Accounting and Finance and Economics

Accounting and Finance and Economics - BA (Hons)

UCAS code LN14

2018

Studying accounting and finance together with economics helps you to develop the skills demanded by the modern accountancy profession while examining wider issues such as economic growth, sustainable development and international trade. 

2018

Overview

Accounting and Finance

Accountants are probably best known for checking the validity of company accounts – auditing – but they also devise and operate financial systems, conduct investment analysis, advise on business start-ups, company takeovers and company rescue schemes, and handle individuals' and corporations' tax affairs.

This programme has been developed to respond to the needs and expectations of the modern accountancy profession. You will be supported to develop the confidence and skills you need to follow the path that most interests you.

Economics

Economics examines some of the profound issues in our life and times, including: economic growth and sustainable development, emerging market economies, financial and monetary crises, environmental and natural resource problems, international trade and aid to poor countries.


Independent rankings

In the National Student Survey 2016, 86% of our Accounting students were satisfied with the overall quality of their course and 92% of Economics students were satisfied with theirs.

Economics at Kent was ranked 8th in The Guardian University Guide 2017.

Accounting and Finance at Kent was ranked 16th for graduate prospects in The Complete University Guide 2017 and 18th in The Times Good University Guide 2017.

For graduate prospects, Economics at Kent was ranked 2nd in The Guardian University Guide 2017.

Of Accounting students who graduated from Kent in 2015, 94% were in work or further study within six months (Destinations of Leavers from Higher Education survey). The same survey found that 92% of Economics students who graduated from Kent in the same year were in work or further study within six months.

Teaching Excellence Framework

Based on the evidence available, the TEF Panel judged that the University of Kent delivers consistently outstanding teaching, learning and outcomes for its students. It is of the highest quality found in the UK.

Please see the University of Kent's Statement of Findings for more information.

TEF Gold logo

Course structure

The following modules are indicative of those offered on this programme. This listing is based on the current curriculum and may change year to year in response to new curriculum developments and innovation.  

On most programmes, you study a combination of compulsory and optional modules. You may also be able to take ‘wild’ modules from other programmes so you can customise your programme and explore other subjects that interest you.

Stage 1

Modules may include Credits

An indicative set of topics to be covered within the module are outlined below.

• Basic Spreadsheet Functionalities: Introduction to common spreadsheet features: workbooks, worksheets, menus, cells, rows, columns, data types, relative and absolute cell addressing, copying, basic formulae, naming cells, formatting, charts and graphs, printing.

• Data Management Facilities: sorting, filtering, data forms, pivot tables.

• What-If Analysis: scenario manager, goal seek, data tables.

• Basic Financial Analysis: Introduction to basic financial analysis and how to carry this out using spreadsheets: compound interest, discounting, NPV, IRR, loans and mortgages.

• Advanced Spreadsheet Functionalities: automating tasks and solving simple optimisation business problems.

• The Art of Modelling: effective methods for designing, building and testing business models.

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A synopsis of the curriculum

• Role and evolution of accounting; single entry accounting

• double entry bookkeeping

• financial reporting conventions

• recording transactions and adjusting entries

• principal financial statements

• institutional requirements

• auditing; monetary items

• purchases and sales

• bad and doubtful debts

• inventory valuation

• non-current assets and depreciation methods

• liabilities

• sole traders and clubs; partnerships; companies

• capital structures

• cash flow statements

• interpretation of accounts through ratio analysis

• problems of, and alternatives to, historical cost accounting

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30

Economics is about how people make choices about what and how to produce and consume. It looks at the differences in economic outcomes between firms, people and countries and how they can be related to the effects of choices they and others have made. It builds on the very simple and plausible assumption that people make decisions in their own interests and subject to constraints. Studying economics entails both gaining an understanding of the economies in which we all live, and developing skills to think logically about economic situations. The emphasis in this module is on how economics can help us to understand the society we live in.

The module aims to provide a thorough understanding of economics at an introductory level and provides the basis for all subsequent study you may undertake in economics. It is designed to teach you how to think as an economist and how to construct and use economic models. It also shows you how be critical of economic models and how empirical evidence can be used in economic analysis.

The first term covers the principles of microeconomics and shows how they can be applied to real-life situations and economic policy. The second term develops a framework for understanding macroeconomic events and macroeconomic policy. Throughout the module and in the seminars in particular, we demonstrate the usefulness of economics as an analytical tool for thinking about real world problems.

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The main aim of this module is to provide you with a basic understanding of statistics suitable for the Stages 2 and 3 degree programmes in Economics, although it is also suitable for students taking other Social Science degrees. This module is a prerequisite for Stages 2 and 3 Economics modules and is a core input to the second year quantitative modules, EC580 and EC581. So as well as learning basic statistics, the module provides you with the opportunity to apply statistical concepts to economic and business data using calculators and computer software. Work with Excel is an independent study element of the module, and using calculators to undertake basic descriptive statistics is an important focus of the practical problem solving.

