Ranked among the world’s top master’s programmes in finance, our MSc Finance offers a comprehensive curriculum preparing you for high-value careers in highly sought-after sectors such as investment banking, asset management and corporate finance. The programme provides a solid foundation in essential financial principles while allowing you to tailor your studies through a wide selection of optional modules.
You will build expertise in core areas such as financial data analytics, corporate finance, investment analysis and financial markets, while gaining advanced insights into specialised areas such as AI and machine learning, FinTech, and sustainable finance.
You will also benefit from dedicated CFA training, personalised career coaching, and hands-on experience with industry-standard platforms such as Bloomberg, LSEG Workspace and Datastream, along with programming tools like Python and R. This unique combination of core knowledge and customisable learning ensures that you graduate with both breadth and depth, making you highly adaptable and competitive in the global financial job market.
Industry-led learning
Our programme is guided by industry and research trends and delivered by a team of world-class academics. You will benefit from unparalleled networking opportunities with industry experts and access to real-world case studies, ensuring you graduate as a well-rounded professional ready to tackle global challenges. You will also have access to our sector-leading finance career coaching team, which will help you become more competitive in the job market and develop the soft skills needed to excel in any career path. Also, the programme includes dedicated training for the CFA Level I exam, which is delivered in the summer.
Tailor your learning with optional modules
You can choose from a diverse selection of optional modules that align with your individual interests and career aspirations. Whether you are interested in derivatives modelling, risk management, sustainable finance and ESG investing, or AI and machine learning applications in finance, our programme allows you to specialise in the areas that matter most to you.
Enhance your professional toolkit
The core module ‘Career Accelerator: Technical Toolkit and Professional Development’ will help you develop soft skills (such as communication), database management skills (such as SQL, Bloomberg, LSEG Workspace and Datastream), coding skills (such as VBA, Stata, Python and R) and practical skills in using industry-standard accounting software (such as Xero).
Over the summer, you will apply your acquired knowledge to an individual, research-driven dissertation project. This project will provide hands-on experience with real-world quantitative research while developing your research planning, time management, and written communication skills.
Features of the MSc Finance programme you should know about:
Our reputation
Over the past decade, our MSc Finance has been consistently ranked among the world’s top Master’s programmes by the Financial Times and the QS Business Master’s Rankings
Focus on employability
Strong focus on employability with access to a dedicated specialist accounting and financial careers coaching team who have strong links to industry.
Connections with the financial industry
Our in-house Industry Engagement and Knowledge Transfer Series (IEKTS) has regular talks and events featuring guest speakers from leading global financial institutions, top asset management companies, financial regulators, and economists worldwide.
CFA Level I training provided by Fitch Learning.
You will have the opportunity to train for and sit the CFA Level I exam while attending the programme.
CFA qualification
The Chartered Financial Analyst (CFA) Programme is the leading professional qualification in the global investment industry. As a CFA Affiliated University, our MSc Finance programme is recognised for its strong connection to professional practice and ability to prepare students for the CFA exams. Only a select few business schools in the UK have been granted this status by the CFA.
Your programme includes a special CFA dissertation stream for suitably qualified students who wish to take the CFA Level I exam in August and gain this prestigious qualification. You will benefit from professional teaching by specialist CFA tutors from Fitch Learning, covering the entire CFA Level I syllabus. This instruction will be supplemented by online support, key resources and real-time feedback via the Fitch Learning CFA training portal.
Upon completing the training, you will sit a three-hour mock Level I examination, and the results will contribute to your overall dissertation mark. The CFA dissertation stream is available to students who meet minimum performance criteria during the first semester. CFA scholarships are available to help you gain CFA Level I. Details will be automatically sent to eligible students during the second semester.
Careers
The broad nature of the core and optional modules of this programme allows you to pivot in several different ways. You could choose well-known sectors such as investment banking and asset management, or explore less well-known sectors such as financial consultancy, investment consultancy, wealth management, financial planning, interdealer brokers, insurance, and vendors. The nature of the programme also means you could take either an analysis role or a more client-facing function and everything in between.
