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Economics and Management with a Year in Business

Economics and Management with a Year in Business

BSc
  • UCAS code LN21
  • Option 4 years full time
  • Year of entry 2021

The course

This course is provided jointly by one of the UK's top ten teaching and research centres for Economics and our innovative School of Management.Studying Economics and Management at Royal Holloway means that you will learn from internationally renowned experts who will share their research and experience so that you gain current and relevant skills and knowledge. This intellectually stimulating and diverse course combines two highly complementary subjects and covers the core course of the Economics degree with that of the Management degree. Selecting this degree will provide you with the knowledge and skills that will give you excellent career prospects.

Our balanced approach to research and teaching guarantees high quality teaching from subject leaders, cutting edge materials and intellectually challenging debates. You will be supported through your studies by an established network of academic and departmental staff.

You will examine the theories and methods of economics, with a strong focus on analytical methods: develop skills in mathematics and statistics and learn to tackle economic problems: gain an understanding of management from strategy to marketing, and accounting to e-commerce, with an emphasises the case study approach.

By choosing to spend a year in business you will also be able to integrate theory and practice and gain real business experience.

  • Develop an understanding of the formal economic, political and legal institutions, as well as cultural, religious and linguistic differences.
  • See how the disciplines of economics and management complement and challenge each other.
  • Utilise your course knowledge in a placement environment while gaining valuable work experience.

Core Modules

Year 1

You will take the following modules in Economics:

  • In this module you will develop an understanding of the theories of macroeconomics, that of the economy as a whole, and of microeconomics, the behaviour of individuals, firms and governments. You will look at how the goods and assets markets underpin growth, inflation and unemployment, and the role that fiscal and monetary policy play in macroeconomic management. You will examine the theoretical basis to supply and demand and the role of government intervention in individual markets. You will consider how to solve economic problems by manipulating a variety of simple diagrammatic and algebraic models in macro- and microeconomics, critically evaluating the models and their limitations.

  • Data Skills for Economists
  • The aims of the module are to cover the basic mathematical and quantitative tools used by economists every day. The module gives an emphasis to the mathematical tools, which are applicable to solving a wide range of economic problems. The first half of the module is devoted to linear algebra, specific functions of one and more variables used in economics, manipulating those functions and finding their minima and maxima. In addition, the first half of this module delivers the rules of integration and differentiation, which prepares the you to apply constrained and unconstrained optimisation techniques in their subsequent 2nd and 3rd year of studies. Constrained and unconstrained optimisation techniques are also discussed. The second half of the module is devoted to optimisation theory which in turn will use the concepts of vectors and matrices, drawn from linear algebra, and require the study of concave functions. The knowledge of matrices will help you solve systems of linear equations, which are used in both microeconomic and macroeconomic planning and forecasting.

  • This module will be composed of an introduction to Employability, library resources, team building, and CV making. Career services will provide a session on self-awareness and decision making and library services will present their relevant resources. Finally, the Economics department will organise some team building exercises.

  • In this module you will develop an understanding of the formal economic, political and legal institutions, as well as cultural, religious, and linguistic differences that must be taken into account when conducting business across borders. You will look at how the global context in which companies operate has evolved over time, considering the role of foreign direct investment and internationalisation strategies. You will examine the motivations for entering a foreign market, the factors determining whether a company enters on their own or in partnership, the risks of entry and how they are analysed, and how companies negotiate with governments.

  • In this module you will develop an understanding of the academic skills that are both transferable and of value to employers. You will consider how employability skills can be developed throughout your undergraduate studies, and identify the kinds of experiences that you can benefit from beyond the classroom. You will also examine contemporary issues in management and reflect on how you can become a more effective learner.

     

     

  • In this module you will develop an understanding of the basic concepts of accounting, examining its role in organisations and society. You will consider the basic components of financial statements, including income statement, balance sheets, and cash flow statements, and the procedures and techniques for the preparation of these. You will also look at the principles of financial decision making and how to analyse accounting information

  • In this module you will develop an understanding of organisation as a process and the organisation as an entity. You will look at key managerial activities, examining classical ideas about organisation with the context of nationalisation and humanisation. You will see how these ideas reappear, albeit in a modified form, in contemporary organisations, looking at organisational forms and modern management techniques such as culture management, emotional labour, and charismatic leadership. You will also consider Max Weber’s distinction of formal and substantive rationality and Anthony Giddens’ formulation of the duality of action and structure.

