UCL Graduate degrees


Infrastructure Investment and Finance MSc

This innovative MSc considers the perspectives of infrastructure investment and finance. It is aimed at developing global leaders and professionals for the infrastructure sector. It draws on the expertise of external organisations such as infrastructure developers, advisors, asset managers and multi-lateral development banks in delivering cutting edge knowledge and industry practice.

Key information

Programme starts

September 2021

Modes and duration

Full time: 1 year
Part time: 2 years
Flexible: up to 5 years

Full-time students study for 37.5 hours per week during term time. Typically, lectures and seminars occur on two days per week. Flexible mode students normally attend half this amount.

Application dates

Open: 9 November 2020
Close: 28 April 2021
Open: 9 November 2020
Close: 31 May 2021
Applications may close earlier if all places on the programme are filled.

Tuition fees (2021/22)

£18,800 (FT)
£9,400 (PT)
£31,200 (FT)
£15,600 (PT)

Note on fees: The tuition fees shown are for the year indicated above. Fees for subsequent years may increase or otherwise vary. Further information on fee status, fee increases and the fee schedule can be viewed on the UCL Students website: ucl.ac.uk/students/fees. Fees for flexible, modular study are charged pro-rata to the appropriate full-time Master's fee taken in an academic session.

Fee deposit: All full-time students are required to pay a fee deposit of £2,000 for this programme. All part-time students are required to pay a fee deposit of £1,000.


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

The programme has an academic partnership with the Chartered Institute for Securities and Investment (CISI). Students who wish to sit the exams required for CISI chartered membership would need to register with CISI separately.

Location: London, Bloomsbury

Entry requirements

A minimum of an upper second-class Bachelor’s degree from a UK university in a relevant subject (including engineering, mathematical-based science, built environment, economics and finance), or an overseas qualification of an equivalent standard. In exceptional cases, a lesser academic qualification combined with substantial professional experience and demonstrable academic ability will allow acceptance onto the programme.

English language requirements

If your education has not been conducted in the English language, you will be expected to demonstrate evidence of an adequate level of English proficiency.

The English language level for this programme is: Good

Pre-Master's and Pre-sessional English

UCL Pre-Master's and Pre-sessional English courses are for international students who are aiming to study for a postgraduate degree at UCL. The courses will develop your academic English and academic skills required to succeed at postgraduate level. International Preparation Courses

Further information can be found on our English language requirements page.

International students

Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website.

International applicants can find out the equivalent qualification for their country by selecting from the list below.

Select your country:

About this degree

With a strong commercial focus, the MSc in Infrastructure Investment and Finance (IIF) provides candidates with a well-balanced mix of economic and financial theory as well as industry practice, including modules exploring:

  • the economics and finance of infrastructure development and delivery
  • the future of infrastructure investment at global, national and sector levels, and its key determinants
  • the impact of government policy and capital markets on infrastructure investment
  • the organisation of public private partnership (PPP) and project finance
  • the cost of capital for infrastructure investment and the allocation of risks in contracted delivery
  • the commercial perspective of infrastructure project sponsors, lenders, investors and contractors throughout the procurement, design, construction and operation of infrastructure assets
  • the process of risk modelling and infrastructure asset management 

Students undertake modules to the value of 180 credits.

The programme consists of eight compulsory modules (120 credits) and a research dissertation (60 credits).

Upon successful completion of 180 credits, you will be awarded a MSc in Infrastructure Investment and Finance.

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.

Compulsory modules

  • Infrastructure Finance (15 credits)
  • Infrastructure using a Special Purpose Vehicle (15 credits)
  • Infrastructure: Economic Principles and Policy (15 credits)
  • Infrastructure as an Asset Class (15 credits)
  • Agency and Transaction Costs in Infrastructure Projects (15 credits)
  • Risk Modelling and Asset Management in Infrastructure Projects (15 credits)
  • Demand Forecasts, Business Cases and Appraisal Methods (15 credits)
  • Managing Infrastructure Projects and Programmes (15 credits)
  • Financial Modelling for Infrastructure (Workshop)

Optional modules

There are no optional modules for this programme.

Dissertation/research project

All students undertake a substantial research-based dissertation on a research question of their own choosing (60 credits).


In the past, students have undertaken field visit to Ashurst, an international law firm based and S&P Global Market based in Carnary Wharf, London. 

Teaching and learning

The programme is delivered through a combination of lectures, seminars, group tutorials/workshops, project briefings, and individual supervision for the research-based dissertation element.

Guest lectures draw on a wide range of expertise from industry practitioners such as lawyers, bankers, investors, consultants, asset managers and project developers.

