ObjectivesThe programme has been designed to enable participants to apply theoretical concepts to practical financial and banking problems. The approach is modern, making use of IT, market data, and case studies where appropriate. Each module is supported by JMU’s virtual learning environment, Blackboard.
Entry requirementsWe are looking for two distinct groups of students: - Those students with strong quantitative skills gained through an undergraduate degree in physics, chemistry, mathematics, engineering or a cognate subject. - Those graduates who bring to the programme some knowledge of economics and finance. This would include economics, accounting and finance graduates and also business studies graduates who have specialised in these areas. Quantitative students are particularly sought after by financial institutions. For these students the programme will expand their quantitative skills and show how these skills can be applied in the field of banking and finance. For those students with an economics and finance background the programme will expand and update their knowledge of finance and update their quantiative skills and show how these skills can enhance their understanding of finance and banking at an advanced level.
Academic titleMSc International Banking and Finance
Course descriptionStructure of the MSc course
The MSc in International Banking and Finance consists of a taught
component covering two academic semesters during which students
attend lectures, tutorials and IT workshops coupled with directed reading
and tutorial problems.
Successful completion of the taught component allows students to move
onto the dissertation stage, where they are required to write a 20,000
word research based dissertation on a subject in which they have
developed an interest during the taught component.
The taught component consists of 8 modules: four in the first semester
and four in the second semester
The philosophy of the programme is that in semester one we provide you
with the fundamental knowledge and tools required to explore banking
and finance at an advanced level. As such, the four semester one
modules are “core” and must be taken.
Opportunity is given in semester two for students to specialise in subject
areas they have been introduced to in semester one.
This includes the application of forecasting in financial markets, risk
management in international banking and finance, the interpretation of
financial statements or advanced analysis of derivative securities.
Simultaneously, students will continue to undertake a course in research
methods in order to prepare for the dissertation stage of the programme
and to further develop important research skills.
Students are assessed on the taught component by a variety of
mechanisms including examinations, PC based research problems,
presentations and written reports.
Every effort is made to vary the assessment methods and to distribute
them evenly throughout the semester.
University examinations are held in December/January and May, The
deadline for submission of the dissertation is set at September 1st.
Module Outlines
QUANTITATIVE METHODS
The module covers the mathematics necessary for the study of banking
and finance, and an introduction to statistical software. Solutions to
models are to be achieved using mathematical methods and, where
appropriate, Excel and/or Eviews. Statistical analysis is undertaken using
Excel.
INTERNATIONAL FINANCIAL MARKETS AND INSTITUTIONS
This module provides students with an introduction to the world’s
financial markets and the assets traded on them. This is to include
equities, currencies, interest rates and their derivatives. The module will
also cover subjects of topical issues, such as the impact of the Euro on
financial markets, recent derivative disasters and the Asian crisis.
INTERNATIONAL MACROECONOMICS FOR BANKING AND FINANCE
This module provides students with a comprehensive introduction to
orthodox macroeconomic policy. Particular emphasis is placed upon the
debate between differing economic schools of thought and the link
between economic policy and the world’s financial markets.
THE THEORY OF FINANCE
This module provides students with a training in the microeconomics
underpinning financial decision making and modelling. This is achieved
through a thorough grounding in the fundamental theories of finance.
A real-world emphasis on the module is provided by the use of current
market data. Topics covered include: Portfolio Analysis, CAPM, APT,
Dividend Policy, Bond Portfolio Management.
RESEARCH METHODS FOR BANKING AND FINANCE
This module aims to prepare the student for the dissertation component
of the programme by introducing the research methods and financial
econometric techniques used in quantitative work in international
banking and finance through the use of the EVIEWS package.
RISK MANAGEMENT IN INTERNATIONAL BANKING
This module demonstrates how the financial assets introduced in
semester one can be used in the management of financial risk. The use
of option pricing theory in the evaluation of investment decision making
is also examined. Case studies are used to provide a practical emphasis
to the study of risk management.
DERIVATIVE SECURITIES
This module extends the student’s knowledge of derivative products
introduced in semester one by examining how these assets are priced
and traded. The practical application of option pricing is facilitated through
the use of appropriate software.
FINANCIAL STATEMENT ANALYSIS
This module complements the traditional tools of investment analysis
introduced in semester one by providing a practical foundation in the analysis
of companies’ published financial statements.
FORECASTING FINANCIAL MARKETS
This module complements the time series analysis tools introduced in
the research methods modules by demonstrating how these tools can be
employed in forecasting. Competing techniques such as chartism,
fundamental analysis, mechanical systems and non-linear approaches are
also covered. A real world emphasis is provided through the use of real
data and subject specific software such as Eviews, Excel and MATLAB.
