Blended online course
MSc Financial Management
- Qualification: MSc
- Duration: Part-time blended learning for 2 years
- Delivery: Online course content and the opportunity to attend face-to-face workshops
- Workload: Approx 15 hours per week
- Next enrolment: September 2024
- Fees: £21,000
Build knowledge and skills in finance
Whatever function you work in, skills and knowledge in areas such as corporate finance, financial markets and financial accounting will build your credibility and ability to see the big picture for your organisation. The MSc in Financial Management will equip you with the financial acumen you need to succeed and solve business challenges in any sector while you work full-time. It is designed for professionals based anywhere in the world who:
- Have no finance experience and seek a career change into the financial services sector
- Need to build more substantial skills and knowledge in finance to further your career (in any sector)
- Are looking to build on existing finance experience to progress your career in financial services (or a related industry)
Studying a flexible course means that you can learn, while you continue to work and apply the skills and knowledge you learn immediately to solve your day-to-day business challenges in finance.
Meet and network with industry peers and global experts during workshops, held over six days, twice each year at our prestigious locations across the world.
Taught by one of Europe’s most experienced Accounting and Finance teams, with access to some of the most extensive financial databases and learning material around.
Developed and delivered by Alliance Manchester Business School (AMBS)
Alliance Manchester Business School
- Our MSc in Financial Management is developed and delivered by Alliance Manchester Business School (AMBS). AMBS was established in 1965, as one of the UK’s first two business schools.
- We have a global network of over 60,000 alumni, spread across 176 countries. With triple accreditation from AACSB International, AMBA and EQUIS, we provide world-class, industry-focused education to professionals across the globe.
A mix of online content with face-to-face workshops in either Manchester, Shanghai, Singapore, Hong Kong or Dubai.
Part-time blended learning for 2 years
Start in September 2024
This course provides you with an opportunity to network with peers and the academic team during face-to-face workshops. The workshops are a chance to take time out from day-to-day working life and undertake experiential learning. You'll apply theory to case studies based on real business problems while working in multicultural groups with colleagues from diverse professional backgrounds.
For more information on how to apply and what documents to submit with your application, please visit our application and selection section.
Approx 15 hours per week
Fees and funding
The course fee is £20,500. The fee covers your tuition. It does not cover your accommodation and travel costs when attending face-to-face workshops.
- Students registered with the Dubai Centre are required to pay 5% VAT on top of the tuition fee, which is a mandatory requirement of the government of the UAE. The VAT will be added to the tuition fee payable and is applicable regardless of the student's nationality or residency.
- Singapore residents are required to pay the prevailing GST, which will be added to the tuition fee payable
We require a 1st or 2:1 UK Bachelor's honours degree or international equivalent from an institution recognised by NARIC or a Master's degree or international equivalent from an institution recognised by NARIC .
We expect that most candidates interested in this Master's will have a degree in engineering, mathematics, business, economics, science or other related subjects; however your degree can be in any discipline if you can demonstrate that you have good numeracy and analytical skills.
Who this course is for
This course will equip you with the skills, knowledge and confidence that allows you to pursue a successful career in financial management.
You'll gain a deep understanding of the characteristics and functioning of financial markets in a global context and while you do not need to be a finance specialist to take this course, a strong interest in numbers and analytics is important.
What you will learn
- Understand the interplay between well-functioning financial markets and successful companies
- Apply a full range of financial techniques to real-life business situations
- Describe, analyse and interpret financial data from markets and companies
- Search and gather relevant financial information from multiple sources, including companies' annual reports and financial databases
- Offer data-based solutions to complex and relevant business challenges, for example:
- Evaluating the performance and riskiness of a company or an asset
- Selecting valuable investment projects
- Determining the type of capital a company should raise to fund investment
- Analysing a company's financial strategy
Where and when you will study
This online course also offers face-to-face workshops (six days, twice each year) in either Manchester, Shanghai, Hong Kong, Singapore or Dubai depending on where you choose to study. These valuable opportunities give you time to develop your global network, meet the academic team, and benefit from the additional support from the lecturers.
