The Alchemy of Financial Markets



Overview

This unique and multidisciplinary programme is designed to demystify the complexities of global finance.

We will take you on an engaging journey through the essential components and dynamic forces that shape today's financial markets. Starting with a basic knowledge of market participants, asset classes and intermediaries, our programme builds a comprehensive understanding of financial systems and their infrastructure.

We will also explore the central role of central banks, macroeconomic forces and monetary policy in maintaining market stability, before delving into behavioural finance to uncover the psychological factors that drive market trends, bubbles and crashes. A field trip to London's financial district brings theory to life, offering a hands-on look at the history and modern practices of finance.

The course concludes with a forward-looking focus on emerging technologies such as AI, big data and blockchain, as well as discussions on the ethical challenges of innovation. By the end of the course, you will have gained practical insights, new perspectives, and a roadmap for engaging with finance as a transformative force in today's interconnected world.

This course is part of the Inspiring Oxford summer school programme, held at Brasenose College.

Programme details

Daily schedule

Sunday 27 July - Saturday 02 August 2025

On most weekday mornings you will enjoy small group seminars (broken up with a short break), followed by a plenary lecture before lunch. 

Afternoons are then free to explore the many places of interest in and around Oxford or participate in the programme's optional social activities, including an optional field trip on Wednesday afternoon.

Details of any field trips can be found in the 'seminars and field trip' section below.

The course fee includes breakfasts Monday-Saturday (residential guests only), four weekday self-servce lunches, two self-service dinners and four served dinners Sunday-Friday. On one evening, you will also receive an invitation to join the programme director and tutors on high table (formal dress is encouraged). All meals included are taken in Brasenose College's dining hall.

On Friday, there will be a special gala farwell dinner and reception, where Certificates of Attendance will be presented. For this special occasion formal dress is encouraged.

Social programme 

Inspiring Oxford warmly invites all participants take part in our social programme, with all events provided at no additional cost. Optional social activites may include walking tours, concerts, croquet, theatre shows and punting.

A list of optional social activites available during this course will be sent out to you in advance of the start date.

Seminars and field trip

Details of all seminars and course specific field trips are listed below.

A plenary lecture will also take place after morning seminars and the lecture programme for 2025 can be viewed online here.

Monday

The Fundamentals – Brewing the Basics of Financial Markets

  • Gain a comprehensive introduction to financial markets, including key agents, intermediaries, and their roles in the global economy.
  • Explore major asset classes such as equities, bonds, derivatives, and alternative investments, and understand their dynamics.
  • Examine the flow of capital and the financial market ecosystem that supports primary and secondary markets.

Tuesday

The Architects of Stability – Central Banks and Economic Alchemy

  • Understand the role of central banks in maintaining financial stability through tools like monetary policy, interest rates, and quantitative easing.
  • Explore macroeconomic forces such as a nation’s GDP, inflation, and trade balances to understand market dynamics better.
  • Let’s also debate how central banks balance market stability, inflation control, and growth objectives.

Wednesday

The Human Element – Behavioral Alchemy in Finance

  • Discover how psychology influences financial markets, focusing on biases like loss aversion, herd behavior, and also overconfidence.
  • Analyze historical financial bubbles and crashes to uncover the behavioral patterns behind them (and to find similarities).
  • We will also engage in short quizzes and a group activity to simulate emotional decision-making in financial contexts.

Thursday

Introduction to Financial Derivatives

  • Overview of derivatives: options, futures, swaps, and forwards.
  • Understanding leverage, margins, and risk management.
  • The use of derivatives for hedging and speculation.
  • Key pricing factors: volatility, interest rates, and time & the Greeks.
  • Real-world examples of derivatives in practice.

Friday

Technology and the Next Chapter of Finance 

  • Explore the transformative role of AI and big data in finance, including use cases like algorithmic trading, risk management, and fraud detection.
  • Discuss the ethical challenges and responsibilities of applying technology in finance.
  • Wrap up our course by reflecting on future trends like blockchain, decentralized finance, and ESG investing.

Certification

Participants will receive a physical Certificate of Attendance at the end of the course.

You will also be eligible for a digital badge of attendance. Information on how to access this digital certificate will be emailed to you after the end of the course. This digital badge will show your name, the course title and the dates of the course you attended. You will be able to download your certificate or share it on social media if you choose to do so.