Course Team
JASON LAWS BA MSc
Jason Laws has been a Lecturer in International Banking and Finance
since 1993 joining immediately upon completion of his MSc at Cardiff
Business School. During his time at the school Jason has taught
extensively in the area of financial markets at all levels with particular
specialisms in option pricing and empirical finance. Since 1995 he has
been the course leader for the MSc in International Banking, Economics
and Finance. He has also been an influential figure in the development of
the WWW and teaching and learning within the University. He has
published in several refereed journals and his most recent book is
‘Applied Quantitative Methods for trading and investment’. (Wiley 2003).
CHRISTIAN DUNIS BSc MSc PhD
Christian Dunis is a Professor of Banking and Finance. Before joining
JMU, Christian was Global Head of Markets Research at Banque
Nationale de Paris which he joined from Chase Manhattan Bank in 1996.
At Chase Manhattan, his employers for 11 years, he headed the
Quantitative Research & Trading group. He has published in several
refereed journals and his most recent books are ‘Developments in
Forecast Combination’, (Wiley, 2001), ‘Advances in Quantitative Asset
Management’ (Kluwer, 2000), ‘Nonlinear Modelling of High Frequency
Financial Time Series’ (John Wiley, 1998), ‘Forecasting financial Markets’
(John Wiley, 1996) and Applied Quantitative Methods for trading and
investment’. (Wiley 2003). He is an Associate Editor of the European
Journal of Finance.
KEN HOLDEN BSc MA CStat
Ken Holden is Professor of Applied Economics. He has over thirty years
experience of University teaching and research at the Universities of
Manchester, Liverpool, Otago and the Open University. He is author and
joint author of 8 books and over 60 research papers and is an Associate
Editor of the International Journal of Forecasting, and the Journal of
Forecasting. His main areas of academic interest are applying
quantitative methods to economic problems, economic forecasting and
using time series methodology in financial markets.
GIANLUIGI GIORGIONI, LAUREA, MSc. PhD
Dr. Giorgioni joined the department in October 2004, after having spent 6
years as lecturer in Economics at the University of Abertay Dundee. His
research interests include applied macroeconomics, development
economics and finance, international trade. He has published in peerreviewed
journals such as Applied Economics, Applied Economic Letters,
Economic Modelling, International Review of Applied Economics and the
Journal of Chinese Economics and Business Studies.
THOMAS COSKERAN MA, PGCE, MSc (Econ), PhD
Thomas Coskeran is a Senior Lecturer in Economics. He has taught
economics and finance for twenty years, including courses on
International Money and Finance, European Business and International
Trade. He has also worked as an economic adviser to HM Treasury and
the National Health Service. His main research interest is applied
quantitative microeconomics. Most recently, he has given presentations
at international conferences and published research papers on the costeffectiveness
of radon remediation among householders and the role of
waste minimisation clubs in improving resource usage among
businesses.
TONY HALL BA MSc FCII
Tony Hall has been a Senior Lecturer in Finance since 1990. He has
previously worked at the London School of Economics and in the
insurance industry. He has University teaching experience at
undergraduate, postgraduate and professional level in the areas of
Business Finance, Corporate Finance, Investment and Accounting. He
also has wide ranging consultancy experience in the areas of employee
share ownership, financial restructuring, and corporate restructuring.
KARL HARPER MBA BA(Hons) ACIB ACIM Cert Ed
Karl Harper has been a Senior Lecturer in Financial Services since 1990.
He previously worked for Lloyds Bank plc. During his time with Liverpool
JMU Karl has provided training in International Banking in Russia, the
Czech Republic, Romania, Ukraine and Poland. Karl is also an author and
assistant examiner for the Chartered Institute of Bankers.
JAMES EDEN BA MA
James Eden has been a Lecturer in Monetary Economics and Corporate
Finance since September 1993. He has worked previously at The
University of Portsmouth and as a tax consultant with Price Waterhouse.
He has taught on a wide range of courses in the area of Economics and
Finance from Bachelors to Masters level. His specialism is
Macroeconomics. He is the co-author of ‘Business Economics - An Active
Learning Approach’, (Blackwell 1997) and ‘Economics for Business’
(Macmillan 2001).
KEN PURNELL BSc(Econ), MSc
Ken Purnell is Senior Lecturer in Quantitative Techniques. He has
experience of teaching Statistics and Management Science to a wide
range of undergraduate, postgraduate and professional programmes.
Consultancy has involved market research and the benchmarking of audit
services. In addition, Ken has been extensively involved in Liverpool JMU
partnership activity, both in UK and overseas.