Finance and Investment BA (Hons) with Combined Studies: Program and Curriculum, Study Guides, Projects, Research of Finance

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RICHMOND

THE AMERICAN INTERNATIONAL

UNIVERSITY

IN LONDON

BA (Hons) Finance and Investment

with Combined Studies

Programme Specification

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

Introduction

This document describes the programme of BA (Hons) Finance and Investment with Combined Studies awarded by Richmond University, the American International University in London, using the protocols required by The Framework for Higher Education Qualifications in England, Wales, and Northern Ireland (QAA, 2008). Also key to the background for this description are the following documents:

QAA (2013). UK Quality Code for Higher Education. Part A: Setting and maintaining academic standards and B1: Programme Design and Approval. (www.qaa.ac.uk) QAA (2008). Higher Education Credit Framework for England: guidance on academic credit arrangements in Higher Education in England. SEEC (2010). Credit Level Descriptors for Higher Education. Southern England Consortium for Credit Accumulation and Transfer (www.seec.org.uk). Middle States Commission on Higher Education. Standards for Accreditation and Requirements of Affiliation. 2014. (http://www.msche.org/publications.asp)

The degree is delivered within the framework of a US Liberal Arts undergraduate degree programme. Typically students complete 40 separate courses over the programme which takes 3.5 to 4 years (approximately 10 courses per year, with summer courses allowing for accelerated progress in some cases). Normally, each course carries 3 US academic credits (equivalent, approximately, to 3 classroom contact hours per 15 week semester). On this basis, students are required to earn a total of 120 US academic credit hours in order to complete their degrees. Of these 40 courses, roughly half are at the “lower-division” taken in the first two years of study and coded 3000-4999, and half are at the “upper division”, taken in years three and four, and coded 5000-6999.

Richmond degrees are also articulated in terms of UK Regulatory Frameworks, chiefly the FHEQ and the Higher Education Credit Framework for England. Each course has been assigned to an appropriate level on the FHEQ , based on the course’s learning outcomes and assessment strategies (note that the courses comprising the first year of the 4-year US undergraduate degree are normally at QCF Level 3). US undergraduate credit can generally be translated to ECTS and UK CATS credits in the following manner: 1 US credit = 2 ECTS credits = 4 UK CATS credits. So a US degree of 120 credits would translate as 240 ECTS credits and 480 UK CATS credits (with a minimum of 360 UK CATS credits at Levels 4-6 on the FHEQ).

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

1. Overview/Factual Information

Programme/award title(s) BA (Hons) Finance and Investment with Combined Studies

Teaching Institution Richmond, the American International University in London Awarding Institution The Open University Date of latest OU validation September 2017 (for 5 years)

Next revalidation 2022

Credit points for the award 121 US Credits 484 UK Credits at FHEQ Levels 3- 6 (120 at Level 3; 124 at Level 4; 120 at Level 5; 120 at Level 6) UCAS Code University Code: R Finance: N Investment & Insurance N Financial Management N

Programme start date September 199 6 Underpinning QAA subject benchmark(s)

Finance 2015 Business and Management 2015 http://www.qaa.ac.uk/assuring-standards-and-quality/the- quality-code/subject-benchmark-statements/honours- degree-subjects Other external and internal reference points used to inform programme outcomes

See sections 2.3 and 2.4 below.

Professional/statutory recognition

N/A

Language of Study English Duration of the programme for each mode of study (P/T, FT,DL)

FT

Dual accreditation (if applicable)

Middle States Commission on Higher Education (First accredited 1981; renewed 1996 and 2006. Institutional Review scheduled for 2016.) QAA – IRENI May 2013 Date of production/revision of this specification

May 2017 (see chart below for list of revisions)

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

Please note: This specification provides a concise summary of the main features of the programme and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if s/he takes full advantage of the learning opportunities that are provided.

More detailed information on the learning outcomes, content, and teaching, learning and assessment methods of each course can be found in course specification documents, syllabi, and the student handbook.