Fees

Description Costs
Fee option 1 (single en suite accom and meals per person) £2500.00
Fee option 2 (single standard accom and meals per person) £2160.00
Fee option 3 (twin en suite accom and meals per person) £2320.00
Fee option 4 (no accom; incl lunch and dinner per person) £1765.00

Funding

Please note, there are no sources of funding (scholarships, bursaries, etc) available for attendees of this summer programme.

Payment

Programme fees

  • The course fee includes breakfasts Monday-Saturday (residential guests only), four weekday self-servce lunches, and served dinners Sunday-Friday. 
  • Any excursions listed in the 'programme details' above do not require a separate payment.
  • All activites planned as part of the optional social programme are included in the course fee.

Please be aware that all payments made via non-UK credit/debit cards and bank accounts are subject to the exchange rate on the day they are processed.

Payment terms

If enrolling online: full payment by credit/debit card at the time of booking.

If submitting an enrolment form: full payment online by credit/debit card or via bank transfer within 30 days of invoice date.

Extended stay fee

Participants staying multiple, consecutive weeks will be charged an additional bed and breakfast fee for the cost of the Saturday night between courses.

Course transfer fee​

Please note that course transfers may be permitted in exceptional circumstances at the discretion of the programme administrator, up to the 1 May 2025. In accordance with our Terms and Conditions, an administration fee of £50 will be charged.

Cancellations and refunds

1. Cancellation by you

Participants who wish to cancel must inform the Programme Administrator in writing: by email to inspiringoxford@conted.ox.ac.uk, or by post to Inspiring Oxford, Department for Continuing Education, 1 Wellington Square, OXFORD, OX1 2JA, UK.

The following cancellation and refund policy applies in all cases:

  • Cancellation within 14 days of online enrolment / payment of fees – full refund of all fees paid. 

  • Cancellations received up to and including 30 April 2025 – the Department will retain an administration fee of £100 per week booked; all other fees paid will be refunded.
  • Cancellations received between 1-31 May 2025 – the Department will retain 60% of the fees paid; the remaining 40% of fees paid will be refunded.
  • Cancellations received on and after 1 June 2025 - no refunds will be made under any circumstances.

Where course fees have been paid in currencies other than pounds sterling, refunds will be subject to the exchange rate on the day they are processed.

2. Cancellation by us

Where there is good reason, the Department reserves the right to cancel a course by giving you notice in writing at any time before the course is due to start. In these cases, we will endeavour to offer a transfer to another available course if practical and acceptable to you, subject to payment or refund of any difference in course fees. Alternatively, we will refund the course fees that you have already paid. If we cancel a course, our liability is limited to the fees that we have received from you; this means that we will not compensate you for any pre-booked travel costs or any other expenses incurred.

The status of this course will be reviewed on 1 May 2025. If it is likely that the course may be cancelled, anyone affected will be notified by email within 7 days; if you have not heard from the Department by 8 May 2025, you should assume that your course will be running. You may wish to delay finalising your travel arrangements until after this date.

The Department reserves the right to cancel a course at short notice in exceptional circumstances that would prevent the course from being delivered e.g. tutor illness. In these rare instances, and if we are unable to find a replacement tutor, we will notify you as soon as possible and arrange a transfer to another available Inspiring Oxford course. If we cancel a course, our liability is limited to the fees that we have received from you; this means that we will not compensate you for any pre-booked travel costs or any other expenses incurred.

Where course fees have been paid in currencies other than pounds sterling, refunds will be subject to the exchange rate on the day they are processed.

3. Travel insurance

All participants must purchase travel insurance to cover the programme fee, travel costs, and any other expenses incurred. The Department cannot be held responsible for any costs you may incur in relation to travel or accommodation bookings as a result of a course cancellation, or if you are unable to attend the course for any other reason.

Tutor

Konrad Kleinfeld

Tutor

Konrad is a qualified banker, former derivatives trader and seasoned investment professional with over 20 years of industry experience in banking, capital markets and asset management. With his extensive background, he offers a unique perspective on both investment strategies and the needs of capital-seeking businesses and corporations in his engaging lectures and seminars. Konrad is currently Head of EMEA Sales for Fixed Income ETFs at one of the world's leading asset management firms. 

