FACULTY OF BUSINESS, ENVIRONMENT AND SOCIETY Department of Economics, Finance & Accounting MSc STUDENT HANDBOOK MSc in Accounting & Financial Management MSc in Banking & Finance MSc

FACULTY OF BUSINESS, ENVIRONMENT AND SOCIETY

Department of Economics, Finance &

Accounting

MSc STUDENT HANDBOOK

MSc in Accounting & Financial Management

MSc in Banking & Finance

MSc in Finance

MSc in Investment Management

MSc in International Business Economics

Sept 2013 – Sept 2014

Welcome

We would like to welcome you to the Department of Economics, Finance and Accounting (EFA) at

Coventry University. We hope that the coming year is enjoyable and productive for you all. The aim of this

course handbook is to provide you with as much of the information as possible that you will need over the

course of your studies. Whenever you have a course query, the first place you should look is in this

handbook.

You will already have received a Faculty Student Handbook electronically when you completed your

online enrolment. Please pay particular attention to that document as it outlines important University

regulations that apply to all students.

If there is anything in this handbook that you do not understand or if you are unable to find the answer to

your query, you should contact a member of staff. Contact details of relevant staff are provided inside.

We wish you every success in your studies.

The EFA Department

Contents SECTION 1 – Course Management ................................................................................ 2

1.1 Staff Contacts ................................................................................................. 2

1.2 Teaching and Exam Periods ........................................................................... 3

SECTION 2 – Information about the Programmes ........................................................... 4

2.1 MSc Accounting & Financial Management ..................................................... 4

2.1.1 Title of Award ..................................................................................... 4

2.1.2 Programme Rationale ........................................................................ 4

2.1.3 Programme Structure ......................................................................... 4

2.2 MSc Banking & Finance .................................................................................. 6

2.2.1 Title of Award ..................................................................................... 6



2.3 MSc Finance ................................................................................................... 8

2.3.1 Title of Award ..................................................................................... 8



2.4 MSc Investment Management ...................................................................... 10

2.4.1 Title of Award ................................................................................... 10

2.4.2 Programme Rationale ...................................................................... 10

2.4.3 Programme Structure ....................................................................... 10

2.5 MSc International Business Economics ........................................................ 12

2.5.1 Title of Award ................................................................................... 12

2.3.2 Programme Rationale ...................................................................... 12

2.3.3 Programme Structure ....................................................................... 12

2.6 Final Awards ................................................................................................. 14

2.7 Teaching, Learning and Assessment Strategy ............................................. 14

2.8 Student Support ............................................................................................ 17

2.9 Admission Requirements .............................................................................. 18

2.10 Staff - Student Code of Practice ................................................................... 18

SECTION 3 – Modules Information ............................................................................... 20

SECTION 4 – The Dissertation - M99EFA / M25EFA .................................................... 25

4.1 Objective of the Dissertation ......................................................................... 25

4.2 Nature of the Dissertation ............................................................................. 25

4.3 Submission Process ..................................................................................... 28

4.4 Assessment Criteria ...................................................................................... 28

SECTION 5 – Company Internship: A Summary Outline ............................................... 32

SECTION 6 – Frequently Asked Questions ................................................................... 34

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SECTION 1 – Course Management Course management of these programmes is the responsibility of the following faculty:

Faculty of Business, Environment & Society (FBES) Priory Street Coventry CV1 5FB

1.1 Useful Contacts

As a general rule, for help with administrative queries, please contact the main reception in the William Morris Building. For help with academic queries, please contact your Course Director.

Head of Economics, Finance and Accounting Department - Mrs Eileen McAuliffe

Room: WM223 William Morris Building

Telephone: (024) 7688 8439

Fax: (024) 76 888400

E-mail: [email protected]

Course Administrator (for administration issues): PG Office

Room: WMG30 William Morris Building

Telephone: (024) 7688 8411 or (024) 7688 7186

Fax: (024) 76 888400


Course Directors:

Accounting & Financial Management: Mr Christopher Lees (Clare Kariisa)


Telephone: (024) 7688 8422


Banking & Finance: Dr Paul Gower


Telephone: (024) 7688 8418


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Finance: Dr Graham Sadler


Telephone: (024) 7688 8423


Investment Management: Dr Timothy Rodgers


Telephone: (024) 7688 7187


International Business Economics: Dr Hui Pan


Telephone: (024) 7688 8487


1.2 Teaching and Exam Periods The teaching and exam periods are as follows:

Induction Week: 23rd September 2013 – 27th September 2013 Teaching Period One 30th September 2013 – 13th December 2013 Exam Period One 06th January 2014 – 18th January 2014 Teaching Period Two 20th January 2014 – 04th April 2014 Exam Period Two 28th April 2014 – 10th May 2014 Teaching Period Three 12th May 2014 – 25th July 2014 Exam Period Three 18th August 2014 – 30th August 2014

Please note that attendance during these dates is important and may be essential for the completion of certain parts of the programme. Special provision cannot be made for students who are absent except in exceptional circumstances. (Please see details on extenuating circumstances). In particular students should arrange travel to and from home well in advance to ensure that they are able to be present during the teaching and exam periods

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SECTION 2 – Information about the Programmes

This section of the handbook provides information on the course structures of the five MSc programmes on offer in the Economics, Finance and Accounting department at Coventry University. You should ensure you refer to the appropriate section for the MSc on which you are enrolled.

2.1 MSc Accounting & Financial Management The following section refers specifically to the MSc in Accounting & Financial Management.

2.1.1 Title of Award

The title of award is: Master of Science in Accounting & Financial Management.

2.1.2 Programme Rationale

The MSc in Accounting and Financial Management provides students with an opportunity to advance their studies in accounting and business management to a higher level. It is aimed at equipping students with the skills needed to effectively interpret accounting and financial information and make decisions on this basis. The programme is intended to enhance students’ ability to critically evaluate accounting and financial information through an in-depth study of key principles and concepts relating to both accounting and finance, for example – financial statement analysis and valuation; advanced management accounting; corporate financial strategy; consequently bring out their practical applications to business world. In addition to training on the fundamentals of accounting and finance, the programme also develops students’ quantitative and research skills. These skills will be valuable for students seeking careers as accounting and finance professionals operating in dynamic business environments of any size.

