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									               Department of Accounting And Finance
              Lancaster University Management School

Introduction
Welcome to Lancaster. When you come to Lancaster University Management
School, you will be studying at one of the top Management Schools in the UK.
Lancaster University Management School (LUMS) has been researching and
teaching business and management since 1964, and is therefore one of the UK’s
best-established business schools.

The Department of Accounting and Finance takes pride in its established
reputation for excellence in both teaching and research. The Higher Education
Funding Council for England and its predecessors have consistently ranked the
Department and the Management School in the highest research quality
category, corresponding to research of international excellence.

Graduates from Lancaster University Management School have an excellent
employment record. In most years over 90% of our students gain jobs
immediately on graduating or decide to pursue more advanced studies. Our
degrees prepare students for a wide variety of careers in business. Many
graduates enter training contracts with professional accounting firms while others
take up posts in industry or financial institutions. They subsequently follow a
wide variety of career paths, including banking, general and financial
management and consulting. Others take posts in public sector organisations
such as the NHS and the Civil Service.

We hope that you enjoy your visit to the campus today and that you will choose to
study at Lancaster University Management School.

Where can I get further information?

If you cannot find the answers to all your queries in this booklet, for further
information, help or advice, see the Lancaster University Prospectus, or visit our
university website
 http://www.lums.lancs.ac.uk/Departments/Accounting/,
or contact:

Mrs Andrea Quail,                            Telephone: 01524 593620
Undergraduate Co-ordinator,                  Fax:           01524 847321
Department of Accounting and Finance,        E-mail: a.quail@lancaster.ac.uk
Management School,
Lancaster University,
Lancaster, Lancs.,
LA1 4YX, U.K.




                                                                                1
Degrees offered by the Department of Accounting and Finance

The overall aim of the undergraduate programmes offered by the Department of
Accounting and Finance is to produce graduates with the theoretical and practical
skills required to embark on a career in the areas of accounting and finance, and
business or management more generally. The undergraduate programme is also
a good basis for further academic study. The programmes on offer provide an
understanding of the fundamental concepts required within the accountancy
and/or finance disciplines, and encourage critical reflection on these concepts as
a basis for evaluating future changes in professional practice. Whichever degree
you choose at Lancaster University Management School, you will be providing
yourself with a high quality education that will ensure that you are well prepared
for your future career. A brief description of the degrees offered by the
Department of Accounting and Finance is provided below.


BSc/BA Hons Accounting and Finance [N400]

       The BA/BSc Hons Accounting and Finance degree encompasses study of
       both accounting and finance, and is accredited by the major professional
       accountancy bodies as described later in this booklet on page 9. The
       accounting courses involve detailed technical material to enable students
       to grasp key concepts necessary for analysing and preparing information
       to meet companies’ external financial reporting requirements. Internal
       reporting of information, analysis of such information, and the planning
       and control of organisation activities is also a key part of the accounting
       courses you will study on this degree programme. The finance courses
       encompass financial strategy, and the decision-making process for
       investment and risk management.

BSc Hons Finance [N300]

       The BSc Hons Finance degree is a specialist degree that examines
       financial decision-making, risk management and behaviour of financial
       markets. The key finance theory and essential concepts are taught during
       the first and second years of the course, providing an excellent foundation
       for higher-level study in the third year. The third year of this degree
       focuses on an array of topics including international financial markets,
       merger analysis and option pricing. The specialist material taught in the
       third year reflects research expertise of the finance academic staff in the
       Department of Accounting and Finance at Lancaster University
       Management School.




                                                                                2
BSc Hons Business Studies (Accounting)Accounting and Management
Studies [NN24401]

     The BSc Hons Business Studies (Accounting)Accounting and
     Management Studies degree was created in response to demands from
     the Accounting Profession and other employers for students with a
     broader knowledge of business and management, whilst specialising in
     Accounting. This course involves study of fundamental concepts of the
     accounting discipline, whilst at the same time developing knowledge of
     management and other business subjects including organisational
     behaviour, strategy and marketing. It provides students with access to a
     variety of courses and enables students to structure their own degree at
     Part II (second and third years of the degree), subject to meeting the
     minimum requirements for the degree.

BSc Hons Business Studies (Finance)Finance and Management Studies
[NN23301]

     As with the BSc Hons Business Studies (Accounting)Accounting and
     Management Studies, the BSc Hons Business Studies (Finance)Finance
     and Management Studies degree was created in response to demands
     from the Finance Profession and other employers for students with a more
     broad knowledge of business and management, whilst specialising in
     finance. This course involves study of fundamental concepts of the
     finance discipline, whilst at the same time developing knowledge of
     management and other business subjects including business economics,
     and logistics and supply management. Similar to the BSc Hons Business
     Studies (Accounting)Accounting and Management Studies, subject to
     meeting the minimum requirements for the degree, students have access
     to a variety of courses at Part II.

BA/BSc Hons Accounting, Finance and Computer Science [NG44]

     The BA/BSc Hons Accounting, Finance and Computer Science degree
     encourages students to explore links between the fields of accounting,
     finance and computer science. This degree provides a strong basis for a
     future career in accountancy, management and finance related fields
     where skills in both areas are required. The degree encompasses study
     of the key elements of both accounting and finance, including study of
     preparation of information for companies’ external and internal reporting
     requirements, financial strategy and investment management.          The
     degree also involves study of the key parts of the computer science
     discipline, including programming, web technology and systems
     architecture.




