Masters in Finance

This pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject. Through the course, you will appreciate the purpose of finance and investment, the main types of investment and financial markets, as well as the process of valuing investments and the role of risk and return in investment performance. These are all important fundamentals in understanding the workings of financial markets and being able to apply them to real and practical problems as part of your course. We encourage you to take the course even if you have studied finance before. The course is delivered online, requires around 15 hours of study and can be completed at your own pace.

Quantitative techniques and statistics are among the main tools finance and investment professionals utilise in analysing data linked to financial markets and securities. This interactive pre-study course is designed to deliver these essential building blocks in maths and quants and prepare you for a Finance Master’s if you don’t have a finance, maths, or quants background. For those with a relevant background, it can serve as a refresher of this essential knowledge.

This pre-study interactive course is designed by Henley Business School faculty to introduce you to the world of coding in Python. According to recent employer surveys, coding is a top 5 employability skill in the new world of work. The World Economic forum includes technology design and programming in the top 10 skills of 2025. Coding is an extremely powerful skill to have going forward in all areas of business and finance. Due to the importance of coding skills in your future, you will be using coding in some of your courses depending on your choice of programme at Henley Business School. So, this pre-study course can be seen as a stepping stone in your learning journey. Even if coding is not directly utilised as a part of your programme, completing this course, earning the certificate and complementing this with some further independent learning, could set you apart in an increasingly competitive job market. Python is the most utilised programming language in the world and so the purpose of this course is for you to learn the fundamentals of Python, and how to use it to solve practical problems in your area of interest.

This pre-study interactive course is designed by Henley Business School faculty, the University of Reading Study Advice Team and the International Study and Language Institute. The course aims to prepare you for your learning journey at Henley and focuses on helping you build important study skills to succeed in your Masters and beyond. Skills such as curiosity and independent thinking, effective communication and collaboration, digital capabilities, storytelling, empathy and professional integrity are not only important in your course itself but are also sought after by employers in all areas of business. Therefore, they are instrumental in succeeding in your professional career. The learning journey of our Masters programmes is designed in a way that allows you to build such skills and this course intends to demonstrate exactly how, and therefore help you to make the most of your Masters.

It then analyses the main framework of portfolio theory and optimum asset allocation, and how portfolio diversification can help minimise investment risk. Through the introduction of the main pricing models (single-factor and multi-factor) and the fundamental concept of arbitrage-free pricing, students are exposed to techniques for valuing and comparing different risky assets. The theory of Market Efficiency and its violation completes students’ perception of how financial market equilibrium is reached in modern economies. Furthermore, the module provides an in-depth introduction to financial derivatives (futures and options) and their key role in leveraging and hedging investments. All the techniques introduced are widely applied in other elements of the programme.

In Part II, the main characteristics and risks of a range of financial markets are presented: equity, fixed income, foreign exchange, futures and commodity markets. A series of interactive workshops are used to learn about ethical investing and alternative trading systems. The aim of part II is to provide an economic framework for understanding global financial markets, financial institutions, market players and the importance of liquidity and price efficiency.

This module is core for several financial programmes. It provides a rigorous academic framework for assessing security values, interpreting changes in the price of financial instruments, managing risks, and comparing alternative market structures. Also, it provides a practical group project and trading simulation sessions, where students will gain hands-on experience with trading in alternative market structures.

The aims and objectives of the module are to give students an introduction to econometrics so that they might understand the econometric techniques used in the finance research literature. Via case studies and computer modelling exercises, students then learn how to apply these techniques to real data. Emphasis is placed on practical applications of the techniques in the global financial markets. The module aims to encourage the development of IT and data handling skills: in particular, the use of Python as the software to apply the econometric techniques to data from Eikon and Bloomberg.

The first pillar will take you through a discovery process focused on building a comprehensive career strategy. This process is based: i) understanding yourself and your strengths through behavioural strengths assessment, ii) mapping the job market, the key career paths in your field and ingredients of career success, ii) mastering job roles and building employer maps and iv) building effective self-selling and networking strategies.

The second pillar is aimed at helping you hone key employability skills, focused on effective communication. You will appreciate the power of language and become a more confident speaker and presenter, mastering narrative building, and applying this in the context of a simulated job interview.

As part of the module you will be exposed to the theories and evidence on most recent career development and apply these to develop a critical view of your own skills, to the job market and to where your skills and the job market opportunities intersect.

