External summary

How well financial markets work is critical to the lives of everyone in a modern economy. The functions markets perform are vital for the development of transparent, informationally efficient and fair financial systems. Market functions, such as liquidity and price discovery, hold significant societal impacts. This is because financial markets inform asset firm allocation decisions in the real economy and thus influence decisions on whether jobs are created, mortgages or credit card applications are approved just to mention a few. Now, decades of relentless technological advancement have led to the upending of age-long models financial markets and indeed the entire global financial system operate on. Technology has fuelled the rise of ultra-fast high-tech, opaque trading venues and expanded access to financial services across the globe. While there are positive aspects to these changes, the emergence of new technology-driven paradigms has also increased concerns about the integrity and fairness of financial systems.

Concurrently, the pace of technological transformation in financial services and markets has led to the emergence of a knowledge gap in the fast-growing intersection between finance and technology.

This programme is developed as an interdisciplinary response to this knowledge gap and as a platform to evaluate and debate the impact of technology on the financial services industry and financial markets. The MSc Finance, Technology and Policy offers a unique degree sitting at the intersection of the three most important drivers of a modern economy ??? financial services/markets, technology and policy. This is the first programme of its type in the world. While there are a few programmes dedicated to the narrow definition of financial technology or Fintech now starting out, this is the first programme focused on understanding and exploiting the broader links between finance services and technology on the one hand, and policy and the technological transformation of the financial markets and services on the other. The programme is also unique in the sense that it directly responds to a knowledge gap in the global workforce, one that is emerging due to the fast pace of changes in the modern global economy. While research into new technology-driven financial systems has progressed over the last decade, very little of the new findings have been developed into teaching materials needed for instructing a new breed of financial services and market participants/workforce.

The programme design ensures that courses complement one another. Courses are designed to provide a detailed analysis of modern (financial) markets and the transformation of the financial services industry against the backdrop of technological and policy innovations. The programme is research-led, with newly designed compulsory courses acting as the main conduits through which knowledge is shared. While the programme offers students an unvarnished view of the functioning of existing financial market and financial services structures, it also advances criticisms of the current set up and offers the basis for the development of alternative markets and financial services products.

MSc Finance, Technology and Policy applies principles of financial economics, sociology/philosophy, and practical programming/machine learning and big data analysis to help students focus on solving real problems and developing the skillsets that are relevant for employers now and in the future. Students also have the opportunity to tailor their degrees to include other relevant aspects of operating within the financial technology space. Courses specifically designed for the programme further examine design, entrepreneurship and innovation, legal and the human-computer interface issues. Students on the programme work with industry partners to develop cutting edge solutions to live challenges as part of student consultancy projects sponsored by financial institutions.

Educational aims of programme

The University of Edinburgh's MSc Finance, Technology and Policy aims to:

• Harness principles of financial economics, sociology/philosophy, and practical programming/machine learning and big data analysis in order to provide students with the critical understanding of the theoretical knowledge required for the development of a career in in the intersection of finance and technology. Pertinent considerations will be given to contributions from other knowledge bases such as political economy, accounting, law and general management.
• Train students for roles requiring problem solving skills in the application of technology to developing financial solutions and the application of technology to regulating the finance sector. This entails exposing students to practical application of financial modelling, analytical and programming techniques widely employed in the development of financial products and regulatory instruments in finance.
• Train students for roles requiring the knowledge of and understanding of modern financial instruments??? trading techniques and processes. This will include helping students develop an appreciation of the important financial market drivers and the evolving nature of local and global policies on financial markets.
• To support the development of students as independent researchers and finance industry professionals, therefore enabling students to build long-term learning and professional attributes required for successful careers in an ever-changing and considerably large finance sector.
• To leverage the financial economics, entrepreneurship and innovation and computer programming solutions knowledge base available at the University of Edinburgh in supporting students to develop technology-driven solutions to challenges in the finance sector.
• To inculcate in students, ethical and social responsibility dimensions to product development in the intersection of finance and technology and in the deployment of artificial intelligence-linked solutions.  

