Finance - Banking and Risk Management MSc

Program Overview

The MSc Finance (Banking and Risk Management) from UCC provides advanced study in investment, banking, and risk management. Graduates are prepared for careers in various sectors, including banking, consulting, and finance. The program offers a blend of theory and practice through a capstone research project or industry placement.

Program Outline

Degree Overview:

The MSc Finance (Banking and Risk Management) program at UCC offers an advanced study of the theory and practice of investment, banking, and risk management. It covers advanced Finance, Financial Economics, Macroeconomics, and Quantitative Financial Techniques, taught using in-demand data analysis software like Python or R. The program culminates in one of two options:

• Independent Applied Research Project: Students undertake an independent research project over the summer term, applying the theories and quantitative financial techniques learned during the program.
They choose their own research topic and receive one-to-one supervision from an experienced academic.
• Industry Placement: Students complete an industry placement in banking or finance over the summer, gaining practical experience in a financial company under the supervision of an academic mentor.
They write a professional report based on their role.

Outline:

The program is structured over two semesters, with taught modules covering three broad streams: Finance, Financial Economics, and Quantitative Finance. Students then complete a dissertation in the summer term.

Finance Modules:

• FI6003 Asset Pricing: Examines models of asset returns, stock price predictability, and market efficiency.
• 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 for the professional financial environment, ensuring they meet professional and ethical expectations of employers and develop leadership skills in a modern sustainable business environment.
• EC6626 Corporate Treasury Management: Focuses on the measurement and management of risks facing banks and corporations arising from volatility in currency and money markets.

Financial Economics Modules:

• 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: Examines the role of money markets and banks in the economy, focusing on understanding the types of risk facing banks and the management of this risk.
• EC6001 International Finance I: Explores macroeconomic theories, models, and techniques relevant to financial markets.
Topics include business cycles, economic growth, uncertainty, monetary policy, inflation, and the labor market.
• EC6003 International Finance II: Focuses on how economic policy and the behavior of agents impact international capital flows, exchange rates, and global investments.

Quantitative Finance Modules:

• EC6062 Quantitative Finance I: Teaches the theory and application of econometrics for finance, without requiring prior knowledge of econometrics.
It uses cutting-edge data analysis software in demand throughout the finance industry.
• EC6063 Quantitative Finance II: Builds on EC6062, introducing time series methods in econometrics and their application in finance.
It provides experience with advanced methods of analyzing time-series data sets.
• EC6009 Research Methods: Prepares students for their independent research for the dissertation module in the summer term by developing their writing skills and knowledge of research methods.
Lecturers from the program and guest lecturers present their current research throughout the year.

Summer Term:

• EC6010 Dissertation in Financial Economics: Students complete an individual academic research project, building on their work in the Research Methods module, with the help of an academic supervisor.
• EC6076 Industry Placement: Complements classroom teaching with exposure to institutional work processes in international finance and other relevant organizations.
It develops students' experience in writing and reporting to a professional audience by examining business issues and applying the skills and knowledge developed within the program.

Assessment:

Students are assessed through a mix of examinations and practical coursework, with a focus on analyzing different aspects of financial markets.

Teaching:

The program uses a blended learning approach, combining lectures, projects, seminars, group discussions, presentations, and individual and group reports. Students attend lectures for approximately 12 hours per week, with additional research workshop hours and regular visiting speaker seminars and practical sessions using statistical and data analysis software for financial analysis.

Careers:

Graduates of the MSc Finance (Banking and Risk Management) program have gone on to work in a broad range of areas, including:

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

Other:

The program has been accepted into the Global Association of Risk Practitioners (GARP) Partnership for Risk Education. This allows the program to award 6 scholarships to students to take Part 1 of GARP's professional exams each academic year. Students 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.