Global Central Banking & Financial Regulation qualifications

Warwick Business School delivers the insights you need to succeed in a rapidly changing world.

For the Change Makers

Contents

Welcome

Programme overview

We are excited to be continuing our collaboration with Warwick Business School, and providing a unique opportunity for colleagues around the world to learn from experts in both research and practice.

Qualification levels

Programme structure

How you’ll learn

Transforming your career

Our faculty

Topics Comparative Central Banking Behavioural Finance

30 28 26 24 22 20 18 16

Data Science, AI & Machine Learning Financial Conduct, Leadership & Ethics Money, Banks & Financial Innovation Financial Markets & Financial Risk Management

Monetary Policy & Monetary Analysis Financial Regulation & Supervision

Andrew Bailey Governor of the Bank of England

Frequently asked questions

Application, fees & funding

Why choose Warwick Business School?

Talk to us

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Welcome

Why are these qualifications relevant today?

Monetary policy and financial regulation are constantly evolving. Current issues include how to manage significant dislocations in global trade while trying to maintain a stable banking system. Longer term trends are also becoming clearer with the Financial Sector required to play its part in encouraging growth, attracting business investment, and the ongoing debate as to the merits of Central Bank Digital Currencies. This all sits on top of the pressure to encourage fintech, and find ways to utilise the insights of behavioural finance and the potential of Big Data. It is in this climate that, in collaboration with the Bank of England, we developed the Global Central Banking and Financial Regulation qualifications. The programme is designed for banking and finance professionals who require a level of flexibility in order to develop their career alongside other commitments. Through this programme you will be introduced to the latest evidence-led and practice-informed financial regulation and monetary policy, while providing practical discussion of real-world cases.

Flexible study By studying online around your work

commitments, you will be able to take your new knowledge and skills and immediately implement them into your workplace as well as on your CV. Furthermore, due to the modular nature of the programme, with each module being award-bearing, your learning can be evidenced almost immediately and tailored to suit your own personal aspirations and development – be that gaining expertise in one particular area or a holistic view of the wider environment. So, whatever your aspirations may be, I am confident that this collaboration between WBS and the Bank of England is the perfect platform from which to hone your knowledge and ultimately achieve your career goals. Dr John Thanassoulis

Professor of Financial Economics, Associate Dean, Course Director

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4 Global Central Banking & Financial Regulation qualification

Programme overview

Qualification levels

Who is the programme for? This programme has been designed for professionals working in the banking, financial or related sectors who are looking to evidence their knowledge, gain insight or even change focus into central banking, commercial or retail banking, financial auditing and regulation or related sectors. Our participants come from a range of companies and organisations within these sectors. Typical participants on this programme may include: ■ High potential candidates who are at an early stage in their professional journey and are looking to develop their career in either financial regulation or central banking ■ Those looking to challenge themselves, evidence their learning and gain new insights and knowledge while continuing to work ■ Those working in the banking industry who are looking to gain a broader perspective and understanding of the wider sector ■ Those who work in professional services (including auditing) and therefore are required to have a certain level of knowledge around financial regulation ■ Those working in financial auditing,

What themes are covered? The Global Central Banking and Financial Regulation programme looks at monetary policy, financial stability and informed regulation. Beyond this, it can aid banking professionals in understanding and applying current learning on topics such as quantitative easing, big data, fintech, and comparative central banking. On the programme, you will develop your knowledge of the latest evidence-led and practice informed financial regulation and monetary policy through the use of theory and practical discussion of real-world cases.

The MSc The full MSc Global Central Banking and Financial Regulation consists of six 20-credit modules (from a choice of eight) and a Research Methods and Dissertation module. Typically, one module (excluding the Research Methods & Dissertation module) is studied across 17 weeks, culminating in an assessment. As a guide, you can expect to spend approximately 11 hours studying each week. Depending on your chosen study schedule you may complete the MSc in two-to-three years however should you need to take longer, for example due to work or personal commitments, you may extend this.

Postgraduate Award Alternatively, you may wish to initially commit to a single module, which upon successful completion will grant you a Postgraduate Award qualification in that subject. From this, you have the option to complete further modules in order to build up to a higher qualification level such as a Postgraduate Certificate (on completion of three 20-credit modules), a Postgraduate Diploma (on completion of six 20-credit modules) or a full MSc.

