Business

Master of Science in Finance and Investment

The Master of Science in Finance and Investment is a postgraduate programme that trains graduates in financial analysis, investment management, and corporate finance. The programme prepares graduates for advanced careers in financial analysis, investment banking, portfolio management, and financial advisory.

Core areas include financial analysis, investment management, corporate finance, portfolio theory, financial markets, risk management, financial modelling, securities analysis, financial econometrics, and research methods. Students engage with theoretical foundations and practical financial and investment applications.

The programme is offered by Moi University, Chuka University, and Jaramogi Oginga Odinga University of Science and Technology, with Kenya Methodist University and Kisii University as colleges. Moi University offers Masters in Banking & Finance. Chuka University offers MSc in Finance. JKUAT offers MSc Finance at KES 126,000/year.

Students develop competencies in financial analysis, investment valuation, portfolio management, risk assessment, financial modelling, securities analysis, and research. The programme includes coursework, case studies, examinations, supervised research, and thesis.

The programme is delivered over two years (4 semesters full-time, 8 semesters part-time) with full-time, part-time, day, evening, and weekend modes. Chuka requires Second Class Upper or Lower with 2 years experience. Chuka art-based fees are KES 71,000/semester 1, KES 48,000/semester 2. JKUAT fees are KES 126,000/year.

Graduates pursue careers as financial analysts, investment managers, portfolio managers, risk managers, financial consultants, and lecturers in banks, investment firms, insurance companies, regulatory institutions, and universities.

Skills Required

Financial Analysis and Valuation
Investment Management and Strategy
Corporate Finance and Capital Structure
Portfolio Theory and Management
Financial Risk Management
Financial Modelling and Forecasting
Securities Analysis and Trading
Financial Markets and Instruments
Financial Econometrics
Finance and Investment Research Methods

Key Subjects

Financial Analysis
Investment Management
Corporate Finance
Portfolio Theory
Financial Markets
Risk Management
Financial Modelling
Securities Analysis
Financial Econometrics
Finance Research Methods

Certifications

CFA Charter
CISI Professional Qualification

Specializations

Investment Management

Focuses on investment management, portfolio management, asset allocation, investment strategy, and managing investment portfolios and funds.

Corporate Finance

Examines corporate finance, capital structure, capital budgeting, dividend policy, mergers and acquisitions, and managing corporate financial decisions.

Financial Risk Management

Covers financial risk management, market risk, credit risk, operational risk, derivatives, and identifying and managing financial risks.

Securities Analysis

Focuses on securities analysis, equity analysis, bond analysis, derivative valuation, and analysing and valuing financial securities.

Financial Markets

Examines financial markets, market structure, market efficiency, trading mechanisms, and understanding and analysing financial markets.

Financial Modelling

Covers financial modelling, valuation models, forecasting models, scenario analysis, and building and using financial models for decision-making.

Duration: 2 years
Public, up to: Ksh 150,000
Private, up to: Ksh 300,000
Job market: High

The programme

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

Practicalities

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

What you study

10 subjects

Financial Analysis
Investment Management
Corporate Finance
Portfolio Theory
Financial Markets
Risk Management
Financial Modelling
Securities Analysis
Financial Econometrics
Finance Research Methods

Modules

12 in the programme

Financial Analysis and Valuation
Year 1Semester 13 creditsCore
Examines financial analysis, financial statement analysis, ratio analysis, cash flow analysis, company valuation, and analysing financial performance and value.
Investment Management
Year 1Semester 13 creditsCore
Covers investment management, investment principles, portfolio theory, asset allocation, investment strategy, and managing investment portfolios and funds.
Corporate Finance
Year 1Semester 13 creditsCore
Examines corporate finance, capital structure, capital budgeting, cost of capital, dividend policy, mergers and acquisitions, and managing corporate financial decisions.
Portfolio Theory and Management
Year 1Semester 23 creditsCore
Covers portfolio theory, portfolio construction, risk-return trade-off, diversification, CAPM, and building and managing investment portfolios.
Financial Markets and Instruments
Year 1Semester 23 creditsCore
Examines financial markets, market structure, market efficiency, trading mechanisms, financial instruments, and understanding and analysing financial markets.
Financial Risk Management
Year 1Semester 23 creditsCore
Covers financial risk management, market risk, credit risk, operational risk, Value at Risk, derivatives, and identifying and managing financial risks.
Financial Modelling and Forecasting
Year 2Semester 13 creditsCore
Examines financial modelling, building financial models, valuation models, DCF analysis, scenario analysis, forecasting, and using models for financial decision-making.
Securities Analysis
Year 2Semester 13 creditsCore
Covers securities analysis, equity analysis, bond analysis, derivative valuation, technical analysis, and analysing and valuing financial securities.
Financial Econometrics
Year 2Semester 13 creditsCore
Examines financial econometrics, statistical methods for finance, regression analysis, time series, volatility modelling, and applying econometrics to financial data.
Finance and Investment Research Methods
Year 2Semester 13 creditsCore
Covers research methods for finance, experimental design, data analysis, and conducting finance and investment research, preparing students for their thesis.
International Finance
Year 2Semester 23 creditsCore
Examines international finance, exchange rates, international capital flows, foreign investment, and understanding and managing international financial decisions.
Research Thesis
Year 2Semester 26 creditsCore
Original research thesis on a finance and investment topic, demonstrating mastery of research methods and finance knowledge, assessed through written submission and oral defence.