Year 2

You will take the following modules in Economics:

  • In this module you will develop an understanding of macroeconomics and macroeconomic policy-making. You will look at a variety of contemporary and historical macroeconomic events, and the differences between the short, medium and long run. You will consider why some countries are rich and some are poor, why different economies grow at different rates, and what determines economic growth and prosperity. You will examine the role of monetary and fiscal policy, its impact on the economy and its limitations. You will also analyse how taxation, budget deficits, and public debt affect the economy.

  • Career services will provide a session on how to be ready to apply for an internship at the end of the second year. Students will prepare for a psychometric test and will undertake a series of a mock interviews in order to improve their interview technique. Finally, students will attend at least one Econ@Work talk to be aware of professional life and challenges.

You will choose one of the following options:

  • In this module you will develop an understanding of the models of individual optimisation and their applications. You will look at the key determinants of an individual’s behaviour in a variety of circumstances and the behaviour of firms in different market environments, such as perfect competition, monopoly and oligopoly. You will consider how changing circumstances and new information influences the actions of the economic agents concerned, and examine the properties of competitive markets and the need for government intervention to correct market failures.

  • In this module you will develop an understanding of the behaviour of individuals and firms in the economy. You will look at models of individual optimisation and their applications, considering the key determinants of an individual’s behaviour in a variety of circumstances. You will examine the behaviour of firms in different market environments such as perfect competition, monopoly and oligopoly, and the factors which are important in shaping the decisions that firms make in each market environment. You will learn to manipulate and solve diagrammatic and algebraic models of microeconomics, analysing the properties of competitive markets and assessing the role of government intervention in correcting market failures.

You will take the following modules in Management:

  • In this module you will develop an understanding of the theories of strategic management. You will consider these theories in the context of contemporary business operations, including the political and regulatory frameworks, in response to technological change, financialisation, the development of new business models, and changes in the way corporate performance is assessed. You will look at key concepts and debates in the theory of corporate and business strategy, and examine the changing context in which corporate strategy is formulated and implemented.

  • In this module you will develop an understanding of the marketing strategies used by organisations. You will look at the elements of the marketing mix and their critical interrelationships, examining the competitive environment, customer insights, market information systems, business models, enterprise competencies, control, evaluation and innovation. You will also consider the sustainability of marketing practices in an increasingly globalised consumer society.

  • In this module you will develop an understanding of the technical and non-technical aspects of management accounting. You will look at traditional costing methods and techniques, such as contribution volume profit analysis (CVP), budgeting, responsibility accounting, transfer pricing, and decision-making, alongside more innovative management tools, including activity based costing (ABC), activity based management (ABM), and the balanced scorecard. You will examine the issues underlying pricing and product offering and consider the importance of quality and cost control as strategic objectives for improving organisational performance.

  • In this module you will develop an understanding of the significance of human resource management in organisations. You will look at the links between product market and human resourcing strategies, the role of human resources planning in workforce management, and polices such as employee participation and involvement, including the role of trade unions in employment relationships. You will examine the regulation of labour markets, employment discrimination and conflict and resistance at work. You will also consider specific human resources practices, such as recruitment and selection, training and development and pay and performance management.

Year 3
  • This year will be spent on a work placement. You will be supported by the Placements Office and the Royal Holloway Careers and Employability Service to find a suitable placement. However, Royal Holloway cannot guarantee that all students who are accepted onto this degree programme will secure a placement, and the ultimate responsibility lies with yourself. This year forms an integral part of the degree programme and you will be asked to complete assessed work. The mark for this work will count towards your final degree classification.

Year 4

You will take the following modulesin Management:

  • In this module you will develop an understanding of the key business and management activities, and the opportunities and challenges that arise from the external business context in the early 21st century. You will look at the business context from the perspective of selected corporate functions, and consider the social, environmental or ethical challenges companies face. You will examine how firms can address such issues and become familiar with appropriate courses of action.

You will take the following module in Economics:

  • This third-year course will deepen the elements covered previously in Employability 1 and 2. Career services will provide a session on how to be ready for employment at the end of the year. Students will prepare for a psychometric test and undertake a series of mock interviews in order to improve their interview technique. Finally, students will attend at least one Econ@Work talk to be aware of professional life and challenges.

Optional Modules

There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.

Year 1
  • All modules are core
Year 2
  • All modules are core
Year 3
  • All modules are core
Year 4

Optional modules in Economics may include:

  • In this module you will develop an understanding of the methods and models applied by economists in the analysis of firms and industries. You will learn how to manipulate these models and analytically solve problems relating to industrial economics. You will consider the applications of the models to important policy areas, exploring topics such as collusion, mergers, product differentiation and asymmetric information. You will also also examine the limitations of the theory.

