This module provides a solid foundation in econometric principles as they apply to the fields of money, banking, and finance. It introduces essential quantitative methods and techniques used in empirical economic analysis, with a strong emphasis on their practical application.

A key component of the module involves hands-on training in the use of the econometric package STATA, enabling you to implement econometric models and interpret real-world financial data. You will learn to construct and evaluate linear econometric models using various types of data, including cross-sectional, time series, and panel data. Additionally, you will understand the relevance of these models in addressing key questions in banking and financial economics.

By the end of the module, you will have the theoretical knowledge and practical skills required to conduct empirical research and critically evaluate existing studies in the fields of money, banking, and finance.

This module focuses on the banking system, exploring how financial institutions facilitate credit, manage risk and contribute to economic growth. It also examines the crucial role of central banks in shaping monetary policy and ensuring financial stability. You will analyse economic theories behind deposit collection, loan origination and the broader function of financial intermediaries.

The module explores how monetary policy influences banking activities and how financial crises emerge, spread and are managed. Key topics include:

• systemic risk
• lender of last resort mechanisms
• the evolving regulatory landscape.

The module integrates theoretical, empirical, and regulatory perspectives to equip you with a comprehensive understanding of banking and modern financial intermediation.

Investors’ and financial market participants’ behaviour may not always be consistent with the requirements of normative rationality. Alongside this, financial markets may be subject to imperfections. This module develops the asset pricing implications of the coincidence of market imperfections and imperfections in investor rationality. It explores the boundary between mispricing that can be exploited for profit and that which cannot.

The module lays the foundations for arbitrage, investment and wealth management, investment banking, and corporate finance. The topics covered are at the frontier of academic and industry research, forming a conceptually advanced syllabus (CFA Level III) with theoretical, empirical and practical implications.

You will develop hands-on skills in programming and data analysis using Python, with a focus on financial applications. This module builds on the econometrics knowledge taught in the Applied Econometrics module, by showing how to carry out data analysis using modern programming tools. You will learn how to process, visualise, and model structured and unstructured financial data, preparing you for applied work in banking, asset management, fintech, and other finance-related areas.

This module provides the microeconomics foundations for the study of money, banking, and finance. You will be introduced to essential microeconomic concepts relevant to banking, market structures, financial markets, asset pricing, and financial intermediation. The module then extends into the economics of risk, portfolio theory, and the formation of asset prices.

This module equips you with the fundamental building blocks of finance. You will gain key insights into corporate finance theory and its links to real business decisions like investment, financing and payouts. The module covers the time value of money, emphasising:

• present and future value calculations
• their role in capital budgeting
• their applications in valuing financial securities.

You will learn how to measure and analyse risk and return, and apply these concepts to estimate a company’s cost of capital. You will also learn how to evaluate the sources of financing available to companies. The module introduces the workings of financial markets, including the key market participants and the different financial securities traded, such as stocks, bonds, derivatives, foreign exchange and cryptocurrencies.

This module offers a thorough introduction to the institutions and structures within which banks and financial firms operate. You will gain a comprehensive understanding of the financial environment we all live in, including banks’ role in the payment system and in transmitting monetary and fiscal policy. These matters are particularly relevant today given the current problems of poor economic growth, high interest rates, and government debt following the COVID-19 pandemic, geopolitical instability, and tariff-based trade conflict.

This module will develop your professional skills in five areas:

1. Presentation skills and fluency in banking regulation and financial stability: You will read and present cutting-edge research papers on topics in banking regulation and financial stability.
2. Professional conduct and ethics: This area aligns with the syllabus of the Chartered Bankers Institute. It will provide you with knowledge and understanding of professional ethics in the banking industry, enabling you to develop skills and the ability to make informed ethical and professional judgements in the regulated banking sector.
3. Career planning and job market skills: You will reflect on your experiences and your future career plans, to build personal awareness of your own interests, competencies, values and potential, and develop the ability to share your work experiences and self-evaluations with your peers and staff.
4. Familiarity with the use of financial data platforms: This component covers the Bloomberg Market Concepts syllabus: Economic Indicators, Currencies, Fixed Income, and Equities.
5. Experience in working and effectively communicating and coordinating in groups. You will undertake an online consultancy or virtual internship organised by the Management School's Careers Team.