In practice, financial management requires a set of tools and techniques, and this module examines some typical financial management techniques useful in practice. While fundamental principles of corporate financial decision making are covered in the 2nd-year module BE311 Corporate Finance, our objective is to supply a practical toolbox that supports the corporate financial decision making process. The focus is on the technical aspects of financial management techniques.

Module Aims
The aims of the module are to provide an understanding of the workings of modern financial management techniques and the skills to employ the techniques in support of corporate decision making processes. The module is designed for students who seek exemption from ACCA's Financial Management module, and has similar content as that module.

Learning Outcomes

On successful completion of the module will enable you to understand and employ techniques:
- of business valuation;
- of investment appraisal;
- for managing firm's' financing needs, in the short, medium and long term;
- for managing firms' working capital;

as well as

- contextualise financial management within firms' business environments.

Skills for Your Professional Life (Transferable Skills)
- Develop knowledge and comprehension on issues affecting investment, financing, working capital management and business valuation.
- Contextualise the impact of the economic environment on financial management decisions.
- Apply the relevant theoretical knowledge in business practice especially financial management techniques to analyse business situations and cases.
- Synthesize and assess information while thinking critically when making decisions as a financial manager.

This module is a Level-5 auditing module designed for students who are specialising in Accounting and who may wish to pursue a career in Auditing. The module is designed to cover basic auditing concepts and the tests and procedures an auditor will undertake when performing an audit. Students will cover topics such as the need for audit, the independence of auditors, evaluating systems of internal control, verification of selected assets and liabilities and the audit report. This module will complement the third-year module BE132 Auditing with a major distinction being that this module will focus on the practice of auditing whereas in the third-year module the focus will be more on a critical examination of some key issues and concepts in auditing.
Module Aims

1. To provide students with an appreciation of the work involved in conducting a financial audit so that they understand the strengths and limitations of the techniques employed by auditors.

2. To introduce students to key concepts in auditing.

Learning Outcomes

On successful completion of the module, students will be able to:
1. Discuss why there is a need for audit and the importance of the key concepts of independence and competence and the role of auditing standards.

2. Understand the importance of the need for planning an audit.

3. Discuss the way that audit methodology has evolved and the advantages and limitations of the audit risk approach compared to the business risk approach.

4. Analyse a simple internal control system such as those relating to sales, purchases or payroll and identify the strengths and weaknesses of the system.

5. Devise tests to verify the existence, ownership, valuation and disclosure of certain assets and liabilities (long and current).

6. Identify the content and prepare a basic audit report.

Module Description
The module gives non-specialist students an overview of the legal topics in the areas of corporate and business law.

Module Aims

The purpose of this module is to provide non-specialist students an overview of the following legal topics:

* Elements of the legal system of the UK
* The impact of civil and on business and professional services
* The impact of criminal law on business and professional services
* Company law
* Contract law
* Employment law
* Legal issues in connection with the financing of companies
* Insolvency law

Learning Outcomes

On successful completion of the module, students will be able to:
* Understand important legal principles involved in the business environment
* Evaluate key legal issues relevant in both an academic and a commercial context
* Conduct legal research
* Apply the law to issues and problems
* Satisfy professional accounting body requirements

This module seeks to bring together knowledge and skills gained in earlier core and compulsory finance modules and enable students to apply and integrate their research skills, with a view to (i) critically investigate a contemporary issue in the broad area of finance, (ii) develop a deep understanding of a finance issue that is of interest to academia, companies, organisations, government and/or society more broadly and (iii) reinforce the research-led and critical mind-set that is a hallmark of Essex graduates.

In their final year, students undertake an individual, independent and self-directed research project under the supervision of a member of staff. Students will be provided with a list of suitable topics and be allocated a supervisor accordingly. In the Autumn term, students will attend a series of lectures designed to equip them with the tools to undertake the project. At the end of the Autumn term, students are expected to produce a first draft, outlining the structure of their dissertation, that will be marked. The final submission of the complete dissertation is at the end of the Spring term. By the end of this module, students will have developed their research skills, competencies and knowledge, which will enable them to engage in situations simulating real-life professional tasks and assignments. The project provides the opportunity to final year students to reflect on the application of finance theories and to develop a critical understanding of the contemporary issues in the finance area.

