MSc Finance and Economics

“UEA certainly helped me in gaining a position as a financial derivatives specialist in an investment bank in New York and London. The content of certain modules that I studied gave me a good background into the financial products I deal with.”

In their words

Paul Martin, Finance and Economics Graduate

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Key facts

(REF 2014)

On this course you will develop your expertise in the fields of in finance and economics by taking on intensive research-led training in advanced economic theory, econometrics and research methods, combined with a particular focus on finance.

Alongside core modules in economic theory and financial econometrics, you will have the opportunity to choose from a range of optional modules, giving you the chance to tailor the course to your own interests and goals.

This MSc is ideal for you if you’d like to work as a professional economist in government, financial institutions, business, commerce, international agencies and other similar organisations. It is also suitable if you’re thinking of going on to a PhD.

Overview

Our MSc Finance and Economics is part of our Academic and Professional Programme – designed for people who want to pursue a professional career within finance or economics or move into PhD study.

It’s ideal for you if you’ve studied economics before and are looking to specialise further – through intensive, research-led training in advanced economics with a particular specialty in finance. You should already have a good undergraduate degree (equivalent to 2:1 or 1st) with a substantial component of economics, or a graduate diploma in economics.

You will build your expertise with core compulsory taught modules in microeconomic theory and financial econometrics, along with a range of optional modules. Along with your dissertation, this is an area where you can tailor the course to meet your own personal interests and aspirations.

Your dissertation – which you will write towards the end of your year with us – gives you the freedom to choose your own topic from within the area of finance and economics. Throughout your dissertation you will benefit from supervision and support from a member of the School of Economics.

We also offer additional support to help you get the most from your Master’s. This includes an optional, intensive pre-sessional course in the fortnight before your programme begins in September. This courseincorporates the techniques of calculus and matrix algebra and an introduction to the specialist econometric software that you will use in your MSc programme. While not compulsory, we strongly recommend you take advantage of this fantastic opportunity.

Course Structure

The MSc Finance and Economics is a one-year course. In each semester you will take three modules, followed by writing your dissertation in the period between June and August.

In your autumn semester you will take Economic Theory I, Financial Econometric Theory, and an optional module. You can choose from optional modules including Applied Econometrics, Economic Theory II, Financial Mathematics, International Finance, and Environmental and Natural Resource Economics.

In spring you will take a further three options from the list above, giving you a great deal of freedom to adapt your degree programme to suit your interests and career aspirations.

Although you will write your dissertation between June and August, you will begin your dissertation module with a sequence of dissertation training lectures and workshops in spring. Here you will discover how to choose a topic, how to access data and search literature and how to analyse quantitative data.

You will be able to take advantage of further dissertation training workshops in late June and early July. These will be held in computer labs, with the objective of providing the types of econometric skills often required in dissertation research.

Teaching and Learning

UEA’s School of Economics is lively, friendly, research-orientated and committed to excellence in teaching. We have an international reputation in many key areas, including theoretical and applied economics. Our research interests include behavioural economics, competition economics, environmental policy, conflict, contests and corporate behaviour and finance and financial markets.

Teaching on each of your modules will be spread over two semesters. In a typical module, you will have two hours of lectures and one hour of seminars per week. Your seminars are more interactive than lectures and provide you with an opportunity to raise questions arising from lectures.

In your econometric modules, your seminars will take place in computer labs, where you will learn how to conduct econometric analysis using specialist econometric software.

You will also become practiced in independent study, spending time working on coursework assignments, preparing for seminars, and doing your own wider reading.

Assessment

Your modules will typically be assessed by a combination of coursework and examinations. Your exams will be two hours long and will take place during the summer assessment period.

Your coursework will be in a variety of forms – including take-home assignments, seminar presentations, written tests, computer tests and your dissertation (which you will submit at the end of August).

Throughout your course you will be given guidance on your work and constructive feedback to help you improve. You will receive written feedback for all pieces of coursework and further guidance will be available from your module’s organisers.

If you have additional needs due to disabilities such as sensory impairment or learning difficulties such as dyslexia please talk to our Student Support Service about how we can help.

After the course

Upon completing this MSc you can pursue a variety of careers as a professional economist in government, industry and international agencies as well as positions in the financial sector.

Past graduates from the School of Economics have gone on to work for HM Treasury, the Home Office, Bank of England, Aviva, Barclays, M+A Partners, BDO, Deloitte, Ernst and Young, Goldman Sachs, Grant Thornton, HSBC, JP Morgan, KPMG, Lloyds, PwC and Santander amongst others.

You will also be well qualified to enter a PhD programme with a view to continuing to an academic career. Several of our former PhD students now hold academic posts as lecturers in university departments both in the UK and overseas.

