Corporate Finance

The course

Studying Corporate Finance Masters' Degree at Royal Holloway means that you will learn from internationally renowned experts at one of the UK's top ten teaching and research centres. This programme will provide you with intensive training in the analysis of issues in corporate finance and policy while improving your analytical skills. On graduation you will be in a strong position to start a career in a corporate finance department, in the banking sectors or investment industry; we have an impressive employment record, 90% of economics students have jobs in six months.

This is a challenging degree and to ensure all students are ready we hold a two-week pre-sessional course. This programme provides you with a critical understanding of corporate finance and entrepreneurship finance, as well as innovation research and the processes and practices of new venture finance. A particular focus will be on understanding the different roles and financial functions in venture capitalist and private equity firms, in entrepreneurship, consultancy and mergers and acquisitions.

Our balanced approach to research and teaching guarantees high-quality teaching from subject leaders, cutting edge materials and intellectually challenging debates. You will be taught by people who have worked and are still working in the finance industry in the broad areas of asset allocation and risk, as well as algorithmic trading.

Our programme has been designed to help you prepare for the competitive Chartered Financial Analyst (CFA) exam.

There are excellent career prospects, with economics graduates having an impressive employment record and starting salaries amongst the highest in the country. Being part of a small group of around 30 students means you'll have close contact with the academic staff, and you'll receive individual support from the course director.

Course structure

Core Modules

In this module you will develop an understanding of basic mathematical methods that are used in the study of Economics and Finance, including basic matrix analysis, topology, statistics, and probability theory. You will look at differentiation and integration of standard functions, and basic manipulations of vectors and matrices. You will also examine various optimisation problems and theorems leading to certain basic results in calculus.
This module will provide you with an introduction to the basic mathematical and statistical methods used in Economics and Finance, with a particular emphasis on optimisation and basic matrix analysis. You will develop your ability to carry out differentiation and integration of standard functions, manipulate vectors and matrices, and understand and solve various optimisation problems, both constrained and unconstrained with equality or inequality constraints. You will look at probability and distribution theory, becoming familiar with estimation and inference, and be able to use the main theorems of the large sample distribution theory.
In this module you will develop an understanding of the techniques used in financial decision making in the modern corporation. You will look at how corporations appraise investment opportunities, raise finance to fund such projects, and increase shareholder wealth via sound management and planning. You will examine the discounting methods used to value financial assets, the processes firms go through to raise funds from share issue, and the factors that affect the optimal capital structure of the firm.
In his module you will develop an understanding of the methods used in the analysis of macro and financial time series data. You will analyse and critically evaluate empirical research in finance and macroeconomics, looking at linear and non-linear time series. You will consider the methodologies for large sample modelling of financial and economic data, and undertake a quantitative research project applying testing procedures on time-series data.
This course aims to analyse how corporate governance structures influence the behaviour of the relevant actors inside and outside of organisations. As both internal and external systems of corporate governance are explored, the module builds on the student's knowledge gained during their previous studies.
You will attend a set of preparatory classes to equip you with the necessary skills required for research, including a hands-on approach to using statistical packages and reading peer-reviewed articles. You will be expected to use either econometric or statistical techniques, and apply your knowledge and skills from the other quantitative methods and theory modules taken during your studies, to produce your own piece of research around 10,000 words in length.

Optional Modules

There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.

