Who is it for?
You are an ambitious recent graduate looking to develop a full range of skills to help launch your career in finance or accounting. This is a highly practical master's course in Investment Management so you’ll need to possess a high level of quantitative skills.
Your coursework will involve you in examining accounting and finance from the perspective of those who use financial reports to evaluate company and managerial performance.
This one-year, full-time, expertly structured Investment Management postgraduate programme will provide you with the real-world accounting and finance expertise that leads to a wide range of rewarding international roles.
You will acquire a sound knowledge of the theoretical foundations that underpin modern investment and risk management techniques.
These principles are applied in practice via case studies and the use of online databases such as Bloomberg and simulators.
The practical aspect is delivered with extensive input from City of London institutions. Many leading practitioners teach on the course, providing a vital link between theory and practice.
The MSc in Investment Management is a demanding course. During the course you will cover the traditional syllabus of a general master's degree in finance and develop extensive expertise in a range of specialised areas such as:
- The management of equity and bond portfolios
- Trading techniques
- Asset-liability management
- Risk management
- Alternative investments
- Structured products
- Portfolio optimisation.
An advisory panel of senior practitioners ensures that the course remains at the forefront of developments within financial markets and reflects topical and technical developments in the marketplace.
What will you learn?
On the Investment Management master’s degree, you will:
- Acquire a comprehensive grasp of the principles and applications of investment and risk management
- Develop your range of technical and conceptual skills
- Gain broad experience of quantitative techniques
- Develop your understanding of a wide range of investment and risk management issues across all industry sectors
- Network with your peers and senior finance industry professionals in the City of London
- Gain a highly valuable international, multicultural perspective
- Acquire a flexible qualification suitable for a wide range of roles in global investment and risk management.
All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.
Equity and fixed income analysis
Understanding how to analyse and value financial securities is one of the most important and challenging jobs for anyone working within the finance domain.
For that reason, equity and fixed income analysis must be viewed within the context of the investment decision-making process.
One key characteristic of the course is its integrative framework, bringing the investment–valuation–strategy trilogy together into one place for the analyst to refer to in the quest for consistent value-maximising investment recommendations.
The main objective of the course is to give you a thorough understanding of modern portfolio theory and its implications for the pricing of assets.
The course provides you with a unified approach to portfolio diversification, optimal portfolio construction and asset pricing models.
There will be practical exercises in asset pricing and portfolio construction, and you will be using specialised databases and software packages to gain practical experience.
Quantitative Methods for Investment Management
This module gives an understanding of the quantitative methods involved in risk assessment and time series modelling, which are essential in testing the practice of key financial decisions involving various financial instruments.
This module will provide you with the tools required for modelling financial data ranging from the classical linear regression model to nonlinear volatility modelling. Value at Risk (VaR) analysis will also be introduced as a tool for measurement and management of risks in the financial markets.
Research Methods for Finance Professionals
The module will utilise specific training in a financial modelling package in order to provide a strong foundation for the in-depth and specialist teaching and learning of terms two and three of your course.
You will also learn how to gather information through database research, which you will be able to use to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using.
Macroeconomics for investment managers
Any investment manager needs to understand the likely behaviour of the macroeconomy going forward as this will affect the types of securities that he chooses to include in his portfolio.
The behaviour of the macroeconomy is heavily affected by how the government intervenes in the economy and that is why it is important for an investment manager to understand how governments can intervene in the economy and the likely impact of their intervention.
Advanced Financial Statement Analysis
This module aims to introduce you to the measurement and recognition principles underlying financial statements.
The main objectives are to (i) develop a solid understanding of the content and measurement and recognition principals of financial statements from the perspective of users of accounting information; (ii) develop the ability to analyse financial statements from the perspective of analysts and investment managers. In so doing, the module will develop fundamental skills that are important for successful security analysis.
Over the past 20 years investors have increasingly looked beyond traditional asset classes (stocks and bonds) to alternative asset classes as both a source of return and diversification.
In this course, we will introduce you to two of these alternative asset classes, namely hedge funds and private equity, highlighting their pros and cons, and the role they can play in a diversified investment portfolio.
This module will provide you with all the insights needed to make well-informed decisions with regard to today’s complex investment management environment.
