Programmes

MSc Risk and Finance

  • Graduate taught
  • Department of Finance
  • Application code N4U3
  • Starting 2019
  • UK/EU full-time: Open
  • Overseas full-time: Open
  • Location: London

The MSc Risk and Finance is an interdisciplinary master's programme designed to provide a comprehensive understanding of the various facets of risk, including risk perception, management, control and regulation as encountered in a wide variety of contexts.

The success of organisations depends upon their ability to operate in the face of risk, and risk management is increasingly recognised as requiring special skills central to the functioning of the organisation. This programme addresses such questions as: What types of risks exist in various settings? What are the appropriate ways to classify, measure and assess risk? How does the organisation of enterprises, governments and markets increase, decrease or change the nature of risk? What techniques can be used to transfer risk in markets, firms or societies? The design of the programme will enable you to acquire a broad knowledge of risk management and regulation, and to deepen your competency in a chosen area of specialisation.

The programme is supported by Deutsche Bank, which contributes a high level of involvement via a series of practitioner seminars which run throughout the programme. 

Programme details

Key facts

MSc Risk and Finance
Start date Pre-sessional course begins September 2019
Application deadline None – rolling admissions. However please note the funding deadlines
Duration 12 months full-time only
Applications 2017 851
Intake 2017 46
Availability UK/EU: Open from October
Overseas: Open from October
Tuition fee UK/EU: £28,056
Overseas: £28,608
Financial support Graduate support scheme (deadline 26 April 2019)
Minimum entry requirement 2:1 degree or equivalent in any discipline, should include some mathematics and statistics
GRE/GMAT requirement GMAT or GRE is recommended for all applicants and it is required for applicants without a UK undergraduate degree (GMAT preferred)
English language requirements Standard (see 'assessing your application')
Location  Houghton Street, London

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Programme structure and courses

You will take courses to the total value of four full units. These will be made up of compulsory and optional courses. You can select two and a half units worth of options from a wide range of courses offered by the Departments of Accounting, Finance, Geography and Environment, Law, Management, and Statistics. These elective courses offers you significant flexibility to tailor your degree to your academic and professional interests. 

(* denotes a half unit)

Management and Regulation of Risk FM403
This core course is mandatory for programme students. It is a unique course delivered through taught lectures and covers topics including: risk and regulation; financial market and regulation; financial risk analysis; strategy, control and risk in organisations; and risk analysis and the psychology of risk bearing.

Either
Asset Markets A* FM429 
This course explores the fundamental concepts and tools underlying the asset markets side of modern finance.
Or
Corporate Finance A* FM431
This course covers a range of topics in corporate finance.

Courses to the value of two and a half units from a range of options

(Please note that the above information is a summary only.  Detailed information about the programme structure is available from the Programme Regulations section of the website, where you can also find information about course pre-requisites and reading materials.)

You can find the most up-to-date list of optional courses in the Programme Regulations section of the current School Calendar.

You must note however that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises.

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s Calendar, or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the updated graduate course and programme information page.

Professional Development Programme

Overview

The Department of Finance runs an extensive Professional Development Programme alongside the academic programme in order to support and prepare students to enter the job market. Starting in the pre-sessional course in September, students are given a wide range of careers support, from CV workshops and application advice to sector overviews and opportunities to meet and network with recent alumni who are working in London.

We run a number of events to best prepare students for the competitive financial services sector job market:

Introduction to careers in Finance

City Speaker Series

CV and cover letter workshops

Consulting case study course

1-to-1 CV checking

Networking skills session

Job application form skills session

Alumni panel and networking reception

Throughout the year, in addition to the great service offered by LSE Careers, the Department of Finance provides tailored, individual careers support to its students via a number of highly experienced sector consultants and Associate Programme Directors, each with significant experience of working in financial services.

Applied Computational Finance

Applied Computational Finance is a non-assessed, optional course which begins as an introduction to basic Matlab and then progresses to the simulation of individual securities, which a special focus on the predictability and fat tails features of volatility. Simultaneously students will examine data to test how well our models approximate the real world. They then move on to modelling portfolios of multiple securities and testing the CAPM and the Fama-French three factor models. Finally, students will use numerical techniques to price options and to construct a yield curve.

Teaching and assessment

Our philosophy

Our philosophy of education is based on the belief that a solid foundation of academic theory, empirical research and practical applications are all crucial for long-term success in a career in Finance. Our faculty consists of high-level academics, who regularly publish cutting-edge research, and practitioners with long experience in the industry. We believe that risk is a multifaceted topic and must be approached from many different perspectives. Accordingly, the programme enables students to take courses in several areas related to Risk and Finance.