Module Aims

• To enable students to synthesise, integrate, and apply previously acquired knowledge;
• To develop students' critical and analytical skills;
• To encourage the acquisition of autonomous study skills in the learning process, as a vital foundation for subsequent academic study, employment, professional and personal development, and participation in society.

Learning Outcomes

On successful completion of the research project a student should demonstrate knowledge and skills as follows:

• A capacity to synthesise, integrate, and apply previously acquired knowledge;
• An ability to locate, manipulate, and analyse numerical (including financial) data, critically evaluate arguments and empirical evidence, and develop an argument (in writing) and present ideas in a coherent and effective manner;
• An ability to work autonomously, and design a realistic and effective personal plan to achieve a final outcome.

Skills for Your Professional Life (Transferable Skills)

After completing this research project, students have developed and improved the following employability-related skills:

• Improve your academic skills, such as literacy, numeracy, and ICT skills;
• Develop your research skills through independent data collection and analysis, and the use of econometrics and statistics;
• Further your problem solving skills by setting a research question and independently devising a research plan to tackle it;
• Enhance your written and oral communication skills through the development of an independent piece of research project and the oral presentation of your work;
• Improve your professional working skills, such as adaptability, flexibility, and adoption of new techniques;
• Broaden your personal development planning through target setting and action planning.

This module is about defining, measuring and managing the various risks that are inherent in the business of finance, with special emphasis on the business of commercial banking.

To help students understand and measure various types of risks in the financial market and how they affect the value of portfolios; to provide an introduction to the features and applications of important financial derivatives that can be used in risk management; and to discuss and analyse cases of how risk management is conducted in the real world.

Learning Outcomes
On successful completion of the module, students will be able to:
-Identify exposure to different types of risk
-Understand and be able to apply Value-at-Risk (VaR)
-Use derivatives to hedge equity, bond, interest-rate and currency risk
-Quantify the impact of market movements on portfolio value

Skills for Your Professional Life (Transferable Skills)
Upon successful completion of the module, students should be able to:
* Be able to price a bank loan given a customer's credit information and market parameters
* Be able to comment on the role and impact of the Basel accords in the development of banking regulation around the globe
* Be able to interpret what a credit rating means
* Improve research skills through the use of the Google Scholar search platform
* Develop critical thinking through the use of recent article journals
* Evaluate learning outcomes on case studies, i.e. Long Term Capital Management, Pine Street Capital, among others

Module Description
This module is an introduction to both theoretical and practical issues related to the modern banking business. The module begins with an overview of the role and genesis of the financial system and the nature of financial intermediation. It covers the main characteristics and types of banks (e.g. commercial and mutual, retail and wholesale) and analyses recent trends and developments in relation to both domestic and international banking markets. The module also explores the main items contained in banks' financial statements and discusses main risks of banking, with particular reference to elementary risk management techniques. Special attention is paid to central banking and the rationale for bank regulation at both national and international levels.

Module Aims
The aim of this module is to introduce basic concepts of banking, to provide students with an understanding of the role of financial intermediation and to overview the tools of analysis of banking activities. Special attention will be paid to regulatory issues.

Learning Outcomes
On successful completion of the module, students will be able to:
*Explain the differences between banks, other financial intermediaries and financial markets
*Explain the role and functions of central banks
*Analyse and interpret basic banks' financial statements, identify banking risks and elementary risk management techniques
*Critically evaluate why banks need regulation and distinguish between the different types of regulation

Skills for Your Professional Life (Transferable Skills)
Upon successful completion of the module, students should be able to:
*Improve your research skills through the use of Google Scholar search platform
*Develop your critical thinking through the use of recent article journals
*Improve your data analytical skills through the analysis of publicly available banking data
*Improve awareness of recent developments in the banking sector

This module introduces students to quantitative methods that can be used to empirically analyse some of the theories introduced during other finance modules on their programmes, including asset pricing, portfolio analysis and corporate finance. With extensive use of appropriate quantitative software (EViews) students will be able to use real data to analyse financial models. An important component of the module involves using classical statistical concepts to test hypotheses relating to financial models.

