Investment Analysis

Investment Analysis

Postgraduate Certificate, Postgraduate Diploma, MSc

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Investment Analysis
  • Type Full-time
  • Duration 12 months
  • Start date September

Joanne Fairbrother Stirling Management School
University of Stirling
Stirling FK9 4LA
Scotland UK
+44 (0) 1786 467297

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.

Innovative trading Boot Camp with Amplify Trading

As part of the University of Stirling Management School’s focus on enhancing graduate employability we welcome Amplify Trading, a global financial trading and training company, to campus to deliver a week-long Boot Camp for Masters students on our finance-related courses. 

Taking place from 13-17th April, the Boot Camp will help to bridge the gap between academic theories of financial markets and how they behave in the real world. During the intensive week students will be presented with live market data and have the opportunity to trade across multiple asset classes, gaining first-hand experience of how intra-day trading actually works.

This unique and free course ran for the first time in 2014. Learn more


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.

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 unrivaled reputation in the UK CFA© Institute Research Challenge. Stirling has won the UK final of this competition and reached the final in seven out of eight years. As a Programme Partner we are also able to offer on a competitive basis in the spring semester of your studies CFA Scholarships for the CFA level 1 exam.

More details and photos from the CFA® Research Challenge 2015 Final.

Entrance 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 provide evidence of your proficiency such as a minimum overall IELTS score of 6.0 (5.5 in all bands).

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.

Our range of pre-sessional courses.

Modes of study

Full-time: one year

Course start date


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.

Recommended reading

Popular texts:

  • 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. (2013). Corporate Finance, 2nd European Edition. McGraw-Hill International Edition.
  • Stolowy, H. and Lebas, M.J (2010). Financial Accounting and Reporting: A Global Perspective, South-Western, Cengage Learning.
  • Wooldridge, J (2012). Introductory Econometrics: A Modern Approach, 5th edition, South-Western, Cengage Learning.
  • David Begg, D. and Damian Ward, D. (2009). Economics for Business, 3rd Edition. McGraw-Hill.
  • Schiller, B.R., Hill, C.D. and Wall, S.L. (2013). The Macro Economy Today, 13th 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.

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  

Module titles

Academic Year 2015/16

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 the 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 and Portfolio Management: Provides an understanding of security valuation and portfolio management. Focuses on the valuation of both equities and fixed-interest securities and the management of equity and fixed-interest portfolios
  • Investment Regulation and Ethics: 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

Why study Investment Analysis at Stirling?

Course Director

Dr Kevin Campbell


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.

More information

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.


The course is a CFA Program Partner and its students have an unrivalled track record in the UK CFA Research Challenge competition.

Our students

Christiana Owusu-Ansah (Msc Investment Analysis 2012-2013)
"Undoubtedly, the Investment Analysis is one of the best programmes in the area of finance in the UK."

Linh Xuan Diep Nguyen (MSc Investment Analysis 2010-2011)
“I chose MSc Investment Analysis course at the University of Stirling for my postgraduate education and it was undoubtedly one of my best decisions in my life.”

Daniel Gyimah (MSc Investment Analysis 2010-2011)
“I can, without any reservation, vouch for MSc Investment Analysis programme at the University of Stirling and I recommend you join for your postgraduate studies.”

Felix Amoako (MSc Investment Analysis 2009-2010)
“Studying at the University of Stirling has been a life time experience that will remain indelible in my memory.“

Steve Charangwa (MSc Investment Analysis 2009-2010)
“My life at Stirling has been one that l will always look back on with happiness and unwavering gratitude.”

James Bowden (MSc Investment Analysis 2009-2010)
“The fact that the course is CFA-affiliated provides the student with an opportunity to impress potential employers, and ultimately gain a foot in the door of some of the major players in the industry.”

Svetlana Viteva (MSc Investment Analysis 2008-2009)
“I successfully passed my CFA Level I exams before the end of the year thanks to the great preparation provided by the Investment Analysis classes in Stirling.”

Sabina Astarita (MSc Investment Analysis 2008-2009)
“The MSc in Investment Analysis added credibility to my CV.”

Aigul Moldabayeva (MSc Investment Analysis 2008-2009)
“As a Program partner of the Chartered Financial Analyst (CFA) Institute the programme follows the CFA curriculum and provides students with the foundation to become qualified as a CFA.”

Zhanar Kurmanalina (MSc Investment Analysis 2007-2009)
“ ‘Stirling is a great place to study in’ is the phrase that I always say when I talk about my academic experience in the UK.”

Chijioke Ohuocha (MSc Investment Analysis 2007-2008)
After graduating with an MSc in Investment Analysis (with Distinction), Chijioke joined Thomson Reuters as financial correspondent for Nigeria.

Meridith Glasse-Davies (MSc Investment Analysis 2007-2008)
“When applying for jobs, I found that there was a great deal of respect for the course amongst employers.”

Rustam Sapaev (MSc Investment Analysis 2007-2008)
“The course offered way beyond what I expected... and is strongly related to a real life. The fact that the course is chosen as a CFA partner speaks volumes.”

Cuong Nguyen Manh (MSc Investment Analysis 2007-2008)
“Studying at Stirling has ensured my entry to the competitive finance industry and I have had the time of my life doing it.”

Matthew Glover (MSc Investment Analysis 2006-2007)
“For anyone looking to gain their CFA® Charter at some future point, this course is a must.”

Kumbirai Mabwe (MSc Investment Analysis 2006-2007)
“Enrolling for Investment Analysis has proved to be the best decision that I have ever made.”

Ye Yang (MSc Investment Analysis 2005-2006)
“Even the most positive adjective is not enough to describe the Investment Analysis programme. All I know is that choosing the programme was the best choice I could have made.”

Kriti Murthy (MSc Investment Analysis 2005-2006)
“I find that the modules I studied in University have a direct relation to industry practices and I am positive this will help me go a long way in my chosen field.”

Francis Mawala (MSc Investment Analysis 2004-2005)
“ …emphasis on practical applications of the concepts taught without compromising the theoretical (academic) content of the programme enriched my learning experience.”

Shang-Tun Wu (MSc Investment Analysis 2002-2003)
"I found the MSc in Investment Analysis to be a very interesting and practical course."

Donald Barlow (MSc Investment Analysis 2000-2001)
“The course interested me because the curriculum mirrored UKSIP's professional exams.”

Yu Haiying (MSc Investment Analysis 2000 - 2001)
“Studying at the University of Stirling is an unforgettable memory.”

Patrick Toes (MSc Investment Analysis 1998-1999)
“I’ve been able to adapt academic learning to the practicalities of my chosen career and been able to achieve rapid professional advancement.”

Theofanis Recheniotis (MSc Investment Analysis 2008-2009)
“Invest in your dreams, invest in your future and invest in a 'Stirling experience'.”

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 six of the last seven years, a feat unmatched by any other UK Program Partner university, signifies the elite status of our course.

Dr Kevin Campbell, Course Director


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 

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)

Students have the opportunity to sit the Bloomberg Aptitude Test on campus. This test is used by employers to  evaluate employment candidates.‌


2016/17 Overseas £13,950
2016/17 Home/EU £6,100
2015/16 Overseas £13,500
2015/16 Home/EU £6,000

You should expect to pay fees for every year you are in attendance and be aware fees are subject to revision and may increase annually. Students on programmes of study of more than one year should take this into account when applying.


Stirling Management School Postgraduate Scholarships

At least two prestigious Karen Napier Scholarships are usually available each year, meeting course fees and including a maintenance award.

Also available is the Wauton Scholarship, generously funded by Hugh Wauton, a graduate of the course.

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.

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: