Business

Master of Science (Finance)

The Master of Science in Finance is a postgraduate programme that prepares professionals for advanced practice in financial analysis, investment management, corporate finance, and financial risk management. The programme combines finance theory with quantitative methods and practical financial application.

Core areas include corporate finance, financial analysis, investment management, financial modelling, risk management, financial markets, portfolio management, research methods, and thesis. Students engage with both financial theory and practical quantitative application through coursework and research.

The programme is offered by the University of Nairobi and Kenyatta University. Both are public universities offering the programme over two academic years through full-time and part-time modes of study.

Students develop competencies in financial analysis, investment analysis, corporate finance, financial modelling, risk management, portfolio management, financial econometrics, and research methods. The programme includes coursework, examinations, and either a research project or thesis.

UoN charges approximately KES 302,500/year (total KES 605,000). KU charges KES 246,000/year (East Africans). Entry requires a Bachelor's degree with at least Second Class Honours Upper Division in finance, accounting, banking, insurance, economics, or related business fields from a recognised university.

Graduates pursue careers as financial analysts, corporate finance managers, investment managers, risk managers, financial consultants, and lecturers in finance and financial management across banking, investment, and corporate sectors.

Skills Required

Financial Analysis and Modelling
Corporate Finance and Valuation
Investment Management and Portfolio Analysis
Financial Risk Management
Financial Econometrics and Quantitative Methods
Financial Markets and Instruments
Financial Statement Analysis
Derivatives and Risk Hedging
Research Methods in Finance
Academic Writing and Thesis Research

Key Subjects

Theory of Finance
Corporate Finance and Valuation
Financial Analysis and Modelling
Investment Management and Portfolio Theory
Financial Risk Management
Financial Markets and Instruments
Financial Econometrics
Derivatives and Risk Hedging
Research Methods in Finance
Thesis Research

Certifications

CFA Charter
ICPAK Professional Membership

Specializations

Corporate Finance

Focuses on corporate finance, covering capital structure, dividend policy, corporate valuation, M&A, and managing corporate finance.

Investment Management

Examines investment management, covering portfolio theory, asset allocation, security analysis, and managing investment portfolios.

Financial Risk Management

Covers financial risk, covering market risk, credit risk, operational risk, risk modelling, and managing financial risk.

Financial Markets and Instruments

Focuses on financial markets, covering equity markets, bond markets, derivatives, market analysis, and managing financial market operations.

Public Finance

Examines public finance, covering government finance, fiscal policy, public expenditure, taxation, and managing public finance.

Financial Econometrics

Covers financial econometrics, covering time series analysis, volatility modelling, financial forecasting, and managing econometric analysis.

Duration: 2 years
Public, up to: Ksh 302,500
Private, up to: Ksh 600,000
Job market: High

The programme

What you study, how long it takes, and how it is delivered.

Practicalities

Study mode: Full-time, Part-time
Attachment: 0 months
Average class: 25 students
Award: Masters

What you study

10 subjects

Theory of Finance
Corporate Finance and Valuation
Financial Analysis and Modelling
Investment Management and Portfolio Theory
Financial Risk Management
Financial Markets and Instruments
Financial Econometrics
Derivatives and Risk Hedging
Research Methods in Finance
Thesis Research

Modules

12 in the programme

Theory of Finance
Year 1Semester 13 creditsCore
Examines finance theory, financial theory, time value of money, asset pricing, and managing financial theory application.
Corporate Finance and Valuation
Year 1Semester 13 creditsCore
Covers capital structure, dividend policy, corporate valuation, M&A, capital budgeting, and managing corporate finance.
Financial Analysis and Modelling
Year 1Semester 13 creditsCore
Examines financial models, DCF analysis, financial forecasting, scenario analysis, and managing financial modelling.
Research Methods in Finance
Year 1Semester 23 creditsCore
Covers research design, data collection, analysis, and conducting finance research, preparing students for their thesis.
Investment Management and Portfolio Theory
Year 1Semester 23 creditsCore
Covers portfolio theory, asset allocation, security analysis, portfolio management, and managing investment portfolios.
Financial Risk Management
Year 1Semester 23 creditsCore
Examines market risk, credit risk, operational risk, risk modelling, VaR, and managing financial risk.
Financial Markets and Instruments
Year 2Semester 13 creditsCore
Covers equity markets, bond markets, derivatives, market analysis, market regulation, and managing financial market operations.
Financial Econometrics
Year 2Semester 13 creditsCore
Examines time series analysis, volatility modelling, financial forecasting, econometric methods, and managing econometric analysis.
Derivatives and Risk Hedging
Year 2Semester 13 creditsCore
Covers options, futures, swaps, hedging strategies, derivative pricing, and managing derivative instruments.
Public Finance and Fiscal Policy
Year 2Semester 13 creditsCore
Examines government finance, fiscal policy, public expenditure, taxation, public debt, and managing public finance.
Financial Intermediation and Banking
Year 2Semester 13 creditsCore
Covers financial intermediation, banking theory, bank management, financial regulation, and managing financial intermediation.
Research Thesis
Year 2Semester 26 creditsCore
Original research thesis on a finance topic, demonstrating mastery of research methods and finance knowledge, assessed through written submission and oral defence.