The accuracy of the information contained in this document is reviewed by the University and may be verified by the Quality Assurance Agency for Higher Education.

Programme Specification Publication Dates

First Edition May 2007 Revision 1 February 2008 Revision 2 June 2009 Revision 3 May 2010 Revision 4 October 2010 Revision 5 July 2011 Revision 6 November 201 1

Revision 7 June 2012 (substantive revision, including FHEQ and credit mapping)

Revision 8 June 2013

Revision 9 August 2013

Revision 10 August 2014

Revision 11 May 2015

Revision 12 June 2016

Revision 13 May 2017 (substantive revision, including title change)

2. Programme aims and objectives

2.1. Educational aims of the programme

Our BA (Hons) Finance and Investment with Combined Studies degree aims to provide students with a knowledge and understanding of conceptual considerations of finance and a broad range of and skills in key functional areas of business and finance.

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

Our BA (Hons) Finance and Investment with Combined Studies degree enjoys several distinctive features. The programme is staffed by an international faculty delivering courses to an international student body. Other key aspects, embedded within the University’s remaining programmes as well, include the relatively small class sizes across our curriculum. The small classes and our academic advising system make an important contribution to the quality of learning, as well as, providing plenty of opportunities for pastoral care as and when needed. Another distinctive feature of our programme is its strong emphasis on the liberal arts tradition. Our graduates in Finance and Investment with Combined Studies will have benefited from the liberal arts componene twhich equips them with additional understanding in areas such as science, creative expression, humanities and social science.

Many of our students make a decision to embark on a full-time, semester-long internship in the UK or abroad as well. These junior and senior students generally self-select into this programme, but are expected to have attained a B- average before their applications can be considered. Our internship office has dedicated staffing who enjoy a close working relationship with students, faculty and the many organisations with whom they have links. The university also offers opportunities for our students to study abraod in the US, Europe, South America etc.

2.2. Subject benchmarks

Business and Management (2015)

Finance (2016)

http://www.qaa.ac.uk/assuring-standards-and-quality/the-quality-code/subject- benchmark-statements/honours-degree-subjects

2.3. Internal contexts

The BA (Hons) Finance and Investment with Combined Studies features:

Detailed published educational objectives that are consistent with the mission of the institution: All course outlines contain course specific objectives that are regularly monitored by the individual instructors and by the Business faculty as a group.

Processes based on the needs of the programme's various constituencies in which the objectives are determined and periodically evaluated: Each degree’s Annual Programme Evaluation (APE) is a central element of Richmond’s internal quality assurance and enhancement processes. APEs measure the academic quality and standards of the programme, identify good practice, record any issues to be addressed, and, from year to year, track the ways in which those issues have been addressed. During the APE process, the academic schools:  consider student input via course evaluations;  consider any formalized faculty course evaluations conducted;

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

 consider all External Examiner reports;  examine the Programme Specification, and note any changes required; o any major changes (“those which change the basic nature of the programme or student experience”) to existing programmes are first approved by Academic Board; o in the case of validated programmes, they are also submitted to the Open University (Centre for Inclusion and Collaborative Partnerships) for external approval.

A curriculum development process that assures the achievement of the programme’s objectives, and a system of ongoing evaluation that demonstrates achievement of these objectives and uses the results to improve the effectiveness of the programme: Ongoing evaluation is carried out for both the US ( Middle States ) and UK ( The Open University – CICP ) institutional reviews, and independently by departmental members (when updating courses) and by students (during regular faculty-student meetings). The Academic Board closely analyses the APEs of all degree programmes, and the University’s response to the APE is considered at the Schools and at Academic Board. An additional formal and substantive review takes place every five years during the revalidation process of Richmond’s degree programmes by The OU.

