1 year full time
Starts September 2017

Corporate and Financial Risk Management

Understand the main aspects of risk management in businesses – including quantitative analysis, regulation, implementation and management structure.

We emphasise the application of mathematics to financial risk quantification, analysis and description. Our MSc is taught by established researchers and specialists in their fields.

You’ll benefit from training in computing and explore a range of topics from programming to statistics to management.

Key facts

  • This course builds on Sussex’s strong foundation of interdisciplinary study – it's taught by the Department of Mathematics and the Department of Business and Management.
  • Our courses are designed to meet employer demands – you’ll gain the knowledge and skills to compete effectively in the fast-paced world of work.
  • You have a choice between practice- and research-oriented study, working with experts in their fields.

How will I study?

You study core modules and a range of mathematics and management options in the autumn and spring terms.

In the summer term, you write your dissertation, usually in banking risk assessment or investment risk assessment.

You’ll be assessed through a variety of methods, including unseen examinations, projects and a dissertation. 

What will I study?

  • Module list

    Core modules

    Core modules are taken by all students on the course. They give you a solid grounding in your chosen subject and prepare you to explore the topics that interest you most.

    • Dissertation (Financial Mathematics)

      45 credits
      All Year Teaching, Year 1

      You are expected to carry out independant study and research of a designated topic, and complete a report on the subject over the summer of the year of study

    • Financial computing with MATLAB

      15 credits
      Autumn Teaching, Year 1

      From basic skills of MATLAB you will progress to be able to handle some financial data processing abilities.

    • Financial Mathematics

      15 credits
      Autumn Teaching, Year 1

      You will study generalized cash flows, time value of money, real and money interest rates, compound interest functions, quations of value, loan repayment schemes, investment project evaluation and comparison, bonds, term structure of interest rates, some simple stochastic interest rate models and project writing.

    • Bank Risk Management

      15 credits
      Spring Teaching, Year 1

      In this module, you study the different risk management techniques used to assess and control risk in the banking sector.

      You look at:

      • Value-at-Risk (VaR)
      • risk control techniques including limit setting and risk budgeting
      • Debit and Credit Value Adjustments (DVA and CVA)
      • credit risk assessment
      • credit lines
      • bank stress tests, which are designed to detect weak spots in the banking system so that preventative action can be taken.
    • Financial Invest & Corp Risk Analysis

      15 credits
      Spring Teaching, Year 1

      In this module, we introduce the three main risk concepts in the investment and corporate risk management field: market risk (times series), credit risk (financial rating) and operational risk (evaluation and reporting techniques), using Basel Regulations as guidelines.

      We then introduce the mathematical tools required to quantify, describe and analyse these risks quantitatively (including graphic representation, bootstrapping, calculation of transition matrices, ARCH/GARCH models, VaR, Monte-Carlo simulation)

      We also introduce some programming tools in Excel and MatLab on how to deal with these problems.

    • Financial Portfolio Analysis

      15 credits
      Spring Teaching, Year 1

      You will study valuation, options, asset pricing models, the Black-Scholes model, Hedging and related MatLab programming. These topics form the most essential knowledge for you if you intend to start working in the financial fields. They are complex application problems. Your understanding of mathematics should be good enough to understand the modelling and reasoning skills required. The programming element of this module makes complicated computations manageable and presentable.

    • Topics in Financial Risk Analysis

      15 credits
      Spring Teaching, Year 1

      This module introduces you to a variety of topics in financial risk analysis that are suitable for your masters dissertation in the summer. Sample topics include (but are not limited to):

      • option pricing (eg binomial trees and Black Scholes)
      • implied volatility and stochastic volatility models
      • American / exotic options, numerical methods, simulation
      • regression and data fitting / calibration techniques
      • risk management (eg value at risk, expected shortfall, back-testing of models, stress-testing).

      Formal lectures covering the topics are supported by practical workshops using Excel and Matlab. Also, some lecture and workshop time is devoted to research techniques and guidance on how to prepare a research proposal (‘concept outline’).