At a glance

Start dates: October, February, or June Duration: 17 weeks per Postgraduate Award, 24–36 months for full MSc Format: Online, part-time Award: Accredited by the University of Warwick

Programme fees (2025/26): Postgraduate Award: £4,065, MSc £32,520

Key information

Taught entirely online part-time

Awards structure

Choice of three start dates

The Postgraduate Award Successfully complete one module to gain a Postgraduate Award.

Ability to pick and choose individual modules

Financial Markets &

Money, Banks

Taught in collaboration with the Bank of England.

Financial Risk Management

& Financial Innovation

The Postgraduate Certificate Successfully complete three modules to gain a Postgraduate Certificate.

Class profile*

Financial Regulation & Supervision

Behavioural Finance

32 Average age of participants

regulation or law who would want to take a holistic approach to the financial environment.

Research Methods & Dissertation

43/56 % male/ female split 39 Nationalities represented 7 Average years’ work experience

The Postgraduate Diploma Successfully complete six modules to gain a Postgraduate Diploma.

Monetary Policy & Monetary Analysis

Data Science, AI & Machine Learning

The MSc Successfully complete six modules, plus the Research Methods & Dissertation module to gain an MSc.

Comparative Central Banking

Financial Conduct, Leadership & Ethics

*Studying in 2024/25 MSc cohorts.

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Programme structure

Module dates Participants will pick and choose from the available modules. Please note this is indicative and can be subject to change.

Modules Modules are delivered sequentially throughout the year with intakes in October, February and June. Typically one module will span a 17-week period, culminating in an assessment. As a guide you can expect to spend approximately 11 hours studying each week. Please note that the MSc can be completed in two years, but is more readily manageable in combination with a full working timetable over three years. There is flexibility in the order that the modules are studied. Once you have completed six of the eight available modules you will then be able to go on to study the Research Methods and Dissertation module. How you will be assessed Your learning will be assessed through a variety of methods. These may include online timed assessments, and individual written assignments or reports.

Research Methods and Dissertation On completion of the Research Methods portion of the module, you will be equipped with the necessary knowledge and essential research tools to successfully carry out projects like a master’s dissertation. Armed with this knowledge, you will submit a dissertation proposal form, which will help provide an early focus and guide to your research. This form also assists in matching you with a suitable supervisor who will support you throughout your dissertation. The 8,000-word dissertation provides an exceptional opportunity for you to investigate a personally significant business problem or issue that motivates you. You will have the chance to develop proposals on how to address these challenges, whether through hands-on involvement in a live project or by conducting thorough desk-based research. The focus of your project is entirely in your hands, allowing for exploration of company-specific challenges or broader concerns spanning an entire industry. A presentation is also an integral part of the requirements. Your presentation will take the form of a concise video accompanied by a slide deck that showcases your dissertation and its findings. The slide deck should effectively communicate the dissertation’s objective, methodology and key results, as well as any identified weaknesses in the analysis.

This programme combines the possibility to learn from a renowned academic institution and a world- class central bank at the

October 2025–February 2026 Behavioural Finance

June 2026–September 2026 Financial Regulation & Supervision

February 2026–June 2026 Financial Markets & Financial Risk Management

Monetary Policy & Monetary Analysis

Comparative Central Banking

Money, Banks & Financial Innovation

Financial Conduct, Leadership & Ethics

Data Science, AI & Machine Learning

forefront of research, innovation, and better practices in central banking.” Christian Nyalihama MSc Global Central Banking and Financial Regulation participant

Research Methods & Dissertation*

*Research Methods & Dissertation module will run for eight months.

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8 Global Central Banking & Financial Regulation qualification

Online learning

Programme benefits

my.wbs Our programme is delivered on the same bespoke online platform, my.wbs, as our Global Online MBA, which the Financial Times ranked 2nd in the UK and 3rd in the world in its Online MBA Ranking 2025. Each module has a dedicated welcome page, providing you with an overview of which topics will be covered, and will feature a variety of teaching methods including lectures, guest speaker sessions, video interviews, live webinar sessions and written documents. Additionally, where modules have required reading, you will be provided with direct links through the module materials, allowing you immediate access. my.wbs is built to be compatible with any type of device; all you will need is an internet connection and an up-to-date browser to access learning materials. It is recommended that you use headphones, a microphone and a webcam to contribute to webinars. If you intend to access the programme from a workplace you should ensure that your access won’t be restricted by organisational firewalls or policies.

