Business

Master of Science in Finance & Accounting

The Master of Science in Finance and Accounting is a postgraduate programme that prepares professionals for advanced practice in corporate finance, financial analysis, accounting, investment management, and financial risk management. The programme combines finance and accounting theory with practical analytical tools, case studies, and research application.

Core areas include corporate finance, financial accounting, management accounting, financial analysis, investment management, risk management, banking, insurance, research methods, and thesis or project. Students engage with both finance theory and practical analytical work through coursework, examinations, and research.

The programme is offered by JKUAT as MSc in Finance and Accounting, the University of Nairobi as MSc in Finance through the School of Business, Kenyatta University as MSc in Finance through the School of Business, and Strathmore University as MSc in Development Finance and MSc in Mathematical Finance. JKUAT, UoN, and KU are public universities while Strathmore is private, all offering programmes over two academic years through full-time and part-time modes.

Students develop competencies in financial analysis, corporate finance, accounting, investment management, and risk assessment. The programme includes 12 taught course units in year 1 and a supervised research thesis or project in year 2.

University of Nairobi charges approximately KES 302,500/year (KES 605,000 total) for MSc in Finance. Kenyatta University charges approximately KES 267,000/year for MSc in Finance. Strathmore University charges approximately KES 175,000/year (KES 350,000 total) for postgraduate finance programmes. JKUAT fees not independently verified. Entry requires a Bachelor's degree with Second Class Honours Upper Division in finance, accounting, banking, insurance, economics, commerce, or related fields from a recognised university.

Graduates pursue careers as financial analysts, corporate finance managers, investment managers, risk managers, accounting managers, finance lecturers, and financial consultants across banks, insurance companies, investment firms, manufacturing companies, consulting firms, government agencies, and universities.

Skills Required

Corporate Finance and Capital Structure
Financial Accounting and Reporting
Management Accounting and Cost Analysis
Financial Analysis and Modelling
Investment Management and Portfolio Analysis
Financial Risk Management and Derivatives
Banking and Financial Institutions Management
Financial Regulation and Compliance
Research Methods in Finance and Accounting
Academic Writing and Thesis Research

Key Subjects

Corporate Finance and Capital Structure
Financial Accounting and Reporting
Management Accounting and Cost Analysis
Financial Analysis and Modelling
Investment Management and Portfolio Analysis
Financial Risk Management and Derivatives
Banking and Financial Institutions Management
Financial Regulation and Compliance
Research Methods in Finance and Accounting
Thesis or Project Research

Certifications

ICPAK CPA Certification
CFA Charter

Specializations

Corporate Finance

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

Financial Accounting

Examines financial accounting, covering IFRS, reporting, auditing, standards, and managing financial accounting.

Investment Management

Covers investment management, covering portfolio, securities, valuation, asset management, and managing investments.

Risk Management

Focuses on risk management, covering market, credit, operational risk, derivatives, and managing financial risk.

Banking and Insurance

Examines banking and insurance, covering commercial banking, investment banking, insurance, and managing financial institutions.

Management Accounting

Covers management accounting, covering costing, budgeting, performance, strategy, and managing management accounting.

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

Corporate Finance and Capital Structure
Financial Accounting and Reporting
Management Accounting and Cost Analysis
Financial Analysis and Modelling
Investment Management and Portfolio Analysis
Financial Risk Management and Derivatives
Banking and Financial Institutions Management
Financial Regulation and Compliance
Research Methods in Finance and Accounting
Thesis or Project Research

