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Programme Specification
(^1) Awarding body University of London
(^2) Teaching Institution Birkbeck College
(^3) Programme Title(s) MSc Finance
(^4) Programme Code(s) TMSFINAN_C
(^5) UCAS code (if applicable) N/A
(^6) Home Department Economics, Mathematics and Statistics
(^7) Exit Award(s) TMSFINCE MSc Finance
PG Dip, PG Cert. (^8) Duration of Study (number of years) 1 year full time, 2 years part time
(^9) Mode of Study FT X PT X DL
(^10) Level of Award (FHEQ) 7
11
Other teaching depts or institution (or not applicable)
Management
(^12) Professional, Statutory Regulatory
Body(PSRB) details (or not applicable) (include URL to PSRB)
N/A
(^13) QAA Benchmark Group (or not applicable) N/A
(^14) Programme Rationale & Aims
The MSc Finance programme aims to provide excellent training in modern finance. Students completing the MSc Finance obtain a thorough training in state-of-the-art financial expertise as required by professional bodies, including asset pricing, portfolio management, corporate finance, financial econometrics and asset management. Students completing the basic MSc Finance are well suited to work in many financial institutions, banks and insurance companies.
(^15) Entry Criteria
For entry on to the MSc Finance, the entry criteria are usually a second-class honours degree or better, or equivalent qualifications. Students with a third class degree may sometimes be admitted if there is clear evidence of under-performance, relative to potential, in the first degree.
(^16) Prospectus Entry
Specialist knowledge of Finance is increasingly valued in commercial firms, government and academia. Students on the Birkbeck MSc obtain excellent specialist training in financial economics including: basic portfolio theory, corporate finance and pricing theory applied to derivatives and government bond markets. They also learn the latest econometrics and numerical analysis skills important in the marketplace. The programme is demanding and challenging; applicants should have strong intellectual ability and be willing to work hard.
The MSc Finance programmes at Birkbeck reflect the long-running experience in cutting-edge, research-led, evening teaching at Birkbeck.
(^17) Learning Outcomes
At the end of the programme students should have a comprehensive overview of the field of finance, and potentially have specialized in one of the pathways that the MSc Finance offers. They should understand and be able to apply quantitative tools to solve problems in this field and conduct independent applied research, as witnessed by the completion of a dissertation.
To gain the qualification the learner will have demonstrated the following skills specified in the learning outcomes for approved modules in the programme and for the programme as a whole: Please note: The learning outcomes for approved modules in the programme and for the programme as a whole should relate to the overall aims of the programme.
Subject Specific
Substantial knowledge and understanding of mathematical and statistical techniques required for studying Finance at the Masters level
Substantial knowledge and understanding of the theory that forms the foundations of modern mathematical finance, including setting up and solving a portfolio decision problems, understanding utility theory and demonstrating the efficiency of complete markets.
Knowledge and understanding of the mean variance framework for portfolio analysis and the ability to work with the capital asset pricing model (CAPM).
Knowledge and understanding of the role of financial intermediaries and the economic reasons for regulating the banking sector.
Knowledge and understanding of the details of the process through which financial market prices are determined, including the role of asymmetric information as well as institutions such as organized stock exchanges
Knowledge and understanding of continuous time pricing theory as applied to options, futures, and fixed-income securities
Knowledge and understanding of the modern econometric techniques used in the analysis of financial time series, and the ability to formulate and test financial models
Intellectual
Critical awareness of current issues surrounding financial markets informed by the research Forefront
An advanced ability to approach problems systematically, along with a detailed knowledge of techniques to address those problems at an advanced level
An advanced ability to critically review current literature, pose new questions, and carry out original research
(^18) Learning, teaching and assessment methods
The majority of teaching is delivered in the form of the traditional chalk-and-talk lectures. Given the formal content of the modules, this method gives the lecturers the opportunity to clarify each step of any derivation, react instantly to clarification queries and vary the pace of the lecture where appropriate. While lecturing is the primary method of delivery, it is by no means the only one. An important aspect of learning involves solving problems and, to this end, many of the lectures will be augmented by supporting classes to discuss solutions to problem sets. Most modules make use of substantial handouts designed to help students digest the material developed in lectures. Specific directions to textbooks, academic papers or extensive lecture notes help the students obtain a clear idea of the material. Lectures also specify precise objectives at the outset and this knowledge is particularly helpful in calibrating oneself with the state of the modules especially if work commitments force absence. An important ingredient of learning is private study. Apart from the reading lists the programme requires students to produce independent project work, aiding development of analytic, quantitative as well as written communication skills. Learning is further assisted by review sessions; these are important as they also provide guidance on examination technique.
The following methods of assessment are used: Unseen examinations Assessed coursework Dissertation
For each module the bulk (generally around 80%) of the assessment comes from unseen examinations. These are typically held in June, thus giving as much time as possible for assimilation of the material, promoting an overall understanding and engagement with the curriculum. The contribution (around 20%) from the coursework ensures that, throughout the year, students get practice, and are given feedback, in tackling and solving problems independently without time pressure of examinations. The modules are assessed on a scale on which 50% represents a pass mark, 60-69% a merit and 70% or above yields a distinction. The dissertation is assessed similarly as Fail, Pass, Merit or Distinction. The range of questions and problems set within examinations and coursework are structured to balance theory and practice, to address the individual learning outcomes and to discriminate between different levels of achievement. Our assessment strategy also takes into consideration that students can exhibit a wide range of aptitudes and abilities in different aspects of the programme. Thus the assessment is designed to ensure a good coverage of the curriculum so that all students have the opportunity to demonstrate their strengths. Examination papers and dissertations are marked independently by two markers who then compare marks and produce agreed final marks. All marks are moderated by an external examiner who is also asked to comment on the suitability of the assessment.
(^19) Programme Description
The programme can be completed through one year of full-time study or two years of part-time study. The programme includes the following modules:
A variety of compulsory modules which cover essential topics to help students pursue a successful career in all areas of Finance. A final academic dissertation in which students pursue an empirical or theoretical study in a topic of their choice under supervision of one member of the faculty.
List of compulsory modules:
Mathematics for Finance Financial Markets Economics of Financial Markets Principles of Financial Reporting Corporate Finance Econometrics of Financial Markets Asset Management
(^23) Methods of Enhancing Quality and Standards
The College has rigorous procedures in place for the monitoring and enhancing its educational provision. This includes regular monitoring of programmes drawing on feedback from various sources including external examiner's reports, student feedback, student achievement and progression data. In addition, departments are reviewed every four to five years through the internal review process that includes external input. For more information please see the Academic Standards and Quality website http://www.bbk.ac.uk/registry/about-us/operations-and-quality
(^24) Programme Director Dr. Roald Versteeg (^25) Start Date (term/year) Autumn 2012 (^26) Date approved by TQEC Spring 2012 (^27) Date approved by Academic Board Summer 2012 (^28) Date(s) updated/amended January 2016
