Masters in International Accounting and Finance
Designed for students wishing to gain and further develop an in-depth understanding of the role of finance and accounting in the contemporary and globalised commercial environment.
At a glance
- Hands-on teaching and learning will equip you with leadership skills and set the foundations for working in capital markets and international finance
- Designed to create forward-thinking, proactive leaders, who understand the bigger picture of accounting, to make informed decisions and utilise new opportunities
- Specifically aimed for students with either an academic or a professional background in accounting
- Benefit from professional exam exemptions from the Chartered Institute of Management Accounting (CIMA) and ACCA Accreditation
- With a blend of theoretical and practice-led content, you will learn to develop conceptual and theoretical perspectives of accounting and financial practices in an international context
- Locations
- Henley Whiteknights
- Subject area(s)
- Accounting
- Start Date
- September 2023
- Duration
- 12 months
- Attendance
- Full-time
- Programme Director
-
Dr Ekililu Salifu
Overview
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. Our modules are developed from an internationalised perspective, ensuring that you not only gain insight into topical discussions within the UK but also from all around the world.
The Henley pre-study course suite
Exclusively available to Henley Business School offer holders, the Pre-study course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.
Study skills for success (-)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. Read moreThis 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 |
Building blocks of finance (-)An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms. Read moreThis 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 |
Building blocks of maths and stats for finance (-)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. Read moreQuantitative techniques and statistics are among the main tools finance and investment professionals utilise in analysing data linked to financial markets and securities. This interactive pre-study course is designed to deliver these essential building blocks in maths and quants and prepare you for a Finance Master’s if you don’t have a finance, maths, or quants background. For those with a relevant background, it can serve as a refresher of this essential knowledge. |
N/A |
Part one: Autumn term
| Compulsory modules | Credits |
|---|---|
Securities and Investments (ICM331)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. Read moreThe 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] |
Financial Markets and Institutions (ICM332)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. Read moreTo 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
|
10 [5 ECTS credits] |
International Financial Reporting and Regulation (ACM006)The module further develops students’ understanding of financial accounting and its practice. It conceptualises accounting as a complex economic, social and institutional practice, and focuses on the wider social and pollical context for the practice of financial reporting. It also explores the regulatory environment and political climate, and how these influence the development, implementation and application of accounting standards and other accounting regulations. Read moreInternational Financial Reporting and Regulation Academic authors
Dr Ekililu Salifu
|
20 [10 ECTS credits] |
Study and Research Skills: Sources, Methods, and Practice (MMM070)To strengthen students’ ability to make best use of the learning opportunities during the MSc degree course. To provide students with an understanding of what is required to perform well in essays, dissertations, report writing and examinations at Henley Business School. To provide students with an awareness of the appropriate use of methodology, theory, data, literature reviews and original research in a Masters dissertation/project.
Academic authors
Professor Peter Scott
|
0 [0 ECTS credits] |
Career and Professional Development (MMM132)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 |
|---|---|
Contemporary Management Accounting Practice (ACM007)Management accounting is a collection of diverse 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 and sustainability 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. |
20 [10 ECTS credits] |
Accounting for Sustainability (ACM008)This module is intended to enhance the student's ability derive a broad overview of how sustainability reporting has grown, how it is used now and where it is heading. 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 sustainability reporting issues. The course also explores the regulatory environment and political climate, and how these link with the development and introduction of new standards. |
20 [10 ECTS credits] |
Financial Management: Cases and Excel Modelling Applications (ACM009)This is designed as a module which aims to develop and apply knowledge, understanding and skills acquired in previous studies and to develop competency in the use of finance technology (Excel modelling). |
20 [10 ECTS credits] |
Study and Research Skills: Sources, Methods, and Practice (MMM070)To strengthen students’ ability to make best use of the learning opportunities during the MSc degree course. To provide students with an understanding of what is required to perform well in essays, dissertations, report writing and examinations at Henley Business School. To provide students with an awareness of the appropriate use of methodology, theory, data, literature reviews and original research in a Masters dissertation/project.
Academic authors
Professor Peter Scott
|
0 [0 ECTS credits] |
Part three: Summer term
Students will be required to choose one of these modules from below.
| Compulsory modules | Credits |
|---|---|
Corporate Governance & Ethics (ACM001)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
Ms Rhianydd Dow
|
20 [10 ECTS credits] |
Accounting Dissertation (ACM012)The module intends to enable students to produce a piece of original research at Masters level through the use of appropriate research skills. |
20 [10 ECTS credits] |
Accounting and Finance Project (ACM013)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. |
20 [10 ECTS credits] |
Spring Term
Please note, students who selected ACM001 (Corporate Governance and Ethics) do not take any additional spring term modules.
