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  • Tuition Fee:
  • Local: $ 8k / Year (International)
  • Foreign: n/a
  • Languages of instruction:
  • English

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    Our MSc Investment Management programme is designed to equip students with the skills and knowledge required for a rewarding career in financial analysis and investment management, a major industry in Edinburgh with a long and proud history.

    Discussion of academic theories and their limitations is combined with an emphasis on practical application. A distinctive characteristic of the programme is the large number of senior investment practitioners who act as guest speakers and who can advise students on future career choices.

    Staff teaching on the programme are at the forefront of research and practice in finance and investment management and most are also members of the Centre for Finance & Investment (CFI)which brings Heriot-Watt academics with an interest in finance and investment together with senior practitioners from the local financial community.

    Professional recognition

    We have links with several professional bodies, in particular the Chartered Financial Analyst Society of the UK, the Actuarial Profession and the Chartered Institute for Securities and Investment.

    Chartered Financial Analyst (CFA) Institute

    Heriot-Watt is a Member of CFA® Institute University Recognition Program

    The MSc in Investment Management has been accepted into the CFA Institute University Recognition programme. This status is granted to institutions whose degree program incorporate at least 70% of the CFA Programme Candidate Body of Knowledge (CBOK), which provide students with a solid grounding in the CBOK and positions them well to sit for the CFA exams.

    Five CFA Level 1 examination scholarships, which offer reduced costs of enrolling in the CFA program, are also available to students on the MSc Investment Management.

    About the CFA Program

    The CFA Program sets a standard for developing the skills, standards, competence, and integrity of financial analysts, portfolio managers, investment advisers, and other investment professionals worldwide. It is considered the investment professions' most rigorous credentialling program. Administered in English, the CFA curriculum and examinations are identical worldwide.

    Semester 1 (Sept - Dec)

    * Captial Markets*

    * Portfolio Management

    * One from:

    · Corporate Finance **

    · Corporate Governance

    * One from:

    · Financial Analysis

    · International Accounting Standards **

    Semester 2 (Jan - April)

    * Current Topics in Investment Management
    * Research Methods
    * Two from:

    · Comparative Financial Reporting **
    · Derivatives **
    · Emerging Financial Markets
    · Modern Portfolio Theory
    · Research in Finance

    Over the summer months students undertake a dissertation.

    *Students who successfully complete the Capital Markets course and the MSc Investment Management will be entitled to apply for an exemption from the Chartered Institute of Securities & Investments (CISI) Financial Markets module. Exemption from the CISI Financial Markets module would mean students need only pass an exam in two further modules to gain the CISI Masters in Wealth Management qualification.

    ** Students who intend to sit the CFA examinations are advised to study Corporate Finance, International Accounting Standards, Comparative Financial Reporting, and Derivatives as their optional courses.

    Captial Markets

    Semester 1 (mandatory)

    Examines the way capital markets and institutions function in practice, with particular emphasis on equities and bonds.

    Portfolio Management

    Semester 1 (mandatory)

    Introduces portfolio management as a logical process, providing organisation and structure to what is a complex set of procedures.

    Corporate Finance

    Semester 1 (optional)

    The aim of this course is to introduce you to contemporary topics in corporate finance and look at the major decisions facing a firm in this area.

    Corporate Governance

    Semester 1 (optional)

    Develops understanding of issues relating to corporate governance and the financial research methods used to approach them including principal-agent theory, ownership structure and control, board of directors, CEO turnover, mergers and acquisitions and state versus private ownership.

    Financial Analysis

    Semester 1 (optional)

    Looks at how to analyse the financial performance of an organisation through the use of published financial information.

    International Accounting Standards

    Semester 1 (optional)

    Evaluate theories and empirical studies in the areas covered by international standards of accounting, analyse the outcome of the standard setting process from different theoretical perspectives, and assess observed practices in terms of regulatory and cultural frameworks.

    Current Topics in Investment Management

    Semester 2 (mandatory)

    This is specialised course that sees senior investment practitioners come in each week to give guest lectures, which not only provide insights into the investment industry but also allow you to gain a real world understanding of the knowledge and theories you are studying.

    Research Methods

    Semester 2 (mandatory)

    Looking at both qualitative and quantitative techniques this course will equip students with the means to develop and carry out their own research projects and to evaluate the contributions of others.

    Comparative Financial Reporting

    Semester 2 (optional)

    Provides an international perspective to the study of accounting by looking at the reasons for national differences, the tendencies towards harmonisation, the problems of multinational companies, as well as analysis and evaluation of financial reports prepared in other countries.

    Derivatives

    Semester 2 (optional)

    Develops a thorough understanding of financial derivative instruments, and be able to appraise their application in risk management.

    Emerging Financial Markets

    Semester 2 (optional)

    Supplements understanding of mainstream finance during the year, and applies it to the specific circumstances of emerging financial markets. This exposure is also designed to assist you with identifying possible dissertation topics and data sources.

    Modern Portfolio Theory

    Semester 2 (optional)

    Covers asset pricing and portfolio selection models including Portfolio Theory, Models of Asset Returns, Capital Asset Pricing Model and Arbitrage Pricing Theory.

    Research in Finance

    Semester 2 (optional)

    Covers quantitative methods used in research in the area of finance and financial markets. It will extend knowledge from the main Research Methods course by equipping students with modern methodology applied for the time series analysis. The first part of the course is focused on the theory and the second one on practical applications in the computer lab.

    Students will build models of stock and currency prices, evaluate them using different criteria and use them for the forecasts and formulation of trading strategies. They should perform their own work using real data from financial markets. By applying modern econometric methods, students will prepare themselves for their dissertation as well as for further research, either in academia or in the non-academic world.

