What is MSc Money, Banking and Finance?

Before the Easter, the taught modules in LUMS were almost finished. Therefore, I would like to share some experience and thoughts about the Money, Banking and Finance programme.

The first time I saw MBF, I was quite confused since I had no idea about what I would study in this programme. Besides, in other business schools, I normally found the programme call Banking and Finance. After two semesters studying, I would like to describe MBF as a comprehensive programme which includes the knowledge from the economic part and also the financial field.

MBF is a jointly taught programme since it has the modules from both accounting and finance department and economic department. In the past two semesters, there are 5 modules in each term, and the curriculum is well-organised. During the first term (Michaelmas Term), we only have compulsory modules, which are more like preparation courses. After that, you would know which direction you were good at and you could have a better choice of the optional modules in the second term. To be more specific about the modules, the two main things about all modules is Central Bank and other commercial banks. So in MBF, you would learn how do central bank and commercial banks work and what is the relationship between these two; finally how to control the risks during the working process. As I say, it is the combination of finance and economics. Firstly, the central bank needs to be responsible for the whole economic environment. Therefore, we learned the DSGE in Macroeconomics and know how the central bank set up the interest rate. Secondly, under the fierce competition of capital market, increasingly commercial banks expand their business to stock market. So we learned the operations of financial derivatives in order to control the risk of commercial banks. Thirdly, we would learn some corporate finance as well. It because the commercial banks would issue debt to firms, we need to know the risk of firms to distinguish whether finance this company. I would recommend the people who would like to work in banks and have finance and economic background to learn MBF as a master study.

Lastly, lets talk about the exams in MBF. Most of the modules in MBF are marked by the final big exams. So that sometimes you need to review 4 modules in one week and take 4 exams in the next week, which can be challenging if you are not prepared. In this case, here are some suggestions from my personal experience:

  • Firstly, before the revision, you should clearly know the range and the way of exams. Some exams may have 5 questions and you only need to choose 3 of them: in this situation, if your revision time was limited, you could only revise the lectures which you are familiar with (although it is definitely better to revise all of them).
  • Secondly, it is better to revise all modules in each day. If you focus on one module for few days, after that you may forget some of them.
  • Thirdly, it was suggested to us to take time at the beginning of each exam to just read the questions – this reading time is crucial, do not waste it! I still remember the first time when I was taking the exam, I tried to answer  questions during the reading time, although I was not writing anything. During the exam, I did so bad since I did not recognise which question was hard. I ended up missing the questions that I would have found easier, as I wasted too much time in the hard one! My experience is that the reading time is really important for you to make a whole plan of your exams.