Warwick Business School delivers the insights you need to succeed in a rapidly changing world.
Global Central Banking & Financial Regulation qualifications
For the Change Makers.
CONTENTS.
Welcome.
page 4.
Programme overview.
page 6.
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. Andrew Bailey. Governor of the Bank of England .
Qualification levels.
page 7.
Programme structure.
page 8.
Online learning.
page 10.
Programme benefits.
page 11.
Transforming your career.
page 12.
Our faculty.
page 14.
Explore our modules.
page 18. page 20 . page 22 . page 24 . page 26 . page 28 . page 30 . page 32 .
Comparative Central Banking.
Behavioural Finance.
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..
Frequently asked questions.
page 34.
Application, fees & funding.
page 36.
Why choose Warwick Business School?
page 38.
Talk to us.
page 39.
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WELCOME.
Flexible study . By studying online around your work
Why are these qualifications relevant today?
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.
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.
John Thanassoulis . Professor of Financial Economics, Warwick Business School.
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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, regulation or law who would want to take a holistic approach to the financial environment.
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: September, 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: Sept 2026, Feb 2027 and Jun 2027 Postgraduate Award £4,145 MSc Fees £33,160 Sept 2027, Feb 2028 and Jun 2028 Postgraduate Award £4,220 MSc Fees £33,760
Modules.
Awards structure.
Key information.
Taught entirely online part-time.
The Postgraduate Award. Successfully complete one module to gain a Postgraduate Award.
Financial Markets &
Money, Banks
Choice of three start dates.
Financial Risk Management
& Financial Innovation.
Ability to pick and choose individual modules.
The Postgraduate Certificate. Successfully complete three modules to gain a Postgraduate Certificate.
Financial Regulation & Supervision.
Taught in collaboration with the Bank of England.
Behavioural Finance.
The Postgraduate Diploma. Successfully complete six modules to gain a Postgraduate Diploma.
Class profile* .
Research Methods & Dissertation.
Monetary Policy & Monetary Analysis.
31 Average age of participants.
43/57 % female/ male split.
Data Science, AI & Machine Learning.
The MSc. Successfully complete six modules, plus the Research Methods & Dissertation module to gain an MSc.
23 Nationalities represented.
7 Average years’ work experience.
Comparative Central Banking.
Financial Conduct, Leadership & Ethics.
*Studying in 2025/26 MSc cohorts.
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PROGRAMME STRUCTURE.
Module dates. Participants will have the opportunity to choose from a range of available modules. Please note that the modules offered are indicative and may be subject to change.
Modules. Modules are delivered sequentially throughout the year with intakes in September, 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 gives you a global perspective, builds your confidence to engage with complex financial topics, and helps you connect with professionals from around the world who share the same passion for building stronger and more inclusive financial systems.” Jaheed Parvez MSc Global Central Banking and Financial Regulation participant.
February 2027. Financial Markets & Financial Risk Management.
June 2027. Financial Regulation & Supervision.
September 2027. Behavioural Finance.
Monetary Policy & Monetary Analysis.
Comparative Central Banking.
Money, Banks & Financial Innovation.
Financial Conduct, Leadership & Ethics.
Data Science, AI & Machine Learning.
Research Methods & Dissertation*.
*Research Methods & Dissertation module will run for eight months.
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ONLINE LEARNING.
PROGRAMME BENEFITS.
my.wbs . Our programme is delivered on the same bespoke online platform, my.wbs. 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:
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.
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. You will bring back to your organisation many proven tools, ideas and best practice, which can be implemented immediately.
One of the standout benefits of the programme is its flexibility. The online format makes it achievable and highly effective. I can immediately apply what I learn to my work, turning theory into practical insight. Oluwatobi Koledoye .
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, Graduate.
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 65,658 alumni in 176 countries. Accreditation from the Chartered Banker Institute Warwick Business School’s specialist MSc in Global Central Banking and Financial Regulation has secured accreditation from the Chartered Banker Institute, allowing graduates to earn the prestigious Chartered Banker designation alongside their academic qualification. Founded in 1875, the Chartered Banker Institute has around 25,000 members across more than 100 countries over six continents. The organisation, which was established by Royal Charter, promotes professional qualifications and standards, ethics, and continuing development across the banking sector. The accreditation applies only to students completing the full MSc. Students will be able to opt in to the accreditation route, with membership and accreditation fees paid directly to the Institute.
