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Postgraduate Courses 2017/18

International Finance and Economic Development - MSc



Our International Finance and Economic Development MSc prepares you for work as a professional economist in the various public and private institutions concerned with international finance and development throughout the world, or for a career in research or teaching in the field of international finance.

The programme is designed to provide an education in international finance, economic development, advanced economic theory and research methods, while still allowing students to specialise by taking an option that reflects the School’s main areas of research expertise.

All of our MSc degrees equip you with a range of quantitative and analytical skills, and the ability to communicate complex economic concepts in a clear and concise style. Our programmes not only offer a stimulating education in economic theory, but also develop your ability to apply economic knowledge, analytical tools and skills to a range of national and international problems in the areas of finance, development, agriculture and the environment.

National ratings

In the Research Excellence Framework (REF) 2014, research by the School of Economics was ranked 21st in the UK for research intensity and 84% of our research was judged to be of international quality. The School’s environment was judged to be conducive to supporting the development of research of international excellence.

Course structure

The MSc in International Finance and Economic Development is studied over one year full-time or two years part-time and is divided into two stages: eight taught modules (seven of which are compulsory) and a dissertation.

There are compulsory modules in International Finance, Growth and Development Theory, Econometric Methods, Microeconomics, Macroeconomics, Trade and Development, and Research Methods. The core modules build upon students’ existing knowledge, understanding and skills. Students develop a deeper understanding of international finance, development, economic theory, quantitative and research methods, and policy applications. The teaching and learning of skills are carefully integrated into the structure of the modules and degree programme. The final module is chosen from a range of options based upon the research interests of our academic staff.

All of our MSc programmes require some mathematical analysis, and we recognise that students have widely differing backgrounds in mathematics. The first week of all our MSc programmes includes compulsory intensive teaching in mathematics, refreshing and improving your skills in order to equip you with the techniques you will need for the rest of the programme.

Students who successfully pass the taught element of the programme, proceed to the dissertation stage, where you undertake a supervised project of your choice on an international finance/economic development issue. Advice on choice of dissertation topic and management is given during the taught stage of the programme. The dissertation stage develops students’ research skills and follows on from the Research Methods module. Student dissertations are supervised by academic staff.


The following modules are indicative of those offered on this programme. This list is based on the current curriculum and may change year to year in response to new curriculum developments and innovation.  Most programmes will require you to study a combination of compulsory and optional modules. You may also have the option to take modules from other programmes so that you may customise your programme and explore other subject areas that interest you.

EC802 - Advanced Microeconomics of Consumers, Marketsand Welfare (15 credits)

This module examines the workings of the economic system from a disaggregated viewpoint. It is a standard module on advanced microeconomic theory and contains the basics of general equilibrium, including Walrasian equilibrium and welfare economics, and disequilibrium. Twelve (one-hour) lectures discuss the basic theory, and eight (one-hour) seminars discuss various extensions. In addition there is a weekly one hour course in mathematics to accompany the module.


Preferences - Utility - Demand

Demand Curves and Duality in the Theory of Demand

General Equilibrium

Efficiency and Social Welfare of General Equilibrium

Social Choice

Credits: 15 credits (7.5 ECTS credits).

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EC803 - Trade and Development (15 credits)

This module is designed for students with interests in both development and international economics. It aims to discuss some of the fundamental models (and their extensions) in international economics and link them to the growth and development process of regions and countries. Throughout this module we provide you with the analytical tools and theoretical knowledge necessary to understand these links. We also focus on both the theoretical foundations and extensions of trade theory and the empirical evidence available to the current theoretical debates. The module consists of two main sections. The first one is devoted to the foundations of trade theory and it is the basic building block around which the rest of the module pivots. The second section deals with the relation between trade liberalisation, exports and long run growth, covering both the theory and empirical evidence.

Credits: 15 credits (7.5 ECTS credits).

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EC805 - Advanced Macroeconomics I (15 credits)

This module is the core macroeconomic theory module in the MSc programmes in the School of Economics. The first part of the course deals with the microeconomic foundations of macroeconomics. The second part deals with short-term fluctuations in macroeconomic performance and how macroeconomic policy may be used to address these. The third part deals with a fundamental measure of long-term macroeconomic performance, economic growth.

Credits: 15 credits (7.5 ECTS credits).

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EC815 - Growth and Development Theory (15 credits)

Some of the greatest and most important books written in economics have been about the progress of nations. Some of the most distinguished economists in the world are development economists concerned with the economic progress of developing countries. Why are some countries rich and others poor? Why do some countries grow faster than others, and why have some countries got left behind? This graduate module, Growth and Development Theory, introduces you to theories of growth and development – both old and new – looking at the various influential models that have been propounded over the years from Adam Smith and other classical economists in the 18th and 19th centuries to new endogenous growth theory in the modern era. As well as aggregate models associated with the names of Smith, Ricardo, Marx, Harrod, Solow, and the ‘new’ growth theorists (Barro, Romer), there are also sectoral models emphasising the role of particular factors of production or sectors of the economy, such as Arthur Lewis’s famous model of economic development with unlimited supplies of labour, and Nicholas Kaldor’s stress on the role of manufacturing industry based on increasing returns. We also look at centre-periphery models of growth and development associated with Gunnar Myrdal and Raul Prebisch, and constraints on growth imposed by the balance of payments and inflation.

Credits: 15 credits (7.5 ECTS credits).

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EC816 - International Finance (15 credits)

This module is designed to introduce you to the main theoretical and empirical models of international financial relations. Exchange rates, capital flows, financial crises, current account and debt dynamics, and uncertainty are the most widely debated economic topics in the media and political arena. This module provides the economic foundations for a full understanding of these debates from a rigorous point of view. Working on the areas of financial economics and development (whether in private or public institutions) requires a solid knowledge of the topics studied in this module.

The module is organised in four blocks. Part 1 focuses basic concepts and core models of the open economy and exchange rate determination. Part 2 deals with modern models of the open economy by introducing time and uncertainty. Part 3 covers two important kinds of international crises: speculative attacks on fixed exchange rates, and the current global economic crisis. This also helps to understand the importance of choosing exchange rate regimes, and how this affects economic policy choices.

The module is focused on both the theory and empirical evidence. That is, we focus not only on the analytical side of the stories but also on their empirical relevance. This helps your understanding of the role of data analysis and econometric work on a research project such as the one you have to write for your dissertation.

Credits: 15 credits (7.5 ECTS credits).

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EC817 - Research Methods (15 credits)

The aim of this module is to introduce you to a range of research methods and sources available in modern economics, and enable you to gain an understanding of their application in the context of your own MSc dissertation topic. In more practical terms, this module deals with the practicalities of postgraduate level research: acquiring and reviewing basic analytical skills, choosing a dissertation topic, deriving interesting and well-focused research questions, addressing questions with data or theory, and interpreting and writing up results. It aims to ease the transition of students who merely learn about existing research to being researchers working on their MSc dissertations. The module is taught by various members of the School and as such will expose you to some topics we work on and the methodologies we use. It has two components. The first focuses on specific skills: mathematical skills, use of library resources, writing skills, and data collection and management. The second aims to prepare you for the dissertation stage by giving you some concrete help and feedback in choosing a research topic and planning your work.

Credits: 15 credits (7.5 ECTS credits).

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EC821 - Econometric Methods (15 credits)

This module aims to study basic single equation econometric techniques in an intuitive and practical way to develop your understanding and ability to apply econometric methods.

You will develop an understanding of the conventional linear regression model and the problems associated with the application of regression methods to economic modelling. The module is concerned with the application of econometric methods, with little emphasis on the mathematical aspects of the subject (which may be studied in other modules). The microcomputer software package STATA is used for practical work throughout this module, both as a means of providing realistic applications of the theory developed in lectures and to give you experience in the use of such software as a preparation for your own empirical research.

No previous knowledge of computing or econometrics is required.

Credits: 15 credits (7.5 ECTS credits).

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EC824 - Financial Economics and Asset Pricing (15 credits)

The module will develop your skills in asset pricing and understanding of its theoretical basis, while emphasising practical training in asset pricing.

The two main topics in the module are investors’ utility maximisation and arbitrage theory in derivative pricing. The module discusses the arbitrage theory in both discrete and continuous time, and also briefly discusses the applications of option theory to business and real life situations.

Although the module is mathematically challenging for most students, it aims to offer practical training. Indeed, the module puts stress on the intuitions and heuristics behind theorems and formulae, rather than their rigorous derivations and semantic definitions. Importantly, students are not only expected to understand theories but also expected to master how to use them.

Credits: 15 credits (7.5 ECTS credits).

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EC825 - Applied Microeconometrics (15 credits)

Empirical evaluation of economic models is crucial to the study and application of economics. This module builds upon the material covered in the Econometric Methods module EC821 which introduced you to linear regression models and the problems associated with economic modelling involving single equation econometric techniques. The emphasis is on applied econometrics and so the module aims to develop further your understanding of applied econometrics and to introduce techniques used in applied microeconomic analyses. Hence, the module is concerned with the application and properties of econometric methods, with less emphasis on the mathematical aspects of the subject. Our main focus is on the techniques appropriate for the analysis of cross-section and panel (cross-section/time series) data, which are now used widely in many areas of economics. An understanding of these techniques is essential to anyone attempting to evaluate, and/or undertake, applied microeconomic analysis. Collectively, these latter techniques are referred to as microeconometrics.

Credits: 15 credits (7.5 ECTS credits).

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EC831 - Rural and Peasant Economies (15 credits)

This module demonstrates the unique role that agriculture plays in economic development, poverty alleviation and the development of rural non-farm sectors, looking at the relationship between urban and rural economies based on the way in which these economies trade with each other and are influenced by public policy. It discusses the importance of the rural non-farm sector in the reduction of poverty and demonstrates the importance of market and infrastructural development in this process. It then goes on to look at theoretical approaches and empirical models that characterise peasant and rural household behaviour and analyses opportunities and constraints on development of rural economies and commercialisation of peasant households. Finally it assesses different government reform programmes and their impact on rural areas and small scale farming.


Rural and peasant economies: importance, definitions and analytical approaches

Development and rural development

Agriculture, poverty and rural development

Development of rural-urban terms of trade

Rural non-farm sectors and pro-poor growth

Economic objectives of rural inhabitants

Rural households: profit maximisation and risk preferences

Households as producers and consumers

Analysis of opportunities and constraints facing rural farm households

Land, technology and institutions

Credits: 15 credits (7.5 ECTS credits).

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EC832 - Political Economy of Public Policy (15 credits)

This module aims to provide an in introduction to the economics of public choice, the work of democratic institutions in the policy process and the overall policy process with reference to national and supra-national policies. In doing so it examines the behaviour of participants in policy design (governments, bureaucrats, interest groups and voters) in developed and developing countries, and the ways in which policy decisions are made in the area of agriculture, rural development and international trade negotiations, and provides an overview of the main types of political economy models.


Political economy and the origins of government

Collective choice: normative analysis

Collective choice: positive analysis

The government and special interest groups

The political economy of bureaucracy

Empirical political economy models

Policy process in Europe: political economy of CAP and regional policy; main institutions involved in the policy process; voting procedures

Policy process in other OECD countries: political economy of US agricultural policy and New Zealand policy reform

Political economy approach to agricultural policy and market distortions in developing countries

Credits: 15 credits (7.5 ECTS credits).

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EC834 - Environmental and Resource Economics and Policy (15 credits)

This module introduces you to environmental and resource economics as a field of study and research, through analysing the economic and institutional causes of environmental problems and the economics of natural resource use, and applying concepts and theories from environmental economics to the formulation and evaluation of environmental policy. It will equip you with the knowledge and skills to design and critically evaluate public policies towards the environment, and to understand the ways in which political decisions about the environment are made and why they often conflict with policy recommendations made by economists.

Lecture topics:

• Environmental economics as a discipline and rationale for studying natural resource economics

• Diagnosing environmental problems: a framework for the design and evaluation of environmental policies

• Environmental policy instruments: standards, taxes, subsidies and marketable permits

• Targeting and enforcement of environmental policy

• International issues in environmental policy

• Sustainability and optimal growth theory

• Optimal depletion of non-renewable resources

• Renewable resources 1: models of fisheries

• Renewable resources 2: models of forestry

• Land as resource, property rights and institutions

Credits: 15 credits (7.5 ECTS credits).

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EC820 - Time Series Econometrics (15 credits)

The module offers a research-oriented introduction to contemporary empirical macroeconomics by linking macroeconometric theory to empirical studies of the macroeconomy. The course looks at the models and methods used in central banks and research institutions for the policy analysis and forecasting. It integrates empirical illustrations through the use of computer based exercises with macroeconomic data using (for example) PcGive and PcGets, widely used statistical packages providing many of the statistical tools for the analysis of macroeconomic time series.

The specific topics dealt with are:

• Stochastic processes;

• Linear and nonlinear time series models;

• Trend and cycle decompositions;

• Macroeconomic forecasting;

• Dynamic econometric models;

• Vector autoregressions and Cointegration;

• Structural analysis.

Credits: 15 credits (7.5 ECTS credits).

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Teaching and Assessment

Assessment is through a wide variety of methods including seminar presentations, extended essays, short projects, in-class tests, examinations, and the dissertation.

Programme aims

This programme aims to:

  • provide a stimulating education in the principles of economics, and their application to international finance and economic development. This education is based upon high-quality teaching that motivates you to achieve your full potential. The teaching is informed by the research and scholarship of our teaching staff
  • develop your understanding of the theoretical and applied issues involved in international finance and economic development
  • build on your existing knowledge, abilities and skills and develop a deeper understanding of economic theory, econometric and quantitative techniques and policy applications to specific areas
  • develop your ability to apply economic and econometric knowledge, analytical tools and skills in a range of theoretical, applied and policy problems in the areas of international finance, economic development and economics in general
  • develop your independent research skills and prepare you for work as professional economist in the area of international finance and economic development
  • provide you with information and advice on future employment and further postgraduate study.

Learning outcomes

Knowledge and understanding

You gain knowledge and understanding of:

  • the economic analysis of international finance and economic development
  • the concepts, principles, theories, models and methods of modern advanced microeconomics, macroeconomics, econometrics and quantitative methods, international finance and economic development
  • an introduction to the econometric, mathematical, statistical and computing methods used in economics
  • sources of economic data and the methods used to analyse such data, and the ability to make use of sources and methods
  • model-building in microeconomics and macroeconomics and the critical analysis of such models
  • the application of core economic theory and reasoning to applied topics
  • research methods and management
  • a specialist International Finance/Economic Development-supervised dissertation topic and a quantitative methods project
  • economic analysis of policy
  • chosen specialist areas in economics, selected from a range of options
  • critical evaluation of major debates and articles in advanced economic, international finance and economic development literature.

Intellectual skills

You develop intellectual skills in:

  • the ability to abstract the essential features of a complex system
  • the ability to think about what are the important variables and fixed parameters in analysing a problem
  • the ability to analyse complex issues using deductive and inductive reasoning
  • the ability to organise and use information to analyse complex issues and construct and test different hypotheses
  • the ability to review literature critically and appreciate alternative explanations and analyses of a problem
  • the ability to manage supervised dissertation and quantitative projects.

Subject-specific skills

You gain subject-specific skills in:

  • knowledge of international finance and economic development
  • the ability to apply economic principles and analysis to issues in international finance and economic development
  • analytical skills in economics
  • the ability to develop and understand models of economic behaviour
  • the ability to apply economic principles and analysis to a range of issues, problems and policies
  • the ability to abstract the essential features of an economic issue, problem or system
  • knowledge of the principal sources of economic data and information, and the ability to use and present this information, in particular with reference to international finance and economic development
  • the ability to carry out economic/econometric analysis of economic data
  • the ability to synthesise and compare critically different economic analyses of an economic issue
  • the ability to research the literature on economic, international finance and economic development issues
  • research management skills
  • the ability to apply economic and econometric skills to investigate a supervised dissertation on internal finance/economic development and quantitative methods projects.

Transferable skills

You gain the following transferable skills:

  • the effective communication of analysis and ideas, both orally and in written form
  • the ability to assemble, analyse, use and present data
  • an understanding of, and the ability to use, economic, econometric, mathematical and quantitative methods to analyse topics and problems
  • the development of information technology skills through the use of statistical and econometric packages, bibliographic searches and wordprocessing coursework
  • independence in initiating and executing work
  • the ability to analyse and solve problems
  • the ability to think critically about proposed analyses and solutions to a problem or issue
  • the ability to define and test hypotheses
  • responsibility for managing your own learning and academic performance
  • research management skills acquired through supervised dissertation and quantitative methods projects
  • an understanding of your career opportunities and the challenges ahead as you begin to plan your career path.


Kent has an excellent record for postgraduate employment: over 96% of our postgraduate students who graduated in 2015 found a job or further study opportunity within six months.

A postgraduate degree in the area of economics is a particularly valuable and flexible qualification that can open the door to exciting careers in many professions. Our graduates have gone on to work as economists in international organisations, the financial sector, business, UK and overseas governments, and to further postgraduate training and academic careers at Kent, UK and overseas universities. Recent MSc graduates have gone on to work for companies in the UK such as BNP Paribas, AXA, FactSet and PwC.

The School's employability officers and the University's Careers and Employability Service are available throughout the year to offer one-to-one advice and help on all aspects of employability at any stage in your postgraduate studies. We also offer online advice on employability skills, career choices, applications and interview skills.

Study support

Postgraduate resources

The School of Economics provides a room specifically for use by MSc students, with computer facilities and open space for discussion and group work.

All MSc students are assigned an academic adviser to be their point of reference for advice, support and guidance during their studies. They are also allocated a supervisor for the MSc dissertation, who can advise on data and provide comments on methodologies and the written material.

The School has an active and inclusive research culture involving all postgraduate students, with a regular seminar programme during the year mixing internal workshops with events to which we invite outside speakers. There is also a student Economics Society, which invites its own speakers for discussion of economics topics, and Kent Invest Society which manages a virtual portfolio.

An international school

Our postgraduate student community is global with about half the students originating from outside the UK and Europe, including Africa, China, India, the Middle East, Pakistan, Russia and the USA. We have strong links with universities in Australia, Bulgaria, China, France, Germany, Japan and the USA, among others. Economics staff teach on the postgraduate courses provided by the University of Kent at Brussels. You will be able to integrate into this multicultural environment and build the foundations for an international professional network.

Dynamic publishing culture

Staff publish regularly and widely in journals, conference proceedings and books. Recent contributions include: Journal of Economics; Journal of Applied Economics; Journal of Public Economic Theory; Journal of Agricultural Economics; Journal of International Money and Finance.

Global Skills Award

All students registered for a taught Master's programme are eligible to apply for a place on our Global Skills Award Programme. The programme is designed to broaden your understanding of global issues and current affairs as well as to develop personal skills which will enhance your employability.  

Entry requirements

A good first degree (good second class honours or equivalent) in Economics or a combined degree in Economics and another subject.

General entry requirements

Please also see our general entry requirements.

English language entry requirements

For detailed information see our English language requirements web pages. 

Please note that if you are required to meet an English language condition, we offer a number of pre-sessional courses in English for Academic Purposes through Kent International Pathways.

Research areas

Labour and education economics

Staff research includes work in the areas of wage distributions, skills and job quality, education, migration and trade.

Macroeconomics, money and finance

Staff research in this area includes: macroeconometric theory; monetary policy; financial markets and macroeconomic performance growth theory and international macroeconomics; theoretical models of business cycles, labour market search and financial sources of economic fluctuations; DSGE models; growth theory and empirics.

Microeconomic theory, games and behaviour

Research interests cover public economics especially tax policy; gambling and uncertainty; international trade and government procurement; health economics; public goods; leadership in co-ordination games; industrial organisation; theoretic modelling; economic history.

Development economics

Research interests include work on growth; trade; the balance of payments; different aspects of migration and remittances on growth; applied studies focusing on particular developing countries.

Agri-environmental economics

Research interests cover non-market valuation, food safety, information economics applied to environmental problems, design and evaluation of agri-environmental policies, biodiversity, agricultural productivity, European agricultural policy, agricultural trade policy.

Transport and regional economics

Research strengths are the regional impact of transport investments; the economic evaluation of infrastructure; regulation and alternative funding models; the economics of public-private partnerships.