Companies that have recruited our 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
UBS
To give you additional industry-specific job-hunting skills, we have partnered with a financial markets specialist who has worked at several leading investment banks and financial technology firms. As a financial careers coach, his role is to help you explore opportunities within the sector, providing a clear understanding of the skills required and, crucially, an insider’s perspective on what employers are looking for. To help you stand out in a highly competitive market, he offers guidance on writing CVs and cover letters tailored to the financial industry, developing effective interview techniques, and performing well at assessment centres.
Also, Lancaster University Management School’s Careers team puts on over 100 careers events each year for you to network with top graduate employers in the UK and overseas.
Support for CFA examination fees for selected Accounting and Finance Master's programmes.
Entry requirements
Academic requirements
2:2 Hons degree (UK or equivalent) in Finance, Accounting, Economics, or another business-related subject.
We assess applicants based on their overall academic performance and typically expect strong results in finance and quantitative modules (e.g., mathematics, statistics). Relevant work experience and/or significant programming skills are also viewed favourably.
Graduates from non-business disciplines with a strong quantitative focus (Mathematics, Engineering, Physics, Computer and Data Science, and related disciplines) are encouraged to apply.
English language requirements
We 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.
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.
You will take the Career Accelerator module throughout the programme. Alongside this module, you will take three core modules in the first semester:
Data Analytics for Finance and Investments
Asset Pricing and Investments
Corporate Finance and Financial Markets.
In the second semester, you will choose three optional modules.
Over the summer, you will take one of two options:
CFA Level 1 and Research Project
Dissertation.
Core
core modules accordion
This module provides you with comprehensive knowledge of modern asset pricing theories and investment strategies, bridging theoretical foundations with practical applications. You will develop a deep understanding of financial markets and risk and return trade-offs, beginning with utility-based frameworks, consumption-based models, and contingent claim pricing. You will then learn about factor-based approaches that define the modern investment landscape.
The module covers fundamental theories, such as the Capital Asset Pricing Model and market efficiency. It examines how these have evolved into multi-factor models that better explain asset returns.
We also cover quantitative techniques for textual analysis of financial information and sentiment analysis. You will gain hands-on experience constructing and evaluating investment portfolios through various optimisation techniques.
This year-long module, co-delivered with careers consultants from the LUMS Careers team, will enhance your skillset, knowledge, and experience, giving you a head start on your future career.
You will receive dedicated career and professional training and the basis to develop software and coding skills essential to the professional life of an Accounting and Finance graduate.
The module's content is tailored for your programme and covers a range of skills that are essential in an increasingly competitive job market, including:
data management (eg SQL, Excel, VBA, Xero)
databases (eg Bloomberg, Datastream)
programming (eg Python, R).
By identifying and developing your employability skills, you will get practical opportunities to prepare for the future.
This module readies you for the world of financial analysis by preparing you for the CFA Level I exam. The module:
introduces and reviews theories, methods and professional standards relating to financial analysis
helps you apply the knowledge and skills developed during this and other modules to the investment problems encountered by professional analysts
prepares you to sit and pass the CFA Level I exam administered by the CFA Institute.
The module adapts each year to stay current with the current CFA Level I syllabus. It is assessed through a combination of classwork, tests, and an internal mock exam designed to be equivalent to the CFA exam. The module grade is unaffected by the outcome of the CFA exam. The module is taught by our partners at Fitch Learning.
This module introduces the key principles of corporate financial management and the operation of financial markets. The first part of the module deals with issues central to corporate financial decision-making, including investment, financing and dividend policy decisions. You will learn how firms evaluate projects and optimise their funding sources to enhance shareholder value. You will cover topics that include:
capital budgeting
cost of capital
capital structure
dividend policy.
