Business

Master of Science in Financial Economics

The Master of Science in Financial Economics is a postgraduate programme that prepares professionals for advanced practice in financial economics, economic analysis, financial modelling, and policy research. The programme combines economic theory with financial analysis, quantitative methods, and research application.

Core areas include microeconomics, macroeconomics, financial economics, econometrics, financial markets, monetary economics, investment analysis, research methods, and thesis. Students engage with both economic theory and practical analytical work through coursework, examinations, and research.

The programme is offered by JKUAT as MSc in Financial Economics, Kenyatta University as Master of Economics (Finance) through the School of Business, Economics and Tourism Management, and the University of Nairobi as MSc in Finance through the Department of Finance and Accounting. All are public universities offering programmes over two academic years through full-time and part-time modes of study.

Students develop competencies in financial economics, econometrics, financial modelling, investment analysis, and economic policy. The programme includes 12 taught course units in year 1 and a supervised research thesis or project in year 2.

Kenyatta University charges approximately KES 246,000/year for Master of Economics (Finance). University of Nairobi charges approximately KES 302,500/year (KES 605,000 total) for MSc in Finance. JKUAT fees not independently verified. Entry requires a Bachelor's degree with Second Class Honours Upper Division in economics, finance, accounting, banking, insurance, mathematics, statistics, or related fields from a recognised university.

Graduates pursue careers as financial economists, economic analysts, investment analysts, policy analysts, risk analysts, and lecturers in financial economics across central banks, financial institutions, government ministries, research institutions, consulting firms, and universities.

Skills Required

Microeconomic and Macroeconomic Analysis
Financial Economics and Market Analysis
Econometrics and Quantitative Methods
Financial Modelling and Forecasting
Monetary Economics and Central Banking
Investment Analysis and Portfolio Management
Economic Policy Analysis and Evaluation
Financial Risk Assessment and Management
Research Methods in Financial Economics
Academic Writing and Thesis Research

Key Subjects

Microeconomic and Macroeconomic Analysis
Financial Economics and Market Analysis
Econometrics and Quantitative Methods
Financial Modelling and Forecasting
Monetary Economics and Central Banking
Investment Analysis and Portfolio Management
Economic Policy Analysis and Evaluation
Financial Risk Assessment and Management
Research Methods in Financial Economics
Thesis or Project Research

Certifications

CFA Charter
Economics Society of Kenya Membership

Specializations

Financial Markets

Focuses on financial markets, covering instruments, trading, regulation, efficiency, and managing financial markets analysis.

Monetary Economics

Examines monetary economics, covering central banking, policy, inflation, interest rates, and managing monetary economics.

Econometrics

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

Investment Analysis

Focuses on investment analysis, covering securities, valuation, portfolio, CAPM, and managing investment analysis.

Economic Policy

Examines economic policy, covering fiscal, monetary, trade, development, and managing economic policy analysis.

Financial Risk Analysis

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

Duration: 2 years
Public, up to: Ksh 302,500
Private, up to: Ksh 700,000
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: 20 students
Award: Masters

What you study

10 subjects

Microeconomic and Macroeconomic Analysis
Financial Economics and Market Analysis
Econometrics and Quantitative Methods
Financial Modelling and Forecasting
Monetary Economics and Central Banking
Investment Analysis and Portfolio Management
Economic Policy Analysis and Evaluation
Financial Risk Assessment and Management
Research Methods in Financial Economics
Thesis or Project Research

