MRes Finance (Pathway to PhD)
Please note: This page is for 2027 entry. Click here for 2026 entry.
| UCAS code | 1234 |
|---|---|
| Duration | 2 years full time |
| Entry year | 2026 |
| Campus | Streatham Campus |
| Typical offer | A 2:1 honours degree in finance or closely related subject. |
|---|---|
Why study MRes Finance (Pathway to PhD) at Exeter?
- The MRes in Finance (PhD pathway) is a two-year programme which allows you to specialise in finance and economics at the post-graduate level in preparation for progression to a PhD in Finance.
- Gain PhD-level training in a range of topics such as econometrics, finance theory and research methods used in finance and economics to prepare you for further study or employment
- You will receive instruction and guidance from our internationally respected academic staff who conduct and publish world-leading research
- Opportunity to finish at the end of year one and two with a level seven Post Graduate Diploma in Economic Studies and Post Graduate Diploma in Financial Economics.
- Fully funded scholarships are available for students who intend to progress onto a PhD in Finance at the University of Exeter
Top 100 Financial Times ranked European Business School
Triple accredited Business School
AMBA, AACSB, EQUIS
More than 91% of our research outputs in Economics and Econometrics are internationally excellent
Research Excellence Framework 2021
Top 10 in the UK for world-leading research in Business and Management
Based on research rated 4* and 3* in the Research Excellence Framework 2021
Entry requirements
A 2:1 honours degree in finance or closely related subject, or a Merit in a MA/MSc in finance or closely related subject, with evidence of excellent mathematical ability.
Students who apply for University of Exeter Business School funding are required to submit GRE/GMAT scores.
We do consider all applications where there is evidence of exceptional performance in modules relevant to the programme of study.
Pre-Masters programme for international students
The Exeter International Pre-Master's run by our International Study Centre is a pre-Masters programme designed to enhance your subject knowledge, study skills and English ability. Successful completion of the course (subject to achieving the specific grades of entry) gives students from overseas the skills needed for acceptance onto this Masters programme.
Please also see our guidance on essential documentation required for an initial decision on taught programme applications.
Entry requirements for international students
Please visit our entry requirements section for equivalencies from your country and further information on English language requirements.
Please also see our guidance on essential documentation required for an initial decision on taught programme applications.
Entry requirements for international students
English language requirements
International students need to show they have the required level of English language to study this course.
The required IELTS test scores for this course fall under Profile B1.
Please visit our English language requirements page to view the required test scores and equivalencies from your country.
Course content
The MRes in Finance (PhD pathway) is a two-year programme which allows you to specialise in finance and economics at the post-graduate level in preparation for progression to the PhD in Finance.
In the first year, you will receive advanced PhD-level training covering both theoretical and empirical aspects of economics and econometrics with built in provision for training in econometrics software and research databases. During the second year, you will build on this foundation and choose specialisation subjects which will expose you to frontier research in finance and related disciplines (e.g. economics, business and management, or accounting) to develop your MRes dissertation.
The programme is highly analytical, the teaching will be research driven, and you will start developing research independence through the preparation of the MRes dissertation.
Please note that the module information displayed here is subject to change.
Term 1: 60 credits of of compulsory modules
Term 2: 60 credits of compulsory modules
Compulsory modules
| Code | Module | Credits |
|---|---|---|
| Compulsory 2 | ||
| Microeconomic Theory II | 15 | |
| Macroeconomic Theory II | 15 | |
| Econometric Theory II | 15 | |
| Research Methods II | 15 | |
| Compulsory Term 1 | ||
| Research Methods I | 15 | |
| Microeconomic Theory I | 15 | |
| Macroeconomic Theory I | 15 | |
| Econometric Theory I | 15 | |
BEEM140: Microeconomic Theory II
This is the second module in microeconomic theory. You will study rational strategic decision making, i.e. game theory in static and dynamic contexts, both with and without complete information, and repeated games. After developing the tools to theoretically analyse strategic behaviours, you will study the design of incentive structures in strategic settings: i.e. contract theory.
The aim of the module is to develop formal reasoning abilities and apply tools of strategic thinking and strategic problem solving widely used by economists and other social scientists. After completing this course, you will be able to reason formally and model strategic decision makers in a variety of economic contexts.
BEEM141: Macroeconomic Theory II
The module covers topics in modern macroeconomics with an emphasis on tools necessary to pursue research in macroeconomics.