                                                                            3
BA Hons Accounting and Economics [NL41]

     The BA Hons Accounting and Economics degree enables students to
     combine the study of the core areas of economics and accounting. This
     degree is accredited by the major professional accountancy bodies, as
     described later in this booklet on page 9. The degree encourages
     students to explore the academic and professional links between the
     fields of accountancy and economics and provides a good basis for a
     future career in accountancy, management and finance related fields
     where skills in both areas are required. The course includes study of the
     key elements of accounting and finance, including preparation and
     analysis of information required for internal and external reporting
     requirements. This course also includes study of the core parts of
     economics. Economics studies the production and distribution of wealth.
     This means that it is concerned with consumers, workers, industry,
     commerce and government at the level of the individual and the market
     (micro-economics) and the national economy (macro-economics). It also
     focuses on important contemporary issues such as globalisation of world
     markets, international monetary systems, privatisation of industry and
     management of the economy.

BSc Hons Finance and Economics [NL31]

     The BSc Hons Finance and Economics degree provides a strong basis for
     a future career in management and finance related fields of work where
     skills in both areas are required. The degree specialises in finance,
     including study of capital markets, investment decision-making and option
     pricing. The degree also provides students with a basic knowledge of
     financial and management accounting, which is invaluable for gaining on
     understanding how to value companies and as a basis for decisions in the
     finance sector. The finance element of this degree is complemented by
     the study of economics.          Economics studies the production and
     distribution of wealth. This means that it is concerned with consumers,
     workers, industry, commerce and government at the level of the individual
     and the market (micro-economics) and the national economy (macro-
     economics). It also focuses on important contemporary issues such as the
     globalisation of world markets, international monetary systems, the
     privatisation of industry and the management of the economy.




                                                                             4
BSc Hons Accounting, Finance and Mathematics [NG41]

     The BSc Hons Accounting, Finance and Mathematics degree aims to
     develop the skills required for the study and practice of Accounting,
     Finance and Mathematics, including strong quantitative and analytical
     skills, and provides an understanding of how advanced mathematical and
     statistical techniques can be applied in professional working contexts,
     particularly in the field of Finance. This degree is accredited by the major
     professional accountancy bodies, as described later in this booklet on
     page 9. The degree provides a strong basis for a future career in
     accountancy, management and Finance related fields of work where skills
     in both subject areas could be utilised. The key elements of accounting
     and finance are studied, including provision and analysis of information for
     external and internal reporting, investor decision-making and market
     analysis. In addition, the core elements of Mathematics are studied
     including algebra, calculus, probability and statistics.

BSc Hons Financial Mathematics [GN13]

     The BSc Hons Financial Mathematics degree (administered by the
     Department of Mathematics and Statistics at Lancaster University) aims to
     develop the skills required for the study and practice of both Accounting,
     Finance and Mathematics. The degree has a strong quantitative and
     analytical focus, and provides an understanding of how advanced
     mathematical techniques can be applied in the field of Finance. The
     degree provides a strong basis for a future career in management and
     finance related fields. There is a basic coverage of accounting to provide
     students with key knowledge of the recording, reporting and analysis of
     both internal and external accounting information. However the primary
     focus of this degree is on finance at Part II (second and third years) of the
     degree and application of the mathematical concepts in a finance setting.
     The mathematics element of the course includes algebra, calculus,
     probability and statistics.




                                                                                5
For further details on the courses mentioned above (except for BSc Hons
Financial Mathematics) contact:

      Dr Sayjda Talib, Admissions Tutor,
      Department of Accounting and Finance, Management School, Lancaster
      University, Lancaster, Lancs. LA1 4YX
      Tel: 01524 593626 E-mail: s.talib@lancaster.ac.uk

For further details about BSc Hons Financial Mathematics are available from the
Department of Mathematics and Statistics at Lancaster University, contact:

      Alex Belton, Admissions Tutor,
      Department of Mathematics and Statistics, Lancaster           University,
      Lancaster, Lancs. LA1 4YF, UK.
      Tel: 01524 593941 E-mail: a.belton@lancaster.ac.uk




                                                                             6
Department   of           Accounting       and      Finance      Admissions
Requirements
The entry requirements for all single honours degree courses:
        BA/BSc Hons Accounting and Finance [N400]
        BSc Hons Finance [N300]
        BSc Hons Business Studies             (Accounting)Accounting       and
         Management Studies [NN24401]
        BSc Hons Business Studies (Finance)Finance and Management
         Studies [NN23301]


plus the following joint degrees
        BSc Hons Accounting and Economics [NL41]
        BSc Hons Finance and Economics [NL31]

are as follows:

