Programme Description

The effective management of public finances is a fundamental function for every government and public sector organisation. This course provides participants with the theoretical knowledge and tools for reviewing, discussing, understanding and evaluating key themes about public financial management. Based on academic research and practical examples, students will learn how the governments and public sector organisations plan and administer public spending; how tax policies are made; what are the effects of taxation; what other means, apart from taxation, the public sector has for raising revenues; how financial performance is reported to the public; and how fiscal balance is attained.

The course focuses on the concepts and techniques that are used to achieve desired risk-return combinations. Many of the principles in risk management were developed in relation to financial firms such as banks and investment fund managers, but they are also applicable to non-financial firms in commerce, manufacturing, or other sectors. Topics that are covered in the course include public financial management in developing countries, fiscal decentralisation, tax compliance, and tendencies in public sector financial reporting and auditing. In tutorials, students will be required to present assigned tasks and discuss case studies of public financial management drawing from a variety of countries from all over the world.

Learning Outcomes

On successful completion of the course, a student should be able to demonstrate the ability to:

  • Understand financial investment, including stocks and bonds, derivatives, futures and options, hedging and speculation strategies
  • Measure and monitor risk, including managing portfolios and calculating risk and returns
  • Understand and applications of risk management

Tutor Information

The course will be taught by Dr Simon Hubbert and Dr Jeo Lee, both experts in their fields of financial mathematics, economics, and banking. Dr Hubbert is a senior lecturer in mathematical finance and risk management at the University of London. He has been teaching derivatives for CeFiMS and market risk techniques. Dr Lee is a financial economist specialised on risk modelling and the author of textbook Financial Risk Management & Derivatives (2012 2d Edition). Some of Dr Lee's selected research papers are available for public access. Prior to academia, Dr Lee worked for European banks and was part of the UK governmental department as a senior economist. She is currently a director of FinTech-Africa; a supervisor of MSc Finance dissertation and an exam-examiner for CeFiMS.

Professor Scaramozzino is the course director. He teaches in the School of Finance and Management at SOAS and his research focusses on corporate finance, uncertainty, risk, financial economics and comparative economic systems.

Credits

Students are usually able to obtain credits from their home institution and typically our courses receive 3 credits in the US system and 7.5 ECTS in the European system. If you intend to claim credits from your home institution, please check the requirements with them before you enrol. We will be happy to assist you in any way we can, however, please be aware that the decision to award credits rests with your home institution.

Assessment will be optional and will vary for each course. Participants will be provided with a certificate of attendance and a Record of Study will be available on request.

Structure

Week 1: Finance and Risk Management: An Introduction

  • Financial markets, institutions and instruments
  • Principles of the analysis of financial portfolios
  • Principles of Investment in equities and bonds

Week 2: Risk Management using Futures and Options

  • Financial derivatives
  • Forwards and futures
  • Financial options: payoff profiles
  • Hedging strategies using futures and options

Week 3: Risk Management in the Global Economy

  • Principles of the management in banking and finance
  • Market Risk, Credit Risk and Operational Risk in banking and finance
  • Corporate risk management in multinational corporations
  • The management of currency exposure: foreign currency futures and options

Assessment: is optional and will be in the form of a 2000-2500 word essay to be handed in 2 weeks after the end of the course (70% of overall mark) and an individual presentation and numerical assignments (30% of overall mark)

Teaching & Learning

Contact hours:

46 hours (lectures, tutorials, activities). The course will be delivered Monday - Friday over the 3 weeks.

Core hours:

Monday - Friday, 10am-3pm. In addition to regular lectures and tutorials, each course is composed of a range of activities relating to their academic content (e.g. museum visit, company visit etc.). Optional hours:

Pre-reading material:

The texts for the course are “Fundamentals of Futures and Options Markets”, Eighth Edition by John Hull; “the Essentials of Risk Management, 2nd edition, Crouhy et al, and various Corporate Finance texts.

Fees and Funding

Tuition Fees

£1,600

Application fee

A one-off, non-refundable application fee of £40 will be charged to cover administration costs. Please visit the SOAS online store to make your application fee payment.

Discounts

  • 10% discount if you apply by 31 March 2019
  • 20% discount for our partner institutions

Accommodation

Accommodation is available to Summer School students at the SOAS halls of residence, Dinwiddy House.

Entry Requirements

In order to join our Summer School, you will need to meet the following entry requirements:

  • A university student or a graduate at the time of attending the summer school, and 18+ years of age.
  • Professional experience can be acknowledged as equivalent to a university qualification.
  • A minimum English language requirement if English is not your first language:
    • IELTS, 6.5 overall or higher, with at least 6 in all subscores.
    • TOEFL Paper-based test we require a minimum of 583 with minimum 53 in all skills and for TOEFL Internet Based Test we require a minimum of 93 with minimum 20 in all skills.
    • Pearson Test of English a score of 59-64
    • Cambridge English: Advanced (CAE) Grade B
    • If you have studied in an English speaking institution, or have courses taught at your university in English (excluding English language courses), you may meet our requirements without having to supply a certificate. Evidence of this will either need to be included on a transcript or letter from your university.
    • Applicants with an alternative qualification should contact us for advice.
    • Applicants whose English language level do not meet out requirements may be interested in our subject-based courses with English language support.

Enrolment of Summer School applicants who don’t meet the entry requirements is at the discretion of SOAS – please get in touch to speak to us in detail about your application.

Application Procedure

Once you have paid the £40 application fee and submitted the online application form, you will be informed as to whether you have a place on the summer school within 5 working days. Please do not pay your tuition fee prior to having received your offer letter.

Application Deadline

31 May 2019

Program taught in:
  • English
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Last updated February 11, 2019
This course is Campus based
Start Date
Duration
3 weeks
Full-time
Price
1,600 GBP
£1,600 + £40 application fee. 10% discount if you apply by 31 March
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