MSc in Carbon Finance1

Transcription

1 THE UNIVERSITY OF EDINBURGH PROGRAMME SPECIFICATION FOR MSc in Carbon Finance1 1) Awarding Institution: University of Edinburgh 2) Teaching Institution: University of Edinburgh (Business School) 3) Programme accredited by: n/a 4) Final Award: MSc / PG Diploma in Carbon Finance 5) Programme Title: MSc in Carbon Finance 6) UCAS Code: n/a Relevant QAA Subject Benchmarking Group(s): n/a 7) Postholder with overall responsibility for QA: Dr Inger Seiferheld 8) Date of production/revision: 2011/2012, revised August ) External Summary Carbon finance can be defined as the financial flows associated with society s response to climate change. It explores the financial implications of living in a world where emissions of gases that contribute to human-induced climate change (principally carbon dioxide, hence the shorthand carbon ) carry a price. Responding and adapting to climate change will drive trillions of dollars of new investment over the coming decades, with major transformations required across the economy, in sectors such as energy production and consumption, industry, buildings, transport, infrastructure, forests and agriculture. These investments are likely to be driven by complex combinations of government mandates, regulation, incentives and commercial profit-seeking under carbon market mechanisms. Understanding these interactions between science, policy and business is vital in order to provide the conceptual and analytical frameworks for future research and professional practice in carbon finance. This programme is the world s first MSc in carbon finance. It offers a powerful combination of practitioner and academic input to the syllabus, which provides both a solid grounding in the subject matter, and an opportunity to specialise via individual and group assignments, electives and dissertations. A particular feature is the 10-week Carbon Consulting Project, where groups of students work with partner organisations on a project relating to carbon finance. The programme aims to be the leading provider of carbon finance education internationally, with strong ties to business and excellent employment prospects for its graduates. 1 The information contained in this Programme Specification should be used as a guide to the content of a degree programme and should not be interpreted as a contract. 1

2 10) Educational aims of programme: The MSc in Carbon Finance is a ground-breaking postgraduate programme specifically designed to equip business, economics, and social and physical science graduates with the knowledge and skills required to enter professional roles in the carbon market and climate change investment. Typical roles would be found in carbon trading, carbon consulting, SRI investment or asset management, carbon entrepreneurship, climate change policy, or carbon accounting. The MSc in Carbon Finance offers a more specialized, finance- and market-oriented alternative to the more generalist, operations-oriented MSc in Carbon Management also offered by the University of Edinburgh. The overall educational aims of the programme are: To bring together scientific, policy, finance and accounting perspectives on climate change and carbon markets in order to establish a coherent set of conceptual and analytical frameworks to underpin the emergent professional roles in the carbon market and climate change investment; To combine a theoretical understanding of carbon finance with the development of practical skills, drawing on a high degree of up-to-date practitioner input and work-based learner experiences; To create a vital, high-quality, in-demand programme for students drawn from both EU and non-eu countries, with strong ties to business and excellent employment prospects for its graduates. 11) Programme outcomes: 11a) Knowledge and understanding Explain and evaluate the current state of climate change science and key climate change policy initiatives; Explain and apply principles of finance in the energy sector; Describe and critically evaluate the structure and dynamics of the major global, regional and national-level carbon markets; Explain and apply practices and procedures of carbon accounting; Apply statistics for an appropriate level of financial applications. 11b) Graduate attributes: Skills and abilities in Research and Enquiry Identify, define and analyse problems and identify or create processes to solve them; Exercise critical judgement in creating new understanding; Critically assess existing understanding and recognise the need to regularly challenge all knowledge. 11c) Graduate Attributes: Skills and abilities in Personal and Intellectual Autonomy Show application of new ideas, methods and ways of thinking; 2