A/AS-levels:             AABB. One (but only one) of these grades may be
                         achieved either from the average of two AS-level grades
                         or from an AVCE. Every contributory grade must be in a
                         different subject.
General Studies:         Accepted as one of 3 A-levels for entry
AS-levels:               May be included in the offer - see above
AVCEs:                   Up to six units can come from AVCEs - see above
GCSE:                    Maths (minimum grade B), and English Language
                         (grade B/C)
Scottish Highers:        AABBB
Irish Leaving Cert:      Offers will be made on the basis of 5 or 6 HL subjects
                         510 points
International Bacc:      34 points
BTEC:                    At least 3 distinctions, with the remainder of the
                         components at merit level
Mature students:         Welcome to apply to the Department; interviewed if the
                         Department considers them appropriate candidates. It is
                         not essential for mature students to have A-levels, as
                         experience is taken into account.
IELTS:                   Minimum score of 6.5




                                                                              7
The entry requirements for:
     BSc Hons Accounting and Finance and Mathematics [NG41]
     BSc Hons Financial Mathematics [GN13],
are as follows:
A/AS-levels:            ABB, with an additional requirement of an A grade in
                        Mathematics.
General Studies:        Accepted as one of 3 A-levels for entry
AS-levels:              May be included in the offer - see above
AVCEs:                  Up to six units can come from AVCEs - see above
GCSE:                   Maths (minimum grade B), and English Language
                        (grade B/C)
Scottish Highers:       AABBB (including Grade A in Maths at Advanced
                        Higher)
Irish Leaving Cert:     Offers will be made on the basis of 5 or 6 HL
                        subjects510 points
International Bacc:     34 points
BTEC:                   At least 3 distinctions, with the remainder of the
                        components at merit level
Mature students:        Welcome to apply to the Department; interviewed if the
                        Department considers them appropriate candidates. It is
                        not essential for mature students to have A-levels, as
                        experience is taken into account.
IELTS:                  Minimum score of 6.5

The entry requirements for:
    BA/BSc Hons Accounting, Finance and Computer Science [NG44]
are as follows:
A/AS-levels:           ABB, with an additional requirement for a B grade or
                       better in A-level Mathematics.
General Studies:       Accepted as one of 3 A-levels for entry
AS-levels:             May be included in the offer - see above
AVCEs:                 Up to six units can come from AVCEs - see above
GCSE:                  Maths (minimum grade B), and English Language
                       (grade B/C)
Scottish               Highers: AABBB (including Grade B in Maths at
                       Advanced Higher)
Irish Leaving Cert:    Offers will be made on the basis of 5 or 6 HL subjects
                       510 points
International Bacc:    34 points
BTEC:                  At least 3 distinctions, with the remainder of the
                       components at merit level
Mature students:       Welcome to apply to the Department; interviewed if the
                       Department considers them appropriate candidates. It is
                       not essential for mature students to have A-levels, as
                       experience is taken into account.
IELTS:                 Minimum score of 6.5


                                                                             8
The Lancaster Degree Structure
An academic year at Lancaster is divided into three terms. These are referred to
as follows: the Michaelmas Term (October to December, 10 weeks); the Lent
Term (January to March, 10 weeks); and the Summer Term (April to June, 10
weeks). First-year courses run throughout the Michaelmas and Lent terms and
for the first five weeks of the Summer Term. All examinations take place in
May/June for courses studied in any particular academic year. The degree
structure at Lancaster is separated into Part I and Part II.

What is Part I?

      Part I consists of the first year of study and the results you achieve do not
      contribute towards your final degree classification. The first year develops
      the foundation for higher-level study and successful completion of Part I
      qualifies you to enter Part II. During the first year at Lancaster University,
      you will be required to study three subjects for the full academic year. For
      example, for a BSc/BA Hons Accounting and Finance degree student, the
      first year courses studied would be as follows:

          Subject 1             Subject 2                     Subject 3
          Accounting            Economics                 Choice of subject
             and                                       You are advised to take
           Finance            Course taken                  Mathematics/
                              depends on               Management Science if
                            whether or not you         you do not have A-Level
                              have A-level                  Mathematics.
                               Economics

      Even though a student may have only applied to study Accounting and
      Finance, a pass in all three subjects is required in order to progress to
      Part II (i.e. the second and third year of your degree). Part I is a very
      important element of your degree at Lancaster as it forms the foundation
      for study at Part II.

What is Part II?
      Part II consists of the second and third years of study and both years
      contribute equally towards your final degree class. A total of 16 courses
      (half-units) comprise the degree (8 courses from second year and 8
      courses from third year). Some courses will be compulsory for your
      degree, while others are optional (within the constraints of your degree
      and timetabling restrictions).
      A brief outline of the courses offered by the Department of Accounting and
      Finance at Part II is provided on pages 10 to 12 of this booklet and
      detailed course information relating to each degree is contained at the
      back of this booklet.




                                                                                  9
Is there an Exchange Programme available?
     The Department of Accounting and Finance participates in the Socrates
     ERASMUS undergraduate exchange programme. Socrates ERASMUS is
     the EU education programme. It supports European co-operation on a
     range of educational projects, initiatives and professional development,
     providing opportunities for all sectors, including schools, higher education
     and lifelong learning.
     There are a limited number of places available for students to study
     abroad in the U.S.A. and Canada in the first term of their third year at
     Lancaster University. It should be noted that places are limited for study
     abroad and are allocated based on Part I performance and tutor
     recommendations.