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15

This Stage 1 module is designed for students who have an A -Level in mathematics, AS mathematics or equivalent qualification. A first-year mathematics module (either Mode A or B) is a compulsory part of all economics degree programmes and these modules take place in the Autumn term with a statistics module following on in the Spring term. If you are unsure whether your mathematical background is equivalent to an A level pass, please consult the module convenors.

The aim of the module is to provide you with a good understanding of the mathematics necessary for your Stages 1, 2 and 3 Economics modules.The teaching of each topic starts from first principles, but the speed of the module assumes that you have studied mathematics before (but not economics). By the end of the module, you will have covered the important uses of mathematics in economics (and business) and be able to use many mathematical techniques commonly used to analyse economic problems. In the long term, the analytical and quantitative skills you acquire from this module are relevant to many different occupations.

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15

The main aim of this module is to provide you with a basic understanding of mathematics suitable for the Stages 2 and 3 degree programmes in Economics, Business, and Accounting. The mathematics material is developed in a clear, contextual framework, and is linked to a Stage 1 module in Economics. You develop your understanding with suitable problem sets combining mathematical concepts and economic methods.

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You have the opportunity to select wild modules in this stage

Stage 2

Modules may include Credits

This module is concerned with the principles which underlie the investment and financing decision making process. Before a rational decision can be made objectives need to be considered and models need to be built. Short-term decisions are dealt with first, together with relevant costs. One such cost is the time value of money. This leads to long term investment decisions which are examined using the economic theory of choice, first assuming perfect capital markets and certainty. These assumptions are then relaxed so that such problems as incorporating capital rationing and risk into the investment decision are fully considered. The module proceeds by looking at the financing decision. The financial system within which business organisations operate is examined, followed by the specific sources and costs of long and short-term capital, including the management of fixed and working capital

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The module will aim to cover the following topics:

• the conceptual framework of financial reporting

• the financial reporting environment

• the regulation of financial reporting

• group accounting

• the International Accounting Standards Board

• content and application of International Accounting Standards as appropriate

• accounting standards

• accounting for transactions in financial statements

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30

This is the core microeconomics module taken by all students following Economics degrees. It builds on the material covered in the Stage 1 Economics modules. The titles of many of the topics covered will be familiar, but the topics are dealt with in greater depth and with more theoretical rigour than in first year.

Microeconomics is concerned with the behaviour of individual economic agents such as consumers, firms and governments. As such, it provides the foundations for understanding all types of economics, including macroeconomics. An understanding of microeconomics ranges from essential to helpful for all other Economics modules you take.

The module is carefully designed to tell you what topics will be covered in lectures, give (alternative and/or complementary) readings, and provide a set of different types of questions and problems for seminars to test and extend your understanding of the material as well as to improve your key skills such as communication, problem solving, team work, and learning how to study efficiently.

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30

Macroeconomics today is a different subject than it was just a few decades ago. Old controversies have been resolved and new ones have arisen. This module builds on the first year teaching of macroeconomics to provide an intermediate course, which takes full account of the policy issues and controversies in the world macroeconomy.

Autumn Term begins by looking at the basic methodology of macroeconomic models. We then examine, in greater detail than at Stage 1, how the macroeconomic theories of aggregate demand and aggregate supply are derived. This involves studying the markets on which these theories are based. It is important to be aware that there are many theories of aggregate demand and supply. In the autumn term we use the IS-LM model, with which you should be familiar from Stage 1, to derive a theory of aggregate demand in both open and closed economies. We also examine the labour market to derive a theory of aggregate supply and study the relationship between inflation and unemployment.

Spring term starts with studying the long-run, that is, what determines the standard of living of countries in the long term, as opposed to short-run economic fluctuations. We then study microeconomic fundamentals of macroeconomics to understand in-depth the determinants of consumption, investment, and labour supply decisions. We then use these and the ideas developed in the autumn term to extensively examine macroeconomic demand management policies (fiscal and monetary) and their shortcomings. We finally study the role of the financial system in the macroeconomy and the causes behind some financial crises with special focus on the 2008/09 global financial crisis.

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Stage 3

Modules may include Credits

The work of accountants permeates all aspects of management and accountants provide information that is relevant for both managers and external stakeholders in the context of planning and controlling an organisation. This module will introduce and develop the principles and techniques used to provide appropriate financial information for managers to enable them to make better informed decisions. Topics may include:

• An introduction to management accounting

• The role of management accountants in an organisation

• Cost terms and purposes

• Cost determination

• Cost-Volume-Profit (CVP) analysis

• Measuring relevant costs & revenues for decision making

• Job order costing

• Cost allocation

• Activity based costing

• Joint and by-product costing

• Pricing, target costing and customer profitability analysis

• Motivation, budgets and responsibility accounting

• Flexible budgets, variances and management control

• Value based management and strategic management

• Performance management and management control

• Environment cost accounting: Sustainability

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30

This module is designed to build upon financial accounting topics taught in previous modules and assess them at a more advanced level. It will also introduce topics, not previous taught.