By studying this programme with Warwick Business School in collaboration with the Bank of England, you and your employer will benefit from:

■ Practical insight Research-led teaching and Practitioner involvement ensures that what you learn is relevant for the practicalities of the real-world. See the Faculty page 14 for more information. ■ Global connections Benefit from being part of a global network, developing your professional connections and understanding of different work cultures. ■ Best practice

■ Focused expertise The modular structure of the programme allows you to focus on individual topics, building up your knowledge in the area. ■ Flexible 24/7 learning Taught entirely online, this programme allows you the flexibility to study at a time and place that suits you. ■ Immediate application Continuing to work while studying allows you to immediately apply your new learning and problem-solving ability to your day-to-day work.

The modules offer a good balance between academic and practical knowledge, so students can build a strong theoretical background, and also hear the views of professionals from central banks and other institutions and agencies.” Roumiana Hampartzoumian MSc Global Central Banking and Financial Regulation participant

Studying online

offered flexibility, enabling me to customise my learning experience. The opportunity to access course materials and allowed me to juggle my studies alongside my professional obligations. Maxim Ali Global Central Banking and Financial Regulation qualifications participant conduct research from any location

You will bring back to your organisation many proven tools, ideas and best practice, which can be implemented immediately.

The Warwick community Once you are studying with us, you can also join our professional networks that bring together students, alumni and our faculty to explore industry practice and the latest research in specific industry areas. In addition to this, you will have access to a range of online career services and resources. Once you graduate, you will join the Warwick Business School community, with a global network of 62,642 alumni in 176 countries.

Watch the film

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Note: Some countries block access to certain sites (for example, YouTube) and live streaming services. This could impact your ability to participate in the programme.

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Global Central Banking & Financial Regulation qualification

Transforming your career

To ensure you achieve your full potential, our CareersPlus team will support you throughout your time with us. By studying this programme with Warwick Business School in collaboration with the Bank of England you will have access to a range of online career services and resources free of charge including: ■ The WBS CareersPlus website, packed with resources covering all aspects of career development ■ Video interview simulation ■ Pay Negotiation video workshop ■ Skills-based webinars covering topics such as “Presenting to the Board” and “Dealing with Politics in the Workplace” ■ VMock CV preparation platform. A range of additional career services and resources will also be made available to you at an additional cost.

Induction

Ongoing support Career

Alumni support

I am pleased

to say that the MSc Global Central Banking and Financial Regulation has been a fulfilling learning experience. The modules have all been highly

Skill Masterclasses and webinars Professional Interest groups

Overview of careers support

Management Module – 16 lesson online Career Managment module Networking events and webinars

Online resources

1:1 Career Consultation

relevant and practical with great emphasis on the current global economic conditions.

Information and online resources myAdvantage portal

Recruiter events and opportunities Streamed Recruiter and Sector overview presentations

Building your network Professional Interest Network Events and Webinars

Coaching and career consultation One free consultation Additional consultations with WBS Careers Manager can be booked via CareersPlus shop

Video interview simulation

LinkedIn groups and discussion forums

Case study competitions

Going Global

Practitioner lectures

Pay negotiation

Sector specialists

Merina Phiri Ndumba MSc Global Central Banking and Financial Regulation Graduate

Job postings via myAdvantage

WBS Careers website and resource library

WBS Global Mentoring Programme

16 lesson online Career Managment module

VMock CV preparation platform

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Global Central Banking & Financial Regulation qualification

Our faculty

Paul Fisher Former Executive Director, Bank of England, and Honorary Professor, Warwick Business School

Philippe Mueller Professor of Finance, Warwick Business School

Dr Kebin Ma Associate Professor of Finance Warwick Business School

David Skeie Professor of Finance, Warwick Business School

Dimitrios Spyridonidis Professor of Leadership and Innovation, Warwick Business School

John Thanassoulis Professor of Financial Economics, Warwick Business School

Diarmuid Murphy Former Central Bank of Ireland, IMF, ECB and European Commission, currently Director, IOB

Emma Manifold Professor of Behavioural Science Warwick Business School

Before joining WBS, Philippe was an Assistant Professor of Finance at the London School of Economics. He studied finance and economics at the University of Bern and at HEC Lausanne, and holds a PhD in finance and economics from Columbia University. His research interests are in macro-finance, international finance, empirical asset pricing, and financial econometrics. His current work includes studying intraday patterns in foreign exchange markets, corporate credit provision, the pricing of corporate bonds, central bank swap lines, and volatility in fixed income and currency markets. His research has been published in the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and the Review of Finance.

