Master of Science Degree in Banking and Financial Economics (MSc BFE)

MASTER OF SCIENCE DEGREE IN BANKING AND FINANCIAL ECONOMICS (MSc BFE)

NUST code:

 MScBFE

DURATION:

 12 MONTHS

TYPE OF DEGREE:

MASTERS

CREDIT LOAD:

320

LEVEL 
 

SADC-QF - Level 8

ACCREDITATION ORGANISATION(S):

 

The regulations for the Master of Science Degree in Banking and Financial Economics hereinafter referred to as the MSc in Banking and Financial Economics [MSc BFE] Regulations, complement the University General Academic Regulations for Master’s Degree by Coursework, hereinafter referred to as the General Academic Regulations.


Specialist Focus:

Financial Economics, Financial Risk Management, Financial Services Marketing, Treasury Management, International banking.

Orientation:

Research and innovation oriented. Teaching and learning are professionally oriented and focused on practical aspects.

Distinctive Features:

The programme builds the research-technology-innovation continuum and focuses on knowledge development and application using a student-centred approach

Careers in the financial services industry, manufacturing industry, mining industry, financial and economic research institutions, Government, academia and any other industry that has a treasury, foreign exchange and investment department.
Master’s and doctoral studies in Banking, Financial Economics, Finance and Business Administration or in interdisciplinary programmes related to Banking and Financial Economics.
To be considered for admission to the MSc programme, applicants should, normally, hold a good Honours degree in Banking, Finance, Insurance, Accounting or equivalent. Thorough knowledge of financial market operations will be an added advantage.
Programme Delivery
Teaching and Learning Methods:    Lectures, tutorials, seminars, group work, field visits, research project, individual independent study.
Assessment Methods:    Written examinations, tests, assignments, oral presentations, seminar presentations, third year research project report, final year dissertation, continuous assessments.

Programme Competences


Generic:

Multidisciplinary: Ability to draw appropriately from multiple academic disciplines to define and solve problems based on understanding of complex phenomena
Quantitative and innovative reasoning: Capability to draw on big data and use analytics for informed decision making and strive to seek new ways of doing things

Communication skills:
Ability to communicate effectively and to present information orally and in writing and using ICTs to both expert and non-expert audiences

Analysis and synthesis:
Capacity for analysis and synthesis using logical arguments and proven facts.

Ethical commitment:
Professional integrity and awareness of impact of banking and financial economics on society and the environment

Entrepreneurial skills:
Capability to identify and create new business ventures based on knowledge and new thinking paradigms

Exit Level Outcomes

Problem solving
Identify, formulate, analyse and solve complex banking and financial economics problems creatively and innovatively.
Application of banking and financial economics knowledge
Apply knowledge of banking, finance, and financial economics speciality to solve complex economic problems.
Investigations and data analysis
Demonstrate competence to design and conduct investigations.
Investment analysis methods, skills and tools, including information technology
Demonstrate competence to use appropriate investment and financial analysis methods, skills and tools, including those based on information technology.
Professional and technical communication
Demonstrate competence to communicate effectively, both orally and in writing, with financial audiences and the community at large.
Sustainability and impact of banking activity
Demonstrate critical awareness of the sustainability and impact of banking and finance activities on the social, economic and physical environment.
Individual, team and multidisciplinary working
Demonstrate competence to work effectively as an individual, in teams and in multidisciplinary environments.
Independent learning ability
Demonstrate competence to engage in independent learning through well-developed learning skills.
Banking and Finance professionalism
Demonstrate critical awareness of the need to act professionally and ethically and to exercise judgment and take responsibility within own limits of competence.

Duration of Programme and Delivery

On a full time basis, the programme shall be studied over a minimum period of 12 months of which a minimum of 3 months shall be for the dissertation.

On a full time basis, delivery time shall be allocated as follows:

Year     Number of Modules
I      4
II     4
III
IV    4
Dissertation (After completing Parts I, II and III)
Total Number of Modules    12
Dissertation    1
On a part-time basis, the MSc programme shall be studied over a minimum period of 24 months of which a minimum of 6 months shall be for the Dissertation. The Programme must be completed within a maximum period of 4 continuous academic years failure of which a student shall be required to apply to repeat the whole programme starting from Part I.

Assessment

The taught section shall be examined by both continuous assessment [30%] and a written examination [70%] for each module with the exception of Applied Research Methods (CBA 5108) which shall be assessed 100% by continuous assessment. The pass mark shall be 50%. The written examination shall be taken at the end of each semester for both full time and part time students.

A student can proceed to Stage III carrying over Stage I and Stage II modules provided the total number of carry-over modules shall not exceed 25% of the number of Stage I and Stage II modules. However, a student shall NOT be allowed to proceed to Stage IV (Dissertation) before they have passed all Stage I, II and III modules.

A student who is withdrawn after failing Stage IV, the research section, but had passed the taught section shall be awarded a Postgraduate Diploma in Banking and Financial Economics [PGDB]

Each stage shall contribute 25% towards the overall degree aggregate.