The following is an indicative list of topics to be covered:

• Accounting for complex transactions in financial statements

• Analysing and interpreting financial statements

• Valuation and forecasting

• Preparation of financial statements including those for complex groups

• Content and application of International Accounting Standards, as appropriate.

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30

This module begins with a focus on the financial system of the UK, including the major players in the markets and key interrelations. It then proceeds to cover key topics, including: advanced portfolio theory, the capital asset pricing model, arbitrage pricing theory, the implications and empirical evidence relating to the efficient market hypothesis, capital structure and the cost of capital in a taxation environment, interaction of investment and financing decisions, decomposition of risk, options and pricing, risk management, dividends and dividend valuation models, mergers and failures and evaluating financial strategies.

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30

This module will cover the following topics:

• The historical development of auditing

• The nature, importance, objectives and underlying theory of auditing

• The philosophy, concepts and basic postulates of auditing

• The regulatory and socio-economic environment within which auditing process takes place

• Auditing implications of agency theories of the firm

• Auditing implications of the efficient markets hypothesis

• The statutory and contractual bases of auditing, including auditing regulation and auditors' legal duties and liabilities

• Truth and fairness in financial reporting

• Materiality and audit judgement

• Audit independence

• The nature and causes of the audit expectation gap

• Auditors' professional ethics and standards

• Audit quality control, planning, programming, performance, supervision and review

• The nature and types of audit evidence

• Principles of internal control

• Systems based auditing and the nature and relationship of compliance and substantive testing

• The audit risk model and statistical sampling

• Audit procedures for major classes of assets, liabilities, income and expenditure

• Audit reporting.

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A synopsis of the curriculum

The module will aim to cover the following topics:

• The UK tax system including the overall function and purpose of taxation in a modern economy, different types of taxes, principal sources of revenue law and practice, tax avoidance and tax evasion.

• Income tax liabilities including the scope of income tax, income from employment and self-employment, property and investment income, the computation of taxable income and income tax liability, the use of exemptions and reliefs in deferring and minimising income tax liabilities.

• Corporation tax liabilities including the scope of corporation tax, profits chargeable to corporation tax, the computation of corporation tax liability, the use of exemptions and reliefs in deferring and minimising corporation tax liabilities.

• Chargeable gains including the scope of taxation of capital gains, the basic principles of computing gains and losses, gains and losses on the disposal of movable and immovable property, gains and losses on the disposal of shares and securities, the computation of capital gains tax payable by individuals, the use of exemptions and reliefs in deferring and minimising tax liabilities arising on the disposal of capital assets.

• National insurance contributions including the scope of national insurance, class 1 and 1A contributions for employed persons, class 2 and 4 contributions for self-employed persons.

• Value added tax including the scope of VAT, registration requirements, computation of VAT liabilities.

• Inheritance tax and the use of exemptions and reliefs in deferring and minimising inheritance tax liabilities. Introduction to international tax strategy, implementation, compliance and defence. An understanding of principles of normative ethics in business and in taxation from local and global perspectives.

• The obligations of taxpayers and/or their agents including the systems for self-assessment and the making of returns, the time limits for the submission of information, claims and payment of tax, the procedures relating to enquiries, appeals and disputes, penalties for non-compliance.

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30

This module will cover the following topics:

- Features of debt instruments and risks associated with investing in these instruments

- Debt and money markets (participants, operations, trading activities)

- Fixed-income instruments (Government bonds, corporate bonds, credit ratings, high-yield bonds, international bonds, mortgage-backed securities, etc.)

- Money market instruments (Treasury bills, commercial paper, repurchase agreements, bills of exchange, etc.)

- Fixed-income valuation (traditional approach, arbitrage-free approach, yield measures, volatility measures)

- Term-structure of interest rates and classic theories of term structure, derivation of zero-coupon yield curve

- General principles of credit analysis (credit scoring, credit risk modelling, etc.)

- Fixed-income portfolio construction and management strategies (portfolio's risk profile, managing funds against a bond market index).

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This module will examine how Excel can be used for financial data analysis.

A brief revision of each financial concept will be presented. The syllabus will typically cover:

Introduction to Excel:

• Basic functions, mathematical expressions

Data Analysis with Excel:

• Data analysis, charts, solver, goal seek, pitot tables and pivot charts

Financial Valuation:

• Applications of time value of money

• Applications of capital budgeting techniques in Excel (IRR, NPV, Scenario Analysis, Monte Carlo simulation)

• Company Valuation Models

Portfolio Analysis and Security Pricing:

• Portfolio models, calculations of efficient portfolios, variance-covariance matrix

• Beta coefficient estimations and security market line

• Bond Valuations

• Binomial option pricing, Black-Scholes model.

