Organisations in the financial management sector require industry professionals with specialist knowledge of financial markets and expertise in investments, financial instruments and risk management. The one-year MSc Finance programme is tailored to these industry requirements and is designed to give you the crucial skills you will need to launch a successful career in finance.
Our students come from a wide range of disciplines, including quantitative subjects. If you meet minimum performance criteria during your first term, you will have the chance to train for and sit the Chartered Financial Analyst (CFA) Level 1 professional exam during the programme. Upon successful completion of your master's, you will also automatically secure Association of Chartered Certified Accountants (ACCA) exemptions from most of the Fundamental level papers depending on your module choices during the second term, and 11 exemptions from the Chartered Institute of Management Accountants (CIMA) CGMA qualification.
We will teach you about the principles of financial markets and foundation finance, using real-world data and examples. You will have the chance to explore the fascinating areas of corporate finance, advanced investment management and financial econometrics. To help address the industry’s skills gap and give you a competitive edge in the jobs market, you will also have the opportunity to develop key transferable job market skills such as data analysis, and computer programming (using Python, R, Stata, MATLAB, and SAS); and will receive training in industry-standard data platforms such as Bloomberg and FactSet.
Your dissertation is a chance to really shape your future career path. Dissertations are managed in streams and you will be invited to presentation sessions by the stream leader. You will then choose from either empirical asset pricing, accounting, CFA level 1, or corporate finance. You will attend lectures and computer lab sessions designed to introduce you to the key literature and research methods on which your dissertation topic is based.
Throughout your programme, you will have access to the Management School’s dedicated career support. Advisers will help shape a one-to-one plan to play to your strengths and help your advancement. Many of our graduates have moved on to work in international accountancy firms such EY, KPMG, Bloomberg and city firms in London and beyond. A PhD is another route forward, enabling you to deepen your knowledge.
Programme outline
In the first term, from October to December, you will take four core modules (Quantitative Methods for Finance, Foundations of Finance, Principles of Financial Reporting, and Financial Markets). Each module is split into two parts. The first part takes place over the first three weeks of the term and provides a solid introduction to the topics covered in the second part. In addition, you will have a two-week module on Financial Databases and career sessions spread out throughout the term.
During your second term, from January to March, you will take four assessed modules.
From May to July, you work on your master's dissertation, with guidance from your academic supervisor. During those months, you will attend lectures and computer lab sessions designed to introduce you to the key literature and research methods on which your dissertation topic is based. You will continue to work on your dissertation throughout the remainder of the summer, submitting it in September at the end of the master's programme.
Several dissertation streams are available, including:
Advanced Topics in Investment Strategies, Mutual Funds and Hedge Funds
The Chartered Financial Analyst (CFA) Program is the leading professional qualification in the global investment industry. As a CFA Affiliated University, our MSc Finance and MSc Accounting and Finance programmes are recognised for their strong connection to professional practice and ability to prepare students for the CFA exams. Only a handful of UK business schools have been granted this status by the CFA.
These Master's programmes include a special CFA dissertation stream aimed at suitably qualified students wishing to sit the August CFA Level I exam and gain this prestigious qualification. You will benefit from five weeks of professional teaching by specialist CFA tutors from Fitch Learning, covering the entire CFA Level I syllabus, supplemented by online support, key resources and real-time feedback via the Fitch Learning CFA training portal.
Upon completion of the training, you will sit a three-hour mock Level I examination and the results contribute 42% to your overall dissertation mark. The CFA dissertation stream is available to all MSc Finance and MSc Accounting and Finance students who meet minimum performance criteria during the first term. CFA scholarships are also available to help you gain CFA Level I, and details are automatically sent to eligible students during the summer term.
Key facts
Features of the programme you should know about:
CFA affiliated university
CFA Level I training provided by Fitch Learning.
ACCA
Exemption from most of the Fundamental level papers.
Careers coaching
Dedicated financial careers coaching.
Course accreditation
This programme is accredited by the Association of Chartered Certified Accountants (ACCA). Some modules also provide exemptions from ACCA examinations at Fundamentals level to fast-track your progression.
