Course Structure

The programme offers the opportunity to pursue appropriately advanced studies in both accounting and finance, equipping the students for careers in financial institutions, management consulting, and industry or the public sector.

The modules included in the programme aim to develop capacities of critical assessment of literature and methods, and the ability to communicate, orally and in writing, on topics in accounting and finance.

They provide a stimulating suite of learning activities that introduce students to contemporary theories and practice.

The contents provided during the programme will also be useful to those who wish to pursue PhD studies in accounting and finance.

Semester 1 (60 CATS)	Financial Management This module provides a theoretical and practical understanding of core financial management issues. Topics include the role of financial management, the implications the economic environment can have on the financial management function, sources of business finance, investment appraisal, working capital management and risk. Business Technologies and Analytics This module provides students with an understanding of key and novel technologies affecting contemporary business from the view of the accounting/finance professional. The module combines understanding with practical application of technologies to business scenarios. International Financial Accounting and Reporting This module develops appreciation of financial accounting concepts in the construction and application of the theory and practice of international financial accounting and reporting. Case Studies in Accounting and Financial Management This is delivered alongside International Financial Accounting and Reporting and Financial Management.
Semester 2 (60 CATS)	Accounting and Performance Management in Public-Sector and Not-For-Profit Organisations This module provides a theoretical and practical understanding of contemporary performance management and governance issues in public-sector and not-for-profit organisations, using both quantitative and qualitative methods. The module explores the role and application of performance management and governance in public-sector and not-for-profit organisations. Management Accounting and Control This module develops extended knowledge and understanding of management accounting theories and techniques in order to help management in planning, decision-making and performance control in different business contexts. Research Methods and Techniques This module provides a thorough background of research methods and techniques that can be applied to the field of accounting. Students will learn relevant theoretical and methodological aspects in accounting research andl be equipped with knowledge on how to conduct qualitative and quantitative research projects. Plus choose one from: Derivatives This module develops theoretical and practical knowledge of derivative instruments in financial markets. It introduces typical derivative instruments including futures, forwards, options, etc. It also covers classic derivative pricing models such as the binomial tree model and the Black-Scholes Model. International Finance This module details the complications and unique characteristics of finance that crosses a border. It covers subjects such as foreign exchange trading, exchange rate systems, and the real economic effects of capital flows. Money and Banking This module examines the theory of money and banking. The module content considers the main banking and monetary institutions and monetary policy.
Semester 3 (60 CATS)	Route 1 – Dissertation Traditional Dissertation (100%) The aim of the dissertation is to provide students with the skills needed for conducting theoretical and/or empirical research in accounting and finance. Route 2 – Academic Research Project Auditing and Accountability (25%) This element of the module provides a theoretical and practical understanding of contemporary auditing and accountability issues in the private, public and not-for-profit sectors, including principles and techniques of auditing. Ethics and Governance (25%) This element of the module provides an overall understanding of the complex and dynamic relationships between business corporations, their stakeholders (shareholders, employees, customers, suppliers etc.) and the society in which they operate. Critical Literature Review (50%) This element of the module requires completion of a Critical Literature Review on a chosen/given topic. This will provide students with the skills needed for conducting theoretical and literature-based research in accounting and finance.

Career Prospects

Introduction
This Masters programme provides the basis for both profession- and research-orientated careers, as well as skills and knowledge required to progress into management careers in the accounting and financial services. It opens a wide range of career opportunities in banking, accounting and auditing, government, corporate finance, investment analysis and academia.

Queen's postgraduates reap exceptional benefits. Unique initiatives, such as Graduate Plus and Researcher Plus bolster our commitment to employability, while innovative leadership and executive programmes alongside sterling integration with business experts helps our students gain key leadership positions both nationally and internationally.

Learning and Teaching

Teaching Methods

Assessment

Assessments associated with the course are outlined below:

Facilities

You will have access to Bloomberg terminals in the FinTrU Trading Room, giving students the skills, experience and knowledge necessary to prepare them for a career in the financial services sector.
https://www.qub.ac.uk/schools/QueensManagementSchool/StudentOpportunities/FinTrUTradingRoom/

Modules

• Year 1

  Core Modules

  Financial Management (15 credits)

  ×

  Financial Management

  Overview

  Topics Reading
  
  Understand the role of Financial management
  
  
  
  Key concepts
  • Nature and purpose of financial management
  • Financial objective and corporate strategy
  • Impact of stakeholders
  • Not-for-profit organisations
  
  • Ward, Chapter 2 (“The Role of Business Finance in Strategic Management and Influences on Business Finance Decision Making”)
  
  
  
