MSc Quantitative Finance

For entry in the academic year beginning September 2026, the tuition fees are as follows:

• MSc (full-time)
  UK students (per annum): £22,600
  International, including EU, students (per annum): £36,800

Further information for EU students can be found on our dedicated EU page.

The fees quoted above will be fully inclusive for the course tuition, administration and computational costs during your studies.

Refund Policy

Due to the competition for places and limited availability, this course requires a deposit of £2,000 to cover non-recoverable costs and secure your place. The deposit will be deducted from your tuition fees when you register on the course.

The deposit is non-refundable, except in the following situations:

• you fail to meet the conditions of your offer (see below for further information); and/or
• you are refused a visa or entry clearance to enter the UK (proof must be submitted)

If an offer has been made specifying an English Language condition which you do not meet, the Admissions Team will require the official certificate of an English Language test taken after the date of offer as evidence that you have attempted to meet your offer conditions for a refund to be approved. The English Language test certificate provided with your application documents will not be accepted as proof that you have attempted to meet your offer conditions as such a certificate will predate the offer.

If an offer has been made specifying an academic condition, the Admissions Team will require the official university documentation showing that you have not met this academic condition from the institution at which you have studied, as evidence for a refund to be approved.

The Admissions Team reserves the right to refuse to refund of any deposit that does not meet with the requirements outlined above.

All students should normally be able to complete their programme of study without incurring additional study costs over and above the tuition fee for that programme. Any unavoidable additional compulsory costs totalling more than 1% of the annual home undergraduate fee per annum, regardless of whether the programme in question is undergraduate or postgraduate taught, will be made clear to you at the point of application. Further information can be found in the University's Policy on additional costs incurred by students on undergraduate and postgraduate taught programmes (PDF document, 91KB).

Scholarships will be available for 2026 entry, information will be updated on our scholarships page.

This course covers:

• Portfolio Theory
• Portfolio Risk and Return Analysis
• Diversification strategies
• Equity valuation
• Macro / Industry Analysis
• Strategic and Tactical Asset Allocation
• Portfolio optimization techniques
• Passive Investment Strategies
• Active Investment Strategies
• VaR Analysis
• Alternative Performance and Risk Measures, Tracking Error
• Investment Style Analysis

BMAN71171 Programme Req: BMAN71171 is only available as a core unit to students on MSc Finance, and as an elective to students on MSc Accounting & Finance and MSc Quantitative Finance

This course unit provides an advanced coverage of the principles of investment analysis, and covers a wide- ranging set of topics in portfolio management. It aims to bring contemporary practices in the finance industry to the classroom, together with academic theory and research, and supplement them with recent practitioner developments in this area.

On completion of this unit successful students will have achieved the following learning outcomes:

• Be able to formulate and apply the investment decision process, selecting assets matching investment objectives, and achieving portfolio diversification and risk-return optimization.
• Be able to understand, apply and evaluate how factor models are used in portfolio selection and management, and how securities are selected based on intrinsic valuation, sector analysis, and market timing.
• Be able to apply their understanding of issues related to investing globally and in emerging markets, in particular, with regard to the issues of diversification.
• Be able to understand, apply and evaluate the key attributes of an equity portfolio, including: Tracking Error, Passive Strategies, Active Investing, and Active vs Passive Management.
• Gain hands-on experience of portfolio risk analysis tools, and use them to create and evaluate equity portfolios throughout the course.

Group project on portfolio management and evaluation: 40%

Written Examination: 60%

Informal advice and discussion during the workshops or drop-in Group Project Sessions.

Responses to student emails and questions from a member of staff including feedback provided to a group via an online discussion forum.

Written and/or verbal comments on assessed or non-assessed coursework.

Generic feedback posted on Blackboard regarding overall examination performance.

Core Text:

1.    Frank K. Reilly, Keith C. Brown (2015), Analysis of investments & management of portfolios, South-Western Cengage Learning, (RB), ISBN 1473704790 (pbk.);12 copies of the 2015 version are on order for the library, and there will be 2 copies of the electronic version available on the Library website, accessible with University username and password. There are also numerous copies of the 9th edition of the same title, and the 6th edition (entitled Investment Analysis and Portfolio Management) available in the Precinct library. References in lectures are quoted for the 2015 edition, the 9th edition and the 6th edition.

2.    Bodie Z., A. Kane , A. Marcus (2014), Investments, 10th global edition, McGraw Hill, (BKM), ISBN: 9780077161149 Copies are available in the Main Library (26 copies) and Eddie Davies Library (15 copies). 

3.    Bodie Z., A. Kane , A. Marcus (2009), Investments, 8th edition, McGraw Hill, (BKM), ISBN: 9780071278287 Copies are available in the Eddie Davies Library (20 copies).

4.    George Pennacchi, Theory of Asset Pricing 

Supplementary Text: 

1.Elton, J.E., (2011) Modern Portfolio Theory and Investment Analysis, 8th Edition, Wiley, (EGBG), ISBN-13:9780470505847

2.Maginn J.L, Tuttle D.L, Pinto J.E, McLeavey D.W, (2007), Managing Investment Portfolios, 3rd Edition, Wiley Publishing. ISBN: 978-0-470-08014-6 Hard copies are available in the Precinct Library, and an electronic version is available on the Library website, accessible with University username and password.

3. Focardi, S., and Fabozzi, F.J. (2004) The Mathematics of Financial Modelling and Investment Management, Wiley, (FF); Hard copies are available in the Precinct Library, and an electronic version is available on the Library website, accessible with University username and password.

Detailed reading suggestions will be given during the course. A wide variety of supplementary academic papers, research notes and spreadsheet models will be available through the course Blackboard.

Informal Contact Methods

Office Hours

Online Learning Activities (blogs, discussions, self-assessment questions)

Revision Sessions

Use of Blackboard Discussion Forum