MSc Finance and Risk

Overview

Introduction

Introduction

The success of virtually all organisations depends crucially on their ability to operate in the face of various risks. Risk management is increasingly recognised as central to the success 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 manage risk?
How do firms, financial institutions, governments and markets increase, decrease or change the nature of risk?
What techniques can be used to transfer risk in markets, firms or societies?

Through this programme you'll acquire a broad knowledge of risk management and regulation. By choosing from a list of elective courses you'll be able to customise the programme according to your desired area of specialisation.

The programme is supported by Deutsche Bank, including a series of practitioner seminars run by Deutsche Bank as part of the core course.

Entry requirements

Undergraduate degree

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

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 don't have sufficient background in these areas, we may require you to take one or more LSE Summer School courses.

GRE/GMAT

GMAT or GRE is required for all applicants without a UK undergraduate degree (GMAT strongly preferred). See more information below under "Additional tests".

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.

Please select your country from the dropdown list below to find out the entry requirements that apply to you.

Overseas
Additional tests

Overseas

English language requirements

The English language requirement for this programme is Standard. Read more about our English language requirements.

Competition for places at LSE is strong. So, even if you meet the minimum entry requirements, this does not guarantee you an offer of a place.

However, please don’t feel deterred from applying – we want to hear from all suitably qualified students. Think carefully about how you can put together the strongest possible application to help you stand out from other students.

Programme content

Year 1

Year 1

You'll take courses to the total value of four full units. These will be made up of compulsory finance courses and optional courses offered by the Department of Finance and other departments where regulations permit. These elective courses can offer you flexibility to tailor your degree to your academic and professional interests.

MSc comparison: an overview of all the master’s programmes

FM403

One unit

Management and Regulation of Risk

FM439

Half unit

Asset Markets for MSc Finance and Risk

FM412

Half unit

Quantitative Security Analysis

FM413

Half unit

Fixed Income Markets

FM421

Half unit

Finance for Mergers, Buyouts and Corporate Restructurings

FM441

Half unit

Derivatives

FM445

Half unit

Portfolio Management

FM471

Half unit

Sustainable Finance and Impact Investing

FM476

Half unit

Entrepreneurial Finance

FM477

Half unit

International Finance A

AC444

Half unit

Valuation and Security Analysis

MG455

Half unit

Decisions, Biases and Nudges

SO4C9

Half unit

Risk Governance

For the latest list of courses, please go to the relevant School Calendar page.

A few important points you’ll need to know:

We may need to change, suspend or withdraw a course or programme of study, or change the fees due to unforeseen circumstances. We’ll always notify you as early as possible and recommend alternatives where we can.

The School is not liable for changes to published information or for changing, suspending or withdrawing a course or programme of study due to events outside our control (including a lack of demand, industrial action, fire, flooding or other damage to premises).

Places are limited on some courses and/or subject to specific entry requirements so we cannot therefore guarantee you a place.

Changes to programmes and courses may be made after you’ve accepted your offer of a place – normally due to global developments in the discipline or student feedback. We may also make changes to course content, teaching formats or assessment methods but these are always made to improve the learning experience.

For full details about the availability or content of courses and programmes, please take a look at the School’s Calendar, or contact the relevant academic department.

Some major changes to programmes/courses are posted on our updated graduate course and programme information page.

Why study with us

Discover more about our students and department.

Meet the department
Why LSE

Meet the department

The Department of Finance is one of the largest and most highly respected finance groups in the UK and Europe.

With a longstanding reputation for excellence in both teaching and research, we offer various undergraduate, postgraduate and executive programmes.

Our research and teaching span the full range of financial sub-fields, including:

corporate finance
asset pricing theory
risk management
empirical analysis of capital markets
behavioural finance
portfolio analysis
derivatives pricing
microstructure
financial econometrics.

We're also closely associated with two leading research groups at LSE – the Financial Markets Group and Systemic Risk Centre, which host seminars, conferences and public lectures by renowned academics and practitioners.

Our research is regularly published in leading academic journals globally. Faculty members work closely with national and international institutions, such as the Bank of England and the World Bank, informing policy at the highest levels.

The department was ranked the top place to study finance in the Good University Guide 2024.

Learn more about our programmes and research.

Department of Finance

Overview

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

We carefully consider each application and take into account all the information included on your application form, including your:

academic achievement
additional test scores
two academic references
CV
academic statement of purpose.

See further information on supporting documents

Contact us

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

761

Applications

61

Intake

12:1

2023 Ratio

Fees and funding

The table of fees shows the latest tuition fees for all programmes.

You're charged a fee for your programme. At LSE, your tuition 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 doesn't cover living costs or travel or fieldwork.

Home
Overseas

Home

£43,900

Home student fee (2025/26)

For this programme, all students pay the same tuition fees, regardless of their fee status.

Deposit

To secure a place on the programme offer holders will be required to pay a non-refundable deposit of 10% of the tuition fee.

For offers issued before May, the deposit will be due within 28 days of receiving the offer.