  Implications of the economic environment on the financial management function
  
  Key concepts:
  • Economic environment
  • Money markets
  • Financial markets
  
  
  Sources of Business Finance
  
  Key concepts:
  • Short, medium and long-term sources of capital
  • Cost of equity capital, cost of debt capital, WACC
  • Source of Finance and its costs ie risk return relationship. Gearing.
  • Theories of capital structure, traditional, Modigliani & Miller
  • Finance for small and medium sized companies.
  • Ward, Chapter 4 (“Asset-Mix Decision, Finance Mix Decision and Short-Term Sources of Finance”)
  • Ward, Chapter 5 (“Medium-Term Sources of Finance”)
  • Ward, Chapter 6 (“Long-Term Sources of Finance: Debt”)
  • Ward, Chapter 7 (“Long-Term Sources of Finance: Equity-Capital”)
  
  
  Investment Appraisal
  
  Key concepts:
  • Investment appraisal techniques e.g. payback, NPV and IRR.
  • Inflation and taxation
  • Risk and uncertainty
  • Lease v buy, replacement decisions, capital rationing
  • Ward, Chapter 13 (“Capital Investment Decision Making”)
  
  
  
  Working Capital Management
  
  Key concepts:
  o Role and importance within a business
  o Managing inventory, receivables and cash
  o Working capital ratios
  o EOQ and JIT models for inventory
  o Settlement discounts and factoring
  o Cash management models, Baumol and Miller-Orr • Ward, Chapter 8 (“Working Capital: An Introduction”)
  • Ward, Chapter 9 (“Inventory Management”)
  • Ward, Chapter 10 (“Trade Receivables / Payables Management”)
  • Ward, Chapter 11 (“Cash Management”)
  
  
  Risk Management
  
  Key concepts:
  • Types of currency and interest rate risk
  • Exchange and Interest rate fluctuations, purchasing power and interest rate parity theories
  • Hedging techniques for foreign currency, forward contracts and money market hedging
  • Hedging for interest rate risk, FRAs, caps, floors and collars.
  • Hedging with derivatives • Ward, Chapter 18 (“Risk Management”)
  
  
  Business and Asset Valuations
  
  Key concepts:
  • Role of business and asset valuation
  • Share valuation models – asset-based, income-based and cash-flow based.
  • Debt valuation
  • Efficient Capital Markets Hypothesis and implications • Ward, Chapter 16 (“Valuing Companies”)

  Learning Outcomes

  The aim of the module is to provide a theoretical and practical understanding of core financial management issues.
  On completion of this module students will be able to:
  • Understand the role of financial management
  • Understand the implications the economic environment can have on the financial management function
  • Understand and critically evaluate different sources of business finance
  • Explore and apply the key techniques of investment appraisal
  • Understand the importance of working capital management
  • Critically assess risk management techniques used in practice
  • Understand and apply business and asset valuation models

  Skills

  In addition to the module specific skills that are outlined above, students will also develop the following non-subject specific skills:
  • the ability to synthesise and evaluate information/data from a variety of sources
  • the ability to work both independently and in groups
  • organisation and time management
  • problem solving and critical analysis

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  ACC7004

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Management Accounting & Control (15 credits)

  ×

  Management Accounting & Control

  Overview

  Introduction;
  Cost terms and cost behaviour patterns
  Key concepts:
  • Management accounting
  • Classifications of various costs:
  • Cost-volume-profit analysis
  
  
  Cost accumulation and assignment
  Key concepts:
  • Job costing:
  o Marginal/direct costing
  o Absorption costing – traditional approach
  o Absorption costing -Activity-based costing (ABC) approach
  
  
  Accounting for decision-making under uncertain conditions
  Key concepts:
  • Expected outcomes
  • Decision rules under uncertainty (maximin, maximax, minimal regret)
  • Decision-making under constraints
  o Capacity constraints; Resource constraints; Theory of Constraints (TOC) and Throughput Margin Analysis.
  o Multiple constraints; Linear programming
  
  Budgeting and control
  Key concepts:
  • Budgeting process
  o Fixed and flexible budgets; Incremental budgeting; Zero-base Budgeting (ZBB); Activity-based Budgeting (ABB)
  • Management control systems
  o Action controls; People controls; Results controls. Pros and cons of each.
  
  
  Standard costing and variance analysis
  Key concepts:
  • Management Account Control System
  o Responsibility accounting
  o Responsibility centres
  • Standard costing
  • Variance analysis
  o Material, labour, overhead variances
  o Sales variances
  o Mix and yield variances
  o Planning and operating variances
  o Variance controllability; Causes of systematic variances
  
  Performance management 1: Divisional performance measurement
  Key concepts:
  • Centre organisation
  • Benefits and limits of divisionalised structures
  • Divisional performance measurement (ROI, RI, EVA)
  
  Performance management 2: Transfer pricing; Strategic performance management
  Key concepts:
  • Performance management
  o Transfer pricing
  • Strategic performance management
  o Balanced Scorecard
  
  Strategic cost management and strategic management accounting
  Key concepts:
  • Strategic cost management
  o Lifecycle cost management
  o Target costing
  o Activity based management
  • Emerging issues
  o Environmental and sustainability issues
  o Impact of IT (ERPS, cloud computing, big data)
  o Intellectual capital

  Learning Outcomes

  On completion of this module students will be able to:
  • Describe and evaluate cost behaviour patterns;
  • Apply different cost allocation and cost ascertainment models;
  • Have an understanding of the techniques of decision-making under different conditions;
  • Explore and apply the key concepts of budgeting, controlling and variance analysis;
  • Identify and critically evaluate the different ways of performance measurement and transfer pricing in divisionalized units of companies; and
  • Discuss and critically review the most recent developments in management accounting.

