In this module you will extend the knowledge of macroeconomics that you developed in your first year. Although the primary focus of the module is on macroeconomic theory, this is taught within the context of current events in the international macroeconomic environment. The topics covered include classical and Keynesian views, unemployment, the government budget constraint, monetary and fiscal policy, intertemporal macroeconomics, economic policy in the open economy, unemployment and inflation, adaptive and rational expectations, policy effectiveness under rational expectations, the economics of independent central banks, and growth theory.

To succeed in this module, you will need to apply algebra, basic calculus, logical thinking, and problem-solving skills.

This module provides you with a rigorous understanding of microeconomic principles that underpin sophisticated economic analysis and prepares you for further studies in economics. You will explore key microeconomic concepts including utility maximisation, profit maximisation, cost minimisation, market structures, externalities, information economics, public goods, general equilibrium theory, and welfare economics.

To succeed in this module, you will need problem-solving skills and to be proficient in algebra, elementary calculus and logical reasoning.

This module introduces you to corporate finance. It focuses on key concepts that drive decision-making in businesses. You will explore the roles and interests of key stakeholders and understand their influence on decision-making within an organisation. You will also explore the core functions of a company, examining how governance structures shape company strategies and support growth and stability.

Key topics we will cover in the module include capital structure, investment and financing decisions, and dividend policy, all of which are essential for a company’s financial health. By the end of this module, you will have a solid foundation in corporate finance, preparing you to tackle more complex financial challenges in your studies and future career.

You will be introduced to the theoretical concepts and practical applications of econometrics, bridging theoretical understanding with empirical research techniques. You will explore key econometric methods, including bivariate and multiple regression analysis, as well as more advanced techniques like two-stage least squares. This module emphasises the role of statistical and diagnostic testing in validating economic models and ensuring robust research outcomes. You will also have practical training in statistical software, allowing you to apply econometric techniques to real-world economic data.

This module also includes a segment of experiential learning, where you will gain experience working with an employer.

This module provides an in-depth exploration of the analysis and modelling of financial time series data, which is crucial for forecasting and decision-making in finance.

You will begin by exploring univariate time series and learn how to analyse and forecast a single variable over time using models such as ARIMA. You then move to multivariate time series, studying and modelling the interrelationships between multiple variables in systems using techniques such as vector autoregression and vector error correction models.

A key focus will be volatility modelling. You will learn techniques such as GARCH and realised volatility to model and forecast the volatility of asset returns, and their use for risk management.

Through practical examples and their implementation in Python and R along with clear explanations, you will build a solid understanding of advanced time series techniques. You will also develop the practical skills to tackle complex time series problems and make informed predictions.

Discover the tools and models used in asset pricing.

You will learn how financial markets value assets, starting by exploring time value of money, risk and return, risk aversion and utility functions. These concepts are crucial for understanding how individuals make decisions when faced with uncertainty.

Next, you will learn about portfolio theory, mean-variance frontiers, and the Capital Asset Pricing Model (CAPM). CAPM is one of the most widely used models in finance for estimating the expected return of an asset. Furthermore, you will learn how modern investment decisions are driven by sustainability considerations.

You will explore topics such as contingent claims, discount factors and consumption-based models. With real-world examples, their implementation in Python and R and clear explanations, this module gives you the theoretical and practical tools to understand how assets are priced in financial markets, enabling you to make informed investment decisions.

Explore the essential concepts of management accounting and control, while understanding the evolving role of management accountants as trusted business advisors.

You will develop skills in measuring, analysing, and reporting information to support management decision-making. Specifically, you will learn to apply a range of costing techniques, such as variable, absorption and activity-based costing.

This module will also address control systems, including budgeting, variance analysis, and performance measurement. You will look at how these systems affect motivation and the organisation. Additionally, you will study Accounting Information Systems (AIS) which support management accounting processes. You will examine system documentation, key design features, and the relationship between AIS and financial reporting.

By the end of this module, you will gain a comprehensive understanding of both management accounting techniques and the functionality of AIS. This will allow you to confidently evaluate short- and long-term management decisions such as pricing strategies and capital allocations.

Learn how to apply corporate finance theory to real-world situations, with a focus on the decision-making processes that drive business success. You will explore optimal decision-making strategies, gaining insight into how companies make critical choices to maximise value. The module covers mergers and acquisitions, teaching you the fundamentals of how businesses expand and grow through strategic deals.

We will also cover rational decision-making, examining how companies weigh risks and rewards in their financial strategies. You will discover the increasing importance of Environmental, Social, and Governance (ESG) factors and how Natural Language Processing (NLP) plays a role in financial decision-making. Essential topics such as raising capital through bonds and equity, risk management techniques, and the international aspects of corporate finance will also be covered.

By the end of this module, you will have the tools and knowledge to understand and engage with the complex financial decisions that shape today’s global business landscape.

This module will introduce you to current economic research. Experts from a variety of fields will teach you in-depth about how economic research is conducted and its real-world applications. By the end of this module, you will be able to:

• Apply advanced economic methods and concepts to evaluate contemporary economic problems.
• Critically think about the issues raised by economic research, including their applications and limitations.
• Present the methods and conclusions of advanced economic research using a wide variety of presentational tools.
• Consolidate the core knowledge, methods, and analytical skills you have developed throughout your degree.