Accreditation and Accredited degrees
     The concept of “accreditation” involves a particular degree scheme being
     recognised by a particular professional accountancy body as including
     sufficient material taught to a specified level such that the body will
     exempt students completing that degree from its own examinations on that
     material.   The Department of Accounting and Finance has three
     accredited degrees:
            BA Hons Accounting and Finance [N400]
            BA Hons Accounting and Economics [NL41]
            BA Hons Accounting and Finance and Mathematics [NG41]
     The accredited degrees mentioned above provide exemptions from the
     following professional accounting bodies’ exams:
        -   Institute of Chartered Accountants in England and Wales (ICAEW)
        -   Institute of Chartered Accountants of Scotland (ICAS)
        -   Association of Chartered Certified accountants (ACCA)
        -   The Chartered Institute of Management Accountants (CIMA)
     Exemptions have traditionally been given for:
        -   All of the foundation stage (Economics, Law, Statistics, Book-
            keeping, except for ICAEW which gives no exemptions for
            accounting courses)
        -   Part of the professional/advanced stage (depends on particular
            body)
     However, the specific exemptions that would apply are subject to change as
     the accounting bodies may update their exam requirements from time to
     time.   Exemption is usually only available to students enrolled for the
     accredited degrees and is subject to certain units being taken and passed. The
     accredited status of these degrees is subject to periodic review by the
     accreditation board of the accounting bodies.

     For further details see the Department web site
     http://www.lums.lancs.ac.uk/Departments/Accounting/undergraduate/accred/




                                                                                10
Do I need an accredited degree to become an accountant?
       It is not necessary for graduates that go into professional accounting to
       have an accredited accounting degree. In recent years, there has also
       been a demand for graduates with a more broad-based management
       education, whilst still specialising in accounting and/or finance. To cater
       for to this additional demand from the profession, we have recently
       introduced two specialist business degrees, BSc Hons Business Studies
       (Accounting)Accounting and Management Studies and BSc Hons
       Business Studies (Finance)Finance and Management Studies. These
       degrees are not accredited, but provide students with much of the
       necessary knowledge that the Profession is looking for in graduates.

What courses are on offer at Part II?
       This section provides a flavour of the courses that are likely to be available
       for you to study at Part II (i.e. your second and third years) (offered by the
       Department of Accounting and Finance at Lancaster University). Some
       courses will be compulsory for your degree choice. Others will be
       optional, subject to certain minimum requirements and pre-requisites. It
       may also be possible to take courses from other Departments at the
       University, subject to the minimum requirements and pre-requisites.

       The Part II courses offered by the Department of Accounting and Finance
       are all of one term in duration. Most courses (except for AcF 330
       Accounting and Finance project) are assessed by 25% coursework and
       75% examination. The course AcF 330 is assessed by 100% coursework.
       All examinations take place in the Summer Term. Courses will be
       dependent upon the availability of teaching staff and only run if a minimum
       number of students register.

                           Michaelmas term 2010
AcF 211 - Accounting Information Systems and Auditing (15 credits, level 5)
This module introduces and provides an overview of the design and main features of
Accounting Information Systems (AIS). Also it offers an introduction to Auditing,
including coverage of the regulatory framework, audit planning, systems auditing and
substantive testing.
(Prerequisite AcF 100 or AcF 111 or AcF 261)

AcF 213A - Management Accounting for Business Decisions (15 credits, level 5)
This module offers an introduction to the use of management accounting information
for management purposes, including coverage of cost analysis, budgeting and
performance measurement. It assumes a basic understanding of financial
accounting, but no previous knowledge of management accounting. (AcF 213A and
AcF 213B are identical modules).
(Prerequisite AcF 100 or AcF 111 or AcF 261)

AcF 214A - Principles of Finance (15 credits, level 5)
This module covers project evaluation methods, risk, return and the cost of capital
(including the capital asset pricing model), corporate financing (including dividend



                                                                                  11
policy and capital structure) and options. (AcF 214A and AcF 214B are identical
modules).
(Prerequisite AcF 100 or AcF 263)

AcF 261 - Introduction to Financial Accounting for Managers (15 credits, level 4)
This module offers an introduction to the analysis and use of published financial
statements. It includes contextual materials on the preparation of financial statements
and on the financial environment. It assumes no previous knowledge of accounting.
(No prerequisite. Not available to students who have taken AcF 100 or AcF 111)

AcF 263A – Introduction to Finance (15 credits, level 4)
This module offers an introduction to Finance. It covers the financial environment
(assets, markets, intermediaries), capital investment appraisal, an overview of the
risk/return tradeoff and the cost of capital. (AcF 263A and AcF 263B are identical
modules).
(No prerequisite. Not available to students who have taken AcF 100)

AcF 301 - Financial Accounting I (15 credits, level 6)
This module deals with accounting for complex entities, addressing concepts, issues
and techniques. It examines accounting for business combinations, goodwill and
strategic investments, and other aspects of consolidation, foreign currency
translation, segmental reporting, and accounting for financial instruments, all within
the context of modern accounting theory.
(Prerequisite AcF 212 or AcF 222)

AcF 302 - Corporate Finance (15 credits, level 6)
This module examines corporate financing and investment decisions, focusing in
particular on settings where companies' assets and liabilities contain embedded
options. Topics covered include valuation of options, investment appraisal, valuation
of warrants and convertibles, capital structure and mergers & restructuring.
(Prerequisite AcF 214)

AcF 303 - Advanced Management Accounting (15 credits, level 6)
This module covers topics in cost allocation, including strengths and weaknesses of
traditional costing systems, pricing, and transfer pricing in a divisionalised firm.
(Prerequisite AcF 213).