Kebin joined WBS as an Assistant Professor of Finance in 2014. His research focuses on banking, financial stability and regulation. Before joining WBS, he visited Universitat Pompeu Fabra as a Marie-Curie research fellow, and The World Bank as a short-term consultant. Kebin’s work has been presented at AFA, and conferences organised by CEPR and FDIC. Kebin holds a PhD in Finance from Tilburg University.

Paul is a British economist who worked for the Bank of England for 26 years, holding senior positions including Executive Director for Markets and Deputy Head of the Prudential Regulation Authority (PRA). He was a member of the Monetary Policy Committee, the interim Financial Policy Committee and the PRA Board. He now has a portfolio of roles, including as an Advisor to CCBS. Other current affiliations include: Chair of the London Bullion Market Association; Non-executive Director, UK Debt Management Office; Fellow, Cambridge Institute for Sustainability Leadership.

Dimitrios’ core research interests are Leadership and Innovation. Within these, current themes include leadership and leadership development, innovation and strategic change, in the UK NHS and other healthcare systems (including China, Australia and US). Dimitrios is also involved in leadership research focusing on other professional services, primarily financial services in China.

Diarmuid spent over two decades at the Central Bank of Ireland, working across both the central banking and prudential pillars. He has also held roles in the sustainable finance unit at the European Commission, in the central banking and crisis management areas at the International Monetary Fund, and in the markets area of the European Central Bank. He also completed a fellowship at the Bank for International Settlements’ Financial Stability Institute. In January 2025, Diarmuid joined IOB, a professional education and training body, as Director.

John was educated at both Oxford and Cambridge, studying Mathematics followed by Economics, and remains an Associate Member of the Oxford- Man Institute. He is a Panel Member for the UK Competition and Markets Authority and a CEPR Research Fellow. He has also held previous posts as a Non-executive Director of OXIP: Oxford Investment Partners and was a tenured University Lecturer at the Department of Economics, University of Oxford and the Heyman-Moritz Student (Fellow) of Economics at Christ Church.

David Skeie is Professor of Finance at Warwick Business School. He was previously an Assistant Professor of Finance and Mays Research Fellow at Texas A&M Mays Business School and a Senior Economist at the Federal Reserve Bank of New York. Formerly, he was a trader at the hedge fund Citadel Investment Group and a senior associate at the financial risk management consulting firm Capital Market Risk Advisors. David’s research has been published in leading academic finance and economics journals.

Emma is an Assistant Professor of Behavioural Science at Warwick Business School. Emma completed her PhD in Economics at the University of Leicester in 2018. Since then, Emma was a Teaching Fellow at the University of Leicester for four years and joined Warwick Business School in 2022. Emma’s research interests focus on Behavioural and Experimental economics, using the experimental method to analyse human behaviour.

In addition, the programme also features insights and contributions from a range of industry professionals including:

■ Bryan Wynter, Former Governor at Bank of Jamaica ■ Bill Winters, CEO at Standard Chartered ■ Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority ■ Mark Yallop, Chairman of the FICC Markets Standards Board Limited.

■ Hiroshi Nakaso, Former Assistant Governor at Bank of Japan (Deputy Governor equivalent) ■ Francesco Papadia, Former Director General for Market Operations at the European Central Bank ■ Michael F Silva, Compliance Senior Advisor for UBS ■ Dr Grant Spencer, Former Governor at Reserve Bank of New Zealand

■ Ruth Crowell, Chief Executive at the London Bullion Market Association ■ Ben Funnell, Former Man Group Portfolio Manager ■ Andy Haldane, Former Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England ■ Tracey McDermott, CBE, Group Head, Conduct, Financial Crime & Compliance

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Global Central Banking & Financial Regulation qualification

Comparative Central Banking

I recommend this programme to any finance, or central banking professional whose aim is to develop the real-life skills necessary to navigate the industry and take it to the next level.

Module overview Explore and discover why central banks have different mandates, objectives, governance and operating procedures and gain an understanding of the scope of possible policy choices across the broad range of central bank activities. You will learn to draw comparisons between the US, Europe, Japan and EMEs (including fixed exchange rate regimes), and explore case studies on how central bank operations – to support both monetary and financial stability – have evolved to meet the needs of economic crises such as the Great Financial Crisis and the Covid-19 pandemic. The module will touch on all of a central bank’s typical roles including monetary policy; financial stability; balance sheet and reserves management; market operations; banknotes; lender of last resort, supervision and regulation; and other regulatory issues such as market conduct, payments, resolution and digital currencies. Who would benefit from this module? This module would benefit those working in or with central banks who are looking to gain a fundamental understanding of central banking policy and processes and how they relate to current and future career roles.