Modules

12 in the programme

Advanced Microeconomic Theory
Year 1Semester 13 creditsCore
Examines consumer, producer, market structure, welfare, general equilibrium, and managing microeconomic analysis.
Advanced Macroeconomic Theory
Year 1Semester 13 creditsCore
Covers output, inflation, unemployment, growth, business cycles, policy, and managing macroeconomic analysis.
Research Methods in Financial Economics
Year 1Semester 13 creditsCore
Covers research design, data collection, analysis, financial economics research methods, and conducting research, preparing students for their thesis or project.
Econometrics and Quantitative Methods
Year 1Semester 13 creditsCore
Examines regression, time series, forecasting, modelling, causal inference, and managing econometric analysis.
Financial Economics and Market Analysis
Year 1Semester 23 creditsCore
Covers markets, instruments, pricing, efficiency, behavioural finance, and managing financial economics.
Monetary Economics and Central Banking
Year 1Semester 23 creditsCore
Examines central banking, monetary policy, inflation, interest rates, money supply, and managing monetary economics.
Financial Modelling and Forecasting
Year 1Semester 23 creditsCore
Covers Excel, STATA, R, simulation, valuation, forecasting, and managing financial modelling.
Investment Analysis and Portfolio Management
Year 1Semester 23 creditsCore
Examines securities, valuation, portfolio, CAPM, asset allocation, and managing investment analysis.
Economic Policy Analysis and Evaluation
Year 2Semester 13 creditsCore
Covers fiscal, monetary, trade, development, evaluation, and managing economic policy analysis.
Financial Risk Assessment and Management
Year 2Semester 13 creditsCore
Examines market, credit, operational risk, VaR, stress testing, and managing financial risk.
International Finance and Trade
Year 2Semester 13 creditsCore
Covers exchange rates, balance of payments, international trade, capital flows, and managing international finance.
Research Thesis or Project
Year 2Semester 29 creditsCore
Original supervised research thesis or project on a financial economics topic, demonstrating mastery of research methods and financial economics knowledge, assessed through written submission and oral defence.

Specialisations

Financial Markets
Focuses on financial markets, covering instruments, trading, regulation, efficiency, and managing financial markets analysis.
Monetary Economics
Examines monetary economics, covering central banking, policy, inflation, interest rates, and managing monetary economics.
Econometrics
Covers econometrics, covering regression, time series, forecasting, modelling, and managing econometric analysis.
Investment Analysis
Focuses on investment analysis, covering securities, valuation, portfolio, CAPM, and managing investment analysis.
Economic Policy
Examines economic policy, covering fiscal, monetary, trade, development, and managing economic policy analysis.
Financial Risk Analysis
Covers financial risk analysis, covering market, credit, operational risk, modelling, and managing financial risk.

A day as a student

A typical day during the MSc in Financial Economics programme combines lectures, case studies, practical workshops, seminars, and independent study. Sessions cover microeconomics, macroeconomics, financial economics, econometrics, and financial markets. Microeconomics sessions examine consumer, producer, market, welfare, and managing microeconomic analysis. Macroeconomics sessions cover output, inflation, unemployment, growth, policy, and managing macroeconomic analysis. Financial economics sessions cover markets, instruments, pricing, efficiency, and managing financial economics. Econometrics sessions cover regression, time series, forecasting, modelling, and managing econometric analysis. Financial modelling sessions cover Excel, STATA, R, simulation, and managing financial modelling. Monetary economics sessions cover central banking, policy, inflation, interest rates, and managing monetary economics. Investment analysis sessions cover securities, valuation, portfolio, CAPM, and managing investment analysis. Economic policy sessions cover fiscal, monetary, trade, development, and managing economic policy. Financial risk sessions cover market, credit, operational risk, VaR, and managing financial risk. Research methods sessions prepare students for their thesis or project, covering research design, data collection, and analysis. Case studies provide opportunities for analysing real economic and financial scenarios. Practical workshops provide hands-on experience with STATA, R, EViews, and econometric tools. Seminars and discussion groups provide opportunities for debating current issues in financial economics and presenting research findings. Guest lectures from experienced economists, financial analysts, and policy makers provide practical insights. The programme culminates in a supervised research thesis or project on a financial economics topic.

The trade offs

In its favour

High demand for financial economists with Kenya's growing financial sector, central banking needs, and policy research requirements.
Programme offered by three major public universities (JKUAT, KU, UoN), providing institutional choice.
KU offers competitive fees at approximately KES 246,000/year for Master of Economics (Finance).
Graduates are eligible for CFA charter and Economics Society of Kenya membership, enhancing career prospects.

Against it

UoN charges relatively high fees at approximately KES 302,500/year (KES 605,000 total).
JKUAT specific financial economics fees not independently verified.
No private university confirmed offering this specific programme.
Programme requires economics, finance, or quantitative 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 700k

238k at KCA University700k 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/yr. Strathmore unverified.

HELB postgraduate loans are available for Kenyan students. KU may offer postgraduate bursaries. KIPPRA and CBK may offer research grants for economic research. Some financial institutions may sponsor staff for postgraduate study.