Specialisations

Corporate Finance
Focuses on corporate finance, covering capital structure, dividend policy, corporate valuation, M&A, and managing corporate finance.
Investment Management
Examines investment management, covering portfolio theory, asset allocation, security analysis, and managing investment portfolios.
Financial Risk Management
Covers financial risk, covering market risk, credit risk, operational risk, risk modelling, and managing financial risk.
Financial Markets and Instruments
Focuses on financial markets, covering equity markets, bond markets, derivatives, market analysis, and managing financial market operations.
Public Finance
Examines public finance, covering government finance, fiscal policy, public expenditure, taxation, and managing public finance.
Financial Econometrics
Covers financial econometrics, covering time series analysis, volatility modelling, financial forecasting, and managing econometric analysis.

A day as a student

A typical day during the MSc in Finance programme combines lectures, case studies, computer laboratory sessions, seminars, and independent study. Sessions cover corporate finance, investment management, financial modelling, risk management, and financial econometrics. Corporate finance sessions examine capital structure, dividend policy, corporate valuation, M&A, and managing corporate finance. Investment management sessions cover portfolio theory, asset allocation, security analysis, and managing investment portfolios. Financial modelling sessions cover financial models, DCF analysis, LBO models, scenario analysis, and managing financial modelling. Risk management sessions cover market risk, credit risk, operational risk, risk modelling, and managing financial risk. Financial markets sessions cover equity markets, bond markets, derivatives, market analysis, and managing financial market operations. Financial econometrics sessions cover time series analysis, volatility modelling, financial forecasting, and managing econometric analysis. Derivatives sessions cover options, futures, swaps, hedging strategies, and managing derivative instruments. Research methods sessions prepare students for their thesis, covering research design, data collection, and analysis. Computer laboratory sessions provide hands-on experience with financial modelling software, statistical software, and financial databases. Case studies provide practical experience with real-world financial challenges, investment decisions, and corporate finance problems. Seminars and discussion groups provide opportunities for debating current issues in finance. Guest lectures from experienced financial analysts, investment managers, and corporate finance professionals provide practical insights. The programme culminates in a research thesis or project on a finance topic.

The trade offs

In its favour

High demand for finance professionals in Kenya's growing financial sector, capital markets, and investment industry.
Programme is offered by multiple universities (UoN, KU), providing institutional choice.
Programme combines finance theory with quantitative methods, providing versatile analytical skills.
KU offers competitive fees at KES 246,000/year.

Against it

UoN fees are relatively high at approximately KES 302,500/year (total KES 605,000).
No private university confirmed offering this exact programme, limiting options.
Programme requires strong quantitative and mathematical skills, which may be challenging for some students.
Programme may overlap with MBA Finance or MSc Finance and Accounting, causing confusion for prospective students.

What it costs

Tuition at both ends of the market, and how to pay for it.

What it costs, and where

Against 331 business courses

Public246k to 303k

246k at Kenyatta University303k at University of Nairobi

Private238k to 600k

238k at KCA University600k at Strathmore University

Annual tuition in Kenyan shillings, rounded. The upright tick is the median for this field, so a bar sitting entirely to its right is an expensive programme by the standards of its own subject.

The fine print

KU 246,000, UoN 302,500/yr verified. KCA ~241,000, Strathmore ~600,000/yr (samtash, zangcash).

HELB postgraduate loans are available for Kenyan students. KIM may provide training support for management professionals. CFA Institute provides scholarships for CFA programme candidates. Some financial institutions and banks may sponsor staff for postgraduate study.