In this module you will develop an understanding of the technical, analytical and quantitative methods used for analysing financial and equity markets. You will look at the theory of choice under uncertainty, and the modern theories of asset pricing and asset valuation, with consideration for the concepts of arbitrage pricing and the notion of market completeness. You will also learn about market microstructure, gaining practical experience in trading using simulation software.
In his module you will develop an understanding of the methods used in the analysis of macro and financial time series data. You will analyse and critically evaluate empirical research in finance and macroeconomics, looking at linear and non-linear time series. You will consider the methodologies for large sample modelling of financial and economic data, and undertake a quantitative research project applying testing procedures on time-series data.
The course aims to develop students’ knowledge and understanding of the regulatory context and practice of financial reporting, in the context of governance and corporate social responsibility. Course lectures will focus on conceptual issues, while workshops will provide both practical applications of conceptual material presented in lectures and opportunities for students to discuss and critically analyse issues.
In this module you will develop an understanding of the rational decision-making paradigm in economics, as well as its shortcomings over the past few decades. You will explore behavioural models, their formalisation and scope, including applications to finance, becoming familiar with both theoretical and experimental methods for research in decision theory and behavioural economics.
In this module you will be introduced to the underlying theory and empirical evidence in portfolio management and its practice in the financial sector. Portfolio theory is blended with practical issues encountered in the investment process, and you will cover topics which include identifying investor objectives and constraints, recognizing risk and return characteristics of investment vehicles, developing strategic asset allocations among equity, managing portfolio risk, increasing portfolio return, and evaluating portfolio and manager performance relative to investment objectives and other appropriate benchmarks. You will develop an understanding of how funds are allocated in portfolio construction, and look at security analysis, optimal portfolio selection and delegated portfolio management.
In this module you will develop an understanding of the most important elements of the default-free fixed income securities market, and the derivatives market. You will look at the analytical tools used in portfolio management and risk management. For bond portfolios, these will include yield curve construction, duration, convexity and formal term structure models. For derivatives, you will focus on valuation, trading mechanisms and management of credit risk.
In this module you will develop an understanding of the economic meaning of the terms liquidity and solvency in the context of financial intermediaries. You will look at simplified frameworks for analysing the fragility of the financial system and consider its relevance to financial crisis including models of bank runs and the theory of optimal financial regulation. You will examine the implications of asset price bubbles for financial stability and the implications of imposing capital structure controls and liquidity controls on financial intermediaries.
In this module you will develop an understanding of corporate finance issues related to company evaluation, and the main users of those evaluations, such private equity firms and venture capitalists (VCs). You will look at the key aspects of corporate valuation, for example leveraging, and how valuations differ according to the maturity of the company, from start up, to making an Initial Public Offering (IPO), to established business engaging in mergers and acquisitions. You will become familiar with leverage buyout and private equity technics, and be able to analyse and critically evaluate the motivation for mergers and acquisitions.
This module will provide an introduction to business processes and enterprise systems, with particular focus on accounting, procurement, order fulfilment, production and material planning, inventory and warehouse management, business integration, and implementing enterprise systems.
The aim of the course is to give guidance to students who want to work in the financial industry. The level of this course is mostly for third year or MSc students, but it does not require pre-existing knowledge so first and second year students can follow this course. This course aims to bridge the gap between finance studies at university and what finance industry professional expect from graduates. The course explains precisely what existing finance jobs entail, what is required from the people working in those jobs, what the perspectives of these jobs are. This course will also prepare students for the professional interview of such a job.
In this module you will develop an understanding of the contemporary issues in the theory and practice of sustainability accounting and accountability. You will explore the philosophical underpinnings of corporate social responsibility and sustainability accounting, and examine the roles of stakeholder engagement and dialogue, including the motivations for social and environmental reporting. You will also consider the applicability of sustainability reporting to Non-Governmental Organisations (NGOs), full impact accounting and the role of silent and shadow accounts in sustainability.
In this module you will develop an understanding of the contemporary issues regarding the theory and practice of communication in accounting. You will look at the nature of the international reporting environment, examining the roles, needs and characteristics of lay and expert readers of financial reports. You will consider how impressions are created through the use of graphs, narratives and pictures, and the role of experimental research. You will also explore rhetorical, literary and cultural theory perspectives in the critical study of financial reporting documents, and will examine case studies on a variety of international reporting practices.

Teaching & assessment

Assessment is carried out by a variety of methods including coursework, examinations and a dissertation.

Entry requirements

2:1

Economics, Management, Mathematics, or other maths-based disciplines. Applicants with a degree in Management will need to have studied sufficient maths modules as part of their degree.

Normally we require a UK 2:1 (Honours) or equivalent in relevant subjects but we will consider high 2:2 or relevant work experience. Candidates with professional qualifications in an associated area may be considered. Where a ‘good 2:2’ is considered, we would normally define this as reflecting a profile of 57% or above.

International & EU requirements

English language requirements

All teaching at Royal Holloway (apart from some language courses) is in English. You will therefore need to have good enough written and spoken English to cope with your studies right from the start.

The scores we require

IELTS: 6.5 overall. 6.5 in Writing. No subscore lower than 6.0.
Pearson Test of English: 61 overall. Writing 61. No other subscore lower than 54.
Trinity College London Integrated Skills in English (ISE): ISE III.
Cambridge English: Advanced (CAE) grade C.

Country-specific requirements

For more information about country-specific entry requirements for your country please see here.

Your future career

A Corporate Finance master’s degree at Royal Holloway will equip you with an excellent range of transferable skills and can lead into a variety of career paths as well as the knowledge and a solid foundation for continued PhD studies.

We will help students to recognise their strengths, skills and abilities so that they can make robust applications for their chosen job or further study. We also provide careers support including application and interview coaching, career strategy discussions and the opportunity to network with major employers.

Our graduates are highly employable and, in recent years, have entered many different areas, including careers as consultants, financial analysts, accountants, bankers, journalists and business analysts.

Our graduates are currently working for firms such as Accenture, TNS, Bloomberg, Citigroup, Royal Bank of Scotland, Credit Suisse, PwC, and Baker and Mackenzie.

Fees & funding

Home and EU students tuition fee per year*: £11300

International students tuition fee per year**: £18500

Other essential costs***: A subscription to a CFA training system cost £900.

How do I pay for it? Find out more about funding options, including loans, grants, scholarships and bursaries.

* and ** These tuition fees apply to students enrolled on a full-time basis. Students studying on the standard part-time course structure over two years are charged 50% of the full-time applicable fee for each study year. All postgraduate fees are subject to inflationary increases. This means that the overall cost of studying the programme via part-time mode is slightly higher than studying it full-time in one year. Royal Holloway's policy is that any increases in fees will not exceed 5% for continuing students. For further information see tuition fees see our terms and conditions.

Please note that for research programmes, we adopt the minimum fee level recommended by the UK Research Councils for the Home/EU tuition fee. Each year, the fee level is adjusted in line with inflation (currently, the measure used is the Treasury GDP deflator). Fees displayed here are therefore subject to change and are usually confirmed in the spring of the year of entry. For more information on the Research Council Indicative Fee please see the RCUK website.

^*** These estimated costs relate to studying this particular degree programme at Royal Holloway. Costs, such as accommodation, food, books and other learning materials and printing, have not been included.