Funding options

HELB Postgraduate Loan
KU Postgraduate Scholarship
KIPPRA Research Grant

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan students pursuing postgraduate studies at recognised universities.
KU Postgraduate Scholarship
ScholarshipKsh 100,000Kenyan
KU offers postgraduate scholarships for eligible students.
KIPPRA Research Grant
ScholarshipKsh 500,000Kenyan
KIPPRA provides research grants for public policy and economic research.

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 in relevant field from JKUAT or recognised institution, or Lower Second with three years of working experience. KU requires Upper Second in Economics or comparable qualification, or Lower Second with grade C and above in relevant units. UoN requires Upper Second in Finance, Accounting, Banking, Insurance, Economics, Mathematics, Statistics, or Engineering, or Lower Second with two years of work experience. 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, problem sets, case studies, seminar presentations, and class participation.
Written Examinations
Examination70% of the mark
Written examinations covering microeconomics, macroeconomics, econometrics, and financial economics.
Practical and Project Assessment
Project30% of the mark
Practical assessment through econometric projects, data analysis, financial modelling, and demonstrating analytical skills.
Research Thesis or Project
Research100% of the mark
Original supervised research thesis or project on a financial economics topic, demonstrating mastery of research methods and financial economics knowledge, assessed through written submission and oral defence.

Accreditation

The programme is accredited by the Commission for University Education (CUE). JKUAT, Kenyatta University, and University of Nairobi (all public) offer MSc programmes in financial economics and related fields. All programmes meet CUE standards for postgraduate training in financial economics. Graduates are eligible for CFA charter and Economics Society of Kenya membership.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Programme accredited by CUE. JKUAT, Kenyatta University, and University of Nairobi (all public) offer MSc programmes in financial economics and related fields. All programmes meet CUE standards for postgraduate training in financial economics. Graduates are eligible for CFA charter and Economics Society of Kenya membership.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

6 roles

Financial Economist
High demandKsh 130,000 to Ksh 600,000
Conducts financial economics research, overseeing analysis, modelling, policy, and managing financial economics.
Economic Analyst
High demandKsh 120,000 to Ksh 550,000
Analyses economic data, overseeing trends, forecasting, policy, and managing economic analysis.
Investment Analyst
High demandKsh 120,000 to Ksh 550,000
Analyses investments, overseeing securities, valuation, portfolio, and managing investment analysis.
Policy Analyst
Moderate demandKsh 120,000 to Ksh 550,000
Analyses economic policy, overseeing fiscal, monetary, trade, development, and managing policy analysis.
Risk Analyst
High demandKsh 120,000 to Ksh 550,000
Analyses financial risk, overseeing market, credit, operational risk, and managing risk analysis.
Financial Economics Lecturer
Moderate demandKsh 120,000 to Ksh 500,000
Teaches financial economics at university or college level, overseeing instruction, research, and academic supervision.

Graduate outcomes

Where these fields lead

8 careers

Tools you will learn

STATA
SoftwarePrimary
STATA for econometric analysis, covering regression, time series, panel data, and managing econometric analysis.
R Studio
Software
R Studio for data analysis, covering econometrics, statistics, modelling, and managing data analysis.
EViews
Software
EViews for econometric analysis, covering time series, forecasting, modelling, and managing econometric analysis.
Microsoft Excel
Software
Excel for financial modelling, covering analysis, valuation, forecasting, and managing financial modelling.

Industry links

Common misconceptions

Financial economics is just about finance.
Financial economics combines economic theory, quantitative methods, and financial analysis beyond just finance.
This programme is only for economists.
Financial economics skills are valuable for bankers, investors, policy makers, and analysts beyond just economists.
Econometrics is just about statistics.
Econometrics covers comprehensive regression, time series, forecasting, causal inference, and economic modelling.
Monetary economics is just about interest rates.
Monetary economics covers comprehensive central banking, policy, inflation, money supply, and financial stability.
Financial modelling is just about Excel.
Financial modelling covers comprehensive valuation, forecasting, simulation, risk, and decision analysis.
Economic policy is just about government decisions.
Economic policy covers comprehensive fiscal, monetary, trade, development, and regulatory analysis.