BSc (Hons) Business Economics Programme Specification 1. Programme title BSc (Hons) Business Economics 2. Awarding institution Middlesex University 3. Teaching institution Middlesex University 4. Programme accredited by 5. Final qualification Bachelor of Science (Honours) 6. Academic year 2015/16 7. Language of study English 8. Mode of study Full-time / Part-time 9. Criteria for admission to the programme For Level 4 admission, Middlesex University general entry requirements apply, including GCSE s (grade A to C) in Mathematics and English language. Applicants whose first language is not English are required to achieve 6.0 in IELTS or an equivalent recognised by Middlesex University. The equivalence of qualifications from outside UK will be determined according to NARIC guidelines. 1
10. Aims of the programme The programme aims to provide students with: a thorough understanding of micro and macro economics contributing to the theoretical grounds of business practice and activities; the opportunity to get training on the use of specialist economic and financial data base such as Bloomberg and Datastream as well as specialist empirical analysis software such as STATA; an ability to search for, analyse, interpret and present data and information essential for making business decisions; an appreciation of how the current economic and financial environment could impact on economic and business decisions making; an opportunity to develop a range of personal and business related skills through the use of on-line resources and activities from the Chartered Management Institute as well as in-class student-centred activities; an ability to apply economic and business strategies and decisions to a particular environment; the opportunity to assess and evaluate business practitioner s ideas and issues. 2
11. Programme outcomes A. Knowledge and understanding On completion of this programme the successful student will have knowledge and understanding of: Teaching/learning methods Students gain knowledge and understanding through: 1. economic theories underpinning business decisions and strategies 2. domestic and international business in a changing economic climate 3. core economic data and information sources relevant to business analysis 4. relevant quantitative and computing methods 5. practical economic and business analysis 6. the importance of clear economic and business reporting 1. Lectures & seminars that are used to instil learning outcomes 1 and 2. 2. Case studies that are used to challenge students thinking in a practical context and serve to link theory to practice, to achieve outcome 2,3 and 5. 3. Activities, such as debate, role play, discussion, on-line activities from the Chartered Management Institute and presentation, to achieve outcomes 3, 5 and 6. 4. Training on the use of Bloomberg, Datastream and Stata, to achieve outcomes 3 and 4. 5. Directed readings from books, professional journals and magazines, and web-based or e-learning materials to achieve outcomes 1,2,3 and 6. Assessment Method Students knowledge and understanding is assessed by: 1. Presentations & essays to assess achievement of outcomes 1 to 6. 2. Unseen in-class tests, essays, and examination to assess achievement of outcomes 1,2 and 4. 3. Reports to assess achievement of outcomes 3, 4 and 6. 3
B. Cognitive (thinking) skills On completion of this programme the successful student will be able to: 1. analyse and interpret economic information; 2. evaluate alternative business decisionmaking approaches; 3. use economic and financial data to support economic arguments and justify business decisions and strategies; 4. blend economic theories into business practice; 5. critique on the applicability of economic theories to business practice; 6. analyse and develop diverse investigative methodologies to address business problems. Teaching/learning methods Students learn cognitive skills through: 1. Lab works on using Datastream and Bloomberg to collect economic and financial data as well as econometric software to conduct regression analysis to achieve outcomes 1 and 3. 2. Activities such as discussion, debate, role play and on-line activities from the Chartered Management Institute and presentation to achieve outcomes 2 to 5. 3. Lectures and seminars to achieve outcomes 1 to 6. Assessment Method Students cognitive skills are assessed by: 1. Unseen examination, written coursework and in-class tests to assess the achievement of outcomes 1 to 4. 2. Reports to assess the achievement of outcomes 3,4 & 5. 3. Presentations & essays to assess the achievement of outcomes 2, 3,4 & 6. 4
