MSc Quantitative Finance

For entry in the academic year beginning September 2027, the tuition fees are as follows:

• MSc (full-time)
  UK students (per annum): £23,700
  International, including EU, students (per annum): £38,600

The fees quoted above are fully inclusive of tuition, administration and computational costs.

Fees for entry are subject to yearly review. The University reserves the right to increase your tuition fee by up to 7% each year for courses lasting more than one year, including to reflect rising costs associated with delivering our educational and wider student experience. Postgraduate fees information .

Always contact the admissions team if you are unsure which fee applies to your qualification award and method of attendance.

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).

We know that student finance can be complicated. The links below provide further information to help guide you.

Learn more about - student finance options for UK students.

Learn more about - fees and finance for international students.

Graduates of The University of Manchester and Manchester Metropolitan University can receive a 10% discount on their master's degree tuition fees as part of our Manchester Alumni Loyalty Discount scheme.

Sources of Finance; Debt and Equity, Stock Market Listing as a source of finance.

Capital Structure, Corporate Governance, The Cash Holding Decision, The Dividend Decision, Corporate Investment Decisions.

The course unit focuses on the core issues of corporate finance: corporate financial policy, corporate governance, and corporate investment decisions. The aim of the first part is to provide an understanding (from both a theoretical and empirical standpoint) of the central decision problems in corporate finance: capital raising and capital structure. The course unit then moves on to consider the increasingly important area of corporate governance, ownership and control, and the relationship between corporate governance and firm performance. Finally, it examines the decision to hold cash, dividend policy and the literature exploring the determinants of corporate investment decisions, providing an overview of both the theoretical background underlining investment decisions in incomplete capital markets and the empirical problems of this subject.

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

• Have an understanding of the different sources of finance available to firms.
• Be familiar with the IPO process, valuation of an IPO firm and the anomalies related IPOs.
• Have an understanding of a variety of theoretical models of capital structure and dividend decisions.
• Have knowledge of the issues involved in testing capital-structure theories and the international empirical evidence on capital structure.
• Be aware of corporate governance, corporate control and managerial incentive issues in an international context and have appropriate knowledge of the international empirical evidence.
• Have knowledge of the main drivers behind cash holding decisions and dividend decisions.
• Have appropriate knowledge of the international empirical evidence on cash holding and dividends.
• Be familiar with the issues relating to financing and investment decisions and have a sound knowledge of the existing body of international empirical evidence.
• Be able to interpret and discuss case studies in corporate finance.
• The methods of assessment for this unit allow students to demonstrate achievement of all intended learning outcomes.

Written Examination (100%) 

Informal advice and discussion during a lecture, seminar, workshop or lab.

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.

The core readings for this course unit are constituted by academic papers. A detailed list will be provided at the end of each lecture. There is one suggested book which is Berk J. and P. DeMarzo (2010), Corporate Finance (global edition), 2nd edition (the 1st edition is fine as well). Some of the suggested readings will also come from Copeland T.E., J.F. Weston and K. Shastri (2005), Financial Theory and Corporate Policy, 4th ed., Pearson Addison Wesle  

Informal Contact Methods

Office Hours