    Alongside your core modules, you can choose options to broaden your horizons and tailor your course to your interests.

    • Bank Financial Management

      15 credits
      Autumn Teaching, Year 1

      This module provides a comprehensive account of the primary aspects of bank financial management.

      Bank financial management covers the fundamental bank instrumental techniques, such as bank asset investment and bank funding instruments, and measuring costs and yield curves.

      The modelule demonstrates how bank managers evaluate bank performance, specifically using operational performance measures and frontier analysis, then details the elements of bank asset and bank liability management.

      Innovative aspects of bank strategies are covered, including bank funding alternatives, pricing off balance sheet items, and contingent claims products. International banking and foreign exchange are also discussed.

      In addition, the module deals with bank mergers and acquisitions.

    • Corporate and International Finance

      15 credits
      Autumn Teaching, Year 1

      This module covers the most important topics in corporate finance such as: capital investment decision-taking; financing andcapital structure; risk management; and portfolio theory. You will then analyse issues in international finance including: models of exchange rates; efficiency in foreign exchange markets; monetary unions; and international financial crises.

    • Linear Statistical Models

      15 credits
      Autumn Teaching, Year 1

      Topics include: full-rank model (multiple and polynomial regression), estimation of parameters, analysis of variance and covariance; model checking; comparing models, model selection; transformation of response and regressor variables; models of less than full rank (experimental design), analysis of variance, hypothesis testing, contrasts; simple examples of experimental designs, introduction to factorial experiments; and use of a computer statistical package to analyse real data sets.
    • Probability Models

      15 credits
      Autumn Teaching, Year 1

      You cover topics including:

      • short revision of probability theory
      • expectation and conditional expectation
      • convergence of random variables, in particular laws of large numbers, moment generating functions, and central limit theorem
      • stochastic processes in discrete time in particular Markov chains, including random walk, martingales in discrete time, Doob's optional stopping theorem, and martingale convergence theorem.
    • Money and Banking

      15 credits
      Spring Teaching, Year 1

      In this module, you study: 

      • bond, stock and foreign currency markets
      • the role of banks and financial intermediation
      • competition and regulation in banking
      • financial crises
      • the role and policy tools of central banks
      • the role of money and banks in the broader economy.
    • Monte Carlo Simulations

      15 credits
      Spring Teaching, Year 1

      The module will cover topics including:

      • Introduction to R 
      • Pseudo-random number generation 
      • Generation of random variates 
      • Variance reduction 
      • Markov-chain Monte Carlo and its foundations 
      • How to analyse Monte Carlo simulations 
      • Application to physics: the Ising model 
      • Application to statistics: goodness-of-fit tests
    • Multinational Financial Management

      15 credits
      Spring Teaching, Year 1

      The main aim of this module is to evaluate the financial decision-making of companies operating internationally, providing an understanding of global capital markets, in the context of international trade patterns, international monetary systems, exchange rate regimes and foreign exchange markets, as well as tax rules and legal and institutional complexities. You will also develop competences in the appraisal of international capital expenditure choices and in the effective implementation of multinational management control systems. In addition, the module considers the political risks faced by multinational enterprises, including firm-specific risk, country risk, and global risk, together with an assessment of the origins and repercussions of the current credit crisis, including the international scale of securitization, and the impact of market failure in international interbank markets on multinational financial management.

      Summary outline: currency regimes and markets and the management of foreign exchange risk; measuring and managing exchange exposure; international financing and capital market integration; the cost of capital for foreign investments; capital budgeting for the multinational corporation; working capital management; taxation and transfer pricing; country risk analysis and the implications of the financial crisis of 2007-09 and module resumé.

