MSc Financial Economics

For entry in the academic year beginning September 2027, the tuition fees are as follows:

• MSc (full-time)
  UK students (per annum): £16,600
  International, including EU, students (per annum): £35,300

The fees quoted above are fully inclusive of tuition, administration and computational costs.

Fees for entry are subject to yearly review. The University reserves the right to increase your tuition fee by up to 7% each year for courses lasting more than one year, including to reflect rising costs associated with delivering our educational and wider student experience. Postgraduate fees information .

Always contact the admissions team if you are unsure which fee applies to your qualification award and method of attendance.

All students should normally be able to complete their programme of study without incurring additional study costs over and above the tuition fee for that programme. Any unavoidable additional compulsory costs totalling more than 1% of the annual home undergraduate fee per annum, regardless of whether the programme in question is undergraduate or postgraduate taught, will be made clear to you at the point of application. Further information can be found in the University's Policy on additional costs incurred by students on undergraduate and postgraduate taught programmes (PDF document, 91KB).

We know that student finance can be complicated. The links below provide further information to help guide you.

• Learn more about - student finance options for UK students .
• Learn more about - fees and finance for international students .
• Graduates of The University of Manchester and Manchester Metropolitan University can receive a 10% discount on their master's degree tuition fees as part of our Manchester Alumni Loyalty Discount scheme.

The aims of this course are to:

(i) introduce students to the allocation of risk in economic situations that involve uncertainty;

(ii) establish the link between economics and finance.

The aims of this course are to:

(i) introduce students to the allocation of risk in economic situations that involve uncertainty;

(ii) establish the link between economics and finance.

At the end of this course students should be able to demonstrate:

(i) an understanding of security pricing techniques;

(ii) an understanding of the analysis of the operation of financial markets using tools from economic analysis;

(iii) an ability to relate financial markets to the rest of the economic system

Provisional

The course will proceed as follows:

1. Uncertainty and risk

• states of nature
• contingencies (events)
• information
• contingent goods, contingent plans
• preferences over contingent plans
• alternative notions of risk

2. Alternative institutional contexts of risk sharing

• contingent markets
• security markets
• real/financial securities, bonds, stocks, options, derivative securities.

3. Individual behavior under uncertainty

• th

Lectures and tutorials

An indicative reference for this material is the book ‘The Theory of Incomplete Markets’ by M. Magill and M. Quinzii (although the technical level of the course will be much lower than in that book). Another reference for the material in this course is the book ‘Security Markets, Stochastic Models’ by Darrell Duffie. This book is recommended for the more technically experienced students. More information about the incomplete markets literature can be found in a special issue devoted to this subject, inside the 1990-91 volume of the Journal of Mathematical Economics. .

Pre-requiste: ECON20120/30320, ECON30432 or equivalent