A solid foundation on the topic of risk from the perspective of financial institutions and regulation is provided in the core course (FM403 - Management and Regulation of Risk), where a sound theoretical basis is given to students on the topic of risk management in financial institutions. The course is taught by leading academics and practitioners and supported by contributions from high-level risk professionals from Deutsche Bank through seminar participation. In addition, students develop a foundation on Capital Markets and/or Corporate Finance and can choose from a wide variety of electives to deepen their knowledge in their area of specialisation.

We also believe that research skills and experience are critical, and students are required to produce a lengthy piece of original work in the form of a dissertation as part of their programme.

Teaching and learning

Courses in the programme usually have two elements, lectures and seminars. The lecture format allows for the development of core theoretical concepts, familiarisation with academic research. Seminars are conducted with smaller groups in which class teachers can have a closer relationship with individual students, which makes it easier to use alternative teaching methods such as case studies and discussions and conduct empirical exercises that enable the student to gain deeper practical understanding of the course material.

Many courses also use alternative methods of instruction and assessment. Students are often required to work in groups during their courses, in order to complete group presentations or projects. Active class participation is expected and constitutes part of the final course mark in the core course of the programme. In addition, students are expected to undertake a significant amount of reading and independent study throughout the year.

You can view indicative details for how teaching is conducted in each course in the programme in the relevant course guide.

Course work and exams

There are two types of course work at LSE, formative and summative.  Formative coursework does not count towards your final mark, whereas summative coursework does.  An indication of the formative coursework and summative assessment for each course can be found in the relevant course guide.

Formative coursework enables students to develop a sense for well they are doing in terms of understanding course material.  In many courses weekly problem sets are assigned which you are expected to complete before the following week’s class, where the teacher will work through solutions and answer questions. Many of the courses in the programme also contain summative assessments. These can take various forms, such as group presentations, individual or group projects, empirical or programming exercises, class participation, or in-class assessments under exam-style conditions.

Exams for most courses will take place during the Summer Term exam period, which runs from late April until the first week of June. The exam timetable is confirmed during Lent Term. The majority of the courses that programme students usually take have an exam in Summer Term that accounts for a high percentage of the final course mark. The exam for a few Michaelmas Term courses are conducted in January, and some courses do not involve a final exam at all.

Student support

We have a broad range of resources to support students in their learning. Faculty are usually accessible and can be approached with questions or discussions during breaks in lecture. In addition, all faculty schedule weekly office hours in which any student may visit them to discuss academic issues. Students are also able to arrange a time to meet with a member of faculty outside of their office hours.

The team dedicated to the programme consists of:

  • the Programme Director is responsible for the academic content of the core course and coordinates the content of the programme
  • the Programme Co-Director acts as the main academic and pastoral supervisor for all students on the programme.  He is also the lead faculty for some of the courses available to students in the programme, and usually serves as their dissertation advisor. The programme Co-Director has also worked extensively in the finance industry, and is able to provide programme students with career advice
  • the Programme Manager is responsible for coordinating all logistical aspects of the programme and assisting students with logistical matters

There are also many opportunities to extend your learning outside the classroom and complement your academic studies at LSE. LSE LIFE is the School’s centre for academic, personal and professional development. Some of the services on offer include:

How to read effectively

Academic writing and critical thinking

Developing leadership skills

Study/work/life balance

Preparing for the world of work

Cross-cultural communication and teamwork

Finally, LSE is committed to enabling all students to achieve their full potential and the School’s Disability and Wellbeing Service provides a free, confidential service to all LSE students and is a first point of contact for students with specific disabilities.

Careers

Graduate destinations

Graduates of the Department have excellent career prospects relative to their peers. Our MSc programmes prepare students for a range of careers in investment banking, consulting and the wider financial services sector, as can be seen in the Department of Finance Employment Report.

Recent graduates from this programme have gone on work in fields such as consulting, finance and banking, insurance, management, regulation and supervision, and public administration, among others. 

In addition to the internationally recognised research environment and academic rigour of its teaching programmes, a great advantage of studying at LSE is the reputation it holds amongst employers for producing high level graduates. Both the LSE Careers Service and the Department of Finance aim to help its students be as successful as possible on the job market once they graduate from the programme.

NB: This programme is not intended as suitable preparation for the PhD Finance at LSE (if you are interested in PhD study, please see MSc Finance and Economics).

LSE Careers

LSE Careers is a far-reaching resource available to LSE students and alumni, and is one of the best in the UK. Once registered at LSE you will be able to access the variety of resources and services it provides. These include:

Recruitment fairs

Company presentations

  Interview and application skills session  

  Personal careers meetings  

CV checking

Advice sessions

LSE is very fortunate to attract the top recruiters in many sectors which enables the careers service to run an LSE-exclusive vacancy board full of internships, voluntary, part-time and graduate positions. In many cases, recruiters actively target our students and only choose to visit certain university campuses.

