Course Structure

The MSc Finance is a full-time postgraduate programme aimed primarily at students with undergraduate degrees from the disciplines of finance, maths, statistics, or any other programme with a high quantitative content.

This programme offers a wide range of in-depth modules that provide students with core knowledge of financial markets, financial instruments, and financial decision making both from an institutional as well as corporate perspective. Eight taught modules aim to equip students with the necessary skillset to foster responsible decision making and to promote sustainable economic growth. These modules align with the U.N. Sustainable Development Goals and map directly to a selection of these goals.

Semester 1	Asset Pricing - FIN7026 This module offers an introduction to the field of financial economics and provides an understanding of the development of advanced pricing theory. The module starts by examining rational investor behaviour; how investors allocate resources both in certain and uncertain environments, building towards an understanding of how prices are rationally determined in asset markets. Apparent violations of rational behaviour and pricing are then examined to understand better how traders and markets function. Students will also explore portfolio allocation and examine a range of anomalies including the equity premium puzzle. The course concludes with an examination of the efficient market hypothesis and throughout, we shall critique key financial models and economic theory. Corporate Finance - FIN9005 The purpose of this course is to analyse how corporations make major financial decisions. The theory of corporate behaviour is discussed and the relevance of each theoretical model is examined by an empirical analysis of actual corporate decision making. The aims of this module are to familiarise students with the issues of confronting corporations when making investments and financing decisions and to develop the ability of students to obtain corporate information from the Bloomberg database. Market Microstructure - FIN7027 The first part of this module provides a detailed analysis of the contemporary structure of global finance including key market participants and markets, focusing on fixed income and foreign exchange markets. We will then explore the economic issues and structures underlying trading on these markets. The aim of this module is to ensure that students understand the structure, dynamics and trading mechanisms of global financial markets, as well as appreciate the role of key institutions involved in these markets. Financial Data Analytics - FIN9008 The purpose of this course is to provide a comprehensive introduction to econometric techniques used in finance. It contains a treatment of classical regression and an introduction to time series techniques. There will be an emphasis on applied work using econometric packages. The course is designed to give students both theoretical and practical experience of statistical and econometric techniques. A wide range of topics is typically covered including the basic regression model, which includes a discussion of the classical violations of this model and methods for their correction. Students will learn a computer statistical software package (R).
Semester 2	Derivatives - FIN9007 The aim of this course is to develop in students a theoretical and practical knowledge of derivative instruments. The learning outcomes include understanding the mechanisms of futures and forward markets, pricing futures and forward instruments, constructing hedges using futures, and understanding the mechanisms of option markets. Additionally, the concepts of stochastic processes and its applications in financial modelling is addressed. International Finance - FIN9004 The main goal of this course is to understand the complexities involved in conducting finance across more than one country. It aims to provide students with both practical skills for working in this area and a broader understanding of the role of finance within the international economy. The majority of the course will involve the description of key analytical concepts and theories involved in international finance. These theories are then used to help understand the international elements of important economic and financial phenomena. Advanced Financial Data Analytics - FIN7028 Statistics is the science of uncertainty and variation. Econometrics is the application of statistics to economic and finance problems. The aim of this course is to teach students to apply time series financial econometrics techniques sensibly in the context of real-world empirical problems. Use R statistical programming software and RStudio, students will be taught statistical techniques which underpin quantitative investigation in the finance. Money and Banking - FIN9003 This module examines the theory of money and banking. The course considers the main banking and monetary institutions and monetary policy. The overall aim is to provide students with an understanding of monetary and banking institutions and promote a good appreciation of the economic functions and workings of financial those institutions.
Semester 3	Dissertation The aim of the dissertation is to provide students with the skills needed for conducting theoretical and/or empirical research in finance. OR Applied Research Project

Career Prospects

Introduction
Successful students will have the necessary skills to have career opportunities in finance, including investment banking, commercial banking, investment management, or other financial intermediaries.

For recent examples of where our alumni have secured employment, please see the School website.
http://www.qub.ac.uk/directorates/sgc/careers/

Learning and Teaching

Learning opportunities:

Assessment

Assessments associated with the course are outlined below:

Modules

• Year 1

  Core Modules

  Asset Pricing (15 credits)

  ×

  Asset Pricing

  Overview

  Course Content
  
  The aims of this module are to:
  (i) provide students with the necessary theoretical and analytical tools which underpin the pricing of assets;
  (ii) familiarize students with the environment of a trading room
  
  Areas to be covered include:
  
  Financial markets
  Overview of main markets; how firms and governments raise finance; financial instruments; trading securities.
  
  Valuation
  Valuing stocks.
  
  Asset returns and portfolio theory
  Measuring asset returns; theory of choice under uncertainty; mean-variance portfolio theory.
  
  Asset-pricing models
  Assessing the theoretical and empirical validity of various asset pricing models.
  
  Equity markets
  EMH; anomalies; behavioural finance

  Learning Outcomes

  Upon successful completion of this module, students will:
  1. Be familiar with the various theories on individuals’ investment decision making
  2. apply techniques for formally assessing risk.
  3. understand the methodologies employed in investigating asset pricing behaviour in the capital market
  4. be able to critically evaluate the various asset pricing models in terms of both theory and empirical evidence
  5. be able to critically appraise the EMH, anomalies and behavioural finance.
  6. be familiar with the trading-room environment and the Bloomberg database.

