Skip to main content
Accounting and Finance Hero Image

Masters in Accounting and Finance

At a glance

  • Offers a blend of theoretical, research and practice led content
  • Developed as a collaboration between Henley’s BISA department and the ICMA Centre
  • Benefit from professional exam exemptions from the Chartered Institute of Management Accounting (CIMA) Accreditation and ACCA Accreditation
  • Gain insight into the accounting process
  • Includes an independent research project which applies to real companies
Level
Masters
Subject area(s)
Accounting
Award
MSc
Duration
12 months
Attendance
Full-time
Programme Director
Ekililu Salifu001redone 75iw160su
Dr Ekililu Salifu

Overview

88% of students would recommend their programme
Masters Careers Survey 2021

This Masters programme has been developed as a collaboration between our Business Informatics Systems and Accounting (BISA) department and the International Capital Market Association (ICMA) Centre. The course is suitable for accounting graduates.

What it gives you

This Masters degree helps you to deepen your knowledge of accounting and finance. It is designed to help you enter the financial markets or advisory/financial services industry, as an analyst or professional accountant. This MSc degree can also serve as a preparation for further research at PhD level.

With a blend of theoretical, and practice-led content, you will learn to develop conceptual and theoretical perspectives of accounting and financial practices. It will also enable you to understand the role of information systems within those processes.

The Henley Pre-Masters Course Suite

Exclusively available to Henley Business School offer holders, the Pre-Masters course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

Optional modules Credits

An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

This pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject. Through the course, you will appreciate the purpose of finance and investment, the main types of investment and financial markets, as well as the process of valuing investments and the role of risk and return in investment performance. These are all important fundamentals in understanding the workings of financial markets and being able to apply them to real and practical problems as part of your course. We encourage you to take the course even if you have studied finance before. The course is delivered online, requires around 15 hours of study and can be completed at your own pace.

N/A

This course will provide building blocks of knowledge to help you prepare for your learning journey in the area of your choice as well as equip you with key employability and study skills for successfully navigating your studies and professional career.

This pre-study interactive course is designed by Henley Business School faculty, the University of Reading Study Advice Team and the International Study and Language Institute. The course aims to prepare you for your learning journey at Henley and focuses on helping you build important study skills to succeed in your Masters and beyond. Skills such as curiosity and independent thinking, effective communication and collaboration, digital capabilities, storytelling, empathy and professional integrity are not only important in your course itself but are also sought after by employers in all areas of business. Therefore, they are instrumental in succeeding in your professional career. The learning journey of our Masters programmes is designed in a way that allows you to build such skills and this course intends to demonstrate exactly how, and therefore help you to make the most of your Masters.

N/A

A course delivered online by Henley faculty and you will receive online support from one of our teaching staff members and be able to interact with other prospective students in your course.

This pre-study interactive course is designed by Henley Business School faculty to introduce you to the world of coding in Python. According to recent employer surveys, coding is a top 5 employability skill in the new world of work. The World Economic forum includes technology design and programming in the top 10 skills of 2025. Coding is an extremely powerful skill to have going forward in all areas of business and finance. Due to the importance of coding skills in your future, you will be using coding in some of your courses depending on your choice of programme at Henley Business School. So, this pre-study course can be seen as a stepping stone in your learning journey. Even if coding is not directly utilised as a part of your programme, completing this course, earning the certificate and complementing this with some further independent learning, could set you apart in an increasingly competitive job market. Python is the most utilised programming language in the world and so the purpose of this course is for you to learn the fundamentals of Python, and how to use it to solve practical problems in your area of interest.

N/A

Part one: Autumn term

Compulsory modules Credits

The module considers accounting as a social and institutional practice and focuses on wider social implication of financial reporting. Financial statements are a key source of information about the economic as well as overall activities of a firm. This course is intended to enhance the student''s ability to relate economic events to financial statements and disclosures. It also seeks to aid in developing a coordinated set of concepts and principles to serve as a framework for analysing a wide variety of financial reporting issues. The course also explores the regulatory environment and political climate, and how these link with the development of existing and introduction of new standards and their underlying theories.

