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- Economics and Finance
MSc — 2024 entry Economics and Finance
The financial services sector is a crucial part of the modern economy. It employs more than one million people in the UK alone. Financial professionals need to develop an in-depth knowledge of both economics and financial markets to solve complex problems. This masters will place you in a strong position to be a major player in the financial industry.
UK students: you can apply by 1 September 2024
Why choose
this course?
- Our MSc in Economics and Finance will engage you with a transformative curriculum that promotes advanced knowledge in both subjects and offers many opportunities to develop skills that are relevant to the modern world.
- The programme is designed to prepare you for a range of careers in finance or economics in which advanced analytical capabilities and independent thought can contribute to self-fulfilment. Graduates of the programme are also well placed to pursue further study in economics and/or finance.
- The School of Economics has a reputation as a leading research-intensive department in the UK. In the 2021 Research Excellence Framework, our School was ranked in the top 10 schools in the UK for world-leading research.
Statistics
Top 10 in UK
In the 2021 Research Excellence Framework (REF), our School was ranked in the top 10 schools in the UK for world-leading research
6th for real-world impact
The School achieved an overall ranking of 6th for real-world impact and 8th for research environment in REF 2021.
11th in the UK
For economics and econometrics in the Times Higher Education World Subject Rankings 2024
Accreditation
![cima-logo](/sites/default/files/styles/medium/public/2019-05/cima-logo.png?itok=KW44YITc)
What you will study
As a student on this programme, you will gain exposure to advanced economic concepts while mastering the complexities of the financial system. In the first semester you will develop a systematic understanding of the core principles in high-level microeconomics, macroeconomics, econometrics, and finance.
The second semester offers great optionality that will allow you to shape your programme according to your strengths, preferences and/or career aspirations. Several aspects of finance are covered together with opportunities to enhance your econometric modelling skills or explore aspects of economics at more depth.
The MSc Economics and Finance programme features a series of lectures and workshops in research methods that will allow you to build the skills you need to carry out independent research in economics/finance and complete your dissertation in the summer.
Professional recognition
MSc - Chartered Institute of Management Accountants (CIMA)
Accredited by the Chartered Institute of Management Accountants (CIMA) for the purpose of exemption from some professional examinations through the Accredited degree accelerated route.
Facilities
The University provides our students with leading facilities, including our recently renovated Library and Learning Centre and a range of computer labs across campus.
For students on this course, a designated computer lab is available. You will have access to specialist software and have the chance to work and learn together with your peers in a vibrant research-focused department.
The structure of our programmes follows clear educational aims that are tailored to each programme. These are all outlined in the programme specifications which include further details such as the learning outcomes:
Modules
Modules listed are indicative, reflecting the information available at the time of publication. Modules are subject to teaching availability, student demand and/or class size caps.
The University operates a credit framework for all taught programmes based on a 15-credit tariff, meaning all modules are comprised of multiples of 15 credits, up to a maximum of 120 credits.
Course options
Year 1
Semester 1
Compulsory
This module provides an in-depth introduction to the building blocks of graduate-level microeconomics. It introduces students to the modelling of economic behavior under certainty and uncertainty and the interplay among economic agents in markets.
View full module detailsThis module provides an in-depth review of the building blocks of macroeconomic theories and introduces macroeconomic datasets at the graduate level.
View full module detailsThis module is an introduction to the methods of specification, estimation and testing of econometric models in a general multivariate setting. The techniques are applied to real data making use of the econometric packages.
View full module detailsThe module provides the theoretical underpinnings of our MSc Accounting and Finance programme. It introduces the pivotal concepts which form the basis of theoretical finance under three broad headings; Portfolio Theory and Practice, Equilibrium in Capital Markets and Introductory Analysis of Asset Classes. Core concepts include the relationship between risk and return, the Capital Asset Pricing Model (CAPM) and the Efficient Market Hypothesis (EMH) but the module also extends this analysis into new theoretical areas such as Behavioural Finance.
