MSc Finance

BEAM031: Financial Instruments

Financial Instruments provides you with in-depth coverage of different types of financial instruments and their valuation. These instruments include equities, bonds, derivatives and alternative financial investments such as mutual funds, hedge funds, exchange traded funds and hard commodities.

The content of this module is relevant across countries as it focuses on general theories, models and concepts that are applicable universally. Some aspects of the course look at developments in developed and emerging markets.

In this module, you will develop problem-solving, numerical, analytical, and discursive skills, while acquiring knowledge and understanding of financial markets and related concepts.

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BEAM046: Financial Modelling

Summary:

This module equips you with the knowledge and tools to implement financial models using Excel or other statistical packages. The module covers a range of topics in finance drawn from corporate finance, portfolio theory, fixed income analysis, risk management and international finance. The emphasis of the module is on the practical application of finance theory, with lectures on each topic followed by in-depth practical classes, in which you will work through real world problems using Excel or other statistical packages.

Additional information:

Employability

This is an applied module that covers the implementation of quantitative financial models that are widely used in financial institutions such as investment banks, mutual funds and hedge funds, and in non-financial corporations.

Internationalisation

The content of this module is relevant to the finance industry in an international setting, with examples drawn from a number of global financial markets.

Sustainability

The sustainable operation of financial markets relies on the fact that security prices reflect the fair value of the future cash flows that they promise to pay. The fair valuation of security prices is maintained by the actions of investors, who exploit deviations from fair value through the implementation of financial models such as those covered in this module.

Research in Teaching

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BEFM011: Financial Statement Analysis

Summary:

This module aims to equip you with the necessary skills for critically evaluating financial reporting information as well as the underlying accounting standards from the perspective of the user of financial statements.

Additional Information:

Internationalisation

The module's content relies on International Financial Reporting Standards (IFRS) which apply to more than 100 countries around the world, as well as U.S. Generally Accepted Accounting Principles, and, therefore, prepares you for an international career.

Sustainability

Presentations, PowerPoint slides and tutorial notes are all made available on the ELE (Exeter Learning Environment).

External Engagement

This course aligns with the CFA (Chartered Financial Analysts) Institute curriculum.

Employability

You learn to synthesize information from multiple sources and make decisions based on their own analysis of information and its context.

To equip you with knowledge and skills in key financial reporting topics relevant to contemporary practice and research. Particular attention will be paid to the application of this knowledge towards analysing companies' financial reporting information.

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BEFM015: Portfolio Management and Asset Allocation

This module takes the perspective of portfolio management and aims to develop skills based on formal modelling of asset price procedures and empirical research findings particularly in an international setting.

Sustainability

All of the resources for this module are available on the ELE (Exeter Learning Environment).

Employability

In this module, you will learn how to work with portfolios. The module covers 70% CFA CBOK syllabus on the topic of the Portfolio Management and prepares you well for the CFA Level 2 exam on this topic.

This module studies portfolio management, developing student skills in the formal modelling of asset price procedures and empirical research findings, particularly in an international setting. The module expands economic analysis to take in issues arising in foreign exchange, international finance and financial economics

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BEFM016: Equity Valuation Models and Issues

This module involves developing and appraising critically a set of competing models of corporate valuation, including the dividend discount model (DDM), the discounted free cash flows (FCFE) model, the residual income model and their reconciliation. It covers forecasting of earnings and estimating the discount rate in valuation. It also establishes links between fundamental valuation models and value multiples. Finally, it discusses equity investment informed by the firm's fundamental analysis.

Additional Information:

Research in Teaching

The whole module is informed by academic research, in particular by the module lead.

Equity Valuation Models and Issues aims to take the accounting concepts and techniques developed and appraised in Financial Statement Analysis and to apply them to the valuation of equities in major industrial sectors. This involves developing and appraising critically a set of competing models of corporate valuation critically. These are applied in a variety of geographic, industrial and other specialised circumstances requiring careful selection of appropriate valuation methods and the interpretation of different standards of financial reporting and disclosure. Ultimately, the aim is to give students the ability to produce equity research reports for industry sectors and individual companies of a standard specified by major investment firms.

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BEFM022: Quantitative Research Methods

BEFM022 aims to equip you with the knowledge and abilities to undertake applied empirical research. During this module you will be introduced to various statistical techniques which are common within the accounting and Finance discipline and will be provided with coded STATA examples, tasks and relevant reading material.