    • Random processes

      15 credits
      Spring Teaching, Year 1

      Topics covered include:

      After the introduction of the Poisson process, birth and death processes as well as epidemics models can be presented in full generality as applications of the pooled Poisson process. At the same time, the students will be introduced to the Kolmogorov equations and to the techniques for solving them. Renewal theory is needed to better understand queues, and, for this reason, it is discussed before queues.
      A modern introductory course on stochastic processes must include at least a section on compound renewal processes (with a focus on the compound Poisson process) as well as a chapter on the Wiener process and on Ito stochastic calculus. This is necessary given the importance this process has in several applications from finance to physics. Modernisation is achieved by including a new introductory chapter divided into three parts.
      1. Poisson processes:
        1. Density and distribution of into-event time.
        2. Pooled Poisson process.
        3. Breaking down a Poisson process.
        4. Applications of the Poisson process, eg birth-and-death processes, the Kolmogorov equations.
      1. Renewal processes
        1. The ordinary renewal process.
        2. The equilibrium renewal process.
        3. The compound renewal process.
        4. Applications of renewal processes, queues.
      1. Wiener process
        1. Definition and properties
        2. Introduction to stochastic integrals
        3. Introduction to stochastic differential equations.

Entry requirements

A lower second-class (2.2) undergraduate honours degree or above demonstrating a reasonably high mathematics content.

Applicants with a degree in mathematics, finance, economics, business, science, engineering or computing are ideally suited to this course but other subjects, combined with suitable experience, can also be considered.

English language requirements

Lower level (IELTS 6.0, with not less than 6.0 in each section)

Find out about other English language qualifications we accept.

English language support

Don’t have the English language level for your course? Find out more about our pre-sessional courses.

Additional information for international students

We welcome applications from all over the world. Find out about international qualifications suitable for our Masters courses.

Pre-Masters in Management and Finance

Need to boost your academic skills for your taught course? Find out more about our Pre-Masters in Management and Finance.

Visas and immigration

Find out how to apply for a student visa

Fees and scholarships

How much does it cost?


Home: £7,700 per year

EU: £7,700 per year

Channel Islands and Isle of Man: £7,700 per year

Overseas: £17,450 per year

Note that your fees may be subject to an increase on an annual basis.

How can I fund my course?

Postgraduate Masters loans

Borrow up to £10,280 to contribute to your postgraduate study.

Find out more about Postgraduate Masters Loans


Our aim is to ensure that every student who wants to study with us is able to despite financial barriers, so that we continue to attract talented and unique individuals.

Chancellor’s Masters Scholarship (2017)

Open to students with a 1st class from a UK university or excellent grades from an EU university and offered a F/T place on a Sussex Masters in 2017

Application deadline:

1 August 2017

Find out more about the Chancellor’s Masters Scholarship

Sussex Graduate Scholarship (2017)

Open to Sussex students who graduate with a first or upper second-class degree and offered a full-time place on a Sussex Masters course in 2017

Application deadline:

1 August 2017

Find out more about the Sussex Graduate Scholarship

Sussex India Scholarships (2017)

Sussex India Scholarships are worth £3,500 and are for overseas fee paying students from India commencing Masters study in September 2017.

Application deadline:

1 August 2017

Find out more about the Sussex India Scholarships

Sussex Malaysia Scholarships (2017)

Sussex Malaysia Scholarships are worth £3,500 and are for overseas fee paying students from Malaysia commencing Masters study in September 2017.

Application deadline:

1 August 2017

Find out more about the Sussex Malaysia Scholarships

Sussex MBA Scholarship (2017)

The Sussex MBA Scholarship is available on a competitive basis to UK, EU and international applicants who have been offered a place on The Sussex MBA.

Find out more about the Sussex MBA Scholarship

Sussex Nigeria Scholarships (2017)

Sussex Nigeria Scholarships are worth £3,500 or £5,000 and are for overseas fee paying students from Nigeria commencing a Masters in September 2017.

Application deadline:

1 August 2017

Find out more about the Sussex Nigeria Scholarships

Sussex Pakistan Scholarships (2017)

Sussex Pakistan Scholarships are worth £3,500 and are for overseas fee paying students from Pakistan commencing Masters study in September 2017.

Application deadline:

1 August 2017

Find out more about the Sussex Pakistan Scholarships

The Hornsey Scholarship (2017)

A £10,000 award for an outstanding student on the MSc in International Accounting and Corporate Governance.