This programme is accredited by the Chartered Institute of Management Accountants (CIMA). By completing this programme, you will gain 11 exemptions from the CGMA qualification.
For many students, the desire to boost their career prospects and move more quickly into senior roles is a key reason for acquiring a Master's degree. That's why we integrate careers support into our MSc programmes and offer a range of facilities to help you in your career development and job search process.
LUMS Careers Team
You will benefit from our specialist careers support throughout your studies, and beyond graduation.
We host more than 100 careers events every year, providing you with the opportunity to network with top graduate employers within the UK and overseas, and supporting you to achieve your future career aspirations.
Financial Careers Coach
To give you extra industry-specific job-hunting skills, we have partnered up with a financial markets specialist who has worked for several leading investment banks and financial technology institutions.
As a financial careers coach still working in the financial markets, his role is to make you aware of opportunities within the sector, giving you a clear picture of the particular skills required and, crucially, an insider view of what employers will be looking for.
To help you differentiate yourself in a fiercely competitive market, he provides guidance on writing CVs and cover letters for the financial market, interview skills, and performing well at assessment centres.
Employer Events
You will be able to take part in the many workshops and other employer events provided throughout the year by the Careers Team at LUMS. Many of the workshops are run by major companies, allowing you to find out what companies look for when recruiting at this level, and to improve skills that employers regard as essential in good candidates.
Where do our graduates go?
Our MSc graduates go on to work for many different kinds of organisations, in roles such as financial analysts, investment managers, regulators and policymakers, treasury managers, consultants, etc. Some have used their finance expertise to set up their own companies, and other have gone on to accounting- or finance-related academic careers.
Companies that have recruited our Master's graduates in recent years include: Bangkok Bank, Bank of China, BNP Paribas, Citi, Deloitte, Deutsche Bank, EY, Grant Thornton, HSBC, JPMorgan Chase, KPMG, PwC, Standard Chartered and UBS.
Scholarships for 2025 entry
We are delighted to offer a selection of scholarships for master’s programmes at Lancaster University Management School for 2025 entry.
International students
Your qualifications
Programme cost without scholarship
Management School Scholarship
Lancaster Global Scholarship
Total Scholarship amount
You pay
1st class degree
£32,760
£8,300
£5,000
£13,300
£19,460
2:1 degree
£32,760
£5,000
-
£5,000
£27,760
2:2 degree
£32,760
£3,000
-
£3,000
£29,760
Home students
Your qualifications
Programme cost without scholarship
Scholarship amount
You pay
1st class degree
£16,270
£5,000
£11,270
2:1 degree
£16,270
£5,000
£11,270
We also offer an additional 10% discount on fees for Lancaster University Alumni. Alumni Loyalty Scholarship.
Scholarships will be applied automatically if you meet the criteria.
Support for CFA examination fees for selected Accounting and Finance Master's programmes.
Entry requirements
Academic requirements
2:1 Hons degree (UK or equivalent) in Finance, Accounting, Economics or other business-related subject. Graduates in non-business areas with strong quantitative elements may also be considered.
We may also consider non-standard applicants, please contact us for information.
If you have studied outside of the UK, we would advise you to check our list of international qualifications before submitting your application.
English language requirements
We may ask you to provide a recognised English language qualification, dependent upon your nationality and where you have studied previously.
We normally require an IELTS (Academic) Test with an overall score of at least 6.5, and a minimum of 6.0 in each element of the test. We also consider other English language qualifications.
If you are thinking of applying to Lancaster and you would like to ask us a question, complete our enquiry form and one of the team will get back to you.
Delivered in partnership with INTO Lancaster University, our one-year tailored pre-master's pathways are designed to improve your subject knowledge and English language skills to the level required by a range of Lancaster University master's degrees. Visit INTO Lancaster University for more details and a list of eligible degrees you can progress onto.
Course structure
We continually review and enhance our curriculum to ensure we are delivering the best possible learning experience, and to make sure that the subject knowledge and transferable skills you develop will prepare you for your future. The University will make every reasonable effort to offer programmes and modules as advertised. In some cases, changes may be necessary and may result in new modules or some modules and combinations being unavailable, for example as a result of student feedback, timetabling, Professional Statutory and Regulatory Bodies' (PSRB) requirements, staff changes and new research. Not all optional modules are available every year.