                                                                           continued




                                                                                    12
                   Michaelmas term 2010 (continued)
AcF 307 – Issues in Auditing (15 credits, level 6)
This module examines the economic rationale for auditing and the structure of the
auditing industry. Fundamental issues involved in auditing financial statements and
financial information systems are examined.
(Prerequisite AcF 211)

AcF 317 – Strategic Management Control (15 credits, level 6)
This module considers the role of accounting information in the design and use of a
management control system. The module is designed around a set of case studies.
(Prerequisite AcF 213)

AcF 324 – Quantitative Finance (15 credits, level 6)
This module describes time series models for financial market prices and shows how
these models can be applied by banks and investors. It covers random walk tests
and forecasting price volatility for financial asset prices.
(Prerequisites AcF 214 and MNGT 212 or equivalent)




                                                                                13
                                  Lent term 2011

AcF 212 - Principles of Financial Accounting (15 credits, level 5)
This module examines the main features of financial reporting by UK companies, the
associated regulatory requirements and the conceptual bases of these (UK
Companies Acts and international accounting standards). Also examined are specific
reporting topics of current interest and concern.
(Prerequisite AcF 100 or AcF 111 or AcF 261)

AcF 213B - Management Accounting for Business Decisions (15 credits, level 5)
This module offers an introduction to the use of management accounting information
for management purposes, including coverage of cost analysis, budgeting and
performance measurement. It assumes a basic understanding of financial
accounting, but no previous knowledge of management accounting. (AcF 213A and
AcF 213B are identical modules).
(Prerequisite AcF 100 or AcF 111 or AcF 261)

AcF 214B - Principles of Finance (15 credits, level 5)
This module covers project evaluation methods, risk, return and the cost of capital
(including the capital asset pricing model), corporate financing (including dividend
policy and capital structure) and options. (AcF 214A and AcF 214B are identical
modules).
(Prerequisite AcF 100 or AcF 263)

AcF 215 - Advanced Principles of Finance (15 credits, level 6)
This module provides a detailed analysis of four key Finance paradigms: (i) decision
making under uncertainty, including utility theory, (ii) state preference theory and
arbitrage pricing (iii) capital asset pricing and market equilibrium, (iv) option pricing.
(Prerequisites AcF 214 and A-Level Mathematics)

AcF 263B – Introduction to Finance (15 credits, level 4)
This module offers an introduction to Finance. It covers the financial environment
(assets, markets, intermediaries), capital investment appraisal, an overview of the
risk/return tradeoff and the cost of capital. (AcF 263A and AcF 263B are identical
modules).
(No prerequisite. Not available to students who have taken AcF 100)

AcF 305 - International Financial Management (15 credits, level 6)
This module provides knowledge that is important to those concerned with financial
management in a multinational setting. Areas covered include: (i) the relationships
between exchange rates, interest rates and inflation rates, (ii) forward, futures and
options markets, (iii) corporate exchange rate risk management.
(Prerequisite AcF 214)

AcF 306 – Taxation (15 credits, level 6)
This module provides an understanding of the economic and social impact of taxation
and how these impacts influence the formation of tax policy. The module covers the
basic principles of UK income tax, corporation tax and other taxes, and teaches
students to perform basic tax computations.
(Prerequisite AcF 100 or AcF 111 or AcF 261).

                                                                              continued




                                                                                       14
                         Lent term 2011 (continued)

AcF 308 - Financial Statement Analysis (15 credits, level 6)
This module introduces: the use of accounting numbers in the valuation of
businesses; the properties of accounting ratios; accounting quality analysis; financial
distress prediction; relationships between share prices and accounting numbers.
Students must have taken at least one financial accounting module and at least one
finance module.
(Prerequisite EITHER (i) AcF 100 OR (ii) AcF 263 with either AcF 111 or AcF 261)

AcF 311 - Financial Accounting II (15 credits, level 6)
This module develops students' critical evaluation of advanced financial accounting
issues and places this within the international accounting context. Topics covered
include the accounting treatments of taxation, leases, pensions, provisions and
contingent liabilities. The module also introduces empirical research on issues of
relevance to accounting practitioners and accounting regulators.
(Prerequisite AcF 212 or AcF 222)

Ac 318 – Professional Standards in Finance and Accounting Practice
        (15 credits, level 6)
This module includes the role that governance plays in the management of a
business and evolution of good government practice, the nature of professional
ethics and its significance in the business environment, ethical dilemmas in business,
content of professional ethics codes and content of regulatory governance
framework.
(Prerequisite AcF 212/222 or AcF 214a/b)