View full module detailsSemester 2
Optional
Introduction to modern econometric techniques used in the analysis of financial time series. Topics include ARIMA models, ARCH & GARCH models, estimating and testing the CAPM, fractional integration and nonlinear models (Markov-switching).
View full module detailsThis module introduces students to microeconometric techniques relevant for the estimation of a range of models including those with either qualitative or limited dependent variables, models for survival analysis,panel data models programme evaluation and decomposition techniques, and regression discontinuity design. A strong emphasis is placed on the empirical applications of these techniques and their intuition.
View full module detailsPerhaps the most significant development in microeconomics in the last forty years has been the attempt to deal with market failures caused by asymmetric information and strategic behaviour. The importance of these developments is apparent from the Nobel prizes that have been awarded to game theorists and information economists. This module is designed to cover the central topics related to markets and interactions with asymmetric information. Studying this module will help you to apply and extend your knowledge of microeconomic theory. You will learn about the effects of asymmetric information and strategic behaviour on the outcomes of market interactions.
View full module detailsThis module is targeted at students interested in understanding the pricing of derivative securities, specifically options. Applications are used to reinforce a rigorous development of arbitrage theory that underpins the pricing of derivative securities.
View full module detailsThis module further develops finance for students interested in corporate finance. The module is to demonstrate the link between those various decisions and areas. In particular, we will explore how the firm’s financing, investment, capital structure and payout policies interact with each other and how those decisions have implications for corporate bankruptcy and takeovers.
View full module detailsThis module examines international currency markets and currency transactions, exchange rate systems and the implications of exchange rate volatility. It also explores various currency risks that arise from international operations and examines issues that arise when firms seek financing outside their home markets.
View full module detailsRisk management focuses on the following types of financial risk that arise for a business: market risk, credit risk and liquidity risk. A brief introduction to non-financial risks is also given, but is not the main focus. This module considers financial risk management strategies; how risk is evaluated; the methods that are available to hedge against risk and the strategies that are employed to mitigate risk. This is complemented by consideration of key risk management issues for financial institutions including bank capital adequacy. The lessons to be learned from the Financial Crisis of 2007-08 are also investigated. Understanding risk and how to identify and deal with it provides a key input for students of finance, accounting or banking.
View full module detailsThis module provides an in-depth review of the building blocks of finance theory and introduces the workings of the capital, financial options, and foreign exchange markets at the graduate level. It encompasses investor behaviour, asset pricing and financial trading.
View full module detailsThis module looks at the firm and the industrial environment in which it operates. It asks why the firm exists and how it chooses to organise itself, before considering some of the factors that affect its performance and how these are related to the market structure in which it operates. An important influence on the firm is the structure of the market in which the firm works. This will affect the products and the process that the firm selects and the profits it earns. At the same time, of course, the firm may take actions that affect this market structure to its advantage. Thus, we want to ask how the firm¿s performance is affected by the market it is in. This has important competition and industrial policy implications.
View full module detailsThe first part of this module draws a big picture of the banking systems and introduces how central banks interact with financial markets. More precisely, we cover topics on central banking, monetary policies, and international banking. The second part of this module is more research oriented and focuses on several fundamental topics on central banking and financial markets.
View full module detailsSemester 1 & 2
Compulsory
This module provides an overview of research methods employed in economics, laying the foundations for the dissertation, and guides students on how to carry out independent research.
View full module detailsOptional modules for Year 1 (full-time) - FHEQ Level 7
Students must complete all four Semester 1 modules and four Semester 2 modules, two modules from each School.
Year 1
Semester 1
Compulsory
This module provides an in-depth introduction to the building blocks of graduate-level microeconomics. It introduces students to the modelling of economic behavior under certainty and uncertainty and the interplay among economic agents in markets.
View full module detailsThis module is an introduction to the methods of specification, estimation and testing of econometric models in a general multivariate setting. The techniques are applied to real data making use of the econometric packages.
View full module detailsThe module provides the theoretical underpinnings of our MSc Accounting and Finance programme. It introduces the pivotal concepts which form the basis of theoretical finance under three broad headings; Portfolio Theory and Practice, Equilibrium in Capital Markets and Introductory Analysis of Asset Classes. Core concepts include the relationship between risk and return, the Capital Asset Pricing Model (CAPM) and the Efficient Market Hypothesis (EMH) but the module also extends this analysis into new theoretical areas such as Behavioural Finance.