The main objective of the module is to give you a thorough understanding of practical application of modern portfolio theory and asset pricing theories.
The course provides you with a unified approach to asset management and risk management.
There will be practical simulations in portfolio construction and evaluation, examples of style investing, long/short portfolio construction, market timing and asset allocation strategies and discussion of fixed income investment strategies.
The coursework will be empirical, based on a simulated portfolio construction and evaluation so that you can gain practical experience. The software(s) used for this simulation may change.
The aim of the course is to develop your understanding of structured products from the point of view of both issuers and investors.
A strong emphasis will be placed on understanding the factors that drive the prices of futures, forwards, options and swaps in both vanilla and exotic forms which will then be used to reverse engineer structured products.
By the end of the course you should understand how existing products are structured, how they will perform in the secondary market and be capable of structuring your own products.
You may choose from the three options in your final term.
- Option one: Students can opt to write a 10,000-word Business Research Project (40 credits) and take one specialist elective module (1 x 10 credits).
- Option two: Students can opt to write a 3,000–5,000-word Applied Research Project (20 credits) and take three specialist elective modules (3 x 10 credits)
- Option three: Students can take five specialist elective modules (5 x 10 credits).
Business Research Project
It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit.
To train you to undertake individual research and provide you with an opportunity to specialise in a contemporary business or finance topic related to your future career aspirations, you are required to submit a project of approximately 10,000 words on any subject area covered in the rest of the programme.
Typical projects can involve any of the following: extracting data from electronic databases or by hand; statistical analysis of large or small populations; interviews; case studies of an industry or a sector or of a business / finance issue in a particular country setting.
Applied Research Project
The aim of this module is to enable you to demonstrate how to integrate your learning in core and elective modules and then apply this to the formulation and completion of an applied research project.
You will be required to demonstrate the skills and knowledge that you have acquired throughout your MSc study.
You will undertake a short piece of applied research on a question of academic and/or practical relevance.
Guidelines will be provided in order to help you identify the research question.
Based on your chosen topic, you must write a report of around 3,000–5,000 words that summarises and critically evaluates your method and your findings.
Electives offered in 2018
- Advanced Applied Equity Investment
- Advanced Company Valuation
- Behavioural Finance
- Corporate Restructuring
- Credit Risk Management
- Energy Markets
- Ethics, Society and the Finance Sector - BLOCK
- Financial Statement Analysis & Valuation in Banks
- Foreign Exchange
- Hedge Funds
- Mergers & Acquisitions
- Trading and Market Microstructure
- Visual Basics in Finance
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree course students must complete:
- nine core courses (15 credits each)
- five electives (10 credits each)
- three electives (10 credits each) and an Applied Research Project (20 credits)
- one elective (10 credits) and a Business Research Project (40 credits).
Assessment of modules on the MSc in Investment Management programme, in most cases, is by means of coursework and unseen examination.
Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
Term dates 2021/22
- Induction: 20th September 2021 - 1st October 2021
- Term one: 4th October 2021 - 17th December
- Term one exams: 10th January 2022 - 21st January 2022
- Term two: 24th January 2022 - 8th April 2022
- Term two exams: 25th April 2022 - 6th May 2022
- Term three - international: 9th May 2022 - 20th May 2022
- Term three: 23rd May 2022 - 8th July 2022
- Term three assessments: 11th July 2022 - 22nd July 2022
- Resits: 15th August 2022 - 26th August 2022
- Additional resit week – tests only: 29th August 2022 - 2nd September 2022
- Research Project Submissions: Thursday 1st September 2022
Note: term one resit tests for the Energy / Shipping Trade and Finance degrees will normally take place in the week immediately prior to the August resit period.
Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.
Please note that all academic timetables are subject to change.
The teaching staff on the MSc in Investment Management have many years of practical experience working in the financial services sector and are also active researchers in their fields
This knowledge and experience inform the highly interactive lectures that make up the MSc in Investment Management
Module Leaders include:
How to apply
Applications for 2021 are now closed.
Applications for 2022 entry will open in November 2021.
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement - this should be 500-600 words in length and answer the following:
- Why have you selected this course? What are your motivating factors?
- What are your areas of interest within the course?