How it will benefit your career
The MSc Financial Management course will equip you with the skills and knowledge that financial managers and other similar finance practitioners require for a successful career in finance. The course offers a balance between theoretical foundations and practical applications to solve complex and relevant business challenges.
"The MSc in Financial Management aims to offer the notions and skills that today’s managers require, and provides a starting point for a successful career in finance." Amedeo De Cesari, Course Director
Foundations of Accounting (15 credits)
- Introduction to accounting
- Accounting conventions and techniques to support organisational decision-making
- Foundations and principles of management and financial accounting
The course begins by outlining different conceptions of strategy and describes how strategic management accounting tools can support organisations achieve their objectives throughout their life-cycles (for example, by supporting value chain costs through effective quality management).
It progresses to explain the relationship between costs, volumes and profits, and how different organisational structures (e.g. old versus new economy businesses) influence the management of this relationship.
The course also explains how strategic management accounting tools help organisations achieve their short and long-term objectives and the role of strategy and cultural factors in building management control systems.
The financial accounting element of the course provides an understanding of key accounting conventions relating to cash, profit and equity to enable students to influence firm value through the cash budget, income statement and statement of financial position.
Foundations of Finance (15 credits)
- Introduction to finance
- Time value of money and asset valuation
- Cost of capital and capital budgeting techniques
The unit introduces some of the basic techniques of finance. The main focus of the unit is on problem-solving in particular finance contexts, with some consideration of discursive material. The following topics will be covered in the unit:
- Introduction to finance
- The time value of money
- Valuation of securities
- Financing a firm & the cost of capital
- Capital budgeting
- Risk and returns
- Share price behaviour & informational efficiency
The aim of the unit is to introduce students to finance, giving a foundation for subsequent finance courses in the programme. The approach is conceptual, emphasising general principles. The intention is that students can apply the general principles to analyse new financial management issues as they arise.
Corporate Finance (15 credits)
- Introduction to corporate finance
- Cost of capital estimation and advanced capital budgeting techniques
- The choice between equity capital and debt capital
The main objective of this unit is to allow students to acquire an understanding of corporate finance and to equip them with practical tools and techniques that finance practitioners regularly exploit in their profession. Corporate finance is mainly concerned with the activities of a corporation’s financial managers, which are linked with three overarching financial policies: investment, financing and payout policy. The ultimate goal of a financial manager’s actions should be the maximization of firm value. Throughout the course, students will improve their understanding of how corporate finance policies affect firm value and of practical tools and techniques practitioners use to pursue such policies.
Global Financial Markets and Institutions (15 credits)
- Overview of the global financial system
- Banking and financial regulation, investment banking and private equity
- Risk management and hedging strategies
This unit aims to provide an understanding of financial markets and institutions within a global context. It emphasises the role of the financial system, the parts played by the different financial institutions and the operation of key financial markets, their interaction and how they impact on business. Students will learn about the financial products traded in each of the financial markets (equity, money and bond markets). The module also explores issues surrounding the cause of the global financial crisis and the regulation of financial markets. The teaching adopts a comparative perspective with the adoption of real-world case studies throughout.
Data Analysis and Statistical Techniques (15 credits)
- Basic econometric tools to estimate relationships between variables
- Formulation of empirical hypotheses to be tested
- Interpretation of results from statistical and econometric outputs
This unit is designed to allow students to acquire an understanding of the statistical and econometric techniques that finance practitioners regularly exploit in their profession. Finance involves the regular analysis of data to establish empirical relationships between variables that are of interest to firms such as whether to use equity or debt and what may drive the choice between them, how a company’s stock price or how the stock market might react to information about the economy and so forth. The course will equip students with the basic techniques to undertake research on questions of interest in finance, examining the behaviour of variables such as stock returns for firms and markets, exchange rates, financial information and their interaction and any relationships between them.
