UNIVERSITY OF BRADFORD Faculty of Social Sciences Division of Economics Programme title: MSc in Financial Economics

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1 UNIVERSITY OF BRADFORD Faculty of Social Sciences Division of Economics Programme title: MSc in Financial Economics Awarding and teaching institution: Final award and interim award(s): Programme title: Programme approved / accredited by: Duration: UCAS code Relevant subject benchmark statement(s): FHEQ Level: University of Bradford MSc; Postgraduate Diploma; Postgraduate Certificate. [Framework for Higher Education Qualifications level 7] Financial Economics (PG Dip and MSc only) Economics (PG Cert only) N/A 1 year full time; 2 years part-time N/A N/A 7 Date produced: March 2012 Last updated : July 2015 University of Bradford 1

2 Introduction The Division of Economics provides a range of programmes at undergraduate and postgraduate levels, the latter both taught and by research. Building on over 40 years of experience of delivering undergraduate and postgraduate training in economics, the Division is part of the Faculty of Social Sciences (FSS). Teaching and learning activities are delivered by research active staff whose areas of expertise in applied microeconomics, international economics and monetary economics are reflected in the range and content of modules available to students at Master level. In line with the University s mission of Making Knowledge Work the Division s programmes at all levels have a strong applied, real-world focus and seek to provide students with transferable as well as subject-specific skills. For more information see The MSc in Financial Economics equips you with the tools of economic reasoning, research and statistical analysis to investigate problems in financial economics. The programme provides you with an understanding of the network of financial institutions, their methods of operation, the imposition of regulations and how financial actions contribute to macroeconomic performance. You will have developed a high standard of critical, quantitative and communication skills that are highly valued by employers, alongside the specific abilities to apply advanced economic analysis to the operation of financial markets and institutions. The first semester will provide you with a grounding in advanced economic principles and tools of analysis. In semester two you will study modules in financial and applied areas. The final stage is the completion of a dissertation focusing on a topic you have chosen in agreement with your supervisor within financial economics and which draws on your previous taught modules. This is a major piece of independent study, however it is supported by an allocated specialist supervisor and preceded by study and research skills workshops for all students. At the University of Bradford, we emphasise the applied aspects of study to understand the world around us, with a focus on the impact of economic forces and the role of policy in shaping change. Those who graduate from the programme may go on to work in finance, in policy positions relating to the financial sector, or in more general economic policy or analysis roles in many types of organisation. Programme Aims The programme is intended to: Postgraduate Certificate A1 A2 A3 Develop your skills to enable you evaluate economic theory and policy. Develop your learning and communication skills. Develop your personal and transferable skills in research and planning. Postgraduate Diploma A4 A5 Equip you with the knowledge and skills to critically analyse institutions, policy and practice. Equip you with a critical understanding of applied economics to finance. University of Bradford 2

3 MSc A6 A7 A8 Critically analyse current and emerging research and practice. Critically appraise the nature of evidence in economics and finance. Formulate and independently investigate a complex research question, and communicate your findings in a suitable way at an advanced level. Programme Learning Outcomes When you have successfully completed Level 7 of the programme you will be able to: Postgraduate Certificate LO1. Critically evaluate advanced theoretical concepts in economics. LO2. Critically appraise policy in relation to economics. LO3. Evaluate complex information on a range of issues related to economics. LO4. Use initiative in self-directed learning and construct written argument. Postgraduate Diploma LO5. Critically reflect on advanced theoretical concepts in economic policy or financial economics. LO6. Critically evaluate practice or policy-based interventions relating to economic policy or financial economics. LO7. Synthesise complex information gathered from a range of sources. LO8. Apply originality and creative problem solving in dealing with complex issues. MSc LO9. Demonstrate a detailed and critical knowledge of current research and scholarship in a specialist area of financial economics. LO10. Identify appropriate research designs and methods for specific purposes and applications. LO11. Identify gaps and inconsistencies in the evidence that guides policy and practice. LO12. Apply critical reasoning to the existing evidence. Curriculum The curriculum is designed in three distinct stages, each comprising 60 credits. The first semester provides a grounding in higher-level economics and a sound base from which to progress to the later stages of the programme. You will cover advanced economic analysis in the core areas of micro- and macroeconomics, alongside study of appropriate analytical skills to prepare for semester 2 and the dissertation. Completion of these modules will complete the Postgraduate Certificate stage of the programme. University of Bradford 3

