PROGRAMME SPECIFICATION FOR AWARDS MADE BY THE UNIVERSITY OF EAST ANGLIA

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1 Learning, Teaching and Quality Committee PROGRAMME SPECIFICATION FOR AWARDS MADE BY THE UNIVERSITY OF EAST ANGLIA SECTION A: SESSION: 2013 to 2014 A1 Course Name Finance and Economics (MSc) A2 Final Award MSc (e.g. BA/BSc(Hons)/ MA/MSc etc) A3 UEA Course Code(s) T1L1N3101 A4 UCAS Course Code(s) N/A A5 Professional Award N/A (if any) A6 School of Studies ECO SECTION B: SUMMARY OF COURSE STRUCTURE AND FEATURES B1 Summary e.g. General statement about course structure, including special features such as placement opportunities, whether these are compulsory or optional; fieldwork; year abroad. Include any cross references to other relevant information such as Student Handbook and/or School/Faculty website. This Programme Specification covers the ESRC-recognised MSc degree: Finance and Economics (L1N3T1). This is a 12-month Programme. A total of six taught modules are taken, three in each semester. A dissertation of maximum length 12,000 words is written after the examination period. Each taught module is worth 20 credits and the dissertation 60. To be awarded the MSc, students need to have attained 180 credits. In the Autumn Semester, so far there were three compulsory modules, one compulsory module in the Spring, and two option modules were taken in the Spring from a list of four. From 2013, we propose to alter this profile. The number of compulsory modules is proposed to be reduced from four to three, with the Finance module rendered as an option along with a new option module Financial Markets. Thus, students will have more choice in the area of Financial Economics. In addition to the above course profile, with the exception of those with very strong and relevant technical backgrounds, students are required to follow a 2-week pre-sessional

2 module. Lectures are used in the pre-sessional module to introduce the key mathematical and statistical skills assumed in the teaching of the core Economic Theory and Econometrics modules. Afternoon lab-sessions within the pre-sessional are mainly intended to introduce students to the various IT skills that are necessary before embarking on the programme. For the dissertation, research methods training is delivered as follows: (1) through a 3- week series of workshops, named Dissertation Skills, delivered during the Spring Semester, and culminating in a written research proposal; (2) through individual supervision during the dissertation-writing period. The programme typically involves 9 or more contact hours per week during semesters, and is very demanding in terms of the time students spend on independent learning, as evidenced by the module reading lists. All students are issued with a Postgraduate Course Guide which contains general information about the programme as well as specific information about each module. Most modules have their own websites, and general information and support is provided through the School of Economics Teaching website. 2

3 SECTION C: EDUCATIONAL AIMS AND OUTCOMES C1 Educational Aims of the Programme (Include any distinctive/innovative features/route pathways) The main aim of this Master's programme is: To offer advanced training in finance and economics, thereby providing opportunities for students to proceed to research degrees in economics and to careers as professional financial economists in both the private and public sector. In particular, after successfully completing the MSc, students will have acquired: An understanding of economic theory and concepts at an advanced level An understanding of the theoretical and empirical analysis of financial markets Theoretical and practical skills in the analysis of data using econometric techniques The ability to use statistical and other computer software The ability to conduct research in financial economics and to communicate their results to others in written form Students will also have improved their key skills in the areas of independent learning, critical thought and evaluation, written communication, modelling and problem-solving. The following table summarises the skills as provided by the various components of the course: Module Economic Theory I Economic Theory II Financial Econometrics Applied Econometrics Finance; Topics in International Finance Financial Mathematics Dissertation Pre-sessional module Major areas of expertise and key skills taught within the module Microeconomic theory; model building; derivation of fundamental results; mathematical skills; oral and written communication; problem solving; critical evaluation of research literature. Macroeconomic theory; model building; derivation of fundamental results; mathematical skills; oral and written communication; problem solving; critical evaluation of research literature. Statistical analysis of financial data; advanced computational methods; programming and statistical software skills; report writing. Econometric modelling; data processing; exploratory data analysis; computing and statistical software skills; report writing and data presentation. Data analysis, critical evaluation of research literature, oral and written communication. Advanced use of mathematics in finance; methods of formal proof; advanced use of software. Research methods; bibliographic skills. Mathematics; study skills; software. 3

4 C2 Course Outcomes C2(i) Knowledge and understanding a. An understanding of economic theory and concepts at an advanced level b. The ability to solve economic problems to a high level of analytical rigour, and familiarity with the conventions of formal mathematical proof. c. Theoretical and practical skills in the analysis of data using advanced econometric techniques d. The ability to use statistical and other computer software e. An understanding of one or more specialisms f. The ability to conduct economic research and to communicate their results to others in written form Teaching/learning methods and strategies For the taught modules: Combination of lectures seminars and workshops, usually two lectures and one one-hour seminar or workshop per week. For each module, module handout gives clear statements of module objectives, syllabus, seminar programme, assessed work and detailed bibliographic information. For the dissertation: 3-week series of workshops delivered during the Spring Semester, and culminating in a written research proposal; individual supervision during the dissertation-writing period. Assessment For the taught modules: A variety of methods of coursework assessment are used, including: short exercises requesting a critical review of an academic article; written tests for checking on mastery of technical material; computer tests for assessing econometric computing skills; take-home assignments that require detailed research of the relevant literature. In examinations, there is usually a combination of structured technical questions and essay-style questions allowing open-ended treatment of material. For the dissertation: an assessed research proposal provides the basis for the dissertation and the initial studentsupervisor interaction; the dissertation is itself assessed. 4

