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MSc Finance Course Handbook 2009 - 2010

School of Management and Languages


School of Management and Languages MSc Finance Course Handbook 2009 – 2010

PART A – SCHOOL INFORMATION 1

SUMMARY OF KEY INFORMATION ....................................................... iii

2

WELCOME AND INTRODUCTION ........................................................... 1

3

GENERAL INFORMATION ABOUT THE SCHOOL ................................. 2

4

KEY STAFF AND OFFICE LOCATIONS ................................................ 11

5

COURSE OVERVIEW.............................................................................. 13

6

COURSE STRUCTURE AND DELIVERY ............................................... 14 PART B – UNIVERSITY INFORMATION

1

ACADEMIC SUPPORT............................................................................ 40

2

ENROLMENT, ATTENDANCE AND PERIODS OF STUDY ................... 42

3

GUIDANCE ON ASSESSMENT .............................................................. 45

4

EXAMINATION AND RE-ASSESSMENT PROCEDURES ..................... 47

5

GRADING, AWARDS AND QUALIFICATIONS ...................................... 51

6

GRADUATION ......................................................................................... 52

7

CONDUCT, DISCIPLINE AND APPEALS............................................... 52

8

SUSPENSION AND WITHDRAWAL ....................................................... 55

9

STUDENT FEES AND CHARGES .......................................................... 56

10

STUDENT SUPPORT SERVICES ........................................................... 58

11

UNIVERSITY POLICY AND GUIDANCE................................................. 65 APPENDIX A: STUDENT GUIDE TO PLAGIARISM............................... 66 APPENDIX B: SML STAFF DIRECTORY ............................................... 72

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MSc Finance Course Handbook 2009-2010

PART A – SCHOOL INFORMATION 1

Summary of Key Information

Key Contacts Course Director

Dr Janusz Brzeszczynski

J.Brzeszczynski@hw.ac.u k

School Postgraduate Office

Jessica Forbes Olivia Little

J.Forbes@hw.ac.uk O.S.Little@hw.ac.uk

Stephanie Ashby

S.A.Ashby@hw.ac.uk

School Administrative Officer (Postgraduate)

Key Office Locations School Postgraduate Office, EF 11 Esmée Fairbairn Building School of Management and Languages Heriot-Watt University Edinburgh, EH14 4AS

School Office, MB 1.23 Mary Burton Building School of Management and Languages Heriot-Watt University Edinburgh, EH14 4AS

Tel: 0131 451 3284 Fax: 0131 451 8336 Email: pgoffice@sml.hw.ac.uk

Tel: Fax:

0131 451 3863 0131 451 3296

Key Dates in Academic Year 2009-2010 Postgraduate Enrolment

Monday 14th September 2009

Semester 1 teaching starts Semester 1 teaching finishes Semester 1 assessment

Tuesday 22nd September 2009 Friday 4th December 2009 Monday 7th December – Friday 18th December 2009

Christmas Break

Monday 21st December 2009 – Friday 8th January 2010

Semester 2 teaching starts Semester 2 teaching finishes Easter Break Semester 2 assessment

Monday 11th January 2010 Friday 2nd April 2010 Monday 5th April – Friday 23rd April 2010 Monday 26th April – Friday 7th May 2010

Re-sit exams (postgraduate)

7th – 11th June 2010

Graduation

November 2010

School Postgraduate Website www.sml.hw.ac.uk/postgraduate

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MSc Finance Course Handbook 2009-2010

2

Welcome and Introduction

2.1

Welcome from the University Principal I am delighted to welcome you as a student of Heriot-Watt University. Heriot-Watt University has a well earned reputation as Scotland's most international and outward-looking University. With three campuses in Scotland (attended by a high percentage of students from across the world), our new Campus in Dubai, and Learning Partner institutions across the world, we have a vibrant and diverse learning culture which is unique and unmatched by other universities in the United Kingdom. We are keen to give our students the opportunity to develop an international dimension to their studies which will enhance their opportunities for future growth. Students at all our campus locations are an important part of our global community and I very much hope you enjoy your time with us. Professor Steve Chapman University Principal

2.2

Welcome from the Head of School Welcome to the School of Management and Languages. I speak for all members of staff within the School in congratulating you on your efforts so far in reaching this stage of your academic career. We will all endeavour to make your stay with us as interesting, challenging, enjoyable and rewarding as we possibly can. The School of Management and Languages has an international reputation as a major centre of research and is well networked with industry and government both within the UK and internationally. Students graduating in previous years of the course have taken up various posts with an impressive list of companies and non-profit organisations. We hope that you will be joining them in pursuing such a career after successful completion of your course. Our aim is to provide you with a suitable environment and innovative approach to learning the technical and analytical skills of a range of complex and challenging subjects as well as providing the opportunity and support to develop transferable skills, such as presentation skills, report writing and problem solving. I hope you fulfil your personal goals and objectives during your stay with us and that my colleagues and I are successful in achieving our aim. Professor Gillian Hogg Head of School

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MSc Finance Course Handbook 2009-2010

2.3

Welcome from the Course Director Welcome to the MSc in Finance. The course covers the major areas of company finance, investment, financial markets and derivatives, and gives due weight to theory, empirical evidence, quantitative methods and practical issues. It will help prepare you for professional employment in the large financial sector or as financial managers in the private or public companies. It also provides the knowledge base for those intending to pursue doctoral research in finance. The University has strong links with the financial sector in Edinburgh, which is a major centre for banking fund management and life assurance, and contains the head offices of two of Britain’s largest banks. The course is taught mainly by staff in the Department of Accountancy, Economics and Finance, with contributions from members of the Department of Actuarial Mathematics. The staff in these two departments have a wide range of expertise and research interests, which is especially advantageous when it comes to choice of dissertation. Heriot-Watt also offers several other financerelated MSc programmes so there is a large postgraduate student body in the subject area. I wish you every success over the coming year, my colleagues and I will do our best to help you achieve your aims and we invite you to participate in all that the School, the University, and Edinburgh have to offer you. Dr Janusz Brzeszczynski Course Director

3

General Information about the School

3.1

School Overview The School of Management and Languages has over 2000 full-time students, and over 100 members of academic staff. The School operates from the Edinburgh campus, with bases at both the Scottish Borders Campus in Galashiels, and the Dubai campus. We offer a diverse portfolio of courses across a broad range of subjects at both undergraduate and postgraduate level. Within the School there are four departments: 1. Accountancy, Economics and Finance 2. Languages and Intercultural Studies (LINCS) 3. Management

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MSc Finance Course Handbook 2009-2010

3.2

School Staff Contact details for all School of Management and Languages staff can be found in Appendix B at the end of this handbook. Staff details may also be viewed online at www.sml.hw.ac.uk/sml/staffprofiles

3.2.1

3.3

Office Hours for Academic Staff Most academic staff set aside certain hours each week when students may visit them in their offices without appointment. “Office hours” are normally displayed on the lecturer’s door or noticeboard. Alternatively, students may make an appointment to see a member of staff at another mutually convenient time.

School Buildings Campus maps showing the location of academic buildings and student residences are available from University Main Reception, or online at www.hw.ac.uk/maps/detailed-campus-map.pdf The School of Management and Languages is located across three main buildings at the western edge of the campus next to the University Library:

Esmée Fairbairn Research Centre Esmée Fairbairn is home to the School Postgraduate Office, the School Research Office, and also many of the staff involved in postgraduate teaching and administration. The building is open to students from 9.00am to 5.00pm daily from Monday to Friday. There is no access on weekends. Building abbreviation:

EF

Henry Prais Building Henry Prais is home to the Department of Languages and Intercultural Studies. There is a PC Caledonia lab in 1.20 and also a self-study Language laboratory in 1.17. The building is open to students from 8.30am to 5.30pm daily from Monday to Friday; between 5.30pm and 11.00pm entry is obtained via the digital lock. On Saturdays and Sundays entry is via the digital lock, which allows access from 8.30am to 11.00pm. The code for the digital lock is given to students by the LINCS Departmental Office and should in no circumstance be divulged to anyone else. Any student using the building after 5.30pm or at weekends must sign the out-of-hours book in the entrance hall; this requirement also extends to those already in the building at 5.30pm. Building abbreviation:

HP

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MSc Finance Course Handbook 2009-2010

Mary Burton Building Mary Burton is home to the Departments of Accountancy, Economics & Finance; and Management. Academic staff in these departments have their offices here. The School Office (MB 1.23) and the School Undergraduate Office (MB 1.27) are also located in Mary Burton. A new postgraduate computer lab opened in Mary Burton in September 2009. The lab is used for postgraduate teaching, and is also available for student self-study. In addition there are a further three PC Caledonia labs on the ground floor – G.11, G.22 and G.51. The building is open 8.00am – 10.00pm daily from Monday to Friday, and 10.00am – 5.00pm on weekends. During vacation periods opening hours may differ. Building abbreviation:

MB

Postgraduate Centre A new purpose built postgraduate centre was opened in May 2009 for use by all of the campus 1,500 postgraduate students. The state of the art building is located to the north of the campus on Second Gait of Boundary Road North. The Centre will be used by a number of School of Management and Languages postgraduate courses for lectures, tutorials, research meetings and presentations. As well as teaching rooms the centre has a café on the ground floor and a student social and working space on the top floor for the exclusive use by post graduate students. The building has no computing labs but has wi-fi coverage throughout. Entrance to the top floor student social and working area will be by a security entry card system. A small charge will be made for the entry cards which will enable access to the building outside normal working hours and weekends. Building abbreviation:

3.4

PG

Communications 3.4.1

Contact Details It is essential that the School and the University are kept informed of any changes to students’ contact details, particularly term-time and home addresses. It is the responsibility of the student to notify the School Postgraduate Office as soon as a change occurs. Change of Address forms are available from the School Postgraduate Office. Completed forms must be returned to the School Postgraduate Office for processing. Please note that it is particularly important to ensure address details are kept up to date.

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MSc Finance Course Handbook 2009-2010

3.4.2

E-mail New students are issued with instructions on how to set up their e-mail account on PC Caledonia at enrolment. Please note that students’ Heriot-Watt e-mail addresses are used by academic and administrative staff to send important information throughout the year. Students must either check their HW e-mail regularly, or redirect it to the e-mail account they wish to access it from.

3.4.3

Postgraduate Noticeboard The Postgraduate Noticeboard is located at the main entrance to Esmée Fairbairn Building, just by the School Postgraduate Office. Notices relating to classes (including timetables), tutorials, assessment, careers guidance, job opportunities, University clubs and societies, as well as social events are posted on the board. Students should ensure they check the noticeboard regularly.

3.4.4

Social Events A number of postgraduate social events are held throughout the year. The School Postgraduate Social Night will be held on Thursday 1st October 2009 at The Pleasance which is located in Edinburgh city centre. Full details and tickets are available from the School Postgraduate Office. The SML Postgraduate Burns Supper usually takes place in late January or early February 2010. Event details will be available nearer the time.

3.5

Mentoring – Postgraduate Students 3.5.1

Aims and Objectives

Aims To assign each postgraduate student entering the School of Management and Languages (the mentee) to a member of academic staff in the School of Management and Languages (the mentor) who can be consulted on all aspects of the University and who will provide a mechanism whereby the progress of each postgraduate student in the School of Management and Languages is monitored and remedial action taken where appropriate.

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MSc Finance Course Handbook 2009-2010

Objectives The mentees can expect that mentors will: 1. Normally provide the first point of contact when advice is required, whether of an academic or non-academic nature. 2. Be able to direct mentees to other sources of information and advice that are available centrally within the University. 3. Monitor each mentee’s academic progress. 4. Counsel mentees who fail a module and where possible ascertain the reasons for the failure. 5. Have an overview of the whole of each mentee’s University career and should be in a position to provide background information to other members of the University and to Examination Boards. 6. Give advice to the students where appropriate or required to their Personal Development Plan. The aims of this plan are: a) to provide opportunities for the development of student self-confidence in identifying their own competence and the transferability of the skills they have developed; and b) to provide opportunities for the development of guidance and information systems which enable students to monitor and record their own progress.

3.5.2

Formal and Informal Meetings

Formal meetings Al mentees will meet with their mentors formally: Full time postgraduate students Semester 1: Weeks 2 to 3 following induction and course introductory lectures. Semester 2: Weeks 2 to 3 following receipt of semester 1 assessment Informal meetings All mentees will have the opportunity to meet with their mentors/ course directors informally at other times by appointment.

3.5.3

Procedures

1. All students entering the School of Management and Languages will be assigned to a mentor by the Course Director. For some courses the Course Director will act as the mentor. 2. The Course Directors will be responsible for informing postgraduate students who their mentor is. 3. The Course Directors will inform mentees of the timing of meetings with mentors. 4. Mentors will be responsible for informing the Course Director when a mentee fails to attend a formal meeting. 5. At each meeting, formal or informal, a record of the meeting will be made by the mentor and a copy of the record will be forwarded to the School of Management and Languages Postgraduate Office for inclusion in student records. Confidential information should not be included in the record of the meeting.

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MSc Finance Course Handbook 2009-2010

3.5.4

Duties of Mentors

Mentors will be responsible for: 1. Organising an appointments system for formal meetings with mentees. 2. Taking a caring interest in their mentees. 3. Offering advice, or directing mentees to support services better able to provide advice, on all aspects of the student’s life at the University. 4. Offering advice to mentees regarding their Personal Development Plan. 5. Monitoring the progress of each mentee, counselling any mentee who has failed a module, where possible ascertaining the reasons for the failure, taking appropriate follow up action. 6. Making arrangements to see mentees informally when necessary. 7. Completing a record of formal and informal meetings with their mentees. A copy of the record should be forwarded to the School of Management and Languages Postgraduate Office.

3.5.5

Duties of Mentees

All mentees should: 1. Make an appointment and attend formal meetings with their mentor at the agreed time. 2. Keep their mentor informed of any changes in their circumstances which may affect their academic progress. 3. Inform their mentor of any approved changes to their course of study.

3.5.6

Duties of Course Directors

Course Directors will be responsible for: 1. Where required allocating all mentees to their mentor, informing mentors and mentees and keeping an up to date record.

3.5.7 Monitoring of the Mentor Scheme The School Director of Learning and Teaching will be responsible for monitoring the mentor scheme and for reporting to the University Postgraduate Studies Committee on the operation of the scheme.

