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Financial and Business Economics with a Year in Business
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BSc (Econ)
Find the right course Financial and Business Economics with a Year in Business
UCAS code L112
Option 4 years full time
Year of entry 2020
Studying Financial and Business Economics at Royal Holloway means that you will learn from internationally renowned experts at one of the UK's top ten teaching and research centres for Economics. Economics is one of the most influential and liveliest disciplines in today's world, affecting the lives and fortunes of everyone on the planet. This course offers a complete education in the theories and methods of economics, with a strong focus on analytical methods, together with the opportunity to specialise in financial markets and industrial economics. The knowledge and transferable skills gained will lead to excellent career prospects in public and private management, financial institutions and in government.
Through this course you will develop an in-depth understanding of economics at all levels – from the company to the state, and beyond. You will focus on the quantitative and economic analysis within the financial markets; develop skills in mathematics and statistics and learn to tackle economic problems; gain important quantitative and computing skills that are widely applicable as well as skills and experience in logical and philosophical reasoning. By electing to spend a year in business you will also be able to integrate theory and practice.
Our balanced approach to research and teaching guarantees high quality teaching from subject leaders, cutting edge materials and intellectually challenging debates. Our courses follow a coherent and developmental structure which we combined with an effective and flexible approach to study.
In this module you will develop an understanding of the theories of macroeconomics, that of the economy as a whole, and of microeconomics, the behaviour of individuals, firms and governments. You will look at how the goods and assets markets underpin growth, inflation and unemployment, and the role that fiscal and monetary policy play in macroeconomic management. You will examine the theoretical basis to supply and demand and the role of government intervention in individual markets. You will consider how to solve economic problems by manipulating a variety of simple diagrammatic and algebraic models in macro- and microeconomics, critically evaluating the models and their limitations.
Quantitative Methods of Economics 1
In this module you will develop an understanding of the basic mathematical, quantitative, computing and statistical tools for the study of economics. You will look at techniques such as algebraic manipulation, functions, simultaneous equations, optimisation, descriptive statistics, probability theory and regressions, and learn how to apply these to economic problems.
Post-Crisis Economics
In this module you will develop an understanding of information surrounding economic institutions, economic history, applied economics and policy & experimental & behavioural economics. In the seminars, you will discuss each topic and learn among other things how to write an essay, how to present, how to collect economic data, how to find relevant economic research, and how to think like an economist.
In this module you will develop an understanding of how economic theory and empirical analysis are used to study problems involving several countries. You will look at the effects of alternative economic policies used to deal with economic problems that have international dimensions, considering the role of economic incentives and the difficulties involves in coordinating and enforcing these policies. You will also evaluate arguments espoused by different sides in resolving major international economics issues.
Economic Philosophy
In this module you will develop an understanding of what economics as a field is concerned with, and the subfields that exist. You will look at what sets economics apart from other social sciences, considering the scientific methods used and the extent to which they apply to economics. You will examine the difference between causation and correlation, why it matters, and how to distinguish between the two using data. You will also analyse the purpose and limitation of economic models, with special emphasis on rational choice theory.
Employability 1
This module will be composed of an introduction to Employability, library resources, team building, and CV making. Career services will provide a session on self-awareness and decision making and library services will present their relevant resources. Finally, the Economics department will organise some team building exercises.
In this module you will develop an understanding of the models of individual optimisation and their applications. You will look at the key determinants of an individual's behaviour in a variety of circumstances and the behaviour of firms in different market environments, such as perfect competition, monopoly and oligopoly. You will consider how changing circumstances and new information influences the actions of the economic agents concerned, and examine the properties of competitive markets and the need for government intervention to correct market failures.
In this module you will develop an understanding of macroeconomics and macroeconomic policy-making. You will look at a variety of contemporary and historical macroeconomic events, and the differences between the short, medium and long run. You will consider why some countries are rich and some are poor, why different economies grow at different rates, and what determines economic growth and prosperity. You will examine the role of monetary and fiscal policy, its impact on the economy and its limitations. You will also analyse how taxation, budget deficits, and public debt affect the economy.
