The MSc Finance provides a firm foundation in Finance, Financial Economics and Empirical Finance and has been ranked among the top 55 Finance programmes in the world by the Financial Times in their 2023 Masters in Finance pre-experience ranking.
Introduction
The programme provides a solid grounding in modern finance and economics with a particular emphasis on techniques and models and their application to real-world problems.
As well as providing you with firm academic foundations, this course also aims to develop the individual. You will learn vital skills expected of graduates alongside ‘soft’ skills of team working, creative thinking and high-impact communication.
You’ll also benefit from our exclusive calendar of guests and events. Recent speakers have included senior executives from Newsmith Capital, Burger King, UBS and Cable and Wireless.
The MSc Finance has received recognition by the CFA Institute for its Affiliation Program, which is a global association of investment professionals that offers the Chartered Financial Analyst® (CFA®) designation. Affiliated status is granted to institutions whose degree programmes incorporate at least 70% of the CFA Program Candidate Body of Knowledge (CBOK). This provides a solid grounding in the CBOK, which positions students well should they plan to sit the CFA exams.
The CFA qualification is a globally recognised industry designation and affiliated universities are seen as a desirable postgraduate destination, offering programmes that provide a strong foundation in all aspects of finance and a practical knowledge of the finance sector.
The University of Liverpool Management School is one of an elite group of institutions worldwide to hold the gold standard ‘triple-crown’ accreditation from AACSB, AMBA and EQUIS.
The Finance programme has affiliate status with the CQF Institute, allowing our students to register for free membership and gain access to resources such as events, research, careers tools, workshops and thought leadership materials
Discover what you'll learn, what you'll study, and how you'll be taught and assessed.
Semester one
This 12-month programme consists of five compulsory modules and three optional modules followed by a dissertation over the summer period on completion of Semester two.
Compulsory modules
Corporate Finance and Valuation (ACFI906)
Credits: 15 /
Semester: semester 1
The module is intended to develop students’ knowledge and understanding in theoretical and empirical aspects of a number of areas in corporate finance including capital budgeting, capital structure, dividend policy, raising long-term capital, corporate governance and international corporate finance.
Portfolio Theory (ACFI923)
Credits: 15 /
Semester: semester 1
This module provides an opportunity to understand and appreciate the basic notions underlying the management and selection of efficient portfolios. The syllabus focuses on the fundamental principles of portfolio management, especially on investment decision making under certainty and uncertainty. The groundwork for this is laid by extensive discussion of the theory of asset pricing, which includes portfolio separation, the capital asset pricing model, the arbitrage pricing theory, market efficiency and the management of fixed income portfolio.
Financial Econometrics (ACFI901)
Credits: 15 /
Semester: semester 1
The module aims to provide students with a solid foundation in the statistical and econometric techniques that allow them to conduct independent empirical investigations in economics and finance. The approach centres on the linear multiple regression methods, including their use in estimating and testing the validity of models in economics (including economic development) and finance. Economic models include empirical models of country-specific growth rates in terms of capital stock, employment and level of education. Finance models focus on the Capital Asset Pricing Model (CAPM) which specifies stock returns in terms of the return on the market portfolio.
Optional modules
Financial Markets, Financial Regulations and Ethics (ACFI824)
Credits: 15 /
Semester: semester 1
The Financial Markets, Financial Regulation and Ethics module is core to the programme and addresses key issues associated with how the financial markets are regulated and supervised, along with the nature and importance of an ethical framework. Key topics include:
Basic concepts about financial markets;
Financial instruments traded in markets;
The role and nature of financial regulation;
Regulation through the lens of the global financial crisis;
Internationally enacted financial regulations;
CFA Institute Ethics and Professional Standards of Practice;
Ethical Practices.
This module develops a conceptual understanding of the regulation of financial markets and of ethical issues and behaviours.
Banking and Financial Institutions (ACFI812)
Credits: 15 /
Semester: semester 1
This module provides an introduction to banking and financial institutions. More specifically, the module will cover: the role played by financial institutions in the economy, the characterising features of financial institutions and the need for regulating the banking system. The connections between the banking system and the central bank will be explored in detail along with the risks to which financial institutions get exposed in their daily activity.