Application deadline:

31 July 2017

Find out more about the The Hornsey Scholarship

How Masters scholarships make studying more affordable

Living costs

Find out typical living costs for studying at Sussex.


You’ll be taught by faculty from both the Department of Mathematics and the Department of Business and Management.

  • Faculty profiles

    Prof Carol Alexander
    Professor of Finance

    Research interests: Algebra, Applied Statistics, Decision Analysis, Evolutionary Game Theory, Exchange Trading, Finance, Financial Markets, Financial Mathematics, Financial Modelling, Game Theory, Hedge Funds, Mathematical Statistics, Mathematics, Real Options, Risk Analysis, Statistical Methodology, Statistical Modelling, Stochastic Analysis, Stochastic Processes, Volatility Analysis

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    Prof Katie Bailey
    Professor Of Management

    Research interests: Change Management, employee engagement, gender and employment, HRM in the public sector, Human resource management, knowledge-intensive firms, meaningful work, strategic human resource management

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    Prof Constantin Blome
    Professor Of Operations Management

    Research interests: Manufacturing Procurement, Operations Management, Operations Strategy, Outsourcing, Procurement, Public Procurement, Risk management, Supply Chain Innovation, Supply Chain Management, Sustainability: Environmental

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    Dr Ingo Borchert
    Senior Lecturer in Economics

    Research interests: Brexit, Foreign direct investment, International Trade, Service sector integration, Trade in services, Trade liberalization, Trade policy

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    Dr Achilleas Boukis
    Lecturer In Marketing

    Research interests: Consumer branding, Innovation Management, internal branding, Service Encounter, Services Marketing

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    Dr Odul Bozkurt
    Senior Lecturer in International Human Resource Management

    Research interests: employment studies, globalization and work, Green Economy, international human resource management, Japan, repair work, retail employment, skills and employment, social class and employment, Sociology of work and organizations, UK retailing, vintage sector

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    Dr Michael Coulon
    Senior Lecturer in Finance

    Research interests: Commodities, Energy, Environmental policy, Finance, Financial Mathematics, Financial Modelling

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    Dr Des Doran
    Senior Lecturer in Operations & Supply Chain Management

    Research interests: Logistics, Operations Management, Production Management, Supply Chain Management

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    Dr Bertram Duering
    Reader in Mathematics

    Research interests: Applied Mathematics, Financial Mathematics, Modelling, Numerical Analysis, Optimal Control, Partial Differential Equations

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    Mr Robert Eastwood
    Tutorial Fellow

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    Dr Benjamin Everly
    Lecturer In Organisational Behaviour

    Research interests: Diversity management, gender and management, Intergroup relations, Race and gender equality

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    Dr Sonja Fagernas
    Senior Lecturer in Economics

    Research interests: Development Economics, Economics of Education, Law and economics, public policy

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    Dr Dimitrios Gounopoulos
    Visiting Senior Research Fellow

    Research interests: Bond Issues, Capital Structure, Commodities, Dividend Policy, Earnings Management, Educations of CEOs, Executive Compensation, Finance, Gold - Precious Metals - Industrial Metals, Initial Public Offering, International Accounting Issues, Pension Funds, Political Connections

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    Dr Bruce Hearn
    Senior Lecturer in Accounting & Finance

    Research interests: Corporate finance, corporate governance, Finance, Financial Management

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    Dr Michael Hopkins
    Senior Lecturer

    Research interests: biotechnology, diagnostics, Financing Innovation, Healthcare, Hidden Innovation, Innovation Systems, Intellectual Property, Managing Change, pharmaceuticals, Regulation of Technology, Science and technology policy, Science And Technology Studies, Scientometrics, Technology Strategy

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    Prof Ranko Jelic
    Professor of Finance

    Research interests: Corporate finance, European corporate bonds, Management Buyouts, Private equity, Privatisation

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    Dr Max Jensen
    Senior Lecturer In Mathematics

    Research interests: Financial Mathematics, Numerical Analysis, Optimal Control, Partial Differential Equations

