The Bartlett School of Sustainable Construction


Infrastructure Investment and Finance MSc

The Infrastructure Investment and Finance (IIF) MSc is designed to enable infrastructure specialists to acquire the skills essential to the development of complex infrastructure projects.

People walking across a skybridge in Canary Wharf

Course highlights

  • Gain an integrated perspective on economic and financial theory as well as industry practice
  • Benefit from interaction with senior professionals in the infrastructure, investment and finance industry through guest lectures and our annual alumni networking event
  • Prepare for a rewarding career in related sectors such as infrastructure development or finance, investment or working for regulatory and advisory bodies.

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There is growing demand for infrastructure investment globally as traditional sources of public funding and finance can no longer be presumed to provide the required levels of capital. This innovative MSc considers the perspectives of procuring infrastructure as well as providing the private finance to deliver the required investments to close the infrastructure gap.

With a strong commercial focus, this course provides candidates with a well-balanced mix of economic and financial theory as well as industry practice, including modules exploring:

  • the history and future of infrastructure investment at global, national and sector levels, and the key determinants of total and sector investment levels
  • the impact of government policy, funding and private capital markets on investment in infrastructure.
  • the role of regulation in incentivising private investment
  • the cost of capital for infrastructure investment and the allocation of risk in contracted delivery
  • the commercial perspective of infrastructure project sponsors, lenders, investors and contractors throughout the procurement, design, construction and operation of infrastructure assets

Completing the one-year programme will equip graduates with skills necessary to a career in infrastructure procurement and development whether as public sector advisors, private sector financing specialists or consultants within advisory firms.

“UCL attracts students from all over the world and from different professional backgrounds. We had significant engagement with industry professionals as part of the programme, and having these connections has been helpful years after I completed my studies.”
Anesu Bwawa, Infrastructure Investment and Finance MSc (2016)
UCL attracts students from all over the world and from different professional backgrounds. We had significant engagement with industry professionals as part of the programme, and having these connections has been helpful years after I completed my studies.”
Anesu Bwawa, Infrastructure Investment and Finance MSc (2016)

Course content

The IIF MSc contains five compulsory modules, three optional modules and a research dissertation. If you have any questions related to these modules please contact the programme director. You can also refer to the UCL Graduate Prospectus.


Compulsory modules

Optional modules

  • Infrastructure Using a Special Purpose Vehicle
  • Managing Smart Infrastructure Technologies
  • Life Cycle Management of Infrastructure Built Assets
  • Carbon Accounting and Pricing for Infrastructure
  • Climate Sciences, Technology and Policy
  • Green Finance for Infrastructure Development

Please note that the list of modules given here is indicative. This information is published a long time in advance of enrolment and module content and availability is subject to change. Modules that are in use for the current academic year are linked for further information. Where no link is present, further information is not yet available. For more information, please check the UCL Graduate Prospectus.

Students undertake modules to the value of 180 credits. Upon successful completion of 180 credits, you will be awarded an Infrastructure Investment and Finance MSc.


The teaching schedule in Terms 1 and 2 is grouped into two days per week, Tuesday and Thursday, to include part-time students. Additional week days will be added to the teaching schedule in Term 2 for optional modules to be delivered. Full-time students will be required to attend classes on both days throughout both terms. Students taking the course part-time will attend on Tuesdays in their first year and Thursdays in their second year.  

Term 3 and the summer term will be used for assignments, examinations and the dissertation.

In addition to the above, students will be expected to spend time on private study, research and group work (when and where applicable).

Module structure and assessment

Term 1: five core modules (60 credits)

The first term will deal with the five core (compulsory) modules. These modules cover the fundamentals of the course and are very intensive. They consist of lectures, seminars and group exercises or discussions. There is a high degree of contact time under the direction of the module leader.

Term 2: one core module and three optional modules (60 credits)

The second term will deal with one core (compulsory) module and three optional modules. These modules cover more specific topics and are also very intensive. They consist of lectures, seminars and group exercises or discussions. There is a high degree of contact time under the direction of the module leader.

Term 3: examinations and assignments

The third term is usually used for the administration of university exams and the submission of coursework assignments. Please to refer to the section below on assessment for more information.

Summer term: Dissertation (60 credits)

The dissertation is a 10000-word manuscript, which is the outcome of original individual research carried out by the students. Work on the dissertation commences in Term 1 (preliminary selection of topic) and continues until the following September. However, due to the intensity of class attendance in Terms 1 and 2 and the examinations and coursework deadlines in Term 3, students usually undertake the bulk of their dissertation work during the summer term.