2.1.3 Programme Structure

Modules within this programme, their status (whether mandatory or option), the levels at which they are studied and their credit value are stated below. The programme has been devised primarily as a one-year full-time programme but it may also be taken part-time over two years. It is constructed on the basis of the University's taught postgraduate modular framework (180 credits).

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Students must undertake and pass the dissertation (or Company Internship) if they are to be awarded a `masters’ title. All single modules are assigned 15 credits except for Research Methods which is worth 10 credits. The dissertation (or Company Internship) module is 50 credits.

Semester Module Code Module Title Credits Mandatory

1

M17EFA Financial Statement Analysis and Valuation 15 Mandatory

M07EFA Institutional Investments 15 Mandatory

M08EFA Corporate Finance 15 Mandatory

M20EFA Quantitative Methods 15 Mandatory

2

M09EFA Advanced Management Accounting 15 Mandatory

M10EFA Auditing and Assurance 15 Mandatory

M15EFA Corporate Financial Strategy 15 Mandatory

M23EFA Financial Risk Management 15 Mandatory

M21EFA Research Methods 10 Mandatory

3

M25EFA

or

M27BSS

Dissertation

Company Internship 50 Mandatory

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2.2 MSc Banking & Finance

The following section refers specifically to the MSc in Banking & Finance.


The title of award is: Master of Science in Banking & Finance


The Banking and Finance MSc degree is ideal for those considering embarking on a career in the rapidly developing banking and financial sectors although it also provides a good foundation for more general careers in the field of finance.

The MSc aims to provide students with specialist knowledge and skills in finance from a strategic and managerial perspective. The emphasis of the programme is on the practical application of financial theories, concepts and principles. Students thus learn how to interpret, evaluate and communicate financial information in a global business context. The course will allow you to gain a deeper understanding of recent banking and financial developments from a corporate and global perspective. It looks at the structure of, and recent developments in, the international banking markets and provide an understanding of the growing area of Islamic Finance.

As a student on the programme you'll be taught by highly experienced staff and will develop a set of highly practical finance skills that can easily transferred into the work place of your choosing. You will also develop your research skills through our research methods module and the writing of your dissertation (or internship project) providing a foundation for a possible future PhD.



Students must undertake and pass the dissertation (or Company Internship) if they are to be awarded a `masters’ title. All single modules are assigned 15 credits except for Research Methods in Finance which is 10 credits. The dissertation (or Company Internship) module is 50 credits.

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1

M17EFA Financial Statement Analysis and Valuation 15 Mandatory




2

M06EFA International Financial Markets 15 Mandatory

M22EFA International Banking 15 Mandatory

M13EFA Islamic Finance 15 Mandatory

M16EFA Emerging Markets Finance 15 Mandatory


3

M99EFA

or

M27BSS

Dissertation


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2.3 MSc Finance

The following section refers specifically to the MSc in Finance.


The title of award is: Master of Science in Finance


The MSc Finance aims to provide students with specialist knowledge and skills in finance from a strategic and managerial perspective. The emphasis of the programme is on the practical application of financial theories, concepts and principles. Students thus learn how to interpret, evaluate and communicate financial information in a global business context.

In building a strong foundation of financial theories and developing the skills required to make financial decisions in an international environment, it is ideal for students aiming to work at a senior level in a variety of financial relate industries such as banking, financial services and corporate finance.

As a student on the programme you'll be taught by highly experienced staff and will develop a set of highly practical finance skills that can easily transferred into the work place of your choosing. You will also develop your research skills through our research methods module and the writing of your dissertation (or internship project) providing a foundation for a possible future PhD.



Students must undertake and pass the dissertation (or Company Internship) if they are to be awarded a `masters’ title. All single modules are assigned 15 credits except for Research Methods in Finance which is worth 10 credits. The dissertation (or Company Internship) module is 50 credits.

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1

M17EFA Financial Statement Analysis and Valuation

15 Mandatory




M11EFA Behavioural Finance 15 Mandatory

2


M15EFA Corporate Financial Strategy 15 Mandatory

M16EFA Emerging Markets Finance 15 Mandatory


3

M99EFA

or

M27BSS

Dissertation


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2.4 MSc Investment Management The following section refers specifically to the MSc in Investment Management.


The title of award is: Master of Science in Investment Management


The programme provides an opportunity for students to develop advanced knowledge and understanding in investment management and related areas. It is intended for students who wish to commence a career in the financial services sector or who are already working in that sector but seek higher level knowledge and skills in order to advance more quickly in the industry. The teaching methods and materials used seek to meet the intended learning outcomes of the programme. Academic specialists in their field and visiting lecturers from the financial services industry are jointly involved in the delivery of the programme. The programme seeks to encourage the enhancement of student powers of critical analysis through an in-depth analysis of key issues relating to the subject matter of the programme, for example – bond valuation, duration and convexity; bond portfolio immunisation; capital asset pricing models; arbitrage pricing theory models; financial derivatives. Real-time data provided by Reuters’ Financial Services is used as a teaching method in the delivery of a number of modules and for students to reflect upon the implications of the data. Such experiences enable students to become familiar with the normal working practices and techniques that they can expect to experience when working in the investment management industry. In addition to subject knowledge, emphasis is also placed on communication skills in a variety of forms including written form and presentations (individual and group). The dissertation module provides a context for learning advanced quantitative and qualitative research methodologies collating sources of information and writing research of personal interest. The programme provides relevant skills of value to employers and such skills should be of great value when seeking future employment.


Modules within this programme, their status (whether mandatory or core option), the levels at which they are studied and their credit value are stated below. The programme has been devised primarily as a one-year full-time programme but it may also be taken part-time over two years. It is constructed on the basis of the University's taught postgraduate modular framework (180 credits).

