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QAA Subject Benchmark Statement: Accounting

QAA Subject Benchmark Statement: Finance

QAA Subject Benchmark Statement: Economics

October 2023

Finance is an activity concerned with the workings of national and international capital markets and the interaction between such markets and economic units, such as households, firms, financial institutions and governments. Finance can be closely related to other areas such as accounting and business.

Economics is the study of individuals and groups and how they interact and make decisions individually and collectively in the context of prevailing institutions, power structures and the external context. It seeks to inform the design and implementation of economic policy, based on theoretical and empirical analysis. A key aim of economics is to analyse and understand the allocation, distribution and utilisation of resources and the consequences for economic and social well-being and for sustainability. Economics is concerned with such phenomena in the past and present, as well as how they may evolve in the future

The aims of the scheme are:

To provide students with subject-specific knowledge and subject-related skills for a career in finance; accounting; business; economics or related area. These include the design and operation of financial systems (which includes banks, stock exchanges, financial intermediaries, financial institutions and governments), structures and instruments and, in particular, to understand the pricing of financial assets, the measurement and management of risk, and the possibilities for optimising the behaviours of firms, financial institutions and individuals. Such study can be pursued from a variety of perspectives, including, but not restricted to, the behavioural, ethical, economic, sustainable and statistical/mathematical.

To develop transferrable skills which are applicable widely to a range of occupations.

To develop an appreciation of the concepts and characteristics of business finance as an area of academic and applied study.

The learning outcomes of the Accounting and Finance part of the degree scheme are guided by the two QAA Benchmark Statements for Accounting, and Finance. The learning outcomes for the Economics parts of the degree scheme are guided by the QAA Subject Benchmark Statement for Economics, The programme provides opportunities for students to develop and demonstrate knowledge and understanding, skills, qualities and other attributes in the areas that are listed in further detail later in this section.he areas that are listed in further detail later in this section.

• A1 An appreciation of the nature of the contexts in which finance can be seen as operating, including knowledge of the institutional framework necessary for understanding the role, operation and function of markets and financial institutions (for example the economic, ethical, legal, political, regulatory, social and tax environment, both national and international; the firm; the capital markets and the public sector).

• A2 A knowledge of the major theoretical tools and theories of finance, and their relevance and application to theoretical and practical problems (for example, the concept of arbitrage and examples of its use; financial mathematics; informational efficiency; optimal risk sharing; portfolio theory; asset pricing models and the valuation of securities; cost of capital; derivative pricing; risk management; information asymmetry; principal agenct relationships; signalling; Fisher separation and capital budgeting criteria; behavioural finance; term structure and the movement of interest rates; determination of exchange rates and financial intermediation).

• A3 An understanding of the relationship between financial theory and empirical testing, and application of this knowledge to the appraisal of the empirical evidence in at least one major theoretical area. The appraisal should involve some recognition of the limitations and evolution of empirical tests and theory (for example the efficient markets hypothesis; anomalies; risk management pricing of derivatives and other securities; portfolio management; interest rates; exchange rates; raising capital and capital structure).

• A4 An ability to interpret financial data including that arising in the context of the firm or household from accounting statements and data generated in financial markets. The interpretation should involve analysis using statistical and financial functions and procedures such as are routinely available in spreadsheets and other· statistical/econometric software packages. It may involve the skills necessary to manipulate financial data and carry out statistical and econometric tests (for example estimation and interpretation of asset pricing models; financial modelling and projections; event studies and residuals analysis; elements of time series analysis, such as serial correlation mean reversion, and stochastic volatility).

• A5 An understanding of the financing arrangements and governance mechanisms and structures of business entities, and an appreciation of how theory and evidence can be combined to assess the effectiveness and efficiency of such arrangements (for example, decisions as to sources of finance and financial structure; the pricing of corporate securities; the market for corporate control; corporate governance; financial planning; and international dimensions of finance).

• A6 An understanding of the factors influencing the investment behaviour and opportunities of private individuals (for example, bonds, equities, and derivatives; risk aversion; risk/return trade-offs; portfolio management and performance measurement; pensions and long-term savings; the tax treatment of savings and investments; international diversification; foreign exchange risk; objectives of, and constraints on, institutional investors and advisors).

• A7 An understanding off the financial service activities in the economy, and the factors that are changing these activities over time, and an appreciation of how finance theory and evidence can be employed to aid such understanding (for example, ideas of information asymmetry,moral hazard and risk sharing could be employed to analyse the fundamental nature of services, such as insurance, pensions, bank lending and consumer credit, and also explore fundamental problems arising in such financial service provision;. The efficient market· hypothesis could be used to explore the value added by investment and financial services)

• A8 An ability to understand financial statements, and a reasonable appreciation of the limitations of financial reporting and disclosure practices and procedures (for example financial statement analysis; the relation between cash flow accounting and accrual accounting; discretionary accounting practices; and financial statement-derived measures of financial performance, including risk).