Core
core modules accordion
This module will introduce you to some of the most relevant financial databases that will be used throughout the master's programme. It will provide you with a solid knowledge of the data available and the procedures used to retrieve and prepare the relevant data for your studies and projects. Additionally, the course provides some introductory training on the basic use of VBA for Excel.
Providing you with a strong foundation for understanding both the economics of financial markets and the main types of securities traded in these markets, this module focuses on bonds, futures, swaps and options. It strikes a balance between the theory and practice as well as making important links between models and the real world. The emphasis is on both principles and problem solving.
Topics covered include bonds, the economics of derivatives markets, futures and forwards, swaps, and options.
This module contributes to the following CFA syllabus areas:
Securities Markets (CFA level I)
Derivative Investments (CFA levels I and II)
Debt Investments (CFA levels I, II and III)
In this module you will cover the basic building-blocks of finance that are of primary concern to corporate managers, and look at all the considerations needed to make financial decisions, both inside and outside the firm. The time value of money is applied to value financial securities, and the module considers in depth the relationship between risk and return. The second part of the module introduces you to the theory and practice of financing and dividend decisions.
Through this module you will gain a good understanding of the following areas: valuation of financial securities, portfolio selection and diversification, capital asset pricing model, financing decisions and efficient capital markets, capital structure and valuation for the levered firm and dividend policy.
This module contributes to the following CFA syllabus areas:
Corporate Finance (CFA levels I and II)
Portfolio Management (CFA levels I, II and III)
Basic Valuation Concepts (CFA level II)
The objective of this three-week module is to ensure that you have a grounding in basic accounting concepts before progressing to the programme’s main modules.
It provides an overview of the context within which financial reporting occurs, the main components of a set of financial statements, and concepts commonly accepted as underlying the production of financial statements.
This short three-week module acts as a primer for the Foundations of Finance module. It starts by introducing you to finance and corporate finance and then applies time value of money to value perpetuities and annuities. It also looks at the concepts of net present value and internal rate of return and builds on these to address capital-budgeting aspects of investment decisions. The module also covers the topic of corporate governance and the influence of ESG on current corporate governance practice. Although the module seeks to do this with a minimum of financial maths, to understand these topics properly you will need to invest some time in learning a few relevant formulae.
The aim of this module is to provide you with an introduction to basic concepts related to financial markets, including key categories of market participants as well as the main types of securities traded in these markets.
This three-week module covers a range of basic concepts in mathematics and statistics, providing you with the necessary background toolkits for studying the “Quantitative Methods for Finance” module and other subsequent modules in accounting and finance. The topics include:
Basics of Probability Theory
Discrete Random Variables
Continuous Random Variables
Matrix Algebra and basic calculus
Rules of Probability
Expectation, Variance and other moments
Introduction to Statistics
This module is designed to give you a better understanding of how professional accountants, working in a variety of environments in various countries, accounting for major reporting transactions. It also furthers your understanding of how academics have conceptualised and explained accounting choices.
Topics covered include the application of conceptual framework, interpretation and analysis of financial statements , and contemporary issues in financial accounting, such as ESG.
This module contributes to the following CFA syllabus areas:- Financial Statement Analysis (CFA levels I and II)
This module will enable you to understand the key concepts and methods in data science, econometrics, and quantitative finance to carry out independent empirical work required for the job market, more advanced modules in accounting and finance and the MSc dissertation streams.
Optional
optional modules accordion
This module builds on and extends the concepts covered in the core Foundations of Financial Markets module in the first term. The major topics covered include capital budgeting, capital structure, corporate valuation, corporate restructuring, mergers and acquisitions, dividend policies, and the application of real options in corporate finance.
In lectures, we will use cases based on real companies to demonstrate the links between the various areas of corporate finance. A key objective of the module is to help you explore how firms' financing and investment policies interact with each other and how decisions impact corporate valuation.
