MSc in Finance (Banking and Risk Management)

The MSc Finance (Banking and Risk Management) programme in UCC involves an advanced study of the theory and practice of investment, banking and risk management. You will study advanced Finance, Financial Economics, Macroeconomics and Quantitative Financial Techniques – taught through in demand data analysis software such as Python or R.

Your studies build to one of the following:

– An independent applied research project which you undertake over the summer term where you put the theories and quantitative financial techniques taught to you during your studies into practice, using advanced statistics and software. You choose your own research topic in term 2 and are given one-to-one supervision support by an experienced academic from our teaching team over the summer term.

– An Industry Placement in banking or finance you will undertake over the summer at a financial company where you can put the knowledge and skills gained during the course into practice under the supervision of an academic mentor. From this you will write a professional report relating to your role.

Our past graduates have gone on to work in a broad range of areas such as:

• Commercial and Investment Banking,
• Treasury Risk Management,
• Regulation,
• Central Banking,
• Economic Consulting,
• Investment Research,
• Hedge Funds and,
• Academia

You will be taught by experienced academics – many of whom have experience in financial markets as traders, financial economists, equity analysts, and consultants to the finance industry.

Students will also manage their own simulated asset portfolio online during the year, putting theory into practice and reflecting on current financial market events. The course covers much of the CFA Levels 1-3 syllabus and includes regular presentations and workshops from practitioners from across the financial industry.

Global Association of Risk Practitioners

This programme has been accepted into the Global Association of Risk Practitioners (GARP) Partnership for Risk Education. GARP Partnership for Risk Education is granted to institutions that cover at least 70% of the GARP curriculum and allows the programme to award 6 scholarships to students from the programme to take Part 1 of GARPs professional exams each academic year.

Modules

Candidates take taught modules with examinations and coursework over two semesters and then complete a dissertation in the summer term. Modules cover three broad streams: Finance, Financial Economics, and Quantitative Finance.

Finance

• FI6003 Asset Pricing: examines models of asset returns, stock price predictability, and market efficiency.
• EC6005 Derivatives for Risk Management: introduces the concepts and mathematical techniques in pricing derivatives including options, swaps, forwards and futures on underlying assets.
• FI6004 Analysis of Debt Instruments: examines the term structure of interest rates and yield curve analysis, exotic bond valuation, duration, convexity, immunisation, asset-backed securities, and bond portfolio management.
• EC6075 – Financial Practice and Ethics: prepares students to have an awareness of the professional financial environment, to ensure that they can meet the professional and ethical expectations of employers and begin developing their leadership skills in a modern sustainable business environment.
• EC6626 – Corporate Treasury Management: looks at the measurement and management of risks facing banks and corporations arising from volatility in currency and money markets.

Financial Economics

• FI6002 Regulation and Compliance in Capital Markets: covers the guiding principles behind financial regulation and the main differences between the roles and key legal aspects of different regulatory institutions.
• EC6002 Money, Credit, and Banking: looks at the role of money markets and banks in the economy, focuses on understanding the types of risk facing banks and the management of this risk.
• EC6001 International Finance I: looks at macroeconomics theories, models and techniques relevant to financial markets. Topics include business cycles, economic growth, uncertainty, monetary policy, inflation, and the labour market.
• EC6003 International Finance II: focuses on how economic policy and the behaviour of agents impact international capital flows, exchange rates, and global investments.

Quantitative Finance

• EC6062 Quantitative Finance I: teaches the theory and application of econometrics for finance. This is taught without the need for prior knowledge of econometrics and is all applied throughout the course using cutting edge data analysis software in demand throughout the finance industry.
• EC6063 Quantitative Finance II: developing from EC6062 this module introduces you to time series methods in econometrics. It also deals with the application of these methods in finance by providing the experience of advanced methods of analysing time-series data sets.
• EC6009 Research Methods: prepares you to undertake your independent research for your dissertation module in the summer term by developing your writing skills and knowledge of research methods. Lecturers from the programme and guest lecturers present their current research throughout the year.

Summer Term

Either

• EC6010 – Dissertation in Financial Economics: Students complete an individual academic research project, building on their work in the Research Methods Model, with the help of an academic supervisors.
or
• EC6076 – Industry Placement: complements classroom teaching with exposure to institutional work processes in international finance and other relevant organisations. It will develop students’ experience in writing and reporting to a professional audience. This will be done by examining business issues so that students can apply the skills and knowledge developed within the programme by using this industrial placement as an opportunity for business-focused research.