Module Aims

• To familiarise students with techniques for handling financial data
• To build a bridge between financial theories and practice
• To introduce students to regression analysis with financial applications

Learning Outcomes

On successful completion of the module, students will be able to:
• Understand the principles of regression analysis and hypothesis testing
• Appropriately apply and interpret regression models
• Conduct appropriate hypothesis tests of financial models
• Examine and manipulate data using EViews
• Estimate financial models using EViews

Skills for Your Professional Life (Transferable Skills)

The module is geared towards building up or enhancing the following transferable skills:
• Fluency in data download, manipulation and statistical analysis
• Ability to run basic statistical models and interpret and present findings
• Obtain knowledge of additional issues in regression analysis that will allow you to appropriately apply these methods in a wider range of situations

Module Description
This course focuses on the theoretical and empirical underpinning of trading strategies adopted by fund managers. The course shall outline the main theories of risk and return and explore the implications of these theories for investors' decisions. In doing so the course shall address questions such as: What is the appropriate measure of risk for a particular security? How might investors decide on the weightings of different assets in their portfolios? How can we identify mispriced stocks? Should you invest your savings in an actively managed fund or in a passive fund?

The course shall begin with an overview of how investors measure a security's risk and return and then, using Markowitz's mean-variance criteria, shall illustrate how efficient portfolios can be constructed. The main difficulty with Markowitz style optimisers is how fund managers predict future risk and returns of individual securities. In this course we shall introduce some of the approaches used to make those predictions.

Bonds are often regarded as a relatively low risk asset class. Alternative measures of bond risk are evaluated, and a portfolio strategy that claims to remove all risk is outlined and critically evaluated.

Module Aims
The main aims of the course are:
* to give students an appreciation of different approaches to portfolio management
* to examine how investors may fully exploit the benefits of diversification
* to provide students with an understanding of the models that are relevant to the management of bond portfolios
* to introduce students to the main asset pricing models

Learning Outcomes
On successful completion of the module, students will be able to:
* understand what is meant by an efficient portfolio and how to identify efficient portfolio;
* explain how investors may fully exploit the benefits of diversification
* understand the importance of the CAPM and APT;
* evaluate competing measures of bond risk.

Skills for Your Professional Life (Transferable Skills)
Upon successful completion of the module, students should be able to:
* develop quantitative skills from assessing risk and returns across different asset classes such as stocks and bonds.
* Identify and implement investment strategies in determining the optimal mix of risk-return investment portfolios.
* critically evaluate portfolio performance and adjust portfolios to meet the investment objectives.
* evaluate financial information and make investment management decisions.

The course carefully examines the basic building blocks of modern finance theory and focuses on the theoretical and analytical cornerstones on which the building blocks are placed. We study how these building blocks can, in certain cases, help us identify potentially optimal decisions now, even though the future consequences of those decisions are yet uncertain.

A common feature of finance is the need to make good use of and where possible best use of limited resources; constrained optimization techniques can often guide us in this need. Basic concepts in probability are used in finance to describe the inevitable uncertainty regarding the future. Most of us dislike risk and prefer to avoid risk, though only if the price for avoiding that risk is acceptable. We study how expected utility theory helps us measure how averse we are to taking such risks.

We then proceed to use these building blocks to examine several concepts: choice under uncertainty, maximizing returns and minimizing risk subject to constraints, mean-variance analysis and net present value.

Module Aims

The aim of this course is to familiarize you with the basic mathematical tools and the analytical skills necessary to understand modern finance theory.