  • In this module you will develop an understanding of the financial market, institutions, participants and traded assets that constitute a modern financial system. You will look at the theories of risk-factor pricing, such as the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT). You will consider the theory of, and empirical evidence on, efficient, markets and examine the process of price formation. You will also analyse the derivation and construction of efficient portfolios.

Optional modules in Management may include:

  • In this module you will develop an understanding of various aspects of the international financial accounting environment. You will look at the regulatory background to the composition of reporting documents, considering influences on national financial reporting and international differences in financial reporting systems. You will examine approaches to the classification of financial reporting systems, and initatives designed to achieve international harmonisation and standardisation of accounting practices. You will also evaluate communication issues in accounting and analyse the impact of international accountability.

  • In this module you will develop an understanding of the nature of consumer behaviour, its relevance to the marketing environment, and impact on society. You will look at the internal and external factors which underpin consumer behaviour theories, and consider the impact of marketing strategies on these. You will also examine the the nature of consumption, markets, and culture, and evaluate the complexity of consumer behaviour.

  • In this module you will develop an understanding of the emerging markets, commercial realities, and national cultures within the context of the global economy. You will look at the strategic issues and dilemmas that managers face in their efforts to expand into emerging markets, and consider the commercial realities and national cultures of these. You will look at specific cases studies, including the economies of Brazil, Russia, India, China, Turkey and South Africa.

  • In this module you will develop an understanding of multinational business in the Asia Pacific, their worldwide operations, and their impact on Europe. You will look at the contemporary economic, political, and cultural contexts of the Asia Pacific nations, and consider the diversity of the business environments and business practices in the region. You will examine the factors that lay behind the rapid growth of the region in the last five decades, and use empirical evidence to analyse the operation, performance and impact of multinational enterprises originating from there.

  • In this module you will develop an understanding of how institutions, policies and processes have shaped the European Union and the European business environment. You will look at the key institutions, policies and processes involved in the widening and deepening of the union, and theories which explain its development. You will consider the national, regional and global influences on European business and examine the complex relationships between the EU and its major trading partners. You will also critically evaluate the challenges facing European countries, policymakers and businesses.

  • In this module you will develop an understanding of the concept of accountability in the context of the relationships between corporate organisations and their stakeholders. You will look at the main theoretical approaches used to explain corporate reporting practice, including agency theory, signalling theory, stakeholder theory, legitimacy theory and institutional theory. You will examine a selection of International Financial Reporting Standards dealing with complex issues involving the identification, recognition and measurement of assets, liabilities, equity, income and expenses. You will also consider the nature of subjective judgements involved in financial, social and environmental accounting and reporting.

  • In this module you will develop an understanding of the impact of globalisation on work. You will look at the economic, political and institutional forces that shape the international mobility of workers, and examine the complexity of managing people as work becomes increasingly boundaryless. You will consider the implications of a more integrated global labour market on work organisation, employment relations and national labour market institutions, and critically assess the challenges brought by the mobility of capital and the movement of people to the organisation of work in a global context.

  • In this module you will develop an understanding of the implications of changes in the global organisation of firms and the international workforce for human resource management policy choices. You will look at the differences in business and human resource systems between the UK, the USA, Germany and Japan, and examine the approaches to, and strategies for, human resource management in international business activities. You will consider the problems of transferring human resource management practices from one country to another, and the role of multinational companies as agents of knowledge. You will also evaluate the role of transnational organisations in regulating human resource policies and practices in firms.

  • In this module you will develop an understanding of a variety of contemporary issues with respect to individual and group behaviour at work. You will look at the theoretical approaches to understanding individual and group processes, considering work attitudes, identity at work, and issues of work design, such as teamwork, contemporary communication, and managing well-being.

  • In this module you will develop an understanding of the key determinants of economic performance and the success of individual firms, industries and national economies. You will look at the achievements of the world's advanced economies, considering the character of their institutions and businesses, and examine the historical origins of differences in national institutions and corporate capabilities.

  • In this module you will develop an understanding of the nature of brands, branding, and the nature of the consumer society that we live in. You will look at different theoretical approaches to understanding brands and branding, and examine how branding theories are applied in marketing strategies.

  • In this module you will develop an understanding of the scope and nature of marketing planning, practice and theory in a global context. You will look at the evolution of the global market and consider current topical debates surrounding globalisation. You will examine the complexities of marketing operations and strategies in diverse geographical markets and evaluate the suitability of marketing strategies in addressing the contemporary global business environment.

