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1. Admissions/ Management Information
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Title of the programme – including any lower awards
Please provide the titles used for all awards relating to this programme. Note: all programmes are required to have at least a Postgraduate Certificate exit award.

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Masters MSc Finance and Econometrics
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Postgraduate Diploma N/APlease indicate if the Postgraduate Diploma is available as an entry point, ie. is a programme on which a student can register, is an exit award, ie. is only available to students exiting the masters programme early, or both.N/A
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Postgraduate Certificate PGCert Finance and EconometricsPlease indicate if the Postgraduate Certificate is available as an entry points, ie. is a programme on which a student can register, is an exit award, ie. is only available to students exiting the masters programme early, or both.Exit
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Level of qualificationLevel 7
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This document applies to students who commenced the programme(s) in:2020
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Awarding institutionTeaching institution
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Unviersity of York University of York
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Department(s):
Where more than one department is involved, indicate the lead department		Board of Studies
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Lead Department Economics and Related Studies GSB in Economics
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Other contributing Departments:
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Route code
(existing programmes only)		PMFINSECN1
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Admissions criteria
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Minimum entry criterion is the equivalent of an upper-second class degree primarily in Economics from a UK university.
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Length and status of the programme(s) and mode(s) of study
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ProgrammeLength (years/ months) Status (full-time/ part-time)
Please select		Start dates/months
(if applicable – for programmes that have multiple intakes or start dates that differ from the usual academic year)		Mode
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Face-to-face, campus-basedDistance learningOther
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MSc Finance and Econometrics1 yearFull-timeN/APlease select Y/NYesPlease select Y/NNo
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Language(s) of study
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English
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Language(s) of assessment
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English
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2. Programme accreditation by Professional, Statutory or Regulatory Bodies (PSRB)
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2.a. Is the programme recognised or accredited by a PSRB
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Please Select Y/N: Noif No move to section 3
if Yes complete the following questions
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3. Additional Professional or Vocational Standards
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Are there any additional requirements of accrediting bodies or PSRB or pre-requisite professional experience needed to study this programme?
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Please Select Y/N: Noif Yes, provide details
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4. Programme leadership and programme team
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4.a. Please name the programme leader for the year to which the programme design applies and any key members of staff responsible for designing, maintaining and overseeing the programme.
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Vanessa Smith
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5. Purpose and learning outcomes of the programme
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5.a. Statement of purpose for applicants to the Masters programme
Please express succinctly the overall aims of the programme as an applicant facing statement for a prospectus or website. This should clarify to a prospective masters student why they should choose this programme, what it will provide to them and what benefits they will gain from completing it.
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The MSc in Finance and Econometrics is a one-year intensive course designed to provide you with a deep understanding of modern finance theory and the structure and workings of financial markets. It has a strong focus on the quantitative methods required for analysis both at the theoretical and practical level. At the same time it will advance your knowledge and skills in economics, and your ability to flexibly synthesise, adapt, and apply sophisticated logical reasoning, preparing you for participation in both finance and economic decision making. The statistical and econometric methodology is delivered at a more in-depth theoretical level compared to our other related programmes, which is what makes this course one of the more academically challenging ones. The combination of a deep understanding of financial markets and the economy with specialist training in advanced econometric techniques makes for a versatile degree that will allow you to investigate emerging, complex, and ever-changing “real world” financial and economic problems, and produce persuasive responses to them using data-based evidence. The public and private sectors in the finance industry are now well aware of the value of advanced quantitative skills to conduct financial modelling for the purposes of asset pricing and risk management. Our research training will enable you to assess financial markets, including measuring their volatility and quantifying risk, produce quantitative forecasting and counter-factual analysis, which will provide valuable information for policy makers and business managers making important decisions on current issues. The programme is intended for those aiming to pursue a career in the private sector, government and international financial institutions or in preparation for a research degree in Finance and/or Econometrics.
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5.a.i Statement of purpose for applicants registering for the Postgraduate Diploma programme
Please express succinctly the overall aims of the programme as an applicant facing statement for a prospectus or website. This should clarify to a prospective diploma student why they should choose this programme, what it will provide to them and what benefits they will gain from completing it.
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N/A
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5.b.i. Programme Learning Outcomes - Masters
Please provide six to eight statements of what a graduate of the Masters programme will be able to do.
If the document only covers a Postgraduate Certificate or Postgraduate Diploma please specify four to six PLO statements in the sections 5.b.ii and 5.b.iii as appropriate.
Taken together, these outcomes should capture the distinctive features of the programme. They should also be outcomes for which progressive achievement through the course of the programme can be articulated, and which will therefore be reflected in the design of the whole programme.
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PLOOn successful completion of the programme, graduates will be able to:
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1Apply appropriately related concepts and principles to support finance and economic decision making (concepts, principles and their application)
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2Use both deductive and inductive reasoning to analyse, evaluate and, where appropriate, devise solutions to a range of economic and financial problems/issues (methods of reasoning, and their application)
