Accounting and Finance MSc Add to your prospectus

  • Programme duration: Full-time: 12 months  
  • Programme start: September 2019
  • Entry requirements: A first degree from an approved university or a UK 2:1 or International equivalent for students with Bachelor’s degrees with at least eight modules in accounting and/or finance.
Accounting and Finance msc

Module details

This 12-month programme consists of six taught compulsory and two taught optional modules, each focusing on a major area of Accounting and Finance. These are followed by a 60 credit project carried out over the summer period.


Required Modules

ECON821 Advanced Financial Accounting & Reporting, and Management Accounting-

This module aims to provide students with an in-depth understanding of the conceptual principles and key techniques of financial reporting and management accounting practices. The module evaluates the key elements of financial reporting systems set out in International Financial Reporting Standards with particular reference to the preparation and interpretation of financial statements. It identifies the key stakeholders of businesses, and develops a framework for understanding their main interests and accounting information needs, related to business operations. The module also explores the roles of management accounting information in planning, coordination, decision making, control, performance measurement, and business strategy. It thus enhances students’ practical financial and management accounting skills, explores the roles of both financial and management accounting in assessing financial performance, and explains the main principles and purpose of the subjects in contemporary organisations.


ECON906 Corporate Finance and Valuation-

The aim of this module is to examine a range of topics and issues in corporate finance including: capital budgeting, capital structure, dividend policy, raising long-term capital, corporate governance and international corporate finance in order to equip students to be able to undertake independent and advanced investigations in Corporate Finance. Develop understanding of theoretical and empirical principles in capital budgeting as the basis for conducting a rigorous evaluation of associated scenarios. Critically assess theoretical and empirical developments in capital structure topics and relate their findings to the contemporary business environment. Develop skills to enable the critical evaluation of theoretical and empirical aspects in dividend policy research, and to communicate findings effectively. Develop knowledge regarding the sources of financing for the firm within a constantly changing financial environment. Develop knowledge and understanding in concepts of corporate governance and their relationship with corporate performance. Develop a comprehension of the importance of internationalization/globalization for firms'' international transaction sand the implications for effective corporate governance.


ECON923 Portfolio Theory-

To understand and appreciate the basic notions underlying the management and selection of efficient investments for portfolio construction. Special emphasis is given to notions of efficiency and the discussion of selection criteria. Appreciate the pivotal elements of decision making under certainty and uncertainty, risk and risk management, portfolio choice, management and performance evaluation. Develop a systematic understanding, knowledge and critical awareness of the nature, concepts and construction of portfolios, having regard for the type of investor. Apply knowledge, understanding and techniques underlying portfolio management strategies including risk management strategies in uncertain contexts. Develop a conceptual and practical understanding of the understanding of performance evaluation of portfolios at the forefront of current practice.


Optional Modules (Choose one):

ECON814 Econometric and Statistical Methods-

The aim of this module is to give the student an understanding of basic econometric and statistical methods suitable for financial and economic data series. Extensive use will be made of the econometrics package EViews in tutorials to supplement the theory with applications and to provide hands-on experience.

The aims are that the student will:

Understand the multiple regression model including the matrix and statistical background.

Be apply to apply statistical tests estimate regression models A3. Understand the assumptions and limitations.

Understand the maximum likelihood principle and be able to perform the relevant specification tests.

Understand the principle underlying instrumental variables and GMM estimation.

Be confident in the use of an econometric computer programme (EViews) for a range of methods and applications.


ECON901 Quantitative Methods for Finance-

The aim of this module is to provide students with a solid foundation in the statistical and econometric techniques that allow them to conduct independent empirical investigations in economics and finance. The approach centres on the linear multiple regression methods, including their use in estimating and testing the validity of models in economics and finance. The aims are that students will: 1. Understand aspects of the theories and principles of econometric analysis in economics and finance. 2. Be aware of a range of inferential techniques commonly employed in econometrics. 3. Understand the limitations of such techniques in different circumstances. Discuss, evaluate and apply a range of mathematical and statistical techniques necessary for understanding and using econometrics methodology in finance and economic development. Use a number of statistical and econometric packages in real (simple) applications. Formulate, estimate and test a wide range of linear and non-linear models commonly encountered in financial analysis.


ECON824 Financial Markets, Financial Regulation and Ethics-

To provide an understanding of the role and nature of regulation in the international financial markets. To explore the changing nature of regulation, the benefits and challenges, through the lens of the recent global banking crisis. To identify specific recent regulation that impacts on financial markets internationally as a result of initiatives announced by global bodies such as the G20. To explain the ethical responsibilities required by the CFA Institute Code of Ethics and the Standards of Professional Conduct and to demonstrate the application of the Code of Standards. To appraise and evaluate practical regulatory and ethical issues that require knowledge of the regulatory landscape and application of an ethical framework.


Semester 2

Required Modules:

ECON822 Theoretical Developments in Accounting and Finance-

This module aims to provide students with in-depth conceptual understanding of the theoretical developments and frameworks in accounting, finance and related areas of research. The module addresses historical as well as current developments in the key areas of relevant research with a specific reference to the importance of theoretical contributions and their roles in building up research frameworks. This module will equip students to understand the theoretical background of research projects, and its relevance and importance for interpreting and explaining the research aims, objectives, methods, and findings. The overall content of this module therefore aims to enhance students’ theoretical research skills, explores the roles of theory in assessing research contributions, explains the main elements and contributions of theoretical frameworks in research, and pinpoint ways for the application of research findings to the corporate settings of contemporary organisations.