  • In this module you will develop an understanding of financial management control strategy. You will look at the dependencies and relationships between business models and operating architecture, capital structure, and off-balance sheet financing. You will consider the context of managing accounting in a changing environment, and evaluate the impact of mergers and acquisitions on businesses. You will examine strategic control tools and techniques such as responsibility accounting and transfer pricing, and assess the relationship between product markets, internal organisation cost structures and capital market expectations.

  • In this module you will develop an understanding of the 'time value of money'. You will look at the main principles of finance theory and how these can be applied to commercial problems. You will consider the relationship between risk and return, and examine the valuation of equities, bonds and options and the relative merits of different approaches to choosing and valuing securities. You will evaluate the consequences of a proposed takeover or merger from the perspective of capital markets and assess the relevance of information efficiency.

  • In this module you will develop an understanding of contemporary marketing communication management within an international context. You will look at how promotional campaigns are constructed by advertising agencies, and consider the complementarity and inter-dependence of discrete marketing activities within a strategic perspective by creating an outline promotional campaign. You will examine the complexity and salience of ethical issues in marketing and advertising, especially with respect to the wider social influence, and deconstruct promotional communications in terms of their likely intended segmentation and positioning rationale.

  • In this module you will develop an understanding of how small companies can become internationally competitive. You will look at the theories of clusters, and apply them to the analysis of small and medium enterprises operating in different contexts. You will consider vertical and horizontal collaborative strategies, and their impact on firms' capabilities, resources, and performance. You will examine the relationships between small companies and multinationals, and the mechanisms through which small companies are linked to the global economy. You will also compare different clusters and assess the competitive advantages and disadvantages they generate for companies.

  • In this module you will develop an understanding of the key business and management activities, and the opportunities and challenges that arise from the external business context in the early 21st century. You will look at the business context from the perspective of selected corporate functions, and consider the social, environmental or ethical challenges companies face. You will examine how firms can address such issues and become familiar with appropriate courses of action.

  • In this module you will develop an understanding of the main technological and managerial principles behind digital innovation. You will look at the revolutionary impact of digital technology on product and service innovation, and examine the main challenges and risks related to digital innovation initiatives within organisations. You will consider how the latest digital technologies can be used to lead innovation initiatives and analyse the implications of the external socio-economic and regulatory context for digital innovation within organisations.

  • In this module you will develop an understanding of the principles and concepts of Enterprise Resource Planning (ERP). You will look at how firms use ERP systems for strategic effectiveness and consider the key strategic issues facing managers seeking to deploy and exploit such systems. You will examine the challenges facing those responsible for the selection, implementation and management of ERP projects, and gain practical experience using SAP software and other enterprise-level applications.

  • In this module you will develop an understanding of social networks and social media platforms from multiple perspectives. You will look at the growth of social media and the connectedness of the networked society, considering recent advances in network science, social psychology, and marketing. You will examine the role of social networking technologies in enabling business innovation and societal change, and critically assess positive and negative impacts of these technologies.

  • In this module you will develop an understanding of the role of project management within organisations and its value in achieving organisational objectives. You will look at the process of planning, scheduling, monitoring and controlling resources for the achievement of a focussed objective. You will consider the factors involved in promoting organisational change and critically examine the problems of implementation. You will analyse techniques for the monitoring and the control of projects, and approaches to risk management.

  • In this module you will develop an understanding of how enterprises have evolved and how the position of entrepreneurs has changed over the centuries under different regimes of state formation, institutional change and moral discipline. You will look at how political regimes have either facilitated or hindered entrepreneurship and examine the importance of temporal, geographical and structural issues in entrepreneurship history.

  • In this module you will develop an understanding of the theories and practices related to corporate entrepreneurship. You will look at the management of creativity and innovation in large organisations, as well as the processes and structures relevant to the successful appropriation of opportunities within a market context. You will also consider the barriers that constrain managers and their companies from being entrepreneurial and examine conceptual and empirical evidence of corporate entrepreneurship from real-world examples.

  • In this module you will develop an understanding of business innovation in the context of new ventures and corporations. You will look at how changes in technology, markets, and society are affecting how new business models, products and services emerge. You will consider innovation as a source of competitive advantage and examine the management of innovation, critically evaluating associated risks and uncertainty. You will also analyse past experiences and how they can be used to exploit future opportunities through innovation.

  • In this module you will develop an understanding of contemporary issues in the theory and practice of accounting for sustainability. You will look at key issues in the growing ara of sustainability accounting including notions of accountability in the context of sustainability, cultural and religious perspectives on sustainability accounting, elements of sustainability reporting, and the role of accounting in embedding sustainability in decision making.