Quantitaive Methods in Economics II
In this module you will develop an understanding and practical experience of the essentials of empirical research techniques used by applied economists. You will learn how to use and distinguish between standard econometric techniques, and carry out formal statistical tests of economic hypotheses. You will manipulate and analyse data sets and conduct your own econometric investigations, both written and using computer software.
Financial Markets and Institutions
In this module you will develop an understanding of the economic principles underlying the working of national and international financial institutions. You will look at what a financial system is and does, and the distinct functions of each component. You will consider the key financial instruments and the relationship between assets, agents, and institutions, and learn to solve simple problems using quantitative and graphical tools. You will critically evaluate country differences and analyse the interdependencies and rapid change of the modern financial world.
Industrial Growth and Competition
In this module you will develop an understanding of the principal-agent problem, the Coase theorem, theories of the firm, the role of transaction costs, moral hazard, adverse selection, and issues surrounding organisation, investment, governance and expansion of corporations. You will look the role of incentivisation and how conflicts of interests shape economic interactions. You will consider the role of transaction costs in determining the existence, scale and scope of firms, and examine why government regulation may be inferior to market solutions when dealing with externalities. You will also analyse the developments of Anglo-American industrial and Japanese capitalism.
Career services will provide a session on how to be ready to apply for an internship at the end of the second year. Students will prepare for a psychometric test and will undertake a series of a mock interviews in order to improve their interview technique. Finally, students will attend at least one Econ@Work talk to be aware of professional life and challenges.
Year in Business
This year will be spent on a work placement. You will be supported by the Placements Office and the Royal Holloway Careers and Employability Service to find a suitable placement. However, Royal Holloway cannot guarantee that all students who are accepted onto this degree programme will secure a placement, and the ultimate responsibility lies with yourself. This year forms an integral part of the degree programme and you will be asked to complete assessed work. The mark for this work will count towards your final degree classification.
Industrial Economics 1
In this module you will develop an understanding of the methods and models applied by economists in the analysis of firms and industries. You will learn how to manipulate these models and analytically solve problems relating to industrial economics. You will consider the applications of the models to important policy areas, exploring topics such as collusion, mergers, product differentiation and asymmetric information. You will also also examine the limitations of the theory.
Financial Economics 1
In this module you will develop an understanding of the financial market, institutions, participants and traded assets that constitute a modern financial system. You will look at the theories of risk-factor pricing, such as the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT). You will consider the theory of, and empirical evidence on, efficient, markets and examine the process of price formation. You will also analyse the derivation and construction of efficient portfolios.
This third-year course will deepen the elements covered previously in Employability 1 and 2. Career services will provide a session on how to be ready for employment at the end of the year. Students will prepare for a psychometric test and undertake a series of mock interviews in order to improve their interview technique. Finally, students will attend at least one Econ@Work talk to be aware of professional life and challenges.
There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.
All modules are core
Optional modules may include:
In this module you will develop an understanding of advanced topics in industrial organisation, with a special focus on the role that information plays in markets. You will explore topics such as collusion, mergers, product differentiation, and asymmetric information, and become familiar with a broad range of methods and models applied by economists in the analysis of firms and industries.
In this module you will develop an understanding of the wide range of fixed income securities and derivatives available to investors in the financial markets. You will look at the basic institutional features of derivatives markets, as well as the pricing of bonds and of derivative instruments and using them for hedging purposes. You will consider investment and trading strategies that use bonds and derivatives, and evaluate the use of bonds in immunising portfolios based on the bond's duration. You will also explore the features and uses of the most popular types of derivatives available today, including options, futures, forwards, and swaps.
Econometrics I
In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will learn to formulate, estimate, test and interpret suitable models for the empirical study of economic phenomena. You will consider how to apply regression techniques and evaluate the appropriateness of each econometric estimation method under different data limitations.
Econometrics II
In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will look at regression techniquies and learn how to apply relevant econometric and statistical methods to your own research. You will also evaluate the appropriateness of each of the economic estimation methods and the impact of consider data limirations.
