Do you want to be able to speak “the language of business” and understand financial decision making and financial institutions? Do you want to be taught and supervised by leading academics whilst gaining exemptions from the Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA) professional examinations?
If the answer is yes, the MSc in Accounting and Finance in Queen’s Business School is the programme of choice for you.
The programme provides students with an understanding of both the theoretical framework and practical skills necessary to work in a global financial environment.
A range of modules covering financial reporting, finance, management accounting and performance management, research skills and business technologies/analytics will give you the technical skills for the contemporary workplace.
Queen’s University is ranked third in the UK for Graduate Prospects in Accounting and Finance (Times and Sunday Times Good University Guide 2024).
Accounting and Finance highlights
World Class Facilities
Queen's Business School (QBS) has recently undergone an innovative expansion that establishes a benchmark of global excellence for one of the top business schools in the UK and Ireland. A stunning new 6,000 square metre building, adjacent to the listed red-brick Riddel Hall has been designed with the latest digital infrastructure for media lecture capture, TED Talk provision and collaborative breakout sessions.
Fostering an enhanced social and educational experience the new state-of-the-art QBS venue boasts a 250-seat tiered educational space; 120-seat Harvard style lecture theatre; 150-seat computer laboratory; breakout study spaces; FinTrU Trading Room; a café, and a Business Engagement and Employability Hub.
The Corporate Finance module is taught in the FinTrU Trading Room. Students have access to Bloomberg software, a market leader in financial news, data and analytics, which is used by many financial institutions.
Students may wish to join the Trading and Investment Club, a student run organisation which aims to educate its members on trading and investing through guest speakers, competitions and educational seminars.
The Student Managed Fund, which uses real money, gives students the opportunity to be part of an investment management process.
Professional Accreditations
The programme is accredited by ACCA (the Association of Chartered Certified Accountants), the global body for professional accountants.
The programme is also part of the CIMA accelerated route, which will allow students to enter via the CIMA master’s gateway route.
Professional Exemptions
Students may also avail of exemptions from the CIMA, entering at the Management Level Case Study entry point. Thus, students are exempted from all elements of the Certificate and Operational levels, plus E2 Managing Performance, P2 Advanced Management Accounting and F2 Advanced Financial Reporting. For further information consult the CIMA exemptions database. https://www.cimaglobal.com/Starting-CIMA/Starting-CIMA/Exemptions/Exemption-Search/
The programme is accredited by ACCA (the Association of Chartered Certified Accountants), the global body for professional accountants.
The following exemptions are available to graduates from 01/01/2021 to 31/12/2025 - Business and Technology (BT), Management Accounting (MA), Financial Accounting (FA), Corporate and Business Law (LW), Audit and Assurance (AA), Financial Management (FM), Financial Reporting (FR) and Performance Management (PM).
Note that AA is only exempted if a pass mark is obtained in particular elements of module ACC7007. For further information consult the ACCA exemptions calculator. https://www.accaglobal.com/gb/en/help/exemptions-calculator.html
Student Experience
Students will use and have access to software such as Stata, Excel, Matlab, and databases such as Thomson One Banker, DataStream and Bloomberg.
Student Testimonials
“My Masters was an unforgettable memory - my first time studying abroad. During my studies I finished all ACCA exemption exams and got ‘The Association of Financial Mutuals’ first place in Ireland. I got a Distinction, drawing a fantastic end to my postgraduate study. Now I am working as Auditor in PwC in China.”
The programme offers the opportunity to pursue appropriately advanced studies in both accounting and finance, equipping the students for careers in financial institutions, management consulting, and industry or the public sector.
The modules included in the programme aim to develop capacities of critical assessment of literature and methods, and the ability to communicate, orally and in writing, on topics in accounting and finance.
They provide a stimulating suite of learning activities that introduce students to contemporary theories and practice.
The contents provided during the programme will also be useful to those who wish to pursue PhD studies in accounting and finance.
Semester 1 (60 CATS)
- Financial Management
- Business Technologies and Analytics
- International Financial Accounting and Reporting
- Case Studies in Accounting and Financial Management
Semester 2 (60 CATS)
- Accounting in Society
- Management Accounting and Control
- Research Methods and Techniques
Plus choose one from:
Derivatives
This module develops theoretical and practical knowledge of derivative instruments in financial markets. It introduces typical derivative instruments including futures, forwards, options, etc. It also covers classic derivative pricing models such as the binomial tree model and the Black-Scholes Model.
International Finance
This module details the complications and unique characteristics of finance that crosses a border. It covers subjects such as foreign exchange trading, exchange rate systems, and the real economic effects of capital flows.
Money and Banking
This module examines the theory of money and banking. The module content considers the main banking and monetary institutions and monetary policy.
Semester 3 (60 CATS)
Route 1 – Dissertation
Traditional Dissertation (100%)
The aim of the dissertation is to provide students with the skills needed for conducting theoretical and/or empirical research in accounting and finance.
OR
Route 2 – Academic Research Project
Auditing and Accountability (25%)
This element of the module provides a theoretical and practical understanding of contemporary auditing and accountability issues in the private, public and not-for-profit sectors, including principles and techniques of auditing.
Ethics and Governance (25%)
This element of the module provides an overall understanding of the complex and dynamic relationships between business corporations, their stakeholders (shareholders, employees, customers, suppliers, etc.) and the society in which they operate.
Critical Literature Review (50%)
This element of the module requires completion of a Critical Literature Review on a chosen/given topic. This will provide students with the skills needed for conducting theoretical and literature-based research in accounting and finance.
Queen’s Business School Bibek has an MBA, a PhD in Finance and is a Fellow of Higher Education Academy. He currently teaches corporate finance and management accounting. His current research involves issues around text analysis, fintech, female labour participation, exam integrity, among others.
Queen’s Business School Martin has worked in various roles in academia and management development for the past twenty-five years. He previously worked as a Chartered Accountant with PwC. Martin lectures in Financial Accounting and his research interests include organisational ethics, accountability and sustainability reporting.
Queen’s Business School Mohamed holds a PhD degree in Accounting and Finance from the University of Bristol. He is a Fellow of Higher Education Academy (FHEA). His teaching includes accounting and research methods. His research interests include market-based accounting research, corporate governance, corporate disclosures, corporate failure, textual analysis, and external auditing/internal controls.
Queen’s Business School Brenda has a background with a Big 4 firm, is a fellow of Chartered Accountants Ireland and teaches auditing, ethics, data analytics & modern technologies.
Queen’s Business School Xinwu teaches accounting and research methods. Her research interests include Sustainability Reporting, Integrated Reporting and Corporate Social Responsibility (CSR).
Queen’s Business School Ciaran, who is a member of Chartered Accountants Ireland, worked in accounting practice for a number of years prior to moving to academia. His teaching interests are in the area of financial accounting and his main sphere of research is in the field of public services, particularly the financial and performance measurement aspects of the charity and public sectors.
Queen's Business School Martin is a CIMA member and has worked in several industrial roles. His teaching area is management accounting. His research focuses on organisational and accounting change, including accounting information systems change and historical accounting research.
Learning and Teaching
Teaching Methods
Learning opportunities associated with this course are outlined below:
The development of transferable skills will shape the teaching and learning on the programme. The successful completion of coursework, for instance, will require students to gather information from a range of sources, as well as select and assimilate the relevant knowledge and complete tasks within deadlines.
You will also acquire the ability to write projects and an MSc dissertation, which aims at developing the skills of reading and summarising academic articles. The students will be able to analyse financial statements, apply investment strategies and understand the role of accounting in both profit and not-for-profit organisations.
Assessment
Assessments associated with the course are outlined below:
A variety of methods, including individual and group work, presentations, case studies, class tests and dissertation will be used. Both summative and formative assessment methods are adopted throughout all modules, which span from practical computer based work, to class tests, group and individual presentations and academic essays.
The information below is intended as an example only, featuring module details for the current year of study (2024/25). Modules are reviewed on an annual basis and may be subject to future changes – revised details will be published through Programme Specifications ahead of each academic year.
This module provides students with an understanding of key and novel technologies affecting contemporary business from the view of the accounting/finance professional. The module combines understanding with practical application of technologies to business scenarios.
To put the module in context, the role of technology in contemporary business organisations is introduced. How technology has evolved from being a business support function to being an essential part of how business is done will be explored. This will include analysis of the links between technology and business strategy and value creation, how technology cost structures have changed, as well as an appreciation of the risks to business due to technology failures. Linking technologies to the role of accounting/finance professionals, how technologies affect their roles within organisations will be outlined. The role accounting/finance professionals play in planning, implementing and overseeing the information outputs will be discussed. This includes an overview of the nature of the technology skillset required by accounting/finance professionals in contemporary organisations.
As a result of the rise of technology, the impact that digital disruption is having on business and more specifically the finance professional is explored, including changes to customers, competitors and data availability. A key topic is digital transformation – what it is, its historical context, why it is needed and how organisations can implement digital transformation to service in a digital environment, reflecting how the finance professional can help play a part of this journey. Several emerging technologies are explored which are fundamental to digital transformation e.g., cloud computing, process automation, artificial intelligence, blockchain, augmented and virtual reality and the Internet of Things. Characteristics of these technologies will be analysed, use cases reviewed and challenges of implementation assessed to provide students with a foundational knowledge of contemporary technologies impacting on organisations today. An overview of ethical and sustainability issues around technologies is also included.
