Investment Analysis

Postgraduate Certificate, Postgraduate Diploma, MSc


The MSc Investment Analysis is the UK’s longest-established postgraduate level course in the field of investment management education. It is one of the very few Master’s degrees in the UK to have CFA® Institute Program Partner status and one of a select group of partner institutions worldwide.


As a CFA® Institute Program Partner, at least 70% of the learning outcomes of all three levels of the CFA® Programme are covered and so the course is ideally suited to those who wish to become qualified as a CFA® Charter-Holder.

Key information

EU Applicants
EU students who have applied or who have been made an offer to study at the University of Stirling in 2016 (or 2017 deferred entry) are unaffected by the outcome of the EU Referendum on 23 June 2016.

Those who are considering applying to the University for 2017 entry are encouraged to do so in the usual way, and we will keep all applicants informed as relevant details emerge.

  • Degree type: Postgraduate Certificate, Postgraduate Diploma, MSc
  • Study methods: Full-time, Campus based
  • Duration: 12 months
  • Start date:


  • Course Director: Dr Kevin Campbell
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Course Director

MSc IA Course page pic

Dr Kevin Campbell

Stirling Management School
University of Stirling

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  1. The MSc in Investment Analysis at Stirling was the UK’s first postgraduate programme in the field, and is one of the few such programmes in the world to have CFA® Institute Programme Partner status. 70% of the learning outcomes of the CFA® Charter Programme are covered, the course is ideally suited to students who wish to qualify as CFA® Charter holders.
  2. Students undertake the free Amplify Trading week long masterclass giving practical experience of financial markets. 
  3. The Course Director, Dr Kevin Campbell, is an internationally respected expert with specialist research interests in corporate finance and governance.
  4. University of Stirling students have reached the final of the CFA® Institute Research Challenge on eight out of the last nine years, a record unique amongst the UK Partner Programme universities. In 2016 Stirling won the UK final.
  5. In the most recent Research Excellence Framework (REF) the School was placed in the UK’s top 25 institutions for Business and Management, out of 101 business schools.  In Scotland, the School was ranked in the top five.

Course objectives

The syllabus has a distinctly international orientation that reflects the increasingly globalised nature of financial markets and the investment management profession.

Such is the international reputation of the course that students come from a wide variety of educational and professional backgrounds and cultures, providing a unique opportunity for the development of worldwide contacts. The Stirling MSc in Investment Analysis team has an unrivalled record in the UK CFA© Institute Research Challenge. Stirling has won the UK final of this competition and reached the final in eight out of nine years. As a Programme Partner we are also able to offer on a competitive basis CFA Scholarships for the CFA level 1 exam.

More details from the CFA® Research Challenge 2016 - Stirling team take gold at ‘Investment Olympics’.

What makes us different?

A winning team

The MSc in Investment Analysis has an unrivalled record in the prestigious CFA Institute Research Challenge, a global competition known as the 'Investment Olympics' for university students. A team of students from the MSc Investment Analysis has reached the UK Final of this competition in eight of the last nine years, a feat unrivalled by any other UK Program Partner university.

A team of five MSc Investment Analysis students - from China, Ghana, Vietnam and the UK - won the 2016 UK Final in London and competed in the Global Finals in Chicago.

Innovative trading Boot Camp with Amplify Trading

As part of the Stirling Management School's focus on enhancing the employability of graduates, we run a free, week-long trading masterclass in conjunction with London-based Amplify Trading for students at the end of the Spring Semester.

Learn more about the Boot Camp

Business Engagement

The University of Stirling Management School equips students to flourish as effective managers in the workplace through enhanced self-awareness, critical thinking, leadership and team-working skills.

Find out more about business engagement

Business Engagement


At the University of Stirling Management School, we are committed to ensuring that every single one of our students realise their potential.

The graduate job market has never been more competitive, and greater focus is now being placed on finding graduates who can demonstrate a wide array of skills, competences and experiences.

Find out more about employability

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World-class library and teaching facilities

Studying for a degree means learning in different ways; managing your own time; conducting research; mastering new computer skills. We have the facilities and advice on hand to help you do all this - and do it well.

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Life at Stirling

Of the many reasons students come to Stirling, such as academic reputation and research standards, one factor is always cited: the outstanding beauty of the University's Stirling campus. View our online films to get a picture of what it's like to live and study on our beautiful campus.

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Entry requirements

Academic requirements

A minimum of a second class Honours degree or equivalent. Applicants without these formal qualifications but with significant appropriate/relevant work/life experience are encouraged to apply.

INTO University of Stirling offers a Graduate Diploma for those students who do not meet the required criteria for this course. If you successfully complete the Graduate Diploma in Business, Finance and Sport and meet the required progression grades, you will be guaranteed entry onto this Master's degree.

