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 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.

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As part of the Stirling Management School’s focus on enhancing the employability of graduates, we will be running a week long trading master class in conjunction with London-based Amplify Trading for students at the end of the Spring Semester.

Learn more


Course objectives

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.

More details and photos from the CFA® Research Challenge 2013 Final.

Entrance requirements

A minimum of a second class honours degree (2.1 preferred) or equivalent.  Applicants without these formal qualifications but with significant appropriate/relevant work/life experience are encouraged to apply.

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. This induction enables you to develop skills to get the most out of your studies and to progress quickly in your career.

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.

Recommended reading

Popular texts:

  • 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.

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        
4-5   Lecture      
5-6        Lecture  

Course Director

Dr Kevin Campbell

RAE rating

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.

Our students

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 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’ 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.”

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 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


Career opportunities

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 
  • HSBC 
  • Honeywell 
  • Aegon Asset Management 
  • Andersen 
  • Barclays Global Investors 
  • Investec Securities 
  • JP Morgan 
  • Citibank 

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)



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.

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 Programmes 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: