Finance MSc/Postgraduate Diploma/Postgraduate Certificate

www.accountingandfinance.stir.ac.uk

The MSc in Finance provides a thorough grounding in the theory and analytical techniques required by finance professionals. It offers students a global perspective on the process of financial decision-making and practical knowledge of the workings of financial markets and the price-setting process. Students will also learn to critically evaluate research and advanced scholarship in finance.

Programme Objectives

The programme provides essential understanding of the theory of finance and of the skills required in practice. You learn about corporate finance, techniques of quantitative analysis, global financial markets, analysis of financial statements, derivatives, portfolio management, investment analysis, risk management and behavioural finance. You will learn spreadsheet skills and econometric techniques for analysing corporate performance and identifying trends in financial markets and have access to financial databases, including DataStream. The dissertation, completed in the Summer, enables development of your individual interests.

Entrance Requirements

At least a lower second class Honours degree in any discipline or equivalent professional qualifications or significant and relevant work experience. Although an accounting or finance-related degree is not required for admission to this programme, students should be reasonably numerate.

English Language Requirements

If English is not your first language, you must provide evidence of your proficiency such as a minimum IELTS score of 6 (minimum 5 in each skill) or TOEFL 550/213/79 (Paper/Computer/Internet).

A first degree taught in English will satisfy this condition, as will satisfactory completion of an appropriate English language programme at the University’s Centre for English Language Study.

Funding

Postgraduate Student’s Allowance Scheme (PSAS) awards are available on a competitive basis to Home/EU fee-paying applicants.

At least two divisional scholarships are usually available each year.

For information on possible sources of funding, visit: www.stir.ac.uk/postgrad/finance

Modes of Study

Full-time: 1 year

Programme Start Date

September

Programme Director

Professor Chris Veld

Teaching Staff

• Dr Kevin Campbell
• Mr Bill Collins
• Professor Alan Goodacre
• Professor David Bell
• Dr Isaac Tabner
• Dr Ioannis Tsalavoutas
• Professor Chris Veld
• Dr Yulia Veld-Merkoulova

For more information, please see the Accounting & Finance Division staff list.

Accounting & Finance Division

The Accounting & Finance Division (Stirling Management School) has recently ranked tenth in the UK and third in Scotland for accounting research, according to a recent analysis of research output across 24 leading journals.

Chartered Financial Analyst (CFA) Institute Rated

• The global membership organisation that awards the prestigious Chartered Financial Analyst® designation, CFA Institute, has named the University of Stirling as a program partner – making it the first institution in Scotland to receive this prestigious accolade, and one of a select group of partner institutions world-wide.

UK and Scotland Rating

• The Division is among the most successful departments of Accounting and Finance in the UK, recently ranking 16th (The Times Good University Guide 2008)
• Teaching provision within the Divison has been assessed by the Scottish Funding Council and rated as highly satisfactory and was recently ranked in the top 20 in the UK (The Times Good University Guide, 2007).

Structure and Content

This one-year, full-time programme has an initial taught component of two 15-week semesters, involving lectures, practical case study work and workshops, followed by a supervised dissertation. In the Autumn semester you will take the following modules:

• Financial Reporting: Provides an appreciation of the underlying assumptions and limitations of accounting information. Measurement and reporting problems involved in financial accounting ‘solutions’ adopted by regulators are discussed. Methods for interpretation of reported accounting information are explored and applied to ‘live’ data.
• Corporate Finance: Provides an understanding of how corporations raise finance (debt and equity) and invest money (capital budgeting). This module provides an understanding of the major decision areas of corporate finance and how these affect the value of the firm.
• Quantitative Methods in Finance: Provides the statistical and computing skills to fully understand modern banking and finance operations. Spreadsheets are used to manipulate statistical models and estimate linear models.
• International Finance: Covers the workings of the foreign exchange market, factors that determine exchange rates, and how corporations may manage their foreign exchange and interest rate risks using a variety of derivative products.

In the Spring semester you will take the following core module:

• Research Methods: Introduces students to generic and subject-specific research training. It also aims to prepare you for the dissertation module as well as to lay the foundations for more advanced postgraduate research.

You will then select three from the following four option modules:

• Derivatives: Focuses on the uses and the pricing of the key derivative instruments: options, futures, forwards and swaps.
• Financial Statement Analysis: Develops skills in the interpretation and use of financial statements, focusing on company valuation and identification of companies that may become insolvent. It includes a project where a group of students work together to write and present an investment analysis report on a UK Quoted Company.
• Investments and Portfolio Management: Provides an understanding of security valuation and portfolio management. It focuses on the valuation of both equities and fixed-interest securities and the management of equity and fixed-interest portfolios.
• Issues in Corporate Finance: Provides a thorough understanding of selected contemporary issues in corporate finance, including initial public offerings, capital structure, dividend policy, mergers, acquisitions and restructurings.

Many modules cover learning outcomes from all three levels of the Chartered Financial Analyst (CFA®) programme.

Timetable and Reading Lists

Contact the Programme Administrator, Joanne Fairbrother, at accountingandfinance@stir.ac.uk for information.

Career Opportunities

The MSc in Finance opens up a range of exciting career opportunities e.g. investment analysis, fund management, security dealing, financial market regulation, treasury management, financial engineering and corporate finance work within merchant banking firms. You are assisted in your job search by the University’s Career Development Centre.

Our programme also caters for students who wish to pursue an academic career. Completing the MSc in Finance provides the research skills to equip you to proceed to a PhD and thereafter a career in academic life.

Research Opportunities

Our research is given cohesion through its organisation around several key areas in which we have particular research strengths. In accounting, these lie in financial reporting, auditing and accounting history. Our research activity in finance is mostly concentrated on empirical corporate finance. However, we are also active in research on investments and derivative securities and most of our research is policy-focused. We regularly host a wide range of research seminars and produce an ongoing series of working papers. Recent publications in accounting and finance journals include Critical Perspectives in Accounting, Journal of Business Finance & Accounting, Journal of Future Markets, European Financial Management and Journal of Law & Society, Corporate Governance: An International Review, the British Accounting Review and British Tax Review.

For information on the Division’s research interests, visit: www.accountingandfinance.stir.ac.uk/research

Research Proposal

Research proposals, focusing on topics which fall into the areas of research expertise of current staff in the School, should include the following: executive summary, importance of the proposed research, prior relevant research and literature review, research questions and methodology, any limitations or particular requirements for the research.

The word limit for Accounting & Finance research proposals is 2,000 words.

RAE Rating

The UK-wide Research Assessment Exercise (RAE) confirmed the quality of the work being done by our researchers. 85% of the University of Stirling’s research has been judged to be internationally excellent and internationally recognised, with the top 10% of that judged to be world class.

View the full outcomes of Stirling’s RAE performance

Use the online enquiry service to find out more or to request a prospectus.

If you are ready to apply you can fill out an online application form now.