During the Michaelmas Term it is likely that there could be a careers presentation or event that you wish to attend every day of the week.

Alumni network

The Department’s multiple well-established master’s programmes mean we have a large and wide-ranging alumni network. Students get direct access to this through the alumni networking events that take place during the pre-sessional, Michaelmas term and Lent term.

With alumni in top jobs and senior positions in London and overseas, this great international network has brought employment opportunities directly to our current students as former graduates and their employers look to hire the very best.

The Department has a strong presence on LinkedIn and encourages all alum to connect with us and to keep us updated as their careers progress. The Department's LinkedIn pages facilitate online engagement between alums and contain details of news and events as well as programme specific groups.

In the past we have had great success linking up students to alumni and also alumni from different classes with each other, forming both professional and personal bonds.

City Speaker Series

During September the Department organises a number of City Speaker lecturers where practitioners from a range of different areas of finance are invited in to talk to our students about their roles and the skills required to succeed. These sessions offer an informal opportunity for students to learn about specific sectors within finance and to assess their fit for specific careers and roles.

In previous years the City Speaker Series has included representatives from:

Aberdeen Asset Management

Citi

Credit Suisse

CQS

Fidelity

Goldmans Sachs

Houlihan Lokey

HSBC

JP Morgan

Morgan Stanley

McKinsey

Moelis & Co

Nomura

Procter & Gamble

Standard Bank

Assessing your application

Minimum entry requirements for MSc Risk and Finance

Undergraduate degree

Upper second class honours (2:1) degree or international equivalent in any discipline and good quantitative skills. See international entry requirements.

Competition for places at the School is high. This means that even if you meet the minimum entry requirement, this does not guarantee you an offer of admission.

Quantitative skills

Successful applicants usually have a solid undergraduate background in one or more of the following areas: Economics, Finance, Mathematics, Statistics and Accounting. However, we also welcome applications from candidates with other backgrounds. If you do not have sufficient background in these areas, we may require you to take one or more LSE Summer School courses.

GMAT/GRE

GMAT or GRE is required for all applicants without a UK undergraduate degree (GMAT strongly preferred). GMAT is recommended for applicants with UK undergraduate degrees, especially those whose quantitative skills are not demonstrated by their undergraduate studies. We generally look for a GMAT score of at least 650. More about GRE/GMAT 

Professional experience

Work experience (either through internships or full employment) is not a pre-requisite; however, applicants who have some professional experience should include this in their application, as it may strengthen their application.

English language

You may also have to provide evidence of your English proficiency, although you do not need to provide this at the time of your application to LSE. See our English language requirements.

We welcome applications from all suitably qualified prospective students and want to recruit students with the very best academic merit, potential and motivation, irrespective of their background.

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

    Academic achievement

     Additional test scores

    Two academic references    

   CV    

    Personal Statement

See further information on supporting documents

When to apply

Applications for this programme are considered on a rolling basis, meaning the programme will close once it becomes full. There is no fixed deadline by which you need to apply, however we encourage you to apply early to avoid disappointment. Details on how to apply.

To be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

Fees and funding

Every graduate student is charged a fee for their programme.

The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2019/20 for MSc Risk and Finance

UK/EU students: £28,056
Overseas students: £28,608

Fee status

The amount of tuition fees you will need to pay, and any financial support you are eligible for, will depend on whether you are classified as a home (UK/EU) or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Fee reduction

Students who completed undergraduate study at LSE and are beginning taught graduate study at the School are eligible for a fee reduction of around 10 per cent of the fee.

Scholarships and other funding

The School recognises that the cost of living in London may be higher than in your home town or country, and we provide over £11.5 million in scholarships each year to graduate students from the UK, EU and overseas.

This programme is eligible for needs-based awards from LSE, including the Graduate Support SchemeMaster's Awards, and Anniversary Scholarships

Selection for any funding opportunity is based on receipt of an application for a place – including all ancillary documents, before the funding deadline. 
Funding deadline for needs-based awards from LSE: 26 April 2019.

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas.

Government tuition fee loans and external funding

A postgraduate loan is available from the UK government for eligible students studying for a first master’s programme, to help with fees and living costs. Some other governments and organisations also offer tuition fee loan schemes.

Find out more about tuition fee loans

Further information

Fees and funding opportunities

Contact us

If you have any questions about the academic programme or admissions process please check our frequently asked questions page, or contact the Department of Finance Admissions team at finance.admissionsenquiries@lse.ac.uk.

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