Programme Year One
In the first year, students will take eight compulsory modules introducing them to a number of aspects of accountancy and finance. Two of the modules will introduce students to the skills required by a professional accountant as part of the preparation for their post-graduation careers.
Year One Compulsory Modules
Quantitative Methods for Accounting and Finance (ACFI111)
|Aims||The module aims to provide an introduction to quantitative methods that will assist students in establishing basic mathematical, quantitative and statistical skills for the study of accounting and finance.|
|Learning Outcomes||demonstrate a basic understanding of mathematical tools and thier applications to accounting, finance and economics|
understand the fundamental concepts of statistics and probability
understand basic principles of random sampling, the nature of sampling error and the need for estimation
explain the rules of hypothesis testing
explain the relation between two random variables using correlation and regression analyses
Skills for the Professional Accountant (ACFI115)
The module aims to provide students with an understanding of some of the skills required of the professional accountant in the current business environment, and the opportunity to acquire and apply those skills.
|Learning Outcomes||understand the importance of written and verbal communication from personal and business perspectives|
experience working with others and how to develop effective relationships
build confidence in being able to present in front of others
develop ways to work more effectively to improve organisational and planning skills
understand and appreciate the value of entrepreneurship
understand the importance of lifelong learning
learn to be positive when working with others
gain an awareness of the commercial issues facing organisations
Economic Principles for Business and Markets (ECON127)
To enable students to demonstrate an understanding of the core principles of microeconomics including:
- The dynamic nature of supply and demand
- The efficient opperation of markets and when they fail
- How firms reach output decisions, interact and attain levels of profit under different market conditions
To enable students to demonstrate an understanding of the core principles of macroeconomics including:
- The aggregation of demand and supply in the economy to measure an economy''s output;
- The business cycle and behaviour and interaction of the big macroeconomic indicators: Growth; Unemployment; Inflation; Balance of payments & Exchange rates;
- To enable students to demonstrate an understanding of the global economic environment
To enable students to understand the impact of modern economics on day-to-day business operations
|Learning Outcomes||An understanding of the central economic problem (scarcity) and the nature of economics;|
An understanding of how the market price of goods and services is determined by supply and demand and how markets respond to changes in circumstances, measures of responsiveness and price control;
An understanding of how firms’ costs of production and revenue are considered to find points of profit maximisation;
An understanding of different Market environments – Specified by degree of competition in industries (perfect competition, monopoly, monopolistic competition, oligopoly); as well as strategic interactions arising such as game theory and price discrimination;
An understanding of why markets fail to achieve social efficiency;
An understanding of the theory of the whole economy 1 (macroeconomic objectives; the national income);An understanding of the theory of the whole economy 2 (aggregate supply and demand, short-term fluctuations, economic growth); An understanding of the global economy, the gains from international trade as well as the arguments for restricting trade.
Programme Year Two
Students build on the foundations laid in the first year and extend their knowledge of Accounting by studying key areas of the subject: financial accounting, management accounting, taxation, audit and assurance and law. In the first semester, students have an opportunity to take a business-related optional module.
Year Two Compulsory Modules
Accounting Theory (ACFI202)
|Aims||This module aims to increase students'' knowledge of the theory of accounting and its relevance to the study of accounting practice. The module develops knowledge of Year 1 accounting modules and complements the material covered in the second year module Financial Reporting. In addition some of the theoretical material covered in Accounting Theory will provide links to modules in Management Accounting. More specifically, the aim of Accounting Theory is to examine the market for accounting information; processes and effects of regulating financial reporting; the incentives, which drive managers’ choices of alternative accounting policies; capital markets’ response to accounting information; explore the critical perspectives of accounting and consider selected issues in financial reporting.|
should possess knowledge of a range of theoretical models which are useful in understanding and explaining current accounting practices and regulation.
should be aware of the literature relating to theoretical models in accounting and be able to use theory to understand and evaluate the regulatory institutions of financial reporting in the UK and other countriesshould be able to understand the regulations applied to financial reporting in the UK and other countries
should be to able understand the incentives driving managers in their choice of accounting policies within accounting regulations
should be able to make links between financial reporting and other aspects of accounting.