Assessment is through unseen written examinations, 3,000-word written term papers and the 10,000-word dissertation.

Additional costs

If you are concerned by potential additional costs for books, equipment, etc. on this programme, please get in touch with us by email bscpm.enquiries@ucl.ac.uk.

For more information on additional costs for prospective students please go to our estimated cost of essential expenditure at Accommodation and living costs.


Details of the accessibility of UCL buildings can be obtained from AccessAble accessable.co.uk. Further information can also be obtained from the UCL Student Support & Wellbeing team.


UCL offers a range of financial awards aimed at assisting both prospective and current students with their studies.

Any additional funding available from The Bartlett School of Sustainable Construction and the Built Environment Faculty Office are advertised on the respective websites.

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


This degree is designed to enable infrastructure specialists to develop the skills essential to the delivery of complex infrastructure projects. It will equip graduates with the potential to become future innovators, leaders, senior managers, policymakers, researchers and educators in the fields of infrastructure investment and finance and project management industries. Organisations that are likely to take on graduates of this MSc include infrastructure developers, infrastructure financiers and investors such as institutions, banks and equity funds, infrastructure operators, public sector commissioning and regulatory bodies, as well as advisory firms active in the growing infrastructure market.


Completing this MSc will equip graduates with multi-disciplinary skills necessary for a career in infrastructure financing, procurement and development whether as a public sector advisor, private sector financing specialist or consultant within advisory firms.

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
  • possession of high-level critical, analytical and research skills
  • an 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
  • an ability to appraise critically the continuing developments in the literature and research on infrastructure investment and finance.
  • application of financial modelling skills to the infrastructure sector

Why study this degree at UCL?

Many governments including the UK, US, the EU, China and India are increasing their focus on improving infrastructure. The required capital for investment is estimated to be in the trillions of US dollars. At the same time there is a compelling need for professionals equipped with a multi-disciplinary expertise which combines technical and financial skills with the ability to undertake risk assessments, financial modelling, investment and economic analysis. This pioneering MSc is the only programme in the UK, and one of few globally recognised, to focus on the finance, investment and commercial applications associated with these vast sums of investment and global infrastructure needs.

The Bartlett School of Sustainable Construction is placed within the renowned UCL Bartlett Faculty of the Built Environment. Based in central London, it is close to world-leading financial, engineering and consulting practices, many of whom are UCL partners. The School has both specialist expertise and excellent relations with a range of industry and government bodies which will provide a valuable network to students seeking careers in the exciting area of infrastructure financing and development.

The MSc IIF directly benefits from the signing of a Memorandum of Understanding (MoU) between UCL and the European Investment Bank (EIB). This MoU sets out the scope of the EIB's support and ongoing involvement in the planning and delivery of the programme. The EIB’s involvement aims to enhance students’ understanding of infrastructure finance and investment through their exposure to the bank’s long and multi-faceted experience in this field.


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

The programme has an academic partnership with the Chartered Institute for Securities and Investment (CISI). Students who wish to sit the exams required for CISI chartered membership would need to register with CISI separately.

Department: Bartlett School of Sustainable Construction

Application and next steps


Students are advised to apply as early as possible due to competition for places. Those applying for scholarship funding (particularly overseas applicants) should take note of application deadlines.

This programme requires two references. Further information regarding references can be found in our How to apply section.

There is an application processing fee for this programme of £90 for online applications and £115 for paper applications. Further information can be found at: ucl.ac.uk/prospective-students/graduate/taught/application.

Who can apply?

This programme is designed for early to mid-career professionals seeking to specialise in infrastructure investment, economics and finance, procurement, management and regulatory functions. In addition to enabling finance graduates the opportunity to specialise, the MSc IIF will also be attractive to engineering graduates wishing to adapt their career options, and to graduates in other related numerate subject areas (e.g. economics, finance, planning, etc.).

Application deadlines

28 April 2021
31 May 2021

For more information see our Applications page.

Apply now

What are we looking for?

When we assess your application we would like to learn:

  • Why you want to study for the MSc in Infrastructure Investment and Finance and what attracts you to this specialism?
  • How your professional and academic background meet the demands of MSc Infrastructure Investment and Finance?
  • Why you want to study at UCL and the Bartlett?
  • How will the MSc Infrastructure Investment and Finance help you to achieve your career plan?

When completing your application you should consider that together with essential academic requirements, the personal statement is your opportunity to illustrate whether your reasons for applying to this programme match what the programme will deliver.

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?

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Page last modified on 28 August 2021