The module covers a number of theoretical perspectives such as deductive approaches, based on the notion of financial accounting as the measurement of economic income and value (including applications to current accounting controversies); economic approaches, regarding corporate financial reporting as an information system, including signalling and disclosure, and studying the demand for and supply of accounting information in a market setting and its stock market impact; and regulatory/institutional approaches, examining the nature of and case for and against the regulation of corporate financial reporting. Illustrations are provided on how these theories are used in standard setting and in valuation.

Academic authors
Gunnar Rimmel005 75efnt9cq
Professor Gunnar Rimmel
20 [10 ECTS credits]

Management accounting can be studied as a heterogeneous collection of techniques used to measure and analyse the resources, processes and outputs of organisations. While it is important to understand the techniques, it is equally important to study how those techniques are used. A good understanding of costing techniques is assumed as the module explores beyond these to their application in practice and questions their use(s) and role(s) in organisations from a theoretically informed perspective.Much of the research in management accounting explores the role of the management accountant and the application of management accounting techniques in practice, through a variety of theoretical lenses. The module will draw on published case studies to analyse contemporary management accounting in practice

Academic authors
Sue Blackett001 75efq6q4m
Sue Blackett
20 [10 ECTS credits]

This module is designed to support students to acquire knowledge and skills in carrying out research in accounting and financial management. It covers the process of research from the formulation of a research proposal to dissemination of results. It guides students in the preparation and planning of research projects through the knowledge, skills and awareness of elements required in approaching research, including: literature review, research paradigms, methods and techniques, research design, writing a research proposal, project planning and management, ethical issues, and writing research reports.

Academic authors
Gunnar Rimmel005 75efnt9cq
Professor Gunnar Rimmel
10 [5 ECTS credits]

This module is an introduction to accounting information systems. It initially covers fundamental concepts in information systems, information management and business-IT alignment in the context of accounting practices. In addition, it will explore how technologies underpin governance, risk and compliance activities within public firms. It builds on both theoretical concepts as well as established industry best practice including COSO’s Internal Control/ERM frameworks and ISACA’s CoBIT. As a practical component of the module, commercial accounting software will be introduced to study their features.

Academic authors
Sue Blackett001 75efq6q4m
Sue Blackett
20 [10 ECTS credits]

This module provides you with the foundation necessary to successfully understand and apply the quantitative techniques commonly used in the finance industry. The lecture covers the theory and key concepts. The seminars and workshop provide the opportunity to emphasise the practical applications of the techniques in the global financial markets.

Academic authors
Dr gita persand 397 3 Gita Persand 75e5pfi5g
Dr Gita Persand
10 [5 ECTS credits]

This module focuses on cash securities evaluation (fixed income, equity, and FX) and the use of these securities for investments (derivatives and portfolio theory).

Part I of the module applies general valuation methods to specific financial instruments: fixed income, equity securities, and FX. It describes the characteristics of each security/market and develops practical strategies for finding its value and assessing its risk.

Part II of the module provides an in-depth introduction to financial derivatives (futures and options) and their evaluation. Part III of the module analyses the main framework behind portfolio theory and optimum asset allocation, followed by the introduction of the main pricing models, their applications and limitation.

Equity and FX trading simulations sessions (INVEST sessions) are paired with the modules. Exercises based on Eikon, and Bloomberg data will be used.

The module deals with the valuation of fixed income and equity securities. It focuses on the basic characteristics of each security and the strategies used for approximating their fundamental value and assessing their risk. Its primary aim is to discuss how certain characteristics and relationships can affect the value of fixed income and equity securities and how can they be exploited to form optimal investment strategies. The module also develops ways of optimally selecting portfolios of assets and develops models of how these portfolios may be priced in financial markets. Through a detailed overview of derivatives instruments, their characteristics and valuation, it is shown how they can enhance portfolio returns and help in the management of investment risk. The analytical techniques introduced in this module are widely applied in other elements of the programme.