3 Respond effectively to unfamiliar problems in unfamiliar contexts. 11d) Graduate Attributes: Skills and abilities in Communication Advance reasoned and factually supported arguments effectively in written work and oral presentation. 11e) Graduate Attributes: Skills and abilities in Personal Effectiveness Work effectively with others, capitalising on their different thinking, experience and skills; Identify and evaluate social, cultural, global, ethical and environmental responsibilities and issues; Demonstrate skills in time management. 11f) Technical/practical skills These skills are covered under the headings above. 12) Programme structure and features Entry requirements Minimum of a 2.1 Honours degree or equivalent in business, economics, or a social or physical science. Candidates with a first degree in a different area may be considered, subject to appraisal by the Programme Director of evidence of appropriate mathematical ability. Applicants for whom English is not their first language: a Test of English as a Foreign Language (TOEFL) score of 600 (250+ computer based) or an International English Language Testing System (IELTS) score of 7 is preferred. Alternatively, a recent degree from a university in an English-speaking country may be acceptable. Work experience is not a requirement for entry to the programme. However, relevant work may increase an applicant s chances of acceptance, as will strong evidence of commitment to the subject, e.g. through dissertations, voluntary projects, internships, work experience etc. Degree Criteria MSc full-time (12 months) or part-time (24 months), requires 120 credits from taught courses and 60 credits from the research dissertation. Diploma is full time for 9 months, 120 credits from taught courses. Programme structure All students attend and complete the six compulsory core courses (90 credits), four in semester 1 and two in semester 2. Students must also carry out, typically in groups of 4-5, a Carbon Consulting Project (15 credits) in semester 2. In addition, in semester 2, students take one 15- credit elective course. Core Courses (all 15 credits) Semester 1: Climate Change Science and Policy Carbon Markets Energy Finance 3

4 Statistics for Finance Semester 2: Investment in a Low-Carbon Economy Carbon Accounting Carbon Consulting Project Elective Courses (choose one)* All offered in Semester 2: Emission Reduction Project Development Green Entrepreneurship Emerging Entrepreneurship in Africa: Opportunities and Obstacles Research Methods in Finance Financial Management for Public and Not for Profit Organisations Law of Climate Change * Not all elective courses may run in a particular year Progression and Exit Awards Students must achieve at least 80 credits at 50% or above and an overall 120 credits with a weighted average of at least 50% to progress to the research dissertation MSc stage. Students who also achieve at least 50% in the dissertation will be awarded the MSc in Carbon Finance. A Diploma in Carbon Finance will be awarded if the student has 80 credits at 40% or above and an overall 120 credits with a weighted average of at least 40%. Research Dissertation (60 credits) Each student conducts an individual research project on a subject chosen in consultation with an academic advisor. MSc candidates write up their work as a dissertation (maximum 15,000 words), which is submitted by the end of August. In addition to in-house expertise, the programme boasts numerous collaborative links to organizations active in carbon finance and accounting. These may provide additional advice for those students wishing to undertake more applied research projects. Possible collaborators include: ENDS Carbon Ecometrica Plan Vivo Matrix Group Carbon Trust Pacific Carbon Trust Carbon Markets and Investors Association 2020 Climate Group The wide-ranging expertise in all aspects of carbon finance provided by the lecturing staff and industry partners allows students to conduct a research dissertation project tailored to their specific interests and aspirations for post-graduation employment. Potential research areas include: Carbon finance in specific sectors, technologies, countries, carbon markets or standards Comparative studies of the efficiency of alternative carbon financing instruments Analysis of carbon pricing, risk, or risk management 4