4 The second semester covers advanced financial economics and the application of economic analysis to financial markets and institutions. You are also able to choose an option that fits with their particular interests and career aspirations. Within these options you will have the opportunity to apply some of the quantitative and theoretical tools introduced in semester 1. Completion of the taught modules at this stage of the programme will result in the award of a Postgraduate Diploma. The final element is the 60-credit dissertation, completed between May and September with support from an allocated supervisor from among the Economics Division academic staff. The dissertation draws on the concepts, tools and methods introduced in the taught modules in semester 1 and 2, and is expected to include substantial quantitative analysis. You will develop and select a research question under the guidance of departmental staff. A part-time route over two years of study is also offered. In the first year you will study Microeconomic Theory and Policy and Econometrics and Applied Research in semester 1 and in Semester 2 Financial Markets and Banking, which builds on these modules. In year 2, you will study Macroeconomic Theory and Policy in semester 1. In semester 2 Financial Economics and an option are taken and you will complete the dissertation stage. The part-time route structure is outlined in Appendix 2 at the end of this document. Postgraduate Certificate [Level 7] Module Code SE-7001D Module Title Type Credits Level Study period Macroeconomic Theory and Policy Core SE-7002D Microeconomic Theory and Policy Core SE-7003D Econometrics and Applied Research Postgraduate Diploma [Level 7] Module Code Core Module Title Type Credits Level Study period SE-7004D Financial Markets and Banking Core SE-7005D Financial Economics Core SD-7006D Public Policy Analysis and Option Management SD-7008D International Economics Option Masters [level 7] Module Code Module Title Type Credits Level Study period SE-7006Z Dissertation in Financial Economics Core 60 7 DISS The curriculum may change, subject to the University's programme approval, monitoring and review procedures. University of Bradford 4

5 Teaching and Assessment Strategies Teaching and learning activities are focused on lectures and group-based session for taught modules. During the dissertation writing stage (following semester 2), individual supervisors provide specialist guidance. Hence, as the programme progresses, the main learning method gradually becomes more individualised and student-centred. Group-based seminars will employ a variety of formats, providing you with the opportunity to experience hands-on computing, case study or data analysis, group work, class discussion and debate and presentations. The precise range for any particular student will depend on the precise range of options chosen. Please see the appendix for further details. To ensure the systematic development of knowledge of key subjects, modules are assessed by a variety of assessments in addition to formal examinations, including essays and projects. In seminars and workshops, you will engage in group work and presentations and will receive formative feedback from lecturers and peer-support from fellow students. During the dissertation phase, you will undertake independent research with supervisor support which include a number of one-to-one meetings to discuss progress and research plans. Assessment Regulations This Programme conforms to the standard University Assessment Regulations for Postgraduate Programmes which are available at the following link: Admission Requirements The University welcomes applications from all potential students regardless of their previous academic experience; offers are made following detailed consideration of each individual application. Most important in the decision to offer a place is our assessment of a candidate s potential to benefit from their studies and of their ability to succeed on this particular programme. Entrance requirements for each programme will vary but consideration of your application will be based on a combination of your formal academic qualifications and other relevant experience. If you have prior certificated learning or professional experience which may be equivalent to parts of this programme, the University has procedures to evaluate this learning in order to provide you with exemptions from specified modules contained within the curriculum. Please talk to us if you do not fit the standard pattern of entry qualifications. We are continually reviewing and developing our practices and policies to make the University more inclusive, but if you are disabled we may need to make some adjustments to make sure that you are not disadvantaged. We would advise you to contact the programme leader before you apply to discuss these. University of Bradford 5