AcF 321 – Investments (15 credits, level 6)
This module covers the fundamental concepts and techniques of modern investment
theory and practice, including security analysis, equity and bond portfolio
management, asset allocation, performance evaluation, estimation of risk measures
and hedging. It also places an emphasis on some practical issues in portfolio
management.
(Prerequisite AcF 214)

AcF 330 - Accounting and Finance project (15 credits, level 6)
This provides an opportunity for the independent investigation of an approved project
in Accounting & Finance. The exact timing of the project is negotiable and it may be
possible to commence it in the Michaelmas term.
(Prerequisite Major or Combined Major registration, plus an average 2i grade on
second year AcF modules)




                Michaelmas term 2010 & Lent term 2011


                                                                                    15
All 200-series modules offered in 2009-10 and most (probably all) of the 300-series
modules offered in 2009-10.


Degree Structures
This section outlines the particular degree structures for single and joint major
degrees offered by the Department of Accounting and Finance. The course
components that are compulsory are clearly highlighted.




  SINGLE MAJOR DEGREES IN ACCOUNTING AND/OR FINANCE

                          ACCOUNTING & FINANCE


First Year required modules
AcF 100               -      Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102       -      Economics
Any third subject     -      (Students without      the   equivalent   of   'A'   level
Mathematics
                              should take an appropriate module in Quantitative
Methods.)



Second Year modules: 8 half-unit modules
The following 5 half-unit modules are compulsory
AcF 211              -      Accounting Information Systems and Auditing
AcF 212              -      Principles of Financial Accounting
AcF 213A or 213B     -      Management Accounting for Business Decisions
AcF 214A or 214B     -      Principles of Finance
MNGT 212             -      Introduction to Statistical Methods for Business

The following half-unit module is compulsory, unless MSCI 103 was taken in
the first year
MSCI 224            -      Techniques for Management Decision Making

Plus 2 other half-unit modules if MSCI 224 is taken, otherwise 3 half-unit
modules.
These can be modules from any Department, including Accounting and Finance from
which AcF 215, AcF 306 and AcF 308 may be taken in the second year.

Students should take the equivalent of 4 half-unit modules in each term.

Third Year modules: 8 half-unit modules


                                                                                    16
6 half-unit modules in Accounting and Finance
Normally three in the Michaelmas Term and three in the Lent Term. AcF 301 and
AcF 311 are compulsory. Of the six, at least one must be a Finance module drawn
from the following: AcF215, AcF302, AcF305, AcF308, AcF321, AcF324.

2 other half-unit modules
These can be modules from any Department, including Accounting and Finance.

Law modules

For exemption from the examinations of most professional accountancy bodies it is
necessary to take three half-unit modules in Law. These modules are Law 217, Law
317 and Law 318. The modules can only be taken in the sequence Law 217 (Lent),
Law 317 (Michaelmas), Law 318 (Lent).




                                                                              17
                  ACCOUNTING, AUDITING & FINANCE
                     (ERNST & YOUNG DEGREE)
(This degree scheme includes placements with Ernst & Young in years 2, 3 and 4.
There is no automatic right to transfer into this degree scheme.)


First Year required modules
AcF 100             -         Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102     -         Economics
MSCI 101            -         Statistics and Computing for Management
MSCI 102 or 103



Second Year modules: 6 compulsory half-unit modules
AcF 220             -         Business Law
AcF 211             -         Accounting Information Systems and Auditing
AcF 213A            -         Management Accounting for Business Decisions
AcF 214A            -         Principles of Finance
AcF 222             -         Principles of Financial Accounting
MNGT 212            -         Introduction to Statistical Methods for Business



Third Year modules: 4 compulsory half-units (taken whilst on full-
year placement)
AcF 331             -         Assurance & Business Systems
AcF 332             -         Advanced Finance
AcF 333             -         Dissertation (One-unit module)



Fourth Year modules: 6 half-units

The following 4 half-unit modules are compulsory
AcF 301              -      Financial Accounting I
AcF 307              -      Auditing
AcF 303              -      Advanced Management Accounting
AcF 334              -      Financial Accounting II

2 further half-unit modules




                                                                                 18
One of these modules must be a final-year finance module, drawn from the following:
AcF302, AcF324.




                                                                                19
                                    FINANCE



First Year required modules
AcF 100               -      Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102       -      Economics
Any third subject     -      (Students without the equivalent of Grade C at 'A' level
                              Mathematics should take modules in calculus and
              statistics)


Second Year modules: 8 half-unit modules
The following 4 half-unit modules are compulsory
AcF 214A or B        -      Principles of Finance
AcF 215              -      Advanced Principles of Finance
MNGT 212             -      Introduction to Statistical Methods for Business
ECON 212             -      Introduction to Econometrics

And 1 half-unit module from the following
AcF 211             -      Accounting Information Systems and Auditing
AcF 212             -      Principles of Financial Accounting
AcF 213A or B       -      Management Accounting for Business Decisions


And 3 further half-units
One of these modules can be AcF 308, Financial Statement Analysis


Third Year modules : 8 half-unit modules
The following 4 half-unit modules are compulsory
AcF 302              -      Corporate Finance
AcF 305              -      International Financial Markets
AcF 321              -      Investments
AcF 324              -      Quantitative Finance
And 4 further half-units
Must include AcF 308, Financial Statement Analysis, if not taken in the second year.