The module explores core areas of modern macroeconomics with the aim to develop an understanding of macroeconomic models that enables students to use them to tackle macroeconomic questions. The emphasis will thus be on learning theoretical concepts and analytical techniques by using them in the process of discussing relevant modern macroeconomic topics.
BEEM142: Econometric Theory II
This module builds on Econometric Theory I and further develops your knowledge and understanding of econometric and methodological research tools and the application of various econometric methods and techniques to real life problems.
Additional Information:
Internationalisation
The methods covered in this module, such as those used to forecast inflation and GDP, are applicable across countries.
Sustainability
Resources for this module are available on the ELE (Exeter Learning Environment).
Employability
Students gain an understanding of the statistical techniques used to study topics such unemployment and forecasting inflation and economic growth which are all necessary skill for working in central banks. They also develop their numerical and problem-solving skills in learning these mathematical techniques.
This module aims at providing the students with the necessary econometric and methodological research tools to equip them for carrying out empirical research projects as well as understand the contents of other modules.
The module is dedicated to the application of various econometric methods and techniques to real life problems.
BEEM143: Research Methods II
This module completes the first-year MRes/PhD sequence on analytical and quantitative research methods, building on the math camp and BEEM136 Research Methods I, and covering further analytical and computational techniques useful in economics research. Our ultimate goal will be to lay a solid foundation for your continued independent learning and frontier research. You will work to understand the foundational aspects common to a large class of recent theoretical and applied developments. The idea is for you to afterwards be able to start reading and understanding papers in your chosen application domain, and think creatively about new ways of advancing that domain.
BEEM136: Research Methods I
This module provides an introduction to the techniques involved in data handling and analysis.
This module aims to provide a thorough introduction to the techniques involved in effective data handling, project management, analysis and visualisation, and data replicability tests required to undertake PhD level quantitative research.
BEEM137: Microeconomic Theory I
This is the first module in microeconomic theory, intended for students who wish to pursue doctoral studies in Economics and related subjects or for students who wish to learn microeconomics at a high technical level. Starting with the classic theory of consumer behavior and production, the module also will cover decision theory and general equilibrium theory.
The aim of the module is to develop the basic tools for formally analysing problems of resource allocation used by economists. After completing this module, you will be able analytically represent and solve economic allocation problems.
BEEM138: Macroeconomic Theory I
The module covers topics in modern macroeconomics with an emphasis on tools necessary to pursue research in macroeconomics.
The module explores core areas of modern macroeconomics with the aim to develop an understanding of macroeconomic models that enables students to use them to tackle macroeconomic questions. The emphasis will thus be on learning theoretical concepts and analytical techniques by using them in the process of discussing relevant modern macroeconomic topics.
BEEM139: Econometric Theory I
Econometrics is the branch of economics devoted to the development and application of statistical methods to the study and clarification of the economic phenomena. This module provides an advanced introduction to econometric theory, understood as a collection of mathematical and statistical concepts and principles which motivates much of the empirical analysis conducted by economists.
This module aims at providing the students with an introduction to the theory of econometrics covering important topics in econometric estimation and inference. The module will provide students with the necessary knowledge for understanding recent developments in econometrics.
The module will help students carry out future applied econometric analysis by allowing them to understand the underlying econometric theory, which is important in order to make reasonable judgments about the methods to implement.
Please note that the module information displayed here is subject to change.
Terms 1 and 2: 60 credits of optional modules
Term 3: 60 credits of compulsory modules
Compulsory modules
| Code | Module | Credits |
|---|---|---|
| Compulsory 1 | ||
| Finance MRes Dissertation | 60 | |
BEFM029: Finance MRes Dissertation
In this module, you will write an academic dissertation. The academic dissertation allows you to demonstrate your ability at identifying and analysing a finance problem using economic models and/or econometric/statistical methods. You will come up with a topic of your own choice, which can be theoretical or empirical in nature, manage self-driven enquiry and write up a piece of research.
The supervision arrangement for the academic dissertation will consist of one member of faculty. You are encouraged to seek your own supervisor.
The necessary prior knowledge and skills are covered in the taught modules of the MRes in Finance programme.
Additional Information:
Internationalisation
The analytical skills developed and employed in this module will be applicable across institutions and countries and are multinational in nature.
Employability
By solving statistical/mathematical problems and exercises, students are equipped with practical problem-solving skills, theorising skills, and an understanding of mathematical relationships. All of these are highly valuable in both academic and non-academic jobs.
Sustainability
The resources for this module are available on the ELE (Exeter Learning Environment).
