Program Overview

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Overview

The MA (Hons) in Financial Economics provides a structured, cumulative and rigorous foundation of economic concepts, principles, analysis, techniques and knowledge. During your studies, you will develop your analytical and decision-making abilities through training in quantitative and model-based methods of analysis. Over the course of study, students engage with specialist topics including portfolio management, asset pricing and corporate finance.

Entry Requirements

SQA Highers

• Standard entry grades: AAAAB
• Minimum entry grades: AABB
• Gateway entry grades: Applicants who have narrowly missed the minimum entry grades, but meet the University's contextual criteria, may be interested in one of the University’s Gateway programmes.

GCE A-Levels

• Standard entry grades: AAA
• Minimum entry grades: ABB

IB points

• Standard entry grades: 38 (HL 6,6,6)
• Minimum entry grades: 36 (HL 6,5,5)

General Entry Requirements

All applicants must have attained the following qualifications, or equivalent, in addition to the specific entry requirements for individual programmes.

• SQA National 5 (B) in English and one SQA National 5 (B) from the following:
  • Biology
  • Chemistry
  • Computing science
  • Geography
  • Applications of Mathematics
  • Mathematics
  • Physics
  • Psychology
• GCSE (5) in English language or English literature, and one GCSE (5) from the following:
  • Biology
  • Chemistry
  • Computing Science
  • Geography
  • Mathematics
  • Physics
  • Psychology

Do I need to have studied this subject before?

No previous knowledge of this subject is required, but advanced school mathematics is an advantage, and an ability to learn mathematical skills is essential.

Course Details

The MA (Hons) in Financial Economics is a four-year course run by the Department of Economics at the University of St Andrews Business School.

Modules

In the first two years of your degree (known as sub-honours), you will take the required modules in financial economics alongside modules in at least one other subject.

• First year
• Second year
• Honours

Students will take the following compulsory first-year modules:

• Macroeconomics: introduces the study of economics at the national and global level.
• Microeconomics: explores the basics of the market system and consumer and producer behaviour.

Students will take the following compulsory second-year modules:

• Intermediate Macroeconomics: explores theories of the determinants of long-run economic growth and theories of the causes of short-run 'business-cycle' fluctuations.
• Intermediate Microeconomics: deepens the general understanding of microeconomics gained in first year.
• Statistics for Economists: introduces statistical methods and regression analysis.
• Mathematics for Economists: covers calculus and algebra to provide indispensable mathematical tools for modern economists.

If you decide to take financial economics in your third and fourth years, you must take four compulsory modules:

• Econometrics: introduces the application of statistics to study economic data.
• Financial Economics: Asset Pricing: provides a critical understanding of essential components of modern finance theory and a rigorous grounding in analytical economic models about the determination of risks and returns in financial markets.
• Financial Economics: Corporate Finance: investigates the problem of how a collection of corporate liabilities is affected in value by corporate actions.
• Financial Economics: Portfolio Management: develops knowledge and understanding of key issues in asset allocation and portfolio composition and management at an intermediate level.

In addition, you may choose from a wide variety of advanced options. Here is a sample of Honours modules which have been offered at St Andrews in recent years:

• Behavioural Economics: Individual Decisions and Welfare
• Development and Finance
• Economic Fluctuations
• Economics of the Environment
• European Macroeconomics
• Game Theory
• Health Economics
• Incentives, Contracts and Markets
• Innovation Economics
• International Trade
• Mathematical Economics
• Monetary and Financial History
• Practical Financial Modelling

In fourth year, students may also undertake a dissertation or research project on a topic of their choice. This independent project enables you to develop key research skills which are desired by both prospective employers and by graduate schools offering postgraduate degrees.

Teaching

• Teaching format
• Assessment
• Support

First and second year modules generally involve a series of lectures (200 to 450 students), laboratories and small-group tutorials (15 to 20 students) designed to facilitate effective interaction.

At Honours level, modules are taught through lectures (10 to 140 students), laboratories and smaller group tutorials (10 to 20 students). Students typically attend six hours of lectures and one to two tutorials or labs a week.

