Introduction to the Banking, Economics and Finance MSc

The Banking, Economics and Finance MSc has been designed for those individuals who wish to develop expertise across three inter-related subject fields. This MSc will equip students with the level of knowledge and skills required for positions in the financial industry as well as positions in the public sector and in consultancy services.

Overview

• Start date: 28 September 2026
• Duration: 1 year
• Delivery: Taught modules 60%, Individual Project 40%
• Qualification: MSc, PgDip, PgCert
• Study type: Full-time
• Campus: Cranfield campus

Who is it for?

The Banking, Economics and Finance MSc is designed for individuals seeking to develop expertise in banking, economics, and finance. This program is suitable for those aiming to pursue careers in the financial industry, public sector, or consultancy services.

Class Profile

• Gender: Male 53%, Female 47%
• Age range: 20 - 46 years
• Average age: 25
• Number of nationalities: 12
• Nationality: UK 3%, International 97%
• Total number of students: 34
• Average class size: 24

Why this course?

• Cranfield School of Management consistently performs well in international business rankings, ranked 5th in the UK and 29th in Europe in the Financial Times European Business School Rankings 2025.
• The Banking, Economics and Finance MSc is accredited by the Chartered Banker Institute, providing a direct pathway to Chartered Banker status.
• Students will receive a digital badge awarded by the Principles for Responsible Banking Academy (PRBA).
• Opportunities to work on real-business problems set by industry partners.
• Enhancement of critical awareness, communication, and research skills.

Informed by Industry

An external advisory panel informs the design and development of the course, comprising senior management practitioners, reinforcing its relevance to the modern business world. Many faculty members have held senior positions in industry and continue to engage with industry through consultancy and teaching.

Course Details

Course Delivery

• Taught modules 60%, Individual Project 40%

Individual Project

Students will complete an evidence-led individual project within a banking/economics/finance setting, critically discussing it in a substantial project report and developing justified recommendations and/or action plans.

Course Modules

Compulsory Modules

All the modules in the following list need to be taken as part of this course.