Specialisations

Investment Management
Focuses on investment management, portfolio management, asset allocation, investment strategy, and managing investment portfolios and funds.
Corporate Finance
Examines corporate finance, capital structure, capital budgeting, dividend policy, mergers and acquisitions, and managing corporate financial decisions.
Financial Risk Management
Covers financial risk management, market risk, credit risk, operational risk, derivatives, and identifying and managing financial risks.
Securities Analysis
Focuses on securities analysis, equity analysis, bond analysis, derivative valuation, and analysing and valuing financial securities.
Financial Markets
Examines financial markets, market structure, market efficiency, trading mechanisms, and understanding and analysing financial markets.
Financial Modelling
Covers financial modelling, valuation models, forecasting models, scenario analysis, and building and using financial models for decision-making.

A day as a student

A typical day during the MSc Finance and Investment programme begins with morning lectures on financial analysis, investment management, or corporate finance. Students engage in theoretical discussions on financial theory, investment principles, and financial decision-making. Financial analysis sessions cover financial statement analysis, ratio analysis, cash flow analysis, company valuation, and analysing financial performance. Investment management sessions examine investment principles, portfolio theory, asset allocation, investment strategy, and managing investment portfolios. Corporate finance sessions cover capital structure, capital budgeting, cost of capital, dividend policy, mergers and acquisitions, and managing corporate financial decisions. Portfolio theory sessions involve portfolio construction, risk-return trade-off, diversification, CAPM, and building and managing investment portfolios. Financial markets sessions examine market structure, market efficiency, trading mechanisms, market participants, and understanding financial markets. Risk management sessions cover market risk, credit risk, operational risk, Value at Risk, derivatives, and identifying and managing financial risks. Financial modelling sessions involve building financial models, valuation models, DCF analysis, scenario analysis, and using models for financial decision-making. Securities analysis sessions cover equity analysis, bond analysis, derivative valuation, technical analysis, and analysing and valuing securities. Financial econometrics sessions examine statistical methods for finance, regression analysis, time series, volatility modelling, and applying econometrics to financial data. Case studies provide real-world analysis of investment decisions, corporate finance cases, and financial market events. Research methodology sessions prepare students for their thesis, covering finance research methods, experimental design, and data analysis. Guest lectures from CMA officials, CBK economists, CFA charterholders, investment bankers, and fund managers provide real-world insights. The two-year programme culminates in a research thesis.

The trade offs

In its favour

Kenya's growing financial sector, capital markets development, insurance industry, and investment needs create high demand for qualified finance and investment professionals.
Chuka University offers affordable fees at KES 71,000/semester 1, KES 48,000/semester 2 with flexible full-time, part-time, day, evening, and weekend modes.
Programme provides highly transferable quantitative and analytical skills applicable across financial sector and industries.
Career opportunities with banks, investment firms, insurance companies, CMA, CBK, KBA, and international financial institutions.

Against it

Programme requires quantitative background in finance, mathematics, or related fields, which may exclude some graduates.
Programme involves rigorous quantitative and mathematical content, which may be challenging for some students.
Finance sector is competitive, and career progression may require additional professional certifications like CFA.
Private university options (KEMU) may have higher fees compared to public universities.

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

Public130k to 150k

130k at Chuka University150k at Jaramogi Oginga Odinga University of Science and Technology

Private119k to 300k

119k at Mount Kenya University300k at Kenya Methodist 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

Chuka 130K/yr (Chuka PDF), JOOUST 150K/yr (eafinder). MKU 119.1K, KeMU ~300K/yr (eafinder).

HELB postgraduate loans are available for Kenyan students. CFA Society provides scholarships for CFA programme. KBA supports banking professional development. The programme's finance and investment focus attracts industry and professional body funding.