When not attending lectures, tutorials and laboratories, you will be expected to continue learning independently through self-study. Typically, this will involve:

• working on individual and group projects
• undertaking research in the library
• preparing coursework assignments and presentations
• preparing for examinations

Progress is monitored through tutorial assignments, and assessment is by a combination of graded work and examinations. Almost all of the modules are assessed by at least 50% written exams with the balance of assessment made up by coursework.

Examinations are held at the end of each semester during a dedicated exam diet with revision time provided beforehand.

Coursework takes the form of essays, along with other kinds of assessed work including oral presentations and class tests.

The School aims to provide feedback on every assessment within three weeks to help you improve on future assessments.

Undergraduates at the University of St Andrews must achieve at least 7.0 on the St Andrews 20-point grade scale to pass a module. To gain access to Honours-level modules, students must achieve the relevant requisites as specified in the policy on entry to Honours and in the relevant programme requirements. To find out the classification equivalent of points, please see the common reporting scale.

You will be taught by a research-led teaching team with expertise and knowledge of financial economics. Postgraduate research students who have undertaken teacher training may also contribute to the teaching of tutorials under the supervision of the module leader.

The University’s Student Services team can help students with additional needs resulting from disabilities, long-term medical conditions or learning disabilities. More information can be found on the students with disabilities web page.

Fees

• Scotland: £1,820
• England, Wales, Northern Ireland and Republic of Ireland, Channel Islands, Isle of Man: £9,535
• EU and overseas: £31,670

More information on tuition fees can be found on the undergraduate fees and funding page.

Accommodation fees

Find out about accommodation fees for University accommodation.

Funding and scholarships

The University of St Andrews offers a number of scholarships and support packages to undergraduate students each year.

Joint Honours degrees

You can also take Financial Economics as part of a joint Honours degree in which you will take core modules of your chosen subjects.

• Arabic and Economics (With Integrated Year Abroad) - UCAS code TV68
• Bachelor of Science (Honours) Biology and Economics - UCAS code CL11
• Bachelor of Science (Honours) Computer Science and Economics - UCAS code GL41
• Bachelor of Science (Honours) Economics and Geography - UCAS code 2A72
• Bachelor of Science (Honours) Economics and Management - UCAS code LNC2
• Bachelor of Science (Honours) Economics and Mathematics - UCAS code GLC1
• Bachelor of Science (Honours) Economics and Psychology - UCAS code LC18
• Bachelor of Science (Honours) Economics and Statistics - UCAS code GL31
• Bachelor of Science (Honours) Economics and Sustainable Development - UCAS code F893
• Bachelor of Science (Honours) Financial Economics and Management - UCAS code NL23

Additional joint degree options are available for students who take the BSc in Financial Economics.

"With" degrees

You can take Financial Economics as part of a "with" Honours degree in which the majority of the course deals with the first name subject. St Andrews offers the following "with" degrees in Financial Economics:

• Economics with German (With Integrated Year Abroad) - UCAS code L1RF
• Economics with Russian (With Integrated Year Abroad) - UCAS code L1RR
• Economics with Spanish (With Integrated Year Abroad) - UCAS code L1RL
• Master of Arts (Honours) Economics with German - UCAS code L1R2
• Master of Arts (Honours) Economics with Russian - UCAS code L1RT
• Master of Arts (Honours) Economics with Social Anthropology - UCAS code L1L6
• Master of Arts (Honours) Economics with Spanish - UCAS code L1RK

"With" degrees taken with German, Russian, Spanish are also available 'With Integrated Year Abroad'.

Careers

Graduates with a degree in financial economics have some highly sought-after skills and pursue careers in a wide variety of fields. A degree in financial economics will greatly enhance your analytic and decision-making abilities. You will significantly improve your quantitative abilities and greatly enhance other transferable skills highly valued by employers.

Popular career destinations among recent graduates include:

• economic consulting
• management consulting
• accountancy
• business intelligence analysis
• broadcasting and journalism
• risk management
• research analysis
• financial services analysis

The Careers Centre offers one-to-one advice to all students as well as a programme of events to assist students to build their employability skills.