  Skills

  In addition to the module specific skills that are outlined above, students also develop the following non-subject specific skills:
  • Critically contrast arguments from a variety of sources (textbooks, journal articles, practitioner studies, etc.)
  • Inter-personal skills from working in groups
  • Oral presentational skills from small group presentations

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  ACC7003

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Academic Research Project (60 credits)

  ×

  Academic Research Project

  Overview

  The academic research project comprises three inter-related elements, the first two of which (Auditing & Accountability and Ethics & Governance) help to prepare the students for the third element, the Critical Literature Review.
  
  To complete this module, an overall pass mark (50%) must be attained, with a minimum of a pass mark obtained in the Critical Literature Review element. The mark awarded is a weighted average mark based upon the three elements:
  • Auditing & Accountability – 25%;
  • Ethics & Governance – 25%; and
  • Critical Literature Review – 50%.
  
  This module provides a theoretical and practical understanding of contemporary auditing, accountability, governance and ethics issues in the private, public and not-for-profit sectors. This includes principles and techniques of auditing, fundamentals of governance and business ethics. Students will learn the importance of concepts such as compliance, internal control and risk management in a global environment. In this context, the usefulness of a variety of research methods - including qualitative methods of case study and interview - is examined. This supports the development of a Critical Literature Review that will provide the students with the skills needed for conducting theoretical and literature-based research in accounting and finance, as well as developing critical thinking and written-communication skills.

  Learning Outcomes

  ELEMENT ONE: AUDITING & ACCOUNTABILITY
  On successful completion of this element, participants should will be able to:
  
  • Critically evaluate auditing theory and practice;
  • Explain the concept of auditing and accountability and the functions of audit, corporate governance and internal and external audit in the context of the audit framework and regulation;
  • Evaluate the planning and risk assessment process, including how the auditor obtains and accepts audit engagements, assesses audit risks, fraud assessment and audit planning and documentation;
  • Describe and evaluate internal controls, techniques and audit tests;
  • Identify and describe the work and evidence obtained by the auditor and others to meet the objectives of the International Standards on Auditing;
  • Explain the importance of the review and reporting of subsequent events and going concern principle to inform conclusions from audit work;
  • Synthesis and apply auditing principles in a variety of situations;
  • Determine the appropriate audit opinion to deliver in given scenarios;
  • Appreciate the contribution of both quantitative and qualitative research methods to explore auditing and accountability issues.
  
  ELEMENT TWO: ETHICS AND GOVERNANCE
  
  On completion of this element students will be able to:
  • Describe drivers of governance and business ethics;
  • Explain and apply underlying theories relevant for governance and business ethics;
  • Analyse the role of the board with regard to business ethics and governance;
  • Have an understanding of the key concepts in use for governing organisations around the world;
  • Critically evaluate the governance performance and social accountability of different organisations; and
  • Discuss and critically review new developments in governance.
  
  ELEMENT THREE: CRITICAL LITERATURE REVIEW
  On completion and submission of the Critical Literature Review, the students will be equipped to:
  
  • write well-structured and comprehensive academic essays through independent work,
  • develop coherent thinking and consistent thoughts in the form of a literature review,
  • conduct a critical review of literature, identifying limits and strengths of previous studies,
  • identify possible research questions and gaps in the areas of accounting and finance and propose further research,
  • discuss previous findings, critically evaluate theories and methodologies, and identify their limitations and potential developments.

  Skills

  ELEMENT ONE: AUDITING & ACCOUNTABILITY
  In addition to the specific skills, students also develop the following non-subject specific skills:
  
  • Effectively work with and present their work to peers
  • Engage in intellectually coherent debates
  • Time management
  • Developing learning strategies
  • Develop an academic writing style
  • Critically contrast arguments from a variety of sources
  • Inter-personal skills from working in groups
  
  ELEMENT TWO: ETHICS AND GOVERNANCE
  In addition to the specific skills that are outlined above, students also develop the following non-subject specific skills:
  • Critically contrast arguments from a variety of sources (e.g. textbooks and journal articles);
  • Inter-personal skills from working in groups; and
  • Oral presentational skills from group presentations
  
  ELEMENT THREE: CRITICAL LITERATURE REVIEW
  In addition to the specific skills that are outlined above, students will also develop the following non-subject specific skills:
  
  • ability to synthesise and evaluate information/data from a variety of sources,
  • ability to work independently,
  • organisation and time management,
  • problem solving and critical analysis

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  60

  Module Code

  ACC7007

  Teaching Period

  Summer

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Case Studies in Accounting and Financial Management (15 credits)