    Programme leader

    The Programme Director is Dr Santhosh Abraham, CFA.

    The MSc Investment Management is delivered by a dedicated team of lecturers from the Accountancy, Economics and Finance subject disciplines within the School of Management and Languages who all have specialist knowledge in their respective subject areas.

    Staff teaching on the programme are at the forefront of research and practice in finance and investment management and most are also members of the Schools Centre for Finance & Investment (CFI) which brings Heriot-Watt academics with an interest in finance and investment together with senior practitioners from the local financial community, to explore areas of mutual interest and thereby increase the practical relevance of our teaching and research. The results of this feed directly into the teaching on MSc Investment Management, allowing you to benefit from the latest thinking and developments within the field.

    Additional information

    Guest lectures, given by investment practitioners, are an integral part of the programme and provide insights into some of the key issues facing the investment management industry today.

    The MSc Investment Management programme includes the course Current Topics in Investment Management for which senior investment practitioners give guest lectures each week. This will allow you to gain a real world understanding of the material you are studying.

    MSc Investment Management students and alumni are also invited to attend the Centre for Finance & Investment Annual Debate each October.


    UK requirements for international applications

    Universities in the United Kingdom use a centralized system of undergraduate application: University and College Admissions Service (UCAS). It is used by both domestic and international students. Students have to register on the UCAS website before applying to the university. They will find all the necessary information about the application process on this website. Some graduate courses also require registration on this website, but in most cases students have to apply directly to the university. Some universities also accept undergraduate application through Common App (the information about it could be found on universities' websites).

    Both undergraduate and graduate students may receive three types of responses from the university. The first one, “unconditional offer” means that you already reached all requirements and may be admitted to the university. The second one, “conditional offer” makes your admission possible if you fulfill some criteria – for example, have good grades on final exams. The third one, “unsuccessful application” means that you, unfortunately, could not be admitted to the university of you choice.

    All universities require personal statement, which should include the reasons to study in the UK and the information about personal and professional goals of the student and a transcript, which includes grades received in high school or in the previous university.


    program_requirements

    A good Honours degree (first or second class), or its non-UK equivalent, in a relevant subject from a recognised British or overseas university.No investment management experience is required but some prior knowledge of finance and/or accounting would be an advantage.English language requirementsIf your first language is not English, or your first degree was not taught in English, well need to see evidence of your English language ability.The minimum requirement for English language is IELTS 6.5 (or equivalent) with no component lower than 6.0.We offer a range of English language courses to help you meet the English language requirement prior to starting your masters programme: * 2 semesters English (for IELTS of 4.5 with minimum of 4.0 in all skills) * 12 weeks English (for IELTS of 5.5 with minimum of 5.0 in all skills) * 6 weeks English (for IELTS of 5.5 with minimum 5.5 in all skills) English Language Requirements IELTS band: 6.5 IMPORTANT NOTE: Since April 2014 the ETS tests (including TOEFL and TOEIC) are no longer accepted for Tier 4 visa applications to the United Kingdom. The university might still accept these tests to admit you to the university, but if you require a Tier 4 visa to enter the UK and begin your degree programme, these tests will not be sufficient to obtain your Visa. The IELTS test is most widely accepted by universities and is also accepted for Tier 4 visas to the UK- learn more.

    Scholarships & bursaries
    * Alumni Scholarship Scheme
    Heriot-Watt Alumni
    * Carnegie-Cameron Taught Postgraduate Bursaries
    Applicants must be Scottish by birth, have at least one parent born in Scotland or have been continuously resident in Scotland for a period of three years for the purpose of secondary or tertiary education.
    * Commonwealth Scholarship and Fellowship Plan
    International (Commonwealth citizens)
    * Department for International Development (DFID) Commonwealth Shared Scholarship Scheme
    Commonwealth citizens
    * East Lothian Educational Trust
    Applicants must be a resident of the old county of East Lothian (ie excluding Musselburgh, Wallyford and Whitecraig.)
    * Esmee Fairbairn Scholarship (SML)
    Home/EU students
    * Ian Rushbrook Scholarship (SML)
    MSc Investment Management students only
    * Leverhulme Trade Charities Trust
    Restricted to residents of the UK who are a son, daughter, spouse, widow or widower of a commercial traveller, chemist or grocer.
    * Local Education Authority Awards
    Various
    * Mexican Scholarships
    Mexican applicants
    * Music Scholarships
    All students
    * Part-time Fee Grant (SAAS)
    See SAAS residence conditions.
    * Postgraduate Student Allowance Scheme (SAAS)
    EU and UK applicants who meet the SAAS criteria on eligible courses
    * Remission of Fees (families of staff)
    Spouses/civil partners and children of members of staff, also retired members of staff of the University
    * Royal Caledonian Schools Trust
    Applicants must be of Scots parentage (conditions apply - see below)
    * SML International Merit Scholarship (SML)
    Overseas students
    * Scotland's Saltire Scholarships
    Citizens of Canada, the People's Republic of China, India or USA (2 awards for each country)
    * Sports Scholarships
    All students
    * Staff Scholarships
    Employees of Heriot-Watt University
    * The Consumer Affairs UK Scholarship Programme
    All currently enrolled students
    * Tullow Group Scholarship Scheme (SML)
    Available for specified MSc programmes only and for nationals of specified countries.
    * West Lothian Educational Trust
    Individuals must have originated in West Lothian or have lived there for the last 3 years.

    Additional scholarship information

    There are two scholarships open to applicants with an offer of a place on our MSc Investment Management programme

    Ian Rushbrook Scholarship

    Esmee Fairbairn Scholarship in Investment Management

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