Second and Third Year taken together
Students take 10 compulsory half-unit modules (AcF 214, 215, 302, 305, 308, 321,
324, one of AcF 211/212/213A or B, MNGT 212, and ECON 212).

The other 6 half-unit modules must include at least 4 taught by Management School
departments or by Mathematics. Some of these 6 half-unit modules can be AcF
modules providing the prerequisites are satisfied (e.g. more of AcF 211/212/213A or
B).




                                                                                   20
             ACCOUNTING AND MANAGEMENT STUDIES



First Year required modules

AcF 100              -       Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102      -       Economics
Any third subject


Second Year modules: 8 half-unit modules

The following 4 half-unit modules are compulsory
AcF 211              -       Accounting Information Systems and Auditing
AcF 212              -       Principles of Financial Accounting
AcF 213A or B        -       Management Accounting for Business Decisions
AcF 214A or B        -       Principles of Finance
MNGT 212             -       Introduction to Statistical Methods for Business

Plus 3 other half-unit modules
This set of four half-unit modules must be chosen from Management School
departments other than Accounting & Finance, and must include modules from at
least two departments.




Third Year modules: 8 half-unit modules

4 half-unit modules in Accounting & Finance
Normally two in the Michaelmas Term and two in the Lent Term, to be selected from:
AcF 301               -     Financial Accounting I
AcF 303               -     Advanced Management Accounting
AcF 306               -     Taxation
AcF 307               -     Auditing
AcF 308               -     Financial Statement Analysis
AcF 311               -     Financial Accounting II
AcF 317               -     Accounting for Management Control

Plus 4 other half-unit modules
One of these may be an Accounting & Finance module (at Level 6). The three or
four non-Accounting & Finance modules must all be from Management School
departments, and this set must be drawn from at least two departments.


The overall scheme must include at least 6 modules at Level 6.




                                                                                21
                FINANCE AND MANAGEMENT STUDIES



First Year required modules

AcF 100              -       Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102      -       Economics
Any third subject


Second Year modules: 8 half-unit modules

The following 4 half-unit modules are compulsory
AcF 212              -       Principles of Financial Accounting
AcF 213A or B        -       Management Accounting for Business Decisions
AcF 214A or B        -       Principles of Finance
MNGT 212             -       Introduction to Statistical Methods for Business


Plus 4 other half-unit modules
This set of four half-unit modules must be chosen from Management School
departments other than Accounting & Finance, and must include modules from at
least two departments.




Third Year modules: 8 half-unit modules

4 half-unit modules in Finance
Normally two in the Michaelmas Term and two in the Lent Term, to be selected from:
AcF 215       -       Advanced Principles of Finance
AcF 302       -       Corporate Finance
AcF 305       -       International Financial Markets
AcF 308       -       Financial Statement Analysis
AcF 321       -       Investments
AcF 324       -       Quantitative Finance


Plus 4 other half-unit modules
One of these may be an Accounting & Finance module (at level 6). The three or four
non-Accounting & Finance modules must all be from Management School
departments, and this set must be drawn from at least two departments.




The overall scheme must include at least 6 modules at Level 6.




                                                                                22
                          JOINT-MAJOR DEGREES


                         ACCOUNTING & ECONOMICS


First Year required modules
AcF 100              -      Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102      -      Economics (Grade M3 or better)
ECON 103             -      Applications of Economic Analysis

Second Year modules: 8 half-unit modules
The following 4 half-unit modules are compulsory
AcF 211              -      Accounting Information Systems and Auditing
AcF 212              -      Principles of Financial Accounting
AcF 213A or B        -      Management Accounting for Business Decisions
AcF 214A or B        -      Principles of Finance
2 core half-unit modules in Economics
ECON 207            -       Managerial Economics
ECON 208            -       Business and International Macroeconomics
2 quantitative half-unit modules in Economics
ECON 211              -     Mathematices for Economics
ECON 212              -     Introduction to Econometrics



Third Year modules: 8 half-unit modules
4 half-unit modules in Accounting and Finance
Normally two in the Michaelmas Term and two in the Lent Term. These modules must
include AcF 301 and AcF 311.
4 half-unit modules in Economics




                                                                             23
                          FINANCE & ECONOMICS


First Year required modules
AcF 100              -      Introduction to Accounting and Finance (Grade M3 or
better)
ECON 101 or 102      -      Economics (Grade M3 or better)
ECON 103             -      Applications of Economic Analysis



Second Year modules: 8 half-unit modules
The following 7 half-unit modules are compulsory
AcF 214A or B        -      Principles of Finance
AcF 215              -      Advanced Principles of Finance
AcF 308              -      Financial Statement Analysis
ECON 211             -      Mathematics for Economics
ECON 212             -      Introduction to Econometrics
ECON 207             -      Managerial Economics
ECON 208             -      Business and International Macroeconomics

And 1 half-unit module from the following
AcF 211             -      Accounting Information Systems and Auditing
AcF 212             -      Principles of Financial Accounting
AcF 213A or B       -      Management Accounting for Business Decisions




Third Year modules: 8 half-unit modules
The following 4 half-unit modules are compulsory
AcF 302              -      Corporate Finance
AcF 305              -      International Financial Markets
AcF 321              -      Investments
AcF 324              -      Quantitative Finance

4 further half-unit modules in Economics
Guidance on choices will be provided by the Dept. of Economics.