View full module detailsSemester 2
Optional
Introduction to modern econometric techniques used in the analysis of financial time series. Topics include ARIMA models, ARCH & GARCH models, estimating and testing the CAPM, fractional integration and nonlinear models (Markov-switching).
View full module detailsThis module introduces students to microeconometric techniques relevant for the estimation of a range of models including those with either qualitative or limited dependent variables, models for survival analysis,panel data models programme evaluation and decomposition techniques, and regression discontinuity design. A strong emphasis is placed on the empirical applications of these techniques and their intuition.
View full module detailsPerhaps the most significant development in microeconomics in the last forty years has been the attempt to deal with market failures caused by asymmetric information and strategic behaviour. The importance of these developments is apparent from the Nobel prizes that have been awarded to game theorists and information economists. This module is designed to cover the central topics related to markets and interactions with asymmetric information. Studying this module will help you to apply and extend your knowledge of microeconomic theory. You will learn about the effects of asymmetric information and strategic behaviour on the outcomes of market interactions.
View full module detailsThis module is targeted at students interested in understanding the pricing of derivative securities, specifically options. Applications are used to reinforce a rigorous development of arbitrage theory that underpins the pricing of derivative securities.
View full module detailsThis module further develops finance for students interested in corporate finance. The module is to demonstrate the link between those various decisions and areas. In particular, we will explore how the firm’s financing, investment, capital structure and payout policies interact with each other and how those decisions have implications for corporate bankruptcy and takeovers.
View full module detailsThis module examines international currency markets and currency transactions, exchange rate systems and the implications of exchange rate volatility. It also explores various currency risks that arise from international operations and examines issues that arise when firms seek financing outside their home markets.
View full module detailsRisk management focuses on the following types of financial risk that arise for a business: market risk, credit risk and liquidity risk. A brief introduction to non-financial risks is also given, but is not the main focus. This module considers financial risk management strategies; how risk is evaluated; the methods that are available to hedge against risk and the strategies that are employed to mitigate risk. This is complemented by consideration of key risk management issues for financial institutions including bank capital adequacy. The lessons to be learned from the Financial Crisis of 2007-08 are also investigated. Understanding risk and how to identify and deal with it provides a key input for students of finance, accounting or banking.
View full module detailsThis module provides an in-depth review of the building blocks of finance theory and introduces the workings of the capital, financial options, and foreign exchange markets at the graduate level. It encompasses investor behaviour, asset pricing and financial trading.
View full module detailsThis module looks at the firm and the industrial environment in which it operates. It asks why the firm exists and how it chooses to organise itself, before considering some of the factors that affect its performance and how these are related to the market structure in which it operates. An important influence on the firm is the structure of the market in which the firm works. This will affect the products and the process that the firm selects and the profits it earns. At the same time, of course, the firm may take actions that affect this market structure to its advantage. Thus, we want to ask how the firm¿s performance is affected by the market it is in. This has important competition and industrial policy implications.
View full module detailsThe first part of this module draws a big picture of the banking systems and introduces how central banks interact with financial markets. More precisely, we cover topics on central banking, monetary policies, and international banking. The second part of this module is more research oriented and focuses on several fundamental topics on central banking and financial markets.
View full module detailsOptional modules for Year 1 (part-time) - FHEQ Level 7
Students must complete all four Semester 1 modules and four Semester 2 modules, two modules from each School.
Year 2
Semester 1
Compulsory
This module provides an in-depth review of the building blocks of macroeconomic theories and introduces macroeconomic datasets at the graduate level.
View full module detailsSemester 2
Optional
Introduction to modern econometric techniques used in the analysis of financial time series. Topics include ARIMA models, ARCH & GARCH models, estimating and testing the CAPM, fractional integration and nonlinear models (Markov-switching).
