MSc Economics of Money, Banking and Capital Markets

“The practical nature of the courses, where theoretical models were discussed and evaluated using real-life industrial examples, was superb preparation for using economics in the real world.”

In their words

Shaun Day, Economics Graduate


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This Master's will develop your knowledge and understanding of the economics of money, banking and capital markets.

You will take compulsory modules in economics, banking econometrics, financial markets, international finance and money and banking. This will allow you to consider the role of money, central banking and monetary policy as well as gaining an insight into the global financial system and challenges it has faced.

You will also have the option to take a Risk Management and Trading module, which introduces techniques designed to measure market and credit risk as well as providing you with an insight into how trader behaviour contributes to bubble and crashes.

As part of your training you will develop specific skills highly relevant in the work place, including training in the use of statistical and quantitative software packages (eg STATA), and a firm grasp of different methods, models and techniques currently used by firms and in international finance.


MSc Economics of Money, Banking and Capital Markets is a one year applied training degree designed to develop your knowledge and understanding of the economics of money, banking and capital markets.

This course fits into our Applied Training Programme which is designed to provide training in new and vocationally attractive skills in Economics. It is appropriate either for graduates with no economics background who wish to understand how markets work and to develop the analytical skills of an economist, or for graduates in economics who wish to develop specialist expertise without committing to full research training.  This course provides training that places specialist areas in a wider economic context and shows how the insight from economics can improve workplace performance.

You will develop specific skills highly relevant in the workplace.  These include training in the use of statistical and quantitative software packages (e.g. STATA).  The course provides you with a firm grasp of some of the methods, models and techniques currently used by firms in the financial services sector and beyond. As part of the course, you will undertake your own research on a topic of particular interest to you.

This course lays the foundations for a career in a wide range of financial professions, including banking and risk management.

Course Structure

You will take compulsory modules in economics, banking econometrics, financial markets, international finance and money and banking.  This will allow you to consider the role of money, central banking and monetary policy as well as gaining an insight into the global financial system and challenges it has faced.

You will also have the option to take a Risk Management and Trading module, which introduces techniques designed to measure market and credit risk as well as providing you with an insight into how trader behaviour contributes to bubbles and crashes.


Assessment will be carried out through combinations of coursework and exams. You will also write a dissertation on a topic of your choice, supervised individually by an academic from the School.

Additional Support offered by the School of Economics

In order to prepare you for your Master’s degree the School of Economics runs an introductory course in Mathematics and Statistics for Economists in the fortnight preceding the Master’s programme. While this course is not compulsory, it is recommended that you attend. The course will run from 10th September 2018 - 21st September 2018.

Course Modules 2017/8

Students must study the following modules for 160 credits:

Name Code Credits


Are you interested in working with data on bank customers? Would you like to be able to measure the impact of increased bank lending on house prices? If so, this module will introduce to you the econometric techniques that are required for this sort of analysis. The module is divided into two parts. The first part covers basic econometric techniques. You'll be shown how to estimate a regression model in a variety of contexts, interpret your findings, and test the relationships between variables. As you progress, you'll learn how to identify problems with the models (such as multicollinearity and heteroscedasticity) and how to address these problems. In lectures, you'll learn about the techniques; in seminars, you'll apply these techniques to a variety of economic problems and estimate models with real data. In the second part of the module, you'll apply the techniques learnt in the first part to problems in banking economics. These applications include the measurement of the impact of changes in bank lending on the wider economy. You'll also learn a set of techniques known as binary data models, with the principal application being loan default by bank customers. Here, you will learn how to use an econometric model to obtain a formula for assessing the risk of loan applicants. Binary data models will also be used to consider choices made by borrowers over the type of loan taken. Throughout the module, seminars take place in computer labs and you will gain skills in analysing data using the widely used econometric computer package STATA. By the end of the module, you will be able to estimate appropriate regression models, identify problems which may arise and know how to address them. In particular, you will know how to apply these methods in banking contexts. In addition, you will be able use STATA and you will be have acquired a range of skills that are currently highly marketable in the banking industry.




Introducing micro and macro economic analysis, this module will familiarise you with a wide range of economic tools which can be applied to issues relating to your Applied Training Programme. It covers, in particular, consumer and producer choice, market equilibrium, market structure, externalities and public goods, the macroeconomics of inflation, unemployment and growth and macroeconomic policy.




Economics Dissertation is the "icing on the cake" of an Economics MSc. It is your opportunity to spend a period of 2 or 3 months working exclusively on a topic of your own choice, at your own pace, with guidance from a supervisor. The module commences with a sequence of "dissertation training" lectures during the Spring Semester, including such themes as choosing a topic, accessing data, searching the literature, referencing, and qualitative data analysis. There are further dissertation training lectures during late June and early July, held in computer labs, with the objective of providing the types of econometric skills often required in dissertation research. The Econometric software STATA is used, the same as used in taught modules in Econometrics. At the end of the Spring semester you'll submit a research proposal stating the research question you would like to address and proposing a suitable methodology. On the basis of the Proposal, a suitable supervisor is allocated. At least three meetings with the supervisor take place between May - July. At the first meeting, the research proposal is discussed. By the time of the third and final meeting, you should ideally have supplied a first draft of the dissertation for your supervisor to provide feedback on. The deadline for the dissertation is at the end of August and the word limit for dissertations is either 8,000 or 12,000, depending on which MSc you are taking.




This module explores modern portfolio theory and asset pricing, behavioural finance, and the efficient markets hypothesis. You'll examine modern equilibrium asset pricing models, which in turn build upon the concepts of portfolio theory. You'll be introduced to the Capital Asset Pricing Model (CAPM) and discuss approximations and extensions, including the Single Index model and various factor models such as the recent Fama-French (2015) 5-factor model. Key concepts will be illustrated through lectures and seminars, using numerous real-world examples in Excel.