This module contributes to the following CFA syllabus areas:
Corporate Finance (CFA levels I and II)
The aim of this module is to equip you with the tools necessary to enable you to make the core investment management decisions that managers face daily, as well as the knowledge as to where you can find the information necessary to apply those tools.
This course covers fundamental concepts and key issues in factor investing;
equilibrium theories of asset pricing
mutual funds, ETFs and hedge funds
Environmental, Social and Governance
textual analysis in empirical asset pricing
Designed to develop your appreciation of the main approaches to measuring, analysing and reporting information to support management decisions, this module provides insights into planning, decision-making, performance evaluation and control. The decision-making part focuses on the techniques that enable a firm to find solutions for management accounting problems; the control part provides the insights and techniques that enable a firm to bring these solutions to fruition.
The module deals with techniques that facilitate planning and decision-making such as multi-stage cost allocation and activity-based costing. But it also deals with the effects of these techniques on managerial behaviour, and how to control these behavioural effects. The module is consistent with modern micro-economic theory, but any maths content is presented in an intuitive way. Since the module brings together management accounting and modern microeconomics it will be particularly valuable for those interested in pursuing a career in consulting.
This module looks at what can happen to asset pricing in situations where market imperfections coincide with imperfections in investor rationality. It, therefore, explores the boundary between mispricing which can be exploited and that which cannot be exploited profitably.
The module lays the foundations for arbitrage, investment and wealth management, investment banking, and corporate finance. The material covered is at the frontier of academic and industry research, forming a conceptually advanced body of knowledge (CFA level III) which is of relevance for theory, research and practice.
Topics covered include:
The efficient markets hypothesis and competing theories
Limits to arbitrage
Heuristics, biases and prospect theory: mental accounts and evidence in market prices
Myopic loss aversion, disposition effect and overtrading
Professional investors and analysts: over- and under-reaction
Bubbles: observational and experimental, rational and non-rational
Closed-end fund discounts, co-movement and sentiment
The equity premium puzzle and the volatility puzzle
Herding
Behavioural portfolio theory
Turbulent decades of economic crises and increased volatilities across all asset classes have brought about innovative and strategic derivatives solutions to manage financial risk and create value. Their failure has typically been due to a lack of understanding of how to use and price derivatives. Understanding derivatives’ dynamics, risks, valuations and uses has become more important than ever.
Although there are many derivatives structures, the key to understanding derivatives is that all financial products, no matter how complex, are portfolios of just two fundamental building blocks: a swap (forward) and an option. This module provides this understanding in a rigorous, consistent and coherent framework.
This option is for students who do not wish to undertake one of the standard dissertation topics, and are able to find an independent supervisor.
CFA dissertation stream
The first component is a critical review and synthesis of the literature on the use of accounting numbers in business valuation. The second component of the dissertation focuses on the implementation of valuation methods. This topic is best suited for those who have followed AcF606, Fundamental Analysis and Valuation, in the Lent term.
Upon completion of this module, you should:
Be familiar with the context for the use of accounting numbers in valuation;
Understand the difference between entity and equity valuation perspectives;
Understand the theory and rationale underlying the multiples-based valuation approach, including Price-Earnings models, Price-to-Book models, etc.;
Be familiar with the key practical issues involved in implementing multiples-based valuation models;
Be familiar with the theory and derivation of accounting flow-based valuation models including the Free Cash Flow Model, the Residual Income Valuation Model, and the Abnormal Earnings Growth Model;
Be familiar with the key practical issues involved in implementing accounting flow-based valuation models;
Be able to understand, synthesise and critique key theoretical and empirical research papers relating to accounting-based valuation;
Possess a good working knowledge of the data resources, statistical methods, and computer software required to undertake empirical research;
Be able to design and implement a small sample analysis of brokers’ reports;
Be able to design and undertake large-scale empirical tests that compare the performance of alternative valuation models.
This module focuses on advanced topics in corporate finance, with a particular focus on debt and loan contracting. You will develop a comprehensive understanding of the role of debt in capital structure, the key features of debt contracts, and the theories that underpin debt contracting literature. The module also addresses the growing importance of Environmental, Social, and Governance (ESG) factors, examining how these considerations are influencing credit markets and debt contracting decisions.