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Semester Module Code

Module Title Credits Mandatory

1


M18EFA Investment Analysis Using Reuters 15 Mandatory

M19EFA Portfolio Management 15 Mandatory


2


M11EFA Behavioural Finance 15 Mandatory

M12EFA Bond Markets and Fixed Income Securities

15 Mandatory

M23EFA Financial Risk Management 15 Mandatory


3

M99EFA

or

M27BSS

Dissertation


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2.5 MSc International Business Economics The following section refers specifically to the MSc in International Business Economics. 2.5.1 Title of Award The title of award is: Master of Science in International Business Economics 2.5.2 Programme Rationale The purpose of the MSc in International Business Economics at Coventry Business School is to provide students with the opportunity to investigate the complexities of and challenges facing today`s world markets. The course enables students to examine in depth, critical issues in international business, economics and finance at a time of continuing turbulence in the global economy. Graduates from the MSc International Business Economics degree will be well informed and equipped to deal with the challenges faced by organisational managers working in international business and financial markets in the twenty first century. The course structure takes a holistic approach, exploring the synergies between economics, international business and finance in respect of relevant theory and practice. The course will appeal equally to those students with a general background in economics who wish to specialise further in business economics, international economics and finance, and to students from a wide range of non-economics disciplines who wish to pursue a career in international business. 2.5.3 Programme Structure Modules within this programme, their status (whether mandatory or option), the levels at which they are studied and their credit value are stated below. The programme has been devised primarily as a one-year full-time programme but it may also be taken part-time over two years. It is constructed on the basis of the University's taught postgraduate modular framework (180 credits).


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1

M02EFA International Macroeconomics for Business

15 Mandatory

M100EFA Economics of Strategic Management

15 Mandatory


M20EFA Quantitative Finance 15 Mandatory

2

M01EFA Economics of Emerging Markets

15 Mandatory

M04EFA Business Economics and the European Union

15 Mandatory

M28BSS International Business

and Global Strategy 15 Mandatory

M06EFA International Financial

Markets 15 Mandatory


3

M99EFA

Or

M27EFA

Dissertation

Or

Company Internship

50

Mandatory

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2.6 Final Awards

A student who obtains 60 credits at M level will be eligible for the award of the University’s Postgraduate Certificate.

A student who obtains 120 credits at M level will be eligible for the award of the University’s Postgraduate Diploma.

A student who obtains 180 credits at M level including the dissertation/company internship will be awarded a Master of Science.

(See Section 7 of Academic Regulations for full details).

2.7 Teaching, Learning and Assessment Strategy

Teaching and Learning Philosophy

Management education has long since moved away from the traditional passive student role to a more participative one. The focus has been on learning rather than teaching. Student centred activities are the best way for students to acquire the designated knowledge and skills.

In all modules, however, students are encouraged to:

Identify their preferred learning style

Fully utilise all the learning resources available to them

Take responsibility for their own learning and development

Commit to a lifelong learning process

The teaching and learning methods will encourage the use of case studies and theoretical frameworks. They will further develop transferable skills and the ability to think rationally, analytically and critically. In addition, through group work they will learn to work as team members, or leaders.

Teaching and Learning Methods

To achieve the overall aims of the teaching and learning strategy, the course designers have ensured that the methods employed on each module place a continuing emphasis on student centred learning. Activities are designed that are realistic, relevant and rigorous. A variety of teaching and learning methods, including lectures, seminars, presentations, reports, case studies and phase tests are used.

An appropriate balance of group and individual activity is provided that promotes independent learning, but also encourages sharing experiences and knowledge, and establishing interpersonal skills. Substantial emphasis is given to the clarity of feedback from lecturers to enable students to analyse their own development and identify their own learning needs.

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Role of IT in Teaching and Learning

Moodle provides the University's online learning environment. Every module within the University has a 'study web' associated with it. To gain access to your Moodle sites you will need a username and password. You obtain your username immediately upon enrolment. Access to Moodle is then available 24 hours after enrolling.

These study webs provide a wide range of resources and facilities. For instance, some lecturers make their lecture slides available prior to lectures so that you can print them out in advance of the lecture. Others provide a range of information that will be useful to your study, e.g. web links, additional information, coursework advice etc. You can also email the module leader and other students studying the module, and also take part in debates with other students on the discussion forum. This is also the place where important announcements and notices are posted by the module leader. For some modules, class tests are run on Moodle, while others also provide multiple-choice tests for you to assess yourselves. All in all, the module webs are a vital learning resource and it is essential that you incorporate Moodle into your learning routine and check the study webs at regular intervals. Please note, however, that just as different teachers have different styles, module leaders will use Moodle in different ways. Module leaders will tell you which facilities and resources are 'active' on Moodle for particular modules.

Use of Discussion forums

The Moodle discussion forums provide a valuable resource for you to communicate ideas with others and engage in academic discussion. However it is important to remember that these are open forums (at least open to others taking the module or course) and use of them must be appropriate. They are not general ‘chat’ rooms and should not be used as such. As these are academic forums, it is important that you write in normal, proper English, i.e. that you do not write in a style more commonly associated with text messaging. In addition, you should use a reasonably formal style of writing in your postings. If you have a complaint or problem, please think very carefully about how you discuss/raise this and remember that other students and staff are likely to respond more positively, if the problem/complaint is aired sensitively and for example, that you make requests, rather than demands.

The University Code of Conduct for Use of ICT Facilities must be adhered to and is available at https://students.coventry.ac.uk/IT/Pages/Home.aspx

This includes the need for users to ‘respect the rights of others and conduct themselves in a manner that does not interfere with or cause offence to others and not engage in any activity which denies reasonable services to others or wastes staff effort in dealing with the consequences’ and to ‘ensure that opinions and views expressed electronically do not discredit their subjects in any way which could damage their reputation’. It is not acceptable to use the Moodle forums as a venue to attack or defame staff or students. There are appropriate means by which to raise issues with a module (via the module leader, course directors, student representatives and Student Forums). Staff reserve the right to delete, without warning entries that are considered offensive or inappropriate.

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The role of IT within the teaching and learning strategy is based on the following principles:

The provision of a rich mix of approaches

The recognition that some material is best suited to an IT delivery rather than face to face delivery

The use of IT to deliver the basic material (handouts, notes etc) efficiently and effectively

The use of module and course webs within CU Online

The development of all modules to a high spec. delivered via CU Online

The use of the school’s audio-visual facilities

The strategy recognises that staff time is an increasingly valuable and scarce resource, and whilst there are no plans to reduce contact hours, it is clear that they must be used to:

Facilitate workshops, case studies etc.

Provide support, encouragement and advice to students

Engage students in discussion and debate

Provide added value

Enhance education as a social activity

FBES uses an IT based framework (CU Online) for the delivery of materials which::

Provides basic information for programmes/modules

Permits students and staff to keep in touch no matter where they are, or what time of day

Creating a means of on-going communication

Perhaps more importantly, FBES attempts to provide the best possible on-line business information services to students, including a digital management library. The most important services are Journal Databases such as:

Reuters

Ingenta/Ideal Library

EBSCO Business Source

Business Source Premiere

Emerald

Science Direct

Overall these cover hundreds of journals, and give access to up to a million journal articles. FBES also provides Reuters, Mintel, Keynote, FAME, BIDS, etc. A major part of the project support programme is to ensure students can use these sources effectively.

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Assessment

Assessment has several functions:

To determine progression and classification

To encourage student learning

To allow students to benchmark, and improve their performance through the provision of regular assessments, both formative and summative

To provide feedback to staff on how successful the teaching/learning strategy is in relation to objectives set

The pattern of assessment has been carefully considered in the design of each module.

Formative Assessment: Each module includes an element of formative assessment. The course team feels this is invaluable in assessing standards, and giving students an early indication about their progress. The nature of this assessment will vary across modules.

Summative Assessment: The balance of summative assessment has been carefully considered across the course. There are time-constrained assignments, as well as individual and group work on the programme. The course team believes that the balance is right between individual and group work on the programme.

Students are referred to the Module Information Directory (MID) for more information on the assessment patterns of each module.

2.8 Student Support Incorporated within the MSc programmes is systematic student support based on the FBES policy of Personal Support to Students. Specific Academic support is provided by module leaders. All module leaders include in their module information office hours when they will be available to offer help and guidance for students. The course team is responsible for devising an induction programme which provides information about the course, the FBES and the University. International students are also able to draw on the help and guidance of the International Office.

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2.9 Admission Requirements The programme is subject to the general University admission procedures and access policies. To be accepted for the programme students must possess either:

(a) A good second class honours undergraduate degree from an appropriate business or finance background; OR

(b) Appropriate work experience in the financial services sector together with

relevant professional qualifications; OR

(c) A qualification deemed equivalent to the above. Careful monitoring of applications to ensure that applicants are suited to the programme takes place. Where necessary, applicants are interviewed, especially those who do not appear to meet standard admissions criteria. Where deemed appropriate, a written exercise is administered to establish suitability.

In the case of overseas applicants, an adequate proficiency in English must be demonstrated. (This would normally be a minimum IELTS score of 6.5 or its equivalent.)

2.10 Staff – Student Code of Practice To maintain the high quality of the Faculties courses, and to ensure that all parties involved are clear about commitment and expectations, we expect staff and students to adhere to the following Code of Practice. Students can expect staff to:

Provide clear and comprehensive Module Guides and Course Handbooks.

Adhere to the module timetable (other than in exceptional circumstances).

Provide high-quality, focused and research-based teaching.

Provide relevant supporting materials.

Provide guidance on additional reading.

Provide opportunities for active learning.

Mark and return assignments within an agreed time limit.

Be responsive to student feedback.

Be available for consultation during advertised office hours.

Provide full information on changes to deadlines and other important events

as far in advance as possible.

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Staff can expect students to:

Read Module Guides and the Course Handbook.

Be familiar with guidance on course requirements.

Avoid plagiarism/self plagarism.

Attend all timetabled sessions.

Take responsibility for their own learning.

Read and engage with materials provided.

Independently engage in pre-class and follow-up reading and activities where

specified.

Respect assignment submission deadlines.

Provide early notification of any difficulties.

Ensure that all classes are free from unnecessary interruption.

Consult staff during office hours, but otherwise by appointment only.

Make appropriate use available learning support resources including the

Library, Moodle and computer software.

Keep up to date with the latest information provided about their course and

modules, especially via Moodle and notice boards.

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SECTION 3 – Module Information This section gives a very brief summary about each of the modules that are taught across the five MSc programmes. For more information on each module you should see the module guides on Moodle (CUOnline).

M01EFA: Economics of Emerging Markets Tutor: Dr Wei Song The major objectives of this module are to identify and evaluate the various business and economic sources of growth in the major emerging market economies, popularly known as the BRICs, and also to gain insights into their evolving trading and investment patterns. Furthermore, the module will examine the future prospects for emerging market economies and their regions and implications of their success on mature developed economies, especially in the context of the changing global balance of power with China and India as the leading economies. The module will provide in depth, critical analysis of major contemporary issues relevant for the study of international business economics. Assessment: Unseen exam: 70% Coursework: 30%

M02EFA: International Macroeconomics for Business

Tutor: Ms Perihan Yavash

This module aims to provide students with an understanding of the international macroeconomic environment encountered by business. The module will examine the economic processes of globalization as well as the economic basis for trade and protectionism. In addition, the module will also examine the macroeconomic objectives of governments and how the pursuit of these objectives may impact upon the international business environment. It concludes by examining exchange rate regimes and how they may impact upon an international business. Assessment: Unseen exam: 70% Coursework: 30%

M04EFA: Business Economics and the European Union

Tutor: Mr Michael Walsh

This is a module aimed at students wishing to develop their knowledge and understanding of the European economic environment for business following the development and consolidation of the single internal market within the European Union (EU). The module will analyse and evaluate the key drivers of economic integration and enlargement in the EU, the changes in the economic and regulatory environment, and the implications for business strategies and management practices. Specific topics include the key EU policies supporting the scope for business expansion in the enlarged EU, an analysis of the specific issues in developing a pan European business strategy, and how to manage the influence of cultural diversity in Europe. Assessment: Unseen exam: 70% Coursework: 30%