The latter part of the module introduces you to the practical process of collecting data from database resources whilst using this data to create and test empirical models using STATA software. Combining knowledge and understanding from the first part of the module with larger worked-examples from the latter part, you will be able to independently conduct empirical research and apply the necessary statistical techniques.

This module prepares you for the dissertation stage (or equivalent) of the Accounting and Finance MSc and other equivalent programs - where you are required to conduct empirical analysis based upon a particular research question. This module will provide the basic skills and knowledge-set required to perform this task. More broadly, the course will help you later in your career to perform independent empirical research as well as to be able to read and understand published academic research in Accounting and Finance disciplines.

The module objectives are fourfold:

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BEFM033: Career Development and Professional Standards

This module includes two important aspects of professional development for the finance industry: career development and professional standards. The first section of the module (Career Development) helps students to acquire and develop the career management and employability skills necessary to craft and pursue their career goals. The second section of the module introduces students to the CFA Institute's Code of Ethics and Standards of Professional Conduct. In particular, it provides students with a foundation in the study of ethics, challenges to ethical behaviour, and the role played by ethics in the investment profession. Students will study real-world examples of ethical decision making.

Additional Information:

Internationalisation: This module incorporates the globally recognised CFA Institute's Code of Ethics and Standards of Professional Conduct, which offers lifelong learning opportunities to guide investment professionals with ethical decision making throughout every stage of their careers.

Sustainability: All the lecture material and the basic text e-book are available on ELE (Exeter Learning Environment).

External Engagement: This module follows the CFA curriculum.

Employability: This course is designed to equip students with the skills and knowledge that will enhance their employability in the Finance industry.

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BEAM007: Investment Analysis Dissertation

This module centres on an investment analysis of a real, topically interesting company. You will produce a detailed analyst's company report, using a range of company stock valuation methods to determine the market value of the company, employ financial analysis tools and analyse the macroeconomic and competitive markets in which the company operates.

The module aims to enable you to conduct an in-depth investment analysis case study on a single company drawn from a list of topically interesting companies selected by the module leader. The case study exercise aims to provide you with the opportunity to demonstrate, in the development of a detailed analyst's company report, the skills and knowledge acquired in the area of investment analysis.

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BEAM101: Sustainable Finance Project

Sustainable finance integrates environmental, social and governance (ESG) criteria into financial decisions. This module will introduce you to the latest developments in theory and practice in sustainable and responsible finance. You will develop an understanding of the principles underlying sustainable and responsible decision-making in finance, their theoretical underpinning, and how to apply them in business and investment practice. This module is delivered in an intensive block over two weeks. Content is delivered by experts in their field, and you will have opportunities to share, reflect, and engage with practitioners in workshops. At the end of the module, you will complete a sustainable finance project and develop an action plan that promotes sustainable finance in your professional or organisational context.

The module aims to:

• introduce you to cutting-edge theory and practice in sustainable and responsible finance
• develop your in-depth insight into the strategic implications of environmental and sustainability challenges for financial systems
• enhance your employability by engaging you with the latest developments in sustainable and responsible finance and their implications for business and investment practice
• develop your critical understanding of how sustainability principles are applied in practice
• equip you with practical application and technical knowledge relevant to the CFA Sustainable Investing Certificate (optional)

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BEFM025: Applied Project

The applied project module provides you with the opportunity to independently produce original and academically rigorous research examining a topic or task set by a company in the finance industry. In the course of the project, you will develop a project proposal, complete the required ethics approval process, critically review the relevant literature, collect appropriate data, undertake applied research, and write up the results of your research in the form of an applied project, together with an executive summary for the company. Where appropriate, you may be required to comply with confidentiality agreements or non-disclosure agreements (NDAs) when working with company data.

While the development and writing of the project and dissertation are largely independent pieces of work, you will have periodic meetings with your academic supervisor and with the company to discuss your progress. You will also have the opportunity to present your findings to the company.

This module will give you the opportunity to work with, though not necessarily in, a company on a clearly defined project addressing a real issue set by the organisation. It provides experience of working with a company or client and is designed to develop analytical, communication, consultancy, and other transferable skills. The module’s primary objective is to provide you with 'real-world' experience and to enhance your employability.