C. Practical skills On completion of the programme the successful student will be able to: 1. carry out business analysis on key strategic problems and develop solutions; 2. use econometric software to analyse and model data; 3. demonstrate relevant communication and interpersonal skills; 4. develop economic and financial research skills; 5. be familiar with relevant information and data sources (such as Bloomberg and Datastream). Teaching/learning methods Students learn practical skills through: 1. Case studies to achieve outcomes1, 2 and 4. 2. Activities such as role play, discussion and on-line activities to achieve outcomes 1 & 3. 3. Presentations to achieve learning outcomes 1,3 & 4. 4. Training and workshops on using Bloomberg and Datastream to achieve outcomes 5. 5. Lab work to achieve outcome 2,4 & 5. Assessment Method Students practical skills are assessed by: 1. Reports and coursework to assess achievement of outcomes 1 to 5. 2. Presentation to assess achievement of outcomes 1, 3, 4 & 5. D. Graduate Skills On completion of this programme the successful student will be able to: 1. manipulate numerical data; 2. use communication and information technology to acquire, analyse and communicate information; 3. communicate effectively: using quantitative and qualitative information, together with analysis, arguments and commentary, in a form appropriate to the intended audience; 4. locate, extract and analyse data from multiple sources, including acknowledgement, and referencing of sources; 5. to work in groups, and use appropriate interpersonal skills, including oral as well as written; 6. have the capacity for independent and self-managed learning. Teaching/learning methods Students acquire graduate skills through: 1. Presentations to achieve outcomes 1, 2 3 and 5. 2. Lab work and workshops on the use of Bloomberg, Datastream and STATA to achieve outcome 1 and 4. 3. Lectures and seminars to achieve outcome 3, 5 & 6. Assessment method Students graduate skills are assessed by 1. Unseen examination, coursework, inclass tests to assess achievement of outcomes 1,2 & 3. 2. Reports to assess achievement of outcomes 1,3,4 & 6.. 3. Presentation to assess achievement of outcome 2, 3 5 & 6. 5
12. Programme structure 12. 1 Overall structure of the programme The BSc (Hons) Business Economics degree programme is designed to allow students to follow a career that uses economics as the basis for formulating business plans and strategic direction as well as evaluating potential future opportunities in face of the ever changing economic environment. The programme will develop and enhance the key skills that employers of professional economists find desirable. The programme is delivered over three years, or four years if an optional industrial placement is taken in the third year. The programme is divided into modules each worth 30 credits, and full-time students study four modules per year. For the BSc (Hons) degree students must gain 360 credit points (480 if on placement) 120 of which must be at level 6. The programme is made up of 10 compulsory modules, of which 9 are ECS modules. In addition to these students choose an option module at Level 5 and Level 6. The major theme of the programme is that at least one core skill-based module is to be covered for each level of study. At Level 4, in addition to two theoretical micro- and macro-economic modules, two skills-based modules on quantitative and qualitative research and data analysis methods would help students grasp the basic techniques of examining, interpreting and presenting economic and financial data to support business decision making. At Level 5, students study one core theoretical module on microeconomics at an intermediate level, which will help lay the foundation for the more specialist Business Economics module at Level 6. As trade and business are increasingly conducted in a global and international context, a core module on Trade and International Business is vital to help students understand how the changing economic environment of the world would impact on business investment plans and strategic direction. This module would give students ample opportunities to blend economic understanding with commercial factors. The third core module Economic Environment and Practice is designed to equip students with the awareness of current economic and financial conditions and developments worldwide. It also helps train students skills in applying economic theories to business practice and other essential business skills such as undertaking economic and financial data analysis and modelling, problem solving, project analysis and evaluation, as well as verbal and written communication. 6