6 Learning Resources The JB Priestley Library on the city campus and our specialist library in the Faculty of Management and Law provide a wide range of printed and electronic resources to support your studies. We offer quiet study space if you want to work on your own, and group study areas for the times when you need to discuss work with fellow students. Subject librarians for each Faculty provide training sessions and individual guidance in finding the information you need for your assignment, and will help you organise your references properly. Student PC clusters can be found in both our libraries and elsewhere on the campus. Many of these are open 24/7. You can also use the University's wireless network to access the internet from your own laptop. Most of our journals are available online (both on and off campus), and you can also access your University account, personal information and programme-related materials this way. Staff are on hand during the daytime to help you if you get stuck, and there is a 24/7 IT helpline available. Significant electronic resources are available including journal access to international journals and access to specialist economic and financial data services through the University s electronic subscriptions system, in order to support your research throughout the programme. Student Support and Guidance Programme Team Support for you personally and in your programme of study, will be provided both by the University and the Programme Team. You will be allocated a personal tutor who is someone with whom you will be able to talk about any academic or personal concerns. The Faculty will ensure that there is someone available with whom you feel comfortable to help and support you. You will be provided with a comprehensive series of handbooks that you can consult on a range of learning issues and your programme tutors will be available to consult on subject specific queries. Students Union We value the feedback provided by students and collaborate with the Students Union, through a system of student representatives and formal staff student liaison committees, so that any issues you wish to raise are addressed rapidly. The Students Union provide professional academic representation and advice. The Students Union and the University of Bradford work in partnership to provide confidential counselling and welfare services where you can get help with any aspect of your personal or academic life. Student Financial and Information Services (part of the Hub) will provide you with information about a diverse range of issues such as council tax, personal safety and tourist information. International Students can access a range of additional advice and support services through the Students Union. University of Bradford 6

7 Employability and Career Development The University is committed to helping students develop and enhance their employability profile, commitment towards a career pathway(s) and to implementing a career plan. Professional career guidance and development support is available throughout your time as a student and as a graduate from Career Development Services. The support available from Career Development Services includes a wide range of information resources, one to one appointments, a weekly workshop programme, a mentoring programme, graduate recruitment and careers fairs, plus information and help to you find part time work, summer work placements, internship programmes and graduate/postgraduate entry vacancies. In addition, some students will receive seminars and workshops delivered by Career Development Services as part of their programme of study. All students are encouraged to access Career Development Services at an early stage during their studies and to use the extensive resources available on their web site Career Development Services annually undertakes a survey of all postgraduates to find out their destination six months after graduation. The survey gathers data on the employment and further study routes graduates have entered and a range of other information including job roles, name and location of employers, salary details etc. The survey findings for each programme of study are presented on the programme information pages on the University website and via Career Development Services website The specific provision on this programme is through a series of sessions with invited speakers on different areas of professional practice, research and policy in finance and economics throughout the year, as well as sessions with employers from both finance and also government discussing the activities of financial and economic analysts in a range of professional roles. The Division benefits from good relations with government employers of economists, as well as its location close to the major financial centres in Manchester and Leeds, each of which has employment in financial services industries approaching a quarter of a million workers. Academic Skills Advice Service For postgraduate students on taught programmes who are looking to improve their marks during their time at university, study skills and maths advice is available to all regardless of degree discipline. Students can access a programme of interactive workshops and clinics which is delivered throughout the year. This is in addition to our extremely popular face-to-face guidance from our advisers, who also offer a wide range of online and paper based materials for self-study. Disability Disabled students will find a supportive environment at Bradford where we are committed to ensuring that all aspects of student life are accessible to everyone. The Disability Service can help by providing support, advice and equipment to help you get the most out of your time at Bradford. It is a place where University of Bradford 7