30 [15 ECTS credits]

This module provides an introduction to international financial markets and an overview of financial institutions. The main characteristics and risks of a range of financial markets are presented: equity, fixed income, foreign exchange, futures and commodity markets. A series of interactive workshops are used to learn about ethical investing and alternative trading systems.

To provide an economic framework for understanding global financial markets, financial institutions, market players and the importance of liquidity and price efficiency. Participants will gain an understanding of commercial and investment banks, mutual funds, central banks, stock, bond and repo markets. Also, participants will learn about specific characteristics and risks of foreign exchange markets as well as futures markets and commodity markets.

Students will become familiar with different firms in the industry, how they differ from each other and the various careers available within the industry as an aid to their own career development.

Academic authors
Dr alfonso dufour 397 3 Alfonso Dufour 75e5pfi5e
Dr Alfonso Dufour
10 [5 ECTS credits]

What am I going to do when my course ends, and how am I going to achieve it? This module has been designed to help Accounting, Informatics and Business Management students answer those two questions, and empower them to take the actions required. It’s a suite of sessions that pays close attention to the general pathways Business Management, Accounting and Informatics students tend to take, and their aspirations as expressed during pre-sessional career activities & induction surveys. Students will choose this the mix of custom-made sessions that best suit their stage in life and supplement them with the open careers programmes offered at the University, the online content on the Henley Careers Blackboard site and 1-2-1 careers consultations.

0 [0 ECTS credits]

Part two: Spring term

Compulsory modules Credits

This module aims to provide an opportunity for students in PG programmes to develop relevant skills to manage an independent research project, in terms of critical evaluation of existing literature, and appropriate collection and analysis of accounting and finance information. The completion of the project will be guided and supported by supervisors with relevant expertise in accounting and financial management.

Academic authors
Yun shen 75e5pfieo
Dr Yun Shen
20 [10 ECTS credits]

This module provides students with a critical understanding of contemporary issues in corporate governance and accountability with a focus on the need for, and in some cases, apparent lack of, ethical corporate conduct.

Academic authors
Rhianydd Dow005 75efq6kte
Ms Rhianydd Dow
20 [10 ECTS credits]

Students choosing MMM049 must choose two spring term optional modules to the value of 40 credits.

Students choosing ACM001 must choose one spring term module to the value of 20 credits.

Optional modules Credits

This is a very practical course focusing mainly on option/volatility trading and risk management. The seminars all take place in the dealing room, and students will manage the risk of equity options portfolios on ICTrader. There are also 4 practical Excel based case studies (Option Strategist) which focus on option value and risk analysis.

Academic authors
Michael smith 400x267 75n7dio70
Dr Michael Smith
20 [10 ECTS credits]

This module is positioned in the cross-section of Finance and Psychology. It provides an alternative framework to that of traditional neo-classical finance principles in explaining market behaviour and interpreting stylised characteristics. A variety of psychological principles and well-established cognitive biases are examined and connections are made with the influence they have on the investment (and corporate) decision making process. Market anomalies and puzzles are interpreted based on these connections.

20 [10 ECTS credits]

The main aim of the course is to provide a rigorous grounding of the theory and practice of corporate finance and more specifically the long-term financial management decisions of the firm pertaining to investments, financing and payout and how they affect its value. It deals with how corporations are governed, their financing structures, payout policies, the processes involved in the issuance of public and private equity, as well growing through inorganic investment (mergers and acquisitions).

This course also deals with advanced financial analysis and enterprise valuation methods employed by financial advisors/investment banks as part of providing advice to corporations.

Students on this course take part in a bespoke investment banking pitch-book simulation challenge whereby they work with their team to produce a real life pitch-book including financial analysis on a real transaction as part of assessing the company’s strategic alternatives. In addition to lectures and case study based seminars the module also includes a 2-day financial modelling and valuation training by Financial Edge, the company responsible for training the analysts of the top-3 investment banks.

20 [10 ECTS credits]

In this module you will learn how big data techniques can be used to solve problems in finance. We will first explore issues related to the collection, organisation and visualisation of large sets of structured and unstructured data. We will then look at methods for storage and computation of big data sets by distributed computing (Hadoop). The module will also explore the use of cloud computing platforms with a focus on the Google Cloud Platform (GCP).