Students who are overqualified for ECON 204 enroll for MNGT 212. Students
registered for ECON 204 and ECON 212 cannot register, at any stage, for MNGT
212 or MNGT 213.




                                                                            24
               ACCOUNTING, FINANCE & MATHEMATICS



First Year modules
AcF 100               -       Introduction to Accounting and Finance (Grade M3 or
                              better)
Math 100              -       Mathematics
Econ 101 or 102       -       Economics




Second Year modules: 8 half-unit modules
The following 4 half-unit modules are compulsory
AcF 211              -      Accounting Information Systems and Auditing
AcF 212              -      Principles of Financial Accounting
AcF 213A or B        -      Management Accounting for Business Decisions
AcF 214A or B        -      Principles of Finance

The following modules, equivalent to 4 half-unit modules, are compulsory
Math 220           -      Linear Algebra
Math 230           -      Probability
Math 235           -      Statistics




Third Year modules: 8 half-unit modules
4 half-unit modules in Accounting and Finance
Normally two in the Michaelmas Term and two in the Lent Term. These modules
must include AcF 301 and AcF 311

4 half-unit modules in Mathematics and Statistics
To include Math 331 Statistical Inference and at least 2 other Statistics modules




                                                                                    25
                         FINANCIAL MATHEMATICS


First Year modules

AcF 100              -      Introduction to Accounting and Finance
Math 100             -      Mathematics
Math 110             -      Mathematics




Second Year modules: 8 half-unit modules

The following 2 half-unit modules are compulsory
AcF 214A or B        -      Principles of Finance
AcF 215              -      Advanced Principles of Finance

The following 2 half-unit modules are compulsory
Econ 224             -      Introduction to Economics for Managers
Econ 225             -      Further Topics in Economics for Managers

The following modules, equivalent to 4 half-unit modules, are compulsory
Math 210           -      Real Analysis
Math 230           -      Probability
Math 235           -      Statistics




Third Year modules: 8 half-unit modules

Any 4 of the following 5 half-unit modules
AcF 302              -      Corporate Finance
AcF 305              -      International Finance
AcF 308              -      Financial Statement Analysis
AcF 321              -      Investments
AcF 324              -      Quantitative Finance

And 4 half-unit modules in Mathematics and Statistics, including
Math 313                -     Probability and Measure
Math 331                -     Statistical Inference
Plus 2 other Statistics modules.




                                                                           26
           ACCOUNTING, FINANCE & COMPUTER SCIENCE

First Year required modules
AcF 100               -      Introduction to Accounting and Finance (Grade M3 or
better)
C.SC 103              -      Introductory Computing for Combined Majors (Grade
                             M3 or better)
ECON 101 or 102       -      Economics


Second Year modules: The equivalent of 8 half-unit modules
To include the following 4 half-unit modules:
AcF 212              -      Principles of Financial Accounting
AcF 213A or B        -      Management Accounting for Business Decisions
AcF 214A or B        -      Principles of Finance
MNGT 212             -      Introduction to Statistical Methods for Business

and the following single-unit module:

C.SC 240              -      Software Design

with the remainder of the modules in Computer Science.

Third Year modules: The equivalent of 8 half-unit modules
To include either 4 half-unit modules in Accounting and Finance OR 3 half-unit
modules in Accounting and Finance plus MSCI 224
The AcF modules must include
AcF 301              -       Financial Accounting I
AcF 311              -       Financial Accounting II

with the remainder of the modules in Computer Science.


Computer Science modules
Across Years 2 and 3, students normally take 8 half units worth of modules in
Computer Science, including the final-year project (C.SC 301), which may be on a
topic other than financial computing and for which the topic is to be agreed with the
assigned supervisor in Computer Science. Students may opt not to complete C.SC
301, and therefore complete 6 half units worth of modules in Computer Science, with
2 further half units worth of modules in Accounting and Finance.

The Department of Computer Science operates an alternating set of modules on a
Year A/Year B basis. Modules that students must take in Computer Science are:

C.SC 240              Software Design (Year 2) – 0.5 unit
C.SC 242 (Year A)     Software Engineering Evaluation and Evolution (Year 2 or 3) –
0.5 unit
C.SC 254 (Year B)     Language Fundamentals (Year 2 or 3) – 0.5 unit
C.SC 243 (Year A)     Databases (Year 2 or 3) – 0.5 unit
C.SC 252 (Year B)     Human Computer Interaction (Year 2 or 3) – 0.5 unit



                                                                                  27
C.SC 200x            Group Project – 0.25 unit

Students may take:

C.SC 202             Professinal Development & Project Skills (Year 2)
C.SC 301             Final Year Project (Year 3) – 1.0 unit




                                                                         28
Accounting and Finance
http://www.lums.lancs.ac.uk


                              29
     http://www.lums.lancs.ac.uk




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