1. Contemporary Issues in Banking
   • Module Leader: Dr Lakshmy Subramanian
   • Aim: Equip students with skills, techniques, and knowledge to be proficient in bank risk management, develop mitigating strategies, examine the changing landscape of the banking industry, and understand financial inclusion.
   • Syllabus: Bank risk management and governance, change management in banking, banking operations and strategies, strategies supporting banks in innovations and transitions, financial inclusion.
   • Intended learning outcomes: Evaluate the impact of current trends on bank risk, analyze how banks implement and deliver change, evaluate the role of financial inclusion, analyze strategic possibilities for a bank.
2. Financial Markets, Regulation and Ethics
   • Module Leader: Dr Nemanja Radic
   • Aim: Understand international financial markets, the role of regulation, and the importance of ethics in financial markets.
   • Syllabus: Financial intermediaries, financial products, the role and consequences of deposit-taking/money market activities, criticisms of financial market policies, ethical decision-making frameworks.
   • Intended learning outcomes: Evaluate different financial market structures, appraise the basic knowledge of key financial markets, assess the aims and structures of regulation, analyze the key theories for corporate governance and risk governance.
3. Accounting and Finance
   • Module Leader: Dr Matthias Nnadi
   • Aim: Introduce traditional and contemporary accounting approaches to increase the visibility of financial information and support management decision-making.
4. Digital Banking, FinTech, and Artificial Intelligence
   • Module Leader: Dr Lakshmy Subramanian
   • Aim: Critically evaluate the rapidly changing field of digital technology in banking and financial services.
   • Syllabus: IT in historical perspective, demand-side and supply-side drivers of digital banking, consumer impact, new business models, organization, future trends.
   • Intended learning outcomes: Critically appraise the impact of new digital technologies, assess the impact of new market entrants, evaluate key trends in alternative payment systems, examine the development of cryptocurrencies and central bank digital currencies.
5. Sustainable and Green Banking
   • Module Leader: Professor Catarina Figueira
   • Aim: Increase knowledge, comprehension, and aptitude for applying the fundamental ideas and practices of green and sustainable banking.
   • Syllabus: Introduction to sustainable and green banking, building a sustainable banking ecosystem, risk management, implications of sustainable banking on digital banking.
   • Intended learning outcomes: Critically analyze "green" and "sustainable" finance, assess the nature and significance of environmental, sustainability, and climate risks, discuss how different banking products and services support sustainable and green finance.
6. Corporate Financial Management
   • Module Leader: Professor Yacine Belghitar
   • Aim: Develop a critical understanding of key financial decisions in corporate settings.
   • Syllabus: The objective function for corporations, valuing bonds and common stock, financial planning and cash budgeting, working capital management, portfolio theory and the CAPM, capital structure, payout policy.
   • Intended learning outcomes: Evaluate the impact of the separation of corporate ownership, management, and control, critically evaluate theories and practices of short-term asset management, estimate and evaluate the capital structure and dividend policy of a company.
7. Financial Data Analytics
   • Module Leader: Dr Nemanja Radic
   • Aim: Provide the relevant mathematical and statistical training necessary to conduct empirical studies and apply theoretical financial models in practice.
   • Syllabus: Probability theory, sampling and estimation, hypothesis testing, regression analysis, panel analysis.
   • Intended learning outcomes: Critically evaluate probability distributions, assess various population parameters, formulate null and alternate hypotheses, critically assess and apply statistical techniques for data analysis.
8. Economics of Markets, Competition and Strategy
   • Module Leader: Dr Lakshmy Subramanian
   • Aim: Introduce the concepts and techniques of microeconomics and macroeconomics in a way that provides a core foundation for later applied financial analysis.
   • Syllabus: Equilibrium in micro and macro structures of financial markets, choice theory and rational economic decision-making, monetary economics and institutional context.
   • Intended learning outcomes: Assess the concept of equilibrium, discuss and justify the rationale of choice theory, appraise the monetary institutional context, examine the use of geometric and quantitative models to explain monetary and financial phenomena.
9. Investment and Portfolio Management
   • Aim: Develop an understanding of portfolio construction, portfolio management, and portfolio evaluation.
   • Syllabus: Introduction to investments and asset allocation decisions, the efficient capital markets, portfolio theory, portfolio optimization, the capital asset pricing model, portfolio formation, management of equity portfolio, equity derivatives and portfolio management.
   • Intended learning outcomes: Discuss and question relevant ideas and theory of investment and portfolio management, assess and evaluate the efficient market hypothesis and main asset pricing models, evaluate various equity management styles and strategies.
10. Responsible Banking
    • Module Leader: Dr Lakshmy Subramanian
    • Aim: Equip students with the skills, techniques, and knowledge to assess the role of banking in the wider economy, develop knowledge and skills of pricing financial products and services, and examine the changing landscape of the payment ecosystem.
    • Syllabus: Retail banking products and services, pricing of financial products and services, payment ecosystem, credit and lending, private and personal banking.
    • Intended learning outcomes: Critique the evolving role of payments, compare and contrast pricing decisions, examine how retail banks can prepare for the impact of external events, differentiate between lending customer types and apply frameworks for enhanced responsible relationship management.
11. Research Methods for Business Impact
    • Module Leader: Dr Joshua Haist
    • Aim: Provide an understanding of what is required to undertake successful academic studies and conduct research in business contexts.
    • Syllabus: Introduction to evidence-based management, conducting research in management, understanding and evaluating qualitative and quantitative research methods.
    • Intended learning outcomes: Critically evaluate evidence to inform management decisions, assess and select appropriate methods of qualitative and quantitative data collection, choose and apply appropriate methods of data analysis.

Elective Modules

One of the modules from the following list needs to be taken as part of this course.