2.4. External contexts

BA (Hons) Finance and Investment with Combined Studies is provided through a system of ongoing evaluations that demonstrate achievement of the programme’s objectives, and uses the results to improve the effectiveness of the programme. Ongoing evaluation is carried out for both US (the Middle States Commission on Higher Education) and UK (The Open University – CICP) reviews. Richmond is a voluntary subscriber member of the QAA, and underwent its first full Institutional Review in May 2013 (http://www.richmond.ac.uk/content/admissions/about-richmond/american-british- accreditation.aspx).

3. Programme outcomes

Programme-level learning outcomes are identified below. Please refer to the Curriculum Map at the end of this document for details of how outcomes are deployed across the study programme.

3.1. A: Knowledge and understanding

A1 nature and purpose of financial markets, financial systems, and economic and financal institutions

A2 theoretical concepts and tools in finance and investment such as risk measurement and management, asset pricing, cost of capital, and exchange rate determination

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

D4 plan and manage learning towards the achievement of established aims and objectives, including the recognition of knowledge limitations

D5 engage in reflective, adaptive and collaborative learning

• Work/practice refers to the widest possible range of jobs and occupations, incorporating paid employment, self-employment, voluntary work, family caring and domestic work

4. Teaching, learning and assessment strategies

4.1. Teaching and learning strategy

The teaching and learning strategy adopted within the BA (Hons) Finance and Investment with Combined Studies degree is based on the understanding that all students will be treated as active learners. Clearly, the precise approach will vary from course to course, depending on the learning outcomes relevant to each class.

The generic components of our teaching and learning strategy normally involves a variety of approaches and include delivering many of the following:  Regular use of formal lecture sessions in all courses.  Occasional workshops and seminars in some courses.  Regular use of individual and/or team-based projects in all courses.  Regular use of self-directed and directed reading in all courses.  Peer-tutoring led by advanced students in many courses.  Use of audio-visual and library resources in some courses.  Regular use of tutor- and student-led discussion groups via e-learning platforms such as PowerCAMPUS (or Blackboard) in many courses.

The combination of teaching and learning approaches mentioned above develops our students’ knowledge, thinking skills and practical skills.

Their knowledge is acquired through  Structured lectures and supporting materials  Directed reading and use of internet materials  Independent research

Their cognitive skills are developed through  Conducting research  Making presentations and preparing other assessments  Helping others to learn

Their practical skills are gained through  Application of theory to practices encountered during internships  Using information technology to retrieve and manipulate data  Negotiating by means of team-based projects

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

Their key skills are gained through  Employing and using appropriate linguistic skills  Independent learning

4.2. Assessment strategy

The assessment strategies we use with our Finance and Investment degree speak directly to how we anticipate progression with student learning to take place.

As seen above the University places considerable emphasis on developing its students’ learning and skills. Creating independent thinkers is a part of the University’s mission statement and we deliver on this promise in a number of different ways. A key aspect of our work involves devising methodologies, consistent with best-practice approaches within the industry, with which to adequately assess our students’ performance. These approaches include the setting of learning outcomes encompassing each course as well as regular discussion and interaction amongst School faculty in order to set common goals for the entire degree.

In terms of following up with the assessment of student learning and consistent with US liberal arts traditions, our classes rely on the system of continuous assessment on a course by course basis and throughout any given semester. This approach often involves the use of term-papers, portfolios of work, quizzes, mid-semester and final exams as well as student presentations and general class discussion. Not every component applies to every course, but most do relate to many of the classes that are offered. Many of our courses involve a site visit to a business or require attendance at a public lecture as well. Students generally find these events to be extremely valuable to their learning.

The variety of instruments used permits faculty to assess each student’s developing and evolving knowledge and skills base as outlined in the previous section. For example, the term- paper assignment tests for, amongst other things, a student’s ability to engage with primary and/or secondary sources of information and his or her ability to evaluate and analyse this. The exams test the student for his or her command of both theoretical and practical knowledge across a range of material pertinent to the particular course. Site visits encourage students to engage with the real world of business and finance through participant- observation and other techniques. In addition to all this the University sets specific guidelines on the weighting of final exams in order to try and introduce some balance in the process of assessment. The expected weight for final exam papers is 25 to 50%, with the typical course settling for around 40% as the final exam weight.

