This module will equip you with the necessary theoretical, applied, and critical skills to navigate financial markets, understand financial instruments, make responsible investment decisions, and understand how companies can raise finance.
The first part of the module (Units 1 and 2) explores the concept of the time value of money, which is critical to astute financial decision making. Building on this knowledge, investment appraisal tools are introduced and applied. Important dimensions of risk and return will be considered, and the trade-off between them will be analysed within the theoretical frameworks of portfolio theory and the Capital Asset Pricing Model. The relevance of the weighted average cost of capital (WACC) in the context of project appraisal and discounting cash flows will be emphasised.
The second part (Unit 3) provides an overview of the financial markets and instruments with the focus on stocks, bonds, and foreign currencies. More complex financial tools, such as derivatives, will also be considered including financial options, swaps, as well as forward and futures contracts. Underlying the technical description of those financial assets is a reflection on what drives their price formation process. Do prices accurately reflect the fundamental information that is available, or do they instead reflect the behavioural tendencies of traders?
The third part (Units 4 and 5) elucidates the processes through which companies can mobilise the funds required to finance their operations and investments. Equity capital could be raised in a multitude of ways. Traditional approaches typically involved the offering of shares on the stock exchange or securing funds from venture capitalists or business angels. More recently, novel methods have emerged, including crowdfunding, initial coin offering and fintech. In terms of raising debt finance, you'll analyse the possibilities afforded by bank loans, bonds, money markets, and leasing.
In the final unit of the module (Unit 6), you'll acquire skills to understand the financial and other qualitative information provided in the Annual Reports of companies, which are a major source of information for investment analysts, investors, and other stakeholders in an organisation. You'll use financial analysis tools to investigate, interpret, and manage organisational activities and processes. These represent essential skills to be able to assess the financial structure and performance of organisations.
By completing this module, you will be able to:
This module will be of particular interest to you if you're working, or planning to work, in the finance division of a company or public sector/not-for-profit organisation. The knowledge acquired may be useful to individuals who wish to work in the banking sector, mutual funds, or pension funds. The topics covered will help you in making investment decisions, should you wish to invest your own or other’s people money. Finally, if you work outside the finance industry but wish to expand your knowledge and skills, you may also benefit by increasing your future opportunities.
Your tutor will help you with the study material, mark and comment on your assignments and provide advice and guidance. You'll be able to contact your tutor by email, telephone or via your tutor group forum on the module website.
Course work includes:
You'll be provided with a printed module book and have access to a module website, which includes:
You can only study this module as part of specific Open University qualifications.
B815 is a compulsory module in our:
Sometimes you cannot count a module towards a qualification if you have already counted another module with similar content. To verify any excluded combinations with this module, check with an adviser before registering.
Financial markets and the financing of organisations starts once a year – in November.
This page describes the module that will start in November 2026.
We expect it to start for the last time in November 2029.
As a student of The Open University, you should be aware of the content of the academic regulations, which are available on our Student Policies and Regulations website.
All entrants must hold a BA/BSc degree awarded by a recognised university or equivalent.
Various higher education and professional qualifications are considered equivalent to a degree. If you hold a qualification that you believe is an equivalent level to a UK degree, you should contact us. The Open University Business School Masters Programme Committee is responsible for judging whether applicants' qualifications meet the requirements for admission.
It is strongly recommended that you study this module first in our postgraduate finance qualifications and are comfortable using numerical methods and spreadsheets. If you're unsure about these skills, we suggest you familiarise yourself with illustrative numerical skills and methods prior to study.
You will also need an appropriate ability in English language, sufficient to be able to work effectively at postgraduate level; generally this means capability equivalent to an International English Language Test System (IELTS) score of 6.5. To assess your English language skills in relation to your proposed studies, you can visit the IELTS website. If you are unsure whether your skill level in English is adequate, you may find it helpful to look at our Skills for OU Study site.
If you have any doubt about the suitability of the module, please speak to an adviser.
Any video or podcast resources will be accompanied by transcripts and closed captions on the module website. Alternatives will also be prepared if you're unable to engage with the tutor group forums. If you use assistive technology or have a hearing or speech impairment and have concerns about accessing this type of virtual environment, you can visit the system provider's website for information and contact us to discuss it before registering.
If you’re using printed materials as part of reasonable adjustments to support your studies, note that printed versions of online materials are unavailable for this module.
| Start | End | Register by | England fee |
|---|
| 07 Nov 2026 | 30 Apr 2027 | 15 Oct 2026 | Not yet available* |
| *This start date is open for pre-booking, which means you can reserve your place ahead of the fees being confirmed. We’ll publish updated 2026/27 fees and funding information on the 25th of March. |
There may be extra costs on top of the tuition fee, such as set books, a computer and internet access.
If your income is not more than £25,000 or you receive a qualifying benefit, you might be eligible for help with some of these costs after your module has started.
There may be extra costs on top of the tuition fee, such as set books, a computer and internet access.
If you study this module as part of an eligible qualification, you can apply for a postgraduate loan to support your study costs. To find out more, see Postgraduate loans in England.
If you study this module as part of an eligible qualification, you can apply for a postgraduate loan to help with your tuition fees. To find out more, see Postgraduate tuition fee loans in Northern Ireland.
If you study this module as part of an eligible qualification, you can apply for a postgraduate loan to help with your tuition fees. To find out more, see Postgraduate loans in Scotland.
If you study this module as part of an eligible qualification, you can apply for a postgraduate loan to support your study costs. To find out more, see Postgraduate loans in Wales.
The Open University Student Budget Accounts Ltd (OUSBA) offers a convenient 'pay as you go' option to pay your OU fees, which is a secure, quick and easy way to pay. Please note that The Open University works exclusively with OUSBA and is not able to offer you credit facilities from any other provider. All credit is subject to status and proof that you can afford the repayments.
You pay the OU through OUSBA in one of the following ways:
Joint loan applications
If you feel you would be unable to obtain an OUSBA loan on your own due to credit history or affordability issues, OUSBA offers the option to apply for a joint loan application with a third party. For example, your husband, wife, partner, parent, sibling or friend. In such cases, OUSBA will be required to carry out additional affordability checks separately and/or collectively for both joint applicants who will be jointly and severally liable for loan repayments.
As additional affordability checks are required when processing joint loan applications, unfortunately, an instant decision cannot be given. On average, the processing time for a joint loan application is five working days from receipt of the required documentation.
Read more about Open University Student Budget Accounts (OUSBA).
Studying with The Open University can boost your employability. OU courses are recognised and respected by employers for their excellence and the commitment they take to complete. They also value the skills that students learn and can apply in the workplace.
Over 30,000 employers have used the OU to develop staff so far. If the module you’ve chosen is geared towards your job or developing your career, you could approach your employer to see if they will sponsor you by paying some or all of the fees.
You can pay part or all of your tuition fees upfront with a debit or credit card when you register for each module.
We accept American Express, Mastercard, Visa and Visa Electron.
We know that sometimes you may want to combine payment options. For example, you may wish to pay part of your tuition fee with a debit card and pay the remainder in instalments through an Open University Student Budget Account (OUSBA).
We know that sometimes you may want to combine payment options. For example, you may get support from your employer to pay part of your tuition fee and pay the remainder by credit or debit card.
For more information about combining payment options, contact an adviser.
Please note: your permanent address/domicile will affect your fee status and, therefore, the fees you are charged and any financial support available to you. The fee information provided here is valid for modules starting before 31 July 2026. Fees typically increase annually. For further information about the University's fee policy, visit our Fee Rules.
