Metadata
Title
Money, Banking and FinanceMSc
Category
graduate
UUID
b773c65114174aa882ec0352dba61a3f
Source URL
https://sheffield.ac.uk/postgraduate/taught/courses/2026/money-banking-and-finan...
Parent URL
https://sheffield.ac.uk/postgraduate/taught/courses/2026
Crawl Time
2026-03-23T16:35:56+00:00
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# Money, Banking and FinanceMSc

**Source**: https://sheffield.ac.uk/postgraduate/taught/courses/2026/money-banking-and-finance-msc
**Parent**: https://sheffield.ac.uk/postgraduate/taught/courses/2026

2026-27 entry

# Money, Banking and Finance MSc

School of Economics,
Faculty of Social Sciences\

Develop the theoretical and practical understanding of monetary policy, the banking industry, and finance needed to excel in the banking and finance sectors.

- Start date
  \
  September 2026
- Duration
  \
  1 year
- Attendance
  \
  Full-time

- [Course fee](#feesfunding)

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[Apply for this course](#apply)

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[Apply for this course](#apply)
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### Explore this course:

[Apply now for 2026 entry](#apply) or [book a place on our online open day](https://sheffield.ac.uk/postgraduate/visit/open-day "Postgraduate online open days") on 29 April 2026 to see where a Sheffield masters could take you.

## Course description

Advance your understanding of theory and the application of modern economic quantitative techniques. This course places an emphasis on applied macroeconomics, econometric methods, modern theories of banking and finance, and monetary economics.

You'll have access to a range of optional modules within money, banking and finance, so you can specialise in your area of interest. Towards the end of the course, you will complete an extended research project in a topic of your choosing. Our academics will support you in practicing the key analytical and technical skills relevant to your project.

## Modules

Semester one

Semester two

Dissertation core

### Core modules:

Macroeconomic Analysis
:   Macroeconomics concerns the behaviour of the economy as a whole. In this module you will develop a coherent framework for understanding macroeconomics building on microeconomic foundations. The module will analyse the source of business cycle fluctuations, the aims of monetary policy in advanced economies, including the design of optimal monetary policy. It will also provide an advanced understanding of fiscal policy and debt dynamics. You will be introduced to the concept of financial frictions in the context of the last financial crisis, and gain an understanding of the aims and challenges faced by monetary policy makers.

    **15 credits**

Econometric Methods
:   This module will develop your core econometrics skills. The first half of the module provides a grounding in key econometric techniques covering elements such as the classical linear regression model, hypothesis testing and problems of non-spherical disturbances. More advanced topics are then introduced in the second half of the module. Specifically you will focus upon topics in microeconometrics: including modelling discrete binary variables; censoring and sample selection, and then topics in macroeconometrics including: economic forecasting; stationarity; and cointegration. You will also develop a knowledge of using econometric software Stata.

    **15 credits**

### Optional modules - choose two from:

Asset Pricing and Portfolio Theory
:   This module will introduce you to some of the key concepts and methods in modern finance. This is an analytical module, which reflects the quantitative nature of the subject and in which each topic is developed from first principles. The module will cover the theoretical foundations of investor choice and portfolio selection based on utility theory, using these to provide a rigorous foundation for the Capital Asset Pricing Model. You will then examine some of the empirical issues that arise in the practical use of the theory.

    **15 credits**

Behavioural Finance
:   This module explores the principles of Behavioural Finance, which integrates psychological insights into financial decision-making. Traditional finance models assume rationality, but Behavioural Finance recognizes the role of cognitive biases, emotions, and psychological factors in shaping market outcomes and individual decisions. The module aims to provide you with a deep understanding of how human behaviour impacts financial markets, asset pricing, corporate decision-making, and personal investing.\
    \
    The following key topics will be covered: Expected Utility Theory; Asset Pricing, Market Efficiency, and Agency Relationships; Prospect Theory, Framing and Mental Accounting; Challenges to Market Efficiency; Heuristics and Biases; Overconfidence; Emotional Foundations; Experimental Behavioural Finance; Behavioural Corporate Finance; Investor Behaviour: The application of Behavioural Finance in Financial Planning and Investing. \
    \
    This module will equip you with a comprehensive understanding of how psychological factors influence financial markets and investor behaviour, helping them apply these insights to real-world financial problems.

    **15 credits**

Corporate Finance
:   This module will aim to equip you with a comprehensive foundation of the core theoretical principles of corporate finance, along with practical insights into how these principles are applied when formulating investment analysis and financial strategy. You will be provided with a deeper understanding of key financial decisions faced by firms, with a particular focus on investment appraisal methods; risk management techniques; valuation techniques for stocks and bonds; financial statement analysis and modelling; the cost of capital and the capital structure decision. Additionally, the module will explore both the theoretical and empirical aspects of these topics, equipping you to tackle real-world financial challenges.

    **15 credits**

Microeconomic Analysis
:   Microeconomics is concerned with the behaviour of individuals, households and firms, and their interactions. This module aims to develop the skills you will require to analyse microeconomic problems and theories and to introduce advanced microeconomics. You will use mathematical and quantitative analysis to analyse topics such as consumer theory, behavioural economics, risk and uncertainty, production, and general equilibrium. In addition, this module will further develop your skills of critical evaluation and appraisal in the context of advanced microeconomic theory.

    **15 credits**

### Core modules:

Theory of Banking
:   This is an advanced module that provides a comprehensive examination of contemporary banking practices and challenges. This module covers both on balance sheet and off balance sheet operations with an emphasis on identifying and managing the main banking risks. You will examine the nuances of financial crises and the workings of bank funding schemes. Important facets of contemporary bank regulation are also covered in the module.

    **15 credits**

Monetary Economics
:   This module will provide you with a formal analysis of monetary economics and an understanding of how monetary policy works. It will cover the role of monetary policy in the macro economy, and expose you to the latest theoretical developments in monetary theory and policy. You will also gain an appreciation of some of the limitations of monetary policy.

    **15 credits**

### One from:

Applied Econometrics: Cross-sectional and Panel Data Approaches
:   The module provides examples and experience of applying standard microeconometric techniques to large sample surveys, with practical guidance on how to estimate and interpret results from different models.  The syllabus covers topics such as limited dependent variables, instrumental variables, panel data methods and difference in differences methods.

    **15 credits**

Applied Econometrics: Time Series Approaches
:   This module will enable you to understand recent applied literature in core journals of macroeconomics and finance, which uses time series methods, and prepare you for possible later research involving time series. You will learn to identify the empirical features of macroeconomic and financial data, and how to analyse the dynamic interaction of macroeconomic variables over time using key econometric techniques. Throughout use will be made of the Stata econometric software.

    **15 credits**

### Optional modules - choose one from:

Derivatives, Options, and Securities
:   The aim of this module is to introduce you to advanced principles of asset pricing, focusing on financial derivative instruments. You will gain knowledge of how important derivatives are traded, the pricing models for derivatives, and the principles of risk management using derivatives. This is an analytical module, which reflects the quantitative nature of the subject. The module will cover both the theoretical foundations of asset pricing, and the issues that arise in the practical use of these models and their limitations.

    **15 credits**

Applied Econometrics: Cross-sectional and Panel Data Approaches
:   The module provides examples and experience of applying standard microeconometric techniques to large sample surveys, with practical guidance on how to estimate and interpret results from different models.  The syllabus covers topics such as limited dependent variables, instrumental variables, panel data methods and difference in differences methods.

    **15 credits**

Applied Econometrics: Time Series Approaches
:   This module will enable you to understand recent applied literature in core journals of macroeconomics and finance, which uses time series methods, and prepare you for possible later research involving time series. You will learn to identify the empirical features of macroeconomic and financial data, and how to analyse the dynamic interaction of macroeconomic variables over time using key econometric techniques. Throughout use will be made of the Stata econometric software.

    **15 credits**

International Money and Finance
:   In this module, you will acquire an understanding of the relationship between domestic and international economic activity in an open economy. You will learn to relate the various motives underlying international financial flows to their effects on real economic variables. The module will introduce mainstream theories of the determination of equilibrium exchange rates, both in the short run and the long run. You will also explore the causes of international financial crises and consider policy responses.

    **15 credits**

Industrial Organisation
:   This module will introduce you to contemporary topics in industrial organisation with a particular emphasis on the role of economic analysis of strategic decision making. You will learn to use and appraise a range of economic techniques to make better strategic decisions. In this module you will build on and expand on your knowledge of microeconomics related to market structure; such as competition in oligopolistic industries. You will also become familiar with further oligopoly models (product differentiation, collusion, mergers) as well as behaviour in platform markets. We will also consider market implications when consumers are imperfectly informed (or naive) about prices or product characteristics.

    **15 credits**

### 

MSc Dissertation
:   In this module students will complete an extended piece of written work on a topic of their choice. The dissertation will demonstrate their ability to carry out independent research and make an original contribution to the discipline.

    **60 credits**

The content of our courses is reviewed annually to make sure it's up-to-date and relevant. Individual modules are occasionally updated or withdrawn. This is in response to discoveries through our world-leading research; funding changes; professional accreditation requirements; student or employer feedback; outcomes of reviews; and variations in staff or student numbers. In the event of any change we will inform students and take reasonable steps to minimise disruption.

## Open days

Interested in postgraduate taught study?

- [Take part in our online open day](https://sheffield.ac.uk/postgraduate/visit/open-day "Postgraduate online open days") on **Wednesday 29 April**
- [Join us on a discovery afternoon](https://sheffield.ac.uk/postgraduate/visit/masters-study-discovery-afternoon "Masters study discovery afternoon") on **Tuesday 12 May**
- [Register your interest](https://sheffield.ac.uk/postgraduate/register-your-interest "Register your interest in postgraduate study at the University of Sheffield") in studying at Sheffield.

## Duration

1 year full-time

## Your career

Whether you’re looking to secure a career in an international organisation, as part of a financial regulating authority, or elsewhere within the banking and financial sectors, you will develop the skills and knowledge needed for a successful career.

Over 90% of our graduates are in employment or further study within 15 months of graduation (Graduate Outcomes, 2021/22). Our students are highly sought after by companies around the world and have gone on to work at:

- Bank of England
- PwC
- IBM
- Deloitte
- Bloomberg
- Columbia University
- Bank of China

Our students have also secured places at other top institutions, such as London Business School, to complete further education in research.

## School

### School of Economics

We have a global reputation for our expertise in practical and real-world economics. You'll learn from some of the top economic experts, who provide cutting-edge teaching based on their research.

Our academics play an active role in shaping policy, advising UK government departments such as the Department for Work and Pensions and the Department of Education. They also work with influential bodies such as the Low Pay Commission. The research we produce directly influences government policies and aims to improve lives. This is what informs the content of your modules.

As a result, our graduates are highly sought after by some of the country's leading employers, including the Bank of England, PwC, IBM and HM Treasury.

## Student profiles

[I had a beautiful experience of studying in the Department of Economics.

 Liz Qiao

Masters student,
\
 MSc Money, Banking and Finance](https://sheffield.ac.uk/economics/masters/student-profiles/liz-qiao)

## Entry requirements

Minimum 2:1 undergraduate honours degree in economics or a degree which meets the module requirements below.

### Module requirements

You should have studied the following four modules:

- Macroeconomics
- Microeconomics
- Mathematics
- Statistics or Econometrics

We assess each application on the basis of the applicant’s preparation and achievement as a whole. We may accept applicants whose qualifications don’t meet the published entry criteria but have other experience relevant to the course.

If required degree subjects and modules are listed, these are indicative only. Sometimes we may accept subjects or modules that aren’t listed, and sometimes we may not accept subjects or modules that are listed, depending on the content studied.

We also consider a wide range of international qualifications:

[Entry requirements for international students](https://sheffield.ac.uk/international/applying/postgraduate-taught "Postgraduate taught")

### **English language requirements**

IELTS 6.5 (with 6 in each component) or University equivalent

[Other English language qualifications we accept](https://sheffield.ac.uk/postgraduate/english-language "English language requirements for postgraduates")

### Other requirements

We will **not** ask you to provide references or referee details as part of your application.

We **do not** require a supporting statement for this programme.

### Pathway programme for international students

If you're an international student who does not meet the entry requirements for this course, you have the opportunity to apply for a [pre-masters programme in Business, Social Sciences and Humanities](https://usic.sheffield.ac.uk/programmes/pre-masters/business-social-sciences-and-humanities ) at the [University of Sheffield International College](https://usic.sheffield.ac.uk/). This course is designed to develop your English language and academic skills. Upon successful completion, you can progress to degree level study at the University of Sheffield.

If you have any questions about entry requirements, please [contact the school](#contactus).

## Fees and funding

[Funding for postgraduate taught courses](https://sheffield.ac.uk/postgraduate/taught/funding "Funding for postgraduate taught courses")

## Save on your course fees

### £3,000 scholarships for international students

Overseas fee-paying students joining in September 2026 will [automatically receive a £3,000 tuition fee discount](https://sheffield.ac.uk/international/fees-and-funding/scholarships/postgraduate/international-postgraduate-scholarship "International Postgraduate Scholarship 2026") (subject to eligibility) - no separate application form required.

### Save up to £2,500 on your course fees

Are you a Sheffield graduate? You could [save up to £2,500](https://sheffield.ac.uk/postgraduate/alumni-discount "Alumni Discount") on your postgraduate taught course fees, [subject to eligibility](https://sheffield.ac.uk/postgraduate/alumni-discount#terms-and-conditions "Alumni Discount").

## Apply

You can apply now using our Postgraduate Online Application Form. It's a quick and easy process.

[Apply now](https://sheffield.ac.uk/postgraduate/taught/apply/applying "How to apply")

## More information

[School of Economics](https://sheffield.ac.uk/economics/home)

## Contact

Start a conversation with us – you can get in touch by email, telephone or online chat.

[Contacts for prospective students](https://sheffield.ac.uk/contact/study "Contact us: course, application and study enquiries ")

Any supervisors and research areas listed are indicative and may change before the start of the course.

[Our student protection plan](https://sheffield.ac.uk/study/policies/student-protection-plan "Student protection plan")

Recognition of professional qualifications: from 1 January 2021, in order to have any UK professional qualifications recognised for work in an EU country across a number of regulated and other professions you need to apply to the host country for recognition. Read [information from the UK government](https://www.gov.uk/guidance/providing-services-to-any-country-in-the-eu-iceland-liechtenstein-norway-or-switzerland-after-eu-exit#recognition-of-professional-qualifications) and the [EU Regulated Professions Database](https://europa.eu/youreurope/citizens/work/professional-qualifications/regulated-professions/index_en.htm).

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#### Dr Mark Bryan

Dr Mark Bryan is an expert in labour economics, micro-econometrics and wellbeing. He has advised the UK government on issues such as the minimum wage and the impact of the recession. He is a co-investigator on a Health Foundation project on the social and economic value of health.

Mark teaches on the module Public Policy Evaluation which explores techniques to find out the direct causal effect of a given government policy, identifying the difference between what actually happened and what would have happened without the policy.

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