For offers issued from May onwards, the deadlines are as follows:

May: within 21 days
June: within 14 days
July and August: within 7 days

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

We recognise that the cost of living in London may be higher than in your home town/city or country and we provide generous scholarships to help both home and overseas students.

We offer some needs-based awards for this programme, including the Graduate Support Scheme, Master's Awards, and Anniversary Scholarships. Competition for these awards and scholarships is strong. To apply for an award, you must have an offer of a place and submit a Graduate Financial Support application before the funding deadline.

The funding deadline for needs-based awards from LSE: 24 April 2025.

In addition to our needs-based awards, we offer scholarships for students from specific regions of the world and awards for certain subjects.

You can’t apply for a Graduate Support Scheme or LSE scholarship once you’ve joined the School.

Please note: we do expect students who register for a programme to have sufficient funds for the duration.

Government tuition fee loans and external funding

The UK Government offers a postgraduate loan for eligible students studying for a first master’s programme. This is designed 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

Learn more about fees and funding opportunities.

Learning and assessment

How you learn
How you're assessed

How you learn

Unlike the majority of MSc teaching at LSE, dedicated finance courses are taught in a single three-hour session, rather than a formal two-hour lecture and a one-hour associated class (at another time). This less formalised division between lecture and class makes it easier to teach with case studies and is also more in line with the teaching style used in business schools. The teaching allows the study of core theoretical concepts, whilst also allowing students to gain a practical understanding of the application of these concepts.

Several courses use a mix of case studies and practical homework problems to underpin the theory studied. In addition to the set work, you're expected to undertake a significant amount of reading and independent study throughout the year.

Since working well in a group is a key skill to develop and is particularly important to employers, some courses require you to participate in group work, for formative and/or summative assessment.

You can view indicative details for each course in the relevant course guide.

All academic faculty schedule weekly office hours in which you may visit them to discuss academic issues. In some cases you may be able to arrange a time to meet with a member of faculty outside of their office hours.

The MSc Finance and Risk Programme Co-Director acts as the main academic and pastoral supervisor for all students on the programme, and is the Academic Mentor for all students.

The Programme Co-Director works closely with the Programme Director and the Programme Manager, and is able to advise students on general issues regarding the programme.

Other academic support: at LSE, we offer lots of opportunities to extend your learning outside the classroom.

LSE LIFE is a great place to get advice and practise the skills you’ll need during your studies and beyond.

Through LSE LIFE, you can:

attend workshops on developing leadership skills, finding the right study/work/life balance and preparing for the world of work
develop your reading, academic writing and critical-thinking skills
gain experience of working in study groups and develop your cross-cultural communication and teamwork skills.

Disability and Mental Health Service: we want all LSE students to achieve their full potential. Students can access free, confidential advice through our Disability and Mental Health Service. This is the first point of contact for students.

Graduate destinations

Overview
Career support

Overview

Graduates of the department have excellent career prospects. Our MSc programmes prepare students for a range of careers in investment banking, consulting and the wider financial services sector.

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

Recent employers (past three years):

BlackRock
CICC
Citi
Deloitte
Deutsche Bank
Goldman Sachs
JP Morgan
KPMG
UBS

Recent employment locations (past three years):

Beijing
Frankfurt
Hong Kong
London
New York
Shanghai

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 isn’t intended as suitable preparation for the PhD Finance at LSE (if you’re interested in PhD study, please see the MSc Finance and Economics).

Career support

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
Case studies for consulting masterclass
One-to-one careers consultation
networking skills session
alumni panel and networking reception
video interview training.

The department’s multiple well-established master’s programmes mean we have a large and wide-ranging alumni network. Students benefit from opportunities to meet and network with alumni who are working in London.

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

In the past we've had success connecting both current students and alumni with members of our alumni community, with the aim of forming professional networks.

During September the department organises a number of City Speaker lectures, 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 Goldman Sachs, JP Morgan, Deutsche Bank, and Kroll.

LSE Careers has a worldwide reputation. It offers a wide range of resources and events to registered students and alumni. These include:

recruitment fairs
company presentations
interview and application skills sessions
tailored careers advice
CV checking
mock interviews.

LSE Careers attracts top recruiters in many sectors, who actively target our students. It provides an LSE-exclusive vacancy board full of graduate positions, jobs for experienced hires, internships, voluntary and part-time work.

See LSE Careers for further details.

Find out more

Explore LSE

MSc Finance and Risk

Overview

Introduction

Entry requirements

Overseas

Additional tests

GMAT/GRE

Programme content

Year 1

Courses to the value of half a unit from the following:

Courses to the value of two units from the following:

Programme regulations at LSE

Why study with us

Meet the department

Why LSE

University of the Year 2025 and 1st in the UK

1st in London for the 13th year running

6th In the world

Carbon Neutral In 2021, LSE became the first Carbon Neutral verified university in the UK

Your application

Overview

When to apply

Fees and funding

Home

Overseas

Fee status

Scholarships, bursaries and loans

Learning and assessment

How you learn

Teaching and learning

Academic support

How you're assessed

Graduate destinations

Overview

Career support

Professional development programme

Alumni network

City Speaker series

LSE Careers

Find out more

Explore LSE