Msc Financial Management

Course Units

What does a typical course unit look like?

• Delivered online + three-day face-to-face workshop (either at the start or around the middle of the teaching period)
• Studied over a five-month period (total of 150 hours of study per unit)
• Taught from an applied perspective using practical elements, such as problem-solving, case studies, interactive activities and online quizzes, so you can apply your learnings immediately
• Assessed by ongoing coursework with no exams (you will typically complete two individual/group assessments per unit)
• Informed by the latest cutting-edge research in finance
• Taught by academics with extensive financial expertise and significant finance teaching experience

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

Foundations of Finance (15 credits)

• Introduction to finance
• Time value of money and asset valuation
• Cost of capital and capital budgeting technique

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

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

Data analysis and Statistical Techniques

• 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 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

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

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

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

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

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.

This Master's degree in Financial Management is delivered through a part-time blended learning format. The majority of the teaching is online, so you can study flexibly at a pace that suits your own requirements and lifestyle. You will also get the opportunity to learn and share experiences with classmates from across the globe at face-to-face workshops.

A Manchester experience, online

Every aspect of our MSc in Financial Management is developed and delivered by The University of Manchester. This ensures you get the best quality learning experience, wherever in the world you are based. Throughout your studies, you will also have access to a dedicated study advisor, wellbeing support and digital services to support your learning, including libraries and financial databases.

The Finance Zone

From the moment you start the course you will have access to Alliance Manchester Business School's Finance Zone. This is one of the UK's most comprehensive collections of specialist financial and business databases. These resources are used by top researchers around the world and include Bloomberg, Datastream, Thomson ONE, Compustat, WRDS, Capital IQ plus many more. (Please note this is available onsite at the Manchester campus only).

Workshop schedule

You will attend one workshop per semester (four in total) in Manchester or at one of our global centres: Dubai, Hong Kong, Shanghai or Singapore. Your workshop location will depend on your country of residence (please see below).

Our wide range of modules allows you to specialise and during the course, you have the chance to build on your growing knowledge and expertise by completing a dissertation on a research area of your choice. This, coupled with the support you get from our staff, ensures a first-class learning experience.