1. Valuation and Financial Modelling
   • Module Leader: Dr Vineet Agarwal
   • Aim: Provide a framework for valuing equity and firms as well as financial modeling to aid decision-making.
   • Syllabus: Different valuation approaches, estimating the cost of capital, estimating earnings, cash flows, growth, and terminal value, building a robust financial model.
   • Intended learning outcomes: Discuss the principles of corporate valuation, estimate discount rates, assess and compare valuation methods, build valuation models and scenarios using Excel.
2. Private Equity
   • Module Leader: Professor Yacine Belghitar
   • Aim: Cover the nature and rationale for private equity investing, the spectrum of private equity activities, and value creation programs to generate private equity fund returns.
   • Syllabus: The PE cycle, strategies to create firm value, measures to align interests among stakeholders, ethical implications of the PE model.
   • Intended learning outcomes: Discuss the idiosyncrasies of PE investments, assess and contrast various types of PE investment, propose and justify practical measures to enhance the value of portfolio companies.
3. Mergers, Acquisitions and Restructuring
   • Module Leader: Professor Yacine Belghitar
   • Aim: Focus on transactions significantly affecting a corporation's assets, liabilities, and/or equity claims, examining them from the perspective of the corporation, capital markets, and society.
   • Syllabus: Theoretical rationale of mergers, acquisitions, and restructuring, the range of restructuring choices, strategies for takeover, merger, corporate turnaround, and corporate renewal.
   • Intended learning outcomes: Assess the financial, strategic, and political causes and motivations driving mergers, acquisitions, and restructuring transactions, evaluate the regulations on competition and shareholders' protection.
4. Fixed Interest Securities and Credit Risk Modelling
   • Module Leader: Dr Vineet Agarwal
   • Aim: Provide a solid grounding in the mechanics of fixed income markets and introduce bond portfolio management techniques.
   • Syllabus: Pricing of fixed and floating rate bonds, measuring bond price volatility, yield curves and bond pricing, analyzing callable and convertible bonds.
   • Intended learning outcomes: Assess the risks of investing in fixed interest securities, examine and assess the role of yield curves in bond pricing, evaluate credit risk models and their application in fixed interest investing.
5. Investing for Environmental and Social Impact
   • Module Leader: Dr Emmeline Cooper
   • Aim: Focus on environmental, social, and governance (ESG) criteria in financial decisions, providing insight into how impact investors seek to generate environmental and social impacts alongside financial returns.
   • Syllabus: Environmental, social, and governance (ESG) and finance in practice, climate finance and impact investing, traditional vs. alternative investments in environmental finance.
   • Intended learning outcomes: Define and describe environmental trends, discuss the challenges arising from climate change for sustainable investing, assess how green initiatives could be financed.
6. International Finance
   • Module Leader: Professor Sunil Poshakwale
   • Aim: Develop a solid understanding of foreign exchange and interest rate risks that multinational corporations encounter.
   • Syllabus: Introduction to the world of foreign exchange markets, discussion of why and how multinational corporations invest in foreign markets, underlying theoretical models explaining the relationship between interest rates, inflation, and exchange rates.
   • Intended learning outcomes: Discuss the relationship between interest rates, inflation, and purchasing power parity and exchange rate, identify and contrast different types of foreign exchange exposures, analyze and predict interest rate and exchange risks.

Teaching Team

The program is taught by faculty experts with extensive industry experience, including:

• Dr Lakshmy Subramanian, Lecturer in Financial Economics and Course Director
• Professor Yacine Belghitar, Professor of Finance
• Professor Catarina Figueira, Professor of Applied Economics and Policy
• Dr Nemanja Radic, Senior Lecturer in Finance
• Dr Matthias Nnadi, Senior Lecturer in Accounting
• Dr Vineet Agarwal, Reader in Finance
• Professor Sunil Poshakwale, Professor of International Finance
• Dr Irfan Ansari, Lecturer
• Dr Emmeline Cooper, Senior Research Fellow and Lecturer in Sustainability
• Dr Joshua Haist, Lecturer in Human Resource Management

Accreditation

The Banking, Economics and Finance MSc is accredited by the Chartered Banker Institute, providing a direct pathway to Chartered Banker status. Cranfield School of Management is one of an elite group of business schools worldwide to hold triple accreditations from AACSB, AMBA, and EQUIS.