English language requirements

If English is not your first language you must have one of the following qualifications as evidence of your English language skills:

  • IELTS: 6.0 with 5.5 minimum in each skill
  • Cambridge Certificate of Proficiency in English (CPE): Grade C
  • Cambridge Certificate of Advanced English (CAE): Grade C
  • Pearson Test of English (Academic): 54 with 51 in each component
  • IBT TOEFL: 80 with no subtest less than 17

For more information go to English language requirements

If you don’t meet the required score you may be able to register for one of our pre-sessional English courses. To register you must hold a conditional offer for your course and have an IELTS score 0.5 or 1.0 below the required standard. View our range of pre-sessional courses.

Flexible Learning

If you are interested in studying a module from this course, the Postgraduate Certificate or the Postgraduate Diploma then please email to discuss your course of study.

Fees and costs

2016/17 Overseas £13,950
2016/17 Home/EU £6,100


2017/18 Overseas £14,600
2017/18 Home/EU £7,750

From 2016/7 onwards, the fees for all taught postgraduate courses are to be held at the level set upon entry.

Please note there is an additional charge for the conferral of your degree. This will be charged at the rate applicable when you complete your studies. View more information

Cost of Living

Find out about the cost of living for students at Stirling

Payment options

Find information on paying fees by instalments

Scholarships & funding

Stirling Management School Postgraduate Scholarships

Stirling Management School is committed to investing in academically talented students, enabling them to further their education with a reputable qualification from one of the many Postgraduate degree courses on offer at the University of Stirling. There are various categories of funding available to support the cost of your studies at Stirling Management School.

The Investment Analysis course has two specific scholarship opportunities: The Karen Napier Scholarship and the Wauton Scholarship.

The Karen Napier Scholarship will meet the course fees and will also provide a £3,500 maintenance award and the Wauton Scholarship provides £1,000 funding towards tuition fees. Scholarship applications for 2016 entry are now closed.

Postgraduate Tuition Fee Loan

This course is currently approved for PTFL (Postgraduate Tuition Fee Loan) funding from SAAS. More information

For further information on possible sources of funding, visit:

Scholarship finder

Structure and teaching

Structure and content

This one-year full-time course has an initial taught component of two 15-week semesters involving lectures, practical case study work and workshops followed by a supervised dissertation.

As soon as you arrive at Stirling you are introduced to your course, fellow students and the University by taking part in the Stirling Management School Flying Start Leadership Programme. This induction enables you to develop skills to get the most out of your studies and to progress quickly in your career.

Delivery and assessment

Students experience lectures, small group seminars, problem-solving classes, drop-in sessions, computer labs and group working during their studies. Successful completion of the taught modules leads to the award of a Postgraduate Diploma. The Master’s degree is awarded on satisfactory completion of a dissertation, following the Diploma examinations. Dissertation topics range over all areas of relevance to investment analysis and allow completion of a case study or research topic dissertation.

The top student on the course receives the Walter Scott Global Investment Management Prize.


Academic Year 2017/18

In Semester 1 you will take the following modules:

  • Financial Reporting: Provides an appreciation of the underlying assumptions and limitations of accounting information. Measurement and reporting problems involved in financial accounting ‘solutions’ adopted by regulators are discussed. Methods for interpretation of reported accounting information are explored and applied to 'live' data
  • Corporate Finance: Provides an understanding of how corporations raise finance (debt and equity) and how they invest money (capital budgeting). Also examines other major decision areas of corporate finance and how these affect the value of the firm
  • Economics for Banking and Finance: Introduces students to economics as a discipline, assuming no prior knowledge of economics, and focuses on aspects most relevant to a career in finance
  • Quantitative Methods in Finance: Provides the statistical and computing skills necessary to fully understand modern banking and finance operations. Spreadsheets are used to manipulate statistical models and to estimate linear models

In Semester 2 you will take the following modules:

  • Financial Statement Analysis: Develops skills in the interpretation and use of financial statements, focusing on company valuation and identification of companies that may become insolvent. It includes a group project where students collaborate to write and present an investment analysis report on a UK quoted company
  • Derivatives: Focuses on the uses and the pricing of the key derivative instruments: options, futures, forwards and swaps
  • Investments - Equity Portfolios and Pricing: Provides an understanding of equity portfolio management and pricing. Focuses on the valuation of equities and the management of equity portfolios.
  • Investments - Fixed Income and Alternative Investments: Provides an understanding of security valuation and portfolio management. Focuses on the valuation of both fixed-interest securities and issues around alternative investment products such as hedge funds, fund of funds and venture capital.
  • Law of Investment Regulation: Introduces investment regulation and the development of markets with focus on the international, US and EU context. Considers UK insider dealing and the Code of Ethics and Standards of Professional Conduct of the CFA® Institute is also covered

Recommended reading

Popular texts:

  • King, M. (2016). The End of Alchemy: Money, Banking and the Future of the Global Economy. Little Brown.
  • Turner, A. (2015). Between Debt and the Devil: Money, Credit and Fixing Global Finance. Princeton University Press.
  • Kay, J. (2015). Other People's Money: Masters of the Universe or Servants of the People?. Profile Books Ltd.
  • Lewis, M. (2014). Flash Boys: Cracking the Money Code, Allen Lane.
  • Lewis, M. (2010). The Big Short: Inside the Doomsday Machine. New York:WW Norton & Co.
  • Peter L. Bernstein, P.L. (1993). Capital Ideas: The Improbable Origins of Modern Wall Street, The Free Press.


