MSc Money and Banking

Program Overview

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Why are banking and finance so important for our economy? How do banks work? How do their activities affect business cycle fluctuations or even economic crises? And how can economic policy, particularly monetary policy, steer the banking sector and the overall economy towards desirable outcomes? If you wish to pursue a career in the financial industry, central banks, civil service or academia, MSc Money and Banking is for you. Our course provides you with specialised training in money and banking, and also equips you with state-of-the-art tools and methods in economics and finance. You explore topics including:

• Financial intermediation and money creation
• Commercial and investment banks
• The monetary transmission mechanism
• The implementation of monetary policy and its interaction with financial markets

We are 4th in UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021). Much of this world-class research is related to policy, and we have particular strengths in the areas of:

• Game theory and strategic interactions
• Theoretical and applied econometrics
• Economic policy

The quality of our work is reflected in our stream of publications in high-profile academic journals, including American Economic Review, Econometrica, and Review of Economic Studies. With this course you also have the opportunity to study abroad at one of our partner institutions and achieve a dual award, which means you’ll receive two Masters degrees in two years. Find out more on our dual award webpage. Why we're great.

• Set yourself up for a successful career in the financial industry, central banks and much more
• Tailor your experience – choose from over 20 module options, taught by research stars within economics
• Be ready for the workplace by studying theoretical models and learning how to critically assess work

Our expert staff

Study and work alongside some of the most prominent economists of our time. Our researchers are at the forefront of their field and have even received MBEs, with students coming from across the globe to study, research or work with us. Many of our researchers also provide consultancy services to businesses in London and other major financial centres, helping us to develop research for today's society as well as informing our teaching for the future. For a full list of research interests, see our Department’s staff pages .

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Specialist facilities

Take advantage of our wide range of learning resources to assist you in your studies:

• Extensive software for quantitative analysis is available in all computer labs across the university
• Access a variety of economics databases and multiple copies of textbooks and e-books in the Albert Sloman Library

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Your future

After completing your masters, you may wish to extend your knowledge with a research degree – many Essex graduates decide to stay here for further study. Alternatively, our course also prepares you for employment; recent surveys have shown that higher degree graduates are more likely to obtain jobs at professional or managerial level. Our graduates find employment in roles such as business and financial analysts, management consultants, government officials, and economists for banks and other financial organisations. We also work with the university’s Employability and Careers Centre to help you find out about further work experience, internships, placements, and voluntary opportunities.

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One Masters not enough for you?

We offer a number of postgraduate taught double degrees with our international partners. You work for two Masters degrees, one at Essex and another at a prestigious university across the globe, gaining them both in a shorter time than studying them separately. This unique opportunity gives you a competitive edge when applying for jobs or prepares you for PhD study.

Program Outline

Course structure

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation. We understand that deciding where and what to study is a very important decision for you. We’ll make all reasonable efforts to provide you with the courses, services and facilities as described on our website. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, we’ll let our applicants and students know as soon as possible.

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Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose. Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

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Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits. In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available. Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

HR	100	4	FY
The department or school the module will be taught by. In this example, the module would be taught by the Department of History.	The module number.	The UK academic level of the module. A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course. A standard postgraduate taught course will comprise of level 7 modules. A postgraduate research degree is a level 8 qualification.	The term the module will be taught in. AU : Autumn term SP : Spring term SU : Summer term FY : Full year AP : Autumn and Spring terms PS: Spring and Summer terms AS: Autumn and Summer terms

Year 1 What interests you? Undertake a research project of your choosing, studying a specific economic issue or set of problems in depth, with supervision from our world-leading academic staff. Gain experience of original and independent work, making use of and building on skills that you have acquired during your Masters. View Dissertation on our Module Directory What are the concepts and methods of modern microeconomics? And how can you apply economic reasoning to this? Understand the main principles and theories of modern microeconomics, looking at topics like contract theory, equilibrium concepts in game theory, and market signalling. Learn to apply economic reasoning to these arguments. View Microeconomics on our Module Directory What are the main issues facing the modern macroeconomist? How do you critically assess macroeconomic policies? Acquire the necessary tools for macroeconomic analysis, focusing on the important questions faced by macroeconomists today. View Macroeconomics on our Module Directory Wish to conduct your own research using econometric methods? Understand econometric methods and learn to apply them to a wide variety of situations. Examine methods of linear regression and hypothesis testing. Study time series concepts of unit roots and co-integration. Explore ideas around simultaneous equation models and panel data models. View Econometric Methods on our Module Directory How do you optimise sticky price models? What implication does this have on monetary policy? How do you apply the New Keynesian model to monetary aspects of the business cycle? Study theoretical models and empirical evidence for monetary aspects of the business cycle, and learn how to critically assess work. View Monetary Economics on our Module Directory What value is added by your business? And how is this value added? Such questions are asked to business leaders. Understand the core economic reasoning behind commercial and investment banking, looking at financial intermediation and money creation, as well security, mergers and acquisition. View Economics of Banking on our Module Directory COMPONENT 07: OPTIOL Option from list (20 CREDITS) COMPONENT 08: OPTIOL Option from list (20 CREDITS)

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Teaching

• Core components can be combined with optional modules to enable you to gain either in-depth specialisation or a breadth of understanding across several topics
• Our postgraduates are encouraged to attend conferences and seminars

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Assessment

• Each module is assessed with a final examination and a coursework component
• Coursework is taken in the form of a term paper or a midterm test

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Dissertation

• You undertake an individually supervised research project that involves the in-depth study of a specific economic problem or issue