Modules

12 in the programme

Theory of Finance and Financial Intermediation
Year 1Semester 13 creditsCore
Examines theory of finance, financial intermediation, markets, institutions, and managing financial intermediation.
Corporate Finance and Capital Structure
Year 1Semester 13 creditsCore
Covers capital structure, valuation, dividends, M&A, cost of capital, and managing corporate finance.
Research Methods in Finance and Accounting
Year 1Semester 13 creditsCore
Covers research design, data collection, analysis, finance and accounting research methods, and conducting research, preparing students for their thesis or project.
Financial Accounting and Reporting
Year 1Semester 13 creditsCore
Examines IFRS, reporting, auditing, standards, disclosure, and managing financial accounting.
Financial Analysis and Modelling
Year 1Semester 23 creditsCore
Covers analysis, modelling, valuation, ratios, forecasting, and managing financial analysis.
Management Accounting and Cost Analysis
Year 1Semester 23 creditsCore
Examines costing, budgeting, performance, strategy, variance analysis, and managing management accounting.
Investment Management and Portfolio Analysis
Year 1Semester 23 creditsCore
Covers portfolio, securities, valuation, asset allocation, CAPM, and managing investments.
Financial Risk Management and Derivatives
Year 1Semester 23 creditsCore
Examines market, credit, operational risk, derivatives, hedging, and managing financial risk.
Banking and Financial Institutions Management
Year 2Semester 13 creditsCore
Covers commercial banking, investment banking, insurance, regulation, and managing financial institutions.
Financial Regulation and Compliance
Year 2Semester 13 creditsCore
Examines regulation, compliance, governance, ethics, financial stability, and managing financial regulation.
Public Finance and Fiscal Policy
Year 2Semester 13 creditsCore
Covers public finance, taxation, fiscal policy, government budgeting, and managing public finance.
Research Thesis or Project
Year 2Semester 29 creditsCore
Original supervised research thesis or project on a finance and accounting 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, valuation, dividends, M&A, and managing corporate finance.
Financial Accounting
Examines financial accounting, covering IFRS, reporting, auditing, standards, and managing financial accounting.
Investment Management
Covers investment management, covering portfolio, securities, valuation, asset management, and managing investments.
Risk Management
Focuses on risk management, covering market, credit, operational risk, derivatives, and managing financial risk.
Banking and Insurance
Examines banking and insurance, covering commercial banking, investment banking, insurance, and managing financial institutions.
Management Accounting
Covers management accounting, covering costing, budgeting, performance, strategy, and managing management accounting.

A day as a student

A typical day during the MSc in Finance and Accounting programme combines lectures, case studies, practical workshops, seminars, and independent study. Sessions cover corporate finance, financial accounting, management accounting, financial analysis, and investment management. Corporate finance sessions examine capital structure, valuation, dividends, M&A, and managing corporate finance. Financial accounting sessions cover IFRS, reporting, auditing, standards, and managing financial accounting. Management accounting sessions cover costing, budgeting, performance, strategy, and managing management accounting. Financial analysis sessions cover analysis, modelling, valuation, ratios, and managing financial analysis. Investment management sessions cover portfolio, securities, valuation, asset management, and managing investments. Risk management sessions cover market, credit, operational risk, derivatives, and managing financial risk. Banking sessions cover commercial banking, investment banking, regulation, and managing financial institutions. Financial regulation sessions cover regulation, compliance, governance, ethics, and managing financial regulation. Research methods sessions prepare students for their thesis or project, covering research design, data collection, and analysis. Case studies provide opportunities for analysing real financial and accounting scenarios and business problems. Practical workshops provide hands-on experience with Excel, financial modelling, STATA, and analytical tools. Seminars and discussion groups provide opportunities for debating current issues in finance and accounting and presenting research findings. Guest lectures from experienced finance professionals, accountants, and bankers provide practical insights. The programme culminates in a supervised research thesis or project on a finance and accounting topic.

The trade offs

In its favour

High demand for finance and accounting professionals with Kenya's growing financial services sector, banking, insurance, and investment industries.
Programme offered by multiple universities (JKUAT, UoN, KU public; Strathmore private), providing institutional choice.
Strathmore University offers competitive private university fees at approximately KES 175,000/year.
Graduates are eligible for ICPAK CPA certification and CFA charter, enhancing career prospects locally and internationally.

Against it

UoN charges relatively high fees at approximately KES 302,500/year (KES 605,000 total).
JKUAT specific finance and accounting fees not independently verified.
KU specific MSc Finance fees estimated from general arts-based master's range, not programme-specific.
Programme requires finance, accounting, commerce, or related background, limiting access for non-related graduates.

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 246K, UoN 302.5K/yr (kenyaeducationguide). KCA ~241K, Strathmore ~600K/yr (samtash).

HELB postgraduate loans are available for Kenyan students. Strathmore University offers financial aid for eligible students. ICPAK may offer bursaries for accounting professionals. Some banks and financial institutions may sponsor staff for postgraduate study.