ECON823 Contemporary Issues in Accounting and Finance Research-

This module aims to provide students with in-depth conceptual understandings of current research topics in accounting, finance and related areas. The module addresses latest developments in the key areas of relevant research with a specific reference to the roles of current research contributions in policy making and organisational development. It will equip students with the skills to develop a conceptual framework for understanding and evaluating; the identification of an appropriate topic for research, conducting a structured literature review, identifying research gaps, critically evaluating and compiling different research methods, and pinpointing the research implications and contributions. The overall content of this module will therefore help in enhancing students’ practical research skills, and explore the roles and implications of current research findings in assessing contemporary organisations.


ECON810 Financial Statement Analysis and Valuation-

The aim of this module is to provide students with an understanding of financial statements, and the techniques and skills necessary for the interpretation of financial statements including their use in the valuation process. Understand the role of financial statements in assessing the performance and position of an entity. Understand how ratio based techniques can be used in interpretation of financial statements. Explain valuation models which use financial statement information. Determine a valuation for a business using financial statement information with appropriate valuation models. Prepare financial forecasts derived from financial statement information


Optional Modules (Choose one):

ECON920 Advanced Econometrics-

The aim of this module is to build on the first semester econometrics module and give the student an understanding of more advanced econometric and statistical methods suitable for financial and economic data series. Extensive use will be made of the econometrics package EViews in tutorials to supplement the theory with applications and to provide hands-on experience.

The aims are that the student will:

Understand the main tools of modern Time Series analysis

Limited Dependent Variable Models A3. Understand Panel Data techniques

Understand the assumptions and limitations.

Be confident in the use of an econometric computer programme (EViews) for a range of methods and applications.

 

By the end of the module, students will:

Formulate and estimate time series models.

Formulate and estimate panel data models.

Perform all the calculations required via EVIEWS.


ECON815 Research Methods and Modelling-

The aim of this module is to give the student an understanding of econometric and statistical methods for financial and economic time series. The aim of this module is to give the student an understanding of econometric and statistical methods for financial and economic time series. Important extensions include: stationary models for time series; testing for nonstationarity; models for nonstationary data; volatility models for financial time series; and models for multivariate data including vector autoregressions, error correction mechanisms and cointegration.

Extensive use will be made of the econometrics package EViews in tutorials to supplement the theory with applications and to provide hands-on experience.

The aims are that the student will:

Understand a range of univariate and multivariate models of financial and economic time series and their applications.

Understand the statistical characteristics of financial data including skewness, kurtosis and volatility.

Understand the motivations, methods and limitations of multivariate modelling for economic and financial time-series.

Be confident in the use of an econometric computer programme (EViews) for a range of methods and applications.

Be able to specify and appreciate the main characteristics of a range of time series models.

Be able to estimate appropriate models of financial and economic time series for purposes of forecasting and inference.

Be able to apply univariate and multivariate model selection and evaluation methods.

Be able to accommodate seasonality, causality, unit roots, and long run relationships in economic and financial time series.

Be able to analytically investigate the skewness, kurtosis and volatility aspects of models such as ARIMA and ARCH models of economic and financial time series.


ECON918 Financial Engineering-

To provide an introduction to derivative products, namely futures and options in their many different varieties.

To examine these products from both a speculative and hedging perspective and also consider advanced strategies such as intra and inter commodity spreads for futures as well as sophisticated option strategies used, not exclusively, to trade volatility.

To examine the sensitivities of option strategies to underlying factors, namely an options "Greeks".

To consider the Black-Scholes-Merton and the Binomial approaches to option pricing. To use Monte-Carlo simulation for the pricing of path dependent exotic options.

To develop skills in use of Excel, VBA, and Matlab.

Understand how futures and options are traded and priced.

Be able to select the appropriate product to either hedge or speculate against future expected market conditions.

Apply pricing strategies in market based situations.

Develop trading skills using market data.


ECON812 Security and Investment Analysis-

To provide students with a solid training in modern, stochastic discount factor-based asset pricing theory.

To enable students to understand the fundamental reasons for asset prices’ fluctuations through time using a theory-based unified framework that applies to all asset classes (stocks, bonds and other contingent claims).

To enable students to undertake independent empirical research in time-series and cross-sectional asset pricing based on a rigorous theoretical framework.

Understand and utilize the concepts of stochastic discount factor, risk-neutral probabilities and no-arbitrage to price contingent claims on cash flows.

Explain the relation between discount factors, factor sensitivities and mean-variance frontiers.

Analyze the theoretical foundations of commonly used asset pricing models, such as the Capital Asset Pricing Model and Arbitrage Pricing Theory.

Derive and critically evaluate alternative asset pricing models on the basis of solid utility theory arguments.

Understand the implications of Behavioural Finance and Market Microstructure for asset pricing.


Summer Term

ECON912 Dissertation-

The aim of this module is to enable a student to undertake an independent piece of work that demonstrates a consolidated level of thorough understanding of the student achieved by undertaking theoretical as well as empirical analysis on a particular aspect of interest. The work could be a fundamental ground for the research that is anticipated to be undertaken in due course of study to be carried on by the student. Development of skill of presenting theoretical and empirical analysis on a particular aspect of interest in the discipline. Further development of the work for further research may be considered.