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15

This module is concerned with International Investment Banks’ products and strategies that involve the description and analyses of the characteristics of more commonly used financial derivative instruments such as forward and future contracts, swaps, and options involving commodities, interest, and equities markets. Modern financial techniques are used to value financial derivatives. The main emphasis of the module is on how International Investment Banks value, replicate, and arbitrage the financial instruments and how they encourage their clients to use derivative products to implement risk management strategies in the context of corporate applications.

In particular, students will first cover the topics related to forward, futures and swap contracts. They will then be introduced to options and various strategies thereof. Valuing options using Black-Scholes model and binomial trees is also an important part of the module. The important finance concepts of no-arbitrage and risk-neutral valuation and their implications for pricing financial derivatives are also covered in the module. This will help students to learn the techniques used in valuing financial derivatives and hedging risk exposure.

Successful completion of the module will provide a solid base for the student wishing to pursue a career in International Investment Banking and Treasury Management. The students will have the knowledge of essential techniques of risk management and financial derivative trading.

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30

This module applies economic theory and statistical methods to the understanding and critical assessment of economic policy. It is designed for students who have completed Stage 1 Economics. The module focuses on the policy application of economic concepts and provides an introduction to material that may be studied in greater depth at Stage 3. A key aspect of this module is the relationship to contemporary policy issues.

The module introduces you to a variety of microeconomic policy issues. Alongside formal lectures, it also consists of workshops and seminars that are designed to develop your academic research skills and the ability to communicate ideas verbally and in writing. This focus provides opportunities for you to develop a range of highly transferable skills and to develop as autonomous learners. These skills lay the foundations to the independent learning skills you require for modules taught at Stage 3.

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15

The module asks what determines the set of equilibrium prices required to provide an appropriate level of savings in an economy to finance the expected level of expected activity. It tries to link models of money, banking and finance into one generic, or foundation, view. Specifically, we shall move towards an understanding of how financial and economic innovation have moved hand in glove over many centuries and how it seems to be that when finance fails, so does the modern market economy. Some of the questions we consider are:

• How can we analyse the appearance of money in an economy?

• What is the link between money and finance?

• What explains bank runs?

• Can we explain the occurrence of financial crises?

This second-year optional module emphasises both analytical techniques and historical experience. The economic analysis of money and banking is the starting point for understanding financial markets.

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This module teaches you the skills of economic reasoning and argument by exposing you to critical debate within the discipline. It is designed for students who have completed Stage 1 Economics.

The module draws on current and past controversies to give you a critical insight into theoretical and empirical differences of opinion and approach to economics in the real world. The curriculum provides an insight into the academic and professional development of the discipline, and provides opportunities to develop a range of highly transferable skills and lay the foundations to many of the skills required for modules taught at Stage 3.

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Average income in the richest country in the world is more than 100 times greater than average income in the poorest country. The existence of such stark differences in living standards is one of the most striking features of the world we live in.

How did this come to be?

What are the proximate and fundamental causes of such differences?

What, if anything, can be done about it?

These are some of the most important questions for human society, and they form the basis for the field of Development Economics. More specifically, Development Economics is a sub-field of economics that tries to understand the unique problems of poor countries in order to answer the questions posed above. This course will serve as an introduction to this fascinating and challenging subject. In the course we will use economic analysis to better understand the structure of poor economies and the difficulties faced by individuals and policy makers within them. The course will primarily focus on studying problems at a more aggregate level, so it integrates particularly well with EC 570 (Microeconomics of Development – taught in the Spring term), which focuses on understanding the behaviour of individual agents in developing countries. The course assumes that students possess a strong background in basic macroeconomic and microeconomic theory as well as basic calculus and statistics.

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This dissertation is a 30-credit module based on self-directed study, which allows you to develop a complete piece of work within the general field of economics, from the initial idea through to a final written report. It is unique amongst the modules you are taking towards your degree in Economics, both in the ways that you learn and in the ways that you are assessed. Your learning will be largely independent, but is supported by structured supervision from your dissertations supervisor and weekly computing sessions to help in accessing, coding analysing and interpreting your data.

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30

This is a 15-credit module in applied econometrics using Stata (the most popular general-purpose statistical software package used by empirical economists), for students who have followed Stage 1 modules in mathematics and statistics and who have taken the Stage 2 module in econometrics (EC580 and EC581) or equivalent. What distinguishes this module is the adoption of the modern learning-by-doing approach to teaching econometrics, which emphasises the application of econometrics to real world problems. The focus is on understanding the theoretical aspects that are critical in applied work and the ability to correctly interpret empirical results.