Any optional modules listed above are illustrative only and may vary from year to year. Modules may be subject to minimum student numbers being achieved and staff availability. This means that the availability of specific optional modules cannot be guaranteed.
Semester two
This 12-month programme consists of five compulsory modules and three optional modules followed by a dissertation over the summer period on completion of Semester two.
Compulsory modules
Security Analysis and Investment (ACFI825)
Credits: 15 /
Semester: semester 2
This module aims to enrich students’ understanding and enhance their practical skills by building the core competency of investment analysis inspiring careers in finance. Students will be given a general introduction to the different asset classes and financial instruments; study the most popular techniques in financial analysis and valuation models rooted from research-led teaching contents; learn and practice investment strategies inspired by theoretical insights and empirical rigors.
Derivatives (ACFI918)
Credits: 15 /
Semester: semester 2
The objective of this module is to provide an introduction to derivative products, namely futures and options in their many different varieties. We examine these products from both a speculative and hedging perspective and also consider advanced strategies such as intra and inter commodity spreads for futures as well as sophisticated option strategies used, not exclusively, to trade volatility. Considerable time is spent examining the sensitivities of option strategies to underlying factors, namely an options "Greeks". We also consider the Black-Scholes-Merton and the Binomial approaches to option pricing. In addition, Monte-Carlo simulation is used for the pricing of path dependent exotic options. Extensive use is made of Excel, including VBA, as well as some use of Matlab.
Optional modules
Financial Risk Management (ACFI809)
Credits: 15 /
Semester: semester 2
This module will enable students to develop skills in evaluating, measuring and managing a range of financial risks to which companies are exposed. Particular emphasis will be placed on the measurement and management of market risks, cash flow risks, interest rate risks and credit risks. The module also includes a brief discussion of recent issues on risk management (emerging risks, the role of risk management failures etc.)
Financial Statement Analysis and Valuation (ACFI810)
Credits: 15 /
Semester: semester 2
Financial Statement Analysis and Valuation comprehensively reviews accounting reporting requirements under IFRS to support understanding of corporate performance and position. Students are introduced to all of the main accounting standards with a strong focus on the development application skills to underpin accurate interpretation of corporate financial statements. The methods and flaws of corporate valuation are demonstrated as a key element of the module.
Fixed Income Securities (ACFI813)
Credits: 15 /
Semester: semester 2
The aim of this module is to introduce students to the fixed income market. The module starts by discussing the relevance of fixed income securities in today’s world. This is followed by a description of the main fixed income securities. The module then explores the issuance of fixed income securities, including their pricing and trading strategies and the risk management of fixed income assets. While the lecture introduces the key concepts, the seminars are more practical and provide an opportunity to apply the knowledge. Students are expected to attend lectures and to engage fully with the seminar exercises.
On the practical side, students will learn to price and identify mispriced fixed income assets and to formulate trading strategies to capture the mispricing. Successful students should be able to analyse economic news and appreciate its impact on fixed income securities.
International Finance (ACFI814)
Credits: 15 /
Semester: semester 2
The aim of this module is to provide students with an understanding of international arbitrage relationships, models of exchange rate determination, and recent issues in international finance literature. By the end of this module, students should be able to describe the basic international parity relationships, outline some of the basic models of exchange rate determination, and have a good grasp of current issues in international financial markets, and be able to critically evaluate the empirical literature on international finance. Students should also be able to analyse risks that exist in international finance including foreign exchange, foreign trade and investment risks and to select and use appropriate techniques to manage such risks.