10

This investment portfolio management module covers key topics, techniques and discussions, including investment styles, in relation to constructing and maintaining an optimal investment portfolio. The teaching approaches all topics from academic and market, practical perspectives. More detailed aims and learning outcomes are included below.

20 [10 ECTS credits]

Part three: Summer term

Students choosing ACM001 must choose one Finance option, or choose MMM049.

Optional modules Credits

This is a less quantitative option that offers an in-depth study of an important financial product - stock index futures. For almost all countries, the value of trading in stock index futures exceeds the total value of trading in all the equities listed on the underlying stock market. So stock index futures are very liquid financial instruments with an important role in financial markets. They are used by fund managers, arbitrageurs, hedgers, speculators, investment banks, pension funds, etc. for a wide variety of reasons. The aim of this module is to understand why this very large market exists, and how it works. Much of this material on how stock index futures markets work also applies to other futures markets, e.g. currencies, energy, metals, agricultural commodities.

Academic authors
Professor charles sutcliffe 397 3 Charles Sutcliffe 75e5pfi6h
Professor Charles Sutcliffe
20 [10 ECTS credits]

This module is designed for advanced Master’s students and doctoral students. It has a very high technical content. It aims to equip the students with the foundations of theoretical asset pricing and with the relevant skills for performing empirical tests. The objective of the module is to prepare students to become independent and quality researchers.

Academic authors
Marcel Prokopczuk mtime20200428162716
Professor Marcel Prokopczuk
20 [10 ECTS credits]

Industry participants estimate that 70-80% of equity trades are executed through computers. Market-makers in fixed income and currency markets use algorithms to automatically adjust their quotes. This module reviews the current state of the trading industry and identifies aims, features, regulations, and limitations of three main groups of algorithmic trading strategies: market making, trade execution and statistical arbitrage. Practical seminars are used to demonstrate how to apply trading algorithms to high-frequency data.

Academic authors
Dr alfonso dufour 397 3 Alfonso Dufour 75e5pfi5e
Dr Alfonso Dufour
10 [5 ECTS credits]

An applied, innovative approach to the structured product market from a practical point of view. Topical issues are addressed in a systematic way to discuss the principles of financial engineering and application to structured products.

Academic authors
Marcel Prokopczuk mtime20200428162716
Professor Marcel Prokopczuk
10 [5 ECTS credits]

In this module, alternative forms of financial investments are discussed. In particular, the following topics are covered:

Academic authors
Marcel Prokopczuk mtime20200428162716
Professor Marcel Prokopczuk
10 [5 ECTS credits]

*The module or course content descriptions set out on this page are correct for those being taught in the current academic year. Modules or course content marked as optional are indicative and may be subject to change. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.

A holistic approach

Effective leadership requires more than first-class business acumen, it also requires a degree of self-awareness and sensitivity. Our Masters programmes offer you a unique practice-centred approach to teaching equipping you with the tools to become a compelling leader. This approach creates emotionally intelligent graduates who can be fully effective in their chosen careers.

How you will learn

Henley has a strong reputation for the practical application of business ideas and concepts. We are underpinned by academic excellence and the strength of our research. We offer high-quality technical skills training as well as a deep understanding of the importance of personal development for leaders. This is a thread that is woven through all of our Masters programmes.

Our Masters programmes feature a mix of core and optional modules, tailoring your degree towards your needs and career ambitions. You will complete up to 10 taught modules during your programme, totalling 180 credits. One module usually equates to 20 credits or 10 hours of work per week. Your week will include lectures, tutorials, workshops and personal study, with each accounting for 25% of your time on average. This provides you with the opportunity to discuss and explore the material in depth with your lecturers and fellow students.

You will be introduced to the latest thinking and research findings then have the opportunity to challenge those that have created it. You will also explore real-world issues, tackle current business challenges, and interact with guest lectures and speakers from industry. This gives you the opportunity to test, extend and refine your knowledge and skills with confidence.