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M06EFA: International Financial Markets Tutor: Mr Tony Kilmister The aims of this module are to enable students to understand the characteristics and organization of the international financial markets and to identify their potential uses in business situations. The module also aims to enable students to identify the potential risks and dangers in the use of these markets Assessment: Unseen exam: 70% Coursework: 30%

M07EFA: Institutional Investments Tutor: Dr Keith Redhead After successfully pursuing this module students should have knowledge of particular investments and their relative merits from the perspective of retail investors. They should have an overview of the role of institutional investments in the economy in general and personal financial planning in particular. They should also have insights into the operation and management of institutional investments and the specific types of investment fund available. Assessment: Unseen exam: 70% Coursework: 30% M08EFA: Corporate Finance Tutor: Mr John Panther Although some fundamental financial management techniques will be covered in the module, the major aim of the module is to examine and discuss some controversial issues in corporate finance. As a result, students are encouraged to adopt a questioning approach to the theories and to develop a habit of critical evaluation of reported empirical tests' results. Assessment: Unseen exam: 70% Coursework: 30%

M09EFA: Advanced Management Accounting Tutor: Mr Michael Barker This module seeks to give the student an understanding of the various ways in which management accounting can be of use to managers. It will help to give students the ability to make good business decisions based on a sound understanding of the financial models and their limitations. It will also give students an insight into how management accounting systems can affect the behaviour of employees. It covers topics such as capital investment appraisal, cost-volume-profit analysis, budgetary control systems, activity based costing, balanced scorecards and ‘Beyond Budgeting’. These models/techniques and their application will be studied within a realistic business context. In particular, their behavioural aspects will be investigated and evaluated. Assessment: Unseen exam: 70% Coursework: 30%

M10EFA: Auditing & Assurance Tutor: Ms Clare Kariisa The module aims to develop the knowledge and understanding of carrying out the audit and assurance engagement, and the role internal audit within a corporate governance framework. Its aim established within a international environment is to develop understanding and critical evaluation of firstly, audit processes and their application in the context of the prevailing external regulatory framework and secondly, internal control risks and organisational responses within a corporate governance framework. This module should enable students to acquire exemptions from some professional accounting examination papers. Assessment: Unseen exam: 70% Coursework: 30%

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M11EFA: Behavioural Finance Tutor: Dr Keith Redhead After successfully pursuing this module students should have an understanding of how psychological and sociological factors influence investment decisions. They should be able to identify possible biases in investment analysis and portfolio management arising from cognitive, affective and social influences. They should be able to use behavioural finance insights in the process of structuring saving and investment schemes. Assessment: Unseen exam: 50% Coursework: 50% M12EFA: Bond Markets & Fixed Income Securities Tutor: Mr Jacek Niklewski This module aims to develop the students' ability to undertake an advanced analytical study of the Bond and fixed-Income Securities Markets. On completing the module a student should be able to display a mastery of the subject on a level comparable with that of a professional in this field. Assessment: Unseen exam: 100% Coursework: 0% M13EFA: Islamic Finance Tutor: Dr Aqsa Aziz The aim of this module is to introduce and develop the concepts of Islamic Finance (comprising of banking, insurance and capital market) as alternatives to conventional banking. Students will begin by exploring Islamic views on trade and commercial activity and Islamic law before embarking on a study of main concepts in Islamic banking and finance. The module will draw on actual experiences of operation of Islamic financial and capital markets and banking institutions from different parts of the world. Assessment: Unseen exam: 70% Coursework: 30% M15EFA: Corporate Financial Strategy Tutor: Mr Christopher Lees This module aims to provide a firm foundation for understanding the link between corporate and financial strategy. It will therefore explore the techniques of strategic and financial analysis and evaluation available to companies, aiming to develop their strategic options, choices and business performance. Assessment: Unseen exam: 70% Coursework: 30% M16EFA: Emerging Financial Markets Tutor: Dr Sailesh Tanna This module will explore issues that are special to emerging financial markets. While these markets are seen as the engines of growth in the world economy, the experience of last decades has shown that they are prone to financial crises, which suggests the importance of identifying and managing risks in these markets. This module aims are to provide an understanding of the key economic issues underlying financial development in emerging markets, to assess the legal foundations for financial stability, and to evaluate the regulatory framework for risk management in these markets. Assessment: Unseen exam: 70% Coursework: 30%

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M17EFA: Financial Statement Analysis & Valuation Tutor: Mr Philip McCosker This module is designed to establish a comprehensive financial statement analysis and valuation framework that integrates strategy, financial analysis and valuation in a variety of business contexts. It will take the perspective of a corporate financial manager who is responsible for gathering, analyzing and evaluating financial information for investment and other financial decisions. The first half of the course provides students with the practical tools for assessing financial performance and economic condition of a business. Considerable emphasis will be on the financial reports of real-world public companies. The second half of the course covers the forecasting tools and equity valuation techniques. It will highlight the theoretical underpinnings of the various valuation models and examine the choice of an appropriate model. The module aims to provide a solid foundation for students’ progression to other finance modules. Assessment: Unseen exam: 70% Coursework: 30% M18EFA: Investment Analysis using Reuters Tutor: Dr Timothy Rodgers This module gives an opportunity for students to gain experience with one of the major financial databases used by investment management professionals. Students will use the database to examine investment decision making using technical analysis and also examine stock picking strategies based on elements of fundamental analysis. The use of Reuters’ real market data will mean that students are able to encounter an environment similar to that experienced by investment management professionals. Assessment: Unseen exam: 0% Coursework: 100% M19EFA: Portfolio Management Tutor: Mr Tony Kilmister After successfully pursuing this module students should be able to demonstrate an understanding of the nature of portfolio management and of how effective diversification can be achieved. Students should be able to use alternative approaches to portfolio construction, and to measure portfolio performance. Assessment: Unseen exam: 70% Coursework: 30% M20EFA: Quantitative Methods for Finance Tutor: Dr Baseerit Nissah This module will introduce some of the quantitative techniques for financial management commonly used by financial analysts, fund managers and individual investors. The aim is to give students the basic grounding in the use of the mathematical and econometric methods used in the analysis of financial instruments and financial markets. The first third of the course will concentrate on the fundamental valuation and analysis of investments from a mathematical viewpoint, relying heavily on compound interest and present value techniques. The reminder will focus on the statistical techniques of estimation, hypothesis testing and dynamic modelling using financial market data. Assessment: Unseen exam: 50% Coursework: 50% M21EFA: Research Methods in Finance Tutor: Dr Karl Shutes The major aim of this module is to help students develop a feasible dissertation proposal. Students will be introduced to some typical research methods that have been employed in finance literature. The general requirements of the dissertation proposal and dissertation will also be introduced. Assessment: Unseen exam: 0% Coursework: 100%

