The Masters in Finance can be completed on a full-time (10 or 16 month duration) or weekend basis (22 month duration).
Both programme options require students to complete four core courses plus a minimum of seven electives.
You can choose to complete either a specialist or generalist Masters in Finance. To specialise in a specific area, you have the option of the following concentrations:
- Investment Management and Analysis
- Corporate Finance
- Risk Management and Derivatives
Concentrations build in-depth knowledge in specialist areas. They are designed to consolidate your learning around a chosen specialisation, providing you with electives, practical knowledge, industry experience and tools to focus your career development.
If you choose to do a general Masters in Finance you can tailor the programme to your interests and needs, choosing from any of the range of 30 electives.
All compulsory, the four core courses focus on the concepts and frameworks every finance professional needs to know. They cover:
- present value
- valuation of fixed income securities
- basic statistics with a focus on stock returns
- portfolio theory
- state-price approach to valuation
- the Capital Asset Pricing Model and regressions to estimate betas
- the valuation of stocks
- hedging and multi-factor models
- efficient markets, rational expectations, anomalies and behavioural finance
- active portfolio management
- performance evaluation
- forwards, futures and options
- derivatives usage and risk management.
- overview of corporate finance
- performance measurement and financial forecasting
- sustainable growth
- capital structure
- financial distress
- pecking order and market timing
- net present value
- company valuation
- valuation methods (multiples, FCF, WACC, APV, comparables).
Financial Accounting and Analysis
- introduction to financial analysis
- pro forma financial statements
- financial ratios
- capital structure and asset structure ratios
- common size statements
- the analysis of cash flow
- revenue and expense recognition
- earnings management
- accounting fraud
- accounting and economic income
- implications for GAAP
- recognition and valuation of tangible assets
- recognition and valuation of intangible assets
- asset impairments
- accounting for inventory
- accounting return on capital, economic return and IRR
- cash flow and financial modelling
- EVA and economic profit
- EP versus DCF valuation
- accounting for bonds
- leases and off-balance sheet accounting
- pensions and post-retirement benefits
- taxation of corporate income, and deferred taxes
- accounting for shareholders' equity
- accounting for employee stock options
- investments in marketable securities, fair valuation
- consolidation and equity accounting.
Personal assessment and development programme
Successful career trajectories entail high degrees of both personal growth and professional advancement. Career progression is not about wasting our energy trying to make ourselves more effective by changing our characters. Instead, it is more effective to find new and better ways of 'being ourselves' through enhanced insight and skill. By the end of the course, you will have a more thorough awareness of your personal characteristics and current skill set and you will have the opportunity to develop a plan to work on selected areas of development.
Objectives of the programme:
- Develop an awareness of the knowledge, skills, and attributes that underlie personal growth and career effectiveness
- Obtain individual-level feedback utilizing the best existing assessment instruments: 360 degree-feedback and the NEO Personality Inventory
- Share feedback on your interpersonal skills
- Develop a personal action plan.
If you select the Investment Management and Analysis or Corporate Finance concentrations, you will progress your learning from the Investments and Corporate Finance core courses to a more advanced level.
If you have a limited background and/or knowledge in accounting and statistics, you will be required to take our preparatory modules in either accounting, statistics or regression.
You need to complete a minimum of seven, but can select up to 10 electives from a comprehensive portfolio of over 30 courses.
Electives are offered in a highly flexible format. You can choose from weekend, weekday, evening and block-week classes.
The following elective courses are listed alphabetically by title and illustrate the number and range of electives offered, although the list itself may vary slightly from year to year.
Personal Development for Finance Professionals
The Personal Development for Finance Professionals (PDFP) course is an individually tailored self-development skills plan that runs alongside the academic programme. The PDFP starts with the Personal Assessment and Development Programme, which is one of the core courses.
The PDFP provides opportunities for you to develop your skills - to establish your own personal development plan and then learn and practise the tools and techniques that will accelerate your career and enhance your effectiveness as a senior finance professional.
It will help you to:
- Define your career goals - through one-to-one career coaching; gain insights into your personality and leadership style; and a 360 survey which provides feedback from others on your strengths and development areas.
- Master finance technical interviews - through a series of workshops with Career Services and external providers.
- Increase your personal impact - master communication techniques and improve confidence.
- Adopt a structured approach to networking - improve your effectiveness at leveraging connections to help improve your career prospects.
Capstone is the finale of your Masters in Finance. Students will be brought together for an exclusive, celebratory event to reflect on what you have learned on the programme as well as hearing from high profile speakers and Masters in Finance alumni. You also have the opportunity to engage with fellow classmates and build networks to leverage connections in London and across the world.
Our curriculum is designed to support your individual development needs by providing you with greater choice and flexibility when it comes to the duration of the programme.
Students on the full-time format have the option to complete the programme in 10 months (three terms) or in 16 months (four terms). By opting to complete the additional fourth term, you gain the opportunity to:
Participate in the International Exchange Programme
Highlighting London Business School's commitment to offering a truly global education, you have the option to apply to our International Exchange Programme. We have partnerships with leading institutions, all offering you the opportunity to complete three electives in your preferred location.
Please see below the list of our current exchange partners:
- CEIBS - China Europe International Business School (Shanghai, China)
- Fudan - School of Management, Fudan University (Shanghai, China)
- Guanghua - Guanghua School of Management, Peking University (Beijing, China)
- HKUST - Hong Kong University of Science and Technology (Hong Kong)
- ISB - Indian School of Business (Hyderabad, India)
- Melbourne - University of Melbourne (Melbourne, Australia)
- NUS - National University of Singapore (Singapore)
- Tsinghua - Tsinghua SEM (Beijing, China)
The International Exchange Programme is a great opportunity to increase your on-the-ground knowledge and build your networks in a region of interest.
You will only be eligible to apply for the International Exchange Programme if you select the 16 month duration format. International exchanges are undertaken in term four only.
Weekend format students:
Students who have selected the weekend format are able to apply to the International Exchange Programme, completing the exchange in the first term of the second year.
Complete a company sponsored project
Another way to customise your programme to your individual objectives is by undertaking a company sponsored project. This counts as one of your elective credits.
A company sponsored project is an opportunity to further deepen your practical knowledge and to strengthen your industry networks in either the area you are currently working in, or in a sector or company of interest.
Projects are specifically selected to test and enhance the knowledge you have gained over the duration of the programme.
Projects completed by the 2012 class included:
- Who's shunning the specialist funds? An examination of the real asset allocation policies of investment advisory firms
- Sustainable Private Equity Investment in Emerging Markets
- Starting a Hedge Fund: from an industry analysis to a business plan proposal
- Private Financing of Infrastructure: an assessment of the Peru Experience
Take additional electives
Undertake an internship
During your first year on the Masters in Finance, you can elect to apply for an internship position.
The Career Services team can assist you in sourcing and applying for an internship position. Other channels for finding internship roles are through personal contacts, or the LBS network of alumni and contacts. Interviews for internships usually take place in January and are undertaken over the summer break.
The Finance Group at London Business School is renowned for teaching that emphasises both rigorous scholarship and practical relevance. In tandem with their research activities, faculty members act as consultants to financial institutions, industry and government, and hold directorships in a range of organisations, keeping our teaching grounded in the real world.
Teaching and assessment
The Masters in Finance uses a variety of teaching methods, to create an intensive and stimulating learning environment. The lecturing style tends to be participative, and lectures focus on practical applications through case studies, discussions and leading industry practitioners as visiting speakers.
Read Masters in Finance: teaching and assessment FAQs
Events for prospective students
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The learning experience and opportunities
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