The MSc Investment Analysis is the UK’s longest-established postgraduate-level programme 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 programme is ideally suited to those who wish to become qualified as a CFA® Charter-Holder. 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 reputation in the UK CFA© Research Challenge. It has competed in five of the six UK Finals since the competition began in 2008, winning the 2010 UK Final and coming second in the 2013 final.
Check here for more details and photos from the CFA® Research Challenge 2013 Final.
A good Honours degree in any discipline or equivalent professional qualifications or significant and relevant work experience. Although an accounting or finance-related degree is not required for admission to this course, students should be reasonably numerate.
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 6.5, (with at least 5.5 in each skill), or TOEFL scores of: Listening 23, Reading 23, Speaking 23, Writing 23.
At least two prestigious Karen Napier scholarships are usually available each year, meeting course fees and including a maintenance award.
The course has SAAS PTFL (Postgraduate Tuition Fee Loan) funding approval and full details of how to apply for PTFL can be found here: http://www.stir.ac.uk/postgraduate/financial-information/scholarships/#PTFL
Full details of the PTFL fund and how to apply online can be found here: www.saas.gov.uk
For further information on possible sources of funding, visit: http://www.stir.ac.uk/postgraduate/financial-information/
Modes of study
Full-time: one year
Course start date
Structure and content
The Master’s course is a one-year, full-time course. Your course begins with an initial taught component of two 15-week semesters, involving lectures, practical case study work and workshops, with a supervised dissertation in the final period.
In the 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
- 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 Business 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. 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: Focuses on the valuation of both equities and fixed-interest securities and the management of equity and fixed-interest portfolios
- 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
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.
- Peter L. Bernstein, P.L. (1993). Capital Ideas: The Improbable Origins of Modern Wall Street, The Free Press.
- Lewis, M. (2010). The Big Short: Inside the Doomsday Machine. New York:WW Norton & Co.
- 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 Appoach, 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.
The timetable below is a typical example, but your own timetable may be different.
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Dr Kevin Campbell
In the most recent Research Assessment Exercise (RAE), Accounting and Finance at Stirling ranked 1st (equal) in Scotland and 5th in the UK, with virtually all (90 percent) research activity considered to be of international standing.
The course is a CFA Program Partner and has an unrivalled track record in the UK CFA Research Challenge competition.
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 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 C.V…”
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.” This 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 Glass-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".
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'."
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 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 five out of the last six years, a feat unmatched by any other UK Program Partner university, signifies the elite status of our programme.
Dr Kevin Campbell, Course Director
Where are our graduates now?
MSc Investment Analysis graduates work around the world and the following are examples of the organisations they are employed by:
- Silk Invest Ltd
- Alliance Trust
- Ernst & Young
- Standard Charted Bank
- Aegon Asset Management
- Barclays Global Investors
- Investec Securities
- JP Morgan
Graduates entering into employment in the past two years have secured positions such as:
- Financial Consultant, e-FSW (Greece)
- Relationship Advisor (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)