Staff research interests

Full details of staff research interests can be found on the School's website.

Dr Alastair Bailey: Reader in Agricultural Economics

Primary production systems; evaluation of agricultural, trade and environmental policies.


Dr Sylvain Barde: Lecturer in Economics

Economic geography; information-theoretical modelling.


Professor Alan Carruth: Professor of Economics

Applied econometrics; macroeconomics; labour economics.


Dr Edward Cartwright: Senior Lecturer in Economics

Game theory; behavioural economics; public economics.


Professor Jagjit Chadha: Professor of Economics

Quantitative business cycle theory; financial economics. 


Dr William Collier: Lecturer in Economics

Labour economics; applied microeconometrics.


Professor Sophia Davidova: Professor of European Agricultural Policy

Microeconomic analysis of the impact of agricultural reforms.


Professor Iain Fraser: Professor of Agri-Environmental Economics

Environmental economics; agricultural economics; resource economics.


Professor Robert Fraser: Professor of Agricultural Economics

Design and evaluation of agri-environmental policies; invasive species policies including policies affecting world trade.


Dr Maria Garcia-Alonso: Senior Lecturer in Economics

Industrial organisation; international trade; the effect of public procurement policies on market structure.


Dr Amanda Gosling: Senior Lecturer in Economics

Labour economics; applied econometrics.


Dr Stefano Grassi: Lecturer

Time series econometrics, state space models, Bayesian analysis and computational econometrics.


Dr Adelina Gschwandtner: Lecturer in Economics

Applied economics; empirical industrial organisation.


Professor Chris Heady: Professor of Economics

Tax policy; economics of the public sector; development economics; environmental economics.


Dr Wei Jiang: Lecturer in Economics

Fiscal and monetary policy; business cycles.


Dr Alex Klein: Lecturer in Economics

Economic history; economic geography; agglomeration economics; long-run economic growth.


Professor Hans-Martin Krolzig: Professor of Economics

Macroeconometrics; econometric model selection; regime-switching models; business cycle analysis; forecasting and macroeconomic modelling.


Professor Miguel Leon-Ledesma: Professor of Economics

Growth economics; international macroeconomics and applied macroeconometrics. 


Dr Keisuke Otsu: Lecturer in Economics

Quantitative dynamic macroeconomics; openeconomy macroeconomic theory.


Dr John Peirson: Reader in Economics

Economics of uncertainty; transport; gambling markets.


Dr Matloob Piracha: Senior Lecturer in Economics

International trade and migration.


Dr Mathan Satchi: Lecturer in Economics

Macroeconomics and theory.


Dr Katsuyuki Shibayama: Lecturer in Economics

Inventories in business cycles; general properties of dynamic stochastic general equilibrium models.


Dr Anna Stepanova: Lecturer in Economics

Industrial organisation; game theory.


Dr Guy Tchuente Nguembu: Lecturer in Economics

Econometrics (theory and applications); labour economics; empirical industrial organisation.


Professor Tony Thirlwall: Professor of Applied Economics

Development economics and macroeconomic policy. 


Professor Roger Vickerman: Professor of European Economics

Economics of infrastructure; infrastructure and regional development; labour mobility and migration in the EU. 


Dr Zaki Wahhaj: Lecturer in Economics

Economic development and applied theory; social norms and household decision making in developing countries.


Enquire or order a prospectus



Admissions enquiries

T: +44 (0)1227 827272


Subject enquiries

School of Economics

T: +44 (0)1227 827440
E: econpg@kent.ac.uk

School website


The 2017/18 annual tuition fees for this programme are:

International Finance and Economic Development - MSc at Canterbury:
UK/EU Overseas
Full-time £6500 £14670
Part-time £3250 £7340

For students continuing on this programme fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.* If you are uncertain about your fee status please contact information@kent.ac.uk

The University of Kent makes every effort to ensure that the information contained in its publicity materials is fair and accurate and to provide educational services as described. However, the courses, services and other matters may be subject to change. Full details of our terms and conditions can be found at: www.kent.ac.uk/termsandconditions.

*Where fees are regulated (such as by the Department of Business Innovation and Skills or Research Council UK) they will be increased up to the allowable level.

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