should be able to understand capital markets'' reaction to accounting information
should be able to understand and explore the critical perspectives of accounting
Tax Compliance (ACFI212)
- To enable students to understand, prepare and explain UK tax computations for individuals, companies and trustees including income tax, corporation tax, capital gains tax, VAT, inheritance tax, national insurance and stamp duty
To provide an understanding of the ethical issues arising from performing in the context of taxation
recognise the ethical issues arising in the course of performing tax work and identify the obligations the UK system of tax imposes on taxpayers and the implications for taxpayers of non-compliance
calculate the capital gains tax payable by individuals and trusteescalculate the amounts of income tax owed by or owed to individuals and trustees calculate the amounts of inheritance tax due on lifetime transfers and transfers on death by individuals, personal representatives and trustees
calculate the amounts of national insurance payable by individuals, businesses and companies
calculate the corporation tax liabilities of companies
calculate the amount of VAT owed by, or owed to, businesses
calculate the amount of stamp taxes due in straightforward transactions.
Business Law (ACFI211)
|Aims||To provide students with a foundation in legal institutions in Englishlaw as well as a general, non-specialist introduction to areas of English lawthat is particularly pertinent and relevant to accounting and finance.|
The student will gain a general knowledge of how the English legalsystem has evolved and will be introduced to key elements of English lawincluding: basic contract law; agency law; the tort of negligence; and, dataprotection. We will go on to study a number of different aspects of companylaw, including formation, administration, regulation, loan and capitalfinancing. In addition we will consider insolvency and the criminal law as itrelates to companies, including fraud, money-laundering and whistle-blowing
|Learning Outcomes||Identify the essential sources of English law. |
Understand what constitutes a contract and what happens when one party fails to complete his or her part of the contract; the legal principles relevant to where an agent acts on behalf of a principal; negligence and its relevance in the giving of professional advice.
Explain and apply the law employment relationships, including the consequences of an employee being dismissed or made redundant.
Distinguish between alternative forms and constitutions of business organizations, including companies, partnerships, limited liability partnerships.
Describe and explain how companies are formed, managed, administered and regulated.Recognise the legal implications relating to companies in difficulty or in crisis. This will include an understanding of insolvency law, as well as areas of criminal law, including money laundering, fraud, whistle blowing, and the regulation of personal data.
Year Two Optional Modules
Management Economics 1 (ECON233)
The module provides an introduction to the rational decision-making process used to make business decisions. It introduces the students to the quantitative and analytical tools that managers use to make complex decisions.
Management Economics as a pluralistic disciplinewith particular emphasis on Demand Theory.
Use of computer packages using Regressiontechniques, to estimate demand.
Elementary forecasting techniques.
Decision-making under risk and uncertainty
Theory of the Firm (ECON254)
To equip students with the knowledge and skills necessary to understand and evaluate the internal and external factors that influence the strategic decisions made by business organisations. The module will support the analysis of the operation of business organisations within national and international markets.
|Learning Outcomes||Apply the tools and concepts of microeconomics toanalyse the behaviour of firms|
Explain how market structure influences thebehaviour of firms and the levels of profit they can achieve
Explain and evaluate the growth strategies used byfirms Explain and evaluate alternative theories of firmbehaviourExplain theinfluence of internal organisation on firm behaviour and performance.
Business Ethics S2 (PHIL270)
- To introduce and explain major contemporary perspectives on corporate behaviours.
- To introduce moral perspectives as they relate to managerial decision making and corporate structures.
- To make students familiar with a range of recurrent ethical problems arising in business.
- To improve students'' skills in identifying and analyzing ethical issues that managers and employees face.
- To give students practice in formulating, defending, and planning the implementation of action plans managing ethical dilemmas.
|Learning Outcomes||Students will be able to discuss the main theories concerning the place of ethics in business. |
Students will be able to state the broad principles of, and discuss the strengths and weaknesses of,basic moral theories, such as consequentialismStudents will be able to state and discuss the broad ethical principles concerning costs and benefits, the challenge posed by uncertainty, professional roles, profits and the right of shareholder interests, and affirmative action.