Data availability due to the rise of technology has presented opportunities and challenges for firms and its managers – including finance professionals. Availability of data in ever-increasing volume, at faster pace, and in different varieties – characteristics of Big Data – can be useful only if meaningful information can be gleaned out of it; however, inability and complacency in using the data can allow competitors to exploit the freely available data to gain competitive advantage. This module will provide an understanding of the importance of Business Analytics within the Business Intelligence process. Descriptive, predictive, and prescriptive analyses of data using appropriate software packages (e.g., Excel, Tableau or PowerBI for descriptive analysis; R, Stata or Python for predictive/prescriptive analysis) to aid decision-making in firms are explored.
Learning Outcomes
At the end of this module students will be able to:
1. Distinguish the effects of technology on the role of accounting/finance professionals versus the role of the accounting/finance professional in the development of technology in firms.
2. Appraise the dynamics of the technological environment
3. Outline and explain the technologies that affect business and accounting/finance, and examine how such technologies are utilised within accounting/finance.
4. Evaluate approaches to analytical modelling and apply analytical tools to business scenarios and interpret outputs.
5. Critique emerging technological issues and their effects on accounting/finance.
Skills
In addition to the learning outcomes listed, students will also develop the following non-subject specific skills. These include:
• Critical thinking to analyse and evaluate information, concepts, and ideas in order to form reasoned judgments
• Organisation and time management from working on a number of topics and assessments throughout the module
• Digital literacy skills through the use of different softwares
The aim of the dissertation is to provide students with the skills needed for conducting theoretical and/or empirical research in accounting and finance.
Learning Outcomes
At the conclusion of the dissertation, participants will be equipped to:
• write a well-structured dissertation,
• formulate research questions and/or hypotheses,
• conduct a critical review of the literature
• answer research questions or test hypotheses by using empirical studies, datasets, corporate reports or interviews,
• discuss findings, draw conclusions and identify the limitations of a study and its possible developments.
Skills
In addition to the learning outcomes, students will also develop the following non-subject specific skills:
• data compilation,
• ability to work independently,
• organisation and time management,
• problem solving and critical analysis.
The aim of the module is to provide a theoretical and practical understanding of core financial management issues. Students will be equipped with knowledge on payout policies, financing decisions, investment appraisal processes, and risk-management techniques.
Learning Outcomes
On successful completion of the course, students will be able to:
• Examine the role of financial management
• Evaluate the implications the economic environment can have on the financial management function
• Understand and critically evaluate different sources of business finance
• Explore and apply the key techniques of investment appraisal
• Critically appraise the importance of working capital management
• Critically assess risk management techniques used in practice
• Understand and apply business and asset valuation models
Skills
In addition to the module specific skills that are outlined above, students will also develop the following non-subject specific skills:
• the ability to synthesise and evaluate information/data from a variety of sources
• the ability to work both independently and in groups
• organisation and time management
• problem solving and critical analysis
The academic research project comprises three inter-related elements, the first two of which (Auditing & Accountability and Ethics & Governance) help to prepare the students for the third element, the Critical Literature Review.
To complete this module, an overall pass mark (50%) must be attained, with a minimum of a pass mark obtained in the Critical Literature Review element. The mark awarded is a weighted average mark based upon the three elements:
• Auditing & Accountability – 25%;
• Ethics & Governance – 25%; and
• Critical Literature Review – 50%.
This module provides a theoretical and practical understanding of contemporary auditing, accountability, governance and ethics issues in the private, public and not-for-profit sectors. This includes principles and techniques of auditing, fundamentals of governance and business ethics. Students will learn the importance of concepts such as compliance, internal control and risk management in a global environment. In this context, the usefulness of a variety of research methods - including qualitative methods of case study and interview - is examined. This supports the development of a Critical Literature Review that will provide the students with the skills needed for conducting theoretical and literature-based research in accounting and finance, as well as developing critical thinking and written-communication skills.
Learning Outcomes
ELEMENT ONE: AUDIT & ACCOUNTABILITY
On successful completion of this element, students will be able to:
1. Critically evaluate auditing theory, research and practice
2. Appraise the concept of auditing and accountability, including the functions of audit, and the roles of internal and external audit within the audit framework and regulation
3. Illustrate the process involved in audit planning and risk assessment
4. Apply knowledge of internal controls and substantive audit testing to practical scenarios
5. Apply audit review and reporting procedures, including determining the appropriate audit opinion to deliver, in practical scenarios.