  ×

  Case Studies in Accounting and Financial Management

  Overview

  This Course builds upon ACC7001 International Financial Accounting and Reporting and ACC7004 Financial Management and focuses upon the practical application of financial accounting and financial management theory. Through the use of case studies, this Course seeks to develop participants’ practical appreciation of the concepts covered in ACC7001 and ACC7004. The course covers:
  
  1. the practical application of international financial reporting standards to the preparation and presentation of the financial statements;
  
  2. the practical application of financial management theory including: the financing of, and motivations for, mergers and takeovers; stock market reaction to mergers and takeovers; associated regulatory issues; post-merger integration; and the impact on the shareholders;
  
  3. the analysis and interpretation of financial statements; and
  
  4. recent developments in international financial reporting and financial management.

  Learning Outcomes

  Upon the successful completion of this Course, participants should be able to:
  • apply international financial reporting standards in the production and presentation of external financial reports and be familiar with alternative recognition rules and valuation bases;
  
  • apply the main concepts and theories of international financial reporting and financial management to practical accounting problems taking into account the broad economic, legal, social and professional environment;
  
  • demonstrate an ability to integrate and evaluate information and data from a variety of sources and acknowledge appropriate references by taking a holistic approach to solving accounting and financial management problems;
  • display good written communication skills, including the ability to present qualitative and quantitative accounting and financial management information, in a form appropriate to the intended audience; and
  
  • demonstrate good numerical skills and the ability to manipulate data.

  Skills

  In addition to subject-specific skills, participants should also acquire the following non-subject specific skills. These include the ability to:
  • critically evaluate arguments and evidence from a variety of sources;
  
  • analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data and from data which must be acquired by the participant;
  
  • locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources;
  
  • use Information Technology in acquiring, analysing and communicating information, including the use of spreadsheets, word processing, the world-wide web and e-mail; and
  
  • work in groups and make presentations.

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  15

  Module Code

  ACC7008

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Business Technologies and Analytics (15 credits)

  ×

  Business Technologies and Analytics

  Overview

  This module provides students with an understanding of key and novel technologies affecting contemporary business from the view of the accounting/finance professional. The module combines understanding with practical application of technologies to business scenarios.
  
  To put the module in context, the role of technology in contemporary business organisations is introduced. How technology has evolved from being a business support function to being an essential part of how business is done will be explored. This will include analysis of the links between technology and business strategy and value creation, how technology cost structures have changed, as well as an appreciation of the risks to business due to technology failures. Linking technologies to the role of accounting/finance professionals, how technologies affect their roles within organisations will be outlined. The role accounting/finance professionals play in planning, implementing and overseeing the information outputs will be discussed. This includes an overview of the nature of the technology skillset required by accounting/finance professionals in contemporary organisations.
  
  As a result of the rise of technology, the impact that digital disruption is having on business and more specifically the finance professional is explored, including changes to customers, competitors and data availability. A key topic is digital transformation – what it is, its historical context, why it is needed and how organisations can implement digital transformation to service in a digital environment, reflecting how the finance professional can help play a part of this journey. Several emerging technologies are explored which are fundamental to digital transformation e.g., cloud computing, process automation, artificial intelligence, blockchain, augmented and virtual reality and the Internet of Things. Characteristics of these technologies will be analysed, use cases reviewed and challenges of implementation assessed to provide students with a foundational knowledge of contemporary technologies impacting on organisations today. An overview of ethical and sustainability issues around technologies is also included.
  
  Data availability due to the rise of technology has presented opportunities and challenges for firms and its managers – including finance professionals. Availability of data in ever-increasing volume, at faster pace, and in different varieties – characteristics of Big Data – can be useful only if meaningful information can be gleaned out of it; however, inability and complacency in using the data can allow competitors to exploit the freely available data to gain competitive advantage. This module will provide an understanding of the importance of Business Analytics within the Business Intelligence process. Descriptive, predictive, and prescriptive analyses of data using appropriate software packages (e.g., Excel, Tableau or PowerBI for descriptive analysis; R, Stata or Python for predictive/prescriptive analysis) to aid decision-making in firms are explored.

  Learning Outcomes

  At the end of this module students will be able to:
  
  Distinguish the effects of technology on the role of accounting/finance professionals versus the role of the accounting/finance professional in the development of technology in firms.
  Understand the dynamics of the technological environment.
  Outline and explain the technologies that affect business and accounting/finance and examine how such technologies are utilised within accounting/finance.
  Understand approaches to analytical modelling and apply analytical tools to business scenarios and interpret outputs.
  Understand emerging technological issues and their effects on accounting/finance.

  Skills

  The aim of this module is to equip students with an understanding of technologies in the accounting and finance domain. Specifically, this module seeks to give students the ability to:
  
  Appreciate various technologies and the effects they have had, are having and will have on accounting and finance;
  Understand how technologies affect the role and work of accounting/finance professionals; and
  Appreciate various data sources and understanding tools and techniques available to collate, analyse and communicate information.