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M22EFA: International Banking Tutor: Dr Paul Gower This module examines the underlying principles and characteristics of banks that are the foundation for understanding both their role and existence in an increasingly competitive global environment. The aim is to equip students with the necessary tools and concepts to be able to explain the role and importance of banks in financial intermediation, their fundamental characteristics as depository institutions, the management of risks involved in their operations, and how regulation addresses some of the risks. In this context, the module will specifically examine the recent developments in international banking and assess the implications for changes in banks’ risk management. It will also examine the case for and against the regulation and supervision of international banks. Assessment: Unseen exam: 70% Coursework: 30% M23EFA: Financial Risk Management Tutor: Mr Danny Ryan After successfully completing this module students should be able to apply alternative hedging methods, using financial derivatives or non-financial derivatives methods, to manage the typical financial risks that companies are facing in modern business environment. They should be able to evaluate the advantages and disadvantages of alternative methods considering the situations given: and present a critique of the theoretical explanations for corporate hedging. Assessment: Unseen exam: 70% Coursework: 30% M28BSS: Int’l Business and Global Strategy Tutor: Dr Suresh George After successfully completing this module students should be able to apply alternative hedging methods, using financial derivatives or non-financial derivatives methods, to manage the typical financial risks that companies are facing in modern business environment. They should be able to evaluate the advantages and disadvantages of alternative methods considering the situations given: and present a critique of the theoretical explanations for corporate hedging. Assessment: Unseen exam: 0% Coursework: 100% M100EFA: Economics of Strategic Management Tutor: Dr Hui Pan This module will enable students to apply a series of advanced economics principles and mathematics to the decision making process within firms. Issues related to optimal pricing strategies, the economics of information, and mergers and take-overs, among others, can be successfully tackled with managerial economics tools. As the business world becomes more global, complex and competitive, managers need to use more sophisticated decision-making models. Providing managers with these models, and the ability to apply them to the real world, is a primary goal in the learning and teaching process. We also acknowledge that at times managers can be boundedly rational. We wanted to show students how boundedly rational managers might act and help them to understand how behaviour is affected. The combination of the module content and its continuous application by the students allows the learning outcomes of knowledge and application of the concepts to be achieved together with a critical, analytic approach in an international setting. Assessment: Unseen exam: 70% Coursework: 30% Note: The information presented above is for guidance only. Please see MID for further details.

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SECTION 4 – The Dissertation - M99EFA / M25EFA

4.1 Objective of the Dissertation The dissertation forms a significant part of the MSc programme. The dissertation/project provides an opportunity for students to develop their interests in a particular area and to demonstrate their ability to undertake individual research. It is seen as a ‘capstone’ module as it draws upon many of the previous modules studied and integrates these separate areas of knowledge in a holistic manner.

4.2 Nature of the Dissertation The dissertation is an independent piece of academic research that should involve the selection, and application of research methodologies studied in the prior Research Methods module (M21EFA) and should build upon the knowledge acquired therein. Students are expected to identify and investigate an appropriate research problem. Their evaluation of this problem should result in the statement of appropriate conclusions (and possibly recommendations). The dissertation accounts for 50 M level (credits) points and should be between 12,000 and 15,000 words excluding appendices. It should be noted that a pass in M21EFA is a pre-requisite to being allowed to proceed to the dissertation stage. Students are also required to have accumulated 130 M level CATs in order to be eligible to proceed to the dissertation stage. Dissertations can be based on primary or secondary data or a mixture of the two. Rigorously reanalysing data that have already been collected for some other purpose (i.e. secondary data) can form the basis for an excellent dissertation. New data collected specifically to address the research question (i.e. primary data) must demonstrate validity, reliability and transparency. The structure that the dissertation should follow will depend to some extent on the nature of the work undertaken. The following however gives an indication of the type of structure that the student may wish to follow:

Title

Preferably, this should be a clear statement of the research question or problem area. It should communicate the aim of the dissertation.

Executive Summary

This is also one of the last things to be done. It should appear at the front of the dissertation and is usually one to three pages long. It should be a summary of the whole project. Imagine you were giving this report to your very busy Managing Director at work. The Executive Summary may be the only part they read completely. With the help of the contents page, they could then select any other parts to read as they thought necessary.

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Table of Contents

This should be tabulated and accurately page referenced. It is one of the last tasks to be performed.

Chapter 1: Introduction/Background and Aims and Objectives

This section is to set the scene for the reader. It provides a framework from which to view the text. It should be described in some detail and provide a clear motivation for the study showing why your research is of interest and value.

Aims and objectives should be clearly stated. There is usually a single aim (which should be reflected in the dissertation’s title) and three-five objectives which should be explicitly listed. These should be the research objectives, not what you have to do to write the dissertation. For example, “To describe the situation/background” is not a research objective, “To evaluate the effect of a change of corporate financial strategy on a given organisation” is. Many dissertations have three objectives but two well-chosen ones can be sufficient; five is probably the maximum number of objectives in order to keep the project manageable. You may also wish to include a brief summary of the research methodology that you use in your study and give an outline of the structure of the remainder of the dissertation.

Chapter 2: Literature Review

This is a very important part of the dissertation. The literature review should summarise the current academic thought on the area of interest. It does not matter if there are conflicting opinions in existence, indeed a good literature should provide a mixture of opinions and arguments. Each source should be fully referenced. Sources may include recent journal articles, seminal texts, financial reports, websites, newspaper articles, etc. however the main source of the literature should be academic journals.

This chapter should further develop your research questions discussing the different research and methodologies that have been used in other studies. The conclusion to the literature review should identify the ‘gap in the literature’ that you intend to examine in your research.