Throughout the course, you will enhance their research and analytical skills. They will learn to critically analyse and synthesise academic literature, utilise various data resources and statistical methods, and gain practical experience working with syndicated loan data. A key component of the module is learning the fundamentals of data wrangling and visualisation, equipping you with essential skills for handling and presenting financial data effectively. By the end of the module, you should be capable of designing and conducting large-sample empirical tests on relevant topics in corporate finance.
The class introduces the fundamentals of investment strategies and some of the main strategies used by hedge funds and proprietary traders. In class and through reading exercises and discussions, the strategies are illustrated using real data, and you will learn to use “backtesting” to evaluate a strategy or fund performance. The class is highly quantitative. It requires you to work independently, analyse and manipulate large datasets, and use mathematical modelling.
During the five weeks (Week 1-5) of the Summer Term, you must attend all the lectures and training sessions designed to provide an introduction to the key literature and research methods. During and following this taught component, you will need to undertake independent research that (i) reviews the academic literature relating to investment strategies and market anomalies and (ii) reports empirical evidence of the effectiveness of a chosen investment strategy or asset pricing anomaly.
SAS, Python, and MATLAB will be introduced and used extensively for the chosen investment strategy. To undertake this module, you will need to achieve at least 65% on average for your first-semester coursework. High achievement in econometrics-related subjects, previous knowledge in at least one of the following programming languages or econometric packs (e.g. EVIEWS, VBA, STATA, MATLAB, SAS, Python, R, C++, Fortran, Gauss, Mathematica), or strong desire to input hard work to learn programming will be critical for high achievement in this dissertation topic.
This module introduces the leading financial platforms used in the financial industry. It will, in particular, provide you with a general understanding of the structure, type of data, and functionality of the Bloomberg Professional platform.
The module has a strong practical component. You will use the Bloomberg Professional terminals in our Financial Markets Lab to extract, analyse, and interpret data available within the platform to solve real-life financial problems. This will give you important insights into how financial platforms such as Bloomberg Professional are used for problem-solving within the industry.
This module equips you with the latest skills in data science, financial econometrics and quantitative finance to analyse and model asset price dynamics using techniques at the research frontier in these areas, including the work with high-frequency data, relevant for the job market (especially in Quants) and the MSc dissertation streams.
It will teach you important features of financial time series, key modelling approaches in the field, how to use high-frequency data to construct the latest volatility estimators and the most appropriate methods for forecasting price volatility and risk. It will also give you practical experience of analysing market prices, constructing volatility estimators and designing forecasting analyses through empirical projects implemented with MatLab.
This module examines the financial accounting issues that arise – from both conceptual and technical angles – for complex business entities operating within the context of International Accounting Standards, US and UK GAAP. It also assesses the impact of accounting theory in understanding and suggesting solutions to major reporting issues and examines the importance of relevant academic research to this area.
After introducing you to the nature and environment of complex entities, the module focuses on the following areas:
Reporting financial performance: calculating earnings per share, defining income and comprehensive income, using reported income for analysis purposes
Owner’s equity: accounting for share-based payments, reporting changes in owner’s equity
Assets and liabilities: for example, intangible assets (including research and development), accounting for financial instruments, hedging
Accounting for groups: business combinations, goodwill, non-controlling interests, different types of strategic relationships (associates and joint ventures), foreign currency translation
This module contributes to the following CFA syllabus areas:
Financial Statement Analysis (CFA levels I and II)
This module is designed to develop your understanding of the principles governing the valuation of fixed-income securities and their derivatives. It examines the main problems and selected issues relevant to the management of interest rate risk and the organisations and structure of debt markets. Topics covered include debt securities and markets, the measurement of interest rate risk, and embedded options and interest rate derivatives.
This module contributes to the following CFA syllabus areas:
Debt Investments (CFA levels I, II and III)
In this module you will acquire the tools needed to analyse financial statement information, in particular for the purpose of valuing businesses. This module is heavily based on cases.
