MSc Finance and Investment Management

at University of Liverpool

Financial Reporting and Analysis (Semester 1)

The Financial Reporting and Analysis module focusses on developing technical knowledge and skills to enable understanding, interpretation and analysis of companies’ annual reports, with particular emphasis on the primary financial statements. The module will enable you to perform a fundamental and critical analysis of a company’s performance, position and cash flows, which can then be applied to either equity or fixed income security valuation in other modules.
 

In terms of detailed content, areas covered include all the main categories of assets, liabilities, income, expense and cash flows. We also cover more advanced topics such as pensions, off balance sheet financing and group accounting.
 

Quantitative Methods and Economics (Semester 1)

The quantitative methods section of this module focusses on statistics. The topics range from probability theory, hypothesis testing, sampling and estimation, regression and time-series analysis to the time value of money in financial decision making, simulation and technical analysis. The module also requires a conceptual understanding to enable the evaluation of methodologies and develop critiques of them and, where appropriate, propose revised approaches.
 

The economics section of this module covers microeconomics and macroeconomics. Elements of international economics are included relating largely to foreign currency transactions and how they are affected by exchange rates, international interest rates and inflation. There is an emphasis on the effects of economic factors on financial markets, including: monetary and fiscal policy; government regulation; economic growth and development.
 

Equity and Fixed Income Markets (Semester 1)

This module explores global asset markets and the analysis of asset types: specifically equity (shares/stocks) and fixed income (bonds). The equity analysis section of the module includes the characteristics of equity markets, institutions, and benchmarks. It also includes equity valuation methods.
 

Similarly, the fixed-income section of the module includes the characteristics of fixed-income markets, institutions, and benchmarks. It also addresses the valuation of fixed income securities, the term structure of interest rates, credit risk and structured products.
 

This module requires a conceptual understanding of valuation methodologies and develops critiques of these models.
 

Financial Regulation and Ethics (Semester 1)

Financial regulation has a very significant impact on the operation of the financial markets and the activities of investment professionals. In this module you will explore the need for, and impact of, regulation both from a UK and an international perspective. You will also consider the developments that have taken place in the regulatory environment in the aftermath of the global financial crisis.
 

The ethics section of this module addresses the ethical issues and professional conduct responsibilities required of professionals and institutions in the investment management industry, including relevant codes and standards. The ethics coverage is primarily concerned with compliance and reporting rules when managing an investor’s assets or when issuing research reports. Some rules pertain more generally to professional behaviour, including relevant prohibitions.
 

Derivatives and Alternative Investments (Semester 2)

This module includes derivatives (eg futures, forwards, options and swaps), and alternative investments (eg real estate, private equity, hedge funds and commodities).
 

Derivatives have become an increasingly important issue in financial markets and in understanding and controlling financial risk. The topics covered include the types of derivative instruments and their characteristics. The module also addresses how derivative instruments can be used to manage: interest risk, foreign currency risk, commodity risk and credit risk.
 

The alternative investment section of this module considers the various types of alternative investments, their characteristics and the rationale for holding alternative investments within a diversified investment portfolio. Specific investment categories covered include real estate, private equity and venture capital, hedge funds and commodities.
 

Corporate Finance (Semester 2)

The Corporate Finance module addresses key issues in the financing, investment and distribution policies of companies. Key topics include investment decision-making, incorporating measures of sensitivity and risk, deriving a cost of capital, determining a suitable capital structure, dividend policy, business and financial risk and mergers and acquisitions.
 

This module develops a conceptual understanding of the importance of the capital markets and the factors influencing investment and funding decisions. You will also explore the practicalities of evaluating which investments to undertake and how to arrive at an appropriate cost of capital to undertake the evaluation.
 

Portfolio Management (Semester 2)

The Portfolio Management module covers the processes involved in managing investments for corporations and for individuals. The module addresses the fundamentals of portfolio management theory, including return and risk measurement, along with portfolio planning and construction.
 

Specific topics covered in this module include portfolio theory, asset pricing models, investment policy (eg defining an appropriate investment policy, resultant asset allocation or order execution) and measurement of investment performance.
 