Career destinations

  • Government agencies
  • Economic consultant
  • Bank of England
  • Deloitte
  • International organisations
  • PhD study

Course related costs

Please see Additional Course Fees for details of additional course-related costs.

Course Modules 2018/9

Students must study the following modules for 100 credits:

Name Code Credits

ECONOMIC THEORY I

This is an advanced module in microeconomic theory, designed for postgraduate students with a strong background in economics. The topics covered in this module include the duality approach to demand theory, firm theory, general equilibrium theory, game theory, choice under uncertainty, agency theory and the economics of asymmetric information. The rational-choice foundations of microeconomics are also critically examined.

ECO-7003A

20

ECONOMICS DISSERTATION (60 CREDITS)

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.

ECO-7023X

60

FINANCIAL ECONOMETRIC THEORY

Are you interested in learning some advanced Econometric Theory and applying your knowledge to real problems in financial economics, such as forecasting future movements of stock prices or testing the efficiency of financial markets? If so, this module will satisfy these interests. The module is divided into two parts. The first part introduces key concepts in econometric theory, such as the matrix representation of the linear regression model, the proof of the Gauss-Markov Theorem, and the derivation of the distributions of commonly used test statistics. In the second part of the module, you'll apply the techniques learnt in the first part to problems in financial economics. These applications include estimation of the Capital Asset Pricing Model (CAPM), testing the Efficient Markets Hypothesis (EMH), and using stock price data in the valuation of options. 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'll be able to derive a range of theoretical results in econometrics, and you will be familiar with methods of formal proof. You will also know how to estimate regression models appropriate to a variety of situations, identify problems which may arise and know how to address them. In particular, you will know how to apply these methods in financial 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 financial industry.

ECO-7024A

20

Students will select 80 credits from the following modules:

Name Code Credits

APPLIED ECONOMETRICS

This module builds on econometrics material covered in earlier modules and is divided into two parts: 1) Time series methods (including ARIMA modelling, stationarity testing, ARCH/GARCH models, Volatility Spillover, VARs , Cointegration and VECMs) 2) Microeconometrics (including panel data methods, and models for binary response variables) There is an emphasis on the practical application of common estimation techniques, with the specialist econometric software package Stata used extensively.

ECO-7001B

20

ECONOMIC THEORY II

The module is concerned with modern macroeconomic theory, where whole economies are studied. Your focus will be the overall performance of the economy, rather than on the functioning of particular parts of it. The module uses dynamic general equilibrium models where consumers, firms and governments are modelled as forward-looking agents who make the best of the economic environment they live in.

ECO-7019B

20

ENVIRONMENTAL AND NATURAL RESOURCE ECONOMICS

Gain a thorough grounding in the key issues in environmental and resource economics. This module provides an overview of the economic and econometric principles that serve as pivotal tools in ensuring that natural resources are sustainably valued and managed in a global economic environment. The applied nature of the module is complemented by technical papers that form the subject of the discussions in seminar sessions. Open to postgraduate students enrolled on both ATP and APP programmes, this module will enhance the econometric principles taught in the Autumn Semester by applying analytical and statistical methods to the field of environmental economics so as to emphasise the empirical relevance of these theories.

ECO-7020B

20

FINANCE

Have you ever wondered why firms buy other firms, or why that trendy technology firm recently issued some shares? Why stock prices go up (and down)? What do we know about financial markets and, importantly, what don't we understand? This module introduces a range of concepts related to the financial decisions firms have to make, and how these decisions lead to the existence of the stock markets that feature in the daily news. The early part of the module introduces the subject area by considering a range a fundamental concepts. From this foundation, you'll learn how firms make financial decisions and how these decisions are interrelated. The later part of the module investigates how stock markets work, the risks involved, and the extent to which these risks can be avoided. On successful completion of the module, you'll have gained the knowledge and skills for setting out on a career in finance, or for further study of corporate finance and financial markets. You'll better understand financial news and be better-placed to discuss it, drawing on discussion from academic literature. You'll be able to discuss and answer the sorts of questions prospective employers, friends and family might reasonably ask a finance postgraduate.

ECO-7008A

20

FINANCIAL MARKETS

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.

ECO-7012A

20

FINANCIAL MATHEMATICS

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.

ECO-7013B

20

INTERNATIONAL FINANCE

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.

ECO-7015B

20

Disclaimer

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.

Further Reading

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Entry Requirements

  • Degree Subject Economics (or related degree programme)
  • Degree Classification 2.1 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 their 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 UEA 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 intopre-sessional@uea.ac.uk (INTO UEA Norwich)

Fees and Funding

Fees for the academic year 2018/19 are:

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

NB: Fees listed are inclusive of the 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
Email: admissions@uea.ac.uk

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:
    admissions@uea.ac.uk or
    telephone +44 (0)1603 591515