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    Dr Andreas Kaeck
    Reader In Finance

    Research interests: Asset Pricing, Derivatives, Finance, Financial Econometrics, Risk management, Volatility Analysis

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    Dr Norifumi Kawai
    Senior Lecturer in International Business

    Research interests: corporate social responsibility, expatriate management, global strategy, managerial economics, strategic human resource management

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    Dr Marv Khammash
    Lecturer in Marketing

    Research interests: consumer activism, Consumer behaviour, Consumer health, Consumer studies, digital identities, Digital Marketing, digital media, ethical consumption, Forecast Models, ICT and Digital Technologies, Internet of things, Marketing, Marketing Research, Mobile Apps, online identity, Peer to Peer Computing, Pharmaceutical marketing, Piracy, Psychosocial methods, Social networking, technology foresight

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    Dr Andreas Kornelakis
    Visiting Senior Research Fellow

    Research interests: Banking Sector, Collective Bargaining, Comparative Studies, Employee Voice, Europe, Flexibility, Human resource management, Labour relations, Pay Determination, Pay Systems, Political economy, Telecommunications, Work

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    Dr Julie Litchfield
    Senior Lecturer in Economics

    Research interests: Applied Economics, Conflict and violence, Development Economics, Migration, Poverty

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    Dr Michelle Luke
    Reader in Organisational Behaviour

    Research interests: Organisational behaviour, Organisational psychology, Psychology, Social psychology

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    Prof Emmanuel Mamatzakis
    Professor of Finance

    Research interests: Corporate finance, corporate governance, Finance, Financial accounting, Financial Crisis in Greece, Financial Econometrics, Financial Management, Financial Markets, Financial stability, Public finances

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    Dr Monica Masucci
    Lecturer In Strategy and Entrepreneurship

    Research interests: Strategy and entrepreneurship

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    Prof Andy Mckay
    Professor of Development Economics

    Research interests: Africa, Inequality, labour, Poverty, Structural change and economic growth, vietnam

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    Dr Piera Morlacchi
    Senior Lecturer in Entrepreneurship and Organisation Studies

    Research interests: Artificial Intelligence, Complex adaptive systems and networks, Design Creativity and Innovation, Entrepreneurship, ethnography, Health Entrepreneurship, health technologies, nonprofit organization (NPO), organization studies, public policy, Science And Technology Studies, Social Innovation and Sustainability, Sociology of Work and Organization

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    Prof Susan Newell
    Professor of Information Systems

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    Dr Mike Osborne
    Senior Lecturer in Accounting & Finance

    Research interests: Capital budgeting, Corporate finance, Finance, Fixed income mathematics, Interest rates, Investment appraisal, Project analysis, Retail finance, Time value of money

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    Dr Nikolaos Papanikolaou
    Lecturer in Banking and Finance

    Research interests: Applied Econometrics, Applied Economics, Applied microeconomics, Bank accounting, bank regulation, Corporate culture, Economic Growth, european political economy, Financial accounting, Financial Econometrics, Financial Markets, Financial stability, International Accounting Issues, Monetary Economics, Systemic risk

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    Dr Dimitra Petrakaki
    Reader in Information Systems

    Research interests: Information Systems, Information technology and organisational change, Organisational theory, Science And Technology Studies, Sociology, sociology of health, sociology of technology

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    Dr Matias Ramirez
    Senior Lecturer in Management

    Research interests: Land Use

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    Prof Barry Reilly
    Professor of Econometrics

    Research interests: Applied Econometrics, Development Economics, Economics of Sport, Labour economics

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    Dr Maria Restuccia
    Lecturer In Marketing

    Research interests: Marketing, Marketing Research, New Product Development, Policy, Arts Management & Creative Industries

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    Dr Carlos Sato
    Lecturer in Management

    Research interests: Major Projects Studies, Project Management, Technological Change, Technology and Innovation Management

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    Prof Enrico Scalas
    Professor Of Statistics & Probability

