The MSc in Money, Banking and Finance (MBF) is a one-year, full-time Masters degree designed to equip you with the necessary tools to pursue a career in the banking and financial services sectors as well as in higher education.
The professional training provided in the MSc has allowed graduates from the programme to work as economists in central banks, as financial analysts in financial institutions and to undertake doctoral research.
The programme provides a comprehensive coverage of economic theory, advanced quantitative methods - with analysis of financial markets - and discussion of the institutional framework of the money and banking sectors. The MSc MBF is delivered by a mix of highly-experienced and prominent academics as well as professionals. This allows the programme to adapt its contents to a changing environment and keep it at the cutting edge of the various disciplines taught in the MSc.
The programme is based in the Department of Economics but is taught jointly with the Department of Accounting and Finance.The first two terms are devoted to taught modules to provide a strong grounding in key areas of theory and practice. In the third term and over the summer months students complete a research project (dissertation). Each individual student is assigned to a supervisor on the basis of their expertise on the topic selected. The dissertation allows students to analyse a research theme in depth and apply the theoretical and statistical skills develop in the taught component of the programme.
Students are drawn from a variety of backgrounds but must have a good basic knowledge of economics and statistics. It is therefore important that the first degree contains a substantial element of economics, together with strong quantitative skills.
The total number of students admitted each year to the programme averages 25. This allows us to maximise the benefits of small-group teaching and ensure a high level of staff-student interaction.
The programme is taught over three terms, with breaks at Christmas and Easter. As illustrated in the diagram, the programme consists of nine modules, including a dissertation: seven are compulsory, and for the remaining two modules you can choose from a range of options.
All students take four core modules:Topics in Economics
Focusing on theoretical and analytical techniques in microeconomics and macroeconomics, this module is a foundation for more advanced and specialist material in subsequent modules. The microeconomic element focuses on determinants of strategic choice by firms. The macroeconomic element examines the behaviour of the economy and highlights key macroeconomic policy issues facing economic agents.Applied Econometrics
This module provides an introduction to statistical techniques and their applications in the context of international business and money, banking and finance problems. Designed to familiarise students with standard statistical packages, it also looks at the principles of constructing econometric and non-econometric models and how these models can be used in various practical contexts. Relevant research outcomes utilising these techniques will be highlighted.Foundations of FinanceFinancial Markets and Securities
You take a further two core modules, plus two optional modules, either with an economics or a finance focus.
Towards the end of the term, a Dissertation Seminar provides training in the research techniques and analytical tools you will need for your dissertation.International Banking & Risk Management
This module examines the economics of financial intermediation and disintermediation, with some emphasis on the UK as a major international financial centre. Covering commercial and investment banking, the module examines practical issues of risk management by intermediaries as well as the potential risks involved in the more recent trend towards financial disintermediation. Regulatory issues are addressed, with attention paid to both on and off balance sheet positions.Economics for Money, Banking & Finance
The first part of this module looks at the advanced microeconomic theory of banking, including topics such as competition in banking, risk analysis and credit market imperfections. The second part focuses on the macroeconomics of money and banking, including policy debates about monetary and fiscal stabilisation, the critique of policy formulation, time inconsistency and the rationale for an independent central bank.
You also take two further modules, chosen from the following options:
This module extends the valuation of the corporate assets and liabilities to cases in which they contain embedded options. Issues addressed include the valuation of hedge instruments, the valuation of convertible securities, capital structure, mergers and acquisitions and the real options approach to investment appraisal.
This module examines the statistical techniques employed in financial time series. It explains how econometric methods can be used to learn about the future behaviour of the prices of financial assets by using the information in the history of asset prices and in the prices of derivative securities.
This module familiarises students with techniques for evaluating corporate performance and valuing businesses on the basis of financial statement information. Topics covered include financial ratios, financial distress, and the theory and practice of accounting-based valuation of businesses.
This course extends the analytical tools used for evaluating strategic and investment decisions learnt in other modules by deviating from the paradigm of rational decision making. The module focuses on the implications of investor behaviour and capital market imperfections (such as limits to arbitrage) for investment management. The concepts of this module are a foundation for value investing, arbitrage, asset management and opportunistic corporate finance. The module uses insights from psychology and behavioural finance to complement traditional market frictions and explain the behaviour of capital markets.
Beginning with the basic international parity relationships, this module examines the nature of business exposure to foreign exchange risk and the techniques available for hedging these risks. In addition to reviewing forward and futures contracts, several sessions are devoted to the theory and application of options contracts in the context of forex risk hedging.
This course aims to develop an understanding of how the Islamic banks operate and define its underlying products. The course's objectives are to provide a brief introduction to the area of Islamic banking; study the theoretical foundation for Islamic products with emphasis on concepts such as risk sharing and estimating the time value of money in the absence of interest rates; and to develop the necessary tools for carrying out applied analysis in the area.
The optional modules may vary according to the availability of teaching staff and the demand for the modules.
The final element of the MSc is the dissertation, a substantial piece of independent work conducted over the summer months through to September. The dissertation gives you the opportunity to apply research techniques and relevant economic theory to a research topic.
Before starting a programme, you need to have a basic knowledge of the English language. Find English courses on Language Learning Portal.
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Applicants to the MSc in Money, Banking and Finance will normally need to have:
You will normally need a minimum of a 2:1 honours degree or equivalent (a GPA of at least 3.2 on a 4-point scale or B/B+ on a literal scale).
The degree must either be in Economics, Accounting, Finance or a relevant related subject which has included a significant component of Economics and quantitative techniques.
If your first language is not English, you will need to provide evidence of your English language ability, normally via an IELTS or TOEFL score. The standard entry requirements are
In some cases, overseas applicants are required to take the GMAT. However, if this applies you will be advised of this by the admissions team when they receive your full application.
£10,000 UK/EU students; £17,000 Overseas
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