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  15

  Module Code

  ACC7011

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Research Methods and Techniques (15 credits)

  ×

  Research Methods and Techniques

  Overview

  The purpose of this course is to provide a thorough background of research methods and techniques that can be applied to the field of accounting. Students will learn about relevant theoretical and methodological aspects in accounting research. They will be equipped with knowledge on how to conduct qualitative and quantitative research projects, using examples from accounting. This course will help students to conduct their own research project in the future. The aims of this module are to:
  • Establish a general understanding of research methods and techniques in accounting;
  • Understand various types of research used in accounting;
  • Develop skills to present and interpret research findings.

  Learning Outcomes

  Upon completion of this module, students should be able to:
  • Identify main research methods used in the field of accounting;
  • Understand and critically discuss theoretical foundations relevant for accounting research;
  • Understand and apply qualitative and quantitative research methods and techniques to different research contexts;
  • Critically evaluate and interpret research findings derived from accounting research

  Skills

  The course provides opportunities for students to acquire or enhance the following skills:
  • Analytical skills;
  • Problem solving;
  • Numerical skills;
  • Communication skills;
  • Inter-personal skills and team-working.

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  15

  Module Code

  ACC7002

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  International Financial Accounting and Reporting (15 credits)

  ×

  International Financial Accounting and Reporting

  Overview

  Focusing upon International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs), this module combines accounting theory with its practical application. The module seeks to provide participants with a firm grasp of the principal conceptual issues in financial accounting and to develop their practical appreciation of these concepts in the context of international financial accounting and reporting. The main areas covered are:
  
  1. The theory and practical application of international financial reporting standards to the preparation and presentation of the financial statements of single corporate entities.
  
  2. The theory and practical application of international financial reporting standards to the preparation and presentation of group financial statements.
  
  3. The analysis and interpretation of financial statements.
  
  4. Recent developments in international financial accounting and reporting, including an awareness of the roles of the International Accounting Standards Board and the European Union, and their interrelationship with the Financial Reporting Council in the development and setting of international financial reporting standards.

  Learning Outcomes

  Upon the successful completion of this module, participants should be able to:
  
  • apply international financial reporting standards in the production and presentation of external financial reports and be familiar with alternative recognition rules and valuation bases;
  
  • demonstrate an awareness of the main concepts and theories of international financial reporting currently engaging the attention of the academic community and the accounting profession within their broad economic, legal, social and professional environment;
  
  • demonstrate an ability to integrate and evaluate information and data from a variety of sources and acknowledge appropriate references by taking a holistic approach to solving accounting problems;
  
  • record, prepare, present and summarise financial transactions and other economic events;
  
  • display an ability to relate knowledge of accounting theories to practical accounting problems;
  
  • display good communication skills, both oral and written, including the ability to present qualitative and quantitative accounting information, in a form appropriate to the intended audience; and
  
  • demonstrate good numerical skills and the ability to manipulate data.

  Skills

  In addition to subject specific skills, participants should also acquire the following non-subject specific skills. These include the ability to:
  • critically evaluate arguments and evidence from a variety of sources;
  
  • analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data and from data which must be acquired by the participant;
  
  • locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources; and
  
  • use Information Technology in acquiring, analysing and communicating information, including the use of spreadsheets, word processing, the world-wide web and e-mail.

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  ACC7001

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Dissertation - MSc Accounting & Finance (60 credits)

  ×

  Dissertation - MSc Accounting & Finance

  Overview

  The aim of the dissertation is to provide students with the skills needed for conducting theoretical and/or empirical research in accounting and finance.

  Learning Outcomes

  At the conclusion of the dissertation, participants will be equipped to:
  
  • write a well-structured dissertation,
  • formulate research questions and/or hypotheses,
  • conduct a critical review of the literature
  • answer research questions or test hypotheses by using empirical studies, datasets, corporate reports or interviews,
  • discuss findings, draw conclusions and identify the limitations of a study and its possible developments.

  Skills

  In addition to the learning outcomes, students will also develop the following non-subject specific skills:
  
  • data compilation,
  • ability to work independently,
  • organisation and time management,
  • problem solving and critical analysis.

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  60

  Module Code

  ACC9090

  Teaching Period

  Summer

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Accounting and Performance Management in Public-Sector and Not-For-Profit Organisations (15 credits)

  ×

  Accounting and Performance Management in Public-Sector and Not-For-Profit Organisations

  Overview

  The aim of the module is to provide a theoretical and practical understanding of contemporary performance management and governance issues in public-sector and not-for-profit organisations, using both quantitative and qualitative methods.
  The module explores the role and application of performance management and governance in public-sector and not-for-profit organisations. Theoretical and practical performance management and governance issues will be examined primarily through the use of published research papers. Through this, the usefulness of a variety of research methods, including qualitative research utilising case studies and interviews, will be examined.

  Learning Outcomes

  On successful completion of the module, participants should be able to:
  
  1. Understand key differences between businesses, public sector organisations and not-for profit-organisations (including strategies) in relation to performance management and governance.
  2. Appreciate the contribution of both quantitative and qualitative research methods to explore performance management and governance issues.
  3. Analyse the role and the difficulties of achieving good performance and governance management.
  4. Critically evaluate performance management, accountability, governance systems and strategies put in place by public-sector and not-for-profit organisations.

  Skills

  On successful completion of the course, students should have acquired or developed the following skills:
  • Working effectively in teams.
  • Engage in intellectually coherent debates.

  Coursework

  30%

  Examination

  60%

  Practical

  10%

  Credits

  15

  Module Code

  ACC9002

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Optional Modules

  Derivatives (15 credits)

  ×

  Derivatives

  Overview

  The aim of this course is to develop in students a theoretical and practical knowledge of derivative instruments.
  This module provides participants with an exhaustive coverage of widely used derivative products stressing pricing and uses for financial engineering and risk management. The module provides an overview of derivative instruments, markets, participants and uses. It focuses on the pricing and uses of futures, forwards and options. The cost of carry relationship, the binomial approach, the Black-Scholes model and its variants are detailed to equip participants with the basic tools for pricing derivatives. The module examines practical uses of derivative securities as risk management tools for corporations and financial institutions.
  Areas to be covered include:
  
  THE MOVEMENT OF FUTURES PRICES: some basic facts. CTAs, managed futures, hedge funds. Financialization of Commodity Markets. Time series momentum.
  
  MEAN VARIANCE APPROACHES TO HEDGE RATIO DETERMINATION, STOCK INDEX FUTURES AND HEDGING EFFECTIVENESS: The mean-variance approach to hedge ratio construction. Hedging with stock index futures. Hedging effectiveness and hedge ratio estimation - OLS, ECM and GARCH procedures. Duration and Expiration effects.
  
  THE STOCHASTIC PROCESS OF ASSET PRICES AND THE DERIVATION OF THE BLACK-SCHOLES MODEL:The Wiener process and rare events in financial markets; Ito processes; Ito's lemma; generalised Ito's lemma; Black-Scholes differential equation; Black-Scholes pricing formula; options on stocks paying known dividends; pseudo-American model; option on stock indices, currency options and options on futures;
  
  VOLATILITY: Estimating volatility: historical; implied - application of Newton-Raphson. Empirical characteristics of volatility: smiles; term structure skew; mean reversion; Forecasting volatility: application of GARCH; empirical evidence of volatility forecasts - implied versus historical; Bisection.
  
  EXOTIC OPTIONS: Types of exotic options - barrier options; lookback options; strike options; binary or digital options; compound options; and chooser options.
  
  INTEREST RATE DERIVATIVES: The standard market models; models of short rate; HJM and LMM models.
  
  RISK AND REGULATION WITH EMPHASIS ON VALUE AT RISK: Regulation of Financial Institutions; value at risk and forecast accuracy; capital adequacy and value at risk; value at risk and the variance covariance approach; value at risk and non-parametric methods such as historical simulation and bootstrapping; value at risk and linear and non-linear positions.
  
  CREDIT RISK AND CREDIT DERIVATIVES: Default probabilities; Recovery rates; Default correlation; Credit default swaps; Asset-backed securities.
  
  REAL OPTIONS: The option to expand, contract, default, abandon and switch. The valuation of real options in the face of compoundness, interaction between options and ownership. Real options and the valuation of internet companies.

  Learning Outcomes

  Upon successful completion of this module, students will have an understanding of:-
  1. understand the mechanisms of futures and forward market
  2. price futures and forward instruments
  3. understand the mechanisms of options markets
  4. understand concepts of stochastic processes and its application in financial modelling
  5. understand and derive binomial tree model
  6. understand and derive Black-Scholes-Merton model
  7. estimate historical and implied volatility
  8. construct hedges using futures and options

  Skills

  This module provides opportunities for the student to acquire or enhance the following skills:
  Subject-specific Skills
  • The ability to construct arguments and exercise problem solving skills in the context of theories of finance and risk management
  • The ability to use computer-based mathematical / statistical / econometric packages to analyse and evaluate relevant data
  • The ability to read and evaluate finance and risk-related academic literature
  • The ability to appreciate, construct and analyse mathematical, statistical, financial and economic models of practical risk situations
  • The ability to connect business problems with risk management
  • The ability to marry regulatory structure with the principles of risk sharing and risk mitigation
  
  Cognitive Skills
  • Problem solving
  • Logical reasoning
  • Independent enquiry
  • Critical evaluation and interpretation
  • Self assessment and reflection
  
  Transferable Skills
  • The ability to synthesise information/data from a variety of sources including from databases, books, journal articles and the internet
  • The preparation and communication of ideas in finance, information economics and risk management in both written and presentational forms
  • The ability to work both independently and in groups
  • Organisation and time management
  • Problem solving and critical analysis
  • Work-based skills; use of IT, including word-processing, email, internet and statistical/econometric/risk management packages
  • The ability to communicate quantitative and qualitative information together with analysis, argument and commentary in a form appropriate to different intended audiences

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  FIN9007

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Optional

  Money and Banking (15 credits)

  ×

  Money and Banking

  Overview

  The overall aim of the module is to provide students with an understanding of monetary and banking institutions.
  
  The course has five constituent parts.
  1. Firstly, we want to understand why banks exist and what functions they perform.
  2. Secondly, we develop a theory of monetary institutions, and in so doing, we seek to examine the origins and evolution of money. This part of the course will be mainly theoretical because we examine monetary institutions under laissez-faire.
  3. Thirdly, we examine government intervention in money by asking the question: what is the rationale for government intervention in money and banking? We will also examine the institution which has evolved to become the major player in the conduct of monetary policy – the central bank.
  4. Fourthly, we will examine government intervention in banking institutions.
  5. Fifthly, we will analyse bubbles and financial crises.

  Learning Outcomes

  At the conclusion of the course participants will have an understanding of:-
  • the role of banks as issuers of money;
  • the history of monetary institutions and how this is relevant to understanding the sort of monetary regime that presently exists;
  • why central banks act as they do;
  • and be able to analyse the properties of alternative monetary regimes;
  • the causes and consequences of bubbles and banking crises .

  Skills

  This module provides opportunities for the student to acquire or enhance the following skills:-
  Subject-specific Skills
  • The ability to construct arguments and exercise problem solving skills in the context of theories of finance and risk management
  • The ability to read and evaluate finance and risk-related academic literature
  • The ability to marry regulatory structure with the principles of risk sharing and risk mitigation
  • Cognitive Skills
  • Problem solving
  • Logical reasoning
  • Independent enquiry
  • Critical evaluation and interpretation
  • Self assessment and reflection
  
  Transferable Skills
  • The ability to synthesise information/data from a variety of sources including from databases, books, journal articles and the internet
  • The preparation and communication of ideas in finance, information economics and risk management in both written and presentational forms
  • The ability to work both independently and in groups
  • Organisation and time management
  • Problem solving and critical analysis
  • Work-based skills; use of IT, including word-processing, email, internet and statistical/econometric/risk management packages
  • The ability to communicate quantitative and qualitative information together with analysis, argument and commentary in a form appropriate to different intended audiences

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  FIN9003

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Optional

  International Finance (15 credits)

  ×

  International Finance

  Overview

  The aims of this module are to:
  
  (i) provide students with the conceptual and analytical framework required for understanding how international financial conditions influence the investment decision process;
  
  (ii) provide students with the necessary theoretical and analytical tools which explain and forecast the exchange rate dynamics.
  
  
  Areas to be covered include:
  
  Foreign Exchange Markets
  Organization of foreign exchange market; Currency quotes and prices; Bid-ask spread; Forward premium and discount.
  
  Balance of Payment
  Capital account; Current account; Official reserve account; Dynamics of balance of payment
  
  Interest Rate Parity
  Exchange rate system; Monetary union; Covered interest rate parity; Uncovered interest rate parity; Unbiasedness hypothesis; Hedging foreign currency transaction; Empirical evidence of interest rate parity.
  
  Purchasing Power Parity
  Price level; Purchasing power of a currency; Absolute PPP; Relative PPP; Empirical evidence of purchasing power parity.
  
  International Equity and Debt Markets
  Global sources of funds; World bond markets; International bank loans; World stock markets; International cross-listing and ADR.
  
  International CAPM
  International diversification; Risk and return of international investment; World CAPM; International CAPM; Integrated and segmented markets.
  
  Cross-border Valuation
  Adjusted net present value; Withholding tax and tax credits; Cross-border choice of cost of capital; Forecasting exchange rate in valuation.

  Learning Outcomes

  Learning Outcomes
  
  Upon successful completion of this module, students will:
  
  1. analyze and discuss international macroeconomics and institutional environment
  2. articulate determinants of foreign exchange rate and interpret the impact of economic events on foreign exchange rate
  3. forecast foreign exchange rates with international parity conditions
  4. discuss the operation of capital and foreign exchange markets
  5. identify risks relating to exchange rate and develop risk management strategies
  6. identify and describe methods of international capital raising
  7. discuss, identify and evaluate foreign direct investment and its risk management

  Skills

  Skills
  
  This module provides opportunities for the student to acquire or enhance the following skills:-
  
  • Subject-specific skills
  o Ability to critically evaluate the exchange rate movement
  o Ability to critically read and evaluate finance academic literature
  o Appreciation, construction and analysis of international financial models of practical risk situations
  
  • Cognitive Skills
  o Problem solving
  o Logical reasoning
  o Independent enquiry
  o Critical evaluation and interpretation
  o Self-assessment and reflection
  
  • Transferable Skills
  o The ability to synthesis information/data from a variety of sources
  o Preparation and communication of ideas in both written and presentational forms
  o Ability to work both independently and in groups
  o Organization and Time Management
  o Use of IT.