Prior to his current role, Konrad spent five years at BlackRock where he covered pension funds and larger German (multinational) corporations. Prior to joining BlackRock, he was a Vice President at Nomura International plc in London and Frankfurt, where he enjoyed a successful seven-year tenure. Konrad began his career as a corporate bond and credit derivatives trader, honing his skills and building a strong foundations in the financial industry. 

In addition to his professional achievements, Konrad is a dedicated part-time lecturer at two prestigious German business schools, where he teaches various aspects of finance and economics to both masters and undergraduate students. In addition, he had the privilege of being a summer school lecturer on finance and artificial intelligence (AI) at King's College London, University of London, from 2016 to 2018. Konrad also shares his expertise as a tutor at Oxford, focusing on topical issues in financial services and AI. 

Konrad's educational achievements include a BA in Banking, an Advanced Diploma in International Development from the University of Cambridge and an Executive MBA from Cass Business School, City, University of London. To further enhance his knowledge and expertise, he has obtained numerous financial certifications. His insights have been recognised and he has been quoted and interviewed by several prominent German TV and print media, including ARD, Tagesschau, n-tv, FAZ, DAF, Sueddeutsche and Handelsblatt. 

Teaching methods

Participants will be taught in seminar groups of up to 15 people.

Teaching methods used during this course may include:

  • Short lectures/presentations
  • Seminars/group discussions
  • Field trips

Application

The deadline for registration is 31 May 2025. Please be aware that payment deadlines may also change.

Single occupancy accommodation and non-residential

Single accommodation and non-residential places may be booked directly online by clicking on the 'book now' button above. Please do not complete an enrolment form for these.

If you have any trouble booking online, please contact the Programme Administrator by emailing`inspiringoxford@conted.ox.ac.uk.

Twin accommodation

If you wish to book a twin en suite room for two people, each person should complete an enrolment form and name the other person who they wish to share a room with. Please note these rooms have limited availability.

The form is an editable PDF and can be competed electronically, so you should not need to print and scan it. Completed forms should be sent by email to inspiringoxford@conted.ox.ac.uk.

Disabled participants

Including those with mobility difficulties

When applying for the Department's college-based summer programmes, prospective participants with mobility difficulties or visual or hearing impairments (for example) may wish to consult the University Access Guide. This includes specific information about University buildings, many of which are centuries old, and the extent to which modern adaptations have been made to support accessibility.

Prospective participants are also encouraged to contact the Programme Administrator at inspiringoxford@conted.ox.ac.uk to make preliminary enquiries regarding access or disability support. 

Level and demands

The Inspiring Oxford programme is aimed at non-specialists, and courses are designed for an international audience aged 18 and over.

No prior knowledge is required, and classes are pitched at an introductory level.

While you may want to complete a small amount of pre-course reading, you will not be required to produce any written work during the week. 

There are no assessments for this course.

Accommodation

Residential options at Brasenose College

You will stay in typical Oxford student accommodation at Brasenose College, in the heart of the city in buildings overlooked by the iconic Radcliffe Camera. 

Please note that bedrooms are modestly-furnished and do not have air-conditioning. You can find out more about Brasenose by visiting their website.

The following types of accommodation are available:

  • Single en suite: private bathroom facilities (shower, washbasin and toilet).
  • Twin en suite: shared between participants that apply to the programme together
  • Standard single: bathrooms are shared between, on average, four participants

Ground/lower floor accommodation

Brasenose College rooms do not have lift access, and the higher rooms can be located up a few flights of stairs. If you need a room on a ground or lower floor please indicate this on your enrolment form, or contact the Programme Administrator directly at inspiringoxford@conted.ox.ac.uk as soon as possible. 

Participants attending multiple weeks

We welcome participants who want to attend multiple Inspiring Oxford courses. Resident participants staying in Brasenose College for consecutive weeks can have bed and breakfast accommodation arranged for the Saturday night between their courses.

Non-residential option

A non-residential option is also available whereby participants can take classes and have lunch and dinner at Brasenose, having arranged their own accommodation elsewhere.

Non-residential participants are encouraged to attend all aspects of the academic and social programme, and they have equal access to Brasenose as residential participants.

Terms & conditions for applicants and students

Information on financial support