The module consists of the following five units:
Unit 1 – Corporate governance
This unit provides you with an overview of corporate governance, including the meaning, significance, and the fundamental principles that underpin it. It also includes a critical examination of current theories and practices in global corporate governance. You'll be introduced to key corporate governance issues such as board diversity, board structure, executive compensation, and institutional investors. As a result, you'll gain an understanding of how governance plays a pivotal role in addressing fraud and ethical issues, as well as in shaping corporate investments and financing decisions.
Unit 2 – Ethics, fraud and governance
This unit covers the topic of ethics, identifying ethical issues and dilemmas while discussing the role of the code of ethics within an organisation. You'll be introduced to the meaning, impact, and nature of fraud, along with the reasons it is committed. The focus will be on internal fraud, as it is the most prevalent and costly form of fraud. The unit then explores how corporate governance plays a crucial role in countering internal fraud by highlighting key governance mechanisms such as ethical leadership, auditors, audit committees, and internal controls.
Unit 3 – Company valuation
This unit examines company valuation in the context of investment. It outlines various methods for valuing companies, building on the techniques from Financial markets and the financing of organisations (B815), and demonstrates how different valuation approaches are applied in different contexts. Specifically, the unit discusses the three main types of valuation methods. It begins with asset-based valuation, which uses balance sheet data to estimate value. Next, market multiples are introduced, using share prices to establish comparative benchmarks for value. Finally, discounted cash flow valuation (DCF) techniques, which use forecast data to estimate present value, are considered.
Unit 4 – Financing decisions, pay-out policy and Islamic finance
The unit introduces you to the extensive academic literature on the significance of capital structure and pay-out policy. Building on the material from Financial markets and the financing of organisations (B815), it enhances your understanding of how capital raised by companies (e.g., through equity or debt) can influence their strategic direction. The unit starts by reviewing the different securities companies use to raise capital. It then covers the Modigliani-Miller theorem, which suggests that capital structure and dividend policy do not affect firm value. You'll explore various “market imperfections” that make capital structure and pay-out policy relevant, as well as show how behavioural biases impact financing decisions. Finally, principles and trends in Islamic finance are introduced.
Unit 5 – Mergers & acquisitions and corporate restructuring
The final unit explores the waves of mergers and acquisitions (M&As) over the past decades and their impact on financial decision-making and firm value. You'll learn why firms engage in M&As and whether these transactions actually benefit different stakeholders, including shareholders, debt holders and employees. Building on earlier units covering governance and financing policies, you will examine how M&As can function as a governance mechanism. The unit also discusses corporate restructuring methods and their associated costs and benefits. Additionally, you'll explore how firms that operate in multiple lines of business face specific costs and benefits.
By completing this module, you will be able to:
This module, along with the compulsory module Financial markets and the financing of organisations (B815), will be particularly relevant if you’re working, or planning to work, in the finance sector of an organisation or in the finance division of a company, public sector entity or not-for-profit organisation. It will also benefit individuals who work, or intend to work, outside of the finance domain but wish to expand their knowledge and skills to enhance future opportunities.
Your tutor will help you with the study materials, mark and comment on your assignments, and provide advice and guidance throughout the module. You'll be able to contact your tutor by email, phone or via the forums on your module website. They’ll be in touch from the start of the module to confirm how best to contact them.
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.
B816 is a compulsory module in our:
B816 is an option 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 strategy and governance starts once a year – in May.
This page describes the module that will start in May 2026.
We expect it to start for the last time in May 2030.
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.
You 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 at 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.
Although not mandatory, it is strongly recommended that you complete Financial markets and the financing of organisations (B815) before starting this module, and it is highly advisable that you are comfortable with the use of numerical methods and the use of spreadsheets. If you're unsure about these skills, we suggest you familiarise yourself with basic numerical techniques and methods before beginning the module.
You’ll also need an appropriate standard of English language comprehension to be able to work effectively at a postgraduate level. Generally, this means a 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’re 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 with 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 |
|---|
| 02 May 2026 | 31 Oct 2026 | 16 Apr 2026 | £1,960 |
| 01 May 2027 | 31 Oct 2027 | 15 Apr 2027 | Not yet available* |
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.
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Read more about Open University Student Budget Accounts (OUSBA).
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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.
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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.