Programme outcomes: Knowledge and understanding

By the conclusion of the programme, students should be able to:

• Demonstrate an advanced knowledge of key theoretical finance and economic concepts underpinning financial markets;
• Critically compare, contrast and evaluate the different machine learning techniques in terms of their applicability to solving problems in finance, this can be demonstrated by students using appropriate software to apply techniques to a given set of data;
• Have an in-depth understanding of the relationships existing among the key global financial systems; for example, how bond yields dictate investment in equity and its derivatives;
• Conduct valuation of financial instruments and projects within relevant regulatory contexts;
• Trade financial instruments on exchanges/trading platforms by using state of the art software packages and harnessing the power of relevant real-time financial data;
• Demonstrate an appreciation of the role played by policies in shaping financial services delivery and financial markets;
• Critically evaluate markets by being able to competently present arguments on the criticisms of the current set up and offer the basis for the development of alternative technology-based markets and financial services products;
• Demonstrate an appreciation of the social dimensions of technology use in financial markets. 

Programme outcomes: Graduate attributes - Skills and abilities in research and enquiry

By the conclusion of the programme, students should be able to:

• Demonstrate advanced numeracy and quantitative skills;
• Demonstrate authoritative and advanced knowledge of programming in a modern object-oriented programming language;
• Demonstrate the ability to develop and test research questions/hypotheses within finance either as part of a group or individually;
• Identify relevant data and demonstrate relevant retrieval and modelling skills.

Programme outcomes: Graduate attributes - Skills and abilities in personal and intellectual autonomy

By the conclusion of the programme, students should be able to:

• Demonstrate critical thinking skills and ingenuity required to identify and sustainably exploit opportunities arising from new and existing finance sector policy/regulatory initiatives;
• Demonstrate the ability to evaluate assumptions and statements on the basis of data-driven evidence; 
• Engage with new ideas and be able to detect false logic by leveraging available resources

Programme outcomes: Graduate attributes - Skills and abilities in communication

By the conclusion of the programme, students should be able to:

• Competently communicate and exchange ideas within different contexts and to audiences with varied compositions;
• Present reasonable and data-supported argument in writing as well as orally.

Programme outcomes: Graduate attributes - Skills and abilities in personal effectiveness

By the conclusion of the programme, students should be able to:

• Engage and work effectively within diverse groups;
• Effectively manage time and workload demands within  a dynamic and challenging work environment

Programme outcomes: Technical/practical skills

Skills already covered in above sub-headings

Programme structure and features

Entry Requirements: A good honours degree or its equivalent (first or second upper class, overall 65% and above) in finance, economics, engineering or informatics. Applicants will need to have taken and passed at least one course with significant statistical analysis and/or programming as part of their Undergraduate degree or be able to demonstrate that they have relevant work experience in the use of statistical and/or programming software packages. Candidates with a first class or 2:1 honours degree in other disciplines will be considered on an individual basis if some level of finance/economics/informatics content formed part of the degree and they can demonstrate a high level of quantitative ability through their degree results. Candidates with a first class or 2:1 honours degree in an unrelated subject area but who have relevant professional qualifications will be given due consideration on a case-by-case basis. Mature students with significant finance and tech industry experience or with relevant professional qualifications will be given due consideration on a case-by-case basis.

For applicants for whom English is not a first language: IELTS (International English Language Testing System): 7.0 (with no score lower than 6.0 in each section); TOEFL (Test of English as a Foreign Language) iBT: 100 (with scores no lower than 20 in each section); PTE (Pearson Test of English):  67 (with no score lower than 56 in each section); CPE (Cambridge Certificate of Proficiency in English): 185 (at least 169 in each module); CAE (Cambridge Certificate in Advanced English): 185 (at least 169 in each module). Trinity ISE (Integrated Skills in English): ISE III (with a Pass in all four components)

Degree Criteria: MSc full-time (12 months), requires 120 credits from taught courses and 60 credits from the research dissertation. Diploma is full time for 9 months, 120 credits from taught courses.