The aims of the dissertation are:
Optional modules
| Code | Module | Credits |
|---|---|---|
| Optional 1 | ||
| Advanced Financial Accounting | 15 | |
| International Financial Management | 15 | |
| Corporate Governance and Finance | 15 | |
| Mergers, Management Buyouts and Other Corporate Reorganisations | 15 | |
| Applied Empirical Accounting and Finance | 15 | |
| Coding Analytics for Accounting and Finance | 30 | |
| Climate Finance and Investments | 15 | |
| Sustainable and Responsible Finance | 15 | |
| Optimisation Techniques for Economists | 15 | |
| Portfolio Management and Asset Allocation | 15 | |
| Equity Valuation Models and Issues | 15 | |
| Credit Instruments and Derivatives | 15 | |
| Quantitative Research Methods | 15 | |
Fees
2026/27 entry
UK fees per year:
£7,100 full-time
International fees per year:
£16,100 full-time
Important information for international applicants
If you require a Student visa, please note that students studying an MRes programme are generally not eligible to bring dependants (such as a spouse, partner or children) to the UK.
Read our guidance on dependant eligibility.
Scholarships
The University of Exeter offers a wide range of scholarships to support your education, with £7 million available for international students applying to study with us in the 2026/27 academic year, including our prestigious Exeter Excellence Scholarships. We also provide awards for sport, music and other achievements, as well as regional and partner scholarships with organisations such as Chevening, The Beacon Trust and the British Council. For more information on scholarships and other financial support, please visit our scholarships and bursaries page.
University of Exeter Alumni Scholarship
We are pleased to offer the University of Exeter Alumni Scholarship, a scholarship for University of Exeter alumni beginning a standalone postgraduate programme in 2026/27 with us a scholarship worth 20% of the cost of your first year tuition fees.
Terms and conditions, including deadlines, apply.
Teaching and research
Assessment
Assessments will be conducted via a combination of individual written coursework, group presentations, peer assessment of group work, written examinations, and MRes dissertation.
Supervision
Students will be assigned an academic tutor and a pastoral tutor from the first day of their MRes. During the MRes period you will have the opportunity to meet and discuss your research interests with a range of faculty members to help ensure you have the right fit in you continue to do a PhD. This is designed to expose you to various faculty members within the academic group on a rotation basis and also to provide a more integrated experience where you will have the chance to develop their ideas with junior faculty.
Dissertation module
In this module, you will write an academic dissertation under the supervision of one member of the faculty. The academic dissertation will allow you to demonstrate your ability at identifying and analysing a finance problem using economic models and/or econometric/statistical methods. You will come up with a topic of your own choice, which can be theoretical or empirical in nature, manage self-driven enquiry and write up a piece of research.
By solving statistical/mathematical problems and exercises during your dissertation project, you will be equipped with practical problem-solving skills, theorising skills, and an understanding of mathematical relationships. All of these are highly valuable in both academic and non-academic jobs.
Progression to PhD
Although the MRes can be studied as a two-year standalone programme, it is a pathway to PhD for the majority of students.
Progression on to the PhD is subject to meeting the eligibility criteria for the PhD. This includes (1) successful completion of the MRes (achieving at least an average of 60% across all modules and at least 65% in the Dissertation) and (2) the identification of a member of academic staff in the University of Exeter Business School who has agreed to supervise your PhD.
After the programme
The MRes programme will provide you with the knowledge and skills required to carry out PhD level research and subject to meeting the entry criteria (see above) you will be able to progress onto our PhD Finance programme.
The Business School is home to the following research centres
- Centre for Innovation in Business Education
- Centre for Responsible Innovation (CRI)
- Centre for Simulation, Analytics and Modelling (CSAM)
- Exeter Centre for Leadership (ExCL)
- Exeter Centre for Social Networks (ECSN)
- Exeter Sustainable Finance Centre (ESF)
- Initiative in the Digital Economy at Exeter (INDEX)
- Land, Environment, Economics and Policy Institute (LEEP)
- Research Methods Centre
- Tax Administration Research Centre (TARC)
- The Exeter Centre for Circular Economy (ECCE)
Careers
The analytical and quantitative skills learnt will be highly transferrable, and upon completion you will be well equipped to pursue careers in academia, business, government and international organisations. Many of our recent research students have gone on to be successful academic jobs and have published their doctoral work in well-established journals.
Developing your skills and career prospects
The University of Exeter Business School provides a range of support to help you develop skills attractive to employers. Visit our postgraduate Business School careers service web page for more information.