Additional Information:

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BEFM027: Dissertation

Summary:

The module provides you with the opportunity to independently produce a carefully designed, original and scientifically rigorous piece of research examining a topic drawn from the field of finance. In the course of the dissertation, you will: develop a research proposal; critically review the relevant literature; collect the appropriate data; develop testable hypotheses; undertake empirical research to test the hypotheses; write up the results of your research. While the dissertation is largely an independent piece of work, you will have periodic meetings with your supervisor to discuss your progress.

Additional Information:

Internationalisation

The module is relevant to the subject of finance in an international setting. All of the dissertation topics are concerned with theory and empirical evidence that is applicable to global financial markets. Some of the topics explicitly deal with international aspects of finance

Employability

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BEMM392: Summer School

This module enables postgraduate students' participation in international summer school programmes at one of the school's approved international partner institutions. Credits will be assessed by a combination of assessment taken during the summer school programme and assessment set by the Business School. The summer school experience provides a multitude of advantages that can enhance both academic and personal development, including:

• Academic development: access to specialised courses unavailable in the Exeter programme, providing in-depth expertise in specific areas
• Professional networking: opportunities to connect with diverse academic and professionals, fostering collaboration and career development
• Global perspective: cross-cultural immersion that enhances intercultural competence and facilitates intellectual exchanges across cultures
• Credential development: demonstrates initiative and commitment to continuous learning

The distinctive features of this module offer several unique pedagogical attributes:

• Personalised academic exploration allowing students to select and investigate topics with both intellectual significance and professional relevance to their career pathway.
• Intensive collaborative learning with an international student cohort, encouraging comparative perspectives and diverse educational approaches.
• Cross-cultural competency enhancement through formal academic contexts and informal social interactions.Immersion in alternative academic systems and pedagogical traditions while simultaneously earning academic credits applicable toward their University of Exeter Master's qualification.

Student eligibility

Participant selection will be determined as part of an internal application process and selected students must receive approval from the with Module Convenor. Approval. Programme options will be advertised to students during the academic year. Assessment combines partner summer school evaluations with Business School requirements.

This module aims to develop students' capacity to:

• Critically analyse and evaluate their selected summer school topic (primarily focused on business or language & culture, with potential extensions to other academic disciplines, subject to Module Convenor approval)
• Examine and assess their cross-cultural awareness and communication competencies through analytical frameworks
• Evaluate global perspectives and theoretical paradigms applicable in their specialised field of inquiry
• Engage in structures reflective practice to enhance self-awareness and professional development throughout the module duration

The final assessment therefore will encourage students to:

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BEAM050: Advanced Corporate Finance

Summary:

This module has two aims. Firstly, it extends the material covered in BEAM047 and introduces you to a number of additional topics in corporate finance theory, including debt financing, mergers and acquisitions and pensions.

Secondly, the module illustrates the application of corporate finance theory to practical problems in corporate valuation and strategy, through the use of practical exercises and case studies.

Additional Information:

Internationalisation

This is a theoretical module discussing various aspects of financial theory which is relevant across the world and relates theory to current issues appearing in the news.

Employability

You will have the opportunity to develop a number of valuable skills, including essay writing, critical thinking, and the ability to apply finance theory to the real-world.

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BEAM052: Corporate Governance and Finance

Summary:
The module bridges the gap between corporate finance and corporate governance. It introduces the concept of corporate governance, discusses its theoretical underpinnings, and details the role of various internal and external governance mechanisms in addressing agency problems arising in modern corporations. The module also highlights the differences between governance systems across the world. The course material is based on seminal readings as well as more recent academic research in the area and it demonstrates the relevance of corporate governance issues to both business and policy makers. The teaching is organised in the form of lectures and smaller-group seminars.

Additional Information:
Internationalisation
Cross-country differences between governance systems around the world are one of the key issues the module focuses on. In particular, the syllabus highlights the variation in relevance and prevalence of various corporate governance mechanisms in different legal systems.

Sustainability
All of the resources for this module (except for the core textbook) are in electronic form only. The syllabus covers some aspects of corporate social responsibility (CSR) and its relevance for corporate governance while discussing emerging topics in corporate governance.

Employability
Students learn to apply insights from the recent academic literature in the context of real-life governance problems. They also develop their skills in team-working, presentation, and independent thinking in this module.

