There is mounting evidence that people violate many of the "rationality" assumptions of mainstream economics. Behavioural Economics is a relatively new field that studies such violations and proposes theories to explain them. Behavioural Finance is a part of Behavioural Economics that studies important "irrationalities" on financial markets. Key topics include common mistakes people make when deciding how much to save and how to invest, excess volume of trade, equity premium puzzle, bubbles, and predictability of financial markets.
Why study Behavioural Finance
Behavioural Economics and Behavioural Finance have grown tremendously in popularity in recent years. The Nobel Prize in Economic Sciences was awarded to Daniel Kahneman in 2002 for Behavioural Economics and to Robert Shiller in 2013 for Behavioural Finance. There has been increased interest by the public, as evidenced by a spate of popular books in these areas. There has also been increased interest by governments: for example, David Cameron appointed a "Behavioural Insights Team" in 2010 to help design government policies.
The backbone of the programme consists of a first-semester module in Behavioural Economics and a second-semester module in Advanced Behavioural Finance. Apart from these two modules, students can take modules covering more traditional topics in finance.
A thorough knowledge of Behavioural Economics and Behavioural Finance provides students with a deeper and more realistic understanding of financial markets than is offered by mainstream finance alone. Such knowledge also makes students less susceptible to common mistakes in their own lives and careers. A successful completion of the programme would provide students with valuable skills for a wide range of careers in areas such as investment, banking, public service, or academia.
The programme consists of five compulsory modules in semester A as well as two compulsory modules and three electives in semester B. During the summer period students will also have to complete a 30-credit 5000-word dissertation under the supervision of an academic member of staff.
QMUL School of Economics and Finance Scholarships
The School of Economics and Finance is pleased to offer up to 60 scholarships to outstanding applicants. The scholarship value is £5,000 (slightly more for MSc Economics students) and is open to all postgraduate taught courses in the School.As well as the quality of your undergraduate transcript, we take into account additional information outlined below: Preference is given to applications for MSc Economics, MSc Finance, MSc Investment and Finance, MSc Investment Banking , MSc Finance and Econometrics, MSc Behavioural Finance Weight will be given to applicants who are attending or graduated from a top 100 university according to Shanghai Ranking, Top Universities, The Guardian, and Times Higher Education In order to maintain the diversity of our student intakes, students studying in the following countries will be given preference: Egypt, France, Germany, Greece, Italy, India, Indonesia, Malaysia, Thailand, Turkey, USA, and Vietnam.
Value of Scholarship(s)
Scholarships will be awarded on purely on the basis of demonstrated potential for academic excellence on the programme applied. The potential for excellence will be judged to be demonstrated if the application:Shows that it exceeds our minimum entry requirements by a significant margin and/or otherwise outperforms applicants competing for the scholarships under consideration Shows excellent performance on specific modules considered relevant and valuable preparation for the programme applied to, e.g. on quantitative and economics/finance modulesFor full details, please visit the QMUL website
Eligible applicants will be contacted by the school once an offer has been made.Please note, applicants will be required to return the completed scholarship form within a month of receiving it from the School of Economics and Finance. Additionally, due to the high volume of qualified applicants, there may be a delay in application turnaround time and we encourage you to apply early.
At least an upper second class honours degree (2.1) or overseas equivalent in a subject with some quantitative elements.Subjects likely to contain sufficient quantitative elements (i.e. which have at least one mathematics or statistics based module) including Mathematics, Science, Engineering, Economics, Finance, Psychology, Accounting, Business & Management.For our English Language requirements please click here: View Website
2016/2017 fees are £10,650 (+£1,000 for students taking the CFA pathway) for home and EU students and £16,500 (+£1,000 for CFA pathway)
Recipient: Queen Mary University of London
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