A component part of the School’s efforts to ascertain an appropriate approach to the assessment of student learning involves the use of grade descriptors on course syllabi. This information, usually presented in the form of a table, allows the student to see the expected level of performance that co-relates with a particular letter grade summarizing his or her overall achievement level.

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

 Midterm tests are optional  At Level 3, the normal length per item should be between 500-1000 words, or equivalent (not including finals).  At Level 4, the normal length per item should be between 1000-1500 words, or equivalent (not including finals).  At Level 7, word count will need to take into account the inclusion of a final exam.  Attendance and participation cannot be assessment activities.  Formative assessments are at the discretion of the instructor and do not count toward the number of items or toward the total word count.

MATH ASSESSMENT NORMS TABLE

FHEQ

Level

Richmond/UK level

Normal number of items Normal length per item LEVEL 3 R3000/UK A-level 5-8 Quizzes Mid-Term and Final

20 minutes per quiz

LEVEL 4 R4000/UK Year 1 4-6 Quizzes and/or Project(s) (maximum 3 projects) Mid-Term and Final

30 minutes per quiz

LEVEL 5 R5000/UK Year 2 3-4 Quizzes and/or Project(s) (maximum 2 projects) Mid-Term and Final

45 minutes per quiz

LEVEL 6 R6000/UK Year 3 N/A N/A

LEVEL 7 R7000/UK MA N/A N/A

The Senior Project in Business follows the Undergraduate Dissertation Assessment Norms: (UG Dissertation Assessment Norm : An UG dissertation at Level 6 will normally have 8,000- 10,000 words).

There are some other exceptions and those courses will follow a Special Programmes (eg. MTH, ADM, ARW) or writing intensive assessment norms table approved on 28 June 2012 by Academic Council. Details of these can be found at: http://www.richmond.ac.uk/content/academic-affairs/academic-standing.aspx

For courses that have atypical assessment norms and do not follow one of the approved tables, assessment will first be approved by Learning and Teaching Policy Committee.

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

Grade Assessment Criteria/Marking Scheme

In order to obtain a BA (Hons) Finance and Investment with Combined Studies degree, students require (amongst other requirements) a cumulative GPA across the entire degree of 2.0. This is a ‘C’ average. A minimum GPA of 2.0 must also be achieved in all courses taken to fulfil major requirements. For information on the calculation of the UK GPA as a basis for final degree classifications, see the myacademics page of the university portal at: https://my.richmond.ac.uk/myacademics/default.aspx Course syllabi documents clarify, for each learning outcome, how that particular learning outcome is assessed, and what the threshold criteria for that particular learning outcome is, specified at the ‘C’ (GPA 2.0) level (i.e. a passing grade) There are three ‘pass’ grades (and 7 sub-categories of ‘pass’ grade) in the BA (Hons) Finance and Investment with Combined Studies. The following general criteria are used to distinguish between these grades:

There will be variations within the grade band that will be recorded using +/- qualifiers. Descriptor Grade GPA Detailed Descriptor Excellent A

A-

Grade A applies only to work which:  is of excellent to exceptional standard  demonstrates in-depth knowledge and understanding  demonstrates substantial work and original thought has been involved  makes use of very high quality analysis, synthesis, evaluation and critical appraisal  is organised and structured to a high standard Good B+

B

B-

Grade B applies to work which:  is of good to very good standard  demonstrates sound and good quality of knowledge and understanding  demonstrates good quality analysis, synthesis, evaluation and critical appraisal  indicates an increasing ability to incorporate meaning into the work and understand key theories, debates and criticisms  is well organised and structured