Chapter 3: Research Methodology

The alternative research methodologies available should be described and discussed. The choice of methodolody(ies) used by the dissertation should be stated and justified. Also, the limitations of the chosen method should be discussed. You should provide as much detail as possible regarding the methods you employed, e.g. if you collected data then what time periods were involved, how were variables defined, what sources did you use, how did you define your sample, etc.

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Chapter 4: Data Analysis and Discussion This chapter will present your own results and discuss your findings. It is important that you don’t merely describe your own results but that you discuss them in the context of the literature you have reviewed in Chapter 2. Depending on the nature of the research this section may be split into several chapters, however do not have a lot of ‘background’ chapters. It is the actual research that you do that is important in terms of the mark you end up with! The structure of the chapter also depends greatly on what has been researched, but should always have a logical flow and have clear sub-sections. For more quantitative research sub-sections might include:

Data description (descriptive statistics, trends etc for the variables) Results of the hypothesis/models tested (e.g. regression results) Discussion - It is very important here to have a discussion section in

respect to the main research results. You must never just present your findings and then just leave it at that!

The discussion should focus on the implications of what you find and should examine if (and why) your findings differ from other research that was outlined in the literature review.

Chapter 5: Conclusions

These should be clear and concise. They should directly address the research objectives (see above). If they do not, it is likely that the writer has lost their way and not achieved what they set out to do. Obviously, this would have a significant negative effect on the final mark awarded. Where appropriate you may want to give a list of recommendations based on your research. You may also want to discuss the limitations of your research and areas where you think your research could be taken further in any future work.

Appendices

These are optional but it is very unusual to find a dissertation with no appendices. Appendices should contain information which is indirectly (rather than directly) relevant to the subject. They may take many forms e.g. example tables, illustrations, documents, sample questionnaires etc.

References

This is a list of all citations used in the text. The Harvard system of referencing should be used. For details of how to do this, please refer to STILE/Study Skills/Harvard Referencing on the module web.

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4.3 Submission Process Submission of the dissertation is due on August 18th 2014. Non-submission by students on this date without having applied and been granted a deferral/extension, will be recorded as absent, and will result in a failure in the module, and therefore the MSc. Any requests for deferrals or extensions should be submitted to the postgraduate reception. These requests must be submitted before the hand in date and must include supporting evidence Students are advised to consult the generic Postgraduate Handbook for information regarding the definition of and penalties for plagiarism. You must submit one electronic copy through Turn It In on the module Moodle page (you are not required to submit a hard copy of your dissertation). Before submission, and more importantly, before you begin to collect any data, you must ensure you have adhered to the ethical procedures/guidelines required on your programme. Details of these requirements will be provided to you during the M21EFA (Research Methods) module.

4.4 Assessment Criteria The proportion of the marks allocated to each section will depend on the subject of the dissertation and also the methodological approach taken. However, the literature review and the analysis and discussion of results tend to be the most important chapters of any dissertation, the latter is especially important for more quantitative based studies. You should note that it is generally the case that dissertations containing some original research e.g. your own analysis of some data (it can be primary or secondary data) will receive a higher mark that work that just summarises the existing literature already available. An example mark sheet is shown on Page 30. When writing your dissertation, you may want to ask yourself the following questions. Background and Objectives

How well does the background set the scene? How clear is the rationale for the project? How clear and realistic are the objectives?

Literature Review and Referencing

How widely/deeply has the topic been researched? Have the key seminal texts been mentioned? Have the most relevant theories been covered? Has there been critical analysis of the literature? Does the conclusion to the literature review identify the area to be

researched? To what extent is the text adequately referenced?

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Research Methodology

Is there sufficient justification of the research method in terms of perspective, design and data collection and analysis?

Have the data collection methods been fully explained? How sound is the sampling method and make-up of the sample? Is the sample representative of the population that the results are being

applied to? Have ethical issues been fully addressed? How successful was the data collection? What modelling procedures are used? For example, econometric methods.

Analysis and Discussion of Findings

Is the data clearly and accurately presented in an appropriate format? Is there an attempt to apply the theories discussed in the literature review to

the findings? Are the results fully discussed and related to previous research in this area?

(several pages will normally be expected here) How well does the analysis address the research objectives?

Conclusions

Are the conclusions consistent with the analysis? How closely do the conclusions address the objectives? Has the need for any further research been addressed?

Presentation and overall structure

How integrated, logical and coherent is the dissertation? How clear and persuasive is the dissertation? How well does the dissertation flow? Has the document been thoroughly proof read?

An example of the dissertation mark sheet and marking criteria are provided on the following pages.

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M99EFA/M25EFA DISSERTATION MARK SHEET (to be completed independently by each marker)

Student’s First Name ……………………….………. Surname ……...………………...…………...…… Student ID ………………………………………….. Course…….……………………........................... First Marker ……………………………….………. Second Marker …………………………….….....

Grade

Introduction, background and objectives

D M P F

Literature review and referencing

D M P F

Methodology

D M P F

Data collection, analysis and findings

D M P F

Conclusions and recommendations

D M P F

Other comments

Total Marker’s Signature: ………………………………………….

%

Final mark agreed by both markers Signatures: 1st Marker …………………………... 2nd Marker……………………………

%

D = Distinction (70%+) M = Merit (60% - 69% ) P = Pass (40% - 59%) F = Fail (0 – 39%)

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Distinction (70% or more)

The dissertation shows a high degree of mastery of the subject matter, near complete conceptual understanding and a high level of technical competence with only insignificant errors. It clearly demonstrates understanding and appropriate application of relevant tools/techniques/methodologies.

The research methods are explicitly laid out and clearly justified; methodology is appropriately employed; the data used is accurately and thoroughly described.

The work shows a highly developed ability to analyse, synthesise and apply knowledge and concepts. There is evidence of highly developed critical abilities and good use of original ideas. The literature review is comprehensive, critical and up to date.

The dissertation is well structured with good use of headings/sub-sections that shows a clear development of a logical argument. All the main issues are explored and evaluated and the reasons for the conclusions are clearly indicated; project objectives are met.