ELEMENT TWO: ETHICS & GOVERNANCE
On completion of this element students will be able to:
• Describe drivers of governance and business ethics;
• Explain and apply underlying theories relevant for governance and business ethics;
• Analyse the role of the board with regard to business ethics and governance;
• Discuss the regulatory framework and different models of corporate governance around the world;
• Critically evaluate the key concepts in use for the governance of corporate risk, corporate social responsibility, sustainability and triple bottom line; and
• Discuss and critically review new developments in governance.
ELEMENT THREE: CRITICAL LITERATURE REVIEW
On completion and submission of the Critical Literature Review, the students will be equipped to:
• write well-structured and comprehensive academic essays through independent work,
• develop coherent thinking and consistent thoughts in the form of a literature review,
• conduct a critical review of literature, identifying limits and strengths of previous studies,
• identify possible research questions and gaps in the areas of accounting and finance and propose further research,
• discuss previous findings, critically evaluate theories and methodologies, and identify their limitations and potential developments.
Skills
ELEMENT ONE: AUDITING & ACCOUNTABILITY
In addition to the learning outcomes listed, students will also develop the following non-subject specific skills:
1. Inter-personal and oral presentational skills from working and presenting in groups
2. Organisation and time management
3. Critical thinking
4. Problem solving
ELEMENT TWO: ETHICS AND GOVERNANCE
In addition to the learning outcomes listed, students will also develop the following non-subject specific skills:
• Critically contrast arguments from a variety of sources (e.g. textbooks and journal articles);
• Inter-personal skills from working in groups; and
• Oral presentational skills from group presentations
ELEMENT THREE: CRITICAL LITERATURE REVIEW
In addition to the specific skills that are outlined above, students will also develop the following non-subject specific skills:
• ability to synthesise and evaluate information/data from a variety of sources,
• ability to work independently,
• organisation and time management,
• problem solving and critical analysis
The purpose of this course is to provide a thorough background of research methods and techniques that can be applied to the field of accounting. Students will learn about relevant theoretical and methodological aspects in accounting research. They will be equipped with knowledge on how to conduct qualitative and quantitative research projects, using examples from accounting. This course will help students to conduct their own research project in the future. The aims of this module are to:
• Establish a general understanding of research methods and techniques in accounting;
• Understand various types of research used in accounting;
• Develop skills to present and interpret research findings.
Learning Outcomes
On successful completion of this module, students should be able to:
• Demonstrate awareness of qualitative and quantitative research methods used in the field of accounting and finance;
• Develop research questions and strategies for accounting and finance research;
• Critically discuss theoretical foundations relevant to accounting and finance research;
• Critically evaluate and interpret accounting and finance research findings.
Skills
The course provides opportunities for students to acquire or enhance the following skills:
• Analytical skills;
• Problem solving;
• Numerical skills;
• Communication skills.
Focusing upon International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs), this module combines accounting theory with its practical application. The module seeks to provide participants with a firm grasp of the principal conceptual issues in financial accounting and to develop their practical appreciation of these concepts in the context of international financial accounting and reporting. The main areas covered are:
1. The theory and practical application of international financial reporting standards to the preparation and presentation of the financial statements of single corporate entities.
2. The theory and practical application of international financial reporting standards to the preparation and presentation of group financial statements.
3. The analysis and interpretation of financial statements.
4. Recent developments in international financial accounting and reporting, including an awareness of the roles of the International Accounting Standards Board and the European Union, and their interrelationship with the Financial Reporting Council in the development and setting of international financial reporting standards.
Learning Outcomes
Upon the successful completion of this module, participants should be able to:
• apply international financial reporting standards in the production and presentation of external financial reports and be familiar with alternative recognition rules and valuation bases;
• demonstrate an awareness of the main concepts and theories of international financial reporting currently engaging the attention of the academic community and the accounting profession within their broad economic, legal, social and professional environment;
• demonstrate an ability to integrate and evaluate information and data from a variety of sources and acknowledge appropriate references by taking a holistic approach to solving accounting problems;
• record, prepare, present and summarise financial transactions and other economic events;
• display an ability to relate knowledge of accounting theories to practical accounting problems;
• display good communication skills, both oral and written, including the ability to present qualitative and quantitative accounting information, in a form appropriate to the intended audience; and
• demonstrate good numerical skills and the ability to manipulate data.
Skills
In addition to subject specific skills, participants should also acquire the following non-subject specific skills. These include the ability to:
• critically evaluate arguments and evidence from a variety of sources;
• analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data and from data which must be acquired by the participant;
• locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources; and
• use Information Technology in acquiring, analysing and communicating information, including the use of spreadsheets, word processing, the world-wide web and e-mail.