How we assess you

You will learn and be assessed through a wide variety of teaching methods which vary depending on your chosen Masters programme. These include online materials and multimedia content, guest lectures, individual and group assignments, case studies, field visits, dealing room simulations, presentations, applied projects, consultancy work and examinations.

On average examinations form between 50 - 70% of the assessed work. The remaining comes from coursework, in class tests, written dissertation or project depending on your chosen programme.

Ongoing support

While Masters students are self-motivated and determined individuals, study at this level can present additional pressures which we take seriously. Lecturers are available to discuss the content of each module and your academic tutor can meet with you regularly. Support staff are here to help with anything that may arise during your time at Henley.

Henley Business School provides the knowledge, skills and experiences graduates need to begin their careers in the world of finance. Through our engaging lectures and seminars, as well as the one-to-one expert support from our staff, we help turn career aspirations into realities.

“The course provided a great foundation to start a career in management accounting, especially if you are looking to work internally within a finance department. The opportunity to connect with students from different backgrounds was really good. The Henley careers team provided great support.”
Accounting and Financial Management graduate, now working as a Junior Finance Analyst at Omniplex, UK

Where are our 2020 graduates now?

88% of students would recommend their programme
Masters Careers Survey 2021

2020 graduates in this area have secured the following roles:

Accountant at Chengdu Jiaozi Financial
Banking at Bank of Communications
Finance Analyst at Omniplex
Senior Auditor at PWC

Industry of employment for 2020 graduates

22 MIS 037 Acct

2020 graduates are employed in the following locations:

22 MIS 036 accounting map

Please note the above statistics are based on respondents to our Masters Outcomes Survey in 2021, which was completed by our 2020 graduates.

Respondents are from the following programmes: MSc Accounting and Finance, MSc Accounting and Financial Management and MSc Accounting and International Management.

How can Henley Careers work with you?

We have an award-winning careers team that will support you through your postgraduate studies and four years after graduation.

Here is how Henley Careers can help you:

  • Careers Consultant appointments: Our Careers Consultant are here to help and support you with any careers related concern that you might have. Whether it’s CV advice, practicing for an interview, providing feedback if applications aren't successful or support planning your career goals. We are here to help empower you to progress in your career.
  • Events: Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for. Additionally, network with employers and expand your industry knowledge.
  • Alumni support: You can continue to book one-to-one appointments with your Careers Consultant and use our online resources. For up to four years after graduating we’re here to help and support in your career.
  • Career Smart: Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK. As well as where to look and how to start applying to jobs, and the different roles available to you.

For more information  please see our Careers page.

Continuing your career

This degree will help you enhance your employability for careers related to your first-degree discipline or in more specialised accounting and finance fields. The global perspective of this course can help enhance your career prospects in international roles and overseas markets. In addition, the programme will serve as a good basis if you wish to further your academic development in accounting and finance-related disciplines.

Accreditation Information

ACCREDITED PROGRAMME ACCA

On successful completion of MSc Accounting & Finance, students will be exempt from four ACCA applied knowledge and applied skills exams: Business Technology (BT), Management Accounting (MA), Financial Accounting (FA) and Corporate and Business Law (LW).

Students will also be granted exemptions from four Chartered Institute of Management Accountants (CIMA) professional exams: BA1 - BA4.

Our students and alumni are always keen to share their Henley experience. Whether you are a prospective applicant or already applied to a Masters programme at Henley Business School. You can ask questions to a current student by clicking the “Chat to our students” button below.

When contacting one of our students, please introduce yourself and the Masters programme you have applied for.

Speak to a current student

Contact us

If you have any questions, please contact us by email at postgraduate@henley.ac.uk or by phone on +44 (0)118 378 7593.

You might also like

Masters in Accounting and Financial Management

Accounting · Full-time

This Masters programme is designed to help you learn how businesses use financial information for decision making purposes.

Masters in Accounting and International Management

Accounting · Full-time

On this Masters degree you will gain in-depth knowledge of international management, specialising in accounting and its international aspects.