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15

Empirical research in macroeconomics as well as in financial economics is largely based on time series, ie chronological sequences of observations, showing the development of quantities, goods and asset prices, and interest rates. The module offers an introduction to contemporary time-series econometrics, linking the theory to empirical studies of the macroeconomy. Topics include: stationary and non-stationary stochastic processes; linear autoregressive and moving average models; linear difference equations; autoregressive distributed lag models; cointegration and equilibrium correction; vector autoregressive models. These topics are illustrated with a range of theoretical and applied exercises, which are discussed in seminars and computer classes.

The module introduces you to the research methods used by macroeconomists in academia, government departments, think tanks and financial institutions. It also helps you to prepare for the quantitative requirements of a masters programme in economics.

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15

The European Union features strongly in all discussions of economic policy and political decision making, in particular in view of Brexit. The UK referendum has exemplified the strongly polarised and politicised opinions on the EU, its policies and regulations. Frequently economists are unable to provide a consistent analytical framework for the analysis of the various issues posed, but at the same time the demand for economists trained on the issues related to the EU – e.g. customs Union and Single Market - is growing. In this module we shall explore the meaning and analysis of regional economic integration in the context of the EU. This will provide a general introduction to the economic rationale for the existence of the EU, the working of some of its main policy areas, and a critique and assessment of the developments to date. Since this module involves issues of importance concerning the debate about Brexit and its consequences for the UK and the EU, we will cover studies about the potential consequences of various post-Brexit policies and will discuss options for post-Brexit trade and migration.

At the end of this module you will be expected to have knowledge of the basic theories underlying customs union and economic and monetary union, and of the rationale for, and strengths and weaknesses of, policy intervention at EU level.

This is a module in Applied Economics and the emphasis throughout is on the development of appropriate economic theories and their application in the specific context of the regional integration in Europe. It is not concerned with the detailed discussion of the Treaties or the implementation of policy measures. Decision-making in the EU is introduced in order to understand the question of the exercise of economic power and one of the main arguments used by the Leave campaign in the UK. The nature of the economic integration is such that this module involves a broad coverage of both microeconomics and macroeconomics, often involving applied issues and applied analysis going beyond that covered in the main theory courses.

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This is a one unit module offered by the School of Economics in the Autumn Term to final year students who have completed at least Stage II level or equivalent modules in macroeconomics and microeconomics.

The market for labour is the crucial mechanism that determines the distribution of income, work and opportunities. Macro factors such as globalisation, (im)migration, technological change and government policy will affect and be affected by the structure of labour markets. Rather than trying to cover the entirety of this very broad subject, the aim of this course is to focus on a few areas of topical interest and importance. We will examine the issues like the following:

1. The relationship between unemployment and wages

2. The impact of immigration on the resources of the lower skilled

3. The differences in pay and opportunities between men and women

4. Government policy towards skills and education

5. Executive pay

Throughout we attempt to integrate theoretical issues, empirical evidence and questions of policy, drawing on research covering a range of OECD countries.

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The growing use of game theory by economists suggests that a professional economic education is incomplete without a firm understanding of this new tool. The module aims to introduce you to a topical and important research area of microeconomic analysis, to develop your skills in setting up and solving games that arise in business and economics, and to enable you to apply game theory to different areas of economics and business.

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Industrial Economics studies why and how firms and industries behave and interact with each other. This is probably one of the most important and interesting areas in economics. Understanding firms' behaviour is relevant not only to the firms but also to the governments that design industrial policies in order to favour consumers without decreasing firms' efficiency.

During the module, we deal with issues that are present in everyday news: anti-competitive practices, the effect of market power on consumer welfare and the incentives for product innovation, and private and public effects of mergers. You have the opportunity to discuss and understand many of these topics in a deeper and more economically informed way.

This module has been designed for students who have already taken intermediate microeconomics. You are encouraged to apply economic analysis and techniques to understand the behaviour of firms and industries.

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15

When we open a newspaper or an economics and business magazine, we often read topics related to monetary and financial relations between countries. A good deal of political debate is also focused on the various aspects that constitute international finance. However, these debates do not allow us to understand their theoretical underpinnings. This is what we are going to study in this module from a rigorous perspective. The first part of the module deals with some basic concepts of international macro such as the balance of payments and exchange rates, and arbitrage conditions. We then go on to analyse the impact of opening up the economy on the alternative macroeconomic policies available. In that part we also analyse the main factors that determine the exchange rates between currencies, and the power of the different models proposed. The third part of the module deals with ‘hot topics’ in international finance. We discuss the benefits and drawbacks of fixed and floating exchange rates, the concept of a speculative attack, how to understand current account imbalances from an inter-temporal perspective, and how world macroeconomic imbalances drove the 2008/09 international financial crisis and recent sovereign debt crisis in Europe.

The module has both a theoretical and an applied emphasis in order to insert the available theories into the real problems of the world economy. It does not analyse the detailed workings of international financial markets or questions related to firm financial management in international capital markets but students interested in these aspects can acquire basic foundations that are fundamental in understanding the context in which firms and governments work.

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15

The study of international trade has always been an especially lively and controversial area in economics. Yet there was never a time when the study of international trade was as important as today. The economies of different countries are more dependent on each other than they have ever been before, meaning that, among other things, regional crises can spread throughout the world. Keeping up to date with this changing international environment and being able to understand the dynamics behind it is of key importance to firms and governments.

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15

This final year optional module covers a variety of monetary issues from both a theoretical and a policy perspective. The module starts with an introduction to the role of money in the economy, and theories of money supply and demand. A discussion of the Aggregate Supply and Demand model gives a basic foundation for analysing how monetary policy affects the economy, and a first theoretical perspective on the neutrality of money – that is, whether monetary policy has real effects on the macroeconomy, in either the short or long run. The remainder of the module discusses current issues in monetary policy – the goals of monetary policy and how these are expressed in modern simple models of monetary policy, central bank independence and inflation targeting.

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15

To understand and be able to evaluate the role played by government in the economy it is important to understand key elements of microeconomic analysis and then be able to apply this understanding to the practical evaluation of policy issues. Economic theory is typically a positive science with right and wrong answers but evaluating policy issues is a much more normative science where there are often no correct answers (just opinions). The module reflects these two sides of studying public economics.

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15

This module provides an overview of the main instruments in financial markets, the motivation for trade in these assets and the pricing of these assets. Specifically, we show how the economics of uncertainty motivates trade in a wide range of financial assets. This helps us determine how the risk and maturity of different assets affects the demand for those assets.

First, the module introduces the key principles of asset pricing: discounting, diversification, arbitrage and hedging. Second, the module introduces and motivates the use of debt, equity and derivative instruments in financial markets. Third, the module applies the key principles of asset pricing to help understand the behaviour of prices across these asset classes. While different classes of assets expose their holders to different types of risks, the key principles of asset pricing are common to all asset classes. This concept is formalised by the Fundamental Theorem of Asset Pricing.

While focusing on financial applications, the module does speak more widely to methodological challenges encountered when testing economic theories against data. These challenges are particularly relevant in financial economics. While the literature has developed a range of innovative techniques to more effectively test competing theories against the data, the answers to a number of key questions remain contested.

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15

The module develops your skills in asset pricing and your understanding of the theoretical basis of the theory behind it. The module stresses practical training in asset pricing.

There are three key topics; (i) investors' optimisation, (ii) discrete time models and (iii) option Greeks and option strategies. For (i), the module first introduces the basic financial economics, and, based on it, we establish the basis of the risk-neutral probability. For (ii), the module discusses how to construct the tree model based on the historical price data, and shows that the model can be used to find the fair prices of a wide range of financial derivatives. For (iii), the module investigates the Black-Scholes-Merton (BSM) formula, and then how to use it to find the optimal hedge ratio for delta hedging. In this respect, the module also discusses how to use the return correlations to find the optimal hedge ratio.

Although the module requires some mathematical techniques, its main aim is to offer training to obtain some practical skills. Hence, the module puts stress on the intuitions and heuristics behind theorems and formulae, rather than their rigorous derivations and semantic definitions. In addition, you are expected not only to understand theories but are also to master how to use them. Indeed, you are expected make frequent use of a calculator in the final exam and the term-time assessment in order to obtain actual numbers from historical stock price data.

There are no pre-requisites for this module but the following modules are recommended: EC534(Money and Banking), EC550(Monetary), EC548(international Finance), EC562(Finance 2).

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15

The module aims to provide an alternative to the EC541 dissertation option for students. In this module, rather than conducting an original piece of research, you are given a set of questions with readings. You can also construct your own question so long as it is approved. You choose a question and (with help from your supervisor) write a 5,000 word essay on this question. The material covered in these essays is typically broader than that explored in the dissertation option and there is no requirement to make any 'contribution to knowledge'. However, the essay still demand more independent work than required for coursework in other modules. You are expected to read round the question AND to assimilate concepts and ideas not covered in lectures.

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15

This module covers a variety of growth issues from both empirical and theoretical views. The first part of the course deals with basic concepts of economic growth, including how to measure growth and the core theories of economic growth. The second part deals with productivity; how to measure productivity and analyse different sources of productivity growth. The third part deals with economic fundamentals, including the relationship between government policies, income inequality, and growth.

The aim of the module is to teach the basic principles of economic growth in order to answer such questions as:

- what are the determinants of growth?

- how can we improve productivity?

- what kind of role does the government play on growth?

- why are there differences in the level of income among countries?

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15

In the last 30 to 35 years, the study of economic development has increasingly focused on the behaviour of individuals – their opportunities, constraints, and choices – to understand the causes and nature of poverty, and on formulating strategies for improving their economic well-being. This trend includes the increased application of microeconomic theories to understand phenomena related to underdevelopment, the collection and analysis of data at the individual level (as opposed to the regional or national level) and, most recently, the use of lab and field experiments to better understand individual behaviour.

The module introduces you to these trends, to show how the related microeconomic tools have contributed to a better understanding of the process of economic development. Some of these methods are now widely used by international development agencies – such the World Bank and DfID – as well as academic researchers to critically assess development strategies and evaluate programmes aimed at improving the economic well-being of the poor in developing countries.

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15

This module introduces you to agriculture, food and natural resource economics and economics generally. A key objective is to help you develop an ability to apply economic thinking to problems in this area. The module considers various aspects of agricultural, food and resource economics including food production, economic theory related to agricultural policy, food supply chains and food prices, food economics specifically food labels and various economic aspects of natural resource management such as forestry and fisheries.

The module is divided into three parts. In Part A we examine the relationship between the economy and the agriculture. In Part B we consider aspects of food economics. In Part C we examine various issues relating to natural resource. The emphasis in all parts of the module is to understand the links between theory and practice.

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15

The quantitative estimation and evaluation of economic models is an essential feature of the study and application of economics. This module provides an introduction to econometric theory and the application of econometric techniques to economic models and data. This is achieved by explaining key economic and econometric issues using applications of econometrics that quantify and evaluate economic theory and which provide an empirical evaluation of economic behaviour and the assessment of economic policy.

The module provides both an analytical and practical introduction to econometric theory, equipping students with the analytical tools to carry out applied econometric work and to explore more advanced areas of econometric theory at later stages of their chosen degree programme. The practice and application of econometrics is achieved using both Microsoft Excel and specialist econometric software (eg Eviews &/or Stata).

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15

This module provides an analytical introduction to time-series econometrics and the challenges that present themselves with the analysis of time-series economic data. A key issue in this regard involves consideration of whether or not a time-series process is stationary. Traditional econometric techniques such as Ordinary Least Squares (OLS) are poorly suited to the estimation of economic models or data which exhibit non-stationary processes. This module provides an introduction to econometric methods that are suitable for stationary and non-stationary time series analyses.

The focus of the module is predominantly analytical providing students with the knowledge and understanding of time-series techniques commonly used to analyse economic data. The application of these techniques is also considered using specialist econometric software (eg Eviews). The module equips students with the analytical tools to carry out advanced time-series econometrics work at a later stage of their degree programme.

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15

This course examines the economic relevance of human capital. We will begin by defining and categorizing different types of human capital, and then consider the economic importance of human capital both to individuals and to society. The course will explore the connections between human capital and the labour market, as well as social outcomes such as crime. We will discuss some of the challenges faced in identifying a causal effect of human capital on individual and social outcomes. Students will learn about how econometric techniques can be used to obtain causal effects.

The course will also study how human capital is formed and how it can be influenced by policy intervention. We will consider the effects of specific policy interventions on human capital development, drawing on examples from developing and developed countries.

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15

The module will introduce students to the topic of political economy using microeconomic analytical tools. In particular, the module will provide students with an overview of microeconomic theories and empirical methods that have been used to bring new insights to issues related to political economy. The module will also explore how these issues relate to themes in development, public and environmental economics. The following topics will be covered in the module.

1. Electoral rules, voting and their economic implications:

2. Political Reforms and their Economic Impacts:

3. Institutions and Development:

4. Ethnic and Civil Conflict:

5. Climate Agreements:

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15

The aim of the module is to introduce the students to the evolution of the financial crises. Since financial crises are infrequent (though often occurring) events, a long-run perspective is necessary. This module will look at financial crises from the Tulip mania in 1636 through 1997 Asian financial crisis to the financial crisis of 2008. It will combine theoretical approaches, empirical facts, and case studies to fully understand their causes and consequences.

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15
You have the opportunity to select wild modules in this stage

Teaching and assessment

Accounting & Finance

Most modules are taught by a combination of lectures and seminars and some have a number of workshops or sessions in computer laboratories. Most of your modules involve individual study using library resources.

Most modules have an end-of-year examination that contributes either 70% or 80% to the final module mark: your coursework provides the remaining marks. Both Stage 2 and 3 marks count towards your final degree class (together with your marks from your year in industry, if applicable).

Economics

All of our modules are taught by a combination of lectures and small group sessions, which include seminars, computing practicals, problem sets, debates and role-play games.