• work in groups, and display other interpersonal skills, including oral as well as written presentation skills.
The module includes core management accounting topics including:
• Cost terms and cost behaviour patterns
• Cost accumulation and assignment
• Accounting for decision-making under uncertain conditions
• Budgeting and control
• Standard costing and variance analysis
• Performance management, including divisional performance measurement and transfer pricing
• Strategic management accounting and emerging trends
Learning Outcomes
On completion of this module students will be able to:
• Describe and evaluate cost behaviour patterns;
• Apply different cost allocation and cost ascertainment models;
• Have an understanding of the techniques of decision-making under different conditions;
• Explore and apply the key concepts of budgeting, controlling and variance analysis;
• Identify and critically evaluate the different ways of performance measurement and transfer pricing in divisionalized units of companies; and
• Discuss and critically review the most recent developments in management accounting.
Skills
In addition to the module specific skills that are outlined above, students also develop the following non-subject specific skills:
• Critically contrast arguments from a variety of sources (textbooks, journal articles, practitioner studies, etc.)
• Develop and enhance their abilities to engage in wider societal debates and respond to emerging challenges.
• Problem solve and challenge existing solutions.
There are a plethora of issues which can be related what are often termed the 3As - accounting, accounts and accountability. Whether the issue is one of a pandemic, poverty, social media, fast-fashion, retail, sport, refugees, hospitals and healthcare, sustainable development, equality, climate change, government etc., these are all shaped by or represented in accounts or accountability relationships.
The 3As are more than techniques for optimal decision-making and/or externally reported information. Drawing on contemporary research and practice, this module explores the complex and dynamic roles of the 3As in a broader context. This module includes some technical accounting material, but also offers students an opportunity to understand the importance of accounting, accounts and accountability in broader contexts.
The nature of this module allows for some fluidity in content as 3A vary as society and business changes. At the outset, this module will detail what accounting, accounts and accountability mean in a broad sense within contemporary society. This includes challenging existing accounting techniques, what accounts represent and existing accountability relationships. The module will identify and discuss various theoretical approaches to understanding accounting and accounting change and/or stability such as (but not limited to) agency, institutional and structuration theories. These (and other) theories set a context for how and why accounting, accounts and accountability changes over time. Drivers of accounting change are also explored.
Having set the context of the 3As, the module explores them from both a practical (i.e., tools and techniques) and theoretical aspect across various areas of society and study. These areas may include (but are not limited to) the following:
Non-governmental, non-profit and public sector organisations – including, for example, differences in such sectors in attitudes to risk
Interfaces with society, for example, governance, earnings management and impression management
The environment, society and UN Sustainable Development Goals - including, for example climate-change and nature related disclosures and the development, application and harmonisation of sustainability reporting standards/frameworks
Arts, sports and popular culture
Religion and belief systems
Wealth distribution, poverty and social justice – including, for example, social justice around taxation, homelessness and living/working conditions
The 3As across history – including, for example, accounting in history, historical accounts of the environment and nature.
Emerging societal issues and relevant research interests of the Accounting Subject Group can also be explored in this module relative to the 3As.
Teaching of both practical and theoretical aspects of the 3As in areas such as those described will be largely through the use of contemporary academic research and practical case studies.
Learning Outcomes
At the end of this module students will be able to:
Describe and critically evaluate key aspects of contemporary accounting, the use of accounts and accountability relationships in broad societal contexts
Describe and evaluate broader contexts (e.g., organisational, social, political, environmental) within which accounting operates
Appraise and critically evaluate conceptualisations and theories of accounting change
Appraise and critique accounting techniques, common representations of accounts and accountability mechanisms in society.
Critically evaluate theoretical perspectives on accounting, accounts and accountability in broader contexts, both contemporary and historical.
Skills
Students will develop and enhance their abilities to engage in wider societal debates.
This Course builds upon ACC7001 International Financial Accounting and Reporting and ACC7004 Financial Management and focuses upon the practical application of financial accounting and financial management theory. Through the use of case studies, this Course seeks to develop participants’ practical appreciation of the concepts covered in ACC7001 and ACC7004. The course covers:
1. the practical application of international financial reporting standards to the preparation and presentation of the financial statements;
2. the practical application of financial management theory including: the financing of, and motivations for, mergers and takeovers; capital investment appraisals; stock market reaction to mergers and takeovers; associated regulatory issues; post-merger integration; and the impact on the shareholders. This will contribute 50% of the overall marks available for the module.
3. the analysis and interpretation of financial statements; and
4. recent developments in international financial reporting and financial management.