Students will be able to state and discuss the broad ethical principles concerning the obligations of complex organizations with respect to loyalty and whistle-blowing, insider information, customer responsibility, and corporate responsibility.
Students will be able to state and discuss the broad ethical principles concerning social justice and executive compensation.Students will be able to consider an ethical approach as a basis for sustainable marketing.
The aims of the module are to:
- provide experience of the nature of entrepreneurship
- outline the role of entrepreneurship for the individual, enterprise and community
- provide knowledge of emerging issues in the entrepreneurial environment
- demonstrate why innovation is key to differentiating small business start-ups
- embed ethics in business as fundamental to a fairer entrepreneurial future
- encourage an entrepreneurial identity in both self-employment and employee activities
|Learning Outcomes||Students will be able to develop the competences associated with entrepreneurship. |
Students will be able todevelop an appreciation of thedevelop an appreciation of thenumerous forms of entrepreneurship.
Students will be able to develop skills in recognising opportunities and maximising their potential.
Students will be able to demonstrate the link between entrepreneurship, innovation and business creation.
Students will be able to appreciate the necessity of ethical business operations in entrepreneurship.
Students will be able to understand how social value is an important aspect of entrepreneurship
Diversity Management (ULMS226)
This module aims to provide students with theopportunity to develop their understanding and critical awareness of issuesassociated with managing a workforce characterised by diversity in gender, age,ethnicity, disability, religion and sexual orientation etc. It will enablestudents to become familiar with: the drivers of increased workforce diversity;the theories underlying discrimination in organisations; current equalitylegislation; barriers to equality of opportunity in the workplace for minoritygroups; and organisational policies and practices for managing diversity in theworkplace. Students will also have to opportunity to reflect on how their owndiversity might influence their interactions with other individuals at work.
Students will be able to demonstrate knowledge/understanding of the terms “equality”, “diversity” and “inclusion” in an organisational and international context.
Students will be able to demonstrate knowledge/understanding of the social equity case and the business benefits case for managing diversity in the workplace.
Students will be able to demonstrate knowledge/understanding of the legal framework for managing diversity in organisations.
Students will be able to demonstrate knowledge/understanding of the issues related to gender, age, ethnicity, disability, religion and belief, and sexual orientation in the workplace.
Students will be able to demonstrate knowledge/understanding of the organisational strategies used to develop the effective management of diversity
Students will be able to reflect on their own diversity in terms of the topics covered on the module and demonstrate how this might influence their interactions with others.
Programme Year Three
The core areas of Accounting and Finance are further developed and students are increasingly exposed to both the research literature in Accounting and Finance and to the practical applications of what they are learning.
Year Three Compulsory Modules
Corporate Reporting and Analysis (ACFI302)
This module aims to develop students understanding of financial reporting to an advanced level by building upon the knowledge and skills gained in earlier financial reporting modules. Complex IFRS on topics such as share based payments and deferred tax will be looked at.
This module also aims to develop students consolidated accounting skills by looking at complex business combinations.
This module also aims to develop an understanding of financial statement analysis using financial reporting and business strategy skills developed in this and earlier modules.
This module aims to give students an appreciation of the ethical and professional issues an accountant may face in practice and develop an understanding of how to deal with those issues.
|Learning Outcomes||Students will be able to prepare and evaluate single company financial statements, or extracts thereof, in accordance with IFRS for complex transactions. Students will be able to account for complex business combinations in accordance with International Accounting Standards.Students will be able to analyse and interpret financial statements and other financial information and draw appropriate conclusions.|
Students will learn to appraise ethical, CSR and professional issues for an accountant undertaking work in corporate reporting and recommend courses of action.
Financial Reporting 2 (ACFI309)
This module is designed to build upon the knowledge and skills gained in earlier financial reporting modules by covering the preparation of group financial statements including associates and joint ventures. It will also develop an understanding of group accounting principles and issues arising from group accounting including fair values, intangibles and impairment.
The module also addresses other key accounting standards including those relating to leases, borrowing costs and related parties.