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MSc Finance Course Handbook 2009-2010

3.6

Student Feedback 3.6.1

Postgraduate Student-Staff Committee The School of Management and Languages Postgraduate Student–Staff Committee is a consultative body of student and staff representatives. It may discuss any matters that it considers relevant to the running of postgraduate degree courses in the School, such as curricula, teaching and assessment methods. It is intended to provide a forum in which meaningful contributions can be made by students and staff alike. However, the Committee is not competent to deal with matters concerning individual students or members of staff, such as disciplinary matters, assessments, or appointments. For further information on Postgraduate Student-Staff Committee, including student rep details, see www.sml.hw.ac.uk/sml/committees/pgsslc/index.html

3.6.2

3.7

Module Evaluation At the end of each module you take you will be given a module evaluation questionnaire to complete. Your views are important to us and the information gathered from these questionnaires is analysed by the School and the resulting information is then fed into the annual review of each MSc course.

Academic Concerns The School of Management and Languages endeavours to foster good working relationships between students and staff. We recognise that during their course of study students may have concerns regarding your module or course. Within the School there is an agreed procedure for raising these matters so that they can be dealt with quickly and efficiently (see Figure 1 opposite).

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MSc Finance Course Handbook 2009-2010

Figure 1 Process for Raising an Academic Concern

Step 1

Raise concerns directly with the member of teaching staff concerned or Class Representative. If matter is unresolved

Step 2

Discuss concerns with module co-ordinator or mentor.

If matter is unresolved Step 3

Discuss concerns with Course Director. If matter is unresolved Approach senior staff in this order:

Step 4

1. Director of Postgraduate Teaching Programme 2. Head of Department 3. Head of School If matter is unresolved

Step 5

Inform HWUSA of your concerns

Step 1 Students should first raise their concerns directly with the member of teaching staff concerned (this may be a class teacher, tutor or lecturer). Students should not worry about raising any concern but if a student feels uneasy doing this they can contact their class representative who can raise the matter on their behalf. Step 2 If the matter is not resolved then the next step is for students to discuss their concerns with their mentor and, if they have not already done so, with the module co-ordinator (see Part A, section 6 of this handbook for module coordinator details).

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MSc Finance Course Handbook 2009-2010

Step 3 If the matter remains unresolved students should approach your Course Director. Students should also inform their course representative if they have not already done so. The student representatives are members of the Postgraduate Student-Staff Liaison committee (PGSSLC). This committee meets twice per semester to discuss how courses and modules are being run. The members of this committee work to resolve any matter that it considers relevant to the running of the postgraduate degree courses in the School of Management and Languages, such as curricula, teaching and assessment methods. Committee members are able to bring student concerns to the attention of senior staff on your behalf. Please note the committee does not consider individual appeals of assessment grades. (If a concern is personal to a student and relates to a member of staff, it should not be discussed at the PGSSLC). Step 4 If the matter remains unresolved students are able to approach senior staff directly in the order given in Figure 1. Step 5 If a student still feels that the matter is unresolved they are able to raise their concerns through HWUSA. There is a sabbatical officer offering full time representation for Education and Welfare matters and they can be e-mailed at vpew@hwusa.org. Please note that HWUSA will ask students if they have raised their concerns through the established procedures before they address your issues.

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MSc Finance Course Handbook 2009-2010

4

Key staff and office locations

4.1

Course Director Dr Janusz Brzeszczynski Room MB G.54 Mary Burton Building School of Management and Languages Heriot-Watt University Edinburgh, EH14 4AS Tel: +44(0) 131 451 3294 Fax: +44(0) 131 451 3296 E-mail: J.Brzeszczynski@hw.ac.uk

4.2

School Postgraduate Office The School Postgraduate Office is located immediately on the left as you enter Esmée Fairbairn Building and is open 9.00am – 12.30pm and 2.00 – 4.30pm. School Postgraduate Office Room EF 11 Esmée Fairbairn Building School of Management and Languages Heriot-Watt University Edinburgh, EH14 4AS

The office deals with: • • • • •

Certification letters Change of module Change of address Medical Certificates Transcripts (issuing of)

Tel: +44(0) 131 451 3284 Fax: +44(0)131 451 8336 E-mail: pgoffice@sml.hw.ac.uk

4.3

School Administrative Officers The School Administrative Officer who deals with postgraduate matters is: Stephanie Ashby Room EF 2 Esmée Fairbairn Building School of Management and Languages Heriot-Watt University Edinburgh, EH14 4AS Tel: +44(0) 131 451 3485 Fax: +44(0)131 451 8336 E-mail: s.a.ashby@hw.ac.uk

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MSc Finance Course Handbook 2009-2010

4.4

Teaching Staff for MSc Finance Dr Santhosh Abraham Room MB 1.65 0131 451 3841 S.Abraham@hw.ac.uk

Lecturer in Accountancy

Comparative Financial Reporting

Dr Janusz Brzeszczynski Room MB G.54 0131 451 3294 J.Brzeszczynski@hw.ac.uk

Senior Lecturer in Finance

Research in Finance

Dr Julian Fennema Room MB 1.67 0131 451 3492 J.A.Fennema@hw.ac.uk

Lecturer in Finance

Research Methods Emerging Financial Markets

Mr Paul Gordon Room MB 1.66 0131 451 3558 P.D.Gordon@hw.ac.uk

Lecturer in Accountancy

Financial Analysis

Professor Ian Hirst

Professor in Finance (part-time)

Financial Markets

Dr Boulis Ibrahim Room MB 1.68 0131 451 3560 B.M.Ibrahim@hw.ac.uk

Lecturer in Finance

Derivatives

Mr Bill Jackson Room MB 1.69 0131 451 3737 W.Jackson@hw.ac.uk

Lecturer in Accountancy

International Managerial Accounting

Dr Eddie Jones (University of Edinburgh)

Senior Lecturer in Finance

Corporate Governance

Dr John-Paul Marney Room MB G.52 0131 451 3859 J.Marney@hw.ac.uk

Teaching Fellow in Finance

Corporate Finance

Dr Anke Wiese Room CM T.13 0131 451 3717 A.Wiese@hw.ac.uk

Lecturer

Modern Portfolio Theory

Further staff details can be found in Appendix B of this handbook.

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MSc Finance Course Handbook 2009-2010

5

Course Overview Heriot-Watt University reserves the right to update materials from time to time and will ensure that advance notification concerning changes to materials is provided to students on the relevant section of the University website. It is the responsibility of students to check the website, particularly if they are returning to studies after a period during which their studies have been in abeyance.

5.1

Course Handbook This course handbook is for your reference and should provide the information you require. Please read the handbook carefully prior to the start of the course. Should you have any queries which are not answered here, please contact the School Postgraduate Office who will be able to help. The rules and regulations governing the MSc in Finance are set out and should be read thoroughly. Should any amendments be necessary, you will be notified as soon as possible.

5.2

Course Aims and Objectives The aim of the course is to develop students’ knowledge and understanding of academic finance and of the financial sector, including theory, empirical research and practical issues. It is designed for those who wish to pursue a professional career in the financial services, or any other career which calls for familiarity with the financial world. It is also designed to provide the knowledge base and the analytical and research skills necessary to continue to doctoral study in finance. Students can expect to develop their knowledge and ability as follows: Knowledge and understanding ƒ Core theories and concepts in finance. ƒ The way financial decisions or questions are analysed or modelled in theory. For example, how the values of assets or projects are determined; how much a company decides to borrow; how investors select portfolios of assets. ƒ Empirical research in finance: critical appreciation of methods used to test models and hypotheses; knowledge of empirical findings. ƒ Institutional knowledge: the way financial markets and institutions operate. ƒ Financial practice: the nature of financial decisions in companies and financial institutions.

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MSc Finance Course Handbook 2009-2010

Analytical skills ƒ Ability to follow complex lines of reasoning, expressed verbally and algebraically. ƒ Use of analytical techniques, e.g. the analysis of a company’s financial statements; the application of models to value financial assets; certain statistical methods. ƒ Assessment of empirical evidence. ƒ Assessment of alternative theories or explanations or points of view regarding a given question.

5.3

Learning and Teaching Methods Various teaching and learning methods will be used as appropriate to the content of modules. These methods will include formal lectures; seminars; individual and group projects to encourage the development of problemsolving techniques; case studies and presentations. Students are expected to attend all lectures, seminars, and guest speaker sessions, to keep up with recommended reading for the modules they study, to submit coursework on time, and to sit all the examinations for the modules they are registered for. The University’s MSc Regulation 12.3 states that a student who fails to satisfy the requirements for attendance or performance, or both, will be instructed to withdraw from the University. Please see Part B for advice about academic support. Any material to be distributed by module lecturers and/or tutors is normally made available in lecture or tutorial hours. Students should ensure they receive all class handouts, some spare copies of which will be retained by the School Postgraduate Office. These copies will only be retained until the end of the module.

6

Course Structure and Delivery

6.1

Course Structure Full details of the course structure and award requirements for the MSc Finance are shown on the following pages. This course structure document is also available online at www.sml.hw.ac.uk/postgraduate/courseinfo Please note that this document may subject to change over the course of the academic year. You will be notified of any such changes as appropriate.

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Form 18

Heriot-Watt University – Graduate/Postgraduate Course Structure and Course Notes

1. Course Codes C387-FIN/C385-FIN/C380-FIN

2. Course Title Finance

6. Course Accredited by N/A

3. School/Institute Management and Languages

7. QAA Subject Benchmarking Group(s) Finance; Accounting

9. Composition

MSc: 8 taught modules + dissertation

PG Diploma: 8 taught modules

Effort Hours

Module Code & Title

150

Derivatives

150

Corporate Governance

150

Research in Finance

150

Financial Analysis

150

Research Methods

150

Financial Markets

150

Optional – one from: Comparative Financial Reporting

150

Emerging Financial Markets

150

International Managerial Accounting

150

Modern Portfolio Theory

150

12. Mode and Location of Study

Full-time X

Home Campus X

(specify) ………………………

Collaborative Partner

Part-time

Approved Learning Partner

14. Mode of Delivery Conventional X

Blended

15. Level of Modules Levels 7-10 (UG)

Mixed

Starting From Semester 2/3

Effort Hours

Corporate Finance

Other Campus

11. Awards, Credits & Level

Mandatory and Optional Modules Starting From Semester 2

Semester 1

5. Awards MSc, PG Dip, PG Cert

8. Date of Production/Revision November 2007

10. Arrangement of Modules

Module Code & Title

Level 11 X

4. Type Specialist Departmental

Module Code & Title

Effort Hours

Dissertation

600

MSc requires 180 Scottish Credit and Qualification Framework credits; at least 165 of which are at Level 11 PG Dip requires 120 Scottish Credit and Qualification Framework credits; at least 105 of which are at Level 11 PG Cert requires 60 Scottish Credit and Qualification Framework credits; at least 45 of which are at Level 11

13. Duration of Study (months)

Masters

Standard Full-time Part-time 12 24

Full-time 24

Maximum Part-time 48

Diploma

9

21

21

45

Certificate

9

21

21

45

Independent 16. Collaborative/Approved Learning Partner Course (Please specify details of partner institutions) N/A

Modules not at Level 11 (codes):

15


Form 18 1. Course Codes C387-FIN/C385-FIN/C380-FIN

Heriot-Watt University – Graduate/Postgraduate Course Structure and Course Notes 2. Course Title Finance

6. Course Accredited by N/A

3. School/Institute Management and Languages

4. Type Specialist Departmental

7. QAA Subject Benchmarking Group(s) Finance; Accounting

5. Awards MSc, PG Dip, PG Cert

8. Date of Production/Revision November 2007

Course Notes 1. Nominal Pass Mark/Grade

2. Summary of Assessment Methods

• • •

Figures are approximate and averaged across all modules. See module syllabi for detail.

Masters: 50% average/Grade C PG Diploma: 40% average/Grade D PG Certificate: 40% average/Grade D

Coursework: 30%

Examination: 70%

3. Re-assessment Opportunities • • • • • • • •

At the discretion of the Exam Board students may be permitted the opportunity to resit up to a maximum of three modules from the eight taught modules in order to obtain the required overall average grade to permit progression to the Masters Dissertation or award of a Diploma or Certificate. Resits are not permitted where the overall average mark or grade (of >= 50% ,Grade C) has been achieved. The Examination Board has discretion to select the required modules to be re-assessed in keeping with the Degree title. Where modules are assessed entirely by examination or by a combination of examination and coursework the resit will be by examination. For modules where assessment is based solely on coursework, a new assignment will be given. All resits have to achieve a pass at 50% or above for Masters and 40% or above for Diploma or Certificate. Resits will be taken in a PG resit diet which will be scheduled not less than one week after the course Progression Board. The dissertation may, at the discretion of the Exam Board, be revised and resubmitted where a grade D is awarded (40% - 49%). The dissertation to be resubmitted by January 31st in the year following the first submission. Students will be provided with feedback on the deficiencies in their dissertation but will not receive additional academic supervisory support. The re-submitted dissertation will be required to achieve a grade C or mark of 50% with a maximum grade of C or mark of 55% being awarded.

4. Award Criteria No. of Module Passes 9

Overall Mark/Grade >= 70%,Grade A

Basis of Overall Mark/Grade

Master:

9

>= 50%,Grade C

Average of module marks at first assessments

PG Diploma (Distinction):

8

>= 70%,Grade A

PG Diploma:

8

>= 40%,Grade D

PG Certificate:

4

>= 40%,Grade D

Master (Distinction):

16

Other Requirements At least 6 modules at >=60%, (Grade B). No module with grade D,E or F At least 6 modules at >=50%, (Grade C). No module with grade F At least 6 modules at >=60%, (Grade B). No module with grade E or F At least 6 modules at >=40%, (Grade D). No module with grade F At least 4 modules, Degree subject specific at >=40%, (Grade D)


Form 18 1. Course Codes C387-FIN/C385-FIN/C380-FIN 6. Course Accredited by N/A

Heriot-Watt University – Graduate/Postgraduate Course Structure and Course Notes 2. Course Title Finance

3. School/Institute Management and Languages

7. QAA Subject Benchmarking Group(s) Finance; Accounting

4. Type Specialist Departmental

5. Awards MSc, PG Dip, PG Cert

8. Date of Production/Revision November 2007

5. Module Choice / Dissertation The course provides students with a range of learning opportunities to facilitate the return to university study within higher education in the British system, informed by recent developments in research, and designed to encourage the development of professional, transferable skills, and the development of managerial and professional careers upon graduation. Mandatory modules in the course ensure that students develop the key skills and knowledge appropriate to this level of study, while the range of options, including the dissertation, provides flexibility for students, allowing them to pursue particular interests. The programme has a strong international flavour, resulting from international recruitment, consistent with the School’s expectations that graduates will typically develop footloose careers. On entry into this course of study, particular attention is paid to the development of scholarship skills, introducing professional development and employability as personal objectives, and encouraging the practice of reflective learning. In the first two semesters of study, students register for a total of seven modules, six of which are compulsory. To progress to the dissertation component of the Master of Science Degree, students must achieve an average of 50% (grade C) in the seven taught modules, with no F grades. For the award of the degree of Master of Science, students must also obtain an average of 50% across all modules plus the dissertation. Students obtaining 60 Scottish Credit and Qualification Framework credits from completing four modules with an average mark of at least 40% are eligible for the award of a Postgraduate Certificate. Students obtaining 120 Scottish Credit and Qualification Framework credits from completing seven modules with an average mark of at least 40% are eligible for the award of a Postgraduate Diploma. Students failing to obtain a grade D in initial module assessments are permitted one further opportunity for reassessment for a maximum of three modules. Any student failing to obtain at least a grade D following re-assessment in the module or whose average mark across the seven taught modules from the first assessment opportunity is less than 50% cannot proceed to the dissertation stage of the Master of Science, but may be awarded a postgraduate certificate or postgraduate diploma as an exit qualification. As part of the School’s mentoring programme, students who are unable to complete a course of study will be given appropriate advice.