The work is well presented, showing a high level of written skills with few or no grammar or spelling errors. Contents sheet, page numbering, diagrams, tables, graphs, quotes references and appendices, etc are all used correctly

Merit (60% - 69%)

The dissertation shows a sound and thorough grasp of the subject though possibly lacking in the breadth and depth required for a distinction: good conceptual understanding and a good level of technical competence although there may be some gaps leading to some minor errors.

A good attempt at analysis, synthesis and application of knowledge and concepts. There is evidence of critical abilities and some attempt at original thought. There is an appreciation of the main issues and the ability to make critical points and substantiate them although not every assertion may be adequately supported.

There is a good overall structure to dissertation with a logical flow from one section to the next. The main aims and objectives are largely met with appropriate conclusions and recommendations being made although this may lack an appreciation of wider issues.

Effective presentation, showing generally good written skills with good spelling and grammar. Pass (40% - 59%)

The dissertation shows a reasonable grasp of the subject matter but possibly with some confusion or gaps. As a result, the work may contain some significant errors but is technically competent at a routine level.

There is reasonable evidence of an attempt to review the appropriate literature but this may lack depth and be overly descriptive with limited critical evaluation of relevant works.

The general analysis, synthesis and application of knowledge and theories is competent but again lacks depth and may not have been properly integrated into the research.

A heavy reliance on course material and textbooks and limited evidence of original thought. A satisfactory overall structure but one that may lack balance in certain areas or fails to fully integrate all

material. Possible inclusion of irrelevant information. There is sensible comment on the evidence and materials used although some of the conclusions drawn may be unsubstantiated or be based on incorrect deductions from the data.

There is a reasonable presentation of the material with some limited spelling/grammar errors.

Fail (39% or less)

The dissertation may not answer the question asked or does not meet its own objectives. Shows some familiarity with the subject matter, but with major gaps and serious misconceptions. A low

level of technical competence with many errors. There is only a very limited literature review and what is provided is largely an uncritical description with

little or no evidence of original ideas. There is no clear logical structure and there may be significant inclusion of unrelated, irrelevant material. The work may be poorly presented with numerous grammar/spelling errors making it difficult to follow in

places.

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SECTION 5 – Company Internship: A Summary Outline

Summary and background The aim of this module is to encourage and to enable students to gain work experience and to prepare them to work within an organization. MSc students have the choice of undertaking a dissertation or a Company Internship plus accompanying 7,000 word Management Report. Should students opt to select the Company Internship Module (M27BSS), it is only available to them after a comprehensive selection process. MSc students that meet the internship criteria will be attached full-time to an organization/company for a period usually between 8 and 12 weeks. During this time they will need to undertake, in conjunction with Faculty and Organization, a discreet management project on behalf of the organization or company. The 8 to 12 week internship plus their report will constitute the module’s summative assessment. The number of internship would be limited during the first year of operation in order to review the process thoroughly and before allowing a more general expansion. Aspiring applicants must meet the required selection criteria demanded by faculty and facilitating organization. The required selection criteria are as follows:

1. Successfully pass all Semester 1 modules 2. Attend the Leadership Lecture Series (Dates to be confirmed) 3. Attend the Employability Sessions delivered by the Internship Office (Dates to be

confirmed) 4. Pass the internal interview

The Company Internship will be available for MSc students during the period June-September for students for students enrolling during the preceding October. Method Of Assessment (normally assessed as follows)

1. Completion of a 7,000 word Management Report (This will carry 75% of the final marks)

2. Completion of a presentation to the host company management team and the Internal Mentor/Project Supervisor.

3. Reflective account of the placement of 2,000 words must be completed. This can

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be also in the form of a ‘Blog’ (This will carry 15% of the final marks).

4. Assessment by the employer at the end of the placement using a framework provided by the university. (This will carry 10% of the final marks) It will consider and assess

Student Performance

The Management Report

Overall performance/contribution

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SECTION 6 – Frequently Asked Questions If I miss a particular lecture, can I attend another slot in the same week? Lectures on the MSc programmes are usually only held once a week and so it is vital that students attend all classes. What happens if I hand in a piece of coursework late? If you did not arrange an extension in advance then you will receive a mark of zero and will have to re-do the coursework in the next semester. What happens if I don’t hand in a piece of coursework at all? Then you will be marked as “Absent” for this module and will forfeit your right to a re-sit. Your course could then be terminated or you could be required to pay to repeat this module at a later date. What happens if I miss an exam? If you miss an exam without a deferral you will be marked as “Absent” and again, your course could be terminated or you will have to pay to retake that module if you wish to complete your MSc. Am I guaranteed an Internship if I want one? Provided you meet the criteria we will do our best to help you get an internship. However ultimately securing an internship position comes down to you, your skills and your performance at interviews, thus we cannot ever guarantee an internship position to anyone. When is the dissertation due in? The deadline for the dissertation is August 18th 2014 What do I need to get in order to achieve a distinction? Normally, in order to get a distinction your average mark must be higher than 70%. Students with an average of between 60% and 70% will be awarded a merit. For a more detailed explanation see Section 7 of the General University Regulations.

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How is my final average mark calculated? When calculating your final average mark we ignore the marks from your lowest 30 credit modules. However, you do need to pass all your modules in order to obtain your MSc. Can I change the topic of my dissertation after I have completed the research proposal? This is possible to some degree although not recommended. Project supervisors are allocated on the basis of the original research proposal and it is generally not possible to change supervisors. Therefore any change of research focus must be agreed with your supervisor before you proceed. What should I do if I can’t see one of my modules on Moodle? Tell one of the admin support staff at the Reception desk in the William Morris Building. Who should I see if I have a personal problem? You should inform your Course Director (see page 2/3) who will try to help or he/she may refer you to a professional counsellor in Student Services. Alternatively, you may wish to contact Student Services directly at the Student Centre.

Documents

FACULTY OF BUSINESS, ENVIRONMENT AND SOCIETY Department of Economics, Finance & Accounting MSc STUDENT HANDBOOK MSc in Accounting & Financial Management MSc in Banking & Finance MSc