After introducing you to the basic framework of fundamental analysis, the module focuses on the form and content of financial statements, operating and financial activities in the reformulation of financial statements, and the analysis of profitability. We will also consider issues that arise in the forecasting of financial statements.
We will then look at common valuation techniques, focusing on practical applications while also highlighting their conceptual underpinnings.This module contributes to the following CFA syllabus areas:
Equity Investments (CFA levels I and II)
Financial Statement Analysis (CFA levels I and II)
This module is designed to introduce students who have no or little programming experience to Python programming in the context of academic research and real-life problem-solving in accounting and finance.
This module aims to develop your interest and confidence in financial programming and analysing big financial data and to equip you with programming skills and data-driven problem-solving abilities.
Fees and funding
Location
Full Time (per year)
Part Time (per year)
Home
£16,270
n/a
International
£32,760
n/a
Additional fees and funding information accordion
There may be extra costs related to your course for items such as books, stationery, printing, photocopying, binding and general subsistence on trips and visits. Following graduation, you may need to pay a subscription to a professional body for some chosen careers.
Specific additional costs for studying at Lancaster are listed below.
College fees
Lancaster is proud to be one of only a handful of UK universities to have a collegiate system. Every student belongs to a college, and all students pay a small College Membership Fee which supports the running of college events and activities. Students on some distance-learning courses are not liable to pay a college fee.
For students starting in 2025, the fee is £40 for undergraduates and research students and £15 for students on one-year courses.
Computer equipment and internet access
To support your studies, you will also require access to a computer, along with reliable internet access. You will be able to access a range of software and services from a Windows, Mac, Chromebook or Linux device. For certain degree programmes, you may need a specific device, or we may provide you with a laptop and appropriate software - details of which will be available on relevant programme pages. A dedicated IT support helpdesk is available in the event of any problems.
The University provides limited financial support to assist students who do not have the required IT equipment or broadband support in place.
For most taught postgraduate applications there is a non-refundable application fee of £40. We cannot consider applications until this fee has been paid, as advised on our online secure payment system. There is no application fee for postgraduate research applications.
For some of our courses you will need to pay a deposit to accept your offer and secure your place. We will let you know in your offer letter if a deposit is required and you will be given a deadline date when this is due to be paid.
The fee that you pay will depend on whether you are considered to be a home or international student. Read more about how we assign your fee status.
If you are studying on a programme of more than one year’s duration, tuition fees are reviewed annually and are not fixed for the duration of your studies. Read more about fees in subsequent years.
You may be eligible for the following funding opportunities, depending on your fee status and course. You will be automatically considered for our main scholarships and bursaries when you apply, so there's nothing extra that you need to do.
Unfortunately no scholarships and bursaries match your selection, but there are more listed on scholarships and bursaries page.
We're ranked in the QS Business Master's Rankings 2025 Master's in Finance top 100, placing 65th globally overall, 12th in the UK and 11th in the UK for Value for Money.
We're ranked in the FT Master's in Finance 2025 rankings, placing 10th in the UK and 53rd globally for pre-experience programmes. Our programme is also placed 2nd in the UK and 10th in the world for the highest levels of overall student satisfaction (scoring 9.41 out of 10).
Mathis Fromel talks about why he chose this course, the careers support available, and life on campus.
Transcript for Why study MSc Finance?
What made me choose this course were especially the rankings and the reputation of Lancaster University, and in particular the MSc Finance programme which I'm attending right now. It's ranked among the top universities within the UK and especially to see if a partnership was very appealing to me. The highlight of being part of the MSC finance programme so far is definitely my campus life. It's nice to get to know new people from all over the world. And especially Grad College offers so many opportunities and has great facilities such as computer labs, study hubs, social hubs. Because of the challenging nature of the course and because you really evolve academically and also because of the support you get from the career services. They really prepare you for entering the real world regarding application processes and so forth. Lancaster University offers great support from career services as well as from professors. They encourage you to go on career fairs and also support you if you would like to attend academic events. I have already experienced a steep learning curve. It's very interesting to see how you evolve personally and also academically. as the programme is very demanding and there's lots of new things to encounter and to experience. Yes.
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