The second part of the module provides you with a strong foundation for understanding both the economics of financial markets and the main types of securities traded in those markets. You will gain insights into equities, bonds, derivatives, foreign exchange and crypto markets. You will also gain knowledge of the key market participants and trading mechanisms.
This module covers the core material to enable you to model and analyse financial data proficiently. It provides the necessary toolbox for advanced modules in finance and investments and the dissertation modules. The module also provides the foundation for techniques such as machine learning and artificial intelligence in the context of forecasting.
You will cover material that includes:
the established linear regression model framework
discrete choice models
linear financial time series models
a modern toolbox for model selection and forecasting.
You will learn:
estimation techniques such as least squares and maximum likelihood optimisation
how to choose the right model for data analytics
how to interpret and make informed decisions based on regression outputs
how to implement all key techniques in a modern programming language used in the finance industry such as Python and R.
Optional
optional modules accordion
This module focuses on advanced corporate finance topics. You will learn essential tools to perform company valuations and gain critical insights into financial strategies that drive a firm's success. The module also covers topics such as:
initial public offerings (IPOs)
mergers and acquisitions (M&As)
leveraged buyouts (LBOs)
private equity financing
debt financing.
You will explore the role of corporate governance in financial decision-making. By the end of this module, you will have developed a well-rounded understanding of advanced corporate finance principles, enabling you to make informed financial decisions that enhance a firm's performance in competitive markets.
This module provides an in-depth examination of modern investment strategies and portfolio construction techniques. You will develop advanced skills in portfolio optimisation, applying different objective functions and constraints to create portfolios with specific risk-return characteristics.
The module covers sophisticated backtesting methodologies, including techniques to mitigate common pitfalls such as overfitting and selection bias. The module explores investment factors beyond traditional market, size, and value factors, often referred to as the ‘factor zoo’. You will equip yourself with methodologies for rigorous factor construction and evaluation.
You will examine asset allocation frameworks, including strategies such as Risk Parity, portfolio insurance, and other risk-managed approaches.
The module introduces applications of machine learning for investment decision-making, covering:
variable selection techniques
dimensionality reduction
pattern recognition in financial data.
Throughout the module, the theoretical concepts you learn will be reinforced through practical applications using real market data.
This module gives you a hands-on introduction to fundamental accounting concepts through exercises and real-world case studies. The module allows you to plan, develop and present flexible financial models from scratch. You will gain an understanding of:
the purpose and use of accounting
basic accounting equations
income statements
balance sheets
cash flow statements
their linkages.
You will build a complete forecast model for financial statements for a real listed company.
This module is taught by our partners at Fitch Learning.
This module focuses on the banking system, exploring how financial institutions facilitate credit, manage risk and contribute to economic growth. It also examines the crucial role of central banks in shaping monetary policy and ensuring financial stability. You will analyse economic theories behind deposit collection, loan origination and the broader function of financial intermediaries.
The module explores how monetary policy influences banking activities and how financial crises emerge, spread and are managed. Key topics include:
systemic risk
lender of last resort mechanisms
the evolving regulatory landscape.
The module integrates theoretical, empirical, and regulatory perspectives to equip you with a comprehensive understanding of banking and modern financial intermediation.
This module covers the latest concepts in machine learning and big data in finance. You will gain skills in financial econometrics to carry out advanced quantitative data analysis, modelling and forecasting. These are highly valuable and transferable skills for jobs in the finance industry.
You will cover material that includes the latest techniques to model and analyse complex and high-dimensional data, such as multivariate financial time series models, variable selection techniques, and artificial neural networks for forecasting purposes, together with modern forecasting evaluation methods.
The module focuses on developing your understanding and modelling of volatility and variance-covariance matrices as key risk measures in finance. You will cover the construction of these matrices using traditional data and modern irregular big and high-frequency databases. You will learn to implement all key techniques in a modern programming language used in the finance industry, such as Python or R.