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BEAM053: Mergers, Management Buyouts and Other Corporate Reorganisations

Summary:
This course examines several forms of corporate reorganisations, including mergers and acquisitions, reorganisation through workouts and bankruptcy, divisional spin-offs and divestitures, and leveraged buyouts. It explores the process of managing reorganisation, the role of the investment bank and other specialists, regulation, and cross-country comparisons. The course will have a strong conceptual approach, with an emphasis on why mergers and other reorganisations take place, what their role is in the economy, and how they perform from the viewpoint of shareholders and other parties. There will be a strong institutional flavour that will be communicated through papers of a more applied nature. Real case studies will provide the applications of the course.

Additional Information:

Internationalisation
Selected topics covered in the course study the cross-country corporate reorganisations, as well as the differences in ownership structure, legal system and corporate governance around the world.

Sustainability
All of the resources for this module are in electronic form only.

Employability

The module also supports the development of key employability skills, including teamwork, presentation, and independent analytical thinking, through the application of academic insights to real-world corporate cases.

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BEAM079: Coding Analytics for Accounting and Finance

Using Python as its core language, students will engage in an intensive program of coding and analytics using up-to-date software and methodology . You are not required to have any previ ous coding experience but the module would be suited to those with a good level of analysis, statistics, and problem - solving abilities. By the end of this module you will have undertaken several projects and challenges related to the Accounting and Finance literature, with the skills and knowle dge acquired being easily transferable to other disciplines and pathways. Python will be used to perform complex analytics on various contemporary Accounting and Finance research areas such as fraud detection, social network analysis and textual/sentiment analysis. By the end of this course you will h ave a good understanding of up-to-date research methods and be able to use software and technologies in order to independently tackle complex problems. With the fast evolution of AI, analytics and data science within the workplace, this module is an ideal way to equip you with the tools and knowledge required to stand out in an increasingly competitive employment market.

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BEAM102: Financial Institutions' Risk Management

This module is designed to provide you with a comprehensive understanding of risk management practices within the context of financial institutions. The module explores various types of risks faced by financial institutions, including credit risk, market risk, liquidity risk, operational risk, and regulatory risk. You will learn the fundamental principles, frameworks, and techniques used in identifying, measuring, monitoring and controlling these risks. You will develop an understanding of the principles underlying sustainable and responsible decision-making, while they identify, assess, and mitigate various risks that can potentially impact their operations and financial stability. You will be presented with real-world case studies to illustrate effective risk management strategies and enable them to learn from successful risk management implementations.

The aim of this module is to introduce you to integrated knowledge and a critical understanding of risks inherent in financial institutions and apply a range of risk management techniques and strategies. You will be equipped with the knowledge, skills, and tools necessary to manage risks effectively and enhance sustainable and responsible decision-making processes. You will:

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BEAM103: Climate Finance and Investments

Climate finance and investment refer to the allocation of financial resources and investment activities towards projects and initiatives that address climate change mitigation and adaptation. This module introduces you to the role of finance and investment in the transition to a sustainable, low-carbon economy, the sources of financial risk and opportunity related to climate change and sustainability, and how organisations navigate them. You will explore the science of climate change and its related economic and environmental impacts. You will learn about climate and sustainability public policy developments, their economic impacts, and carefully examine the financial tools that can be used to mitigate and adapt to climate change. You will gain an overview of the key concepts, strategies, and challenges associated with mobilising and deploying financial resources to support climate action, and with managing and disclosing climate- and sustainability-related financial risks and impacts.

Module aims:

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BEAM104: Sustainable and Responsible Finance

This module provides you with a comprehensive understanding of the principles, practices, and frameworks related to sustainable and responsible finance. The module aims to explore the integration of environmental, social, and governance (ESG) factors into financial decision-making processes, with a focus on sustainability and responsible investing. You will examine the role of financial institutions, investors, and regulators in promoting sustainable and responsible practices in the global financial system. The module will also address the challenges and opportunities associated with sustainable finance and the transition towards a more sustainable economy. You will understand the ways in which the finance sector can support the transition to a sustainable, low-carbon economy.

• To introduce cutting edge sustainable and responsible finance theories and practices through research-led teaching.
• To boost student employability by engaging students with the latest developments in sustainable and responsible finance along with their implications for business and investment practices.
• To apply ESG considerations to financial analysis and decision-making effectively. To critically analyse the challenges and opportunities associated with sustainable finance.
• To present the potential impact of sustainable finance on corporate performance and investment returns.
• To outline the methods for enhancing sustainable and responsible practices in the finance industry.