At Level 6, students study the core module of Business Economics and Industrial Organisation which explores relevant micro- and macro-economic reasoning to evaluate business activities, structure and performance and to help formulate business strategies. Students also study another core module of Labour and Personnel Economics in which the issues of human resource management in the enterprise and in the economy as a whole would be examined. Lessons drawn from theories as well as research work at professorial level from the Economics Department would be used to help inform practices in businesses. The final core module that students would study in Level 6 is the new module called Economic Decisions and Strategy, which is a half theory and half activity-based module aiming to introduce students with a behavioural as well as practical approach to business decision making and business problems solving by using both lectures and on-line activities from the Chartered Management Institute. The array of optional modules available at Level 5 and 6 reflect the flexibility of this programme in that they would cater for different interests of students seeking to learn more about: - economic theory to help lay a solid foundation for further study, or - how geographical factors would impact on business activities, or - financial aspect of business, or - advanced econometric techniques to sharpen skills in economic analysis, or - practical languages useful in international business, or - practical work experience through internship or placement. 7
Level 4 ECS1230 Microeconomics ECS1210 Macroeconomics ECS1280 Economic Practice and Skills MSO1610 Quantitative Methods for Economics Level 5 ECS2230 Intermediate Microeconomics ECS2290 Trade & International Business ECS2040 Economic Environment and Practice Option from list A MBS3331 Work Placement Level 6 ECS3300 Business Economics & Industrial Organisation ECS3960 Labour & Personnel Economics ECS3340 Economic Decisions & Strategy Option from list B Option A ECS2212 Macroeconomic Environment and Policy ECS2340 Regional Economics and Policy ECS2350 Business Finance MCH2001 Business Communications in Mandarin MCH2301 Business Strategies in Mandarin SPA2221 Business Communication Spanish SPA2331 Business Strategies in Hispanic Countries Option B ECS3350 International Finance ECS3355 Financial Economics ECS3870 Econometrics MCH3001 Business Strategies in Mandarin MCH3002 Mandarin in Global Business SPA3331 Business Strategies in Hispanic Countries SPA3302 Global Business Spanish MBS3001 Work Internship 8
12.2 Levels and modules Starting in academic year 2010/11 the University is changing the way it references modules to state the level of study in which these are delivered. This is to comply with the national Framework for Higher Education Qualifications. This implementation will be a gradual process whilst records are updated. Therefore the old coding is bracketed below. Level 4 (1) COMPULSORY OPTIONAL PROGRESSION REQUIREMENTS Students must take all of the following: ECS1280 ECS1210 ECS1230 MSO1610 Students must normally pass all level 4 modules to progress. Level 5 (2) COMPULSORY OPTIONAL PROGRESSION REQUIREMENTS Students must take all of the following: ECS2230 ECS2040 ECS2290 Level 6 (3) Students must choose one from the following: ECS2212 ECS2350 ECS2340 MCH2001 MCH2301 SPA2221 SPA2331 Students must normally pass all level 5 modules to progress. COMPULSORY OPTIONAL PROGRESSION REQUIREMENTS Students must take all of the following: ECS3340 ECS3300 ECS3960 Students must choose one from the following: ECS3350 ECS3355 ECS3870 MBS3001 MCH3001 MCH3002 SPA3302 SPA3331 Students must pass all level 6 modules to gain an honours degree. 9
12.3 Non-compensatable modules Not applicable 13. Curriculum map See attached. 14. Information about assessment regulations Middlesex University Assessment Regulations apply to this programme, without exception. 15. Placement opportunities, requirements and support (if applicable) A 12 month placement is offered at the end of Level 5. A dedicated Placement Office helps in the search for an appropriate placement and provides students with appropriate guidance and support in preparation for during and after placement. The placement forms the basis for an assessed report based on the organisation. At the start of the placement students are allocated an individual supervisor who provides individual support and advice for the duration of the project. All projects are double marked. Alternatively, students may opt to take one or two shorter placements between years 1 and 2 and between years 2 and 3. 16. Future careers (if applicable) A broad range of careers that use Economics in an applied context such as: Economist (Confederation of British Industry) Environmental Economist (Transportation Company) Analyst/Economist (Infra-structure & environment) Economist (Local Government) Construction Economist (Construction companies) Business Managers 10