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MSc Finance Course Handbook 2009-2010

6.2

Module Information Module refers to a unit of study which spans a semester. An overall grade is awarded for each module at the end of the semester in which the module was studied. Students are expected to put in a total effort of 150 hours for each module. This 150 hours includes all lectures, tutorials, computing labs, workshops, background reading, writing up notes, coursework, revision and examination for the module. Each module will be assessed in one of three ways: • • •

by coursework; by examination; by a combination of both coursework and examination

At the end of each module an overall grade is awarded: Overall mark of approximately 70% or more Overall mark of approximately 60% to 69% Overall mark of approximately 50% to 59% Overall mark of approximately 40% to 49% Minimum requirement for the award of credit points Performance below the minimum acceptable level for the award of credit points (FAIL)

6.2.1

18

A B C D E F

Module Outlines Individual module outlines are contained within this section. They give details of the aims, objectives, assessment procedures and key texts for each module taught on the course. Full module descriptors will be given out at the beginning of each module.


MSc Finance Course Handbook 2009-2010

Module Code

C31CF1

Module Title

Corporate Finance

Module Co-ordinator

Dr John-Paul Marney

No of lectures per week

2

No of seminars per week

N/A

Module aims

The purpose of this module is to provide an overview of some new and exciting research paths in the field of corporate finance. The module will emphasize the major decision arenas facing a firm, and develop the tools required to be a competitive professional in today’s environment. Therefore, the aim of this course is to introduce students to some contemporary topics in corporate finance and their reflections on the fundamental decisions to be taken within the corporate finance world.

Module syllabus

The topics will include some or all of ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ

Valuation Cost of capital and asset pricing models Investing in Risky Projects and Capital budgeting Capital Structure Puzzle Leases and lease analysis. Application of value principles: Measures of value creation (SVA, EP, EVA). Agency theory and asymmetric information Convertibles and warrants: Corporate Liabilities and Real Options Private equity and family firms Raising capital: bank loans; bond issues; initial public offers; seasoned equity offers. Risk Management Debt policy and dividend policy

Assessment

1. Coursework (30%) 2. 1.5 hour end of module exam (70%)

Key text

To be advised

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MSc Finance Course Handbook 2009-2010

20

Module Code

C31CG1

Module Title

Corporate Governance

Module Co-ordinator

Dr Eddie Jones

No of lectures per week

2

No of seminars per week

N/A

Module aims

To develop and understanding of issues relating to corporate governance and the financial research methods used to approach them.

Module syllabus

1. 2. 3. 4. 5. 6. 7. 8. 9.

Assessment

1. 2.

Key texts

To be advised

Principal-agent theory Event study methodology Executive compensation Ownership structure and control Board of directors CEO turnover Mergers and acquisitions Investor protection State vs. private ownership Coursework (30%) 2-hour end of module exam (70%)


MSc Finance Course Handbook 2009-2010

Module Code

C31FN1

Module Title

Financial Analysis

Module Co-ordinator

Mr Paul Gordon

No of lectures per week

3

No of seminars per week

N/A

Module aims

To provide a systematic understanding of how to analyse the financial performance of an organisation through the use of published financial information. It provides students with a conceptual understanding of accounting process and provides insights into the critical areas of advanced professional practice.

Module syllabus

ƒ

Assessment

1. 2.

Key texts

Weetman, P., Financial Accounting: An Introduction, (4th ed.), Financial Times Prentice Hall, 2006.

Critical appreciation of financial accounting principles ƒ Analysis of published financial reporting information ƒ Critical appreciation of management accounting principles ƒ Developing issues in corporate reporting Coursework (30%) 2-hour end of module exam (70%)

21


MSc Finance Course Handbook 2009-2010

Module Code

C31FM1

Module Title

Financial Markets

Module Co-ordinator

Professor Ian Hirst

No of lectures per week

2

No of seminars per week

N/A

Module aims

To introduce students to the way financial markets and institutions function in practice, with particular emphasis on equities and bonds. This will provide the context of underlying finance theory into which the mathematics will fit.

Module syllabus

I. Introduction to Financial Markets ƒ Introduction, purpose of financial markets, the Stock Exchange, types of investments. ƒ Institutional investors: pension funds, life funds, general insurance funds, unit trusts, investment trusts. ƒ Interest rate calculations: compound interest, annuities, real and nominal interest rates, spot and forward rates, discounted cash flow. ƒ Equities: fundamental analysis and technical analysis, new issues. ƒ Portfolio theory: Markowitz model, international diversification, basics of CAPM. ƒ Efficient markets: informational efficiency, rational fundamental valuation. ƒ Market indices: equity indices, bond indices. ƒ Portfolio performance measurement: rates of return, notional funds, consideration of risk. II. Bond Markets ƒ Overview of fixed securities. ƒ Organisation and conduct of debt markets including the issue of debt securities. ƒ Bond mathematics including bond prices, interest rates and yields. ƒ The concepts of duration and convexity and their use in portfolio management. ƒ The term structure of interest rates and alternative theories, and empirical evidence. ƒ Index-linked securities. ƒ Corporate debt and debt options. Bond futures.

22

Assessment

1. 2.

Key text

Bodie, Kane & Marcus, Investments, McGraw Hill, 2002.

Coursework (20%) 2-hour end of module exam (80%)


MSc Finance Course Handbook 2009-2010

Module Code

C31DE2

Module Title

Derivatives

Module Co-ordinator

Dr Boulis Ibrahim

No of lectures per week

2

No of seminars per week

N/A

Module aims

To develop a thorough understanding of financial derivative instruments, and appraise their applications in risk management.

Module syllabus

ƒ ƒ ƒ ƒ ƒ ƒ

Assessment

1. Coursework (20%) 2. 2-hour end of module exam (80%)

Key text

Hull J., Options, Futures and Other Derivatives, Prentice Hall

Forward and futures contracts Hedging with forwards and futures Options Hedging and insuring with options Swaps Introduction to other derivative instruments (warrants and convertibles) and other option uses.

23


MSc Finance Course Handbook 2009-2010

Module Code

C31RF2

Module Title

Research in Finance

Module Co-ordinator

Dr Janusz Brzeszczynski

No of lectures per week

1

No of seminars per week

1 (in computer lab)

Module aims

The module will cover quantitative methods used in research in the area of finance and financial markets. It will extend knowledge from the Research Methods module by equipping students with modern methodology applied for the time series analysis. The first part of the module is focused on the theory and the second one on practical applications in the computer lab. Students will build models of stock and currency prices, evaluate them using different criteria and use them for the forecasts and formulation of trading strategies. They should perform their own work using real data from financial markets. By applying modern econometric methods, students will prepare themselves for their dissertation as well as for further research, either in academia or in the non-academic world.

Module syllabus

ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ

24

Review of different research frameworks in finance Review of basic econometric and statistical methods Econometric models used in finance and financial markets Time series models vs. causal models Autoregressive models ARCH and GARCH models Other volatility models Evaluation of models based on standard and non-standard measures Forecasting based on econometric models Trading strategies based on econometric models Cost of capital and asset pricing models Capital structure puzzle

Assessment

1. Coursework (50%) 2. 1-hour end of module exam (50%)

Key text

To be advised


MSc Finance Course Handbook 2009-2010

Module Code

C31RM2

Module Title

Research Methods

Module Co-ordinator

Dr Julian Fennema

No of lectures per week

1

No of seminars per week

1 (in computer lab)

Module aims

The course will address two specific areas important for research in the social sciences – qualitative and quantitative techniques. In both these areas this course will equip students with the means to develop and carry out their own research projects and to evaluate the contributions of others. By applying statistical techniques to problem sets under the supervision of instructors, students will prepare themselves both for their dissertation module but also for further research, either in academia or in the non-academic sector.

Module syllabus

ƒ ƒ ƒ ƒ ƒ ƒ ƒ

Assessment

1. Continuous assessment (25%) 2. Coursework (75%)

Key text

To be advised

Research frameworks Empirical methodologies Project planning and literature search Data collection techniques Data import and elementary manipulation Statistical testing Multivariate analysis

25


MSc Finance Course Handbook 2009-2010

Module Code

C31CR2

Module Title

Comparative Financial Reporting

Module Co-ordinator

Dr Santhosh Abraham

No of lectures per week

2

No of seminars per week

N/A

Module aims

ƒ

ƒ ƒ

Module syllabus

To provide students with an international perspective to the study of accounting so that they can develop an understanding of: the reasons for national differences, the tendencies towards harmonisation, the problems of multinational companies. To develop skills of reading, analysing and evaluating original academic papers. To develop skills of analysing and evaluating financial reports prepared in other countries ƒ ƒ ƒ ƒ ƒ ƒ

Assessment

Key text

26

1. 2.

Influences on national accounting development. Comparative national accounting systems. International standards and harmonisation. Issues in international disclosure. International perspective on group accounting. Financial statement analysis Coursework (30%) 2-hour end of module exam (70%)

Roberts, Weetman and Gordon, International Corporate Reporting - a comparative approach, (4th ed.), Financial Times Press, 2008.


MSc Finance Course Handbook 2009-2010

Module Code

C31EF2

Module Title

Emerging Financial Markets

Module Co-ordinator

Dr Julian Fennema

No of lectures per week

2

No of seminars per week

TBC

Module aims

This course aims to supplement the understanding acquired by students of mainstream finance during the year, and to apply it to the specific circumstances of emerging financial markets. This exposure is also designed to assist students with definition of possible dissertation topics and data sources.

Module syllabus

ƒ ƒ ƒ ƒ ƒ ƒ ƒ ƒ

Financial repression and liberalisation The institutions, and formation, of macroeconomic policymaking in emerging financial markets The relationship between finance, economic growth and poverty The structure of financial intermediation in emerging markets Structure of savings and informal financial markets Microfinance Crises and regulation in emerging financial markets The role of foreign direct investment and foreignowned banks in emerging markets

Assessment

1. Continuous assessment (40%) 2. 2-hour end of module exam (60%)

Key text

To be advised

27


MSc Finance Course Handbook 2009-2010

Module Code

C31IM2

Module Title

International Managerial Accounting

Module Co-ordinator

Mr Bill Jackson

No of lectures per week

2

No of seminars per week

N/A

Module aims

ƒ ƒ ƒ

Module syllabus

28

Develop understanding of management accounting in an international and comparative context. Develop critical appreciation of the subject matter, reflecting trends in scholarship and academic research. Stimulate interest in management accounting research in an international and comparative context. ƒ The changing roles of accountants in a globalising environment. ƒ Managerial accounting in the strategic environment ƒ Culture and complexity in management accounting ƒ Issues in budgeting and performance measurement ƒ Accounting for the Environment ƒ Topical issues

Assessment

1. Coursework (30%) 2. 2-hour end of module exam (70%)

Key text

Elton and Gruber, Modern Portfolio Theory and Investment Analysis, Wiley.


MSc Finance Course Handbook 2009-2010

Module Code

F71PT2

Module Title

Modern Portfolio Theory

Module Co-ordinator

Dr Anke Wiese

No of lectures per week

3

No of seminars per week

1

Module aims

To introduce asset pricing and portfolio selection models.

Module syllabus

• • • • • • • •

Utility Theory Stochastic Dominance Measures of Investment Risk Portfolio Theory Models of Asset Returns Capital Asset Pricing Model Arbitrage Pricing Theory Evaluating Portfolio Performance

Assessment

2-hour end of module exam (100%)

Key text

To be advised

29


MSc Finance Course Handbook 2009-2010

Table 1: Assessment Scheme Semester 1 Module

Assessment

Corporate Finance

Coursework (30%) / Exam (70%)

Corporate Governance

Coursework (30%) / Exam (70%)

Financial Analysis

Coursework (30%) / Exam (70%)

Financial Markets

Coursework (20%) / Exam (80%)

Semester 2 Module

Assessment

Derivatives

Coursework (20%) / Exam (80%)

Research in Finance

Coursework (50%) / Exam (50%)

Research Methods

Continuous Assessment (25%) Coursework (75%)

Comparative Financial Reporting (optional)

Coursework (30%) / Exam (70%)

Emerging Financial Markets (optional)

Coursework (40%) / Exam (60%)

International Managerial Accounting (optional)

Coursework (30%) / Exam (70%)

Modern Portfolio Theory (optional)

Exam (100%)

Summer Months Module

Assessment

Dissertation

Coursework (100%)

6.3

Timetabling and location of lectures Timetables will be made available at the beginning of each term on the Postgraduate noticeboard in EsmĂŠe Fairbairn Building. Students will also be advised of any guest lectures and site visits as they are arranged. Attendance at these are compulsory and their content is examinable. Timetables are also available online at www.sml.hw.ac.uk/postgraduate/timetable

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MSc Finance Course Handbook 2009-2010

6.4

Assessment 6.4.1

Coursework Module staff will advise students of the format of any coursework set (e.g. essay, group project, oral presentation), the due date for submission of the coursework and the date set for returning the marked coursework. All work must be well presented, word-processed and should include a cover sheet with the following information clearly marked: ƒ ƒ ƒ ƒ ƒ ƒ

Your course title (i.e. MSc Logistics or MSc Maritime Logistics) Title of coursework/project Student’s name and enrolment number Date Module Title and Module Code Lecturer’s name

Any variation in the procedure outlined will be notified to students by the Course Director.

