articulate findings in a structured report format.
View full module detailsOptional
This module further develops finance for students interested in corporate finance. The module is to demonstrate the link between those various decisions and areas. In particular, we will explore how the firm’s financing, investment, capital structure and payout policies interact with each other and how those decisions have implications for corporate bankruptcy and takeovers.
View full module detailsThis module examines international currency markets and currency transactions, exchange rate systems and the implications of exchange rate volatility. It also explores various currency risks that arise from international operations and examines issues that arise when firms seek financing outside their home markets.
View full module detailsRisk management focuses on the following types of financial risk that arise for a business: market risk, credit risk and liquidity risk. A brief introduction to non-financial risks is also given, but is not the main focus. This module considers financial risk management strategies; how risk is evaluated; the methods that are available to hedge against risk and the strategies that are employed to mitigate risk. This is complemented by consideration of key risk management issues for financial institutions including bank capital adequacy. The lessons to be learned from the Financial Crisis of 2007-08 are also investigated. Understanding risk and how to identify and deal with it provides a key input for students of finance, accounting or banking.
View full module detailsCorporate Governance is an area that has grown rapidly in the last few years fuelled by high profile corporate collapses and financial crisis. The module builds on sound theoretical base to encompass the latest developments in the field worldwide. It takes an international approach to corporate governance, contextualising its development and providing a stimulating range of academic and empirical practitioner research, and topical case studies. It also introduces institutional and legal systems from both government and firm’s viewpoints that influence the effectiveness of corporate governance.
View full module detailsThe module equips students with the knowledge and tools to implement financial models using Python. The course introduces students to the general principles of building financial models, as well as a number of specific financial modelling tools, including matrix calculations, optimization, regression analysis (both time-series modelling and panel data modelling), out-of-sample forecasting and simulation. These methods are applied to a range of practical problems in finance, including passive and active portfolio management, risk management and currency valuation. The emphasis of the course is on practical application of the theory, with lectures on each topic followed by in-depth practical classes, in which students work through real world problems using Python.
View full module detailsYear 1
Semester 1
Compulsory
To provide a grounding in the principles of accounting for students at Master level, most of whom are intending to pursue a specialist career in accounting or finance.
View full module detailsThe module provides the theoretical underpinnings of our MSc Accounting and Finance programme. It introduces the pivotal concepts which form the basis of theoretical finance under three broad headings; Portfolio Theory and Practice, Equilibrium in Capital Markets and Introductory Analysis of Asset Classes. Core concepts include the relationship between risk and return, the Capital Asset Pricing Model (CAPM) and the Efficient Market Hypothesis (EMH) but the module also extends this analysis into new theoretical areas such as Behavioural Finance.
View full module detailsSemester 2
Compulsory
The module studies the various stages of the investment management process from the award of an investment sponsor’s mandate through investment manager selection to the portfolio and performance outcome of that selection. Consideration is made at each stage of who makes the decisions and what those decisions are based upon. This includes asset allocation, benchmarking, active versus passive investment, investment style and investment performance. Seminars investigate real asset allocation problems. The module is the lynchpin of an investment management programme. This module is particularly useful for students considering a career in finance; investment management, investment banking or investment consultancy but is also useful for those involved in other areas of the financial sector such as insurance and pensions; the main users of investment management services.
View full module detailsThis module is targeted at students interested in understanding the pricing of derivative securities, specifically options. Applications are used to reinforce a rigorous development of arbitrage theory that underpins the pricing of derivative securities.
View full module detailsAs a result of a range of recent corporate scandals an increased emphasis has been put on corporate social responsibility and the need for the board of directors to conform to an ethical code of conduct while managing the affairs of an entity. This module explores how corporate governance examines the system of rules, principles and procedures through which a company is run to promote the best interest of its shareholders, other stakeholders and the wider society.
View full module detailsYear 2
Semester 1
Compulsory
The module provides a systematic approach to analyzing and valuing various types of fixed income securities. It encompasses the principles and practice of valuation of Treasury securities and corporate bonds, and factors affecting bond prices.
View full module detailsThe module examines the various approaches to equity investment analysis, providing a systematic understanding of the challenges faced and the decisions to be taken when analyzing and valuing corporate equity. It encompasses the principles and practice of valuation of companies’ shares. This is examined from several aspects; industry analysis, company analysis, valuation methods and the link between valuation and investment style. Real corporate analysis will be undertaken in order to highlight and evaluate the different approaches to investment analysis.