Faculty On this module you will hear from a diverse and global pool of speakers.

Key benefits

Sector understanding Gain a fundamental and holistic view of the central banking sector Latest tools and best practice Immediately apply the latest tools and best practice to your role Insight into policy Insight into why central banks around the world differ in their policies to the economy and to financial regulation Award Gain a Postgraduate Award upon successful completion

Kechewia Charles Global Central Banking and Financial Regulations qualifications participant

This module is led by Paul Fisher (Former Executive Director, Bank of England) and Diarmuid Murphy (Former Central Bank of Ireland, IMF, ECB and European Commission, currently Director, IOB) and features insights from a range of speakers including former Governors Patrick Honohan (Ireland), Grant Spencer (New Zealand) and Brian Wynter (Jamaica); Deputy Governors such as Sir Andrew Large (UK), Archil Mestvirishvili (Georgia) Nakaso (Japan) and Fernando Restoy (Spain) plus a wide range of other senior central bankers, regulators, academics and market participants. Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.

Key topics covered

Hot topics Central banking independence, conduct regulation

Role of central banks Should banking supervision be part of a central bank?

Balance sheet issues Liabilities ■ Banknotes ■ Commercial bank reserves ■ Central bank profits, losses and capital

Different policy regimes Different targets: exchange rate regimes, inflation target regimes, monetary control regimes corresponding to different nominal anchors

Key information

The module will run between October 2025 and February 2026

Payment systems, developments in digital currencies, financial market, infrastructure issues

What is the role of central banks in climate change? ■ Secondary objective

■ Assets ■ Outright asset

Different instruments: interest rates, monetary

holdings: financial risk, political economy considerations

This module features a two-week induction period

control, exchange rate intervention

■ Lending/Draining: scale, term, price, frequency, etc ■ Collateral considerations: haircuts, financial

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stability implications

Challenges from the Covid-19 pandemic, disintermediation of the banking system, fintech developments

■ Policy co-ordination: monetary policy vs macroprudential vs microprudential

Foreign exchange and reserves management: Who? Why? How?

Financial stability and lender of last resort operations

Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.

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Global Central Banking & Financial Regulation qualification

Behavioural Finance

Module overview This module introduces key deviations from rationality that have been documented in behavioural science, and discusses how these deviations can affect the economy, and in particular central banks’ analyses across their macroeconomic, macro- prudential and micro-prudential responsibilities. You will study the impact deviations from rationality have on financial markets and financial market participants, consider and apply models that account for these deviations, and compare and contrast the differences between classical and behavioural finance. Throughout the module we will consider the evidence for the causes of irrational investor behaviour and consider ways to experimentally test for deviations from rationality. Who would benefit from this module? This module would benefit those working in both central banks and investment banks, as well as financial regulation authorities and ratings agencies. This module benefits anyone working in finance, policy and regulation and those who are required to understand it’s derivation and impacts. Faculty This module is led by Emma Manifold (Assistant Professor, Behavioural Science group, WBS) and Igor Brkić (Senior Manager, Bank of England).

Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor. Topics include ■ Biases in expectations ■ Behavioural theories of attitude toward risk ■ Biases arising from the interactions of different agents ■ Biases in learning ■ Biases related to market sentiment.

Key benefits

The modules equipped me with advanced thinking and the holistic, in-depth knowledge surrounding financial regulation and central banking.

Behavioural finance Compare and contrast the differences between classical and behavioural finance Insight Discover how deviations from rationality can affect the economy Award Gain a Postgraduate Award upon successful completion

Key information

The module will run between October 2025 and February 2026

Sarah Darwish MSc Global Central Banking and Financial Regulation, Graduate

This module features a two-week induction period

Watch the film

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Global Central Banking & Financial Regulation qualification

Data Science, AI & Machine Learning

Who would benefit from this module? The module is aimed at both individuals looking to acquire hands-on experience with machine learning techniques and looking to improve their coding skills. It provides an intuitive introduction to machine learning for managers or critical consumers of projects with machine learning components. Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ Each lesson includes hands on activity in R using the tidymodels framework ■ There are four wbsLive online sessions with your tutor. Faculty This module is led by Dr Caspar Kaiser (Assistant Professor, Behavioural Sciences Group, Warwick Business School).