Learning Outcomes
Upon the successful completion of this Course, participants should be able to:
• apply international financial reporting standards in the production and presentation of external financial reports and be familiar with alternative recognition rules and valuation bases;
• apply the main concepts and theories of international financial reporting and financial management to practical accounting problems taking into account the broad economic, legal, social and professional environment;
• demonstrate an ability to integrate and evaluate information and data from a variety of sources and acknowledge appropriate references by taking a holistic approach to solving accounting and financial management problems;
• display good written communication skills, including the ability to present qualitative and quantitative accounting and financial management information, in a form appropriate to the intended audience; and
• demonstrate good numerical skills and the ability to manipulate data.
Skills
In addition to subject-specific skills, participants should also acquire the following non-subject specific skills. These include the ability to:
• critically evaluate arguments and evidence from a variety of sources;
• analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data and from data which must be acquired by the participant;
• locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources;
• use Information Technology in acquiring, analysing and communicating information, including the use of spreadsheets, word processing, the world-wide web and e-mail; and
(i) provide students with the conceptual and analytical framework required for understanding how international financial conditions influence the investment decision process;
(ii) provide students with the necessary theoretical and analytical tools which explain and forecast the exchange rate dynamics.
Areas to be covered include:
Foreign Exchange Markets
Organization of foreign exchange market; Currency quotes and prices; Bid-ask spread; Forward premium and discount.
Balance of Payment
Capital account; Current account; Official reserve account; Dynamics of balance of payment
Purchasing Power Parity
Price level; Purchasing power of a currency; Absolute PPP; Relative PPP; Empirical evidence of purchasing power parity.
International Equity and Debt Markets
Global sources of funds; World bond markets; International bank loans; World stock markets; International cross-listing and ADR.
International CAPM
International diversification; Risk and return of international investment; World CAPM; International CAPM; Integrated and segmented markets.
Cross-border Valuation
Adjusted net present value; Withholding tax and tax credits; Cross-border choice of cost of capital; Forecasting exchange rate in valuation.
Learning Outcomes
Learning Outcomes
Upon successful completion of this module, students will:
1. analyze and discuss international macroeconomics and institutional environment
2. articulate determinants of foreign exchange rate and interpret the impact of economic events on foreign exchange rate
3. forecast foreign exchange rates with international parity conditions
4. discuss the operation of capital and foreign exchange markets
5. identify risks relating to exchange rate and develop risk management strategies
6. identify and describe methods of international capital raising
7. discuss, identify and evaluate foreign direct investment and its risk management
Skills
Skills
This module provides opportunities for the student to acquire or enhance the following skills:-
• Subject-specific skills
o Ability to critically evaluate the exchange rate movement
o Ability to critically read and evaluate finance academic literature
o Appreciation, construction and analysis of international financial models of practical risk situations
• Cognitive Skills
o Problem solving
o Logical reasoning
o Independent enquiry
o Critical evaluation and interpretation
o Self-assessment and reflection
• Transferable Skills
o The ability to synthesis information/data from a variety of sources
o Preparation and communication of ideas in both written and presentational forms
o Ability to work both independently and in groups
o Organization and Time Management
o Use of IT.
The aim of this course is to develop in students a theoretical and practical knowledge of derivative instruments.
This module provides participants with an exhaustive coverage of widely used derivative products stressing pricing and uses for financial engineering and risk management. The module provides an overview of derivative instruments, markets, participants and uses. It focuses on the pricing and uses of futures, forwards and options. The cost of carry relationship, the binomial approach, the Black-Scholes model and its variants are detailed to equip participants with the basic tools for pricing derivatives. The module examines practical uses of derivative securities as risk management tools for corporations and financial institutions.
Areas to be covered include:
THE MOVEMENT OF FUTURES PRICES: some basic facts. CTAs, managed futures, hedge funds. Financialization of Commodity Markets. Time series momentum.
MEAN VARIANCE APPROACHES TO HEDGE RATIO DETERMINATION, STOCK INDEX FUTURES AND HEDGING EFFECTIVENESS: The mean-variance approach to hedge ratio construction. Hedging with stock index futures. Hedging effectiveness and hedge ratio estimation - OLS, ECM and GARCH procedures. Duration and Expiration effects.
THE STOCHASTIC PROCESS OF ASSET PRICES AND THE DERIVATION OF THE BLACK-SCHOLES MODEL:The Wiener process and rare events in financial markets; Ito processes; Ito's lemma; generalised Ito's lemma; Black-Scholes differential equation; Black-Scholes pricing formula; options on stocks paying known dividends; pseudo-American model; option on stock indices, currency options and options on futures;
VOLATILITY: Estimating volatility: historical; implied - application of Newton-Raphson. Empirical characteristics of volatility: smiles; term structure skew; mean reversion; Forecasting volatility: application of GARCH; empirical evidence of volatility forecasts - implied versus historical; Bisection.