Understanding Financial Crises
In this module you will develop an understanding of the fragility of the financial system and its relevance to the current financial crisis. You will learn the economic meaning of the terms liquidity and solvency in the context of financial intermediaries. You will look at the models of equilibrium bank runs and consider the implications of imposing capital structure controls and liquidity control on financial intermediaries. You will also critically evaluate the links between financial crises and the macroeconomy.
In this module you will develop an understanding of how economic methods can be applied to environmental issues facing society. You will consider the difficulties arising in using economic analysis in environmental policy design and learn how to solve and manipulate a variety of diagrammatic and algebraic models in environmental economics. You will evaluate a number of real-world environmental policy problems and see how economic analysis has been applied in their solution.
Experimental Economics
In this module you will develop an understanding of the use of experiments to test economic theories. You will look at how individuals make decisions in markets, how individuals decide to spend money today or save it for future spending, the assumption of self-regarding preferences commonly made in standard economic models, and the ability to act rationally in a strategic environment. You will consider the issues raised by experimental design and critically evaluate the advantages and disadvantages of experimental methods.
In this module you will develop an understanding of the role of money in the economy. You will look at models where inflation shows persistence, the theory of monetary policy, monetary policy operating procedures and the central banking mechanisms. You will consider why inflation is persistent in the data and how the political forces affecting monetary policy-making may affect inflation.
In this module you will develop an understanding of the mathematical models used to study and analyse strategic interactions between agents. You will look at the fundamental concepts in game theory as applied to economics in general and microeconomics in particular. You will become familiar with basic equilibrium concepts such as Nash equilibrium and subgame perfect equilibrium, and be able to find equilibrium outcomes of simple games including the use of backward induction.
Advanced Economic Theory
In this module you will develop an understanding of the mathematics of optimisation and of equilibrium models. You will look at the linkage between markets and Pareto optimality and consider the social outcomes that can be implemented in game-theoretic equilibrium. You will also examine the basic types of auctions and when and why they implement identical outcomes.
In this module you will develop an understanding of the principal techniques used in financial econometrics. You will look at why deviations from standard models are required to handle the peculiarities of financial data and consider how to interpret the theoretical techniques used in finance. You will also learn how to apply the techniques using standard econometric software packages such as STATA.
In this module you will develop your understanding of the main theoretical and empirical issues in modern labour economics. You will look at theory, evidence and policy, covering labour demand, labour supply and time allocation decisions, schooling and job training, human capital investment, wage determination, unemployment, minimum wage, returns to schooling, discrimination, and immigration. You will critically analyse important labour market phenomena, as well as various public policy issues, such as government training programs, minimum wage policies, unemployment insurance and welfare benefits.
In this module you will develop an understanding of the different approaches to national economic policy. You will consider the economic advantages and disadvantages of globalisation and look at the effects of tax-cutting, deregulation, privatisation, mixed economy, efficiency and income distribution.
Topics in Public Economics
In this module you develop an understanding of the effects of government policy upon the economy and the design of policy. You will look at empirical methods for policy evaluation and discuss research carried out in public economics, on topics such as income taxation, welfare support, behavioural responses, and social security.
Topics in Economic History
In this module you will develop your understanding of important topics from economic history, covering periods of economic growth and wellbeing, agricultural and urban development, globalisation and migration, banking and monetary systems, and the Great Depression and recovery.
Topics in Development Economics
In this module you will develop an understanding of both theoretical and empirical issues in Development Economics, such as the behaviour of credit and insurance markets in developing economies, the existence of poverty traps and the role of income, ethnicity, gender and caste in the development process.
Advanced Topics in Game Theory
Economics of Inequality
In this module you will develop an understanding of economic inequality. You will look at the factors that determine wage differentials among workers from a theoretical and empirical point of view. You will consider why similar workers are paid differently and examine how labour mobility can improve the allocation of workers to firms, enhance aggregate productivity, and reduce inequality.
Teaching is mostly by means of lectures and seminars, the latter providing a forum for students to work through problem sets and applications in a smaller and more interactive setting. Outside of scheduled teaching sessions, students work independently, or collaboratively, researching, reading and preparing for seminars.