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  FIN9004

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Optional

Entrance requirements

Graduate
Normally a 2.1 Honours degree in Accounting and/or Finance or equivalent qualification acceptable to the University.

Exceptional applicants with degrees in Engineering, Mathematics, Management, Economics, Business or Law may be considered. Such applicants must have sufficient relevant knowledge of Accounting/Finance.

To demonstrate preparedness for MSc degree-level study, applicants must have achieved the degree/qualifications used to meet the entry requirements within five academic years prior to the year of entry.

Applicants are advised to apply as early as possible and ideally no later than 11th August 2023 for courses which commence in late September. In the event that any programme receives a high number of applications, the University reserves the right to close the application portal. Notifications to this effect will appear on the Direct Application Portal against the programme application page.

Please note: international applicants will be required to pay a deposit to secure a place on this course.

International Students

Our country/region pages include information on entry requirements, tuition fees, scholarships, student profiles, upcoming events and contacts for your country/region. Use the dropdown list below for specific information for your country/region.

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English Language Requirements

Evidence of an IELTS* score of 6.5, with not less than 5.5 in any component, or an equivalent qualification acceptable to the University is required. *Taken within the last 2 years.

International students wishing to apply to Queen's University Belfast (and for whom English is not their first language), must be able to demonstrate their proficiency in English in order to benefit fully from their course of study or research. Non-EEA nationals must also satisfy UK Visas and Immigration (UKVI) immigration requirements for English language for visa purposes.

For more information on English Language requirements for EEA and non-EEA nationals see: www.qub.ac.uk/EnglishLanguageReqs.

Career Prospects

Introduction
This Masters programme provides the basis for both profession- and research-orientated careers, as well as skills and knowledge required to progress into management careers in the accounting and financial services. It opens a wide range of career opportunities in banking, accounting and auditing, government, corporate finance, investment analysis and academia.

Queen's postgraduates reap exceptional benefits. Unique initiatives, such as Graduate Plus and Researcher Plus bolster our commitment to employability, while innovative leadership and executive programmes alongside sterling integration with business experts helps our students gain key leadership positions both nationally and internationally.

Additional Awards Gained(QSIS ELEMENT IS EMPTY)

Prizes and Awards(QSIS ELEMENT IS EMPTY)

Graduate Plus/Future Ready Award for extra-curricular skills

In addition to your degree programme, at Queen's you can have the opportunity to gain wider life, academic and employability skills. For example, placements, voluntary work, clubs, societies, sports and lots more. So not only do you graduate with a degree recognised from a world leading university, you'll have practical national and international experience plus a wider exposure to life overall. We call this Graduate Plus/Future Ready Award. It's what makes studying at Queen's University Belfast special.

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Entry requirements

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Fees and Funding

Tuition Fees

Northern Ireland (NI) 1	£8,360
Republic of Ireland (ROI) 2	£8,360
England, Scotland or Wales (GB) 1	£8,360
EU Other 3	£24,300
International	£24,300

MSc (T) Accounting and Finance 

¹ EU citizens in the EU Settlement Scheme, with settled status, will be charged the NI or GB tuition fee based on where they are ordinarily resident. Students who are ROI nationals resident in GB will be charged the GB fee.

² EU students who are ROI nationals resident in ROI are eligible for NI tuition fees.

³ EU Other students (excludes Republic of Ireland nationals living in GB, NI or ROI) are charged tuition fees in line with international fees.

All tuition fees quoted are for the academic year 2023-24, and relate to a single year of study unless stated otherwise. Tuition fees will be subject to an annual inflationary increase, unless explicitly stated otherwise.

More information on postgraduate tuition fees.

Additional course costs

All Students

Depending on the programme of study, there may be extra costs which are not covered by tuition fees, which students will need to consider when planning their studies.

Students can borrow books and access online learning resources from any Queen's library. If students wish to purchase recommended texts, rather than borrow them from the University Library, prices per text can range from £30 to £100. Students should also budget between £30 to £75 per year for photocopying, memory sticks and printing charges.

Students undertaking a period of work placement or study abroad, as either a compulsory or optional part of their programme, should be aware that they will have to fund additional travel and living costs.

If a programme includes a major project or dissertation, there may be costs associated with transport, accommodation and/or materials. The amount will depend on the project chosen. There may also be additional costs for printing and binding.

Students may wish to consider purchasing an electronic device; costs will vary depending on the specification of the model chosen.

There are also additional charges for graduation ceremonies, examination resits and library fines.

Accounting and Finance costs

There are no specific additional course costs associated with this programme.

How to Apply

Apply using our online Postgraduate Applications Portal and follow the step-by-step instructions on how to apply.

Apply now

Terms and Conditions

The terms and conditions that apply when you accept an offer of a place at the University on a taught programme of study.
Queen's University Belfast Terms and Conditions.

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