View full module detailsThis module introduces students to microeconometric techniques relevant for the estimation of a range of models including those with either qualitative or limited dependent variables, models for survival analysis,panel data models programme evaluation and decomposition techniques, and regression discontinuity design. A strong emphasis is placed on the empirical applications of these techniques and their intuition.
View full module detailsPerhaps the most significant development in microeconomics in the last forty years has been the attempt to deal with market failures caused by asymmetric information and strategic behaviour. The importance of these developments is apparent from the Nobel prizes that have been awarded to game theorists and information economists. This module is designed to cover the central topics related to markets and interactions with asymmetric information. Studying this module will help you to apply and extend your knowledge of microeconomic theory. You will learn about the effects of asymmetric information and strategic behaviour on the outcomes of market interactions.
View full module detailsThis module is targeted at students interested in understanding the pricing of derivative securities, specifically options. Applications are used to reinforce a rigorous development of arbitrage theory that underpins the pricing of derivative securities.
View full module detailsThis module further develops finance for students interested in corporate finance. The module is to demonstrate the link between those various decisions and areas. In particular, we will explore how the firm’s financing, investment, capital structure and payout policies interact with each other and how those decisions have implications for corporate bankruptcy and takeovers.
View full module detailsThis module examines international currency markets and currency transactions, exchange rate systems and the implications of exchange rate volatility. It also explores various currency risks that arise from international operations and examines issues that arise when firms seek financing outside their home markets.
View full module detailsRisk management focuses on the following types of financial risk that arise for a business: market risk, credit risk and liquidity risk. A brief introduction to non-financial risks is also given, but is not the main focus. This module considers financial risk management strategies; how risk is evaluated; the methods that are available to hedge against risk and the strategies that are employed to mitigate risk. This is complemented by consideration of key risk management issues for financial institutions including bank capital adequacy. The lessons to be learned from the Financial Crisis of 2007-08 are also investigated. Understanding risk and how to identify and deal with it provides a key input for students of finance, accounting or banking.
View full module detailsThis module provides an in-depth review of the building blocks of finance theory and introduces the workings of the capital, financial options, and foreign exchange markets at the graduate level. It encompasses investor behaviour, asset pricing and financial trading.
View full module detailsThis module looks at the firm and the industrial environment in which it operates. It asks why the firm exists and how it chooses to organise itself, before considering some of the factors that affect its performance and how these are related to the market structure in which it operates. An important influence on the firm is the structure of the market in which the firm works. This will affect the products and the process that the firm selects and the profits it earns. At the same time, of course, the firm may take actions that affect this market structure to its advantage. Thus, we want to ask how the firm¿s performance is affected by the market it is in. This has important competition and industrial policy implications.
View full module detailsThe first part of this module draws a big picture of the banking systems and introduces how central banks interact with financial markets. More precisely, we cover topics on central banking, monetary policies, and international banking. The second part of this module is more research oriented and focuses on several fundamental topics on central banking and financial markets.
View full module detailsSemester 1 & 2
Compulsory
This module provides an overview of research methods employed in economics, laying the foundations for the dissertation, and guides students on how to carry out independent research.
View full module detailsOptional modules for Year 2 (part-time) - FHEQ Level 7
Students must complete all four Semester 1 modules and four Semester 2 modules, two modules from each School.
General course information
Contact hours
Contact hours can vary across our modules. Full details of the contact hours for each module are available from the University of Surrey's module catalogue. See the modules section for more information.
Timetable
Course timetables are normally available one month before the start of the semester.
New students will receive their personalised timetable in Welcome Week, and in subsequent semesters, two weeks prior to the start of semester.
Please note that while we make every effort to ensure that timetables are as student-friendly as possible, scheduled teaching can take place on any day of the week (Monday – Friday). Wednesday afternoons are normally reserved for sports and cultural activities. Part-time classes are normally scheduled on one or two days per week, details of which can be obtained from Academic Administration.
Location
Stag Hill is the University's main campus and where the majority of our courses are taught.
We offer careers information, advice and guidance to all students whilst studying with us, which is extended to our alumni for three years after leaving the University.