• A9 A critical understanding of causality and analytical methods, both theoretical and empirical.

• A10 An appreciation and understanding of the history and development of economic ideas and the differing methods of analysis that have been and are currently used by economists.

• A11 An understanding of the historical context of contemporary problems addressed by economists, and, more generally, a knowledge of economic history as relevant to the learning context.

• A12 An ability to apply economic reasoning and tools to applied topics.

• A13 An ability to critically evaluate differences in policy recommendations in the context of their underlying methodologies.

• A14 An ability to discuss, analyse and evaluate government policy and to assess the performance of the UK and other economies, as well as the global economy.

• A15 An understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them. Appropriate techniques to enable manipulation, treatment and interpretation of the relevant quantitative and qualitative data are also relevant

Learning and Teaching

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated are as follows: Lectures, tutorials, seminars, help classes, case studies, research, data analysis, and computer-assisted learning.

Assessment Strategies and Methods

Formal end-of-module examinations, formal and informal in-semester tests (including long form, short form and multiple-choice answer formats), project work / report / case study (individual and group), essay, diary / reflection, formal and informal presentation (individual and group).  

10.2.1 Intellectual Skills

• B1 A capacity for the critical evaluation of arguments and evidence.

• B2 Analysis, filtering and evaluation of data and drawing reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data and from data which must be acquired by the student.

• B3 Numeracy skills, including the processing and analysis of financial and other numerical data and to appreciate statistical concepts at an appropriate level.

• B4 Location, extraction and analysis of data from multiple sources, including acknowledging and referencing sources.

• B54 Using contemporary information and communication technology for the acquisition, analysis and communication of information. Skills in the use of communication and information technology in acquiring, analysing and communicating information (these skills include the use of spreadsheets, word processing software, standard statistical packages; electronic financial databases; the internet and email).

• B6 Communication skills including the ability to present quantitative and qualitative information together with analysis, argument and commentary in a form appropriate to different intended audiences, and oral as well as written presentation.

• B7 Capacities for independent and self-managed learning.

• B8 Experience of working in groups, and other interpersonal skills, and in presenting the results of their work orally as well as in written form.

Learning and Teaching

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated are as follows: Lectures, tutorials, seminars, help classes, case studies, research, data analysis, and computer-assisted learning.

Assessment Strategies and Methods

Formal end-of-module examinations, formal and informal in-semester tests (including long form, short form and multiple choice answer formats), project work / report / case study (individual and group), essay, diary / reflection, formal and informal presentation (individual and group).

10.2.2 Professional practical skills / Discipline Specific Skills

By the end of their programme, all students are expected to be able to demonstrate:

• C1 an appreciation of the nature of the context and institutional framework in which finance operates

• C2 knowledge of the main theories used in finance and an ability to apply them in straightforward structured situations from given data generated for the purpose.

• C3 an ability to interpret financial data and carry out straightforward statistical and financial analysis appraisal.

• C4 an ability to relate empirical evidence to finance theory in at least one of the main areas of finance with a reasonable understanding of the significance and limitations of such evidence.

• C5 an understanding of the financial needs of business entities, a reasonable appreciation and understanding of how theory and evidence may be used to guide practice; the workings of capital markets; the relationship between risk and return; and the nature and use of financial derivatives.

• C6 an understanding of the principles of personal investment.

• C7 an ability to use and interpret the information in financial statements.

• C8 an understanding of the economic, political, regulatory and social environments in which finance and financial services operates, and the ethical considerations embedded in these operations.

• C9 demonstrate possession of the required cognitive abilities and non-subject specific skills to a reasonable level of attainment.

• C10 understanding of key economic concepts, principles and tools

• C11 understanding of key economic theories, interpretations and modelling approaches

• C12 an ability to apply economic reasoning to policy issues

• C13 knowledge and awareness of historical, political, institutional, international, social, cultural and environmental contexts in which specific economic analysis is applied

Learning and Teaching

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated are as follows: Lectures, tutorials, seminars, help classes, case studies, research, data analysis, and computer-assisted learning.

Assessment Strategies and Methods

Formal end-of-module examinations, formal and informal in-semester tests (including long form, short form and multiple choice answer formats), project work / report / case study (individual and group), essay, diary / reflection, formal and informal presentation (individual and group).

By the end of their programme, all students are expected to be able to demonstrate:

• D1 Problem solving skills

• D2 Research skills

• D3 Communication skills

• D4 Improving own learning and performance

• D5 Teamwork skills

• D6 Information technology skills

• D7 Quantitative skills

• D8 Personal development and career planning

Learning and Teaching

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated are as follows: Lectures, tutorials, seminars, help classes, case studies, research, data analysis, and computer-assisted learning.

Assessment Strategies and Methods

Formal end-of-module examinations, formal and informal in-semester tests (including long form, short form and multiple choice answer formats), project work / report / case study (individual and group), essay, diary / reflection, formal and informal presentation (individual and group).