Corporate Governance and Sustainability (ACFI818)
Credits: 15 /
Semester: semester 2
This aim of this module is to present key issues in corporate governance and discuss their impact on corporate financial performance. These include most common big-scale “agency” problems, where top executives of the firm have opportunities to take actions that benefit them, while shareholders and other stakeholders bear the cost of these actions. In particular, it covers various aspects of internal governance including the role of the board of directors, reviews the importance of executive compensation, equity ownership structure and turnover as an internal control mechanism. The module also explores numerous external governance devices from non-executive to non-equity shareholders, and addresses the role that accounting, legal and regulatory interventions play in corporate governance. Academic research and real-world case studies will be used to enhance the understanding of why corporate governance matters, and how directors, managers and shareholders respond to these issues in their daily corporate affairs.
On the topic of sustainability, this module provides a structured discussion on the basics of sustainability and its role in business. The lectures include several case studies on sustainability. In follow-up seminars, students will lead a debate on a recent sustainability event. Furthermore, we will explore the opportunity to engage with practitioners including business leaders, consultants, and sustainability experts to gain real-world insight. Students are encouraged to closely follow recent developments in sustainability and get involved in sustainability initiatives on campus and in local communities. By providing a comprehensive education that incorporates sustainability principles, we are equipping our students with the knowledge and skills they need to thrive in a modern world that is increasingly focused on sustainability.
By the end of this module, students will gain: (i) the ability to look at the “big-picture” questions in the area of corporate governance, (ii) skills to critically discuss the practical solutions/mechanism to improve the effectiveness of corporate governance, and (iii) understanding of corporate sustainability and the role of business in modern society.
Any optional modules listed above are illustrative only and may vary from year to year. Modules may be subject to minimum student numbers being achieved and staff availability. This means that the availability of specific optional modules cannot be guaranteed.
Final project
This 12-month programme consists of five compulsory modules and three optional modules followed by a dissertation over the summer period on completion of Semester two.
Compulsory modules
Dissertation (ACFI912)
Credits: 60 /
Semester: summer
The dissertation module is an opportunity to apply the empirical skills gained on MSc Finance and MSc Accounting and Finance and apply it to an appropriate research question in accounting and finance in the form of a 15,000 word dissertation.
Any optional modules listed above are illustrative only and may vary from year to year. Modules may be subject to minimum student numbers being achieved and staff availability. This means that the availability of specific optional modules cannot be guaranteed.
How you'll learn
Delivery of the programme is via lectures, seminars, discussions on research papers, case studies, group work, podcasts, Bloomberg, Adobe Connect and tutorials.
As a traditional teaching method, interactive lectures provide students the opportunity to learn the subject with an in-depth input from the lecturers whereas seminars and group work provide further avenues for interactive learning from other group members.
Following semester two you will complete a dissertation with the support of an academic supervisor.
Teaching time will account for an average of 10 hours per week and you should anticipate an additional 25 hours of self-directed study and group work.
How you're assessed
In semester one and two, you will take modules totalling 120 credits. The dissertation completed during the summer period is worth 60 credits and students will be supported by their academic supervisor.
Students are required to complete 180 credits to achieve a full MSc.
Subject to meeting specific criteria outlined by the University, students will graduate with a Pass, Merit or Distinction.
Assessment tasks are varied and some may be designed specifically to meet the learning outcomes of a particular programme of study, but students can expect to be assessed via coursework, essay, group work, presentations, case studies, negotiation exercises, reports and examinations. The weighting of individual components will vary from one module to another. All assessment information is included within the module specification.
Liverpool Hallmarks
We have a distinctive approach to education, the Liverpool Curriculum Framework, which focuses on research-connected teaching, active learning, and authentic assessment to ensure our students graduate as digitally fluent and confident global citizens.
The School has a thriving international master’s community with a comprehensive, interdisciplinary programme of social and extra-curricular events and dedicated careers and employability support.
MSc Finance at the University of Liverpool Management School
Learn more about the MSc Finance programme at the University of Liverpool Management School, including our research-focused teaching, software and database access and outstanding facilities including our Bloomberg trading suite.
Virtual tour
Supporting your learning
From arrival to alumni, we’re with you all the way:
Careers and employability support, including help with career planning, understanding the job market and strengthening your networking skills
A dedicated student services team can help you get assistance with your studies, help with health and wellbeing, and access to financial advice
Support for students with differing needs from the Disability advice and guidance team. They can identify and recommend appropriate support provisions for you.