These skills will prepare you for a professional career in economics and related fields, as well as for further academic study.

This module builds on the foundations of monetary and fiscal policy analysis by placing policy decisions in a global context. The first part of the module emphasises the interpretation and analysis of macroeconomic data. You will learn how to apply empirical methods to understand fluctuations in output, employment, inflation, and trade balances.

The second part focuses on the design and coordination of monetary and fiscal policy in an interconnected world. Special attention will be given to the challenges that central banks and governments face in managing global shocks. The topics covered will include international policy spillovers, exchange rate regimes, capital flows, and the evolving role of institutions such as the IMF and the Bank of England. We will explore real-world applications and current policy debates throughout the module.

This module provides a solid foundation in banking and behavioural finance. You will explore the fundamentals of banking, including the role of financial institutions in the economy and the complexities of their business activities, such as lending and risk management.

The module highlights the role of regulation and supervision in the banking industry, highlighting how these aspects differentiate banking from other industries, and how crises reshape regulation in banking. You will be introduced to the fascinating world of behavioural finance, where you will discover how psychological factors and cognitive biases such as overconfidence, loss aversion and herding behaviour influence decision-making in financial markets.

By combining traditional banking concepts with the latest insights from behavioural finance, this module offers a unique perspective on the interplay between human behaviour and financial systems. With real-world examples, you will gain practical insights into how these concepts apply to both individual and institutional decision-making.

Data science is transforming the role of information technology in society and in many sectors in which economists work. Machine learning and big data methods have gained popularity as tools in academic, government, industry, and beyond.

You will be introduced to big data and machine learning techniques with a focus on economic applications. These techniques are already significantly impacting the field of economics for modelling economic relationship, drawing causal inferences, and making predictions. They will soon become a standard toolbox for economists.

This module provides a solid foundation in Environmental, Social, and Governance (ESG), climate and energy finance by exploring the financial aspects of transitioning to a sustainable future. You will explore how businesses integrate ESG factors into strategy and operations, addressing investor expectations, regulatory demands, and societal pressures.

The module covers:

• ESG data collection
• measurement
• reporting frameworks, including TCFD, GRI, and national regulations

It also examines the challenges of incorporating ESG into risk management, supply chains, and corporate performance assessments. Additionally, you will study how financial markets, investment strategies, and policy decisions align with global climate change efforts, including green bonds, climate risk assessments, and sustainable finance. The module also explores the financial aspects of both traditional and renewable energy markets.

Combining theory with practical insights, this module prepares you to navigate the growing field of sustainable finance and contribute to the transition to a low-carbon economy.

This module is designed to equip you with a deep understanding of the evolving financial landscape. You will explore the dynamic world of financial technology (Fintech), focusing on innovations such as blockchain, cryptocurrencies, and algorithmic and high-frequency trading. Simultaneously, you will dive into the intricacies of market microstructure, learning how financial markets operate at a granular level and how factors like liquidity, order types, and trading mechanisms influence market behaviour.

This module provides practical insights into how technology and market structures impact trading strategies, risk management, and regulatory frameworks. With real-world applications and cutting-edge concepts, this module prepares you for a career in one of the most fast-paced and transformative sectors in finance.

This module provides a comprehensive exploration of international trade and global business dynamics, connecting theoretical models with practical policy implications. You will examine core trade theories including the Ricardian model, Heckscher-Ohlin model, and heterogeneous firm models. The module also offers in-depth analyses of international factor mobility, trade policies, and globalisation trends.

On the international business side, you will study key topics such as global value chains, multinational firm strategies, international competitive advantage, and the economic impacts of outsourcing and offshoring. The module focuses on real-world applications, exploring how theoretical frameworks inform understanding of contemporary economic phenomena, including labour productivity, attitudes towards trade, the effects of immigration, and the evolving landscape of global economic interactions.

This module offers a comprehensive exploration of labour and health economics, examining critical microeconomic dimensions of human capital and market dynamics. You will analyse labour market fundamentals including supply, demand, market policies, and workforce challenges such as unemployment, migration, and discrimination. The curriculum extends to education economics and personnel economics, investigating principal-agent problems and incentive structures within organisations. In addition, the module provides economic tools to critically examine healthcare systems, with a focus on the UK National Health Service and international healthcare models, emphasising empirical evidence and microeconomic analysis.

Public policy analysis is the study of government’s role in the economy. It involves examining both its normative and positive aspects. To gain a comprehensive understanding, we look at a combination of theories, empirical findings, and real-world examples.

We begin by focusing on public goods such as water, transportation, and other infrastructure that the government can provide directly or in collaboration with the private sector. This includes looking at the practice of regulators, as well as cost-benefit analysis. We evaluate the trade-off between efficiency and fairness, then examine state financing, including theories of optimal taxation and recent research on tax evasion and avoidance. Finally, we delve into the internal structure of government, exploring political economy and fiscal federalism.