The unit aims to equip students with:
- the basic statistical techniques necessary to analyse financial data;
- systematic knowledge and understanding of the basic econometric tools necessary to estimate relationships between variables, particularly linear regression analysis
- an understanding of how to formulate hypotheses to be tested
- an understanding of how to test empirical hypotheses formulated from research questions
- an understanding of how to interpret the results from models estimated using linear regression analysis
- an understanding of how to interpret results from hypothesis tests
Financial Statement Analysis (15 credits)
- Strengths, limitations and developments in contemporary financial reporting
- Interpretation and assessment of firm performance
- Credit and debt analysis to predict the likelihood of financial distress
The aim of the module is to prepare students to understand strengths, limitations and developments in contemporary financial reporting practice. In undertaking the course, students will be able to understand the factors influencing accounting quality, differentiate between legitimate and real earnings management and behavioural factors influencing organisational and analysts in their representation of organisational value. Specific themes include an understanding of the common distortions that can overstate assets and fair value, the different reporting needs of various stakeholder groups and predicting corporate distress. Students will develop an awareness of methods, trends and perspectives in contemporary (integrated) reporting practice to more accurately influence their organization’s responsibilities, and their accountability.
The course comprises of five stages:
- Stage one (strategic analysis) sets the strategic context behind financial statements to probe the economics of the firm. Later in the course, they will use this to analyse how effective their financial reports are in reflecting organisational realities.
- Stage two (financial analysis) introduces students to financial statement analysis tools to interpret and assess firm performance in the context of organisational strategies. Students will develop skills in cash flow analysis to interrogate operating, investing and financing policies. In doing so, they can discriminate between organic and inorganic growth. By considering performance from the perspective of different stakeholders, they will pressure-test the credibility of performance announcements and the viability of future forecasts.
- Stage three (accounting analysis) explains the different types of earnings management, the factors influencing the quality of financial statements and areas where there is accounting flexibility. Students will learn how they can ‘undo’ accounting distortions by adjusting accounting numbers using cash flow information & notes to financial statements (i.e. accounting analysis) to improve the reliability and conclusions from financial analysis.
- Stage four (credit analysis) will introduce students to the considerations underpinning credit and debt analysis to predict the likelihood of financial distress.
- The course culminates in an opportunity to engage in contemporary debates to address the limitations of quantitative financial analysis by embracing narrative and non-mandatory accounting information. Students will be introduced to Institutional theoretical lenses to help structure their thinking around corporate illegality and to consider the potential of integrated reporting practice to more accurately reflect organisational responsibilities and accountability.
International Financial Management (15 credits)
- Principles underlying financial decision-making by multinational corporations
- Foreign direct investment decisions, exchange risk and hedging techniques
- Political risk measurement and management
The unit focuses on the principles underlying international financial decisions making. The unit first discusses foreign exchange markets and introduces the parity relationships amongst expected inflation, interest rates, and exchange rates. Finance directors of multinational corporations make a number of major types of decisions, foreign direct investment decisions and how to finance the investments and foreign exchange risk hedging decisions. Regarding foreign direct investment decisions, the unit reviews the determination of the weighted average cost of capital taking into account the cost of each source of finance and the currency risk. In terms of foreign exchange risk hedging, the unit introduces the parity conditions and how inflation and interest rates affect currency values. In addition, the unit introduces the three different types of exchange rate exposure (translation, transaction and economic) and analyse how each of these exposures can be hedged (e.g., forward market, money market, use of futures and options). The unit also introduces currency and interest rate swaps. Finally, the unit discusses how political risk can be measured and managed.The unit aims to equip students with the knowledge that enable them to make managerial decisions in the context of a multinational corporation, where companies are exposed to foreign exchange risk and political risk. The unit should provide students with a good understanding of foreign direct investment decisions and financing decisions. The unit aims to emphasise the practical application and implications of international financial management.
Quantitative Methods for Financial Management (15 credits)
- Sophisticated statistical tools for finance practitioners
- Analysis and forecasts of time series data
- Empirical interactions between stock returns, exchange rates and other variables
This unit aims to build on and develop the foundations laid in the “Data Analysis and Statistical Techniques” module by equipping students with knowledge of
- time-series analysis, examining the behaviour of a variable of interest such as stock returns, over time;
- forecasting with univariate (single-variable) time series models;
- the importance of trends and how to deal with trends in data;
- an understanding of how to model dynamic interactions between two or more variables;
- an understanding of simple volatility models
It introduces students to more sophisticated tools and techniques that finance practitioners regularly exploit in their profession. The focus of this course will be on time series analysis, examining how variables of interest such as stock returns and exchange rate movements behave over time individually, and how two or more variables of interest interact dynamically together over time, for example, how the stock market and the Macroeconomy move in relation to each other. The course will equip students with the techniques to undertake research on questions of interest in finance, examining the behaviour of variables such as stock returns for firms and markets, exchange rates, financial information and their interaction and any relationships between them and how these relationships evolve over time.