Funding options

HELB Postgraduate Loan
KIM Training Support
CFA Institute Scholarship

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan students pursuing postgraduate studies at recognised universities.
KIM Training Support
ScholarshipKsh 150,000Kenyan
Kenya Institute of Management supports training for management professionals.
CFA Institute Scholarship
GrantKsh 300,000
CFA Institute provides scholarships for CFA programme candidates, including Access Scholarship for developing countries.

Getting in

The grades, the alternatives, and who accredits the award.

What you need

KCSE mean grade: N/A (Postgraduate)
Alternative entry: Most universities require Upper Second Class Honours in finance, accounting, economics, or related field. Lower Second Division holders with relevant experience are considered. Contact respective universities for specific admission requirements.

How you are assessed

4 components

Coursework and Continuous Assessment
Coursework30% of the mark
Continuous assessment through coursework assignments, case studies, problem sets, seminar presentations, and class participation.
Written Examinations
Examination40% of the mark
Written examinations covering corporate finance, investment management, financial modelling, risk management, and financial econometrics.
Practical and Computing Assessment
Practical30% of the mark
Practical assessment through financial modelling projects, data analysis exercises, investment analysis projects, and demonstrating finance skills.
Research Thesis or Project
Research100% of the mark
Original research thesis or project on a finance topic, demonstrating mastery of research methods and finance knowledge, assessed through written submission and oral defence.

Accreditation

The programme is accredited by the Commission for University Education (CUE). University of Nairobi and Kenyatta University (both public) offer MSc in Finance. All programmes meet CUE standards for postgraduate training in finance. Graduates are eligible for CFA charter and ICPAK professional membership.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Programme accredited by CUE. University of Nairobi and Kenyatta University (both public) offer MSc in Finance. All programmes meet CUE standards for postgraduate training in finance. Graduates are eligible for CFA charter and ICPAK professional membership.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

6 roles

Financial Analyst
High demandKsh 180,000 to Ksh 700,000
Analyses financial data, overseeing financial analysis, investment analysis, financial reporting, and managing financial analysis services.
Corporate Finance Manager
High demandKsh 200,000 to Ksh 800,000
Manages corporate finance, overseeing capital budgeting, financial planning, treasury management, and managing corporate finance operations.
Investment Manager
Moderate demandKsh 200,000 to Ksh 800,000
Manages investment portfolios, overseeing asset allocation, security selection, portfolio management, and managing investment operations.
Risk Manager
High demandKsh 180,000 to Ksh 700,000
Manages financial risk, overseeing risk assessment, risk modelling, risk mitigation, and managing risk management programmes.
Financial Consultant
Moderate demandKsh 180,000 to Ksh 750,000
Consults on financial matters, providing advisory services, financial planning, investment advice, and managing financial consulting.
Finance Lecturer
Moderate demandKsh 150,000 to Ksh 550,000
Teaches finance at university or college level, overseeing instruction, research, student supervision, and academic supervision.

Graduate outcomes

Where these fields lead

8 careers

Tools you will learn

Excel
SoftwarePrimary
Microsoft Excel for financial modelling, covering DCF models, financial analysis, valuation, and managing financial models.
R
Software
R statistical software for financial econometrics, covering time series analysis, volatility modelling, and managing econometric analysis.
Bloomberg Terminal
Software
Bloomberg Terminal for financial data, covering market data, financial analysis, investment research, and managing financial information.
SPSS
Software
SPSS statistical software for finance research, covering data analysis, statistical tests, and managing research data.

Industry links

Common misconceptions

Finance is just about accounting.
Finance covers comprehensive financial science including corporate finance, investment management, risk management, and financial markets, distinct from accounting.
This programme is only for those working in banks.
Finance skills are valuable in any organisation dealing with financial decisions, investments, risk, and corporate financial management.
Finance has limited career prospects in Kenya.
With growing financial sector, capital markets, and investment opportunities, demand for finance professionals is increasing in Kenya.
This programme is the same as MBA Finance.
MSc Finance is more quantitative and research-focused, while MBA Finance covers broader business management with finance specialisation.
Financial modelling is just about Excel.
Financial modelling involves comprehensive financial theory, valuation methods, statistical analysis, and risk assessment using specialised software.
Risk management is just about insurance.
Financial risk management covers comprehensive risk including market risk, credit risk, operational risk, and strategic risk across all financial activities.