Submission Procedure Coursework must be submitted to the School Office in Mary Burton Building (MB 1.23). Students must complete a Coursework Submission Form and have it signed and receipted by a member of staff in the School Office. Students should retain the receipt and a copy of their coursework until it has been marked. The office is open 10.00am– 12.45pm and 2.00–4.00pm. Coursework will not be accepted outside these hours.

Late Submission Coursework submitted after the due date must also be submitted to the School Office. A Late Coursework Submission Form must be completed and any medical certificates or supporting documentation should accompany the form. Students should retain the receipt and a copy of their coursework and supporting documentation. Coursework submitted after the due date for submission but prior to the date set for return of the coursework will be marked. However, it will be subject to a penalty deduction of 30% of the awarded mark. All Late Coursework Submission Forms will be reviewed at the appropriate Module Board of Examiners along with any medical certificates and supporting documentation. The Board will have discretion to reinstate the full mark or reduce the penalty in the light of circumstances. The Board has absolute discretion in this matter and prior opinions will not be available in any circumstances. Coursework not submitted by the date set for the return of marked coursework will not be marked.

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MSc Finance Course Handbook 2009-2010

The following is a guide to the types of reasons considered acceptable or unacceptable with regard to late submission of coursework: Acceptable reasons • significant medical problems • significant problems of a personal nature (e.g. family emergency) • compassionate grounds (e.g. family bereavement) • major computer problems (e.g. failure of university IT systems, such as network or server failure) N.B. In all cases students must provide suitable documentary evidence to support such reasons.

Unacceptable reasons • minor computer problems (e.g. lost /damaged files, printer breakdown) • unverifiable travel difficulties • running out of time • other assignments due • temporary lack of availability of key resources required for the completion of the work N.B. It is students’ responsibility to ensure they plan and manage their workload in order to complete and submit coursework by the deadline set.

Non-submission Non-submission of coursework must also be intimated to the School Office. Students will be asked to complete a form and supply any medical certificates or supporting documentation for non-submission.

Return of Coursework When the coursework has been marked you will be given a Coursework Feedback Form indicating its grading against various criteria and written comments. Your coursework itself will be retained for inspection by the External Examiner and returned only after the Examination Board meeting in May. Any grades given to you prior to their meetings should be considered as provisional and subject to confirmation by this Board.

6.4.2

Examinations Examination Diets Full-time students in attendance at the University are entered automatically, without fee, for the examinations of modules in which they are registered. The MSc Finance has two diets of examinations, plus a resit diet: Semester 1 assessment

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7th – 18th December 2009


MSc Finance Course Handbook 2009-2010

Semester 2 assessment Resits

27th April 2009 – 7th May 2010 7th – 11th June 2010

The Course Director will inform students of exact dates and times in due course but it is ultimately the student’s responsibility to ensure that they have the correct times and locations for the exams they are sitting.

6.5

Reassessment Students may resit up to three modules. In the case of modules examined by a combination of examination and coursework, the reassessment will be based on the regulations in the Module Descriptor. For details of reassessment for the MSc in Finance, please refer to the course structure and course notes in Part A, Section 6.1 of this handbook

6.6

MSc Dissertation To obtain the MSc degree, students must successfully complete a dissertation. Students will be advised that they have successfully completed the diploma stage of the programme and can then proceed to the dissertation stage. To be able to proceed to the dissertation a student must have successfully passed all the taught modules with an average mark of 50%. This decision to proceed will be made at a Progression Board, which will be held after the Semester 2 examinations May. Students will receive specific detailed information on the format, structure and sourcing of ideas for dissertation projects as well the requirements for preparing, writing and submitting their dissertations during the taught programme. Specific training in research methods as well as detailed assistance with choosing and defining topics will be given usually through Semester 2. During Semester 1 all students will receive a separate booklet detailing the structure, formatting and style to be adopted in their dissertation as well wider helpful guidance on completing a dissertation. The aim of the MSc dissertation is to enable students to undertake independent research into a topic that is relevant to the practical pursuit of their subject. While students are not required to make a new and significant contribution to knowledge in the area chosen, they are expected to show evidence of independent enquiry and investigation. The general learning outcomes of the dissertation module are as follows:

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MSc Finance Course Handbook 2009-2010

Understanding, Knowledge and Subject-Specific Skills • • •

To demonstrate a critical awareness of the relevance of current theory to the practical concerns of practitioners; To show a solid understanding of specific issues and problems facing practitioners ; To display an ability to resolve and understand such problems through the application of appropriate theoretical frameworks.

Cognitive skills, Core skills and Professional Awareness • • • • • •

6.6.1

To reflect critically on the relationship between theory and practice; To gather and sort data from a variety of written and electronic sources; To review, organise and evaluate evidence and reflect and comment critically on it; To present a clear and coherent argument on a specialised topic To use information gathered from a wide variety of appropriate sources to support and substantiate claims; To work independently to a set deadline.

Supervision Arrangements. Students will be allocated an academic supervisor who will provide students with general guidance and support in completing their dissertation. Wherever possible the academic supervisor will have a detailed knowledge of the topic area but due to the need to balance academic supervisor workloads this will not always be possible. As all academic supervisors have extensive knowledge of the research process this will not disadvantage any student. The supervisor will agree an overall schedule of work with students and will establish how frequently meetings will be required. General policy is that the student will have up to five meetings with their supervisor through the dissertation period. The supervisor will keep a written record of all meetings, normally using the “Record of Supervision Meeting” form which can be found at www.sml.hw.ac.uk/postgraduate/dissertations Where supervision is carried out remotely (e.g. by email) evidence of supervision will take the form of email correspondence between supervisor and supervisee. Supervisors are asked to aim to reply to any correspondence relating to dissertations (including e-mail correspondence) and to return comments on submitted work within a week of receipt. Students should recognise academic staff may be away for extended periods whilst attending conferences, other academic duties, undertaking their own research and holidays. Students are responsible for making themselves aware of when their academic supervisors will be away from the University. Supervisors will only use Heriot-Watt e-mail accounts for correspondence with students. It is the student responsibility to ensure their e-mail account is available to meet all necessary file transfers. At all times it is the

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MSc Finance Course Handbook 2009-2010

responsibility of the student to maintain adequate contact with their supervisor and to keep their supervisor informed of their progress. During the writing process students can expect supervisors to normally read up to two draft chapters, once. Supervisors are not required to read successive drafts of the same part. Students required too resubmit their dissertation after an initial briefing with their academic supervisor of the specific areas to be improved will not receive any additional supervision. Neither will supervisors be required to read any further chapters. Resubmitted dissertations will receive up to a maximum of grade C or 55%. Students requiring too resubmit their dissertation will be required to pay an additional fee to the University.

6.6.2

Schedule for Preparation and Submission. Preparation for the dissertation will normally take place during the second Semester. The summer semester will be the time when intensive research, data collection, analysis and writing will take place. Students will be advised by their Course Director of the specific stages and milestones in taking their initial ideas and forming these into research questions and methods of investigation. Once the subject area has been agreed and a supervisor allocated the student will complete a formal Dissertation Proposal form. This form is available online at www.sml.hw.ac.uk/postgraduate/dissertations Whilst the emphasis within a specific topic may change students should not change their topic without the permission from their supervisor.

6.6.3

Ethics At the proposal stage students should also read the School’s Policy on Ethical Aspects of Research for Postgraduate Dissertations (http://www.sml.hw.ac.uk/postgraduate/dissertations) and confirm this policy by ticking the appropriate box on the Dissertation Proposal Form. Students and supervisors will also be required to complete a University “Application to School Ethics Committee for Ethical Approval for a Research Project�. Students will also have to obtain approval under the Disclosure Scotland procedures if research will involve students interacting with individuals or groups under the age of 18 or other designated vulnerable or at risk individuals or groups

6.6.4

Overview of a Dissertation Length The dissertation should normally be between 12,000 and 15,000 words in length, although those dissertations dealing with numerical analysis may be permitted a lower level. The Course Director or academic supervisor will provide you with specific guidance. Students whose dissertations vary by a margin of 10% will be required to re-submit their work and to express themselves within the stipulated limits. Appendices are not included in the word count but should not be excessively long. The word count should be on the title page.

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MSc Finance Course Handbook 2009-2010

6.6.5

Order of Parts: The dissertation should observe the following order of parts (although all may not apply in each dissertation. 1.

Title page (containing: title, students’ name, year of graduation, supervisors’ name, word count and the following wording: “Dissertation submitted in partial fulfilment of the requirements for the degree of MSc at Heriot-Watt University”.) 2. Abstract (a summary of the main arguments and conclusion, not to exceed one page) 3. Dedication or Epigraph (optional) 4. Table of contents 5. List of illustrations (plates, figures, maps and tables, in that order) 6. List of Abbreviations 7. Acknowledgements (of all help received during the preparation of the dissertation) 8. Text (including introduction) 9. Conclusion 10. Bibliography 11. Appendices (only relevant supporting information).

6.6.6

Submission deadlines The deadline for the submission of the dissertation will be advised by the Course Director. The normal time for the submission will be in the last week of August. In order to manage the intake of dissertations at the School Office each course will be allocated a separate date and time during that week for dissertations to be submitted. Students will be advised of the submission date no later than the end of Semester 1. If students wish to graduate at the November graduation ceremony, they must submit their dissertation during this period in August. This deadline must be strictly observed. Dissertations which are submitted late will suffer a penalty of 30% of the mark awarded. In exceptional personal circumstances the Course Director may agree a later submission date. However, it is vital that you advise and gain the approval of the Course Director at the time the ‘exceptional event’ occurs. (see policy on late submission). Exceptional circumstances do not include: printer failure, corruption to data files or discs, delays in getting data due to holidays. The Examination Board will not consider any extenuating circumstances not previously advised to the Course Director. Students requesting an extension will be asked to provide documentation to support their request (e.g. a medical certificate). For a list of acceptable extenuating circumstances see earlier section on Request for Extension. It is the responsibility of students to ensure that they schedule their work in such a way that they are able to submit by the deadline. The time required for final checks, proof-reading, printing and binding should not be underestimated. Students will usually provide a minimum of two bound copies of their dissertation as well as an electronic copy on a CD.

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MSc Finance Course Handbook 2009-2010

All copies of the dissertation must be submitted to the School Office and not to their academic supervisor. Students must also complete a Dissertation Submission Form and have it signed and receipted by a member of staff in the School Office. Students should retain the receipt and a copy of their coursework until it has been marked. Submitted copies of the dissertations can not normally be returned to students. Students undertaking company sponsored projects will be expected to provide an additional copy of their dissertation for the company, this is in addition to the minimum two copies.

6.6.7

Costs Students need to be aware that with the exception of projects supported by companies they will receive no financial support for expenses incurred in obtaining data for their projects from the University. In planning their dissertations students need to be aware that the University cannot provide travel, data processing, mailing, telephone or specific requests for specialist reports. Where students are undertaking a company supported project either obtained by the University or themselves they will not usually be paid although they may be able to claim travel and accommodation costs where prior agreement with the company has been obtained. The student has the responsibility to ensure that any expenditure has been approved before it is incurred.

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MSc Finance Course Handbook 2009-2010

6.7

Referencing Sources of Information It is important to acknowledge in your assignments/essays the sources of your information and to include a list of references, listing in alphabetical order by author all sources (e.g. books, journal articles, newspapers) that you refer to. An assignment that has no list of references will be penalised. References should be presented as shown in the following examples: Book/report Hull, J.C., 2003, Options, Futures, and Other Derivatives, 5th ed., New Jersey: Prentice Hall. Chapter in book Whittington, G., 1998, ‘Regulatory asset value and the cost of capital’, in Beesley, M.E. (ed.), Regulating Utilities: Understanding the Issues, London: Institute of Economic Affairs. Journal article Graham, J.R. and Harvey, C.R., 2001, ‘The theory and practice of corporate finance: evidence from the field’, Journal of Financial Economics 60, pp. 187243. If you are in doubt about compiling your list of references, you may want to look at some academic journals in the Library. Above all, try to be consistent in the way you present your references.

6.8

Resources 6.8.1

SML Postgraduate Computer Lab A separate computer lab has been established in Mary Burton Building for use by postgraduate students within the School. The lab gives access to a range of leading specialist logistics software packages as well the standard Microsoft Office Professional suite of programmes. The lab will be used for both MSc teaching and also student self-study. All computers are equipped with DVD and CD re-writers as well front docking USB ports for memory sticks. Student work files will be stored in their own file space located on the P: drive. Due to network security issues it is not possible to permit students own lap-tops to be connected to any part of the Heriot-Watt University computer network. Any student experiencing computer problems in the lab should email ithelp@hw.ac.uk . When reporting any problems please include your full name and PC Caledonia username.

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MSc Finance Course Handbook 2009-2010

6.8.1

VISION Course materials will be made available through the University’s virtual learning environment called VISION (http://vision.hw.ac.uk). Students can access VISION through any web browser using their PC Caledonia username and password provided to them at enrolment.

6.8.2

Relevant Journals held at Heriot-Watt University Heriot-Watt University Library has a large collection of specialist journals in the field of finance To see a full list of the journals available both in electronic and printed format, visit the Library’s website at: www.hw.ac.uk/library/journals.html

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MSc Finance Course Handbook 2009-2010

PART B – UNIVERSITY INFORMATION The Academic Registry is responsible for producing Part B of the handbook to provide information and assistance on University policies and support services. Kathy Patterson is the Academic Registrar and Deputy Secretary. Students should contact their School in the first instance for any academic query or assistance. Please note that the following sections are standard sources of information provided to all students. However, certain aspects are course-specific and students should refer to Part A where directed.

1

Academic Support

1.1

Mentoring Each student studying on a Heriot-Watt University programme will be assigned to a member of staff who will act as their mentor. Mentors can be consulted on all aspects of work, study and other areas of student life. Mentoring is a significant way for the University to ensure that students receive all the support and guidance that they need. The development of a good working relationship between mentor and mentee (the student) is essential for this to be achieved and all students are encouraged to engage with their mentors through regular meetings scheduled in advance. It is important that both student and mentor ensure that they are available for scheduled appointments. Mentors can provide constructive feedback on academic performance from the outset of study and authoritative guidance on academic progression. Examples of the support that mentors will typically provide to students might include: • • • •

acting as first point of contact where students require advice on academic and non-academic issues; directing students to further sources of information and advice within the University; monitoring students’ academic progress; and helping students to build a holistic view of how their University career is developing.