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3Deploy digital skills to locate, compile and present economic and financial data and demonstrate a thorough appreciation of the strengths and weaknesses of the data (sourcing and understanding relevant data)
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4Formulate financial and/or economic models in a suitable form for data analysis, and use suitable state-of-the-art statistical, econometric and computer-based techniques to assess these models against the theory and produce convincing explanations (econometric analysis)
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5Use bibliographic databases to independently identify relevant and current finance and economic research literature, and critically evaluate the material to determine its usefulness and validity, with the aim of summarising findings to inform and maintain intellectual and professional knowledge and understanding (review research literature)
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6Produce effective written communications for the intended audience based on arguments that are supported by analytical reasoning and, where necessary, by data-based evidence (communicating effectively)
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7Plan and manage a project with minimal guidance informed by relevant and current knowledge, identify an appropriate methodology to apply well-developed skills in research and logical analysis, and effectively communicate results (Apply all PLO 1-6 skills to projects)
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5.c. Explanation of the choice of Programme Learning Outcomes
Please explain your rationale for choosing these PLOs in a statement that can be used for students (such as in a student handbook). Please include brief reference to:
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i) ... in what way will these PLOs result in an ambitious, challenging programme which stretches the students?
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The PLOs reflect the ambitious aim of the programme, which is to equip students with the best skills available for understanding the economic world and the operation of financial markets. The programme and modules offered present a high standard of tuition which is competitive against the best competitor programmes in the UK and around the world. The PLOs are designed to help students gain confidence through problem-solving and discussion, and their learning is assessed through examination and the writing of a 10,000 word dissertation.
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ii) ... in what way will these PLOs produce a programme which is distinctive and advantageous to the student?
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They give the student access to a set of analytical and digital skills to address financial and economic problems in the real world, and communicate effectively their findings. By combining both finance and economic theory with empirical evidence that is based on quantitative rigour, the programme offers advanced and comprehensive training which is valued by the wide range of employers of our graduates around the world as well as those recruiting into doctoral programmes.
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iii) ... how the design of the programme enables students from diverse entry routes to transition successfully into the programme? For example, how does the organisation of the programme ensure solid foundations in disciplinary knowledge and understanding of conventions, language skills, mathematics and statistics skills, writing skills, lab skills, academic integrity
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The student base for this programme is diverse by country as well as by first degree. All enter with the equivalent of an upper second class degree with a significant element of economics, mathematics and statistics. Some have a significant background in finance. All receive an initial maths and stats review before the programme starts to help reduce the impact of heterogeneity of background. The core modules deliver the key components of finance, economic theory and econometrics which are then further developed in other modules.
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iv) ... how the programme is designed to enable students to progress successfully - in a limited time frame - through to the end of the award? For example, the development of higher level research skills; enabling students to complete an independent study module; developing competence and confidence in practical skills/ professional skills. See QAA masters characteristics doument http://www.qaa.ac.uk/en/Publications/Documents/Masters-Degree-Characteristics-15.pdf
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The core modules deliver the key components of finance and economic theory, and econometrics, which are then further developed in other modules. Many modules offer preparation in the research skills that will be required in the dissertation at the end of the programme. These are bolstered by specific additional lectures which focus on the practical issues of data discovery and econometric methods as well as how to approach writing the dissertation. For those who do not have English as their first language additional support is offered through a term-long English writing course.
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v) ... how this programme (as outlined in these PLOs) will develop students’ digital literacy skills and how technology-enhanced learning will be used to support active student learning through peer/tutor interaction, collaboration and formative (self) assessment opportunities (reference could be made to such as blogging, flipped classroooms, response 'clickers' in lectures, simulations, etc).
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Students are taught a number of digital literacy skills through introduction to specific pieces of econometric statistical software and how to collect data suitable for study from a leading provider of research data in economics and finance (Datastream). Students are encouraged to interrogate the library provided collections of academic journal articles.
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vi) ... how this programme (as outlined in these PLOs) will support and enhance the students’ employability (for example, opportunities for students to apply their learning in a real world setting)?
The programme's employablity objectives should be informed by the University's Employability Strategy:
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The students on this programme will leave with a training in advanced finance and cutting-edge data analysis techniques at a level which makes them very appealing for employers around the world. The skills that they have developed plus the subject knowledge that they have acquired puts them in a very strong position in the job market or to continue for further study.
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viii) ... how learning and teaching on the programme are informed and led by research in the department/ Centre/ University?
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All of the modules offered to students on this programme are informed by the current research of academic staff in the Department of Economics. Staff offer insights into their own published research in lectures as well as providing advice in the dissertation process based on their own research experience and also specific research tools such as econometric methods or other modelling skills.
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5.d. Progression
For masters programmes where students do not incrementally 'progress' on the completion of a discrete Postgraduate Certificate and Postgraduate Diploma, please summarise students’ progressive development towards the achievement of the PLOs, in terms of the characteristics that you expect students to demonstrate at the end of the set of modules or part thereof. This summary may be particularly helpful to students and the programme team where there is a high proportion of option modules and in circumstances where students registered on a higher award will exit early with a lower one.