Learning Outcomes
On completion of the course you should be able to
1. Apply basic mathematical techniques and tools used in modern finance.
2. Describe and evaluate measures of risk aversion using expected utility theory.
3. Understand the concept of 'efficient frontier' when investing in risky assets.
4. Evaluate choices using the net present value approach.

The purpose of this module is to provide an introduction to corporate financial decision making. The focus is on the two major types of corporate decisions: investment decisions (spending capital) and financing decisions (raising capital). We will also present the fundamental theory of payout policy and capital structure, and introduce option pricing theory as a tool for valuing corporate flexibility. Finally, we review some smaller topics: debt financing, risk management, working capital management, and corporate restructuring.

Module Aims
The module aims to give the students an introduction to the main concepts associated with corporate financial decision making.

Learning Outcomes
On successful completion of the module, students will be able to:
1. Understand the concepts of value, net present value, and risk, and how to apply these in financial decision making
2. Understand the process of capital budgeting and the concept of efficient markets
3. Understand the fundamental principles of capital structure and payout policy
4. Understand the fundamental principles of option pricing theory and how to apply these in financial decision making

Skills for Your Professional Life (Transferable Skills)
The students will learn communication skills. Additionally, the students will learn structured problem solving – how to structure a problem and break it down into manageable smaller bits.

This module seeks to further develop students' critical understanding of the role of management accounting (MA) in organisational decision making and control. Particular emphasis will be given on the uses of MA information in facilitating planning, control and decision making by managers. This will include a critical reflection element through which the value of MA information systems in decision making process can be better understood.

This module will be set against a broader understanding of MA as a means of communication in organisation and a managerial tool that inevitably comes with a wide range of behavioural implications.

Learning Aims and Outcomes

By the end of this module, students will have developed their:
1. Understanding of the importance of cost information and costing systems for effective management of organisations within a competitive business environment;
2. Understanding of traditional and contemporary approaches to costing, planning, control and performance measurement in organisations; and
3. Critical understanding of a variety of issues concerning the use of management accounting information for planning, control and performance measurement.

Management accounting may be seen as a way of providing information in three main areas: costing, decision-making, and planning and control. The emphasis of this module will mainly be on the first area (i.e., information for costing). In reality, however, it is often difficult to separate this area from the other two. For example, standard costing provides costing information which is then used as a tool for planning and control.

This module will develop students’ basic knowledge of management accounting and the context in which it operates. Students will learn about the traditional ‘routine or period-oriented’ concepts and techniques of costing such as absorption and marginal costing, system design such as job-order
and process costing, and also the non-routine or ad hoc approaches relevant for decision-making. These concepts and techniques will be considered mainly in the context of manufacturing organisations, yet they are also relevant to the service and not-for-profit sectors.

The module is complete and self-contained in itself but also provides students with the conceptual knowledge and technical skills to progress to other second and third year modules in management accounting.

Module Aims

• To develop an understanding of the main concepts and ideas underlying management accounting practice.
• To support and encourage education and learning, and foster the capacity for individual study.
• To encourage and facilitate critical, analytical thinking as a foundation for subsequent academic study, employment and personal development.
• To provide the necessary support to enable the successful completion of the degree.

Learning Outcomes

On successful completion of the module, students will be able to:

Knowledge & Understanding

Technical and critical understanding of:

• The contexts in which management accounting (MA) operates.
• understand introductory ideas of cost and management accounting issues;
• understand costs, volume and profit in various business contexts;
• understand various issues of cost allocations and accumulations in relation to business and technology;
• understand conventional costing systems; and
• develop an understanding of various issues in relation to determining product costs, including relevant costs.

Skills & Abilities
Technical, analytical and evaluation skills in:

• Applying recent and current management accounting approaches
• Applying management accounting in different organisational contexts
• Using management accounting to manage organizations
• Key conceptual aspects and practical application of cost and management accounting issues
• Engage in written and oral communication for analysing management accounting issues of all
types covered