The module should enable students to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS)
Students will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios
|Learning Outcomes||explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues|
prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios
identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.
Business Strategy (ACFI312)
The module aims to provide students with an understanding of how businesses develop and implement strategy.
|Learning Outcomes||identify and analyse the consequences of a business’s current objectives, market position and direction. |
evaluate the likely consequences of strategic choices and recommend strategies to meet the objectives of a business
recommend appropriate methods of implementing and monitoring strategies
Year Three Optional Modules
Behavioural Finance (ACFI311)
- Provide students with knowledge and understanding of theoretical and empirical limitations of and challenges to the efficient markets hypothesis
Present the psychological foundations of Behavioural Finance and how they impact upon investors’ rationality and arbitrage
Provide the opportunity for students to critically evaluate behaviourally induced market puzzles
Present key behavioural trading patterns from a theoretical perspective and outline their empirical design
Possess a good command of the key theoretical and empirical literature in behavioural finance
Have practiced skills of problem-solving and critical thinking
Be familiar with the main implications (theoretical and empirical) of Behavioural Finance findings
Construct and present critical evaluations of key academic papers in Behavioural Finance
Development of key skills in terms of writtencommunication (e.g. by completing formative class questions and assignment;through a summative assignment and examination)
Developmentof key skills in oral presentation (e.g. through group work)
Development of key skills in terms of classparticipation
Development of key skills in terms of planning &time-management (e.g. preparing for classes; observing assignment deadlines),problem-solving, critical thinking & analysis, numeracy (e.g. by applyingtheir extant quantitative knowledge in understanding behavioural financeissues) and initiative (e.g. searching relevant literature and information inpreparation of seminars and summative assignment)
Corporate Governance (ACFI320)
The module aims to provide students with an understanding of the history and development of corporate governance and the key principles and systems that underpin corporate governance today.
It also provides the opportunity to assess the practical application of corporate governance systems across major international organisations.
understand the key principles within corporate governance frameworks, with specific reference to the UK Corporate Governance Code;
be able to critically analyse and discuss the corporate governance arrangements for several types of organisation.
Capital Markets (ACFI321)
Capital Markets provides a comprehensive introduction to the workings of modern financial systems, the efficiency of money markets and the role of investment bankers, illustrating how they impact our financial system. By drawing on numerous theoretical and practical examples from real-world case studies, this module aims at introducing the basic concepts of the banking, finance, investment, business studies, economics and financial service sector to the third year undergraduate students.
Traditional capital markets might be described simply as the meeting place where providers and users of capital interact through the medium of money or its proxies. Today’s capital markets in Europe and America continue with the above basic function and have become increasingly more sophisticated to serve the needs of an array of specialized investment sources including private equity funds, hedge funds, sovereign wealth funds. Meeting these specialized needs has entailed the rapid development of new financial products and resulted in highly-rewarding new roles for finance industry professionals. To aid in the analysis and sale of these new products, computers handle vast databases of market data while accompanying analytics support decision-making in a financial world approaching information overload.
The course objective is to present the current capital markets with a blend of the theoretical with the practical. Our examination will extend beyond the traditional financial products, equity and debt instruments, to recent innovations. Until the summer of 2007, capital markets had experienced spectacular growth via a proliferation of new products. In keeping with classic economic theory, the investment rewards of products such as securitization were inevitably accompanied by risks as recent events brought to light. New products like asset-backed securities and Electronic Traded Funds will be reviewed and identified by investor profile and investment rationale.
The context in which our course develops will be the dramatic events unfolding from mid-2007 to the present. The conceptual bases and investment metrics employed by market participants will be examined in depth. Theories of risk v. return and those for interest rates will be reviewed. Data sources, key market indexes and investment performance measures will be identified. The common analytical techniques will be discussed along with the role of equity analysts and also that of major credit rating agencies.
Critical Perspectives in Management (ULMS366)
A primary aim of the module is to invite students to consider the consequences of traditional orthodox management theory and practice for people in organizations (including managers) and society at large, and to examine the extent to which critical theory can inform more humanist approaches to management thinking. It aims in particular:
• To provide students with a sound understanding of a variety of critical
perspectives on management, and their relation to society
• Provide students with the theoretical tools necessary for the critical analysis of the process of management from sociological and philosophical perspectives
• To explore the extent to which critical theory can contribute to the
development of progressive, alternative and future-oriented management thinking.