What students say...
I chose Liverpool because I fell in love with the city. There’s always so much to do, so many things happening, and lots to learn about the city. The university is also part of The Russell Group, which always looks good for future career prospects.
Graduates of this programme will be equipped to take up positions in Financial Institutions and other career opportunities in government agencies, large corporations, consultancy firms, investment banks and many other branches of the finance industry.
Career support from day one to graduation and beyond
From day one, you will have access to a specialist, in-house postgraduate careers team and have access to one-to-one careers guidance, workshops, seminars, and employability initiatives.
Graduates will gain a sound theoretical grounding in finance and will develop a range of analytical and transferable skills that will help them to enter the financial services sector and undertake key roles in:
retail and investment banks
international organisations
securities firms
portfolio management roles
finance departments of industrial and financial companies
consultants
central banks and auditors.
Fees and funding
Your tuition fees, funding your studies, and other costs to consider.
Tuition fees
UK fees (applies to Channel Islands, Isle of Man and Republic of Ireland)
Full-time place, per year
£14,500
International fees
Full-time place, per year
£31,000
Fees stated are for the 2025-26 academic year.
Tuition fees cover the cost of your teaching and assessment, operating facilities such as libraries, IT equipment, and access to academic and personal support.
If you're a UK national, or have settled status in the UK, you may be eligible to apply for a Postgraduate Loan worth up to £12,167 to help with course fees and living costs. Learn more about fees and funding.
Additional costs
We understand that budgeting for your time at university is important, and we want to make sure you understand any course-related costs that are not covered by your tuition fee. This could include buying a laptop, books, or stationery.
A 2:1 Honours degree (or overseas equivalent) in Finance, Accounting and Economics. Exceptional candidates with First Class degrees in other subjects (with a significant component of finance) will be considered.
Students who lack the usual academic qualifications but have appropriate professional qualifications (with good grades) will be considered individually on merit. Grades in modules relevant to Finance must average 2:1 (particular emphasis will be placed on final-year finance modules).
We are able to offer a level of flexibility for applicants. Those with a 2:2 honours degree will be considered on an individual basis.
International qualifications
If you hold a bachelor’s degree or equivalent, but don’t meet our entry requirements, you could be eligible for a Pre-Master’s course. This is offered on campus at the University of Liverpool International College, in partnership with Kaplan International Pathways. It’s a specialist preparation course for postgraduate study, and when you pass the Pre-Master’s at the required level with good attendance, you’re guaranteed entry to a University of Liverpool master’s degree.
International applicants who do not meet the minimum required standard of English language can complete one of our Pre-Sessional English courses to achieve the required level.
English language qualification
Requirements
IELTS
6.5 overall, with no component below 6.0
TOEFL iBT
88 overall, with minimum scores of listening 19, writing 19, reading 19 and speaking 20. TOEFL Home Edition not accepted.
Duolingo English Test
120 overall, with no component below 105
Pearson PTE Academic
61 overall, with no component below 59
LanguageCert Academic
70 overall, with no skill below 65
PSI Skills for English
B2 Pass with Merit in all bands
INDIA Standard XII
National Curriculum (CBSE/ISC) - 75% and above in English. Accepted State Boards - 80% and above in English.
WAEC
C6 or above
PRE-SESSIONAL ENGLISH
Do you need to complete a Pre-Sessional English course to meet the English language requirements for this course?
The length of Pre-Sessional English course you’ll need to take depends on your current level of English language ability.
Liverpool bursts with diversity and creativity which makes it ideal for you to undertake your postgraduate studies and access various opportunities for you and your family.
To fully immerse yourself in the university experience living in halls will keep you close to campus where you can always meet new people. Find your home away from home.
Discover what expenses are covered by the cost of your tuition fees and other finance-related information you may need regarding your studies at Liverpool.
Contact us
Have a question about this course or studying with us? Our dedicated enquiries team can help.