Are foreign exchange rates predictable? How can a firm hedge foreign exchange risk? What effect do interest rates have on currency values? Why are exchange rates so volatile? Are exchange rates based on macroeconomic fundamentals, or determined by speculative activity? These are the types of questions you will explore on this module. International Finance lies at the intersection of finance and macroeconomics. You'll begin by learning the general finance tools of option pricing and risk management, before focusing on how to apply these tools to look, in particular, at exchange rates. This will involve understanding the structure of the foreign exchange market, examining theories of exchange rate determination, and looking at the foreign exchange futures and options markets. You'll learn through a mixture of lectures, which have regular intervals for team or individual work, as well as seminars and self-study. Assessment comprises of technical and essay questions. These questions will be set during a class test (20%), as part of an essay (20%) and during a summer exam (60%). By the end of the module you'll be equipped for further study in financial economics or a career in the finance industry, particularly in roles related to foreign exchange.




In this module you'll focus on the microeconomics of money and banking, building on topics covered in autumn modules Banking Econometrics, Financial Markets, and Economic Concepts. Gaining an overview of the global financial system, with an emphasis on the UK and European experiences and markets, you'll explore the structure and workings of the financial system and the organisation and regulation of the banking sector. There are three main components of the module: (i) Examine the role of financial markets, institutions and instruments in the economy, including the determination of interest rates and asset prices. (ii) Examine the development of banks, and bank-like institutions, including an analysis of the 'Shadow Banking System' and innovation in financial instruments. (iii) Finally, examine the role of the Central Bank in regulation, supervision and prudential management of the financial architecture. Other issues you'll cover include: important models in financial development; issues in financial deregulation; modelling bank runs; exploring systemic risk, financial crisis and contagion; and aspects of financial market efficiency.



Students will select 20 credits from the following modules:

Name Code Credits


This technical finance module is suited to students who wish to pursue a career in the financial sector. The focus is on valuation and risk analysis of financial products, and the module is highly analytical, with weekly exercise sessions in computer labs. Topics covered include: continuous-time stochastic processes, stochastic models for security prices, bonds, term structure of interest rates, futures and forwards, options, swaps, hedging and credit risk.




This module is structured around three main questions: why do multi-nationals exist? What are their beneficial effects? Why might they sometimes be a cause for concern? In answering these questions we confront a variety of theoretical and empirical methodologies (eg, oligopoly theory, transactions costs, econometric, case studies in corporate strategy) and draw upon various branches of Economics (international, industrial, labour, financial and political economy).




This first part of this module introduces concepts such as risk and volatility in financial markets. With the aid of the econometric computer package STATA, you'll estimate and test theoretical models using real data. You'll also learn how to calculate risk using daily and high-frequency data. The second part introduces algorithmic trading using Excel VBA, and will see you exploring the techniques used by traders to test the validity of their trading strategies.




Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules and regular (five-yearly) review of course programmes. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, there will normally be prior consultation of students and others. It is also possible that the University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff or sabbatical leave. In some cases optional modules can have limited places available and so you may be asked to make additional module choices in the event you do not gain a place on your first choice. Where this is the case, the University will endeavour to inform students.

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Entry Requirements

  • Degree Subject Any Subject
  • Degree Classification 2.2 or equivalent

Entry Requirement

Applicants should normally have a good first degree from a recognised higher education institution. The University will also take into account the employment experience of applicants where relevant.

It is normal for undergraduate students to apply for entry to postgraduate programmes in their final year of study. Applicants who have not yet been awarded a degree may be offered a place conditional on them attaining a particular class of degree.

Students for whom English is a Foreign language

We welcome applications from students whose first language is not English. To ensure such students benefit from postgraduate study, we require evidence of proficiency in English. Our usual entry requirements are as follows:

  • IELTS: 6.5 (minimum 6.0 in all components)
  • PTE (Pearson): 62 (minimum 55 in all components)

Test dates should be within two years of the course start date.

Other tests, including Cambridge English exams and the Trinity Integrated Skills in English are also accepted by the university. The full list of accepted tests can be found here: Accepted English Language Tests

INTO University of East Anglia

If you do not meet the academic requirements for this course, you may be able to study one of the International Graduate Diploma programmes offered by our partner INTO UEA. These programmes guarantee progression to selected Master's degrees if students achieve the appropriate grade. For more details please click here: International Graduate Diploma in Economics.

INTO UEA also run pre-sessional courses which can be taken prior to the start of your course. For further information and to see if you qualify please contact

Fees and Funding

Fees for the academic year 2018/19 are:

  • UK/EU Students: £7,765
  • International Students: £16,000

Fees listed are inclusive of the optional 2-week pre-sessional Mathematics and Statistics for Economists course.

International applicants from outside the EU may need to pay a deposit.

Living Expenses

Approximately £9,135 living expenses will be needed to adequately support yourself.

Scholarships and Funding

A variety of Scholarships may be offered to UK/EU and International students. Scholarships are normally awarded to students on the basis of academic merit and are usually for the duration of the period of study. Please click here for more detailed information about funding for prospective Economics students.

How to Apply

Applications for Postgraduate Taught programmes at the University of East Anglia should be made directly to the University.

You can apply online, or by downloading the application form.

Further Information

To request further information & to be kept up to date with news & events please use our online enquiry form.

If you would like to discuss your individual circumstances prior to applying please do contact us:

Postgraduate Admissions Office

Tel: +44 (0)1603 591515

International candidates are also encouraged to access the International Students section of our website.

    Next Steps

    We can’t wait to hear from you. Just pop any questions about this course into the form below and our enquiries team will answer as soon as they can.

    Admissions enquiries: or
    telephone +44 (0)1603 591515