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BEEM061: Fundamentals of Financial Technology

This module provides a foundational, interdisciplinary core for the cutting edge Exeter MSc Financial Technology (FinTech) programme. You will examine how innovations in digital money, blockchain systems, programming, and artificial intelligence are transforming financial services and the wider economic infrastructure in which they operate.

You will start the module by exploring what is actually meant by ‘FinTech’ and how far recent technological developments represent genuine disruption to traditional financial activity. You will analyse money and payments, and examine how developments like bitcoin/blockchain, open banking, and digital platforms fit into the broader history of financial innovation. Then, you will look at the technical foundations of blockchain systems using an accessible conceptual framework used to explore real world examples.

You are then introduced to core programming concepts relevant to FinTech, including Python and basic web technologies, enabling you to work with financial data, APIs, and simple interactive applications. You will then conclude the module with an introduction to artificial intelligence and machine learning methods used in the context of financial forecasting.

Throughout the module, you will connect theoretical ideas to contemporary industry practice through case studies, practical exercises, and engagement with current developments in financial markets and regulation. No prior programming experience is required.

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BEFM017: Credit Instruments and Derivatives

Summary:

This module aims to equips you with theoretical frameworks and numerical methods to evaluate credit instruments and financial derivative instruments in the bond, stock, equity, FX, and interest rate markets. It covers the analysis of the five distinct valuation methods, including Forwards, Futures, SWAPs, and options via Binomial Trees and Black-Scholes model. Fixed Income Instruments, securitisation techniques, and the numerical methods to price derivatives in the equity market will also be covered.

Prerequisite: You are expected to have a good command of the University of Exeter Business School Approved Financial Calculator, MS Excel, and basic financial concepts such as NPV, Bond, and Stock Pricing.

Additional Information:

Internationalization

This module helps you build an online professional profile, allowing them to connect with former students and potential employers internationally in about 100 countries and hundreds of banks across the globe. In addition, many of the examples discussed throughout the module are based on American, European, and Asian markets.

External Engagement

The Chartered Financial Analyst Institute (CFA) accredits this module, and all of the content is based on the CFA level examination.

Employability

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BUSM005: Career Management Skills for "with Industrial Experience" Students

This module is designed to support the employability and personal development skills needed to explore career opportunities and to source and apply for an industrial placement. Delivery is through subject-based lectures and workshops, interactive e-learning resources and personal guidance. An understanding of the key elements of the selection and recruitment process, raising self-awareness of key skills and competencies and developing the reflective skills required for Continuous Professional Development and future career management will be provided.

Following this module, you are required to participate in an approved work placement (BUSM002/004), organised by yourself, for a minimum of 33 weeks + annual leave. Ultimate responsibility for finding and scheduling a placement lies with you; however, there will be advice and support from the Careers and Employability team, particularly on how to approach employers and identify suitable opportunities. International placements are acceptable but must be approved by the Careers and Employability Team before starting the placement. It is important that all placements are deemed at a 'degree' level, for you to gain useful experience for the future. Low-level part-time jobs will not be approved.

This non-credit-bearing module will enable you to study a dedicated career management module whilst undertaking tasks and activities related to finding and securing a suitable degree-level work placement (minimum 33 weeks).

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BUSM006: Business School Industrial Experience

This module allows you to undertake and to learn from an extended work placement as an additional year of your eligible Business School Masters programme.

To progress to this module, you will have:

• Completed the BUSM003 Postgraduate Career Management Skills for ‘With Industrial Experience' module.
• Found a suitable placement for a minimum of 33 weeks.
• Passed the academic progress checks after the January and June Exam Boards.

Having developed the careers management skills necessary for a competitive graduate labour market, this is an invaluable opportunity to put the theory learned into practice in the workplace and to focus on your professional skills development.

During your “industry” year you will be supported by an academic WIE tutor and the Employability team.

Additional Information:

Internationalisation

You can undertake a work placement in the UK, Europe or elsewhere in the world. Overseas placements will be considered on a case-by case basis

External Engagement

The placement provides the chance for you to develop professional relationships with new colleagues, and connections within your placement organisation and with other stakeholders. You will have the opportunity to research and examine the context of your placement organisation in assignment 2.

Employability

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