Your Career

The Careers and Employability Service offers a comprehensive service to help develop career management skills. The course is expected to enhance employability prospects, particularly within the financial sector industry, by being interdisciplinary and internationally focused.

How to Apply

To apply, register to use the online system, create, save, and amend the application form before submitting it.

Application Deadlines

• Applications from international and European students requiring a visa: Monday, 29 June 2026
• Applications from UK and Irish students: Monday, 21 September 2026

Fees and Funding

Course Fees

• Home: £15,500
• Overseas: £29,650
• Deposit: £1,000 (Home), £3,000 (Overseas)

Funding Opportunities

• Merit Scholarships
• International Scholarships
• Prodigy Finance Student Loans
• Cranfield University GREAT Scholarship
• Full list of scholarships and bursaries available for graduates applying for full-time Masters courses in business and management.

Entry Requirements

• A UK lower second-class undergraduate degree with honors, or equivalent international qualification, in accounting, finance, or a related business discipline.
• English language proficiency: IELTS Academic 6.5 overall and 5.5 in all skill components, or equivalent.

English Language

Approved English tests for Banking, Economics and Finance MSc include IELTS, TOEFL, Cambridge Assessment English, Duolingo, Kaplan, LanguageCert, Password, Pearson PTE, Skills for English, and Trinity College London.

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Degree Overview:

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Banking, Economics and Finance MSc

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Overview:

The Banking, Economics and Finance MSc has been designed for individuals who wish to develop expertise across three inter-related subject fields. This MSc will equip students with the level of knowledge and skills required for positions in the financial industry as well as positions in the public sector and in consultancy services. The program is taught by faculty experts who have extensive industry experience and who regularly work with major global financial services organizations, multinationals, and government agencies around the world.

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Objectives:

The program aims to:

• Provide students with a comprehensive understanding of the banking, economics, and finance industries.
• Develop students' critical thinking and analytical skills.
• Equip students with the knowledge and skills required for a successful career in the financial sector or related fields.
• Foster a global perspective on the banking, economics, and finance industries.

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Other:

• The program is accredited by the Chartered Banker Institute.
• Upon successful completion of all the PG Diploma modules, students will obtain the professional qualification Associated Chartered Banker.
• You will also receive a digital badge awarded by the Principles for Responsible Banking Academy (PRBA).
• You will have the opportunity to work on real-business problems set by our industry partners.
• This course will improve your critical awareness of the issues organizations face and will enhance your communication and research skills.
• Our Alumni will be engaged with the course to ensure that you are networking with employers throughout your time at Cranfield.

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Outline:

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Program Content:

The program is comprised of twelve core modules, which includes one 80 credit thesis. The taught modules will focus on the demands of the external market whilst developing your core knowledge and skills suitable for the dynamic banking, economic, and financial landscape. They will comprise a combination of three 20 credit modules and six 10 credit modules. Specifically, 20 credits focused on Economics content, 20 credits on Accounting and Finance, 60 credits on Banking content, and 20 credits are allocated to Data Analytics.

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Program Structure:

The program is delivered through a combination of lectures, seminars, workshops, and tutorials. Students will also be required to complete a number of individual and group assignments. The program is taught full-time over one year.

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Course Schedule:

The course schedule is available on the Cranfield School of Management website.

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Individual Modules:

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Compulsory Modules:

• Economics of Markets, Competition and Strategy
• Data Analytics and Research in Action
• Contemporary Issues in Banking
• Financial Markets, Regulation and Ethics
• Accounting for Business
• Global Economic Environment
• Principles of Finance
• Digital Banking, FinTech, and Artificial Intelligence
• Sustainable and Green Banking

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Elective Modules:

• Financial Derivatives
• Investment Management
• Corporate Finance
• International Finance
• Risk Management
• Entrepreneurship and Innovation
• Project Management
• Business Analytics
• Data Science
• Marketing
• Human Resource Management
• Operations Management

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Assessment:

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Assessment Methods:

Assessment methods include:

• Examinations
• Coursework
• Presentations
• Group projects
• Individual projects
• Theses

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Assessment Criteria:

Assessment criteria are based on the learning outcomes of each module. Students are assessed on their knowledge, understanding, and ability to apply the concepts and theories covered in the program.