17. Particular support for learning (if applicable) Training on using Bloomberg and Datastream specialist data base for economic and financial data Access to the Chartered Management Institute web-based activities and resources One-to-one consultation with tutors during their office hours Graduate Teaching assistants and Student Learning Assistants providing peer supports students learning English Language Support Learning Resources including specialised software Programme Handbook and Module Handbooks Induction and orientation programme Access to student counsellors Student e-mail and internet access 18. JACS code (or other relevant coding system) 19. Relevant QAA subject benchmark group(s) L100 Economics 20. Reference points QAA Guidelines for programme specifications QAA Framework for Higher Education Qualifications (FHEQ) QAA Subject Benchmark in Economics QAA Codes of Practice Middlesex University Regulations Middlesex University Mission and Vision Middlesex University and Business School Learning, Teaching and Assessment Strategy Middlesex University Learning Framework Programme Design Guidance, 2012 21. Other information Please note programme specifications provide a concise summary of the main features of the programme and the learning outcomes that a typical student might reasonably be expected to achieve if s/he takes full advantage of the learning opportunities that are provided. More detailed information about the programme can be found in the rest of your programme handbook and the University Regulations. 11
Curriculum map for BSc Business Economics This section shows the highest level at which programme outcomes are to be achieved by all graduates, and maps programme learning outcomes against the modules in which they are assessed. Programme learning outcomes Knowledge and understanding A1 economic theories underpinning business decisions and strategy C1 Practical skills carry out business analysis on key strategic problems and develop solutions A2 domestic and international business in a changing economic climate C2 use econometric software to analyse and model data A3 core economic data and information sources relevant to business analysis C3 demonstrate relevant communication and interpersonal skills A4 relevant quantitative and computing methods C4 develop economic and financial research skills A5 practical economic and business analysis C5 A6 the importance of clear economic and business reporting Cognitive skills B1 B2 B3 analyse and interpret economic information evaluate alternative business decision- making approaches use economic and financial data to support economic arguments and justify business decisions and strategies B4 blend economic theories into business practice D4 B5 critique on the applicability of economic theories to business practice. D5 B6 Analyse and develop diverse investigative methodologies to address business problems be familiar with relevant information and data sources (such as Bloomberg and Datastream). Graduate Skills D1 D2 D3 D6 manipulate numerical data; use communication and information technology to acquire, analyse and communicate information; communicate effectively: using quantitative and qualitative information, together with analysis, arguments and commentary, in a form appropriate to the intended audience; locate, extract and analyse data from multiple sources, including acknowledgement, and referencing of sources; to work in groups, and use appropriate interpersonal skills, including oral as well as written; have the capacity for independent and self-managed learning. 12
Programme outcomes A1 A2 A3 A4 A5 A6 B1 B2 B3 B4 B5 B6 C1 C2 C3 C4 C5 D1 D2 D3 D4 D5 D6 Highest level achieved by all graduates 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Module Title Level 4 core Module Code by Level Programme outcomes A1 A2 A3 A4 A5 A6 B1 B2 B3 B4 B5 B6 C1 C2 C3 C4 C5 D1 D2 D3 D4 D5 D6 Macroeconomics ECS1210 Microeconomics ECS1230 Economic Practice and Skills ECS1280 Quantitative Methods for Economics MSO1610 Level 5 core Intermediate Microeconomics ECS2230 Economic Environment & Practice ECS2040 Trade and International Business ECS2290 Level 5 Options Business Finance ECS2350 Macroeconomic Environment & Policy ECS2212 Regional Economics and policy ECS2340 13
Business Communications in Mandarin MCH2001 Business Strategies in Mandarin MCH2301 Business Communication Spanish SPA2221 Business Strategies in Hispanic Countries SPA2331 Module Title Level 6 core Module Code by Level Programme outcomes A1 A2 A3 A4 A5 A6 B1 B2 B3 B4 B5 B6 C1 C2 C3 C4 C5 D1 D2 D3 D4 D5 D6 Business Economics & Industrial Organisation ECS3300 Economic Decisions & Strategy ECS3340 Labour & Personnel Economics ECS3960 Level 6 options International Finance ECS3350 Financial Economics ECS3355 Econometrics ECS3870 Work Internship MBS3001 Business Strategies in Mandarin MCH3001 Mandarin in Global Business MCH3002 14
Business Strategies in Hispanic Countries SPA3331 Global Business Spanish SPA3302 15