  Skills

  This module provides opportunities for the student to acquire or enhance the following skills:-
  • Subject-specific skills
  o Use of computer-based packages to analyse and evaluate relevant data
  o Ability to criticially read and evaluate finance and risk-related academic literature
  o Appreciation, construction and analysis of financial and economic models of practical risk situations
  
  • Cognitive Skills
  o Problem solving
  o Logical reasoning
  o Independent enquiry
  o Criticial 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 Organisation and Time Management
  o Use of IT.

  Coursework

  40%

  Examination

  60%

  Practical

  0%

  Credits

  15

  Module Code

  FIN7026

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Market Microstructure (15 credits)

  ×

  Market Microstructure

  Overview

  The aim of this module is to ensure that students understand the structure, dynamics and trading mechanisms of global financial markets, as well as appreciate the role of key institutions involved in these markets.
  
  
  Areas to be covered:
  
  1. Firstly, we analyse the role, structure and economic principles of the key players participating in financial markets.
  2. Secondly, we examine the function and characteristics of two key markets: fixed income and foreign exchange.
  3. Thirdly, we will analyse the trading mechanics of financial markets, and in doing so, we will examine the development and organisation of major exchanges.

  Learning Outcomes

  Upon successful completion of this module, students will have an understanding of:-
  
  - The structure and strategy of key participants in financial markets;
  - The function and characteristics of fixed income and foreign exchange markets;
  - How market microstructure will be reflected in pricing of securities, trading behaviour, trading mechanisms and market design.
  - The trading structures of financial markets;
  - Development and organisation of major exchanges;
  - The role of information in financial markets and how it is processed in practice.

  Skills

  This module provides opportunities for the student to acquire or enhance the following skills:-
  
  • Subject-specific skills
  o Ability to critically read and evaluate the academic microstructure literature
  o Appreciation, construction and analysis of trading strategies
  
  • 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 The ability to present and communicate complex ideas to a non-specialist audience
  o Ability to work in groups
  o Organisation and Time Management

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  15

  Module Code

  FIN7027

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Times-Series Financial Econometrics (15 credits)

  ×

  Times-Series Financial Econometrics

  Overview

  The aims of this module are to:
  (i) provide students with knowledge of the econometric methods and techniques used in the analysis of time series finance information.
  (ii) apply the empirical techniques using economic and financial data.
  
  Statistical Properties of Financial Returns
  Stylised Facts about Financial Returns; Distribution of Asset Returns; Time Dependency; Linear Dependency across Asset Returns
  Univariate Time Series and Applications to Finance
  Wold’s Decomposition Theory; Properties of AR Processes; Properties of Moving Average Processes; Autoregressive Moving Average (ARMA) Processes; The Box-Jenkins Approach; Example: A Model of Stock Returns
  Modelling Volatility – Conditional Heteroscedastic Models
  ARCH Models; GARCH Models; Estimation of GARCH Models; Forecasting with GARCH Model; Asymmetric GARCH Models; The GARCH-in-Mean Model
  Modelling Volatility and Correlations – Multivariate GARCH Models
  Multivariate GARCH Models; The VECH Model; The Diagonal VECH Model; The BEKK Model; The Constant Correlation Model; The Dynamic Correlation Model; Estimation of a Multivariate Model
  Vector Autoregressive Models
  Vector Autoregressive Models; Issues in VAR; Hypothesis Testing in VAR; Example: Money Supply, Inflation and Interest Rate

  Learning Outcomes

  Upon successful completion of this module students will be able to:
  1. critically analyse, estimate and forecast using AR, MA, and ARMA models
  2. apply the Box-Jenkins approach to time series models
  3. model and forecast volatility using autoregressive conditional heteroscedastic (ARCH) models
  4. estimate, interpret, and forecast with generalised autoregressive conditional heteroscedastic (GARCH) models
  5. test for spill-over of volatility between assets
  6. use vector autoregressive (VAR) models to analyse and interpret interaction between financial variables
  7. examine critically evaluate the impact of shocks on financial variables using impulse response analysis

  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
  
  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

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  15

  Module Code

  FIN7028

  Teaching Period

  Spring

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Applied Research Project (60 credits)

  ×

  Applied Research Project

  Overview

  The applied research project provides students with the opportunity to utilise the knowledge and skills acquired over the previous two semesters to plan, develop and produce a substantial piece of original, independent applied research.
  Lectures and computer-based workshops will cover the following areas:
  1. Research Methodology
  2. Fundamental analysis and strategy analysis
  3. Data Management, Analysis, Visualisation and Inference
  4. Financial analysis [ratios/cash flows], forecasting profit & EPS.
  5. Valuation 1: DDM and DCF approach
  6. Valuation 2: EVA and Price- multiples
  7. Critical assessment of model adequacy
  8. Presenting Information and Data

  Learning Outcomes

  Upon successful completion of this project, students will:
  1. Demonstrate an ability to design and manage a piece of individual research.
  2. Apply knowledge and skills developed in previous modules to contemporary issues in financial markets.
  3. Establish links between financial theory and financial practice.
  4. Exhibit intellectual discipline in identifying and critique the appropriate information.
  5. Identify appropriate econometric methods for critically analysing a contemporary issue in finance.
  6. Critically evaluate the appropriateness of modelling assumptions.
  7. Present their thinking in a professional industry-style research paper.

  Skills

  This applied research project provides opportunities for the student to acquire or enhance the following skills:-
  · Subject-specific skills
  -Use of computer-based packages to analyse and evaluate relevant data
  -Ability to critically read and evaluate finance and risk-related academic literature
  -Appreciation, construction and analysis of financial and economic models of practical risk situations
  · Cognitive Skills
  -Problem solving
  -Logical reasoning
  -Independent enquiry
  -Critical evaluation and interpretation
  -Self-assessment and reflection
  -Intellectual humility
  -Intellectual discipline
  · Transferable Skills
  -The ability to synthesis information/data from a variety of sources
  -Preparation and communication of ideas in both written and presentational forms
  -Ability to work both independently
  -Organisation and Time Management
  -Use of IT

  Coursework

  80%

  Examination

  0%

  Practical

  20%

  Credits

  60

  Module Code

  FIN9100

  Teaching Period

  Summer

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Research Methods in Finance (15 credits)

  ×

  Research Methods in Finance

  Overview

  The purpose of this course is to provide an introduction to econometric techniques used in finance. It contains a treatment of classical regression and an introduction to time series techniques. There will be an emphasis on applied work using econometric packages.
  The course is designed to give students both theoretical and practical experience of statistical and econometric techniques. A wide range of topics is typically covered including the basic regression model, which includes a discussion of the classical violations of this model and methods for their correction. Students will learn a computer statistical software package (R).

  Learning Outcomes

  Upon successful completion of this course students will have an understanding of:-
  • the main issues relating to the appropriate econometric modelling of financial and economic time series;
  • and have gained experience in the use of econometric software and be able to demonstrate their software skills in completing assignments;
  • and be able to discuss, applied econometric research topics in finance;
  • and have improved their data management, programming and research skills.

  Skills

  Subject-specific Skills
  • The ability to construct arguments and exercise problem solving skills in finance
  • 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
  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
  • The preparation and communication of ideas in finance, information economics and risk management
  • 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

  Coursework

  30%

  Examination

  70%

  Practical

  0%

  Credits

  15

  Module Code

  FIN9008

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  Corporate Finance (15 credits)

  ×

  Corporate Finance

  Overview

  Course Description:
  The purpose of this course is to analyse how corporations make major financial decisions. The theory of corporate behaviour is discussed and the relevance of each theoretical model is examined by an empirical analysis of actual corporate decision making.
  
  Course Aim:
  The aims of this module are to:
  (i) familiarize students with the issues confronting corporations when making investment and financing decisions;
  (ii) develop the ability of students to obtain corporate information from the Bloomberg database.
  
  
  
  Course Coverage:
  • Corporate Governance
  • Investment Appraisal
  • Dividend Policy
  • Capital Structure
  • Initial Public Offerings
  • Mergers and Acquisitions

  Learning Outcomes

  Upon successful completion of this module, students will be able to:
  • describe and synthesize academic theories which explain the approaches of corporations to investment and financing decisions;
  • analyse how corporations can increase shareholder value;
  • evaluate empirical evidence regarding whether corporate decision making is consistent with academic theories;
  • apply theoretical principles to hypothetical situations;
  • use the Bloomberg database in a trading-room environment.

  Skills

  This course 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
  
  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

  FIN9005

  Teaching Period

  Autumn

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  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

  Core

  Dissertation - MSc Finance (60 credits)

  ×

  Dissertation - MSc Finance

  Overview

  Course Contents
  This course covers individual dissertation supervision for each Masters student. Students are given guidance in regard to all aspects of writing their dissertation, including financial modelling, collecting and compiling data and econometric testing.

  Learning Outcomes

  Learning Outcomes
  Students will learn how to write a dissertation to professional level, including how to formulate a well-defined hypothesis, write a literature review, and how to collect and test data.

  Skills

  Skills
  Writing and data compilation as well as econometric skills.

  Coursework

  100%

  Examination

  0%

  Practical

  0%

  Credits

  60

  Module Code

  FIN9098

  Teaching Period

  Summer

  Duration

  15 weeks

  Pre-requisite

  No

  Core/Optional

  Core

  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

  Core

  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

  Core

Entrance requirements

Graduate
Normally a 2.1 Honours degree or equivalent qualification acceptable to the University in Finance, Mathematics, Economics, or in another relevant quantitative subject. Performance in relevant modules must be of the required standard.

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
Successful students will have the necessary skills to have career opportunities in finance, including investment banking, commercial banking, investment management, or other financial intermediaries.

For recent examples of where our alumni have secured employment, please see the School website.
http://www.qub.ac.uk/directorates/sgc/careers/

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	£23,100
International	£23,100

MSc (T) 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.

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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Download Postgraduate Prospectus