At all times students should keep their mentors informed of any changes in circumstances which may affect their academic progress. Where mentors are unable to resolve problems directly with a student, referrals to staff within the student’s School, the Students’ Association or an appropriate University Student Support Services can be made, a list of which appears later in this handbook.

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If for what ever reason you are not comfortable continuing with your assigned mentor, then you can ask to be assigned to a new mentor. Please refer to the course-specific information in Part A, section 3.5 of this handbook for further details on Mentoring. For further information, please refer to: http://www.hw.ac.uk/quality/StudentSupport.htm http://www.hw.ac.uk/registry/reg_info.php

1.2

Professional Development Planning Professional Development Planning (PDP) is a structured process to help students to reflect upon their own learning, performance and achievements. It has been designed to support the planning of a student’s personal, educational and career development. At Heriot-Watt University, (with the assistance of the Careers Advisory Service at the Edinburgh Campus) PDP is gradually being introduced to all study programmes. PDP involves a process of thinking about what stage of development a student is currently at, where their interests lie, what their strengths are and what improvements they would like to achieve in order to get to where they want to be using the learning opportunities available to them. The ability to reflect on their achievements in areas of personal, academic and career development is an important precursor to planning the next step ahead. Please refer to the course-specific information in Part A of this handbook for further details on Professional Development Planning. For further information on PDP for Postgraduate students, please refer to: http://www.hw.ac.uk/careers/postgrad.php

1.3

Student Feedback There are a range of options open to students to communicate their views on courses and modules to members of academic staff. Questionnaires are regularly issued for students to complete at the end of each module, allowing students to give feedback on the quality of the module and teaching. Students will also receive regular opportunities to speak with staff informally about any concerns or issues that they are facing and staff will always endeavour to resolve issues directly or will provide further guidance and suggestions for students to follow themselves.

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The Students Association facilitates Class Representatives in every class. You are encouraged to engage with your Class Rep, or stand for the position yourself. Class Reps are managed by School Officers. These students work to improve the academic experience of entire Schools and should be contacted if your Class Rep is unable to help or is unavailable. Finally, The Students Association has a number of elected sabbatical officers. They can be contacted at any time and are there to help you make changes within the University. For more information call into the Students Union or contact president@hwusa.org Please refer to the course-specific information in Part A, section 3.6 of this handbook for further details on Student Feedback. For further information, please refer to: http://www.hw.ac.uk/quality/StudentFeedback.htm http://www.hwusa.org

2

Enrolment, Attendance & Periods of Study

2.1

Enrolment Each student studying at Heriot-Watt is required to enrol with the University each Academic Year. An Enrolment Event is held at both the Edinburgh and Scottish Borders campus locations and is attended by a wide range of University services and the Students Association. Students will be advised of enrolment arrangements prior to the start of each Academic Year. Further information on all aspects of Enrolment is available in Enrolment Packs and online at: http://www.hw.ac.uk/registry.php

2.2

Amendment to Enrolment If a postgraduate student wishes to amend their enrolment (as detailed below) an application should be made and an ‘Amendment to Enrolment form completed and submitted to the appropriate Course Director. The form should be used for the following purposes: • • •

to amend attendance pattern (full-time, part-time, etc.) to amend the study method (on-campus, distance learning) to apply for an extension to period of study (not exceeding one additional year from date of first enrolment) • to apply for Suspension of Studies (for further information please refer to http://www.hw.ac.uk/registry/resources/amendtoregpgsc.doc ) Please refer to the following link to download the Amendment to Enrolment Form: http://www.hw.ac.uk/registry/pg_updatedetails.php

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2.3

Attendance Students are required to attend all lectures, tutorials and laboratory sessions. Class work must be completed satisfactorily and examinations taken as prescribed for the course of study. A student who does not meet the requirements for attendance or performance, or both, for a particular module may not be permitted to sit the examination for that module and may also be required to withdraw from the University if problems persist. The University has introduced a new policy on Student Attendance which also contains guidance on Compulsory Withdrawal in cases where a student’s attendance falls below acceptable standards. Students are encouraged to review the Policy on Student Attendance and the accompanying Withdrawal Procedures, which may be accessed at the following web links: http://www.hw.ac.uk/registry/resources/StudentAttendancePolicy.pdf http://www.hw.ac.uk/registry/CompWithdrawals.php For a period of incapacity to attend classes or perform work of four working days or less because of illness or accident, students should submit a selfcertification form. These are available from the School Office. For a period of incapacity of five or more working days the student must provide the School with a doctor’s certificate. Certificates should be given to the appropriate member of staff within the School/Institute who will ensure that the appropriate module co-ordinators are informed. Students will be advised of the most appropriate member of staff. A doctor’s certificate is also required if the performance of a student has been affected by illness or if a student is prevented from sitting an examination through illness or accident, irrespective of the total length of the absence. Students who experience any difficulties with their studies due to illness are encouraged to talk to a member of staff about their situation, preferably their mentor, their course director or any member of staff whom the student feels is best able to support them. Any member of staff will help students who are having problems but can only do so if they are aware of the situation. For further information please refer to the following Regulations: Regulation 1 – General Regulation, para. 6 Regulation 4 – Postgraduate Diplomas and Graduate Diplomas, para. 12 Regulation 18 – Postgraduate Certificates and Graduate Certificates, para. 12 Regulation 48 – Higher Degree of Master (Taught), para. 12 available at http://www.hw.ac.uk/ordinances/regulations.pdf

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2.4

Student Personal Information In accordance with the Data Protection Act 1998, Heriot-Watt University is registered as the Data Controller for personal data that is held about students. The University will process student personal data in accordance with the University Data Protection Policy, the UK Data Protection Act 1998 and other applicable laws. For further information, please refer to: http://www.hw.ac.uk/registry/academic-reg-resp.php

2.5

Change of Address Students must notify their School of any change in address or other contact details during the course of their studies at Heriot-Watt University. Failure to do so may lead to important information being misdirected, for example assessment results. Please refer to Part A, section 3 of this handbook for further details on change of address. A “Change of Address” form can be obtained http://www.hw.ac.uk/registry/resources/ChangeofAddress.pdf

2.6

from:

Periods of Study Students are normally expected to follow the recommended period of study as described within the University’s Regulations. Students may extend their period of study up to a maximum period, again as described in the University’s Regulations. These time periods are as follows: Type of Award being studied

Recommended period

Maximum Period*

Postgraduate Certificate (f/t)

6 months

2 years

Postgraduate Certificate (p/t)

12 months

4 years

Postgraduate Diploma (f/t)

9 months

2 years

Postgraduate Diploma (p/t)

15 months

4 years

Postgraduate Masters (f/t) Postgraduate Masters (p/t)

1 year 2 years

2 years 7 years

* Postgraduate Studies Committee, acting on behalf of Senate, can extend these periods in extraordinary circumstances. Further information on this issue can be found at: Regulation 4 – Postgraduate Diplomas and Graduate Diplomas, para. 10 Regulation 18 – Postgraduate Certificates and Graduate Certificates, para. 10 Regulation 48 – Higher Degree of Master (Taught), para. 10 available at http://www.hw.ac.uk/ordinances/regulations.pdf

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2.7

Accreditation of Prior Learning Students may be able to obtain accreditation of prior learning for undergraduate and taught postgraduate courses of study through submission of acceptable evidence. The criteria for admission and exemption based on accreditation of prior learning shall be as specified in the course structure for each course of study. For further information, please refer to: Regulation 46 – Accreditation of Prior Learning (APL). available at http://www.hw.ac.uk/ordinances/regulations.pdf

3

Guidance on Assessment

3.1

Common Assessment and Progression System (CAPS) The University operates an integrated Common Assessment and Progression System (CAPS) for all taught postgraduate students. The main features of this system include a common allocation of module results in the form of grades and clear assessment, re-assessment and progression guidelines. Further information on CAPS – Information for Postgraduate Students is available at: http://www.hw.ac.uk/registry/acadev-caps.php

3.2

Assessment Some modules are assessed by 100% examination, some by 100% assessed work and many have a combination of both assessed work and examination. Students should ensure that they know and understand the method of assessment for each module that they take. Postgraduate students are not required to take a specific number of modules in each year. However, a standard module is worth 15 Scottish Credit and Qualifications Framework (SCQF) credits, equivalent to 7.5 credits under the European Credit Transfer Scheme (ECTS). Postgraduate qualifications carry a minimum credit score that students must achieve before they receive an award. Further information on Assessment can be found on information sheets contained within Enrolment Packs, and online at: www.hw.ac.uk/registry/reg_info.php Please refer to Part A, section 6 of this handbook for course-specific details on assessment. Further information can also be found in the following regulations: Regulation 4 – Postgraduate Diplomas and Graduate Diplomas, paras 13 – 19. Regulation 18 – Postgraduate Certificates & Graduate Certificates, paras 13 – 19. Regulation 48 – Higher Degree of Master (Taught), paras 13 – 19. available at http://www.hw.ac.uk/ordinances/regulations.pdf

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3.3

Ill Health and Extenuating Circumstances – Assessment A student who is prevented from sitting an assessment through illness or other extenuating circumstances or who believes that their performance has been affected by these circumstances should notify their School Postgraduate Office as soon as possible. In addition students must also submit to the School a medical certificate, or other documentary evidence, as appropriate, before the relevant Module Board meets. For further information on this issue please refer to: Regulation 1 – General Regulation, paragraph 6. Regulation 4 – Postgraduate Diplomas & Graduate Diplomas, paras 12, 17, 21. Regulation 9 – Assessments and Examinations, paragraph 9, 12. Regulation 18 – Postgraduate Certificates & Graduate Certificates, paras 12, 17, 21. Regulation 48 – Higher Degree of Master (Taught), paragraph 12, 17, 21. available at http://www.hw.ac.uk/ordinances/regulations.pdf

3.4

Submission of Assessment Assessed work for all postgraduate students must be submitted to the School Office by the stipulated deadline, which the School will confirm with students. Work submitted will be logged by the School Office and students may be issued with a receipt. Students are strongly advised to retain a copy of their submitted work as well as any other documentation. All late submissions will be reviewed by the relevant Assessment Board, along with any supporting documentation. The Board will have the option to adjust the mark and to reduce the penalty in the light of the circumstances. The Board has absolute discretion in this matter and the outcome will be notified to students only after the meeting of the Board. Please refer to Part A, section 6 of this handbook for further details on submission of assessment.

3.5

Extension to Assessment Deadlines The University has introduced a Late Submission policy which contains detailed guidance on late submission of assessments and dissertations. Please refer to the Academic Registry web site for further information: http://www.hw.ac.uk/registry Please refer to Part A, section 6 of this handbook for further details on extensions to assessment deadlines.

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3.6

Non-Submission of Assessments Non-submission of assessed work must also be intimated to the School Postgraduate Office. The student will be asked to supply any medical certificates or supporting documentation relating to the non-submission. Any variation in the School procedure for the submission of assessed work will be communicated to students by their module co-ordinator or another appropriate member of staff. Please refer to Part A, section 6 of this handbook for further details on non-submission of assessments.

4

Examination and Re-assessment Procedures

4.1

Examinations Full-time students in attendance at the University are entered automatically, without fee, for the initial examinations of modules for which they are enrolled. Re-examination attempts in any module for which a student is enrolled will normally incur a fee. It is important that students ensure that they have notified any change in module to the School Office no later than the end of Week 3 of the relevant semester. Failure to notify the School Office of a change in module may lead to a delay in notification of examination results and a possible fine. Please note that the University may prevent a student taking an assessment if University fees and/or charges are outstanding. Please refer to the Policy on Student Fees and Charges, available at: www.hw.ac.uk/policy/student_fees.pdf Please refer to Part A, section 6 of this handbook for further details on examinations. Further information on Examinations is available at: Ordinance 2 – Fees, Charges, Fines and Debts available at http://www.hw.ac.uk/ordinances/ordinances.pdf

4.2

Examination Diets The dates for examination diets will be confirmed by the students’ School at the start of each new academic session. Students are strongly advised not to make any arrangements to travel away from their campus location any earlier than the day after the last day of each examination diet in order to avoid any unnecessary problems with examination dates.

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Please note that the dates of the April/May 2010 Exam Diet may change. It is essential that you check the dates with your School/Institute prior to making any other arrangements around this time Please refer to Part A, section 6 of this handbook for further details on examinations diets. Further information on Examination diets can be found in the student Enrolment Packs, available online at www.hw.ac.uk/registry/reg_info.php; or on the Examinations webpages at :www.hw.ac.uk/registry/examination-diets.php

4.3

Examination Timetables Examination timetables are prepared by the Academic Registry and are displayed on the University Examinations Noticeboard (located opposite the main entrance to the Lord Balerno Building) and on appropriate School noticeboards by the following dates in each academic session (correct at time of publication): December diet Spring diet (final year students) Spring diet (continuing students) Re-sit diet

14 November 15 March 31 April 24 July

N.B. Dates for the Spring examination diet are subject to possible changes. Students must check these timetables carefully as it is their responsibility to ensure that they have the correct time and location for any examinations that they are sitting. Draft timetables are posted a week prior to these dates and it is also students’ responsibility to check for any examination clashes and inform the Academic Registry immediately if a problem is discovered. All timetables are published subject to necessary alteration. Further information on Examination Diets and Examination Timetables is available online at: http://www.hw.ac.uk/registry/examination-timetables.php

4.4

Assessment Results Provisional results are not normally made available after the examination diet as they are subject to ratification. However, students may receive feedback on their performance via their mentor or module leader. Examination results will normally be posted on School noticeboards and will be presented in order of student identity number only. Any direct communication of examination results will be done face-to-face with staff and students only. Information will not be relayed over the telephone or via email.