By the end of the module, it is expected that students will be able to:

• Critically assess the scope and motives of merger and acquisitions (M&A), the pros and cons of alternative M&A financing methods, and the potential for value creation

• Value a real corporation using best-practice valuation methods (DCF, Multiples, LBO)

• Design and build a comprehensive ‘pitchbook’ for a real-life transaction, undertaking independent research analysis and employing financial modelling techniques

• Present a coherent investment story and strategic alternatives for a real company

The module aims to build on the investment management foundation that has been introduced in the Securities, Futures and Options module. This investment portfolio management module covers the issues involved in understanding the investment management industry, constructing and maintaining an optimal investment portfolio (active, passive or smart beta investment styles), diversification, evaluating portfolio performance, risk management and portfolio rebalancing. The module will also introduce you to the world of alternative investments - the hedge fund industry, in particular. The compulsory, practical group project of the course will provide students with hands-on experience in constructing and managing a realistic investment portfolio.

To do this, students will examine contemporaneous case studies that cover key instances of financial failure, crisis and/or misconduct, and understand the risks the community is exposed to these. Students will also study how safeguards such as whistleblowing processes and regulatory accountability mechanisms, enable the exercise of financial power and regulatory power to be kept in check.

The focus of the module is on PE and VC and high-growth ventures from the viewpoints of both the entrepreneur or management team and of the investing institution (general partner), although private equity as a whole is covered (including management buyout transactions) as well as the relationship between the private equity or venture capital firm and its own investors (limited partner institutions) as are mergers and acquisition deals. adherence to environmental, social and corporate governance (ESG) and diversity & inclusion (D&I) considerations.

This is a highly practical module; extensive use will be made of case studies and a group project in addition to guest seminars from invited experienced practitioners and entrepreneurs.

This module is intended for students who may be interested at some stage in their careers in raising private equity or venture capital finance for an entrepreneurial venture or management buyout, or who see themselves working in a professional investment capacity (eg with a private equity firm as an investment executive or with an investment bank) or as an investor with a pension fund, bank or insurance company or as a corporate finance adviser, or who simply want to gain an understanding of how the private equity & venture capital fundraising and investment and M&A processes work.

A particular focus in this module is on green and climate change-related investments, but the module also explores the social and ethical dimensions of sustainable investment.

The aim of the module is to familiarise students with the main strategies employed in sustainable investments and the role that sustainable investment can play in addressing societal challenges such as climate change. Using real-world examples and ESG data, students will learn about the key challenges and opportunities that investors incorporating ESG criteria face. Students will also be introduced to the crucial role of financial regulation and voluntary standards/principles in the sustainable investment space.

This course is positioned in the cross-section of Finance and Psychology. It provides an alternative framework to that of traditional neo-classical finance principles in explaining market behaviour and interpreting stylised characteristics. A variety of psychological principles and well-established cognitive biases are examined and connections are made with the influence they have on the investment (and corporate) decision making process. Market anomalies and puzzles are interpreted based on these connections.

The self-directed nature of study for this model should encourage students to be resourceful in their search for relevant literature and data, and to manage the various stages involved effectively, leading to timely submission of the finished piece.

This module reviews the current state of the trading industry and identifies aims, features, regulations, and limitations of three main groups of algorithmic trading strategies: market making, trade execution and statistical arbitrage. Practical seminars are used to demonstrate how to apply trading algorithms to high-frequency data.

This module will equip the students with a basic knowledge of algorithmic and high frequency trading strategies which are commonly used in the trading industry.

By the end of the module, students will be able to

• Discuss the particularities of different forms of alternative investments, especially hedge funds, commodities and real estate
• Characterize the benefits and risks of different alternative investment classes
• Apply key concepts of financial engineering to structured product design
• Explain and analyse different types of structured products currently available in the global capital markets.

Throughout this module, students will develop their knowledge and understanding of the trading, management and supervision of options within financial markets. They will also develop the ability to practically apply the knowledge, understanding and required skills to trade options actively within the financial markets. Students will:

• · Develop a high-level understanding of option theory and application at practitioner level.
• · Be able to interpret both volatility and volatility skew.
• · Be able to use and interpret the key primary and secondary option sensitivities including gamma and gamma trading.
• · Understand the key features, risk/reward and trading rationales of vertical, horizontal and volatility option trading strategies and refinements such as ratio spreads, butterflies and condors (both “vanilla” and “iron”).
• · Understand the key principles and practice of option market making.
• · Understand the principles of option risk management on both a single-position and portfolio basis.
• · Know how and where to source option-related information and metrics – and how to interpret and use such information.

The module is delivered by market practitioners in the style of an internship to support the behavioural development of enhanced employability skills and ultimately make students work-ready and professionally competent for future careers.

The principle aim of the module is to provide the students with practical and theoretical understanding of how the financial services industry has been transformed through the adoption and use of digital innovation and information technologies as well as the abundance of data. The module takes both an external perspective on technological and market developments, as well as an internal perspective on organizational transformation and new ways of working for innovation and agility.