MSc Global Central Banking and Financial Regulation participant.
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TRANSFORMING YOUR CAREER.
The programme
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 CareersPlus ‘Empower’ platform 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 .
Alumni support .
reshaped my perspective, strengthened my analytical confidence, and aligned me more deeply with the mission of financial stability and effective regulation. It was – and continues to be – a truly transformational journey. Merina Phiri Ndumba . MSc Global Central Banking and Financial Regulation, Graduate.
Overview of careers support.
Career Management Module – 16 lesson online Career Managment module.
Skill Masterclasses and webinars.
Professional Interest groups.
Networking events and webinars
Online resources.
1:1 Career Consultation.
Building your network. Professional Interest Network Events and Webinars. LinkedIn groups and discussion forums
Recruiter events and opportunities.
Information and online resources
Coaching and career consultation. Access to ongoing, regular coaching consultations.
Streamed Recruiter and Sector overview presentations. Case study competitions. Practitioner lectures. Job postings via ‘Empower’ platform. Access to ‘GoinGlobal’ premium content
‘Empower’ platform. Video interview
simulation. GoinGlobal. Pay negotiation WBS Careers website and resource library. 16 lesson online Career Managment module. VMock CV preparation platform
Opportunity to access external coaching from industry experts. Mentor Boost
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OUR FACULTY.
In addition, the programme also features insights and contributions from a range of industry professionals including: Ruth Crowell, Chief Executive at the London Bullion Market Association. Ben Funnell, Former Man Group Portfolio Manager. Tracey McDermott, CBE, Group Head, Conduct, Financial Crime & Compliance. 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. Brian Wynter, Former Governor at Bank of Jamaica. Bill Winters, CEO at Standard Chartered.
Paul Fisher. Former Executive Director, Bank of England, and Honorary Professor, WBS..
Caspar Kaiser. Associate Professor, Behavioural Sciences group, WBS
John Thanassoulis . Professor of Financial Economics, Finance group, WBS
Dr Kebin Ma. Associate Professor of Finance, Finance group, WBS
Emma Manifold. Professor of Behavioural Science, Behavioural Sciences group, WBS
Paul was a senior official at the Bank of England for 26 years, including five years as Executive Director for Markets and as an MPC member, and two years as Deputy Head, PRA. He has since held a diverse portfolio of academic, policy and market-facing roles.
Caspar is an Assistant Professor with the Behavioural Science group at Warwick Business School, as well as a research fellow at Oxford University’s Wellbeing Research Centre, a research affiliate at the Institute for New Economic Thinking, and chair of the board of the Happier Lives Institute.
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 CEPR Research Fellow and the WBS Associate Dean for the Bank of England Partnership.
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.
Emma is an Associate Professor of Behavioural Science at Warwick Business School. Studying Financial Economics before completing her PhD in Behavioural and Experimental Economics in 2018, Emma joined the Behavioural Science group at Warwick Business School in 2022.
Diarmuid Murphy. Former Central Bank of Ireland, IMF, ECB, European Commission, and BIS, currently Director, IOB in Ireland.
Philippe Mueller. Professor of Finance, Finance group, WBS
Dimitrios Spyridonidis . Professor of Leadership and Innovation, Entrepreneurship & Innovation group, WBS
Shaun Vahey. Professor of Economic Modelling and Forecasting, Finance group, WBS
David Skeie. Professor of Finance, Finance group, WBS
Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority.
Diarmuid spent over two decades at the Central Bank of Ireland, in central banking and supervision. He has also spent time at the International Monetary Fund, European Commission, European Central Bank and Bank for International Settlements. In his current role at IOB, his responsibilities include executive education across banking and financial services.