- What contributions do you feel you can make to the course?
- How do you see the course affecting your career plans?
Documents which may follow at a later date
- English language test result if applicable
- GMAT result if applicable
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
- For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be uploaded to the application form or e-mailed to the relevant Admissions Officer upon request
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
Unfortunately, as a result of the evolving situation regarding the coronavirus (COVID-19) pandemic, we can only offer online appointments to discuss your application. To book one, please get in touch with the relevant Admission Officer
Please note; these are subject to availability.
Terms and conditions
Students applying to study at Bayes Business School are subject to City, University of London's terms and conditions.
- A UK upper second class degree or above, or the equivalent from an overseas institution.
- Some level of previous study or evidence of skills in finance or quantitative methods is essential.
- Work experience is not a requirement of this course.
- Highly recommended.
- A well-balanced score in the range of 600-800 will significantly strengthen your application.
English language requirements
If you have been studying in the UK for the last three years it is unlikely that you will have to take the IELTS test
If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.
- The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.
Fees in each subsequent year of study for continuing students (where applicable) will be subject to an annual increase of 2%. We will confirm any change to the annual tuition fee for continuing students in writing prior to commencing each subsequent year of study (where applicable).
Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the induction period)
Second installment: Half fees (paid in January following start of course)
Graduates are prepared for pursuing careers in asset management, wealth management, investment and private equity.
Our dedicated Careers Team will help you identify your ideal career path and work with you to maximise the potential of accomplishing your professional goals.
The opportunity to tailor-make your master's in Investment Management degree to your career aspirations is facilitated through a wide range of electives, and the possibility to undertake faculty-supervised applied research projects that blend the latest academic developments and current market practice.
Class of 2018 profile
Some examples of where graduates from the MSc in Investment Management class of 2017-18 are working are:
- Analyst – Private Equity – Alvarez & Marsal
- Associate – Assurance – EY
- Portfolio Analyst – Analytics – Allianz
- Analyst – Investment Consulting – Aon
- Analyst – Investment Risk – Santander Asset Management
- Analyst – Client Verification – Commerzbank
- Project Management Analyst – Operations – J.P. Morgan
- Infrastructure Analyst – Structured Finance – Credit Agricole
- Manager – Investments – Ping An Trust
- Intern – Corporate Finance – BDO
Where they are working now
- UK - 42%
- EU/EEA - 18%
- North America - 3%
- Africa and Middle East - 5%
- Asia - 32%
The remaining industries are made up of: Financial Services - Advisory / Boutique firm (8%), Financial Services - Investment Banking - Wealth Management (5%).
This MSc is accredited by several professional bodies.
See accreditation details
CFA programme partner
The CFA Institute, the global association of investment professionals, recognises the rigour and the relevance of the MSc Investment Management and has awarded this course partner status. CFA Programme Partner status is awarded to a select number of universities around the world whose degree courses incorporate at least 70% of the CFA Program Candidate Body of Knowledge. The CFA Program is the essential qualification for those wishing to pursue a career in the finance sector and the CFA Institute recognises the MSc in Investment Management as strong preparation for their professional exams.
Bayes students on CFA partner courses have the option of taking some additional preparatory classes for the CFA exams. They also have access to CFA study materials (including an online Level 1 sample exam) and complimentary access to Financial Newsbrief, a daily investment brief by the CFA. In addition, there is the opportunity to take part in the CFA Global Investment Research Challenge.
Each year 5 CFA scholarships are available to Bayes students, offering financial assistance with the CFA exam registration fees.
Member of CAIA Academic Partnership Programme
The Chartered Alternative Investment Analysts Association (CAIA) is an independent organisation committed to education in the field of alternative investments and is recognised globally as the hallmark of excellence.
The partnership recognises that the content of the MSc in Investment Management reflects the concepts, tools and practices required by investment professionals working with products ranging from hedge funds to commodities.
Chartered Insurance Institute (CII)
Graduates of the MSc in Investment Management will be eligible to apply for the following:
- General Insurance qualifications framework
60 non specific credits at Advanced Diploma level
- Financial Services qualifications framework
AF4 Investment Planning (30 credits at Advanced Diploma level)
30 non specific credits at Advanced Diploma Level