MSc in Money, Banking & Finance


Welcome to the MSc in Money, Banking & Finance (MBF) course, in the School of Economics & Finance at St Andrews. It has been developed to reflect the increasing interest in this technical area displayed by postgraduate applicants to St Andrews, allied to a long standing tradition, within this University, of placing our graduates in a wide variety of posts in the financial community. This is commonplace for the UK, Europe, and North America, and is becoming increasingly true of further afield, including China, Hong Kong, Taiwan, Japan and Thailand. St Andrews has a deep academic tradition in finance, dating back over a hundred years, to W R Scott's famous work on the form and finance of joint-stock companies, and the genesis of speculative crises. Today, we have a well established group of staff who are active in teaching, research, consulting and publishing in finance, over a broad range of topics.

The aim of the programme is to help to develop high analytical ability, to provide candidates with transferable technical skills in empirical modeling, and to make candidates knowledgeable about: the functioning and rationale of leading financial institutions; commercial and central banking: and the conduct and impact of monetary policy upon the financial system. Career destinations include commercial and central banking, investment banking, financial management, accounting & finance, assurance, insurance, actuarial science, venture capital, private equity, corporate finance, economic, industrial and management consultancy.

There are two types of students on this programme. Some are on the Postgraduate Diploma in Money Banking & Finance course, which runs full-time for two semesters. They are appraised by both continuous assessment during the teaching of modules and by their performance in end of semester examinations in January and May. Others are on the MSc in Money Banking & Finance course which runs full-time for the full academic year. They are appraised by continuous assessment, end of semester examinations in January and May and by a dissertation of at least 10,000 words (but no longer than 15,000 words) which is returned by the end of August. A basic requirement is that both Diploma and MSc students must gain a total of 120 credits from modules taken.

All candidates take three compulsory modules in money, banking and finance in semester one; two compulsory modules in semester two and one optional module is chosen in semester two. Each module carries a credit weight of 20 credits. They must then study one further optional module in the second semester, of 20 credit weight. Both Diploma and MSc candidates are appraised by continuous assessment and an examination paper in each module. Examinations occur at the end of the semester in which a module is taught. Subject to performance students may proceed to write the 60 credit Dissertation for the MSc in Money, Banking & Finance.


Students entering this course are expected to have good prior knowledge of macroeconomics, which might be revised from the following texts:

  • Olivier Blanchard, 2012, Macroeconomics, 6th edition, Pearson.
  • Gregory Mankiw, 2012, Macroeconomics, 8th edition, Worth Publishers.

Additional preparation may take the form of reading from the core text for the introductory Money and Banking module:

  • Stephen G. Cechetti, 2011, Money, Banking and Financial Markets, 3rd edition, McGraw Hill-Irwin.

In addition to published textbooks, students should read periodicals such as The Economist and Financial Times. A number of blogs on macroeconomics and finance are maintained by academic authors and provide interesting treatments of contemporary events:

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