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Letters confirming results and decisions on students’ performance in each module by grade, and giving a progression decision (for example, Reassessment, Pass-Proceed, etc.) are sent out by the Academic Registry at the end of the academic year and following re-sits where these are required. Students should ensure that they keep the copy of their transcript safe. Further information on the publication of results is available http://www.hw.ac.uk/registry/resources/Feedback&PublicationResults.pdf

4.5

at:

Discretionary Credits Postgraduate students who have satisfied the overall requirements for their course, but do not have sufficient credit points with respect to the final award may be awarded 'discretionary credits' in a maximum of one taught module in order to be eligible for award. 'Discretionary credits' are not given automatically to students who do not have sufficient credit points for the award, but are applied only after consideration by the examiners. For further information on this issue please refer to: Regulation 4 – Postgraduate Diplomas and Graduate Diplomas, para. 20. Regulation 18 – Postgraduate Certificates and Graduate Certificates, para. 20. Regulation 48 – Higher Degree of Master (Taught), para. 20 available at http://www.hw.ac.uk/ordinances/regulations.pdf

4.6

Re-assessment Postgraduate students who do not achieve the required grades at the first attempt in their taught module assessment are entitled to one reassessment opportunity in a maximum of three taught modules during their course. Students will be formally notified of any re-sit requirements and opportunities when their progression decision and final grades are made available at the end of the academic year. The Academic Registry will mail a Re-assessment Application Form to those students who have not gained the minimum grade requirements for progression. It is therefore important that students maintain up to date contact details with their School. If a re-sit is allowed, students must enrol and pay the appropriate fee for all forms of reassessment, including re-sit examinations, resubmission of assessed work or project work and any remedial work. Students will be notified of the relevant fee and any deadline for enrolling when they receive their reassessment application form. Normally re-sit examinations must be taken on campus. However, in certain circumstances, the University may consider applications from students to re-sit examinations overseas. It should be noted that ALL expenses incurred by the University in arranging this are required to be met by the student, which may

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be extensive in some cases. Whilst the University makes every effort to accommodate practice in countries across the world, there may be occasions when this is not possible. If a student studying on campus has been involved in a disciplinary matter relating to examinations or assessments, they may not be allowed to undertake re-assessments off-campus. Please refer to Part A, section 6 of this handbook for further details on re-assessment. Further information and Reassessment Application Forms can be found at: http://www.hw.ac.uk/registry/reassessment-procedures.php

4.7

Use of Calculators and Dictionaries in Examinations Calculators In examinations, where calculators are permitted by the Head of School (or nominee) and where there is a restriction on the model to be used, one of the following University approved models should be used: • • • • •

Casio fx-85WA Casio fx-85MS Casio fx-85ES Casio fx-83MS Casio fx-83ES

In examinations, where calculators are permitted and where a Head of School (or nominee) has agreed that there should be no restriction on the model of calculators used, any restrictions on text storage and retrieval facilities must be imposed by the Head of School (or nominee) setting the examination. Students should note that if a Head of School (or nominee) has informed the Academic Registry that there is a restriction on the model to be used in an examination, invigilators have been instructed to confiscate any calculators which are not the University approved models. Academic Registry do not supply calculators for student use in examinations. Dictionaries A candidate shall not be permitted to introduce printed or other materials such as dictionaries including electronic dictionaries into the examination room except such as may be authorised by the Head of School. Mobile telephones and other electronic equipment shall be switched off and shall be deposited with other personal items in an area designated by an invigilator. Further information on the use of Calculators and Dictionaries in examinations can be found online at http://www.hw.ac.uk/registry/examinations.php and at: Regulation 9 (New) – Assessments and Examinations, para. 8. available at http://www.hw.ac.uk/ordinances/regulations.pdf

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4.8

Ill Health and Extenuating Circumstances - Examinations If a student is prevented from sitting an examination through illness or other extenuating circumstances, or believes that their performance has been affected by these circumstances then they should notify the School Postgraduate Office as soon as they are able to do so. In addition students must submit to the School a medical certificate, or other documentary evidence, as appropriate, before the relevant Examination Board meets. Students should refer Part A, section 6 of this handbook for related procedures in Schools. Further information on this issue can be found at: Regulation 1 – General Regulation, para. 6. Regulation 4 – Postgraduate Diplomas & Graduate Diplomas, paras 12, 17 & 21. Regulation 9 (New) – Assessments and Examinations, paragraphs 9 and 12. Regulation 18 – Postgraduate Certificates & Graduate Certificates, paras 12, 17 & 21. Regulation 48 – Higher Degrees of Master (Taught), paras 12, 17 and 21. available at http://www.hw.ac.uk/ordinances/regulations.pdf

5

Grading, Awards and Qualifications

5.1

Intermediate Awards Intermediate awards are not available on all postgraduate courses and students are asked to check information in Part A of this handbook. Intermediate Awards are University awards which may be conferred on an eligible postgraduate student wishing to apply for one as they progress through each stage of their course, on the condition that they have obtained sufficient credits. For example, students on a Masters degree course may be eligible to apply for a Postgraduate Diploma, provided they have acquired 120 credits. Applications for Intermediate Awards are made to the Academic Registry along with a payment for the appropriate fee as detailed on the fees sheet within students’ Enrolment Packs. Further information on Postgraduate Intermediate awards can be found at: www.hw.ac.uk/registry/pgt_intermediateawards.php

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5.2

Requirements for Awards Information on the level of performance required for award and the number of necessary credits are specified in the University regulations. Students should refer Part A, section 6 of this handbook on award criteria. For further information, please refer to: Regulation 4 – Postgraduate Diplomas & Graduate Diplomas, paras 15, 16, 19, 20. Regulation 18 – Postgraduate Certificates & Graduate Certificates, paras15, 16, 19, 20. Regulation 48 – Higher Degrees of Master (Taught), paras 15, 16, 19, 20. available at: http://www.hw.ac.uk/ordinances/regulations.pdf

6

Graduation

6.1

Graduation Guidelines The Academic Registry is responsible for organising Graduation ceremonies which take place each year in June and November. This is an important day in the University diary where students, parents, other guests and staff celebrate the achievements of the year together. Graduation ceremonies for those graduating from the Edinburgh campus in both June and November, for those graduating from the Orkney campus and for those from the Scottish Borders campus graduating in November only takes place at the Edinburgh campus. Further information on Graduation events is issued annually by the Academic Registry and is available at: http://www.hw.ac.uk/registry/graduation.php

7

Conduct, Discipline & Appeals The University publishes detailed Guidelines for Students and Staff on Student Discipline Procedures, a copy of which may be accessed online at: http://www.hw.ac.uk/registry/resources/DiscGuidelines.pdf For further information on all areas of Academic Conduct (including copying, plagiarism and collusion), please refer to: Ordinance 9 – Student Discipline. Regulation 9 (New) – Assessment and Examinations, para. 8. Regulation 50 – Student Discipline. available at http://www.hw.ac.uk/ordinances.htm Please also refer to University guidelines on Plagiarism at: http://www.hw.ac.uk/registry/academic-reg-resp.php

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7.1

Academic Misconduct The University and the School take all academic misconduct extremely seriously and investigates all alleged offences of cheating in assessed work and examinations. Students suspected of misconduct are dealt with accordingly through the University’s Student Discipline Procedures. Academic misconduct during examinations includes: • • •

the act of bringing unauthorised material (written, printed or in any other format) into the examination room; communicating with, receiving assistance from, copying from or providing assistance to another candidate during an examination; and removing examination books or worksheets from the examination room.

If the University finds a student to be in breach of discipline by having cheated in assessed work and/or examinations, it has the discretion to apply a range of penalties, ranging from nullification of module results up to suspension or expulsion from the University. The standard penalty applied is to make null and void all assessments undertaken during the relevant diet. The University understands that students may not be fully aware of the issues surrounding academic misconduct and they may also find that guidance provided at Heriot-Watt differs from advice previously given, perhaps compared to that given within their home country or through other experiences. It is therefore important that students inform themselves of these issues and seek the advice of staff in their School/Institute or in a University support service as soon as any problems arise. The consequences of misconduct in examinations and all other forms of assessment are severe and may result in all assessments undertaken at the relevant diet being made null and void.

7.2

Copying Copying the work of others, including that of other students in the class or group, is an indication of unfair means whereby one person gains credit for the work undertaken by another. Where an element of reproduction is a desirable element of an assessment, as might be the case in a group project or presentation, the instructions for the assessed work will specify the extent to which such reproduction is permissible. The extent of legitimate reproduction must be acknowledged by a student within their work. In any work submitted, students must make clear any permitted reproduction which has been carried out. Students are advised to check their work to ensure that it is their own. Working with other students in informal study groups is a desirable part of the academic experience but students must ensure that the work that is finally submitted is theirs and not that of anyone else. Students should keep copies of material such as working notes, or sketches of diagrams or drafts of essays that show that the work and its source has been acknowledged and identified.

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7.3

Plagiarism The consequences of misconduct in examinations and any other form of assessment are severe, therefore the Student Guide to Plagiarism) is printed in full in this handbook (Appendix A), or and may also be downloaded at: For an English language version, please refer to: http://www.hw.ac.uk/registry/resources/PlagiarismGuide.pdf For the Chinese language version, please refer to: http://www.hw.ac.uk/registry/resources/PlagiarismGuideChinese.pdf For the Arabic language version, please refer to: http://www.hw.ac.uk/registry/resources/PlagiarismGuideArabic.pdf Detection of Plagiarism Heriot Watt University may require student work to be submitted for checking using plagiarism detection software. This is intended to assist students in identifying possible plagiarism in coursework being submitted for assessment which could otherwise result in disciplinary action being taken against students by the University in accordance with Ordinance 9 (Student Discipline). For further information, please refer to: http://www.hw.ac.uk/registry/Discipline.php http://www.hw.ac.uk/registry/resources/PlagiarismJiscNote.pdf

7.4

Collusion Collusion involves an agreement to deceive. This means that more than one person is involved in the deception. An accusation of collusion may be added to an accusation of copying if there is clear evidence of the involvement of each party. Students should be extremely careful about lending their completed work to other persons. Students may think that they are helping others to meet a deadline in lending their work to others but it may result in problems if other students copy a student’s work without informing them. What starts out as a supportive action may carry the risk of an accusation of collusion.

7.5

Appeals Where students experience difficulties with issues of misconduct, including those set out above, they have the right to appeal against any decisions made regarding their conduct whilst studying at the University. Appeals may relate to module results, progression or awards. In each case, there are clear and established procedures which students can follow. For further information on student appeals please refer to: Regulation 36 – Student Appeals available at http://www.hw.ac.uk/ordinances/regulations.pdf

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8

Suspension and Withdrawal Students may wish to suspend or withdraw from their studies for many reasons, which should be discussed with a mentor or other member of academic staff as soon as possible. These discussions can help students to consider all available options and perhaps identify a way where the student can continue with their studies at a more suitable stage. Should the student decide to withdraw permanently from their studies, further advice can be given to ensure that this transition is completed efficiently.

8.1

Suspension Postgraduate students should complete an ‘Amendment to Enrolment Form (Approval by Postgraduate Studies Committee)’ which is available at: http://www.hw.ac.uk/registry/resources/amendtoregpgsc.doc Students are advised to consult with their Mentor and/or their Course Director in the first instance. In addition, any relevant medical certificates or other supporting documentation must also be submitted before the relevant Examination Board meets. For further information on suspension please refer to: Regulation 1 – General Regulation, para. 10. Regulation 4 – Postgraduate Diplomas and Graduate Diplomas, para.10. Regulation 18 – Postgraduate Certificates and Graduate Certificates, para. 10. Regulation 48 – Higher Degree of Master (Taught), para. 10 available at http://www.hw.ac.uk/ordinances/regulations.pdf

8.2

Withdrawal Any student wishing to withdraw from the University should inform their appropriate School in writing of the date of their withdrawal and the reasons for withdrawing, using the approved ‘Withdrawal from the University’ pro forma available at: www.hw.ac.uk/registry/resources/universitywithdrawal.doc Before making any decision to withdraw, students are strongly advised to speak to their mentor or other trusted member of staff to discuss the situation fully.

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9

Student Fees and Charges

9.1

Student Fees and Charges Policy All students are advised to refer to the Policy on Student Fees and Charges which provides detailed advice on the following issues: • • • • •

Types of Fees and Fees Status* Payment Arrangements Late Payments and Penalties Appeals Processes Help and Support with Payments

* Students who are about to begin a course and are unsure whether their fees status should be 'home' or 'overseas' should fill in a Fees Status Enquiry Form. Please note that fees status classification remains the same for the duration of the course except in exceptional cases as outlined in the guidelines at the end of the form. Students experiencing financial difficulties are strongly encouraged to contact Student Welfare Services or the Students Association for support, as well as informing their School. Further information on Student Fees is available at: www.hw.ac.uk/registry/tuition-fees.php A copy of the Policy on Student Fees and Charges is available at: http://www.hw.ac.uk/policy/student_fees.pdf Further information on Fees Status and a copy of the Fees Status Enquiry form is available at: www.hw.ac.uk/registry/ISA_Fee_Status.php

9.2

Charges for Transcripts, Certifications, Late Enrolment and Student Identity Cards The following items will attract a charge for which students are normally liable. Further details of each item can be found within information contained in Enrolment Packs: Re-assessment Fees Where reassessment is allowed students applying to re-sit modules and examinations must pay a set fee for each reassessed module or examination, using a prescribed form available from the Academic Registry. Further information on re-assessment is available at: http://www.hw.ac.uk/registry/reassessment-procedures.php

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Repeated Modules Should a student not satisfy the minimum progression criteria for a particular module and be permitted to repeat a module, the standard module fee will be payable by the student in advance of commencing the repeated module. Students should refer to the University Additional Modules Policy available online at : www.hw.ac.uk/students/AdditionalModulesPolicy.pdf

Academic Transcripts Should a student require a replacement transcript for any reason a charge is levied by the School/Institute to issue a duplicate transcript.

Certification Students may receive one free certification per academic year during the enrolment process. Further certifications, confirming their status as a student of Heriot-Watt University, may be issued but a charge will be levied by the relevant School/Institute Office. Late Enrolment A charge is levied by the Academic Registry to those students who do not enrol in their allotted slot during Enrolment.

Late Module Enrolment Where a student is able to enrol for optional or elective modules, a late module enrolment fee will be applied by the Academic Registry to students who enrol on a module after the end of week 3 of the semester in which the module is taught.

Replacement Student Identity Card A fee is charged by the Academic Registry to replace a student’s identity card unless an official police report is produced confirming that their identity card has been stolen.