Students who selected ACM013 Project or ACM012 Dissertation must choose 20 credits in the spring term.
| Optional modules | Credits |
|---|---|
Corporate Governance & Ethics (ACM001)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
Ms Rhianydd Dow
|
20 [10 ECTS credits] |
Portfolio Management (ICM201)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. |
20 [10 ECTS credits] |
Derivative Securities: Pricing, Hedging and Trading (ICM211)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
Dr Michael Smith
|
20 [10 ECTS credits] |
Behavioural Finance (ICM302)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] |
Topics in Financial Regulation (ICM295)This module provides an overview of the purpose and operation of financial regulation, and the consequences of financial sector reform for different markets and jurisdictions, including that of the students’ home countries. Academic authors
Ms Deepa Govindarajan Driver
|
20 [10 ECTS credits] |
Big Data in Business (INMR89)Aims: Given the availability of large amount of both structured and unstructured data in business, there is a need for organisations to assess how effectively Big Data can be utilised for business. The aim of this module is to evaluate the business value in utilising Big Data and develop information management solutions with an appreciation of business analytics methods and technologies. Outline content:
|
20 [10 ECTS credits] |
Big Data in Finance (ICM323)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 |
Accounting Information Systems (ACM005)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 Blackett
|
20 [10 ECTS credits] |
Summer Term
Students who selected ACM001 (Corporate Governance and Ethics) as a compulsory summer term module must choose 40 credits in the summer term.
Students who selected ACM013 Project or ACM012 Dissertation must choose 20 credits in the summer term.
| Optional modules | Credits |
|---|---|
Stock Index Futures (ICM308)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
|
20 [10 ECTS credits] |
Advanced Finance Theory with Empirical Applications (ICM289)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
Professor Marcel Prokopczuk
|
20 [10 ECTS credits] |
Structured Products (ICM326)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
Professor Marcel Prokopczuk
|
10 [5 ECTS credits] |
Alternative Investments (ICM327)In this module, alternative forms of financial investments are discussed. In particular, the following topics are covered: Academic authors
Professor Marcel Prokopczuk
|
10 [5 ECTS credits] |
Algorithmic and High Frequency Trading (ICM325)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
|
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.
| Fees | |
|---|---|
| 2023 entry | £14,600 |
Scholarships
We offer a number of scholarships for UK/Home and International applicants. Please note that scholarship application is via the University of Reading applicant portal once an offer has been made. You can only apply when you have received an offer (conditional or unconditional). When you view your offer in the portal you will see the link to apply for scholarship(s) relevant to your offer.
Current scholarships
| Entry requirement | Criteria |
|---|---|
| Undergraduate degree | Minimum 2:1 or the equivalent from an Internationally recognised university |
| Degree discipline | Applicants need a degree where they have taken at least two Accounting modules. Those without any Accounting modules but who have a professional Accounting qualification or relevant professional experience may also be considered. |
English Language Requirements
Studying in a second language can be challenging. If your English language ability is below the minimum requirement, we may ask for evidence of proficiency. Alternatively, we may ask you to attend an English language course before you begin your studies with us.
| Requirement | Criteria |
|---|---|
| IELTS | 6.5 with no component below 6.0 in any sub-skills |
| IELTS with pre-sessional English | 6.5 with no component below 5.5 in each of the four sub-skills |
Acceptance of LanguageCert Online and DuoLingo English qualifications
We appreciate the difficulties that some students are having with the availability of English Language tests, as the impact of the global pandemic continues. As a result of this we are pleased to announce that we can now accept the non-SELT version of LanguageCert (which includes the online version) and DuoLingo as suitable English language qualifications. These can be accepted for direct entry onto Undergraduate (except Speech and Language Therapy), Postgraduate Taught (except Speech and Language Therapy) and Postgraduate Research programmes.
For information on individual programme requirements and other English language qualifications, please visit our English requirement equivalent page.
If you require specific advice on your qualification please contact admissions directly by e-mail or telephone at +44 (0) 118 378 5289.
Pre-sessional English language programme
UK visa requirements
If you are not a national of the European Union (EU), you may need to obtain a UK visa. This visa will allow to live and study in the UK. See the UK Border Agency website. Contact the University's International Office with any questions: intoff@reading.ac.uk.
Graduate Route
The UK's Graduate Route post-study work visa allows you to apply to stay in the UK for up to two years after you graduate, with the opportunity to undertake skilled work. Visit the University website for the latest information.
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?
2020 graduates in this area are working at the following organisations:
Chengdu Jiaozi Financial
Bank of Communications
Omniplex
PWC
2020 graduates in this area have secured the following roles:
Accountant
Banking
Finance Analyst
Senior Auditor
Industry of employment for 2020 graduates
2020 graduates are employed in the following locations:
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
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.
Apply for 2023 entry now
Apply online now through the University of Reading’s online application service.
The online application service allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information. It also provides a facility for an email request to be sent to your referees. This enables the referees to send your supporting references directly to us.
When to apply
We operate a rolling admissions system and it is recommended that you apply early to secure your place. There is no specific deadline and applications will be considered until the programme is full. However, to allow us time to process your application we recommend that you apply by the following dates:
| UK/Home applicants | International applicants |
|---|---|
| 1 August | 1 June |
After you apply
You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of staff. If successful, you will receive a formal offer letter outlining any necessary entry criteria you will need to meet. You'll then be asked to confirm your acceptance of this offer.
If you require a Certificate of Acceptance for Studies (CAS) for your visa, details will be sent by email once all conditions of the offer have been met.
Throughout the admissions process we will keep you updated with key information via email. We also provide opportunities to interact with faculty and staff online.
Find us on Facebook and keep up-to-date with news and events at Henley or ask us a question. In addition, you can speak to a current student, our students are always happy to share their Henley experience.
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.
“I really enjoyed the marketing module, especially the scenario game. It has given me a better understanding of how a product is marketed, positioned and priced and made me feel like I was in the marketing department discussing product solutions…”
“I found that the international business class was extremely useful as I learned how to interpret different pieces of data from around the world and use them in one general accounting language.”