Assessment is usually carried out by end of year examinations as well as class tests and assignments. Final year students can choose to complete an extended essay, which offers students the chance to conduct an original piece of research.
A Levels: ABB-BBB
Required subjects:
GCSE Maths at grade B or 6.
At least five GCSEs at grade A*-C or 9-4 including English and Mathematics.
Where an applicant is taking the EPQ alongside A - levels, the EPQ will be taken into consideration and result in lower A-level grades being required. Socio - economic factors which may have impacted an applicant's education will be taken into consideration and alternative offers may be made to these applicants.
Other UK Qualifications
Select your qualification International Baccalaureate BTEC National Extended Diploma BTEC National Diploma BTEC National Extended Certificate Welsh Baccalaureate Scottish Advanced Highers Scottish Highers Irish Leaving Certificate Access to Higher Education Diploma
International & EU requirements
Select your country Armenia Australia Austria Azerbaijan Bangladesh Belgium Bosnia and Herzegovina Bulgaria Canada China Croatia Cyprus (South) (Greek-Cypriot system) Cyprus (North) Czech Republic Denmark Egypt Estonia European Baccalaureate Finland France Germany Ghana Greece Hong Kong Hungary Iceland India Indonesia Iran Iraq Israel Italy Japan Kazakhstan Kenya Kosovo Kuwait Latvia Lebanon Liechtenstein Lithuania Luxembourg Malaysia Malta Mauritius Namibia Netherlands New Zealand Nigeria The Republic of North Macedonia Norway Oman Pakistan Poland Portugal Qatar Romania Russia Serbia and Montenegro SaudiArabia Singapore Slovakia Slovenia South Africa South Korea Spain Sweden Switzerland (Federal) Switzerland (French) Switzerland (German) Switzerland (Italian) Tanzania Taiwan Thailand Turkey Uganda Ukraine United Arab Emirates USA Vietnam West Indies
All teaching at Royal Holloway (apart from some language courses) is in English. You will therefore need to have good enough written and spoken English to cope with your studies right from the start.
The scores we require
IELTS: 6.5 overall. Reading and writing 6.0. No other subscore lower than 5.5.
Pearson Test of English: 61 overall. Reading and writing 54. No subscore lower than 51.
Trinity College London Integrated Skills in English (ISE): ISE III.
Cambridge English: Advanced (CAE) grade C.
Country-specific requirements
For more information about country-specific entry requirements for your country please visit here.
For international students who do not meet the direct entry requirements, we offer an International Foundation Year, run by Study Group at the Royal Holloway International Study Centre. Upon successful completion, you may progress on to selected undergraduate degree programmes at Royal Holloway, University of London.
Your future career
An Economics degree at Royal Holloway will equip you with an enviable range of practical skills and can lead into a variety of career paths. Employers recognise and reward the real knowledge and skills developed in an Economics degree.
We will help students to recognise their own strengths, skills and abilities so that they can make strong applications for their chosen job or further study. We also provide support through a dedicated careers programme, which includes: employability workshops, events and guess speakers.
Home and EU students tuition fee per year*: £9250
International students tuition fee per year**: £18300
Other essential costs***: There are no single associated costs greater than £50 per item on this course.
How do I pay for it? Find out more about funding options, including loans, scholarships and bursaries.
*The tuition fee for UK undergraduates is controlled by Government regulations. For students starting a degree in the academic year 2019/20, the fee is £9,250 for that year, shown here for reference purposes only. The tuition fee for UK undergraduates starting their degree in 2020/21 has not yet been confirmed. The Government has also confirmed that EU nationals starting a degree in 2020/21 will pay the same fee as UK students for the duration of their course.
**Fees for international students may increase year-on-year in line with the rate of inflation. The policy at Royal Holloway is that any increases in fees will not exceed 5% for continuing students. For further information see fees and funding and our terms and conditions.
***These estimated costs relate to studying this particular degree programme at Royal Holloway. Costs, such as accommodation, food, books and other learning materials and printing etc., have not been included.
Economics Undergraduate Admissions
Admissions office: +44 (0)1784 414944
Department Economics
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