Funding options

HELB Postgraduate Loan
CFA Society Scholarships
KBA Professional Development

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan students pursuing postgraduate finance and investment studies at recognised universities.
CFA Society Scholarships
GrantKsh 400,000
CFA Society provides scholarships for CFA programme, supporting finance professionals and students pursuing CFA certification.
KBA Professional Development
GrantKsh 200,000Kenyan
Kenya Bankers Association supports professional development for banking professionals, providing funding for training in finance and banking.

Getting in

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

What you need

KCSE mean grade: N/A (Postgraduate)
Alternative entry: The programme accepts commerce, business, accounting, finance, mathematics, statistics, engineering, physics, actuarial science, and related quantitative graduates. Two-year programme (4 semesters full-time, 8 semesters part-time) with full-time, part-time, day, evening, and weekend modes. Chuka requires Second Class Upper or Lower with 2 years experience. JKUAT requires Upper Second or Lower with 3 years experience. CFA or CQF qualification accepted as alternative entry.

How you are assessed

4 components

Coursework and Assignments
Coursework30% of the mark
Continuous assessment through coursework assignments, financial analysis projects, case studies, modelling exercises, and class participation.
Written Examinations
Examination30% of the mark
Written examinations covering financial analysis, investment management, corporate finance, and risk management, conducted at end of each semester.
Case Studies and Projects
Practical40% of the mark
Assessment of case studies, financial modelling projects, investment analysis, portfolio management, and project presentations.
Research Thesis
Research100% of the mark
Original research thesis on a finance and investment 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). Moi University offers Masters in Banking & Finance. Chuka University offers MSc in Finance. The programme meets CUE standards for postgraduate finance and investment training. CMA regulates capital markets and CBK regulates banking in Kenya.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Programme accredited by CUE. Moi University offers Masters in Banking & Finance. Chuka University offers MSc in Finance. The programme meets CUE standards for postgraduate finance and investment training.
Capital Markets Authority (CMA)
Professional accreditation
CMA regulates capital markets in Kenya. Graduates working in securities and investment may require CMA licensing and compliance for capital markets practice.

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
Analyses financial data, conducting financial analysis, company valuation, investment research, and supporting financial decision-making in organisations.
Investment Manager
High demandKsh 140,000 to Ksh 600,000
Manages investment portfolios, overseeing asset allocation, investment strategy, and ensuring investment performance and risk management.
Portfolio Manager
Moderate demandKsh 140,000 to Ksh 600,000
Manages investment portfolios, overseeing portfolio construction, risk management, and ensuring portfolio performance and client objectives.
Risk Manager
High demandKsh 130,000 to Ksh 550,000
Manages financial risks, overseeing risk identification, risk assessment, risk mitigation, and ensuring financial risk management in organisations.
Financial Consultant
Moderate demandKsh 120,000 to Ksh 550,000
Consults on financial matters, providing expert advice on investment, corporate finance, risk management, and financial planning for clients.
University Lecturer
High demandKsh 130,000 to Ksh 500,000
Teaches finance and investment in universities, conducting research and training future finance and investment professionals.

Graduate outcomes

Graduates pursue careers as financial analysts, investment managers, and portfolio managers in banks, investment firms, insurance companies, and regulatory institutions.

Where these fields lead

8 careers

Tools you will learn

Bloomberg Terminal
SoftwarePrimary
Financial data and analytics platform for market data, financial analysis, investment research, and real-time financial information for finance professionals.
Excel
SoftwarePrimary
Spreadsheet software for financial modelling, valuation, forecasting, data analysis, and building financial models for investment decision-making.
R Statistical Computing
Software
Open-source statistical computing for financial econometrics, risk analysis, time series analysis, and financial research data analysis.
Python
Software
Programming language for financial data analysis, quantitative finance, algorithmic trading, and financial modelling and analysis.

Industry links

Common misconceptions

Finance and investment is just about making money.
The programme involves rigorous financial theory, quantitative analysis, risk management, econometrics, and research, far beyond simply making money.
This programme is the same as an MBA with finance concentration.
The MSc Finance and Investment is more quantitative and specialised than an MBA, focusing on financial theory, modelling, and investment analysis rather than general management.
There is limited demand for finance professionals in Kenya.
Kenya's growing financial sector, capital markets development, insurance industry, and investment needs create high demand for qualified finance and investment professionals.
This programme is only for commerce graduates.
The programme accepts graduates from commerce, business, accounting, finance, mathematics, statistics, engineering, physics, actuarial science, and related quantitative fields.
Finance and investment is all theory with no practical application.
The programme involves practical financial modelling, case studies, investment analysis, portfolio management, and real-world financial decision-making.
A master's in finance is redundant after a bachelor's in commerce plus experience.
The master's provides advanced quantitative skills, financial theory, research capability, and career progression to senior investment and financial management positions.