MSc in Accounting and Finance

There has never been a better time to study accounting and finance. In the global accounting area, large scale corporate collapses such as Enron and World Com caused by breakdowns in financial reporting mechanisms have had worldwide economic and financial consequences. The recent switch to International Financial Reporting Standards and innovations in financial securities are also creating significant challenges for preparers and users of accounting information alike.

Technological developments, the globalisation of capital markets, financial engineering and changes in regulation have transformed the financial sector so that many areas of finance are now highly sophisticated. Collectively, these changes and trends have created an increase in demand for analytical ability and specialist knowledge in accounting and finance.

The MSc in Accounting and Finance has been designed to provide students with both the breadth and depth of knowledge and expertise necessary to cope with the ever-changing financial environment.

The programme covers the financial and managerial aspects of accounting together with the essential principles of finance. Students build on these foundations by studying contemporary research in accounting and finance and by selecting specialist elective modules. Students apply the knowledge and skills obtained in the taught component to a dissertation in accounting or finance, which may cover areas such as auditing, corporate governance, financial markets, financial management, financial reporting, management accounting or public sector accounting.

The programme is designed so that the foundations of advanced accounting and finance are covered in the autumn semester of the taught component.

Autumn Semester

Four compulsory modules

Principles of Finance

This module introduces students to the fundamental concepts and issues in modern finance that are of concern to all those involved in making financial decisions. Students will learn how to appraise capital investments, how to value various securities such as bonds, stocks, futures and options and understand alternative asset pricing models.

Advanced Financial Reporting

Against a background of dramatic changes and controversies in the financial reporting environment, this module aims to develop students’ conceptual understanding of financial reporting issues and their knowledge of the problems and proposed solutions.

For example, students are required to critically evaluate current accounting principles and the conceptual framework, and examine alternative approaches to income measurement.

Research Methods

This module seeks to develop a critical understanding of research ideas and methods commonly applied in accounting and finance. Research design and implementation are also addressed with the aim of preparing students for the dissertation. The emphasis is therefore on the practical application of research methods in accounting and finance.

Management Accounting and Control

Recent corporate collapses have emphasised the need for companies to design and implement appropriate accounting control systems. After taking this module, students should be able to critically discuss the contribution of management accounting and control systems to addressing the ‘problem’ of management control and the task of decision-making within organizations.

In the spring semester, students augment the accounting and finance research modules by selecting two modules from four options - one in accounting and one in finance - ensuring that each student covers specialist modules in both disciplines.

Spring Semester

Two compulsory modules

Research Topics in Finance

Contemporary research in finance is dynamic, sophisticated and diverse. This module provides students with an overview of the key issues arising from the empirical finance literature and also provides a critical insight into theoretical and empirical finance research methodologies employed in the field.

Research Topics in Accounting

The accounting literature covers a wide range of theoretical and empirical issues involving quantitative and qualitative methodologies. This module aims to develop a critical understanding of the various theoretical and empirical frameworks applied to the various areas of accounting research.

And two modules from:

International Corporate Finance

In the last few decades, capital markets have become international, rather than national, in scope. This module, therefore, aims to provide students with a thorough understanding of the content, method and scope of international finance and international financial risk management, to equip students with a thorough grounding in the concepts, principles, theory and techniques of international finance, and to develop in students the ability to apply financial analysis to solve theoretical and applied problems in international corporate finance.

Financial Derivatives

The use and misuse of financial derivatives has been responsible for many recent financial controversies. This module aims to provide an introduction to the pricing of the major derivative securities and to introduce how derivatives can be employed in the management of financial risk.

International Accounting

The international financial reporting environment is currently an especially dynamic one. The aim of this module is to expose students to a variety of international issues so that they will be able to evaluate and assess UK financial reporting in a wider international context.

Advanced Management Accounting

This module provides an in-depth analysis of a number of key issues relating to the role of management accounting in the control of managerial and organizational performance. The module draws heavily on the latest research material, both theoretical and empirical, to examine these issues.
Following the taught component, students then complete a dissertation on a suitable accounting and finance topic.

Dissertation

The dissertation is a 20,000-word research-based study, typically comprising a review of the literature and an empirical study of an area of accounting and finance such as: auditing, accounting history, corporate governance, financial markets, financial management, financial reporting, management accounting or public sector accounting.

Assessment

The programme is assessed using a variety of methods, including written examinations, essays and reports, case analysis and presentation, article review, group work and problem-based reports.

Group work and discussion also provide valuable experience of working as part of a team, while presentations help to enhance communication skills. The variety in assessment methods is designed to develop a range of abilities and skills in both theoretical and practical aspects of accounting and finance.