View full module detailsSemester 2
Compulsory
This is a compulsory module for the MSc International Financial Management Programme and MSc Investment Management. Being the final element of the Programme, it provides an opportunity to conduct a study on a finance-related situation and reflect on it. Students are expected to select a finance-related issue from a range of choices, conduct independent research and complete a report within a stipulated period. They will have the opportunity to consult with the Module Convenor while deciding on the business case that interests them. The research should be based on secondary data sources. The students will have opportunity to understand the techniques essential in writing financial reports in the taught module “Cases in International Finance”. In addition, support sessions will be conducted by the module convenor to assist students to gain a comprehensive understanding of the requirements of the report.
View full module detailsThe Applied Cases in International Finance module aims to help students to develop an understanding of the process involved in successfully analysing case information to complete an international finance-related project. The module enables students to understand real-life, complex, multi-layered, multinational issues and synthesise appropriate information while preparing an analysis on a case. It facilitates the independent learning process and provides students with the knowledge, skills and understanding required to articulate findings in a structured report format.
View full module detailsOptional
This module further develops finance for students interested in corporate finance. The module is to demonstrate the link between those various decisions and areas. In particular, we will explore how the firm’s financing, investment, capital structure and payout policies interact with each other and how those decisions have implications for corporate bankruptcy and takeovers.
View full module detailsThis module examines international currency markets and currency transactions, exchange rate systems and the implications of exchange rate volatility. It also explores various currency risks that arise from international operations and examines issues that arise when firms seek financing outside their home markets.
View full module detailsCorporate Governance is an area that has grown rapidly in the last few years fuelled by high profile corporate collapses and financial crisis. The module builds on sound theoretical base to encompass the latest developments in the field worldwide. It takes an international approach to corporate governance, contextualising its development and providing a stimulating range of academic and empirical practitioner research, and topical case studies. It also introduces institutional and legal systems from both government and firm’s viewpoints that influence the effectiveness of corporate governance.
View full module detailsRisk management focuses on the following types of financial risk that arise for a business: market risk, credit risk and liquidity risk. A brief introduction to non-financial risks is also given, but is not the main focus. This module considers financial risk management strategies; how risk is evaluated; the methods that are available to hedge against risk and the strategies that are employed to mitigate risk. This is complemented by consideration of key risk management issues for financial institutions including bank capital adequacy. The lessons to be learned from the Financial Crisis of 2007-08 are also investigated. Understanding risk and how to identify and deal with it provides a key input for students of finance, accounting or banking.
View full module detailsThe module equips students with the knowledge and tools to implement financial models using Python. The course introduces students to the general principles of building financial models, as well as a number of specific financial modelling tools, including matrix calculations, optimization, regression analysis (both time-series modelling and panel data modelling), out-of-sample forecasting and simulation. These methods are applied to a range of practical problems in finance, including passive and active portfolio management, risk management and currency valuation. The emphasis of the course is on practical application of the theory, with lectures on each topic followed by in-depth practical classes, in which students work through real world problems using Python.
View full module detailsTeaching and learning
You'll benefit from lectures and seminars taught by experts with a track record of industry experience in a range of roles, including investment managers, investment analysts, investment strategists and leading academics.
General course information
Contact hours
Contact hours can vary across our modules. Full details of the contact hours for each module are available from the University of Surrey's module catalogue. See the modules section for more information.
Timetable
New students will receive their personalised timetable in Welcome Week. In later semesters, two weeks before the start of semester.
Scheduled teaching can take place on any day of the week (Monday – Friday), with part-time classes normally scheduled on one or two days. Wednesday afternoons tend to be for sports and cultural activities.
View our code of practice for the scheduling of teaching and assessment (PDF) for more information.
Location
Stag Hill is the University's main campus and where the majority of our courses are taught.
We offer careers information, advice and guidance to all students whilst studying with us, which is extended to our alumni for three years after leaving the University.
94 per cent of our Surrey Business School postgraduate students go on to employment or further study (Graduate Outcomes 2023, HESA).
Some of our graduates have gone on to secure careers in the following roles:
- Investment/portfolio manager
- Investment fund/wealth manager
- Investment analyst
- Business analyst
- Financial advisor
- Investor relations
- Consultancy.
A minimum of a 2:2 UK honours degree, or recognised international equivalent, in finance, accountancy, banking, economics or financial services (including insurance and investment management).
Applicants with a degree in business administration or management can also be considered where accountancy, banking or finance represent 25 per cent of the modules by weighting.
We will also consider a dual-discipline degree which includes accountancy, banking or finance as either a joint or minor subject.
We will take significant relevant work experience into consideration if you don't meet the above requirements. If you have at least one year of relevant experience in a full-time graduate-level role (or a minimum of two years’ experience in a relevant graduate-level part-time role) please provide full details of your role and responsibilities in your personal statement and CV when you submit your application.
English language requirements
| Course length | IELTS Academic requirements or equivalent |
|---|---|
| Full-time: 1 year | 6.5 overall including 6.0 in each category |
| Full-time (with placement): 2 years | 7.0 overall including 6.5 in each category |
| Part-time: 2 years | 6.5 overall including 6.0 in each category |
These are the English language qualifications and levels that we can accept.
If you do not currently meet the level required for your programme, we offer intensive pre-sessional English language courses, designed to take you to the level of English ability and skill required for your studies here.
International Pre-Masters
Prepare for postgraduate study and boost your career prospects. This is an intensive programme of academic subjects, study skills and English language preparation designed to help you succeed.
Recognition of prior learning
We recognise that many students enter their course with valuable knowledge and skills developed through a range of ways.
If this applies to you, the recognition of prior learning process may mean you can join a course without the formal entry requirements, or at a point appropriate to your previous learning and experience.
There are restrictions for some courses and fees may be payable for certain claims. Please contact the Admissions team with any queries.
Fees per year
Explore UKCISA’s website for more information if you are unsure whether you are a UK or overseas student. View the list of fees for all postgraduate courses.
September 2024 - Full-time - 1 year
- UK
- £15,200 per year
- Overseas
- £25,400 per year
September 2024 - Part-time - 2 years
- UK
- £7,600 per year
- Overseas
- £12,700 per year
- If you are on the two-year part-time masters programme, the annual fee is payable in Year 1 and Year 2 of the programme
- These fees apply to students commencing study in the academic year 2024-25 only. Fees for new starters are reviewed annually
- Annual fees will increase by 4% for each subsequent year of study, rounded up to the nearest £100, subject to any overriding applicable legislative requirements.
Payment schedule
- Students with Tuition Fee Loan: the Student Loans Company pay fees in line with their schedule (students on an unstructured self-paced part-time course are not eligible for a Tuition Fee Loan).
- Students without a Tuition Fee Loan: pay their fees either in full at the beginning of the programme or in two instalments as follows:
- 50% payable 10 days after the invoice date (expected to be early October of each academic year)
- 50% in January of the same academic year.
- Students on part-time programmes where fees are paid on a modular basis: cannot pay fees by instalment.
- Sponsored students: must provide us with valid sponsorship information that covers the period of study.
The exact date(s) will be on invoices.
Funding
You may be able to borrow money to help pay your tuition fees and support you with your living costs. Find out more about postgraduate student finance.
Scholarships and bursaries
Discover what scholarships and bursaries are available to support your studies.
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Please note that we may have to close applications before the stated deadline if we receive a high volume of suitable applications. We advise you to submit your application as soon as it is ready.
ApplyPlease note that we may have to close applications before the stated deadline if we receive a high volume of suitable applications. We advise you to submit your application as soon as it is ready.
ApplyAdmissions information
Once you apply, you can expect to hear back from us within 14 days. This might be with a decision on your application or with a request for further information.
Our code of practice for postgraduate admissions policy explains how the Admissions team considers applications and admits students. Read our postgraduate applicant guidance for more information on applying.
About the University of Surrey
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Contact our Admissions team or talk to a current University of Surrey student online.
Terms and conditions
When you accept an offer to study at the University of Surrey, you are agreeing to follow our policies and procedures, student regulations, and terms and conditions.
We provide these terms and conditions in two stages:
- First when we make an offer.
- Second when students accept their offer and register to study with us (registration terms and conditions will vary depending on your course and academic year).
View our generic registration terms and conditions (PDF) for the 2023/24 academic year, as a guide on what to expect.
Disclaimer
This online prospectus has been published in advance of the academic year to which it applies.
Whilst we have done everything possible to ensure this information is accurate, some changes may happen between publishing and the start of the course.
It is important to check this website for any updates before you apply for a course with us. Read our full disclaimer.