  • Hillier, D., Ross, S., Westerfield, R., Jeffrey Jaffe, J. and Jordan, B. (2016). Corporate Finance, Third European Edition. McGraw-Hill International Edition.
  • Stolowy, H. and Lebas, M.J (2013). Financial Accounting and Reporting: A Global Perspective, South-Western, Cengage Learning.
  • Asteriou, D and Hall, S (2016). Applied Econometrics, 3rd edition, Palgrave, Macmillan Publishers Ltd.
  • Begg, D. and Ward, D. (2013). Economics for Business, 4th Edition. McGraw-Hill.

Learning activities to prepare you for study in the UK

Prepare for Success is an interactive web learning tool for international students who are getting ready to come to the UK for study in further or higher education.

Modes of study

Full-time: one year

Study method


Example timetable

The timetable below is a typical example, but your own timetable may be different.

  Mon Tues Wed Thurs Fri
9-10 Lecture Lecture   Drop in Session  
10-11     Lecture    
11-12 Seminar Problem
Solving Lecture
Lecture Computer Lab Seminar
12-1     Lecture Computer Lab  
1-2 Lecture Drop in
  Seminar Lecture
2-3 Lecture  

Practitioner Presentation  

4-5   Lecture    
5-6        Lecture  

Why Stirling?



In REF2014 Stirling was placed 6th in Scotland and 45th in the UK with almost three quarters of research activity rated either world-leading or internationally excellent.

The reputation of our research at Stirling Management School was recognised in the 2014 Research Excellence Framework (REF), where the School was placed in the UK’s top 25 institutions for Business and Management, out of 101 business schools.  In Scotland, the School was ranked in the top five.  64% of our research outputs were classified as world-leading and internationally excellent in terms of their originality, significance and rigour and we were ranked 14th in the UK in terms of research impact with over 60% of our research impact judged to have outstanding reach and wide-ranging impact on the policies of public, private and governmental organisations.

International Students

The University of Stirling welcomes students from around the world. Find out what studying here could be like for you .

Our staff

Dr Kevin Campbell is Senior Lecturer in Finance and Director of the MSc in Investment Analysis. He is also a Visiting Professor at the University of Gdansk, Poland. He has also taught at the University of Łódź and the University of Szczecin in Poland, Gadjah Mada University in Indonesia, the University of Western Australia, the University of New South Wales and the Graduate Business School at the University of Cape Town. His main research interests are in corporate finance and corporate governance and he has published recently in the Review of Finance, the Journal of Financial Markets, Institutions & Money, the Journal of Business Finance and Accounting, International Journal of Accounting, Managerial Finance, Journal of Management and Governance and Corporate Governance: The International Journal of Business in Society.

The MSc Investment Analysis is one of only twelve Master’s degrees in the UK to have CFA® Institute Program Partner status and one of a select group of partner institutions worldwide. The success of Stirling’s students in reaching the UK final the CFA Institute Research Challenge in eight of the last nine years, a feat unmatched by any other UK Program Partner university, signifies the elite status of our course.

Dr Kevin Campbell, Course Director


Careers and employability

Career opportunities

Where are our graduates now?

Stirling Management School is unique in having a dedicated Employability Manager and from the very beginning of the course your career is our focus.

MSc Investment Analysis graduates work around the world and the following are examples of the organisations they are employed by:

  • Aegon Asset Management 
  • Alliance Trust 
  • Andersen
  • Baillie Gifford 
  • Barclays Global Investors
  • Citibank
  • Ernst & Young
  • Honeywell
  • HSBC 
  • Investec Securities
  • JP Morgan
  • Russell Investments
  • Silk Invest Ltd 
  • Standard Charted Bank
  • Walter Scott Global Investment Management 

Graduates entering into employment in the recent years have secured positions such as:

  • Financial Consultant, e-FSW (Greece) 
  • Relationship Adviser (Private Banking), Royal Bank of Scotland (UK) 
  • Quantitative Analyst, Silk Invest Ltd (UK) 
  • Investment Banking Analyst, Government Savings Bank (Thailand) 

Alumni of Investment Analysis who graduated between five and ten years ago have advanced into positions such as:

  • Partner, Corporate Services Bureau Limited (Zambia) 
  • Senior Broker (Retail Sales & Trading), National Securities (Greece) 
  • Portfolio Manager – High Yield, Fortis Investments (UK) 
  • Senior Analyst, Bank of Thailand Risk Analyst, RBS Insurance (UK) 
  • Investment Researcher, Jiajing Investment Company (China) 

Our alumni are leading and shaping the strategy of global financial organisations:

  • Managing Director, Citi – Global Banking (Hong Kong) 
  • Head of Asset Management, Allemby Hunt (UK) 
  • Fund Manager, MCB Investment Management (Mauritius) 
  • Chief Financial Officer, Nanyang Press Holding (Malaysia) 
  • Vice President, MCB Bank Ltd (Pakistan) 
  • Senior Equity Analyst, Atlantic Investment (USA)

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