5 C2(ii) Cognitive Skills a. Analytic and modelling skills b. Critical thinking c. Evaluative skills Teaching/learning methods and strategies Lectures, seminar and workshop programmes as well as reading lists are intellectually challenging. Students are expected to demonstrate the skills in seminars and workshops as well as in their dissertation. The pre-sessional course in mathematics and statistics ensures that students have the required technical background to pursue their chosen MSc programme Assessment The variety of forms of assessment contribute to enhancing cognitive skills. In examinations, structured technical questions test analytic and modelling skills. The dissertation, which must include an element that is novel, tests all of these skills. C2(iii) Subject Specific Practical Skills a. Research skills in Economics b. Analytical skills as applied to proofs of results and problem-solving in Economics and Econometrics. c. Numeracy as applied to Economics d. Computing skills as applied to Economics Teaching/Learning methods and strategies The pre-sessional course in mathematics and statistics takes the students to a common starting point in terms of their numeracy and computing skills. Through workshops, seminars and problem sets students are challenged to learn actively, to be able to apply and test the theories they have learned in respect of the economic environment and economic policy. The dissertation further enforces the learning of these skills. 5

6 Assessment Several forms of coursework assess subject specific skills such as computer tests, data response questions, econometric takehome assignments and, indeed, many of the essay titles. Examinations test the ability to apply these skills efficiently (under pressure of time) and without reference to texts. The dissertation tests all these skills. C2(iv) Key Skills and Attributes a. IT skills b. Ability to work independently c. Skills in written and oral communication d. Research management Teaching/Learning methods and strategies IT-skills are taught through the presessional course and the econometrics modules; all students take at least one of the econometrics modules. Skills are further enforced through the dissertation. In particular the dissertation teaches students to work independently, but this is also emphasised in the taught modules where students give seminar presentations. Seminar presentation and written work enhances students skills in oral and written communication. The dissertation skills programme teaches students research management, including how to structure a research proposal and how to plan a programme of research within a given fixed time period. Assessment Although to some extent assessed in the taught modules, through essays, evaluations and tests, the key assessment of these skills is the dissertation. 6

7 SECTION D1: COURSE PROFILE AND AWARD REQUIREMENTS Please insert (i.e. cut and paste) the course profile here or complete the following boxes, as appropriate. If you insert the course profile, please ensure that the NOTICE below about changes to modules is retained. Each box relates to a year of study. If the programme is part-time or offers a part-time option, please extend the number of years as appropriate (maximum = 9). NOTICE: Whilst the University will make every effort to offer the modules listed, changes may sometimes have to be made for reasons outside the University s control (e.g. illness of a member of staff) or because of low enrolment numbers or sabbatical leave. Where this is the case, the University will endeavour to inform students. Course Profile for 2013/4 Course: School: Director: Finance And Economics (Msc) (T1L1N3101) Economics Dr Joel Clovis Year 1U Compulsory Modules (100 credits) Module Description Assessment Credits Period Sub-slot ECO-M005 ECONOMIC THEORY I WW 20 SEM1 C1*C2 ECO-M017 FINANCIAL ECONOMETRICS WW 20 SEM1 E4,D4 ECO-M10X ECONOMICS DISSERTATION (60 CREDITS) DS 60 SEM2 U Options Range A Students will select 80 credits from the following modules: Module Description Assessment Credits Period Sub-slot ECO-M002 APPLIED ECONOMETRICS CW 20 SEM2 A3*B4 ECO-M006 ECONOMIC THEORY II WW 20 SEM2 C5*C6 ECO-M015 FINANCE WW 20 SEM1 A7*A8 ECO-M021 FINANCIAL MARKETS WW 20 SEM1 A7*A8 ECO-M022 FINANCIAL MATHEMATICS WW 20 SEM2 C3*D4 ECO-M024 TOPICS IN INTERNATIONAL FINANCE WW 20 SEM2 B6,B8 7

8 SECTION D2: REGULATORY FRAMEWORK FOR AWARDS D2a Regulatory Framework: (please tick against the relevant framework) Common Course Structure for Undergraduate Programmes (CCS) NAM Common Course Structure (NAM-CCS) Common Regulatory Framework for Postgraduate Programmes (CPG) It is expected that all new degree courses will conform to the common University regulations (either to CCS, NAM-CCS or CPG, and the associated Instructions to Examiners). D2b Degree Classifications For First degree programmes i) Weighting (in percentage terms) which each year of the course contributes to the calculation of the degree classification. (Part-time Programmes) Year 1 Year 5 Year 2 Year 6 Year 3 Year 7 Year 4 Year 8 Year 9 ii) Please indicate whether an aggregate mark and/or the University marks profile is taken into consideration for the purpose of determining degree class. 8

9 D2c Postgraduate Awards i) Are (any) modules assessed on a pass/fail (instead of numerical) basis? YES NO If so how many credits are assessed on a pass/fail basis ii) Can the award be conferred with distinction? YES NO iii) On what criteria is the distinction awarded? (See also the Regulations for the Common Postgraduate Regulatory Framework.) In addition to Instruction of the Instructions to Examiners for Higher Degrees Taught Programmes, a candidate who completes the programme with a minimum aggregate percentage of at least 67.5; achieves 70% in at least two modules; has no poor performance in any Economics module and has good marks for the dissertation, shall be considered for the award of MSc with Distinction. Please note:. This specification provides a concise summary of the main features of the programme and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided. More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module can be found in the study module guide and course handbook. The accuracy of the information contained in this document is reviewed by the University and may be checked by the Quality Assurance Agency for Higher Education. 9