Module overview This module covers the foundations of big data and machine learning. You will gain a complete introduction to machine learning for managers or critical consumers of projects with machine learning components. You will critically analyse machine learning techniques used to forecast the state of the economy, such as inflation and the risk of recession. You will also discuss the special ethical challenges which arise in banking, including issues related to data privacy associated with machine learning and AI. You will learn how to visualise data, and how to apply machine learning techniques for regression, classification, and clustering. We will move from the fundamentals of computer programming to implementing state-of-the-art neural networks. Through this module, you will gain hands-on experience to acquaint non-specialists with current machine learning techniques, using the R programming language.

Key benefits

The programme is crafted for busy professionals; you can keep up with work at your own pace and your own convenience.

Learn to think like a data scientist Explore data analytics and visualisation through machine learning techniques Hands on coding experience Gain practical experience in coding using RStudio, the industry standard for data analysis and visualisation Understand key issues and algorithms at an intuitive level Learn how machine learning works – both intuitively and technically

Tadiwanashe Muganyi MSc Global Central Banking & Financial Regulation, Graduate

Key information

The module will run between June 2026 and October 2026

This module features a two-week induction period

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Global Central Banking & Financial Regulation qualification

Financial Conduct, Leadership & Ethics

Module overview During this module you will learn how to build an ethical leadership capacity in critical areas of banking, and in particular financial conduct. You will explore how ethical considerations alter financier’s behaviour and understand how ethical views differ across the globe. We will shed light on how incentives and industrial structure alter the likelihood of markets tipping to malpractice. And we will study how good financial conduct can be maintained. You will study ethical leadership from all angles; academic, through practice and via peer learning, as well as exploring financial conduct, covering the regulatory rules and the enforcement tools available if ethics are poor. Who would benefit from this module? This module would benefit those working in central banks, investment banks and rating agencies, as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.

Faculty This module is led by John Thanassoulis (Professor of Financial Economics, WBS) and Dimitrios Spyridonidis (Professor of Leadership and Innovation, WBS). You will also gain insights from the likes of Mark Yallop (Chairman of the FICC Markets Standards Board), Anna Jernova and Orlando Fernandez-Ruiz (Bank of England Prudential Policy Directorate), Professor Joshua Greene (Harvard University) and Nick Van Benschoten (UK Finance). Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.

Key benefits

Insights Gain an insight into ethical leadership and its benefits Tools Discover tools which you can use in your own organisation Enforcement Understand the use and implications of enforcement tools in financial regulation

This module highlighted the importance of responsible decision-making in the financial sector, emphasised the role of trust and accountability in building lasting professional relationships, and deepened my understanding of the broader social impact of financial decisions. Sophia Georghiou

Key information

The module will run between October 2025 and February 2026

This module features a two-week induction period

Watch the film

Key topics covered

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Ethical Leadership Values-based leadership and morality

Ethics How ethical considerations alter competitive behaviour What leaders can do to ensure their own organisation’s ethics Competition and ethical behaviour, including its interaction with the law

Financial Conduct Insights from the Fair and Effective Markets Review

Global Central Banking and Financial Regulation qualifications participant

Creating an ethical corporate culture

Mis-selling and consumer protection

Ethical leadership across societies Remuneration including regulatory principles, bonus cap distortions and clawback and malus

Anti-money laundering and anti-insider dealing

Evidence on how widespread misconduct is in financial markets

Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.

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Global Central Banking & Financial Regulation qualification

Money, Banks & Financial Innovation

Module overview The Money, Banks & Financial Innovation module provides a rigorous discussion of the role of money, banks and other financial institutions in a modern economy. You will study the fragilities in fractional reserve banking, the role of the central bank, and the weaknesses caused by the shadow banking sector. Throughout this module, you will also explore the causes of historic bank failures and systemic crises, and you will explore the payment system and how fintech can be used in the banking system.

Who would benefit from this module? This module would benefit those working in financial regulation authorities, central banks as well as investment banks and rating agencies, as well as those working as Asset Managers and Reserves Managers as well as anyone who is involved in projects requiring due diligence.

Faculty This module is led by Dr Kebin Ma (Associate Professor of Finance at WBS). This module also features insights from Andy Haldane (Former Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England), Professor Jean-Charles Rochet (University of Geneva), Professor Thorsten Beck (Economist), John Barrdear (Senior Research Economist, Monetary Assessment and Strategy Division, Bank of England), and Riccardo Masolo (Senior Economist, Monetary Analysis Division, Bank of England). Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.

Key benefits

Understanding Gain a broad understanding of the wider context in which financial institutions operate Tools Learn to use analytical tools from macroeconomics to understand the role of monetary policy in the macroeconomy Award Gain a Postgraduate Award upon successful completion

This module offers a unique blend of theory

and practice, exploring the important debates in the area. It is cutting-edge in terms of the material and the insights gained are valuable. Nishita Raje Global Central Banking and Financial Regulation qualification participant

Key information

Key topics covered

The module will run between February 2026 and June 2026

FinTech and the payment system: blockchain, smart contracts, and Artificial Intelligence CBDC (Central Bank Digital Currencies) the promise and the risks Non-bank financial intermediation – shadow banking and the regulatory perimeter

Importance and size of insurance market

Stylised facts on financial crises and procyclicality of credit Money, its origins and the source of its value, and fractional reserve banking Financial system: an overview and its functions in financing and risk-sharing Lender of last resort and rationales for deposit insurance

This module features a two-week induction period

Financial contagion across the interbank network

Amplification of shocks and so systemic risk

Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.

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Global Central Banking & Financial Regulation qualification

Financial Markets & Financial Risk Management

Who would benefit from this module? This module would benefit those working in central banks as well as investment banks and rating agencies and those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.

Faculty This module is led by Philippe Mueller (Professor of Finance, WBS). You will also learn and interact with academics and practitioners including Ben Funnell (Former Man Group Portfolio Manager).

Module overview In this module you will cover the fundamental concepts of international finance, emphasising the operation of the spot and derivative securities in international markets. The module considers the management of foreign exchange risk for multinationals and studies financial instruments as well as regulatory aspects. The module covers international banking and the stability of global financial systems. You’ll also cover financial risk management in banks and insurers. The module introduces the necessary tools to manage the main risk categories, such as market or credit risk, as well as highlighting important commonalities and differences in risks and risk management frameworks between the banking and insurance sectors.

Key benefits

International markets Gain a fundamental understanding of international markets Banking and insurance Understand similarities and differences between the banking and insurance sectors Risk management Understand the similarities and differences in risk management frameworks Award Gain a Postgraduate Award upon successful completion

For those in the finance industry, this module can increase your skills and open new doors for exploring this side of Risk Management. Divya Kaushik Global Central Banking and Financial Regulation qualification participant

■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor ■ The module covers some technical material - maths booster resources are available if required.

Key information

Key topics covered

The module will run between February 2026 and June 2026

Measuring economic capital for market risk assessment Controlling market risk through asset and liability management (ALM) International investment (speculative strategies, country risk, cross-listing)

Historical simulation of VaR and expected shortfall Foreign exchange risk for multinational firms (strategies and instruments) Economic and regulatory capital planning for banks and insurers

Measuring VaR and expected shortfall

This module features a two-week induction period

Market risk including interest rate risk, equity risk, foreign exchange risk International banking (wholesale banking, banking crises, regulatory capital)

Watch the film

W wbs.ac.uk/go/ FinancialRisk

Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.

wbs.ac.uk/go/banking

Global Central Banking & Financial Regulation qualification

Monetary Policy & Monetary Analysis

Module overview The Monetary Policy & Monetary Analysis module allows you to investigate the analytical and empirical tools available from macroeconomics and econometrics to understand the role of monetary policy and how it is implemented. The module emphasises the interaction between the financial system and the macroeconomy; and critiques post Global Financial Crisis policy responses. You will cover topics including optimal inflation targeting; quantitative easing; the credit cycle; global financial imbalances; and unconventional monetary policy-making in practice. Through these topics, you will learn the use of basic econometric tools for monetary policy such as the linear regression model; basic time

Who would benefit from this module? This module would benefit those working in central banks, investment banks and rating agencies, as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.

Faculty This module is led by Shaun Vahey (Professor of Economic Modelling and Forecasting, WBS). You will also hear from a range of speakers including Huw Pill (Chief Economist and Executive Director for Monetary Analysis and Research, Bank of England), James Bell (Executive Director for Communication, and Former Director for Monetary Analysis, Bank of England), Michael Joyce (Adviser in the Macro Financial Analysis Division, Bank of England), Silvia Miranda-Agrippino (Senior Research Economist in Monetary Analysis, Bank of England) and Paul Fisher (Former Executive Director, Bank of England). Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.