• To support the enhancement of skills in critical analysis, critical reflection, and written and spoken communication.
|Learning Outcomes||A critical understanding of the theories, concepts and empirical work that |
constitute the field of critical management studies
A critical awareness of the multi-disciplinary aspects of management and the
ability to critically analyse the activities of contemporary organizations
The ability to develop critical questions about organizations and the tools to
carry out appropriate critical inquiry to pursue their resolution.
The ability to evaluate corporate activities with regard to their potential
consequences for issues that are important from critical perspectives (such as
equality, control, exploitation, and resistance)
The ability to craft and communicate arguments from different critical
The ability to critically reflect on their own learning and envisage their future
management practice critically
The Football Business (ULMS370)
- to enhance students’ understanding and knowledge of the key issues surrounding the contemporary football business and associated industries;
- to encourage students to apply their knowledge of economics, business and management to the football industry.
Students will develop their knowledge and understanding of the key issues surrounding the contemporary football business and associated industries;
Students will demonstrate an ability to apply business and management concepts to the football industry;
Students will develop their abilities to analyse critically, synthesise ideas and write reports and opinions.
Financial Risk Management (ACFI342)
The module builds on the foundations of the existing finance modules and aims to give students a solid grounding in terms of understanding the recent global financial crisis and a wide range of risk management tools available to financial managers. Particular emphasis is placed on the issue of risk measurement. The following types of risk will be analysed extensively:
- Interest rate risk
- Market risk
- Credit risk
- Liquidity risk
- Capital adequacy
- Sovereign risk
The class is run as a discussion based forum.
Students will be able to understand how risk management contributes to value creation
Students will be able to understand how the global market for credit operates
Students will be able to explain the causes of the recent global credit crisis
Students will be able to overview the risks facing a modern corporation
Students will be able to analyse the effects of interest rate volatility on risk exposure
Students will be able to examine market risk, which results when companies actively trade bonds, equities and other securities
Students will be able to examine how credit risk adversely impacts a financial institution’s profits
Students will be able to analyse the problems created by liquidity risk
Students will be able to become familiar with the concept of capital adequacy and also with the Basel Accords
Students will be able to examine several aspects of sovereign lending and the underlying risks
Football Financial Reporting, Analysis and Valuation (ACFI322)
This module aims to give students to develop an understanding of how financial transactions have an impact on football clubs, and the integration of finance into the success or otherwise of clubs.
The module will attract students with an interest in the sport and provide them with an insight into how financial metrics in relation to clubs can be produced, and the valuation techniques used by investors when buying and selling clubs.
Students will be able to explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board''s (IASB) conceptual framework for financial reporting in relation to incorporated football clubs.
Students will be able to prepare and present financial statements from business transactions for football clubs in corporate forms, in conformity with International Financial Reporting Standards (IFRS) and explain the application of IFRS to specified scenarios.
Students will be able to measure the value of a football club using appropriate valuation methods.
Students will be able to understand and apply football financial fair play rules, and the ethical responsibilities of clubs in adhering to these rules.
The programme detail and modules listed are illustrative only and subject to change.
Teaching and Learning
The principal forms of teaching are lectures and seminars. Lectures will normally be supported by material such as hand-outs and computer based presentations. Seminars give the opportunity for detailed discussion of a topic under the direction of a tutor.
You are normally expected to prepare work in advance for seminars and may be expected to present work or give presentations from time to time. On some modules, such as quantitative techniques and IT, seminars may take the form of practical sessions using computers.
All our degrees depend on you spending a good part of the week in private or group study in preparation for lectures and seminars. This involves making extensive use of the excellent library and IT facilities, just one minute’s walk away from the Management School.
You will be assessed through a combination of coursework and examinations. The exact weighting will vary from one module to another. As well as individual assignments and exams, you may also be assessed on group reports and presentations.