  • In this module you will develop an understanding of a number of diverse international and theoretical positions on corporate governance. You will look at the concepts of control, accountability and transparency within the context of corporate governance, and consider the role of regulation and its comparative national context. You will examine new trends in emerging market business groups and multinationals and analyse prevailing debates on insider- versus outsider-controlled corporate governance regimes.

  • In this module you will develop an understanding of responsibility in the context of entrepreneurship. You will look at the entrepreneurial process and consider the inherent ambivalence of both new ideas and their unintended consequences. You will examine the concepts of social entrepreneurship, sustainable entrepreneurship, and minority entrepreneurship, and evaluate how new organisations emerge, grow, and approach responsibility challenges.

  • In this module you will develop an understanding of the scope and nature of marketing ethics. You will look at the complexity and interconnectedness of moral dilemmas in marketing practice and consider potential responses by stakeholders, such as consumers, businesses and governmental actors, to ethical marketing issues.

Teaching is mostly by means of lectures and seminars, the latter providing a forum for students to work through problem sets and applications in a smaller and more interactive setting. Outside of scheduled teaching sessions, students work independently, or collaboratively, researching, reading and preparing for seminars. 

Assessment is usually carried out by end of year examinations as well as class tests and assignments. Final year students can choose to complete an extended essay, which offers students the chance to conduct an original piece of research.

A Levels: AAB-ABB

Required subjects:

  • GCSE Maths at grade A or 7.
  • At least five GCSEs at grade A*-C or 9-4 including English and Mathematics.

Where an applicant is taking the EPQ alongside A - levels, the EPQ will be taken into consideration and result in lower A-level grades being required. Socio - economic factors which may have impacted an applicant's education will be taken into consideration and alternative offers may be made to these applicants.

English language requirements

All teaching at Royal Holloway (apart from some language courses) is in English. You will therefore need to have good enough written and spoken English to cope with your studies right from the start.

The scores we require
  • IELTS: 6.5 overall. Reading and writing 6.0.  No other subscore lower than 5.5.
  • Pearson Test of English: 61 overall. Reading and writing 54. No subscore lower than 51.
  • Trinity College London Integrated Skills in English (ISE): ISE III.
  • Cambridge English: Advanced (CAE) grade C.

Country-specific requirements

For more information about country-specific entry requirements for your country please visit here.

For international students who do not meet the direct entry requirements, we offer an International Foundation Year, run by Study Group at the Royal Holloway International Study Centre. Upon successful completion, you may progress on to selected undergraduate degree programmes at Royal Holloway, University of London.

A Economics and Management degree at Royal Holloway, University of London will equip you with an enviable range of practical skills. This combined degree is ideal for students seeking careers in public and private management, in financial institutions, and in government. We will help you to recognise your strengths, skills and abilities so that you can make strong applications for your chosen job or further study.

Home (UK) students tuition fee per year*: £9,250

EU and International students tuition fee per year**: £18,800

Other essential costs***: There are no single associated costs greater than £50 per item on this course.

How do I pay for it? Find out more about funding options, including loansscholarships and bursaries. UK students who have already taken out a tuition fee loan for undergraduate study should check their eligibility for additional funding directly with the relevant awards body.

*The tuition fee for UK undergraduates is controlled by Government regulations. For students starting a degree in the academic year 2020/21, the fee will be £9,250 for that year. The fee for UK undergraduates starting in 2021/22 has not yet been confirmed.

**The Government has confirmed that EU nationals starting a degree in 2020/21 will pay the same fee as UK students for the duration of their course. For EU nationals starting a degree in 2021/22, the UK Government has recently confirmed that you will not be eligible to pay the same fees as UK students, nor be eligible for funding from the Student Loans Company. This means you will be classified as an international student. At Royal Holloway, we wish to support those students affected by this change in status through this transition. For eligible EU students starting their course with us in September 2021, we will award an automatic fee reduction which brings your fee into line with the fee paid by UK students. This will apply for the duration of your course.

Fees for international students may increase year-on-year in line with the rate of inflation. The policy at Royal Holloway is that any increases in fees will not exceed 5% for continuing students. For further information see fees and funding and our terms and conditions. Fees shown above are for 2020/21 and are displayed for indicative purposes only.

***These estimated costs relate to studying this particular degree programme at Royal Holloway. Costs, such as accommodation, food, books and other learning materials and printing etc., have not been included.

Accreditation

Chartered Institute of Management Accountants

Accredited by CIMA (Chartered Institute of Management Accountants). On completing this course you'll be able to apply for 4 exemptions.

93% of our Economics and Business and Management graduates are employed or go on to further study within six months of graudating

Source: DLHE, 2018

Top 10 UK Economics department

Source: THE, REF institutions ranked by subject, 2014

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