This module will teach you how to analyse and integrate material ESG factors into investment decisions. The module provides content that prepares you to sit for the CFA Certificate in ESG Investing. The topics you will cover include:
the ESG market
ESG analysis
valuation and integration
engagement and stewardship
ESG integrated portfolio construction and management
investment mandates
portfolio analytics
client reporting.
The module is taught by our partners at Fitch Learning.
This module provides you with a comprehensive knowledge of advanced derivatives pricing and hedging methodologies. It covers advanced option pricing techniques beyond the Black-Scholes framework, including, for example, stochastic volatility models. You will examine interest rate derivatives and the pricing of related instruments, such as swaps, caps, floors, and swaptions.
You will also learn about commodity derivatives and credit default swaps. The module extends to exotic derivative structures, including path-dependent options and multi-asset derivatives and explores dynamic hedging strategies.
This module allows you to integrate knowledge and skills gained during your MSc programme. You will formulate research questions, develop appropriate methodologies and analyse financial data to address real-world challenges in your field of study. You will investigate topics relevant to your career aspirations, whether in corporate finance, accounting, investment analysis, risk management or financial technology. Through this process, you will develop essential transferable skills including:
research planning
critical thinking
data analysis
academic writing.
This dissertation will prepare you for advanced roles in the financial industry or further academic study.
In this module, you will carry out an empirical research project. You will implement and evaluate an investment strategy through which you will gain an understanding of trading cost analysis and performance measurement. You will apply the knowledge and skills you acquired during your MSc programme to evaluate investment strategies using real-world data. Through this process, you will appreciate the practical challenges involved in investment management and trading. You will develop essential transferable skills, including:
research planning
critical thinking
data analysis.
This research project will prepare you for roles in investment management and financial analysis.
This module develops your knowledge and skills in quantitative methods for identifying, measuring, and mitigating financial risks. You will examine fundamental concepts of risk and uncertainty, various risk measures, and AI applications for comprehensive risk management.
You will analyse interest rate risk through classical term structure models, such as Vasicek and Hull-White, alongside modern machine learning approaches to yield curve modelling. You will explore equity risk beyond Gaussian distributions, focusing on tail risk and copula methods for complex dependency structures. You will examine credit risk through classical frameworks, such as logit models and the Merton approach, and innovative machine learning techniques using neural networks and other classifiers.
Advanced topics you will cover in this module include:
natural language processing for fraud detection
machine learning methods for market manipulation identification in high-frequency data
AI applications in cybersecurity and operational risk management.
You will practice implementing risk-management techniques using various software packages such as MATLAB or Python.
Fees and funding
We set our fees on an annual basis and the 2026/27
entry fees have not yet been set.
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.
Application fees for 2025
For most taught postgraduate programmes starting in 2025 you must pay 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.
Application fees for 2026
There is no application fee if you are applying for postgraduate study starting in 2026.
Paying a deposit
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.
Details of our scholarships and bursaries for 2026-entry study are not yet available, but you can use our opportunities for 2025-entry applicants as guidance.
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).
Lancaster University Economics and Finance Society has a proven track record of helping its members secure highly competitive internships and jobs. The society’s president reported that an impressive 20% of summer interns in 2023 at Jefferies, a Fortune 1000 financial services company, were society members. Discover the society’s Ghosal Fund initiative
Why study MSc Finance at Lancaster?
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.
I believe that I would not have managed to get this position, and more importantly, to cope with the daily duties of this position, if I had not lived the Lancaster experience.
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The University will use all reasonable effort to deliver the courses as described, but the University reserves the right to make changes to advertised courses. In exceptional circumstances that are beyond the University’s reasonable control (Force Majeure Events), we may need to amend the programmes and provision advertised. In this event, the University will take reasonable steps to minimise the disruption to your studies. If a course is withdrawn or if there are any fundamental changes to your course, we will give you reasonable notice and you will be entitled to request that you are considered for an alternative course or withdraw your application. You are advised to revisit our website for up-to-date course information before you submit your application.
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