Programme Structure:

The Degree Programme Table can be viewed at:

http://www.drps.ed.ac.uk/22-23/dpt/drps_bus.htm

Dissertation: Each student is required to conduct an individual research project on a topic relevant to the two main themes of the programme, i.e. either topics in the intersection of finance and technology or those at the intersection of finance and policy, a topic may also include all three elements of finance, technology and policy. The dissertation may also take the form of a business report (either industry sponsored or not) or a business plan. However, all topics must have relevance to the themes stated above and a student???s dissertation topic shall be decided in consultation with an academic advisor. MSc candidates will write up their work as a dissertation or report (maximum 15, 000 words), which is due for submission by the end of August.

Progression and Exit Awards: In order to progress to the dissertation stage, students must achieve 80 credits at 50% or above and overall they must have attained a weighted average score of at least 50% over 120 credits. The decision on whether or not to progress a student to dissertation stage will be decided at the Board of Examiners at the end of the second semester. Students who have not attained the minimum threshold for progression may be offered a Postgraduate Diploma in Finance, Technology and Policy. Also, students whose dissertation work is below the required standard expected by the School for a master's level work may be offered the Diploma in Finance, Technology and Policy. Students who have achieved the minimum level of performance needed for progression to dissertation, but are unable to submit their dissertations may as well be awarded the Diploma in Finance, Technology and Policy.

Teaching and learning methods and strategies

The learning outcomes of the programme are achieved by employing a combination of formal lectures, seminars, workshops, flipped classes, practical computer labs sessions, student presentations, guest speakers, master classes, research assignments, and the research dissertation. Delivery of the taught element of the programme is primarily via a combination of lectures, seminars and workshops. These are supplemented for some courses by tutorials and computer lab training sessions. The programme will offer extensive opportunities for experiential learning through students working on projects sponsored by external organisations. A substantial amount of independent study and pre-reading for lectures is also required of students.

Assessment methods and strategies

The courses on this programme employ a range of assessment types allowing for both summative and formative feedback opportunities. The assessment modes range from examinations for the individual student to team presentations. There will also be an extensive use of individual and group reports and essays.

Career opportunities

MSc Finance, Technology and Policy provides training for three main types of students, these are students who wish to pursue careers in industry/private (including voluntary) sector, public sector and further study or employment in academic institutions. Specifically, graduates from this programme will be able to apply for jobs in, for example, the following (the list is not exhaustive):

• Financial technology products-linked firms (e.g. Seedrs, as product developers/managers)
• Trading/investment desks and back offices of financial institutions such as Barclays Capital, Baillie Gifford and RBS (as fund managers and product development team leads/members).
• Market and Consumer Research Centres/firms
• Regulatory agencies/government ministries and departments (e.g. the Financial Conduct Authority, the Prudential Regulatory Authority and the Bank of England)
• Academia via further research at PhD level

Other items

This programme, hosted by the University of Edinburgh Business School is an Edinburgh Futures Institute offering. Therefore, the programme content delivery is supported by an extensive offering of Edinburgh Futures Institutes-run public lectures, seminars and workshops on the impact of finance and technology on our world. Students will have opportunities to routinely engage with global thought leaders in a wide array of disciplines, as well as captains of industry from the world of business, including the finance and technology sectors.

MSc Finance, Technology and Policy aims to train the manpower needed for a very dynamic and emerging sector; therefore, the programme content needs to keep pace with changes in affected sector in order to ensure the continued relevance of the programme. To this end, the programme convenes an Advisory Panel, with membership drawn from within the finance and technology sectors, as well as their regulators. The Group meets at least once every academic year to advise the programme team.

The programme curriculum covers a substantial portion of the syllabus for the Chartered Financial Analyst (CFA) professional qualification. The CFA Institute is based in Charlottesville, Virginia, USA. The Business School has been recognised as a partner institution under the CFA Partner Program. The Business School has also been recognised as a centre of excellence by the Chartered Institute of Securities and Investment, which is based in London. The CISI, like the CFA Institute, offers a vocational qualification in investment.