EXOTIC OPTIONS: Types of exotic options - barrier options; lookback options; strike options; binary or digital options; compound options; and chooser options.
INTEREST RATE DERIVATIVES: The standard market models; models of short rate; HJM and LMM models.
RISK AND REGULATION WITH EMPHASIS ON VALUE AT RISK: Regulation of Financial Institutions; value at risk and forecast accuracy; capital adequacy and value at risk; value at risk and the variance covariance approach; value at risk and non-parametric methods such as historical simulation and bootstrapping; value at risk and linear and non-linear positions.
REAL OPTIONS: The option to expand, contract, default, abandon and switch. The valuation of real options in the face of compoundness, interaction between options and ownership. Real options and the valuation of internet companies.
Learning Outcomes
Upon successful completion of this module, students will have an understanding of:-
1. understand the mechanisms of futures and forward market
2. price futures and forward instruments
3. understand the mechanisms of options markets
4. understand concepts of stochastic processes and its application in financial modelling
5. understand and derive binomial tree model
6. understand and derive Black-Scholes-Merton model
7. estimate historical and implied volatility
8. construct hedges using futures and options
Skills
This module provides opportunities for the student to acquire or enhance the following skills:
Subject-specific Skills
• The ability to construct arguments and exercise problem solving skills in the context of theories of finance and risk management
• The ability to use computer-based mathematical / statistical / econometric packages to analyse and evaluate relevant data
• The ability to read and evaluate finance and risk-related academic literature
• The ability to appreciate, construct and analyse mathematical, statistical, financial and economic models of practical risk situations
• The ability to connect business problems with risk management
• The ability to marry regulatory structure with the principles of risk sharing and risk mitigation
Cognitive Skills
• Problem solving
• Logical reasoning
• Independent enquiry
• Critical evaluation and interpretation
• Self assessment and reflection
Transferable Skills
• The ability to synthesise information/data from a variety of sources including from databases, books, journal articles and the internet
• The preparation and communication of ideas in finance, information economics and risk management in both written and presentational forms
• The ability to work both independently and in groups
• Organisation and time management
• Problem solving and critical analysis
• Work-based skills; use of IT, including word-processing, email, internet and statistical/econometric/risk management packages
• The ability to communicate quantitative and qualitative information together with analysis, argument and commentary in a form appropriate to different intended audiences
The overall aim of the module is to provide students with an understanding of monetary and banking institutions.
The course has five constituent parts.
1. Firstly, we want to understand why banks exist and what functions they perform.
2. Secondly, we develop a theory of monetary institutions, and in so doing, we seek to examine the origins and evolution of money. This part of the course will be mainly theoretical because we examine monetary institutions under laissez-faire.
3. Thirdly, we examine government intervention in money by asking the question: what is the rationale for government intervention in money and banking? We will also examine the institution which has evolved to become the major player in the conduct of monetary policy – the central bank.
4. Fourthly, we will examine government intervention in banking institutions.
5. Fifthly, we will analyse bubbles and financial crises.
Learning Outcomes
At the conclusion of the course participants will have an understanding of:-
• the role of banks as issuers of money;
• the history of monetary institutions and how this is relevant to understanding the sort of monetary regime that presently exists;
• why central banks act as they do;
• and be able to analyse the properties of alternative monetary regimes;
• the causes and consequences of bubbles and banking crises .
Skills
This module provides opportunities for the student to acquire or enhance the following skills:-
Subject-specific Skills
• The ability to construct arguments and exercise problem solving skills in the context of theories of finance and risk management
• The ability to read and evaluate finance and risk-related academic literature
• The ability to marry regulatory structure with the principles of risk sharing and risk mitigation
• Cognitive Skills
• Problem solving
• Logical reasoning
• Independent enquiry
• Critical evaluation and interpretation
• Self assessment and reflection
Transferable Skills
• The ability to synthesise information/data from a variety of sources including from databases, books, journal articles and the internet
• The preparation and communication of ideas in finance, information economics and risk management in both written and presentational forms
• The ability to work both independently and in groups
• Organisation and time management
• Problem solving and critical analysis
• Work-based skills; use of IT, including word-processing, email, internet and statistical/econometric/risk management packages
• The ability to communicate quantitative and qualitative information together with analysis, argument and commentary in a form appropriate to different intended audiences
Normally a strong 2.2 Honours degree (with minimum of 55%) in Accounting and/or Finance or equivalent qualification acceptable to the University. Exceptional applicants with degrees in Engineering, Mathematics, Management, Economics, Business or Law may be considered. Such applicants must have sufficient relevant knowledge of Accounting/Finance. To demonstrate preparedness for MSc degree-level study, applicants must have achieved the degree/qualifications used to meet the entry requirements within five academic years prior to the year of entry.