Venture Capital and Private Equity (15 credits)
- Introduction to venture capital and private equity
- Fundraising activities by private equity investors
- Identification of capital investment opportunities and capital allocation, and management of investments to maximise returns
The concepts of Venture Capital and Private Equity are at the core of the free enterprise capitalist system. They include raising funds from savings institutions, identifying capital investment opportunities, and allocating risk capital to the most promising. The process continues with management of the investment to maximise the return, and successfully crystallizing the return with a liquidity event, such as the sale of the company or flotation on a stock market. Key to successful transactions is a sound understanding of capital asset pricing, in this case, valuation of real company equity.
The unit aims to provide a practitioner-led view of both Venture Capital and Private Equity (VCPE), and its place in the successful operation of today’s model of financialised capitalism. The material will provide students with a theoretical framework, including the key relevant financial concepts, which drive the investment process, to enable them to understand the stakeholders' motivations and strategies within a competitive framework. Students will then be expected to apply this knowledge to a number of real case studies, in which they will play the role of private equity investors, investee company management, and professional advisors seeking the best option for sale or realisation of venture capital or private equity investment.
Business Models and Financial Strategy (15 credits)
- Evaluation of alternative business models to create and capture value
- Short- and long-term financial decisions over the lifecycle of the firm
- Fintech and other innovative sources of finance
The unit aims to equip students with the knowledge enabling them to set up and grow new business ventures and to take strategic decisions to ensure long-term business success and survival. The unit will provide students with a good understanding of fintech both as an example of a novel business model and as a component of innovative financial strategies. The unit aims to emphasise the practical application and implications of (financial) management and strategy in the context of alternative business models.
The course will draw on approaches and concepts in corporate strategy and entrepreneurial finance, and related areas, to provide student with an understanding of how to set up and grow new business ventures and how to take strategic decisions to ensure long-term business success and survival. Students will learn to identify and evaluate alternative business models and to make strategic choices aimed at ensuring that their business creates and captures value. They will gain an understanding of business strategy in terms of choosing and analyzing industries and product markets; deciding how to interact with suppliers, customers and competitors, as well as internal decisions dealing with managing resources, particularly financial resources. Students will gain an understanding of short- and long-term financial decisions focusing on managing internal cash-flow and on selecting sources of funding to finance start-up and growth of new ventures, as well as corporate investment after the business matures. Complementing the companion course unit “Venture Capital and Private Equity”, this course will focus mainly on internal and debt financing, including venture debt and private debt, and other innovative sources of finance such as provided by online-enabled financial services (‘fintech’). The course will examine fintech both as an example of a novel business model and as a component of innovative financial strategies, e.g., through peer-to-peer lending, crowd-funding and online invoice factoring.
Group Project (30 credits)
- Identification of topic and formulation of plan to collect information and data
- Selection of suitable methods and analysis of information
- Dissemination of the results of the study
This 30-credit group research report is the final part of the group project. The report should take the form of an 8,000-10,000 words assignment, produced following the accepted academic standards of the University in terms of presentation, structure and source material. The students are required to choose from a pool of potential supervisors, also in relation to their disclosed academic interests. The students can propose one or more specific topics to their supervisors. However, the topic they ultimately focus on needs to be agreed with their supervisors. The resulting group project can be used by the students as an opportunity to highlight and demonstrate the skillset (e.g., subject-specific, writing, referencing, sources review and critical thinking skills) they have acquired during the course.
The unit aims to:
- Provide students with the opportunity to undertake a major independent project working in groups;
- Allow students to identify a topic to study, formulate a plan to collect information and data on the topic and select suitable methods;
- Provide students with the opportunity to disseminate, in appropriate academic writing, both the rationale and the results of their study;
- Let students show and use several transferable skills, including teamwork skills;
- Offer students an opportunity to demonstrate the skillset and breadth of knowledge they have acquired during their time on the course.