The weighting between the taught section and the research section (Dissertation) in the overall assessment shall be 75% and 25% respectively.

Grading

The following marking scheme shall be adopted:

80% and above  Distinction

70% - 79%        Merit

60% - 69%        Credit

50% - 59%        Pass

Below 50%        Fail
Year I:
Module Codes    Core Modules    Credits
CBA 5101    Financial Markets and Regulation    20
CBA 5102    Financial Econometrics    20
CBA 5108    Applied Research Methods    20
CBA 5109    Bank Operations and Strategy    20
Sub-Total    80
Year II
CBA 5104            Financial Economics            20
CBA 5110            Risk Management and Corporate Governance    20
CBA 5111            Applied Treasury Management            20
CBU 5106            Marketing of Financial Services    20
Sub-Total    80
YearIII:            Core Modules
CFI 5210            Financial Modelling                20
CFI 5211            Financial Engineering            20
CBA 5210            Applied International Banking        20

Year III:            Elective Modules (To Select One)
CBA 5211            Development Finance            20
CBA 5212            Corporate and Investment Banking        20
CBA 5213            Central Banking and Monetary Economics    20
CBA 5214            Applied Bank Lending            20
CBA 5203            Strategic Financial Management        20
Sub-Total    80
Year IV
CFI 5300Dissertation (Prerequisite Part I and II)    80
Total Credits    320
Year I Core Modules

CBA 5101 Financial Markets and Regulation[20 Credits]         

The aim of this module is to provide a strong foundation for an understanding of financial markets and the main types of securities traded in these markets. The module will focus on money and capital markets products, futures, swaps and options. The module will strike a balance between the theoretical paradigms and the empirical literature, and the important links between theory and the real world. The emphasis will be on both principles and problem solving. The course focuses both on quantitative and conceptual foundations. It looks at a number of regulatory issues: why and how regulation takes place and the role of the Basel Codes Framework in bank regulation and supervision. Examination of practical issues of risk management in Regulatory issues are addressed, with attention paid to both ‘on’ and ‘off’ balance sheet positions.

CBA 5102 Financial Econometrics [20 Credits]

The aim of this module is to explain how econometric methods can be used to learn about the future behaviour of the prices of financial assets by using the information in the history of asset prices and in the prices of derivative securities. The specific objectives of the course are to, introduce a range of statistical techniques and indicate criteria by which one might judge the appropriateness of each method, identify the decision situation in a problem, formulate and solve econometrics problems and formulate and solve multi-stage problems. The following shall be covered, linear regression, multiple linear regression, qualitative response regression models, panel data regression and time series analysis, etc. Emphasis will also be put on the ability of students to interpret the statistical results and ability to make decisions based on the results.

CBA 5108 Applied Research Methods [20 Credits]      

This module shall be examined entirely by coursework. Students will be required to submit an acceptable proposal at the end of the module. It covers a wide range of topics related to the conduct and management of postgraduate research studies in Banking and Finance. It includes an analysis of the application of key research tools and methods in attempting to seek practical answers/explanations to develop scenarios. The module therefore covers development of successful research proposals, research resource management, conducting fieldwork, the logic and structure of theses, quantitative and qualitative methods, referencing techniques and research ethics. This should not only guide students in preparing for their fieldwork for dissertations, but also help them systematically address problems in their communities.

CBA 5109 Bank Operations and Strategy [20 Credits] 

This module aims to detail general and strategic management issues and how they affect banking and operations of other financial institutions. The course covers the evolving structure of financial institutions and balance-sheet analysis.  Furthermore, the course also looks at operations in more detail, e.g. managing liquidity and liabilities, asset management – the consumer lending decision and the business lending decision, and loan sales and securitisation. Finally, the course analyses how financial institutions create value through marketing, distribution, diversification and innovation. Analysis of the effects of microeconomic and macroeconomic policies on bank performance is also central in this course.


Year II - Core Modules

CBA 5110 Risk Management and Corporate Governance [20 Credits]

This module covers issues of the ownership, control and accountability and risk management in financial institutions. It raises some key issues: for example, in the context of a corporation, how should the interests of directors, shareholders, employees and other stakeholders be prioritized and how can these interests be expressed, aligned and reconciled? Identification, measurement and management of financial risks such as market risk, credit risk and operational risk shall also be covered in line with the requirements of the Basel Accords.

CBA 5104 Financial Economics[20 Credits]    

This module aims to cover some of the main areas in advanced multinational corporate finance namely: the corporate investment decision, the financing decision, term structure of interest rates, payout policy, corporate bankruptcy, venture capital, mergers and acquisitions. A key objective of the module is to demonstrate the link between those various decisions and areas; in particular, exploring how the firm’s financing, investment and payout policies interact with each other and how those decisions have implications for corporate bankruptcy and takeovers.