Applicants are advised to apply as early as possible and ideally no later than 16th August 2024 for courses which commence in late September. In the event that any programme receives a high number of applications, the University reserves the right to close the application portal. Notifications to this effect will appear on the Direct Application Portal against the programme application page.
Please note: international applicants will be required to pay a deposit to secure a place on this course.
International Students
Our country/region pages include information on entry requirements, tuition fees, scholarships, student profiles, upcoming events and contacts for your country/region. Use the dropdown list below for specific information for your country/region.
English Language Requirements
Evidence of an IELTS* score of 6.5, with not less than 5.5 in any component, or an equivalent qualification acceptable to the University is required.
*Taken within the last 2 years.
International students wishing to apply to Queen's University Belfast (and for whom English is not their first language), must be able to demonstrate their proficiency in English in order to benefit fully from their course of study or research. Non-EEA nationals must also satisfy UK Visas and Immigration (UKVI) immigration requirements for English language for visa purposes.
If you need to improve your English language skills before you enter this degree programme, INTO Queen's University Belfast offers a range of English language courses. These intensive and flexible courses are designed to improve your English ability for admission to this degree.
Academic English: an intensive English language and study skills course for successful university study at degree level
Pre-sessional English: a short intensive academic English course for students starting a degree programme at Queen's University Belfast and who need to improve their English.
This Masters programme provides the basis for both profession- and research-orientated careers, as well as skills and knowledge required to progress into management careers in the accounting and financial services. It opens a wide range of career opportunities in banking, accounting and auditing, government, corporate finance, investment analysis and academia.
Graduate prospects from the MSc Accounting and Finance are excellent; culminating in Queen’s being ranked first in the UK for Graduate Prospects in Accounting and Finance (Times and Sunday Times Good University Guide 2023).Graduates from this programme have secured roles with employers such as Bank of China, Deloitte, EY, KPMG, PwC, Allstate, and many others. Typical graduate roles include chartered and certified accountants, consultants, auditors and finance professionals. https://www.qub.ac.uk/directorates/sgc/careers/
Graduate Plus/Future Ready Award for extra-curricular skills
In addition to your degree programme, at Queen's you can have the opportunity to gain wider life, academic and employability skills. For example, placements, voluntary work, clubs, societies, sports and lots more. So not only do you graduate with a degree recognised from a world leading university, you'll have practical national and international experience plus a wider exposure to life overall. We call this Graduate Plus/Future Ready Award. It's what makes studying at Queen's University Belfast special.
1EU citizens in the EU Settlement Scheme, with settled status, will be charged the NI or GB tuition fee based on where they are ordinarily resident. Students who are ROI nationals resident in GB will be charged the GB fee.
2 EU students who are ROI nationals resident in ROI are eligible for NI tuition fees.
3 EU Other students (excludes Republic of Ireland nationals living in GB, NI or ROI) are charged tuition fees in line with international fees.
All tuition fees quoted relate to a single year of study unless stated otherwise. Tuition fees will be subject to an annual inflationary increase, unless explicitly stated otherwise.
There are no specific additional course costs associated with this programme.
All Students
Depending on the programme of study, there may be extra costs which are not covered by tuition fees, which students will need to consider when planning their studies.
Students can borrow books and access online learning resources from any Queen's library. If students wish to purchase recommended texts, rather than borrow them from the University Library, prices per text can range from £30 to £100. Students should also budget between £30 to £75 per year for photocopying, memory sticks and printing charges.
Students undertaking a period of work placement or study abroad, as either a compulsory or optional part of their programme, should be aware that they will have to fund additional travel and living costs.
If a programme includes a major project or dissertation, there may be costs associated with transport, accommodation and/or materials. The amount will depend on the project chosen. There may also be additional costs for printing and binding.
Students may wish to consider purchasing an electronic device; costs will vary depending on the specification of the model chosen.
There are also additional charges for graduation ceremonies, examination resits and library fines.
How do I fund my study?
The Department for the Economy will provide a tuition fee loan of up to £6,500 per NI / EU student for postgraduate study. Tuition fee loan information.
A postgraduate loans system in the UK offers government-backed student loans of up to £11,836 for taught and research Masters courses in all subject areas (excluding Initial Teacher Education/PGCE, where undergraduate student finance is available). Criteria, eligibility, repayment and application information are available on the UK government website.