The dissertation research process is almost entirely directed by the students although a supervisor is also assigned to each of them in order to guide them through the process. Each student has the responsibility to choose their own dissertation topic, to manage the progress of their work, to collect original data and to ultimately elaborate on their research in a final manuscript to be submitted for assessment.

The dissertation research can also be combined with on-the-job research for students on internships. The IIF programme is willing to provide students with such an option provided that the entire process is coordinated by the students themselves who will be responsible for making all necessary arrangements (e.g. negotiating the internship, securing dual supervision, etc.). Additionally, dissertation topics related to industry work will need to possess academic value commensurate with the level of rigorousness of the IIF MSc course, in order to be considered towards obtaining the MSc degree.

Course Assessment

The IIF MSc will be conferred upon students who successfully pass all taught core modules and the dissertation.

All modules have mandatory assessment components. Depending on the module the assessment will be either:

  • 100% essay/coursework (3000 words)
  • 100% unseen written exam (2-3 hours)

The IIF MSc has a well-balanced mix of the two methods of assessment and includes 50% essay/coursework and 50% unseen written exams. All unseen written exams will be administered during Term 3 of the academic year. Deadlines for the submission of essays/coursework will be determined by module leaders and announced to students at the beginning of the academic year.

Dissertation assessment has two parts:

  • A 1000 word dissertation topic outline, submitted in late February (November of year 2 for part-time students). This counts for 10% of the overall dissertation mark.
  • The full 10000 word dissertation manuscript, which has to be submitted in early September. This counts for the remaining 90% of the dissertation mark.

Non-Assessed Modules

The IIF MSc students benefit from a number of short, non-assessed modules. These take place during the first two terms. Topics covered include:

  • Defining infrastructure: technical and economic characteristics
  • Financial modelling skills
  • Research skills

Study modes, entry requirements and fees and funding

Duration: The course can be studied full-time over one year or part-time over two to five years. Part time students completing the course over two years take four core modules each academic year with the dissertation also in the second year. 

Entry requirements: Read the full entry requirements for this course on the UCL Graduate Prospectus.

Personal statement: As part of your application you need to provied a personal statement. Tell us about an influential experience which made you want to study infrastructure investment and finance. What were the key lessons from this experience and how do you plan to build the lessons in your future career and professional development? ​​Tell us about a challenge that you or a friend had to overcome. Why was this a challenge and how did you/your friend overcome it? 

Fees and funding

Fees: Tuition fee information can be found on the UCL Graduate Prospectus.

Funding: For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding section of the UCL website.


The IIF MSc is accredited by the Royal Institute of Chartered Surveyors (RICS).

Programme staff

In addition to academic staff from UCL, IIF MSc lectures and seminars are supplemented by guest lectures delivered by senior officials from the European Investment Bank (EIB) and experienced professionals from various firms and organizations (both public and private sector) that are actively involved in the area of infrastructure investment and finance.

Dr Yiming Wang, Programme Leader

Tahira Khawaja, Teaching & Learning Administrator


Students successfully completing the programme will be able to show:

  • Competence in their ability to apply a wide range of theories and concepts to a variety of infrastructure focused problems and contexts.
  • They possess high level critical and research skills.
  • Their ability to critically appraise and interpret the importance of trends and developments in the infrastructure investment and finance sectors of the countries in which they work.
  • Their ability to appraise critically the continuing developments in the literature and research on infrastructure investment and finance.
  • We encourage our students to be proactive in their learning and to contribute to UCL’s research. There are many past examples of the School’s postgraduate students collaborating with UCL Bartlett academics in the publication of research papers and research projects. IIF MSc complements this well-established trend by providing enthusiastic students with as many opportunities for academic collaborations as possible.

School and UCL careers events are held during the year to enable students to meet prospective employers. Organisations that are likely to take on graduates of IIF MSc include infrastructure developers, infrastructure financiers and investors such as banks and equity funds, infrastructure operators, public sector commissioning and regulatory bodies, as well as advisory firms active in the growing infrastructure market.

The IIF MSc programme and the School actively supports students and alumni in establishing their professional network, recognising the importance of networks in providing graduates with opportunities and support throughout their careers.

•    Learn more about Careers support available at the School. 

More information