FM477      Half Unit
International Finance for MSc Finance and Economics, MSc Finance and MSc Finance & Private Equity

This information is for the 2020/21 session.

Teacher responsible

Dr Liliana Varela


This course is available on the MSc in Finance (full-time), MSc in Finance (full-time) (Work Placement Pathway), MSc in Finance (part-time), MSc in Finance and Economics, MSc in Finance and Economics (Work Placement Pathway), MSc in Finance and Private Equity and MSc in Finance and Private Equity (Work Placement Pathway). This course is not available as an outside option.


Students must have completed either Asset Markets (FM423 or FM423E) and Corporate Finance (FM422or FM422E), or Financial Economics (FM436)

Course content

Following an introduction to the exchange rate market, the course will focus on key elements of international financial management, international risk exposure, hedging via FX derivatives (forwards, futures, options, and swap contracts), international capital budgeting and valuation techniques, international corporate fund raising, as well as cross-border mergers. The course will next focus on exchange rate determination and forecasting, the international monetary system, balance of payments, crises in open economies and current issues of the global economy. Relevant concepts will be illustrated throughout via topical business and country cases.


30 hours of seminars in the LT.

The course will be taught in an interactive Harvard-style three-hour lecture block integrating lectures and


Formative coursework

Weekly problem sets covering both theoretical methods and practical applications.

Indicative reading

Detailed course readings, cases, and slides will be distributed at the start of the course. Illustrative texts include: International Financial Management by C. S. Eun and B. G. Resnick, McGraw-Hill Education; 8th edition (2018), International Financial Management by G. Bekaert and R. Hodrick, Cambridge University Press; 3rd edition (2017) and Maurice Obstfeld and Kenneth Rogoff, Foundations of International Macroeconomics, The MIT Press (1996).


Continuous assessment (100%) in the LT.

Important information in response to COVID-19

Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: Finance

Total students 2019/20: 29

Average class size 2019/20: 28

Controlled access 2019/20: Yes

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Leadership
  • Self-management
  • Team working
  • Problem solving
  • Application of information skills
  • Communication
  • Application of numeracy skills
  • Commercial awareness
  • Specialist skills