On this programme, you develop transferable skills, including numeracy, analytical problem solving, data analysis, and written and oral communication, as well as subject-specific skills for further study at postgraduate level.

The modules are assessed by continuous assessment of coursework throughout the year and an end-of-year exam in the final term. A number of modules at each stage are assessed solely through coursework.

Programme aims

For programme aims and learning outcomes please see the programmes specification for each subject below. Please note that outcomes will depend on your specific module selection:


Careers

Of Accounting students who graduated from Kent in 2015, 94% were in work or further study within six months (Destinations of Leavers from Higher Education survey). The same survey found that 92% of Economics students who graduated from Kent in the same year were in work or further study within six months.

Recent graduates have gone into accountancy training with firms such as KPMG, Ernst & Young and PricewaterhouseCoopers; the Government Economic Service; other financial services with banks (including the 'Big Five') and private companies, or roles in journalism, management consultancy and business. 

Professional recognition

Full or partial exemption from the preliminary stage of professional accountancy examinations provided you choose the appropriate modules. 

Kent is consistently ranked highly in university league tables, which is testimony to the high academic standards achieved by its graduates.

Christine Livingston Accounting and Finance BA

Entry requirements

Home/EU students

The University will consider applications from students offering a wide range of qualifications. Typical requirements are listed below. Students offering alternative qualifications should contact us for further advice. 

It is not possible to offer places to all students who meet this typical offer/minimum requirement.

New GCSE grades

If you’ve taken exams under the new GCSE grading system, please see our conversion table to convert your GCSE grades.

Qualification Typical offer/minimum requirement
A level

ABB from 3 full A levels, or BBB if A level Mathematics is included.

GCSE

Mathematics at grade B

Access to HE Diploma

The University will not necessarily make conditional offers to all Access candidates but will continue to assess them on an individual basis. 

If we make you an offer, you will need to obtain/pass the overall Access to Higher Education Diploma and may also be required to obtain a proportion of the total level 3 credits and/or credits in particular subjects at merit grade or above.

BTEC Level 3 Extended Diploma (formerly BTEC National Diploma)

The University will consider applicants holding BTEC National Diploma and Extended National Diploma Qualifications (QCF; NQF; OCR) on a case-by-case basis. Please contact us for further advice on your individual circumstances.

International Baccalaureate

34 points overall or 16 points at HL, including Mathematics SL or HL at 4, or Mathematical Studies at 5.

International students

The University welcomes applications from international students. Our international recruitment team can guide you on entry requirements. See our International Student website for further information about entry requirements for your country.

If you need to increase your level of qualification ready for undergraduate study, we offer a number of International Foundation Programmes.

Meet our staff in your country

For more advice about applying to Kent, you can meet our staff at a range of international events.

English Language Requirements

Please see our English language entry requirements web page.

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. You attend these courses before starting your degree programme. 

General entry requirements

Please also see our general entry requirements.

Fees

The 2018/19 annual tuition fees for this programme are:

UK/EU Overseas
Full-time £9250 £15200
Part-time £4625 £7600

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.* 

Your fee status

The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying.

General additional costs

Find out more about accommodation and living costs, plus general additional costs that you may pay when studying at Kent.

Funding

University funding

Kent offers generous financial support schemes to assist eligible undergraduate students during their studies. See our funding page for more details. 

Government funding

You may be eligible for government finance to help pay for the costs of studying. See the Government's student finance website.

Scholarships

General scholarships

Scholarships are available for excellence in academic performance, sport and music and are awarded on merit. For further information on the range of awards available and to make an application see our scholarships website.

The Kent Scholarship for Academic Excellence

At Kent we recognise, encourage and reward excellence. We have created the Kent Scholarship for Academic Excellence. 

For 2018/19 entry, the scholarship will be awarded to any applicant who achieves a minimum of AAA over three A levels, or the equivalent qualifications (including BTEC and IB) as specified on our scholarships pages

The scholarship is also extended to those who achieve AAB at A level (or specified equivalents) where one of the subjects is either Mathematics or a Modern Foreign Language. Please review the eligibility criteria.

Students preparing for their graduation ceremony at Canterbury Cathedral

The year in industry has enabled me to put the theory I’ve learnt into practice; it’s helped me to find a focus.

Friends at Kent said it was brilliant… and, of course, the Economics rankings are very good

Full-time

Part-time

The Key Information Set (KIS) data is compiled by UNISTATS and draws from a variety of sources which includes the National Student Survey and the Higher Education Statistical Agency. The data for assessment and contact hours is compiled from the most populous modules (to the total of 120 credits for an academic session) for this particular degree programme. 

Depending on module selection, there may be some variation between the KIS data and an individual's experience. For further information on how the KIS data is compiled please see the UNISTATS website.

If you have any queries about a particular programme, please contact information@kent.ac.uk.