Why choose Henley Business School? Turn knowledge into trading insight at the ICMA Centre

What is ICMA?

The International Capital Market Association is the self-regulatory organisation for the global fixed income and capital markets industry. Based in Zurich, it brings together banks, asset managers and dealers to establish the trading rules, conduct standards and documentation frameworks that govern the European bond markets.

The ICMA Centre at Henley Business School is ICMA's academic partner institution. This is not a nominal affiliation: our curriculum design, faculty expertise and industry connections are directly shaped by the standards and practitioners of the real capital markets.

Hone your skills on our trading floors

Established in the 1990’s, the ICMA Centre was the first institution in Europe to establish a financial dealing room within a university.

Today, we operate three trading floors equipped with:

• 90 Refinitiv Eikon terminals

• 20 Bloomberg terminals

Every student in a class can work simultaneously on live market data terminals: the same tools used in front-office finance roles globally. The scale of our facilities exceeds that of many mid-sized asset managers and regional financial institutions.

What do students do on the trading floor?

Our core curriculum focuses on fixed income, derivatives pricing, foreign exchange and investment banking. the areas of finance that demand the strongest combination of quantitative and applied skills.

Typical in-class activities include:

Fixed income and bond analysis

Pulling live government and corporate bond yield curves from Refinitiv Eikon, building duration and convexity models, and comparing theoretical pricing against real market quotes.

Derivatives and options pricing

Accessing live option chains on Bloomberg, analysing the gap between theoretical pricing (Black-Scholes) and market prices, and mapping implied volatility surfaces.

Foreign exchange and arbitrage simulation

Simulating cross-market FX arbitrage trades, from reading live quotes through to hedging cost calculations and P&L attribution.

M&A financial modelling

Building DCF and comparable company analysis models using live financial data pulled directly from terminal databases, as part of our investment banking module.

All of the above form a core part of assessed coursework, and are not simply extra to the courses.

What postgraduate programmes are there at the ICMA centre?

The ICMA Centre offers two Flagship postgraduate programmes, five ICMA Centre-delivered Specialist Finance Masters, and three jointly delivered programmes with other Henley departments — all sharing full access to our trading floor facilities and academic resources.

Flagship Programmes

MSc Finance

Henley Business School's flagship finance Masters, ranked in the global top 36 by the Financial Times (2025). Designed for students targeting asset management, quantitative finance or broader financial services careers. The programme has produced over 3,500 alumni globally and offers the opportunity to undertake a summer placement and study for the CFA Level 1.

MSc Investment Management

A programme built to prepare students for careers in the fast-growing investment management industry — covering portfolio construction, fund management and investment strategy. CFA Level 1 preparation support is available.

Specialist Finance Masters

MSc Financial Risk Management

The first Masters in the UK to be accredited by the Global Association of Risk Professionals (GARP), with a leading global reputation spanning over 15 years. Designed for careers in risk management, compliance and financial regulation.

MSc Corporate Finance

A highly specialised degree providing practical grounding in corporate finance services and transactions — suited to students targeting investment banking, corporate advisory or M&A roles.

MSc Behavioural Finance

An interdisciplinary programme integrating psychology and financial economics, for students drawn to quantitative investment research or behavioural strategy roles.

MSc Finance and Financial Technology (FinTech)

Designed for the rapidly expanding FinTech sector, combining financial theory with applied technology skills.

MSc Climate Change, Sustainable Business and Green Finance

Focused on climate risk, ESG frameworks and green finance — for students targeting sustainability-focused financial services roles.