Some of our masters graduates have recently embarked on careers in roles such as:
- Financial analysts
- Economists
- Audit managers
- Consultants
- Economic advisors
- Regulatory advisors.
Others have gone on to study towards PhDs at Surrey and in other top schools.
UK qualifications
A minimum of a 2:1 UK honours degree in either business, chemistry, computer science, economics, engineering, finance, mathematics, physics or statistics, or a recognised equivalent international qualification.
Alternatively we will consider a UK 2:1 or overseas equivalent in another subject if you achieve above 60 per cent (UK grading or overseas equivalent) in macroeconomics and microeconomics modules and one other module from algebra, calculus, mathematics, probability, quantitative methods or statistics.
Applicants with a 2:1 degree or overseas equivalent in other subjects who have substantial work experience in the field of their desired specialisation will also be considered.
English language requirements
IELTS Academic: 6.5 overall with 6.0 in each element.
These are the English language qualifications and levels that we can accept.
If you do not currently meet the level required for your programme, we offer intensive pre-sessional English language courses, designed to take you to the level of English ability and skill required for your studies here.
Recognition of prior learning
We recognise that many students enter their course with valuable knowledge and skills developed through a range of ways.
If this applies to you, the recognition of prior learning process may mean you can join a course without the formal entry requirements, or at a point appropriate to your previous learning and experience.
There are restrictions for some courses and fees may be payable for certain claims. Please contact the Admissions team with any queries.
Fees per year
Explore UKCISA’s website for more information if you are unsure whether you are a UK or overseas student. View the list of fees for all postgraduate courses.
September 2024 - Full-time - 1 year
- UK
- £10,900 per year
- Overseas
- £19,200 per year
September 2024 - Part-time - 2 years
- UK
- £5,500 per year
- Overseas
- £9,600 per year
- If you are on the two-year part-time masters programme, the annual fee is payable in Year 1 and Year 2 of the programme
- These fees apply to students commencing study in the academic year 2024-25 only. Fees for new starters are reviewed annually.
Payment schedule
- Students with Tuition Fee Loan: the Student Loans Company pay fees in line with their schedule (students on an unstructured self-paced part-time course are not eligible for a Tuition Fee Loan).
- Students without a Tuition Fee Loan: pay their fees either in full at the beginning of the programme or in two instalments as follows:
- 50% payable 10 days after the invoice date (expected to be October/November of each academic year)
- 50% in January of the same academic year.
- Students on part-time programmes where fees are paid on a modular basis: cannot pay fees by instalment.
- Sponsored students: must provide us with valid sponsorship information that covers the period of study.
The exact date(s) will be on invoices.
Additional costs
Books/stationery/admin:
- £35/£75 - STATA software licence (6 or 12 months)
- £35 - Eviews student software licence (free lite version available).
Grand total: £70 - £110.
Funding
You may be able to borrow money to help pay your tuition fees and support you with your living costs. Find out more about postgraduate student finance.
Scholarships and bursaries
Discover what scholarships and bursaries are available to support your studies.
Apply online
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Admissions information
Once you apply, you can expect to hear back from us within 14 days. This might be with a decision on your application or with a request for further information.
Our code of practice for postgraduate admissions policy explains how the Admissions team considers applications and admits students. Read our postgraduate applicant guidance for more information on applying.
About the University of Surrey
Need more information?
Contact our Admissions team or talk to a current University of Surrey student online.
Terms and conditions
When you accept an offer to study at the University of Surrey, you are agreeing to follow our policies and procedures, student regulations, and terms and conditions.
We provide these terms and conditions in two stages:
- First when we make an offer.
- Second when students accept their offer and register to study with us (registration terms and conditions will vary depending on your course and academic year).
View our generic registration terms and conditions (PDF) for the 2023/24 academic year, as a guide on what to expect.
Disclaimer
This online prospectus has been published in advance of the academic year to which it applies.
Whilst we have done everything possible to ensure this information is accurate, some changes may happen between publishing and the start of the course.
It is important to check this website for any updates before you apply for a course with us. Read our full disclaimer.