5 Exploring the relationships between energy finance and carbon finance New developments in carbon accounting, taxation or auditing Post-2012 international policy frameworks and carbon finance 13) Teaching and Learning Methods and Strategies The Business School's strategy in learning and teaching is to deliver a dynamic, engaged, classroom experience that exposes our students to both practical and theoretical perspectives on business issues in ways that stretch and challenge them. The learning outcomes of the programme are achieved by a mixture of formal lectures, tutorials, problem-based case studies, computer laboratory classes, student presentations, guest speakers, research assignments, and the research dissertation. Delivery of the taught element of the programme is primarily via lectures, which often include case studies or discussion. These are supplemented by tutorials and computer lab sessions. At MSc level a substantial amount of independent study and pre-reading for lectures is also required of students. The research dissertation primarly involves independent study and research, supported by regular interactions on a one-to-one basis with their assigned academic advisor, providing feedback throughout the process, from concept development through to completion. 14) Assessment Methods and Strategies Courses employ a range of assessment types, for example team presentations and reports, individual essays and formal degree exams. Written feedback is provided on individual essays or presentations, as well as more general feedback on exams. 15) Career Opportunities The School offers two carbon programmes, the MSc in Carbon Management, and the MSc in Carbon Finance, which is new for 2011 and the first programme of its kind. Our carbon masters graduates secure roles in environmental consultancies, the public sector and as carbon specialists within large organisations. Approximately 30% went on to work in environmental consultancy and just over a quarter into the not for profit sector and public service. Employers include Accenture, the Carbon Trust, Deutsche Bank, McKinsey & Co and the UN Framework Convention on Climate Change Secretariat. 16) Other Items The University offers a wide range of personal and skills development courses which may be taken alongside a degree programme. A number of specifically tailored training sessions on topics such as presentation skills, writing skills and team-working skills are expected to be offered to MSc in Carbon Finance students (subject to confirmation). In terms of pastoral care and student support, all students are assigned a Director of Studies. The DoS s function is to monitor your progress and provide advice on course choices. In addition, the 5

6 DoS will be a MSc student s first line of pastoral support and advice for any other academic or personal issues which may arise whilst on the MSc Programme. Course teaching will mainly be based in the University of Edinburgh Business School, 29 Buccleuch Place. In addition to 8 lecture rooms of varying size, the School offers sixteen syndicate rooms all with a dedicated PC and laptop hook-up and equipped with Smartboards or large LCD displays. Syndicate rooms are accessed by proximity card, are bookable in advance and have audio enhancement for hearing impaired. We offer two computing rooms and a computer teaching laboratory. The School hosts its own library and business information resources centre (The Hub), open from The associated website supports all the postgraduate courses taught at the School and provides extensive access to a wide range of electronic business information, business research databases and on-line journals. Access to the vast majority of these services is also available to students and staff from their place of work for part-time students and at home world-wide. The portal gives access through the intranet to a comprehensive collection of electronic links, including many specialized subscribed databases (e.g. Datastream, Thomson Research, Thompson One Banker, London Share Price Database, Center for Research Security Prices (CRSP), Compustat, WRDS), to support teaching and learning. MSc students have 24-hour access to the labs and syndicate rooms in 29 Buccleuch Place. The Business School regularly invites eminent academics and practitioners to speak as part of its programme of visiting speakers in Business and Climate Change. In addition, the Business School is part of the Edinburgh Centre for Carbon Innovation, which coordinates climate change related activities across three major universities in Edinburgh. MSc in Carbon Finance students can take part in an active social network with MSc in Carbon Management students, and the student body more widely, through the Carbon Management Society. For example, in 2009, the Business School and Carbon Management Society organised an optional field trip for students to the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties in Copenhagen. Other student-led field trips have been supported to visit a range of low-carbon power projects (biomass, landfill gas, nuclear, carbon capture and storage) around Edinburgh. The Business School actively promotes the emergence of professional standards in business and climate change, and offers complementary student membership of the Association of Carbon Professionals ( to graduates of the MSc in Carbon Finance programme, for the first year after graduation. More detailed information can be obtained from the Programme Mr Francisco Ascui, University of Edinburgh Business School, 29 Buccleuch Place, Edinburgh, EH8 9JS, Scotland, United Kingdom. E- mail: office+carbfin@business-school.ed.ac.uk. 6