Details of all of the charges highlighted in this section can be accessed by following the ‘Additional Notes of Fees’ link at: www.hw.ac.uk/registry/reg_info.php Students can also refer to University Ordinance 2 – Fees, Charges, Fines and Debts available at http://www.hw.ac.uk/ordinances/ordinances.pdf Students should also refer to the Policy on Student Fees and Charges available at: http://www.hw.ac.uk/policy/student_fees.pdf

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10

Student Services Much of this handbook has been designed to provide guidance on the academic operations of Heriot-Watt University. However, as well as producing well-informed students, the University also hopes to ensure that students are happy members of a vibrant community. What follows describes a range of services aimed at helping students to get the most out of their time here and to remedy any problems they experience along the way. The main student support services are summarised below. A detailed Guide to Student Services can be found in the Student Enrolment packs and online at: www.hw.ac.uk/students/

10.1 Academic Registry The Academic Registry forms a central part of the wider range of Support Services offered to students, together with Student Welfare Services and Careers Advisory Service. The Academic Registry is responsible for a range of academic administrative services in relation to undergraduate and postgraduate students, staff and courses at all campuses of the University. The Academic Registry is responsible for the administrative aspects of: • • • • • • • • • • • • • • • • • • • •

Enrolment Student Records Tuition Fees Undergraduate and Postgraduate Studies International Student Advisers Office (see below) Exchange Programmes Examinations and Assessments Intermediate Awards Graduation Prizes and Medals Distance Learning Quality Assurance and Enhancement Student-related statistical returns Academic Committee Secretariat Ordinances and Regulations Common Assessment & Progression System (CAPS). Accreditation of Prior Learning Student Complaints Student Discipline Student Appeals to Senate

Further information on the Academic Registry is available in the Guide to Student Services provided in Enrolment Packs and online at: www.hw.ac.uk/registry

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International Student Advisers Office |The International Student Advisers’ Office is an important service based in the Academic Registry. The Advisers’ main areas of support and advice are: • • • • •

Immigration and Visas General Advice for International Students Foundation English Programme Student support International Exchange Programmes Fees Status enquiries

Further information on the International Student Advisers office can also be found in the Enrolment Packs and at: www.hw.ac.uk/registry/isa-info.php

10.2 Careers Advisory Service The University Careers Advisory Service is part of the Office of Student Services and offers a range of core services aimed at helping students to develop the skills required to make and implement their career choice including the ability to market themselves successfully in the graduate selection process. This work is delivered via School based workshops, one-to-one guidance, a comprehensive information room and a website which includes details of parttime, vacation and permanent work. Further information on the Careers Advisory Service is available in the Guide to Students Services provided in Student Enrolment packs and on the Careers Advisory Service’s website located at: www.hw.ac.uk/careers

The Academic Counselling and Skills Coaching Service, Part of the Careers Advisory Service, this service helps students to develop skills and become effective learners, to improve the way they study, to achieve greater academic success at university and to acquire transferable skills which are highly valued by employers. Confidential one-to-one sessions or group seminars are available by arrangement and students will also be referred to other university services wherever helpful. Further information on the Academic Counselling and Skills Coaching Service is provided within the Guide to Student Services and is available online at: www.hw.ac.uk/sbc/library/academic_skills/index.htm

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10.3 Centre for Sport and Exercise The sport and exercise facilities and opportunities available at Heriot-Watt University are amongst the best in the country, designed to provide a comprehensive and high quality range of indoor and outdoor facilities. Further information on Sport and Exercise Services is available in the Guide to Student Services provided in Enrolment Packs and online at: www.hw.ac.uk/sports Facilities and services available at the Edinburgh campus • • • • • • • • •

Two Sports Halls including an indoor climbing wall. A fixed resistance suite, an air-conditioned cardiovascular suite and a strength and conditioning centre. Eight squash courts including a Championship court incorporating a glass front wall and seating front and back. Three floodlit synthetic grass tennis courts. Comprehensive Exercise Programme incorporating classes, workshops, advisories and inductions. Comprehensive campus sports programme offering a competitive sports programme. Football Academy in association with Heart of Midlothian Football Club. Golf Academy for indoor driving, chipping, bunker and putting practice. Sport and Exercise Science and Medicine Centre providing services available to all students.

Facilities at the Scottish Borders Campus, Galashiels Students at the Scottish Borders Campus have the opportunity to join in the activities on the main Edinburgh campus or involve themselves in the expanding programme at Galashiels managed by a dedicated Sport and Exercise Development Co-ordinator located in a modern campus facility. Facilities include a Hall for exercise classes or badminton, cardiovascular, conditioning and free weights suites as well as studios for spin and small exercise sessions.

10.4 Chaplaincy The University Chaplaincy is led by the University Chaplain and offers a wide range of services to all students across the University, including: • • • • •

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A social meal every Wednesday at 6:00pm providing a focus for lasting friendships for many students from all over the world and of any religion or none. Regular day and weekend trips into the Scottish countryside Social and meeting space open to all Catholic Vigil Mass (Saturday 6:00pm) and a non-denominational Service (Sunday 11:30am). Confidential pastoral and welfare sessions are available with the Chaplain or Honorary Chaplains (representing different denominations) are available


MSc Finance Course Handbook 2009-2010

• •

Tuesday lunchtime soup and rolls for staff and students from 12:30pm Friday lunchtime Wives Group for wives and children of overseas staff and postgraduates who are feeling a need to learn more of foreign culture and make new friends from across the world.

Anyone of any religion or none is welcome to attend any of the Chaplaincy’s activities. A leaflet providing contact details for members of the Jewish, Muslim, Hindu, Sikh or Buddhist faiths is available from the Chaplaincy. For students at the Scottish Borders campus in Galashiels, an Honorary Chaplain (Church of Scotland) makes regular visits. Further information on the University Chaplaincy Service, including opening hours and contact numbers is available online at :www.hw.ac.uk/chaplaincy/

10.5 Computing Services University Information and Computing Services (UICS) provides computing facilities for all students in the University, at both the Edinburgh campus and Scottish Borders campus. Students are strongly advised to read Regulation 29 ‘Use of Computing Facilities’ for further guidance on using these facilities. This is available online at: www.hw.ac.uk/uics/Documents/conditions.html Helpdesk The UICS Helpdesk offers friendly help and support. There is drop-in access, contact via email or telephone. This includes the provision of online information through help pages, FAQ's, documentation, fact sheets and the sale of laser print quota. The Helpdesk can be contacted on 4045. PC Caledonia The main student service is PC Caledonia, a network of over 650 PCs operating Windows XP and Office 2003. A common range of general use and specialist software is also available from this service. New students may self enrol for the service from any connected PC and they will be provided with instructions to do this at Enrolment. PC Caledonia workstations are available in labs throughout Schools/Institutes as well as in the Library. There is a further PC Caledonia lab in the hall of residence Linlithgow A (20 PCs) which is accessible to any enrolled user 24 hours a day, 7 days a week. ResNet The University provides an “always on” data/internet connection and telephone access via a pre-paid billing scheme directly into every student bedroom on the Edinburgh campus. Students may use this connection to access their email and the internet via their own PC. Further information on ResNet, including user manuals, is available online at http://www.hwresnet.hw.ac.uk/ Further information on computing facilities is available in the Guide to Student Services provided in Enrolment Packs and online at: http://www.hw.ac.uk/uics

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10.6 Development & Alumni Office All graduates from Heriot-Watt University automatically join the Watt Club, the University’s alumni society. Heriot-Watt University is the home of the UK’s oldest Graduate Alumni Society (founded 1854) and provides a number of services to more than 74,000 graduates around the world. Graduates from the University have gone on to develop successful careers in a variety of organisations throughout the world and the University takes great pride in the achievements of its graduates and the role the Schools and Support Services have played in their success. Services offered to current students include the provision of some of the University’s scholarships, access to the Alumni Fund which provides funding for many student projects, 20% discount on many postgraduate courses and the sale of Heriot-Watt branded merchandise. Further information on the Development & Alumni Office is available in the Guide to Student Services provided in Enrolment Packs and online at: www.hw.ac.uk/wattclub

10.7 Equality & Diversity Service The Equality and Diversity Team work to promote good practice in equal access and non-discrimination for all students, ensuring that relevant legislation and best practice is interpreted and implemented effectively across the University. Further information can be obtained by visiting the Equality and Diversity Service notice board which is situated along the main corridor between the University reception in the James Watt Centre and the refectory located in the Hugh Nisbet building, or online at: http://www.hw.ac.uk/equality/

10.8 Finance Office The Finance Office is an important point of contact for students who need to make payments to the University and seek advice on financial issues. Students can visit the Finance Office Customer Service desk, situated on the ground floor of the Lord Balerno Building, should they wish to: • •

pay tuition fees, accommodation charges and other ad-hoc charges elect to pay these fees and accommodation charges by direct debit

Students can contact the Finance Office via e-mail at Finance@hw.ac.uk and can access student finance information online at (this is an extract from the University Freshers Guide): http://www.hw.ac.uk/registry/resources/Finance_Guide_200809.pdf

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10.9 Heriot Watt University Students’ Association (HWUSA) The Students Association represents student views and ensures that students’ interests are safeguarded in all cases where the University’s decisions directly affect students. All students automatically become members upon joining the University although students may opt out of this if they wish to. It also offers its members a variety of opportunities to become involved in running it affairs through election to office-holding positions or on a voluntary basis. The Association is an independent organisation and represents student affairs at all levels across all issues. An Advice and Support Centre provides counselling and advice on a wide range of issues and can provide support and guidance to any student who approaches the Centre. The Students Association also maintains a network of Class Representatives and School Officers through whom students can provide feedback on life at Heriot-Watt. Student Voice provides an open forum to discuss any student issue from the services the association offers to campus life and wider student issues. The Students Association building is situated by the loch on the Edinburgh campus and provides a social focus for the campus. The Association has bars, a coffee shop (which proudly brews Starbucks), and a nightclub and regularly puts on entertainment such as live bands and comedy nights. In addition, the Association supports a wide range of clubs and societies as well as other leisure activities. The association facilitates the activities that take place in all halls on campus from grass roots representation, hall newsletters, sport competitions and social events. All students are automatically a member of a hall (regardless if they live on campus or not) The Students Association has an office at the Scottish Borders Campus. The Vice-President (SBC) provides access to representation, student activity, advice & support (including the C:Card service offering free contraception) and the Student Representative Council organise social events throughout the year at The Union at SBC and at the Edinburgh Campus. Further information on the Students’ Association is available in the Guide to Student Services provided in Enrolment Packs and at: www.hwusa.org

10.10 Sports Union The Sports Union exists to ensure that all student sporting activity is run by students and wherever possible to aid the funding of sporting activities. The Union is supported by a dedicated team of elected officers and administrative staff. Further information about the Sports Union is available at: http://hwusports.co.uk/

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10.11 Library Heriot-Watt University has two libraries, on the Edinburgh Campus and on the Scottish Borders Campus in Galashiels. In both libraries there are a wide range of services, facilities and materials available to help students with their studies including: • • • • • • • • • •

copies of all the textbooks contained within recommended reading lists, including multiple copies of the most popular ones; more advanced books for people doing research; specialist academic information available over the internet; newspapers, magazines and journals, CD-ROMs, videos etc; an Enquiry Service to assist you to find information for your studies; Subject Librarians who are experts in the information resources in their area; individual and group study areas; PCs connected to the campus network; photocopying facilities; special equipment for people with visual impairments.

Students are enrolled as library borrowers upon enrolment with the University. A student’s ID card is also his/her Library card. All students entering the University are offered a half-hour introduction to the library during the first few weeks of semester. Timetables for these visits are made available to students via the School and are posted in the Library. Further information on the Library is available online at : www.hw.ac.uk/library

10.12 Student Support and Accommodation Student Support and Accommodation combine with the Careers Advisory Service and the Academic Registry to form the wider Office of Student Services. The primary function of Student Support Services is to provide all students with an open and supportive service capable of providing advice, support and guidance to all students who are experiencing personal and academic difficulties. The main areas of support provided can be grouped as follows: • • • • •

Funding Advice – including Hardship Funds Counselling and Support Advice and Information Disability Assessment, Advice and Support Accommodation on and off campus

Further information on Student Support and Accommodation is available in the Guide to Student Services provided in Enrolment Packs and online at: www.hw.ac.uk/support

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10.13 University Health Service The University Health Service provides the full range of General Medical and Dental Services under the National Health Service. The Service is located in a purpose built Health Centre which is sited on the main Avenue. The Department has a full complement of medical, dental, nursing and administrative staff: in addition Community Staff provide services such as Psychiatric Nursing, Midwifery, Health Visiting and District Nursing on a sessional basis. There is also a private (non NHS) physiotherapy service. Heriot-Watt has had a University Health Service since 1973, and continues to expand its range of service provision. A Practice booklet providing full information on the service is given to patients on enrolment with the Practice. Services provided Full NHS General Practitioner service, plus; • • • • • • • • • •

Occupational Health Health/Lifestyle Promotion programmes Chronic illness care, e.g. diabetes, asthma, epilepsy, etc. Contraception and Women’s Health Advice Minor surgery Counselling for a range of student mental health problems A full Travel Health Clinic Services ancillary to medicine, e.g. Physiotherapy, Dietetics etc Emergency care - 24 hour service Sick Bay provision

Further information on the University Health Service can be found online at: http://www.hw.ac.uk/health

11

University Policy and Guidance The University publishes many policies and reference information on its website that may be of use and of interest to students through the course of their studies at Heriot-Watt University Wherever practicable, University policy is designed to include all members of the University’s community, both within and outwith the main campus environments. Policies of specific interest and relevance to students can be accessed via: “Regulations, Policies and Further Information for Postgraduate Students” available at: www.hw.ac.uk/registry/postgraduate-studies.php “Guide to Student Services” handbook, available http://www.hw.ac.uk/registry/resources/FreshersGuideFinalCopy.pdf

at:

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STUDENT GUIDE TO PLAGIARISM

1

APPENDIX A

Plagiarism is intellectual theft and is a major offence which the University takes seriously in all cases. Students must therefore avoid committing acts of plagiarism by following these guidelines and speaking to academic staff if they are uncertain about what plagiarism means. Those who are found to have plagiarised will be subject to the University’s disciplinary procedures, which may result in penalties ranging from the deduction of credits and modules already achieved by students to compulsory termination of studies. Students are advised to refer to Regulation 50 at http://www.hw.ac.uk/ordinances/regulations.pdf and to the Guidelines for Staff and Students on Discipline at http://www.hw.ac.uk/registry/Discipline.php for further details of how the University deals with all acts of plagiarism.

1

Introduction

1.1

This guide is intended to provide students at Heriot-Watt University with a clear definition of plagiarism and examples of how to avoid it.

1.2

The guide may also be of use to members of staff who seek to advise students on the various issues outlined below.

2

Definition

2.1

Plagiarism involves the act of taking the ideas, writings or inventions of another person and using these as if they were one’s own, whether intentionally or not. Plagiarism occurs where there is no acknowledgement that the writings or ideas belong to or have come from another source.