Philippe holds a PhD in finance and economics from Columbia University. His research in macro finance, empirical asset pricing, and international finance is published in the top journals, such as the Journal of Finance and the Review of Financial Studies. He won the prize for the best capital markets and asset pricing paper published in the Journal of Financial Economics in 2023.
David Skeie is Professor of Finance at Warwick Business School and the Gillmore Centre for Financial Technology. He is a Bank of England advisory group member and was previously an Assistant Professor at Texas A&M, a Senior Economist at the Federal Reserve Bank of New York, and a trader at the hedge fund Citadel Investment Group.
Dimitrios is specialising in leadership, innovation, and organisational transformation. His work explores the future of leadership in an era of technological disruption, changing workforce expectations, and increasing organisational complexity. He has taught and delivered executive education internationally across Europe, Asia, and Africa.
Shaun joined WBS in August 2013. He has delivered Executive- level education to the Reserve Bank of New Zealand, Norges Bank, Bank Negara Malaysia and the Australian Treasury. Shaun has also previously served as a Bank Official at the Bank of England, a Senior Adviser at the Reserve Bank of New Zealand and as a Special Adviser at Norges Bank.
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Explore our modules
This programme combines the possibility to learn from a renowned academic institution and a world class central bank at the forefront of research, innovation, and better practices in central banking. Christian Nyalihama. Global Central Banking and Financial Regulation, Graduate.
Discover modules that can support your career development across the finance and banking industry. From behavioural finance to big data, the Global Central Banking & Financial Regulation qualifications have been designed to introduce you to the latest evidence-led and practice-informed financial regulation and monetary policy.
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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. Kechewia Charles Global Central Banking and Financial Regulation, Graduate.
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.
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), Hiroshi 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.
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.
Key topics covered .
Balance sheet issues . Liabilities. Banknotes. Commercial bank reserves. Central bank profits, losses and capital.
Role of central banks . Should banking supervision be part of a central bank?
Hot topics . Central banking independence, conduct regulation.
Different policy regimes . Different targets: exchange rate regimes, inflation target regimes, monetary control regimes corresponding to different nominal anchors. . Different instruments: interest rates, monetary
.
Key information .
■ What is the role of central banks
Assets.
Payment systems, developments in digital currencies, financial market, infrastructure issues.
The module will start in September 2027.
Outright asset holdings: financial risk, political economy considerations.. Lending/Draining: scale, term, price, frequency, etc.. Collateral considerations: haircuts, financial stability implications. . Foreign exchange and reserves management: Who? Why? How?
in climate change? ■ Secondary objective. .
control, exchange rate intervention. .
This module features a two-week induction period.
.
Watch the film
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CentralBanking
Policy co-ordination: monetary policy vs macroprudential vs microprudential.
Challenges from the Covid-19 pandemic, disintermediation of the banking system, fintech developments.
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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BEHAVIOURAL FINANCE.
The modules equipped me with advanced thinking and the holistic, in-depth knowledge surrounding financial regulation and central banking. Sarah Darwish . MSc Global Central Banking and Financial Regulation, Graduate .
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).
Key benefits .
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.
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, quizzes, discussion points, reflection activities. There are four wbsLive online sessions with your tutor.
Key information .
The module will start in September 2027.
This module features a two-week induction period.
Watch the film
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Key topics covered .
BehFinance
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
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
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DATA SCIENCE, AI & MACHINE LEARNING.
The programme is crafted for busy professionals; you can keep up with work at your own pace and your own convenience. Tadiwanashe Muganyi . MSc Global Central Banking and Financial Regulation, Graduate .
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 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. Faculty This module is led by Dr Caspar Kaiser (Associate Professor, Behavioural Sciences group, Warwick Business School).
Key benefits .
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. Award . Gain a Postgraduate Award upon successful completion.
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.
Key information .
The module will start in June 2027.
Key topics covered .
This module features a two-week induction period.
Introduction to programming using the R programming language. Overview of Machine Learning techniques used in economics and the
Theory behind supervised and unsupervised ML algorithms. How to implement and evaluate these algorithms in practice. Different
How neural nets and language models work. What the rise of advanced AI means for person coding work and its wider social and economic impacts
Watch the film
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social sciences. How to create
DataScience
interpretability techniques for complex black ML techniques.
industry-standard data visualisations.
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
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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).
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. Award . Gain a Postgraduate Award upon successful completion.
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.
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 information .
The module will start in September 2027.
This module features a two-week induction period.
Key topics covered .
Watch the film
Financial Conduct . Insights from the Fair and Effective Markets Review. Mis-selling and consumer
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,
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FCLE
Global Central Banking and Financial Regulation qualifications participant. .
Creating an ethical corporate culture. Ethical leadership across societies. Remuneration including regulatory principles, bonus cap distortions and clawback and malus
protection. Anti-money laundering and anti-insider dealing. Evidence on how widespread misconduct is in financial markets
including its interaction with the law
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
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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 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 and 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 Professor Jean-Charles Rochet (Toulouse School of Economics), Professor Thorsten Beck (European University Institute), Monetary Assessment and Strategy Division, Bank of England), and Katrin Assenmacher (Head of the Monetary Policy Strategy Division, European Central Bank), David Skeie (Professor of Finance, Warwick Business School), Ruslan Sverchkov, (Associate Professor of Finance, Warwick Business School). 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 to understand the evolution of the financial and monetary systems.
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, Graduate
Award . Gain a Postgraduate Award upon successful completion.
Key information .
Key topics covered .
The module will start in February 2027.
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.
FinTech and the payment system: blockchain, smart contracts,
Financial contagion across the interbank network.
This module features a two-week induction period.
Amplification of shocks and
and Artificial Intelligence.
so systemic risk, with the example of the Global Financial Crisis
CBDC (Central Bank Digital Currencies) the promise and the risks. Non-bank financial intermediation – shadow banking and the regulatory perimeter.
Watch the film
wbs.ac.uk/go/
MoneyBanks
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
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26
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 qualifications participant .
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. The module covers some technical material - maths booster resources are available if required.
Key information .
Key topics covered .
The module will start in February 2027.
Measuring VaR and expected shortfall. Market risk including interest rate risk, equity risk, foreign exchange risk. International banking (wholesale
Measuring economic capital for market risk assessment. Controlling market risk through asset and liability management (ALM). International
Historical simulation of VaR and expected shortfall. Foreign exchange risk for multinational firms (strategies and instruments).
This module features a two-week induction period.
Watch the film
■ Economic and
banking, banking crises, regulatory capital).
investment (speculative
regulatory capital planning for banks and insurers
strategies, country risk, cross-listing).
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
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28
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: 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; time series models; vector autoregressions and forecasting for monetary policy.
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).
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 .
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 information.
Key topics covered .
The module will start in June 2027.
The three-equation model, including the role of expectations and the exchange rate. Optimal inflation targeting. Quantitative easing. Empirical evidence on the effects of quantitative easing.
The credit cycle, asset prices bubbles, financial intermediation and the macroeconomy. Monetary policy interactions with financial stability. Unconventional monetary policy- making in practice. The financial crisis: causes and policy intervention.
Time series models. Vector autoregressions. Inflation targeting
This module features a two-week induction period.
Global Central Banking and Financial Regulation qualifications participant.
Watch the film
wbs.ac.uk/go/
MonetaryPolicy
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
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30
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).
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.”
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.
June Otigba MSc in Global Central Banking and Financial Regulation, Graduate .
Module structure . The module lasts for 17 weeks
Key information .
Key topics covered .
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.
The module will start in June 2027.
Too Big To Fail, moral hazard and deposit insurance. Operational resilience, i.e. non financial risks to industry such as cyber threats. Basel III and the leverage ratchet. VaR and risk weights.
Universal banking, ICB, ring-fencing. Theoretical weaknesses of universal banking and of narrow banking. Optimal Deposit Insurance and IADI principles.
Competition and financial stability. Banking supervision and the law: judgement vs rules. Risk-shifting and financial crisis. Climate change and financial regulation.
This module features a two-week induction period.
Watch the film
Insurance regulation. Operational resilience and regulation
wbs.ac.uk/go/
FinancialReg
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
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Global Central Banking & Financial Regulation qualification
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