The course is delivered through an online and blended learning format, so you will study online and also get the opportunity to learn and share experiences with other students located across the globe during face-to-face workshops, held during each semester, at one of our International Centres.
The workshops are a chance to take time out from day-to-day working life, focus on your studies and undertake experiential learning. You'll apply theory to case studies based on real business problems while working in multicultural groups with colleagues from diverse professional backgrounds.
The MSc Financial Management course will equip you with the skills and knowledge that financial managers and other similar finance practitioners require for a successful career in finance.
- The course offers a balance between theoretical foundations and practical applications to solve complex and relevant business challenges
- You will be able to study a full range of financial techniques that, for instance, will allow you to evaluate the performance and riskiness of a security or a company, select valuable investment projects, determine the type of capital a company should raise to fund investments and analyse a company's financial strategy.
- Practical experience is gained through the use of case studies and other hands-on activities, requiring the application of financial techniques and the ability to process real-world financial data from markets and companies.
- A final supervised project will allow you to apply the skills and the techniques you have learned by exploiting financial information to address complex and practically relevant questions.
- Each unit will be taught by an academic with extensive and valuable financial expertise, as well as significant experience delivering finance courses, both online and face-to-face.
- While the teaching on the course focuses on practical applications, it is informed by recent research in finance. A significant strength of our course and our institution relates to the availability of a large set of financial databases that are exploited in our teaching activities.
- The units are mainly delivered in a web-based format, with each unit being studied over a five-month period with a total of 150 hours of study. Most units also comprises a three-day face-to-face workshop which takes place either at the start or around the middle of the teaching period.
This course is mostly delivered online, allowing you to study flexibly at a pace that suits your own requirements and lifestyle.
You will also participate in four six-day face-to-face workshop, held twice a year in Manchester, Shanghai, Hong Kong, Singapore or Dubai.
The dates for the six-day workshops are:
Manchester, Dubai, Hong Kong, Shanghai or Singapore
- Foundations of Accounting - 3 Days in September 2023
- Foundations of Finance - 3 Days in September 2023
- Corporate Finance - 3 Days in May 2024
- Global Financial Markets and Institutions - 3 Days in May 2024
The workshops are a chance to:
- Take time out from day-to-day working life and focus on your studies
- Undertake experiential learning
- Experience world-class teaching from leading academics
- Apply theory to case studies based on real business problems
- Work in multicultural groups with colleagues from diverse professional backgrounds
- Meet peers from around the world and make valuable business connections
- Attend careers and networking events
- Debate current issues
The course is taught from an applied perspective using practical elements such as problem solving and case studies. This equips you to apply your learnings directly and immediately at your workplace.
Each unit consists of 15 credits (excluding the final project) and requires a total of 150 hours of study per unit. Most units also comprise a face-to-face workshop at our Manchester centre.
There are no exams within the MSc. Summative assessment comprises individual and group coursework, with two assessments per unit. We will provide online quizzes and activities through each unit as a method of formative assessments.
The final project will consist of a 30-credit group research report. The report should take the form of an 8,000-10,000 words assignment, produced following the accepted academic standards of the University in terms of presentation, structure and source material.
From your initial expression of interest right through to graduation, you’ll receive all the support you need. We can support you with enrolment and subject assistance, administrative logistics and fee options, online learning skills, workload management and special circumstances including a possible professional entry route.
Academic entry qualification overview
- Normally, a 1st or 2:1 UK Bachelor's honours degree or international equivalent from an institution recognised by NARIC.
- Or A Master's degree or international equivalent from an institution recognised by NARIC.
We expect that most candidates interested in this Master's will have a degree in engineering, mathematics, business, economics, science or other related subjects; however your degree can be in any discipline if you can demonstrate that you have good numeracy and analytical skills.
- We can also consider excellent candidates with a 2:2 UK Bachelor's honours degree or international equivalent, with at least one year of relevant professional experience who can demonstrate their suitability and motivation for this Master's course. The degree should be in a relevant subject with good grades in quantitative subjects. An interview may be required.