2.2

Most academic writing involves building on the work of others and this is acceptable as long as their contribution is identified and fully acknowledged. It is not wrong in itself to use the ideas, writings or inventions of others, provided that whoever does so is honest about acknowledging the source of that information. Many aspects of plagiarism can be simply avoided through proper referencing. However, plagiarism extends beyond minor errors in referencing the work of others and also includes the reproduction of an entire paper or passage of work or of the ideas and views contained in such pieces of work.

1 The author acknowledges the following sources of information used in preparing this guide to Plagiarism: “Plagiarism – A Good Practice Guide”, Carroll, J and Appleton, J (2001) and various extracts from Student/Course Handbooks 2004/2005, Schools and Institutes at Heriot-Watt University

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3

Good Practice

3.1

Academic work is almost always drawn from other published information supplemented by the writer’s own ideas, results or findings. Thus drawing from other work is entirely acceptable, but it is unacceptable not to acknowledge such work. Conventions or methods for making acknowledgements can vary slightly from subject to subject, and students should seek the advice of staff in their own School/Institute about ways of doing this. Generally, referencing systems fall into the Harvard (where the text citation is by author and date) and numeric (where the text citation is by using a number). Both systems refer readers to a list at the end of the piece of work where sufficient information is provided to enable the reader to locate the source for themselves.

3.2

When a student undertakes a piece of work that involves drawing on the writings or ideas of others, they must ensure that they acknowledge each contribution in the following manner:

3.3

Citations: when a direct quotation, a figure, a general idea or other piece of information is taken from another source, the work and its source must be acknowledged and identified where it occurs in the text;

Quotations: inverted commas must always be used to identify direct quotations, and the source of the quotation must be cited;

References: the full details of all references and other sources must be listed in a section at the end of any piece of work, such as an essay, together with the full publication details. This is normally referred to as a “List of References” and it must include details of any and all sources of information that the student has referred to in producing their work. (This is slightly different to a Bibliography, which may also contain references and sources which, although not directly referred to in your work, you consulted in producing your work).

Students may wish to refer to the following examples which illustrate the basic principles of plagiarism and how students might avoid it in their work by using some very simple techniques: 3.3.1

Example 1: A Clear Case of Plagiarism Examine the following example in which a student has simply inserted a passage of text (in italics) into their work directly from a book they have read: University and college managers should consider implementing strategic frameworks if they wish to embrace good management standards. One of the key problems in setting a strategic framework for a college or university is that the individual institution has both positive and negative constraints placed upon its freedom of action. Managers are employed to resolve these issues effectively.

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This is an example of bad practice as the student makes no attempt to distinguish the passage they have inserted from their own work. Thus, this constitutes a clear case of plagiarism. Simply changing a few key words in such a passage of text (e.g. replace ‘problems’ with ‘difficulties’) does not make it the student’s work and it is still considered to be an act of plagiarism.

3.4

What follows are examples of the measures that students should employ in order to correctly cite the words, thought or ideas of others that have influenced their work: 3.4.1

Example 2: Quoting the work of others If a student wishes to cite a passage of text in order to support their own work, the correct way of doing so is to use quotation marks (e.g. “ “) to show that the passage is someone else’s work, as follows: “One of the key problems in setting a strategic framework for a college or university is that the individual institution has both positive and negative constraints placed upon its freedom of action”.

3.4.2

Example 3: Referencing the work of others In addition to using quotation marks as above, students must also use a text citation. If the work being cited is a book, page numbers would also normally be required. Thus, using the Harvard system for a book: “One of the key problems in setting a strategic framework for a college or university is that the individual institution has both positive and negative constraints placed upon its freedom of action” (Jones, 2001, p121). The same reference could also be made to a book using the numeric system: “One of the key problems in setting a strategic framework for a college or university is that the individual institution has both positive and negative constraints placed upon its freedom of action” (Ref.1, p121). More often, a piece of work will have multiple references and this serves to show an examiner that the student is drawing from a number of sources. For example, articles by Brown and by Smith may be cited as follows in the Harvard system “It has been asserted that Higher Education in the United Kingdom continued to be poorly funded during the 1980’s [Brown, 1991], whereas more modern writers [Smith, 2002] argue that the HE sector

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actually received, in real terms, more funding during this period than the thirty year period immediately preceding it”. or as follows using the numeric system: “It has been asserted that Higher Education in the United Kingdom continued to be poorly funded during the 1980’s [Ref 1], whereas more modern writers [Ref 2] argue that the HE sector actually received, in real terms, more funding during this period than the thirty year period immediately preceding it”. 3.4.3

Example 4: Use of reference lists Whichever system is used, a list must be included at the end, which allows the reader to locate the works cited for themselves. The Internet is also an increasingly popular source of information for students and details must again be provided. You should adhere to the following guidelines in all cases where you reference the work of others: If the source is a book, the required information is as follows: • • • •

Author’s name(s) Year of Publication Title of Book Place of Publication

• • •

Publishers Name All Page Numbers cited Edition (if more than one, e.g. 3rd edition, 2001)

If the source is an article in a journal or periodical, the required information is as follows: • • •

Author’s name(s) Year of Publication Title of Journal

• •

Volume and part number Page numbers for the article

If the source is from the Internet, the required information is as follows: • • •

Author’s or Institution’s name (“Anon”, if not known) Title of Document Date last accessed by student

• •

Full URL (e.g. http://www.lib.utk.edu /instruction/plagiarism/) Affiliation of author, if given (e.g. University of Tennessee)

The way in which the information is organised can vary, and there are some types of work (for example edited volumes and conference proceedings) where the required information is slightly different. Essentially, though, it is your responsibility to make it clear where you are citing references within your work and what the source is within your reference list. Failure to do so is an act of plagiarism.

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3.5

Students may find the following examples 2 of common plagiarism mistakes made by other students useful when reflecting on their own work: • • • • • • • •

“I thought it would be okay as long as I included the source in my bibliography” [without indicating a quotation had been used in the text] “I made lots of notes for my essay and couldn't remember where I found the information” “I thought it would be okay to use material that I had purchased online” “I thought it would be okay to copy the text if I changed some of the words into my own” “I thought that plagiarism only applied to essays, I didn't know that it also applies to oral presentations/group projects etc” “I thought it would be okay just to use my tutor's notes” “I didn't think that you needed to reference material found on the web” “I left it too late and just didn't have time to reference my sources”

None of the above are acceptable reasons for failing to acknowledge the use of others’ work and thereby constitute plagiarism.

3.6

Students are encouraged to use a style of acknowledgement that is appropriate to their own academic discipline and should seek advice from their mentor, course leader or other appropriate member of academic staff. There are also many reference sources available in the University Library which will provide useful guidance on referencing styles.

4

Managing Plagiarism

4.1

Students, supervisors and institutions have a joint role in ensuring that plagiarism is avoided in all areas of academic activity. Each role is outlined below as follows: How you can ensure that you avoid plagiarism in your work: • •

2

Take responsibility for applying the above principles of best practice and integrity within all of your work Be aware that your written work will be checked for plagiarism and that all incidents of plagiarism, if found, are likely to result in severe disciplinary action by the University. The standard penalty is to annul all assessments taken in the same diet of examinations (for details please refer to Regulation 50 at http://www.hw.ac.uk/ordinances/regulations.pdf and to the Guidelines for Staff and Students on Discipline at http://www.hw.ac.uk/registry/Discipline.php).

Extract from ‘Plagiarism at the University of Essex’ advice copyrighted and published by the Learning, Teaching and Quality Unit at the University of Essex (http://www.essex.ac.uk/plagiarism/pages/reasons.htm), reproduced with kind permission.

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How your School/Institute will help you to avoid plagiarism: • •

Highlight written guidance on how you can avoid plagiarism and provide you with supplementary, verbal guidance wherever appropriate Regularly check student work to ensure that plagiarism has not taken place (this may involve both manual and electronic methods of checking, an example of the latter being use of the Joint Information Standards Committee (JISC) “TurnitIn” plagiarism detection software). Alert you to the procedures that will apply should you be found to have committed or be suspected of having committed an act of plagiarism and explain how further action will be taken in accordance with University policy and procedures.

How the University will endeavour to reduce student plagiarism: • • • •

Provide clear written guidance on what constitutes plagiarism and how to avoid it directly to your School/Institute and to you Alert you and staff in your School/Institute to the penalties employed when dealing with plagiarism cases Take steps to ensure that a consistent approach is applied when dealing with cases of suspected plagiarism across the institution Take the issue of academic dishonesty very seriously and routinely investigate cases where students have plagiarised and apply appropriate penalties in all proven cases.

Click here for Chinese language version Click here for Arabic language version

For information on plagiarism-detection software used across the University, please refer to: www.hw.ac.uk/registry/resources/PlagiarismJiscNote.pdf

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APPENDIX B: SML STAFF DIRECTORY The list is correct as at 31st July 2009. A full list of all SML staff is available on the School’s website at www.sml.hw.ac.uk/sml/staffprofiles

HEAD OF SCHOOL Name

Room

Designation

Professor Gillian Hogg

EF 21

Head of School

ACCOUNTANCY, ECONOMICS, AND FINANCE

72

Name

Room

Designation

Professor John Sawkins

MB 1.09

Head of Accountancy, Economics & Finance

Dr Santhosh Abraham Dr Victoria Amador Dr Prabir Bhattacharya Dr Janusz Brzeszczynski Dr Atanas Christev Ms Kate Clements Professor David Cobham Ms Valerie Dickie Dr Julian Fennema Dr Shumei Gao Dr Boulis Ibrahim Ms Audrey Jackson Mr Bill Jackson Dr Philippe LeMay Boucher Dr John-Paul Marney Professor Claire Marston Professor Jacques Melitz Dr Robbie Mochrie Mr Nick Paisey Professor Robin Roslender Professor Mark Schaffer Dr Moh Sherif

MB 1.65 MB 1.02b MB 1.01 MB G.54 MB 1.02a MB G.36 MB 1.08 MB 1.11 MB 1.67 MB 1.03 MB 1.68 MB 1.51 MB 1.69 MB 1.16 MB G.52 MB 1.54 MB 1.07 MB 1.15 MB 1.60 MB 1.67 MB 1.10 MB G.09

Lecturer Teaching Fellow Senior Lecturer Senior Lecturer Lecturer Teaching Fellow Professor of Economics Lecturer Lecturer Lecturer Lecturer Lecturer Lecturer Lecturer Lecturer Professor of Accountancy Visiting Professor Senior Lecturer Senior Lecturer Professor of Accounting Professor Lecturer

Mr Paul Gordon Professor Paul Hare

MB 1.66 MB 1.04

Senior Teaching Fellow (part-time) Professor (part-time)


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LANGUAGES AND INTERCULTURAL STUDIES (LINCS) Name

Room

Designation

Dr Chris Tinker

HP 1.04

Head of LINCS

Ms Olwyn Alexander Professor Ursula Boser Mr Pedro Castillo Ms Fanny Chouc Mr John Cleary Ms Charlene Constable Dr Raquel de Pedro Ricoy David Finn Mr Jim Halliday Dr Ronak Husni Dr Pablo La Porte Ms Michelle Liao Ms Ann McFall Dr Yvonne McLaren-Hankin Dr Bernadette O’Rourke Professor Isabelle Perez Dr Maggie Sargeant Professor Graham Turner Ms Christine Wilson Dr Marion Winters

HP 2.03 HP 2.08 HP 2.09 HP 1.02 HP 2.15 HP 2.12 HP 2.07 HP 2.11 HP 2.14 HP 1.10 HP 2.20 HP 2.13 HP 2.19 EF 4 HP 2.06 HP 1.24 HP 2.16 HP 1.10 HP 1.11 HP 2.17

EAP Teaching Fellow Professor of Languages Language Assistant in Spanish Teaching Fellow in French Teaching Fellow Teaching Fellow in Arabic Lecturer in Spanish Director of EAP Senior Lecturer in Russian Senior Lecturer in Arabic Lecturer in Spanish Teaching Fellow in Chinese Lecturer in Spanish Lecturer in French Lecturer in Spanish Professor in Languages Lecturer in German Professor of Translation Studies Lecturer in English/French Lecturer in German

Mrs Brigitte Guenier Professor Mike Sharwood Smith Ms Liz Thoday

HP 1.03 GC 3.30 HP 1.23

Lecturer (part-time) Professor (part-time) Teaching Fellow (part-time)

Name

Room

Designation

Dr Colin Turner

MB 1.45

Acting Head of Management

Mr Geoff Arnold Ms Geraldine Bell Ms Josephine Bisacre Dr Mark Davies Dr Chris Dodd Dr Laura Galloway Dr Pierre de Gioia-Carabellese Mr Robert Graham Mr Amos Haniff Dr Louise Hassan Professor Gillian Hogg Dr Nicolina Kamenou Professor Bill Keogh Professor Alan McKinnon Mr Clive Marchant Dr Abigail Marks Ms Patsy Perry

MB G.32 MB G.37 MB 1.33 MB 1.44 EF 26 MB 1.42 MB 1.32 MB 1.37 MB 1.39 EF 18 EF 21 MB 1.41 MB 1.45 EF 27 EF 29 MB 1.34 EF 17

Teaching Fellow Teaching Fellow Lecturer Senior Lecturer Lecturer Lecturer Lecturer Lecturer Teaching Fellow Senior Lecturer Professor of Marketing Lecturer Professor Professor Senior Teaching Fellow Reader Lecturer

MANAGEMENT

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MANAGEMENT (cont.) Name

Room

Designation

Dr James Richards Dr John Sanders Dr Dong-Wook Song Dr Neil Towers Dr Kathy Waite Mr Stephen Wigley

MB G.42 MB G.39 EF 28 EF 22 MB 1.35 MB 1.38

Lecturer Lecturer Reader Senior Lecturer Lecturer Lecturer

Professor John Fernie Ms Yvonne McLaren Mrs Caroline Marchant Dr Nigel Shaw Ms Jill Stirling Ms Cathie Wright

EF 24 MB G.35 MB 1.43 MB 1.40 MB G.35 MB 1.43

Professor (part-time) Lecturer Lecturer (part-time) Senior Lecturer (part-time) Lecturer (part-time) Lecturer (part-time)

Name

Room

Designation

Ms Jessica Forbes Ms Olivia Little

EF 11 EF 11

Postgraduate Secretary Postgraduate Secretary

POSTGRADUATE OFFICE

POSTGRADUATE ADMINISTRATOR

74

Name

Room

Designation

Ms Stephanie Ashby

EF 2

Administrative Officer (Postgraduate)

MSc Finance Course Handbook 2009-10  

Course handbook for students on the MSc Finance course at the School of Management and Languages, Heriot-Watt University in Edinburgh.

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