    Research interests: Econophysics, Financial Mathematics, Mathematical Statistics, Monte Carlo simulations, Probability Theory, Statistical Mechanics, Stochastic Processes

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    Dr Vikrant Shirodkar
    Senior Lecturer in International Business

    Research interests: Corporate Political Activity, corporate social responsibility, Emerging Markets, International business, lobbying

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    Dr Josh Siepel
    Senior Lecturer in Management

    Research interests: Design Innovation, Economics, Economics of Awards, Entrepreneurship, entrepreneurship policy, Financing Innovation, Firm growth, Innovation Creativity and Design, Innovation policy issues, skills and employment, Small Business Policy, SMEs; SME finance; SME public policy

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    Prof Chris Storey
    Professor of Marketing

    Research interests: Buyer-Seller Relationships, innovation, Marketing, New Product Development, Services Marketing

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    Prof David Storey
    Professor of Enterprise

    Research interests: Gamblers Ruin, SMEs; SME finance; SME public policy

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    Prof Roger Strange
    Professor of International Business

    Research interests: corporate governance, Foreign direct investment, International business, MNE location, Outsourcing

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    Dr Malgorzata Sulimierska
    Teaching Fellow In Banking

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    Dr Puay Tang
    Senior Lecturer

    Research interests: academic entrepreneurship, evaluation of publicly funded investments, research impact assessment, University-industry links

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    Dr Qi Tang
    Reader in Mathematics

    Research interests: Big Data Analytics, Finance, Stochastic integral-differential equations

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    Miss Madina Tash
    Teaching Fellow

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    Dr Shqiponja Telhaj
    Reader in Economics

    Research interests: Applied microeconomics, Economics of Education, Labour economics

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    Dr Shova Thapa Karki
    Lecturer in Entrepreneurship and Sustainability

    Research interests: Biodiversity and Conservation, Conflict and resources, Green Management, Peri-urban sustainability, Social-ecological resilience, Sustainability: Environmental, Sustainable Entrepreneurship

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    Prof Joseph Tidd
    Professor of Science & Technology Policy Research

    Research interests: Industrial Innovation, Innovation Management, New Product Development

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    Dr Tomas Valnek
    Teaching Fellow in Finance

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    Prof Hans Van Der Heijden
    Professor Of Accounting

    Research interests: Accounting, Accounting Education, Accounting Information Systems, Enterprise Systems, Information Systems, SAP, Software Development

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    Dr Jie Wen
    Lecturer in Finance

    Research interests: Corporate finance, financial market microstructure, Financial regulation

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    Dr Mirela Xheneti
    Senior Lecturer in Entrepreneurship & Small Business

    Research interests: Entrepreneurship, Entrepreneurship in the Informal Economy, Institutional Entrepreneurship, Small Business Growth, Small Business Policy, Transition Economies

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    Dr Biao Yang
    Senior Lecturer in Operations Management

    Research interests: Inventory models, Operations Management, Production Management, Supply Chain Management

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    Dr Yong Yang
    Reader in Strategy

    Research interests: Foreign direct investment, global strategy, International business, MNE location, Strategic management

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    Dr Xiaoxiang Zhang
    Lecturer in Finance

    Research interests: Asset Pricing, Corporate finance, corporate governance, Finance, Financial Management, financial market microstructure, information disclosure and efficiency, Microstructure analysis, Stock market liquidity

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“This MSc provides you with the ability to quantify and calculate financial risks, by taking risk analysis in the big data era and combining it with real-life practice.” Dr Qi TangReader in Mathematics


Our graduates have found jobs in banking (investment funds and hedge funds), financial software companies, and corporations with risk management departments. 

Graduate destinations

100% of students from the Department of Mathematics were in work or further study six months after graduating. Recent graduates have gone on to jobs including:

  • accountant, Ernst & Young
  • graduate analyst, Invesco
  • performance analyst, Legal and General Investment Management.

(EPI, Destinations of Leavers from Higher Education Survey 2015 for postgraduates)

Working while you study

Our Careers and Employability Centre can help you find part-time work while you study. Find out more about career development and part-time work

Contact us