Funding options

HELB Postgraduate Loan
Strathmore Financial Aid
ICPAK Bursary

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan students pursuing postgraduate studies at recognised universities.
Strathmore Financial Aid
ScholarshipKsh 200,000Kenyan
Strathmore University offers financial aid for needy and deserving students.
ICPAK Bursary
ScholarshipKsh 100,000Kenyan
ICPAK may offer bursaries for accounting professionals pursuing postgraduate study.

Getting in

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

What you need

KCSE mean grade: N/A (Postgraduate)
Alternative entry: JKUAT requires Upper Second from JKUAT or recognised institution, or Lower Second with at least three years of working experience, or Pass with five years of post-qualification experience. UoN requires Upper Second in Finance, Accounting, Banking, Insurance, Economics, Mathematics, Statistics, or Engineering, or Lower Second with two years of work experience. KU requires Upper Second in Bachelor of Commerce or equivalent, or Lower Second with proven research ability. Strathmore requires relevant first degree. 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 study analyses, modelling exercises, seminar presentations, and class participation.
Written Examinations
Examination70% of the mark
Written examinations covering corporate finance, financial accounting, investment management, and risk management.
Practical and Project Assessment
Project30% of the mark
Practical assessment through financial modelling projects, case studies, data analysis, and demonstrating finance and accounting skills.
Research Thesis or Project
Research100% of the mark
Original supervised research thesis or project on a finance and accounting 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). JKUAT, University of Nairobi, and Kenyatta University (public) and Strathmore University (private) offer MSc programmes in finance and accounting. All programmes meet CUE standards for postgraduate training in finance and accounting. Graduates are eligible for ICPAK CPA certification and CFA charter.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Programme accredited by CUE. JKUAT, University of Nairobi, and Kenyatta University (public) and Strathmore University (private) offer MSc programmes in finance and accounting. All programmes meet CUE standards for postgraduate training in finance and accounting. Graduates are eligible for ICPAK CPA certification and CFA charter.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

6 roles

Financial Analyst
High demandKsh 120,000 to Ksh 550,000
Conducts financial analysis, overseeing analysis, modelling, valuation, and managing financial analysis.
Corporate Finance Manager
High demandKsh 150,000 to Ksh 700,000
Manages corporate finance, overseeing capital structure, valuation, M&A, and managing corporate finance.
Investment Manager
Moderate demandKsh 150,000 to Ksh 700,000
Manages investments, overseeing portfolio, securities, valuation, and managing investment portfolios.
Risk Manager
High demandKsh 130,000 to Ksh 600,000
Manages financial risk, overseeing market, credit, operational risk, and managing risk.
Accounting Manager
High demandKsh 120,000 to Ksh 550,000
Manages accounting, overseeing reporting, auditing, compliance, and managing accounting.
Finance Lecturer
Moderate demandKsh 120,000 to Ksh 500,000
Teaches finance and accounting at university or college level, overseeing instruction, research, and academic supervision.

Graduate outcomes

Where these fields lead

8 careers

Tools you will learn

Microsoft Excel
SoftwarePrimary
Excel for financial modelling, covering analysis, valuation, modelling, forecasting, and managing financial analysis.
STATA
Software
STATA for econometric analysis, covering financial data, regression, time series, and managing financial data analysis.
R Studio
Software
R Studio for data analysis, covering financial data, statistics, modelling, and managing data analysis.
Bloomberg Terminal
Platform
Bloomberg Terminal for financial data, covering market data, analysis, trading, and managing financial information.

Industry links

Common misconceptions

Finance and accounting is just about bookkeeping.
The programme covers comprehensive corporate finance, investment management, risk management, and financial analysis beyond just bookkeeping.
This programme is only for accountants.
Finance and accounting skills are valuable for bankers, investors, managers, economists, and entrepreneurs beyond just accountants.
Corporate finance is just about raising money.
Corporate finance covers comprehensive capital structure, valuation, dividends, M&A, and financial strategy.
Investment management is just about buying stocks.
Investment management covers comprehensive portfolio theory, securities, valuation, asset allocation, and risk-adjusted returns.
Risk management is just about insurance.
Risk management covers comprehensive market, credit, operational risk, derivatives, and enterprise risk management.
Financial regulation is just about compliance.
Financial regulation covers comprehensive regulation, compliance, governance, ethics, and financial stability.