Satisfactory C+

C

Grade C applies to work which:  is adequate although undeveloped  fulfils the requirements of the project at a foundation level in terms of its quality, analysis and expression  limited level of research and understanding of key theories and debates  is organised and presented in a satisfactory form

Below Average

C- 1.7 (^)  falls below the threshold criteria  demonstrates limited knowledge and understanding  demonstrates minimal attention to quality, range, and appropriateness of research  normally passing grade at course level

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

5. Programme structure

5.1. BA (Hons) Degree in Finance and Investment with Combined Studies

A normal course load per academic year is 30 US credits, equivalent to 120 UK credits. Students complete 120 UK credits at Level 6 in the major.

Please see degree chart below and refer to Appendix 2: Programme Structure Flowchart.

Please note that students must complete all General Education requirements AND a minimum of 120 credits at each FHEQ level. The Gen Ed programme commencing Fall 2015 offers more choice amongst levels, so students and advisors must ensure that both Gen Ed requirements and overall level requirements are satisfied. As long as a minimum 120 credits per level is achieved, Gen Ed Options I and II will be automatically fulfilled.

FHEQ Level 4

US

CREDITS

UK

CREDITS

ACC 4200 Financial Accounting 3 12 ACC 4205 Managerial Accounting 3 12 ECN 4105 Introduction to Microeconomics 3 12 ECN 4110 Introduction to Macroeconomics 3 12 MGT 4205 Computer Applications in Management 3 12 MTH 4110 Calculus with Applications 4 16 MTH 4120 Probability & Statistics I 3 12 GEP 4180 (^) Research and Writing II 3 12 XXX 4xxx FHEQ Level 4 Elective requirement) (can be Gen Ed Hum SS 3 12 XXX 4xxx (^) FHEQ Level 4 Elective 3 12 FHEQ Level 4 CREDIT TOTALS 31 124

LOWER-DIVISION REQUIREMENTS

QCF Level 3 US CREDITS

UK

CREDITS

MGT 3200 Foundations of Business 3 12 MTH 3111 Functions and Applications (^3 ) GEP 3100 Transitions I 3 12 GEP 3101 Transitions II 3 12 GEP 3140 Scientific Reasoning 3 12 GEP 3160 Creative Expression 3 12 GEP 3180 Research and Writing I 3 12 XXX 3xxx or MTH 3000

QCF Level 3 Elective OR MTH 3000 (if student tests into this) 3 12 XXX 3xxx QCF Level 3 Elective requirement) (can be Gen Ed Hum SS 3 12 XXX 3xxx QCF Level 3 Elective 3 12 QCF Level 3 CREDIT TOTALS 30 120

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

UPPER-DIVISION REQUIREMENTS

FHEQ Level 5 US CREDITS CREDITS^ UK

ACC 5210 Fundamental Analysis 3 12 ECN 5215 Econometrics I - Principles 3 12 FNN 5200 Corporate Finance 3 12 FNN 5205 Principles of Investment 3 12 MGT 5210 Research Methods 3 12 FNN 5215 Compliance and Regulation 3 12 MTH 5120 Probability and Statistics II 3 12 plus two of the following: 6 24 MGT 5220 Legal and Ethical Concepts in Management MGT 5400 Organisational Behaviour MGT 5405 Operations Management MTH 5130 Game Theory and Decision Making And all of the following: XXX 5 xxx FHEQ Level 5 Elective 3 12 FHEQ Level 5 Credit Totals 30 120

FHEQ Level 6 US CREDITS

UK

CREDITS

FNN 6200 Money and Banking 3 12 FNN 6205 Quantitative Models in Finance 3 12 FNN 6210 Financial Institutions and Markets 3 12 FNN 6405 The Global Investor MGT 6297 Senior Project in Business 6 24 plus four of the following OR Internship and two of the following 12 48 ECN 6205 Behavioural Economics ECN 6215 Econometrics II – Applied Econometrics FNN 6420 International Financial History FNN 6400 Derivatives FNN 6410 International Finance FNN 6415 Wealth Management FNN 6972 Internship in Finance (6 CREDITS) FNN 6962 World Internship in Finance (6 CREDITS) MGT 6200 Competition and Strategy 3 12 FHEQ Level 6 Credit Totals 30 120