Research Skills (Semester 2)
 

This module will allow you to develop an appreciation of the collection, analysis and interpretation of information and data in order to inform and support both academic and future professional research activities.
 

The effective utilisation of information and data in order to inform decision making is a key managerial skill and this module develops skills in the acquisition, analysis and management of both quantitative and qualitative information. This module therefore provides you with an essential grounding and introduction prior to undertaking your research project in semester 3.
 

Research Project (Dissertation) (Semester 3)

You will undertake research in a financial market, company or industry of your choice.
 

This will require demonstration of:
 

• A systematic understanding, demonstrated knowledge and a critical awareness of current issues affecting the market/company/industry selected

• Originality in the application of knowledge, together with a practical understanding of established, applied techniques of research and analysis as used to interpret knowledge and practice in the area

• Conceptual understanding to enable critical evaluation of the methodologies used and the results obtained.

The University of Liverpool Management School continues to welcome applications that fulfil our admissions criteria in order to select a balanced international student cohort. However in order to maintain the high quality of student experience, programmes will stop accepting new applications from certain countries once the number of offers from these countries exceed the target. As students from different countries tend to apply at different points in the application period, applications from some countries may close earlier in the year. In these cases we will aim to provide a 3-week notice period to the affected country, prior to any programme closure.

You will normally need to have a Bachelors degree (with honours) at 2:1 level or better in an appropriate field of study.

Degree subjects considered include a quantitative discipline such as: Finance, Accounting, Economics, Mathematics, Engineering, Science or Business. A wide range of subjects is acceptable, but please contact us if you wish to check whether your degree subject is suitable. Candidates who do not meet these requirements will be considered on their individual merits and should discuss their particular circumstances with the Programme Director.

Applications from students with a professional background rather than an undergraduate degree will be assessed in accordance with the principles of the University’s AP(E)L policy, and the practice and precedents of the Faculty of Humanities and Social Sciences.
 

English language qualifications

All applicants must have reached a minimum required standard of English language, and are required to provide evidence of this. Qualifications accepted by the University include: GCSE English; GCE O level English; AS Level English; A Level English Language; IELTS; TOEFL; Cambridge Proficiency etc. 
 

If you meet the academic requirements of the course but do not have the required level of English Language, it is possible for you to come and study at the University on one of our Pre-sessional EAP programmes.  Please see the English Language Centre website for further information about these programmes;
 

• IELTS    6.5 (with a minimum of 5.5 in each component)
• TOEFL iBT    88 or above with minimum scores in components as follows: Listening and Writing 17, Reading 17, Speaking 19.
• International Baccalaureate    Standard Level 5
• Hong Kong use of English AS level    C
• INDIA Standard XII    70% or above from Central and Metro State Boards
• WAEC    C4-6
   

Please be advised that TOEFL is no longer classified by UK Visas and Immigration as a Secure English Language Test (SELT). However, at the current time the university is continuing to accept TOEFL, at the required level, for entry on to Undergraduate and Postgraduate academic programmes. 

Tuition fees (Home)
 

• The University's tuition fees are normally fixed at yearly intervals and follow Government guidelines on minimum levels. The normal tuition fee for Home (UK) postgraduate taught students per year (for the academic year 2022/23, unless otherwise specified) are stated below.  Please note that part-time fees are charged at 50% of the full-time fee shown below per year (unless otherwise specified). 
• In addition to your tuition fees, you may incur other costs in relation to your studies such as photocopying in the library, buying textbooks and specialist equipment or going on field classes. See our study costs page for full details.
   

Fee for this course    Year 1: £13,000

International students
 

• International students are required to pay the full costs of their tuition in the UK with each university setting its own international fees. 
• The University of Liverpool's fees represent excellent value for money for a Russell Group University. The normal tuition fee for full-time international postgraduate taught students per year (for the academic year 2022/23, unless otherwise specified) will be as follows:
   

International fee for this course    Year 1: £26,250

From the moment you start your MSc you will have access to a specialist careers team which includes a professionally qualified MSc Careers Adviser and a dedicated International Employer Engagement Officer.