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Teaching:

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Teaching Methods:

The program is taught using a variety of teaching methods, including:

• Lectures
• Seminars
• Workshops
• Tutorials
• Case studies
• Simulations
• Guest lectures
• Industry visits

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Faculty:

The program is taught by faculty experts who have extensive industry experience and who regularly work with major global financial services organizations, multinationals, and government agencies around the world.

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Unique Approaches:

The program offers a number of unique approaches, including:

• A focus on real-world case studies
• Industry partnerships
• A global perspective
• A strong focus on research
• A personalized learning experience

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Careers:

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Career Paths:

The program prepares students for a variety of career paths in the financial sector, including:

• Investment banking
• Commercial banking
• Retail banking
• Asset management
• Private equity
• Hedge funds
• Financial consulting
• Government agencies
• International organizations

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Opportunities:

The program provides students with a number of opportunities, including:

• Internships with major financial institutions
• Graduate schemes
• Career fairs
• Networking events
• Alumni support

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Outcomes:

Graduates of the program have gone on to successful careers in a variety of industries, including:

• Finance
• Consulting
• Government
• Academia

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Other:

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Admission Requirements:

• A first or a second class UK honors degree in a relevant discipline, or an international qualification of a standard equivalent to a First or second class UK honors degree
• Applicants who do not have a degree in accounting, finance or a related business discipline can apply, provided they can demonstrate a passion for a career in accounting, finance or banking.
• We accept a range of qualifications from different countries – learn more about international entry requirements.

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Application Process:

• Register to use our online system
• Create, save and amend your application form before submitting it
• You will be notified by email if you are successful, unsuccessful, or whether the course director would like to interview you before a decision is made.

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Application Deadlines:

• Applications from international and European students requiring a visa to study in the UK must submit their application by Friday 12 July 2024.
• There is no application deadline for UK applicants, but places are limited, so we recommend you submit your application as early as possible.

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Fees:

• Home fees: £14,585 per year
• Overseas fees: £27,910 per year

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Overview:

Cranfield University is a postgraduate-focused institution specializing in science, technology, engineering, and management. It is renowned for its strong industry links and practical approach to education.

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Services Offered:

Cranfield University offers a wide range of services to students, including:

Careers and Employability Service:

Provides guidance and support for career planning and job searching.

IT Services:

Offers access to computer labs, software, and technical support.

Libraries:

Provides access to extensive collections of books, journals, and online resources.

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Student Life and Campus Experience:

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Key Reasons to Study There:

Strong Industry Links:

Cranfield University has close relationships with numerous organizations, providing students with opportunities for internships, placements, and networking.

Practical Approach to Education:

The university emphasizes hands-on learning and real-world applications, preparing students for successful careers.

World-Class Facilities:

Cranfield boasts state-of-the-art facilities, including laboratories, workshops, and research centers.

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Academic Programs:

Cranfield University offers a variety of postgraduate programs, including:

Taught Degrees:

MSc programs in various fields, such as aerospace, energy, and management.

Research Degrees:

PhD and MPhil programs for students seeking to conduct advanced research.

Apprenticeships:

Level 7 apprenticeships for professionals seeking to enhance their skills and knowledge.

Professional Development:

Short courses and executive development programs for individuals and organizations.

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Other:

• Cranfield University has two campuses: Cranfield Campus and Cranfield University at Shrivenham.
• The university is committed to sustainability and has a strong track record in environmental research.
• Cranfield University is ranked highly in various international rankings, including those for sustainability and engineering.