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

 Merit (normally a GPA of 3.0 to 3.54, corresponding with a UK average of between 60% and 69%)*  Distinction (normally a GPA of 3.55 and above for all level 4 courses, corresponding with a UK average of 70% and over)*

*See Richmond OU/US Grading Translation Scale in 2015-2016 Catalogue. Note that the Grading Translation will be phased in over several years starting with Level 3 courses in 2015-2016.

Of the total number of credits required for the UK CertHE, 15 US/60 UK credits must be completed at Richmond.

The requirements for the UK CertHE are outlined in the section of Table 1 pertaining to FHEQ Level 4 requirements.

5.2.3. Diploma of Higher Education in Finance and Invesment (UK)

The UK Diploma of Higher Education (DipHE) has no US equivalent. The UK DipHE can be awarded as an exit award for those students completing the following minimum requirements.

120 credits at FHEQ Level 4 120 credits at FHEQ Level 5  Pass (normally a GPA of between 1.85 and 2.99 for all Level 4 courses, corresponding with a UK average of between 40% and 59%)*  Merit (normally a GPA of 3.0 to 3.54, corresponding with a UK average of between 60% and 69%)*  Distinction (normally a GPA of 3.55 and above for all level 4 courses, corresponding with a UK average of 70% and over)*

*See Richmond OU/US Grading Translation Scale in 2015-2016 Catalogue. Note that the Grading Translation will be phased in over several years starting with Level 3 courses in 2015-2016.

Of the total number of credits required for the UK DipHE, 15 US/60 UK Level 4 credits and 15 US/60 UK Level 5 credits must be completed at Richmond.

The requirements for the UK DipHE are outlined in the sections of Table 1 and Table 2 above pertaining to FHEQ Level 4 and FHEQ Level 5 requirements.

5.3. Minor requirements

Richmond students may select Finance as a minor to complement their major field. The minor will be recorded on the student’s transcript at graduation. At least three of the upper division

Programme specification and curriculum map – BA (Hons) Finance and Investment with Combined Studies

courses required for a minor must be taken at Richmond. A maximum of three courses only may overlap between a student’s major and any minor.

The Minor in Finance is not open to Accounting and Finance students.

US Credits UK Credits Minor Requirements 18 72 ACC 4200 Financial Accounting 3 12 ACC 4205 Managerial Accounting 3 12 FNN 5200 Corporate Finance 3 12 Plus One Level 5 FNN or ECN course 3 12 Plus Two Level 6 FNN or ECN courses 6 24

6. Distinctive Features and Regulatory Framework

Our BA (Hons) Degree in Finance and Investment with Combined Studies is distinctive in that it broadens the academic experience of the students as a consequence of Richmond’s US Liberal Arts framework and General Education requirements, and deepens it through the sequence of course requirements within the programme. This balance between a core of requirements and a range of choices is a key characteristic of the US system of Liberal Arts undergraduate education. While mapping of the US system onto UK regulatory frameworks has presented another opportunity for quality enhancement, accommodation of the special nature of the US liberal arts degree is achieved in the additional “Combined Studies” designation for each major. Developing this distinctive approach, the Richmond programme aspires to the best theory and practice from both sides of the Atlantic.

Our BA (Hons) Degree in Finance and Investment with Combined Studies is operated under the policy and regulatory frameworks of Richmond the American International University in London , the Middle States Commission on Higher Education, the Framework of Higher Education Qualifications, UK Quality Code for Higher Education , and The Open University policies and procedures for validated institutions.

The following sub-sections include the relevant University or institutional policy documents, where applicable.

6.1. Admissions

To be considered for admission, prospective students should: