Business Finance and Economics MSc

Core modules:

Econometric Methods

This module will develop your core econometrics skills. The first half of the module provides a grounding in key econometric techniques covering elements such as the classical linear regression model, hypothesis testing and problems of non-spherical disturbances. More advanced topics are then introduced in the second half of the module. Specifically you will focus upon topics in microeconometrics: including modelling discrete binary variables; censoring and sample selection, and then topics in macroeconometrics including: economic forecasting; stationarity; and cointegration. You will also develop a knowledge of using econometric software Stata.

15 credits

Business Economics

The module will provide you with a comprehensive understanding of microeconomic concepts and their application to macroeconomic phenomena, focusing on decision making by consumers and firms, markets structures, and economic concepts like growth, inflation, and business cycle fluctuations. The course will cover a range of topics, including: functioning of competitive markets (e.g., how consumers allocate their budgets and how producers determine price and output), different market structures (e.g., monopolies, oligopolies) and their impact on social welfare and the overall economic system; government's macroeconomic objectives, including how they address issues like unemployment, inflation, and economic growth; design of optimal monetary policy, and an understanding of fiscal policy and debt dynamics.

30 credits

Corporate Finance

This module will aim to equip you with a comprehensive foundation of the core theoretical principles of corporate finance, along with practical insights into how these principles are applied when formulating investment analysis and financial strategy. You will be provided with a deeper understanding of key financial decisions faced by firms, with a particular focus on investment appraisal methods; risk management techniques; valuation techniques for stocks and bonds; financial statement analysis and modelling; the cost of capital and the capital structure decision. Additionally, the module will explore both the theoretical and empirical aspects of these topics, equipping you to tackle real-world financial challenges. 

15 credits

Core modules:

Industrial Organisation

This module will introduce you to contemporary topics in industrial organisation with a particular emphasis on the role of economic analysis of strategic decision making. You will learn to use and appraise a range of economic techniques to make better strategic decisions. In this module you will build on and expand on your knowledge of microeconomics related to market structure; such as competition in oligopolistic industries. You will also become familiar with further oligopoly models (product differentiation, collusion, mergers) as well as behaviour in platform markets. We will also consider market implications when consumers are imperfectly informed (or naive) about prices or product characteristics.

15 credits

Theory of Banking

This is an advanced module that provides a comprehensive examination of contemporary banking practices and challenges. This module covers both on balance sheet and off balance sheet operations with an emphasis on identifying and managing the main banking risks. You will examine the nuances of financial crises and the workings of bank funding schemes. Important facets of contemporary bank regulation are also covered in the module.

15 credits

Plus one from:

Applied Econometrics: Cross-sectional and Panel Data Approaches

You will gain practical experience applying standard microeconometric techniques to large datasets and learn how to estimate and interpret results from a range of models commonly used in applied economic research. Through lectures and computer labs, you will study modern methods, including limited dependent variable models, instrumental variables, and panel data techniques, and learn how to implement them using statistical software. Working with real microdata will provide invaluable hands-on experience that prepares you for future empirical work in the private, non-profit, and public sectors.

15 credits

Applied Econometrics: Time Series Approaches

How can we extract insights from economic data to understand and forecast macroeconomic and financial dynamics? This module introduces you to the advanced time series methods essential for understanding modern research in macroeconomics and finance. You will explore fundamental concepts including stationarity, unit roots, and cointegration to model and analyse short- and long-run relationships. Through hands-on application with Stata software, you will learn to implement Autoregressive (AR) and Moving Average (MA) models, alongside Vector Autoregressions (VAR) to analyse how variables interact dynamically over time. By mastering these sophisticated econometric techniques, you will develop the specialised technical and research skills required to interpret empirical literature and conduct your own independent analysis. These competencies will empower you to contribute effectively to professional roles in economic forecasting, policy analysis, and financial research.

15 credits

Optional modules - one from:

Applied Econometrics: Cross-sectional and Panel Data Approaches

You will gain practical experience applying standard microeconometric techniques to large datasets and learn how to estimate and interpret results from a range of models commonly used in applied economic research. Through lectures and computer labs, you will study modern methods, including limited dependent variable models, instrumental variables, and panel data techniques, and learn how to implement them using statistical software. Working with real microdata will provide invaluable hands-on experience that prepares you for future empirical work in the private, non-profit, and public sectors.

15 credits

Applied Econometrics: Time Series Approaches

How can we extract insights from economic data to understand and forecast macroeconomic and financial dynamics? This module introduces you to the advanced time series methods essential for understanding modern research in macroeconomics and finance. You will explore fundamental concepts including stationarity, unit roots, and cointegration to model and analyse short- and long-run relationships. Through hands-on application with Stata software, you will learn to implement Autoregressive (AR) and Moving Average (MA) models, alongside Vector Autoregressions (VAR) to analyse how variables interact dynamically over time. By mastering these sophisticated econometric techniques, you will develop the specialised technical and research skills required to interpret empirical literature and conduct your own independent analysis. These competencies will empower you to contribute effectively to professional roles in economic forecasting, policy analysis, and financial research.

15 credits

Derivatives, Options, and Securities

The aim of this module is to introduce you to advanced principles of asset pricing, focusing on financial derivative instruments. You will gain knowledge of how important derivatives are traded, the pricing models for derivatives, and the principles of risk management using derivatives. This is an analytical module, which reflects the quantitative nature of the subject. The module will cover both the theoretical foundations of asset pricing, and the issues that arise in the practical use of these models and their limitations.

15 credits

Public Economics

In this module you will further your understanding of public economics by exploring a number of topics. The course material will be predominately theoretical, but includes empirics and evaluation of empirical evidence. Indicative topics include: collective decision-making and voting; inequality and social mobility; taxation; public goods; externalities; imperfect competition; asymmetric information; cost-benefit analysis; economics of environmental policy.

15 credits

International Money and Finance

In ECN6620 you will examine the modern theory of international money and finance and its use in analysing key economic challenges facing policymakers and society. You will examine dynamic general equilibrium (DGE) tradition that underpins much contemporary research and policy work, providing a coherent framework for understanding international macroeconomic interactions and policy design.

You will begin by building a benchmark DGE model of international money and finance, using it as a laboratory to learn how such models are constructed, solved, and interpreted. You will then extend this framework to study a range of topical issues, including balance of payments dynamics, determinants of international capital flows, emerging market finance and development, financial crises and policy intervention, currency crises, the 2008-09 global financial crisis, and sovereign default. Along the way, you will develop both theoretical insight and practical solution techniques.

By the end of the module, you will be able to work with frontier models of international money and finance, critically assess policy debates, and translate theory into policy-relevant conclusions. The module strengthens analytical, quantitative, and technical communication skills valued in policy institutions, international organisations, and the private sector, while also providing a solid foundation for postgraduate study and independent research in international macroeconomics.

15 credits

Extended Research Project

The Extended Research Project will allow students to demonstrate a strong understanding of a particular topic through research and analysis. The topic students investigate will be linked to their specific degree programme. The research project will involve applying existing knowledge to a new situation or testing a hypothesis that the students have learned in the taught modules.

60 credits