All our degree programmes, require a high level of competency in all aspects of English language - speaking, writing, listening and reading. You will need to provide evidence that your English language ability meets the University of Manchester minimum requirements and is sufficient to enable you to fully participate and be successful in the programme.
If you are not from or did not graduate from a majority English speaking country , we will also require proof of your English language ability. If you have already taken an English language qualification, please include your certificate with your application.
The minimum requirements for this course are:
- IELTS: 6.5 overall with 6.0 in listening, writing, reading and speaking.
- TOEFL (iBT): 90 overall with 20 in listening, writing, reading and speaking.
- PTE Academic: 59-65 overall with 59 in listening, writing, reading and speaking.
- CPE or CAE (Cambridge): Minimum grade 176-184
- Pearson Versant English Placement Test (VEPT), supplemented with a University of Manchester short written test administered by the University Language Centre: Minimum VEPT overall score: 56 - 60
- India Standard XII Examination: 65% in English
- IGCSE English Language grade
- International Baccalaureate English (Higher or Standard Level)
English language test validity
Other international entry requirements
English Test Exemptions
As an alternative to taking a standard English Language Test, we can consider one or a combination of the following.
- You have successfully completed a degree level qualification (recognised by UK NARIC as equivalent to a UK bachelor degree or higher), which was fully taught in English.
- If English is the main business language of the company/organisation where you are currently working and you predominately use English in your role, we can consider this when assessing your English language competency.
An interview will also be required.
How to apply
Advice to applicants
- Statement of Purpose (Essay)
- Academic qualification documents
- A copy of your CV detailing your full work experience.
- At least one reference, academic or professional - The University will contact your referees directly after you submit your application and direct them to complete our online reference form.
- Evidence of English language proficiency (if applicable).
Academic Qualification Documents
You will need to upload a scanned copy of your official degree with both transcript(s)/certificate(s). If your original document is not in English, you must provide a translation from a certified translator. If your degree is not from the UK, you need to provide the grading scale from the university where you are studying.
Curriculum Vitae (CV)
Your CV is an important part of our assessment and should also be uploaded with your application. Your CV/résumé should have a simple clear well-formatted layout, no more than two pages in length.
Details of all your qualifications; including your Bachelor's degree, any Master's degree, postgraduate diplomas/specialisations and professional qualifications.
If you have work experience, please include the following: Each job you have taken since graduating from your undergraduate degree in reverse chronological order, starting with your current position. Include the month/year start and end date, company name and job title for each position undertaken.
Reference (one required)
We do not need to receive your reference at the same time as you submit your application, however we will normally need to receive at least one reference before making an offer. If you do not have professional experience, choose two lecturers or professors at your last University who can provide an academic reference.
Evidence of English language competence
Please review the admissions requirements for details of our English language requirements for this programme and ensure that you submit the evidence required with your application. This is an important element of your application.
The course fee is £20,500 for those joining the course in September 2023.
The fee covers your tuition. It does not cover any accommodation OR travel costs incurred when travelling to any conferences or workshops.
Alumni Loyalty Bursary - 15% Discount
If you have successfully graduated from a credit-bearing qualification at The University of Manchester or UMIST, you can receive a 15% discount on your full tuition fees.
Corporates - 15% Discount
Corporate partners who receive 3 or more places on the course can expect to receive 15% tuition fee discount for each student enrolled onto the course.
Singapore, Hong Kong and Dubai Centre Discounts
Students applying to learn at the Singapore Centre, Dubai Centre or Hong Kong Centre will all be eligible for a 15% discount on tuition fees.
Please note that the University operates a one-discount policy; Early Application, Alumni Loyalty Bursary and Scholarships are not accumulative. If you qualify for more than one discount or scholarship, you will be awarded the one that is the highest amount.
Policy on additional costs
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).
Regulated by the Office for Students
The University of Manchester is regulated by the Office for Students (OfS). The OfS aims to help students succeed in Higher Education by ensuring they receive excellent information and guidance, get high quality education that prepares them for the future and by protecting their interests. More information can be found at the OfS website.
You can find regulations and policies relating to student life at The University of Manchester, including our Degree Regulations and Complaints Procedure, on our regulations website.