Key benefits

Econometric tools Learn the use of basic econometric tools Monetary policy Understand how and why specific monetary policy is implemented Quantitative easing Understand the effects of quantitative easing and use of negative interest rates Award Gain a Postgraduate Award upon successful completion

The most important value-added of this programme is its universal nature. Central banking has become much more complex over the past decades and in order to understand it on a deeper level, one has to be familiar with a wide range of different, but interrelated concepts. This is true for both central bankers and market participants. I use the ideas, arguments and facts that the course has covered on a daily basis during my work.” Daniel Horvath

series models; vector auto regression and forecasting in monetary policy.

Key information

Key topics covered

The module will run between June 2026 and October 2026

The credit cycle, asset prices bubbles, financial intermediation and the macroeconomy

Linear regression model

The three-equation model, including the role of expectations and the exchange rate

Basic time series models

This module features a two-week induction period

Global Central Banking and Financial Regulation qualifications participant

Vector auto-regression

Monetary policy interactions with financial stability

Optimal inflation targeting

Forecasting in monetary policy

Watch the film

Quantitative easing

Unconventional monetary policy-making in practice

Empirical evidence on the effects of quantitative easing

W wbs.ac.uk/go/ MonetaryPolicy

The financial crisis: causes and policy intervention

Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.

wbs.ac.uk/go/banking

Global Central Banking & Financial Regulation qualification

Financial Regulation & Supervision

Module overview The Financial Regulation & Supervision module allows you to study the rationale behind financial regulation and supervision: what are the market failures regulators are addressing, and through the use of which tools and incentives, resolution challenges, and climate policies permitted within regulatory mandates. Structured around critical, policy relevant, questions in financial regulation which have seen scholarly study you will discover the benefits of narrow banking; the threat of competition to financial stability; managing the tension between deposit insurance and moral hazard; too-big-to-fail; non-financial bank risks; and resolution challenges.

Who would benefit from this module? This module would benefit those working in financial regulation authorities, central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers and anyone who is involved in projects requiring due diligence.

Faculty This module is led by David Skeie (Professor of Finance, WBS). You will also hear from a range of speakers including David Walker (Secretary General of the International Association of Deposit Insurers), Sam Woods (Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority), Simon Gleeson (Partner, Clifford Chance), Paul Fisher (Former Executive Director, Bank of England, and Honorary Professor, Warwick Business School), Irene Heemskerk (Head, Climate Change Centre, ECB), David Sansom (Chief Risk Officer, Lloyd’s of London), Pascal Victor-Belin (Autorité de Contrôle Prudentiel et de Résolution), Shoib Khan (Director, Insurance Directorate, Bank of England), Rhiannon Sowerbutts (Senior Economist in the Macroprudential Strategy and Support Division, Bank of England), Daniel Wang (Monetary Authority of Singapore), Jo Paisley (President, GARP Risk Institute) and Mark Cornelius (Former Senior Executive, Bank of England). Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.

Key benefits

Financial regulation and supervision The rationale behind financial regulation and supervision decisions

A key aspect of the programme that I enjoyed was the opportunity to focus on one module at a time, as this gave me sufficient time to study, ask questions and fully understand each topic. It has enabled me to develop core competencies that have given me the platform to attract opportunities in the financial services industry.” June Otigba

Banking behaviour Understand the wider implications of banking behaviour

VaR Gain an introduction to VaR Controversial regulation Identify which elements of financial regulation are controversial Award Gain a Postgraduate Award upon successful completion

MSc in Global Central Banking and Financial Regulation, Graduate

Key information

Key topics covered

The module will run between June 2026 and October 2026

Universal banking, ICB, ring-fencing

Competition and financial stability

Too Big To Fail, moral hazard and deposit insurance Operational resilience, i.e. non financial risks to industry such as cyber threats

This module features a two-week induction period

Theoretical weaknesses of universal banking and of narrow banking Optimal Deposit Insurance and IADI principles

Banking supervision and the law: judgement vs rules

Watch the film

Risk-shifting and financial crisis

Basel III and the leverage ratchet

Climate change and financial regulation

W wbs.ac.uk/go/ FinancialReg

VaR and risk weights

Insurance regulation

Operational resilience and regulation

Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.

wbs.ac.uk/go/banking

Global Central Banking & Financial Regulation qualification

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