CBA 5111 Applied Treasury Management [20 Credits]

This module is concerned with how the Treasury function operates in both financial and non-financial environments. The key objective of the module is to equip students with an understanding of a wide range of theoretical financial concepts, tools and techniques as applied to treasury activities, including the key functions of an Active Treasury Department and latest trends in Treasury Management. The module covers concepts such as the trade-off between risk and return, asset allocation, and security analysis in the investment management process. It further examines the design and implementation of formal performance measurement and management control systems in a business set up particularly the banking institution. Further to that, the module synthesizes the theory and practice of treasury management.

CBU 5106 Marketing of Financial Services[20 Credits]

This examines the nature and uniqueness of financial services and examines those aspects of marketing that present particular challenges for marketers of such services. Focus will be given on product assortments, service quality and development of relationships in the financial services sector.


Year III – Core Modules

CFI 5210 Financial Modelling [20 Credits]        

The module involves the financial use of computer software packages to model corporate finance problems such as: Operating Budgets, Capital Budgeting, Decision Tree Analysis, Sensitivity Analysis, Computer Simulations, Business and Securities Valuations.

CFI 5211 Financial Engineering [20 Credits]

The module examines, in more detail, and including practical case studies, the types, uses and valuation of derivative products and the derivation of synthetic instruments for the purpose of hedging, speculation or arbitraging and also looks at the regulatory environment for these derivative products. The module also looks at latest developments in innovative Corporate Finance issues such as option embedded issues, swaps, etc.

CBA 5210 Applied International Banking [20 Credits]  

This module aims to provide an overview of the activities and risks involved in managing international financial institutions; principally commercial banks and investment banks. The module examines the role of major financial intermediaries in internationally open economies. It deals first with fundamental concepts of intermediation in market economies, along with the importance of capital, leverage, systemic risk and moral hazard, as well as the potential risks involved in the more recent trend towards financial conglomerates and financial disintermediation. It then considers the issue of risk; how this manifests itself, how it can be managed, and the causes of bank failure.

Electives (To select one)

CBA 5211 Development Finance [20 Credits]  

This module covers all aspects of the role of finance in development, including the theories underpinning development finance, enterprise-level development finance and sustainable growth.  The module is policy oriented and would equip students with a broader understanding of development finance and its interaction with Government’s macroeconomic policies. Module coverage shall also include small to medium enterprises financing, infrastructure financing etc.

CBA 5212 Corporate and Investment Banking [20 Credits]

This module aims to develop an advanced understanding of the theory and practice of corporate and investment banking. It provides students with an insight into the major features of the banking business and a framework for the understanding of the different activities of these two major functions found in any financial institution. The first part of this module will examine the changing business characteristics of the corporate banking while the second part will focus on the main operations of investment banks. The module shall also have a global investment banking slant.]

CBA 5213 Central Banking and Monetary Economics [20 Credits]

This module provides students with a thorough understanding of monetary theory, the effects of monetary policy (variables) on the macroeconomic system. The theoretical and empirical underpinnings of the monetary policy analysis, the role of the Central Bank and the conduct of monetary policy in closed and open economies will be covered in detail. Critical issues such as macroeconomic stabilisation programmes, central bank independence and governance shall be covered.

CBA 5214 Applied Bank Lending[20 Credits]  

This module seeks to explain the general principles of lending, propose a structured approach to the evaluation of loan proposals, and draw decisions there from. The concept of lending will therefore be identified as a strategic factor. Coverage will include credit assessment, principles of security, interpretation of financial statements, bad and doubtful debtors, and their control. Attention will be paid to the identification, measurement and financing of risk, including objective and subjective, risk analysis, predicting corporate bankruptcy etc.

CBA 5203 Strategic Financial Management [20 Credits]          

This module aims to assess and evaluate the value of the firm under different financial and managerial structures. It gives students the ability to understand and determine how investors interpret various financial arrangements such as dividend policy, taxes, and stock offerings. Specific attention will be paid to information and incentives of each party in a financial contract in the context of structuring the firm, running the firm efficiently, and if all else fails, bankruptcy. It addresses the universal challenges related to different sources of funding/financing and reporting. In addition discusses tactical issues of importance to firms including disaster recovery, distribution management and preparing for exist.


Year IV

CBA 5300 Dissertation [80 Credits]                 

The final module on the MSc programme is the dissertation, researched and written over at least four months from February to July. This is a substantial piece of independent work applying research techniques and relevant economic theory to a research topic. This can be an area which has attracted attention in the course of studies, or may be linked to an aspect of professional working experience. A topic is chosen during Stage IV and an appropriate member of the academic staff who acts as a supervisor is then assigned to give the student guidance on the structure and content of the research. In preparation for the research, a Dissertation Seminar is held, which is designed to equip students with the necessary research techniques and analytical tools. Student attendance at the Seminar is compulsory.  

BULAWAYO  
Stage 1

$950

Stage 2 & 3

$940

Stage 4

$595


HARARE  
Stage   

$1 300

Stage 2 & 3

$1 290

Stage 4

$595

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