8 you can discuss any concerns you may have about adjustments that you may need, whether these relate to study, personal care or other issues. For more information contact the Disability Service by phoning: or via University policies and initiatives Ecoversity Ecoversity is a strategic project of the University which aims to embed the principles of sustainable development into our decision-making, learning and teaching, research activities campus operations and lives of our staff and students. We do not claim to be a beacon for sustainable development but we aspire to become a leading University in this area. The facilities we create for teaching and learning, including teaching spaces, laboratories, IT labs and social spaces, will increasingly reflect our commitments to sustainable development. Staff and student participation in this initiative is crucial to its success and its inclusion in the programme specification is a clear signal that it is at the forefront of our thinking in programme development, delivery, monitoring and review. For more details see Further Information For further information, please check the University prospectus or contact Admissions. The Admissions Office The University of Bradford Richmond Road Bradford, BD7 1DP UK +44 (0) Postgraduate Admissions Office Faculty of Social Sciences Pemberton Building The University of Bradford Richmond Road Bradford, BD7 1DP UK +44 (0) ssis-pg-admissions@bradford.ac.uk The contents of this programme specification may change, subject to the University's regulations and programme approval, enhancement and review procedures. University of Bradford 8

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10 Appendices: MSc Financial Economics 1. Programme Learning Outcomes Level Code Title Type LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8 LO9 LO10 LO11 LO12 7 SE-7001D Macroeconomic Theory and Policy Core A A A A S S 7 SE-7002D Microeconomic Theory and Policy Core A A A A S S 7 SE-7003D Econometrics and Applied Research Core A A A A S S 7 SE-7004D Financial Markets and Banking Core A A A A A A 7 SE-7005D Financial Economics Core A A A A A 7 Public Policy Analysis and Option SD-7008D Management A A A A A S 7 SD-7006D International Economics Option A A A S 7 SE-7006Z Dissertation in Financial Economics Core A A A A A A A A A Notes A = this outcome is formally assessed in the module S = this outcome is explicitly supported in the learning and teaching but is not formally assessed University of Bradford 1

11 2. Teaching map Level Code Title Type SE-7001D Macroeconomic Theory and Policy Core X X 7 SE-7002D Microeconomic Theory and Policy Core X X 7 SE-7003D Econometrics and Applied Research Core X X X X 7 SE-7004D Financial Markets and Banking Core X X 7 SE-7005D Financial Economics Core X X 7 SD-7008D Public Policy Analysis and Management Option X X X 7 SD-7006D International Economics Option X X 7 SE-7006Z Dissertation in Financial Economics Core X X Teaching and Learning Methods 1. Lectures 2. Seminars 3. Library / Computer Sessions 4. Workshops 5. Supervision / Tutorials University of Bradford 2

12 3. Assessment map Level Code Title Type SE-7001D Macroeconomic Theory and Policy Core X 7 SE-7002D Microeconomic Theory and Policy Core X X 7 SE-7003D Econometrics and Applied Research Core X X X 7 SE-7004D Financial Markets and Banking Core X X 7 SE-7005D Financial Economics Core X X 7 SD-7008D Public Policy Analysis and Management Option X X X 7 SD-7006D International Economics Option X X 7 SE-7006Z Dissertation in Financial Economics Core X X Methods of Assessment 1. Coursework / Essay / Research article ass. 2. Exam 3. MCQ Exam / Class test 4. Report / CV 5. Presentation 6. Data Task 7. Dissertation University of Bradford 3

13 Structure for MSc Financial Economics, part-time route University of Bradford 4

14 Postgraduate Certificate Stage (60 credits) Postgraduate Diploma Stage (120 credits) Year 1 Year 2 Semester 1 Credits Semester 1 Credits Econometrics and Applied Research 20 Macroeconomic Theory and Policy 20 Microeconomic Theory and Policy 20 Semester 2 Semester 2 Financial Markets and Banking 20 Financial Economics 20 Option (from MSc Financial Economics Programme list) 20 Total credit University of Bradford 5

15 MSc Stage (180 credits) Summer Dissertation 60 Total cumulative credit 180 University of Bradford 6