Note: it is not expected that a position statement is written for each masters PLO, but this can be done if preferred.
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On completion of modules sufficient to obtain a Postgraduate Certificate students will be able to:
If the PG Cert is an exit award only please provide information about how students will have progressed towards the diploma/masters PLOs. Please include detail of the module diet that students will have to have completed to gain this qualification as an exit award.
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To obtain the Postgraduate Certificate students need to complete at least 60 credits of taught modules. Any such combination of taught modules available as part of the MSc in Finance and Econometrics meets the PLOs for the Postgraduate Certificate. By the completion of the Certificate students will have achieved the essential elements of PLOs 1 to 6 and very minor part of PLO 7 if they completed the module with empirical projects, although their skills and depth of understanding of the material will be substantially lower as compared with students who complete the full MSc programme of 180 credits.
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On completion of modules sufficient to obtain a Postgraduate Diploma students will be able to:
If the PG Diploma is an exit award only please provide information about how students will have progressed towards the masters PLOs. Please include detail of the module diet that students will have to have completed to gain this qualification as an exit award.
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N/A
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6. Reference points and programme regulations
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6.a. Relevant Quality Assurance Agency benchmark statement(s) and other relevant external reference points
Please state relevant reference points consulted (e.g. Framework for Higher Education Qualifications, National Occupational Standards, Subject Benchmark Statements or the requirements of PSRBs): See also Taught Postgraduate Modular Scheme: Framework for Programme Design:
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6.b. University award regulations
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The University’s award and assessment regulations apply to all programmes: any exceptions that relate to this programme are approved by University Teaching Committee and are recorded at the end of this document.
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7. Programme Structure
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7.a. Module Structure and Summative Assessment Map
Please complete the summary table below which shows the module structure and the pattern of summative assessment through the programme.

IMPORTANT NOTE:
If the structure of your programme does not fit the usual academic year (for instance students start at the beginning of September or in January) please contact your Academic Quality Team contact in the Academic Support Office for guidance on how to represent the structure in an alternative format.

To clearly present the overall programme structure, include the name and details of each invidual CORE module in the rows below. For OPTION modules, ‘Option module’ or 'Option from list x' should be used in place of specifically including all named options. If the programme requires students to select option modules from specific lists by term of delivery or subject theme these lists should be provided in the next section (7.b).

From the drop-down select 'S' to indicate the start of the module, 'A' to indicate the timing of each distinct summative assessment point (eg. essay submission/ exam), and 'E' to indicate the end of teaching delivery for the module (if the end of the module coincides with the summative assessment select 'EA'). It is not expected that each summative task will be listed where an overall module might be assessed cumulatively (for example weekly problem sheets).

Summative assessment by exams should normally be scheduled in the spring week 1 and summer Common Assessment period (weeks 5-7). Where the summer CAP is used, a single ‘A’ can be used within the shaded cells as it is understood that you will not know in which week of the CAP the examination will take place. (NB: An additional resit assessment week is provided in week 10 of the summer term for postgraduate students. See Guide to Assessment, 5.4.a)
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http://www.york.ac.uk/about/departments/support-and-admin/registry-services/guide/

Please note that under University rules you may not study more than six modules simultaneously. The credit weight of the module does not matter for the purposes of this rule.
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Full time structure
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CreditsModuleAutumn TermSpring Term Summer Term Summer Vacation
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CodeTitle12345678910123456789101234567891012345678910111213
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10ECO00020MFinancial MarketsSEA
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10ECO00042MTopics in Financial EconometricsSEA
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20ECO00002MAdvanced MicroeconomicsSEA
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10Various Module From Core List ASEA
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20ECO00044MEconometric Methods for ResearchSEA
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20ECO00040MTheory of FinanceSEA
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10Various Option Module From List BSEA
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80ECO00012MDissertationSEA
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Please indicate when any Progression Board and Exam board will be held and when any reassessments will be submitted. NB: You are required to provide at least three weeks notice to students of the need for them to resubmit any required assessments, in accordance with the Guide to Assessment section 4.9
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Progression Board18 June 2021
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ReassessmentAugust 2021 CAP
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Exam Board18 November 2021
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7.b. Optional module lists

If the programme requires students to select option modules from specific lists these lists should be provided below. If you need more space, use the toggles on the left to reveal ten further hidden rows.
Options are based on staff research interests and the number and range of topics covered will vary from year to year depending on staff availability. Options for this cohort will be posted during the academic year for the following stage and can be viewed on the departmental websites listed below
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Core List AOption List BOption List COption List D
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10c Advanced Macroeconomics AUT10c Continuous-time Finance and Derivative Assets AUT n/an/a
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10c International Macroeoconomics SPR & SUM WK 1
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10c Fixed Income Securities AUT
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10c Investment and Portfolio Management AUT
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10c Time Series AUT
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10c Applied Microeconometrics SPR & SUM WK 2
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10c Corporate Finance SPR
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10c Design and Analysis of Mechanisms and Institutions SPR
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10c Financial Engineering SPR & SUM WK 2