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Corporate Finance

Corporate Finance

MSci
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If we make you an offer for this course for 2022 entry, we guarantee to confirm your place even if one of your final A-level results is one grade below those you have received in that offer. Equivalencies and exclusions apply. Full details here.

Key information

Duration: 4 years full time

UCAS code: L114

Institution code: R72

Campus: Egham

UK fees*: £9,250

International/EU fees**: £19,300

The course

Corporate Finance (MSci)

Studying an integrated Corporate Finance degree at Royal Holloway means that you will learn from internationally renowned experts in the field at one of the UK’s top ten teaching and research departments. Our balanced approach to research and teaching guarantees high quality teaching from subject leaders, cutting edge materials and intellectually challenging debates.

This four-year integrated degree course is aimed at ambitious individuals and offers a complete education in financial economics, corporate finance and economic theory and its applications. You’ll cover the core material that a professional financial economist would be expected to know and you will develop your knowledge and skills to an advanced level.

Your first years will see you learning all the basics of economics, economic policy, statistics and mathematics whilst you will have a number of choices later on. During the first three years you will have short employability modules to ensure you have transferable skills during your third year you can specialise to suit your interests with a vast number of optional modules on offer. Your fourth year is where you will bring all your knowledge together and hone your skills and knowledge during your time researching and writing your dissertation.

You will have access to facilities such as our Experimental Economics laboratory and our Bloomberg Terminals.

The knowledge and transferable skills gained will lead to excellent career prospects as financial economists or in corporate finance as well as prepare you for further education. 

  • Integrated Master’s degree which provides you with an in depth understanding of economic theory with the skills to analyse financial data
  • Learn how to evaluate research findings in specialised areas in financial economics and corporate finance
  • Learn from internationally renowned experts at one of the UK’s top ten teaching and research departments

Core Modules

Year 1
  • Principles of Economics is a first-year undergraduate module in how the economy works. The module is suitable for students with or without A-Level economics or equivalent. We will cover the basic theories of macroeconomics (that of the economy as a whole) and microeconomics (the behaviour of individuals, firms and governments and the interactions between them).

    The module adopts the state-of-the-art CORE approach (Curriculum Open-access Resources in Economics) to teaching Principles of Economics. The approach has three pillars which we rely on throughout the module:

    • Formulate a problem that our society is facing now or has faced in the past;
    • Build a theory to explain and solve the problem;
    • Evaluate the usefulness of the theory by using data observations and more novel theories.
  • In this module you will develop an understanding of information surrounding economic institutions, economic history, applied economics and policy & experimental & behavioural economics. In the seminars, you will discuss each topic and learn among other things how to write an essay, how to present, how to collect economic data, how to find relevant economic research, and how to think like an economist.

     

  • Data Skills for Economists is about understanding the data we encounter constantly in everyday life and the data that social science researchers create as they explore and analyse the world around us. We'll endeavour to understand such questions as:

    • Where does data come from and how can we harvest it?
    • What useful information does the data contain?
    • How can we create new data to generate useful insights?

    Computers equipped with statistical software are a big part of the answer to the third question (above) so, accordingly, you'll spend much of your time learning to analyse and display data using the R statistical software package (R is the industry standard).

    We'll develop an ethos of clear communication of numerical information that will be supported by our growing understanding of statistical concepts and our growing proficiency with computers.

    Simultaneously, we'll delve into the seamy underside of the tricksters who try to fool you with falsified data. Understanding their game can provide at least some degree of inoculation against their attacks.

  • 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.

Year 2
  • 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.

  • In this module you will develop an understanding of the mathematical models used to study and analyse strategic interactions between agents. You will look at the fundamental concepts in game theory as applied to economics in general and microeconomics in particular. You will become familiar with basic equilibrium concepts such as Nash equilibrium and subgame perfect equilibrium, and be able to find equilibrium outcomes of simple games including the use of backward induction.

  • In this module you will develop an understanding of the economic principles underlying the working of national and international financial institutions. You will look at what a financial system is and does, and the distinct functions of each component. You will consider the key financial instruments and the relationship between assets, agents, and institutions, and learn to solve simple problems using quantitative and graphical tools. You will critically evaluate country differences and analyse the interdependencies and rapid change of the modern financial world.

  • In this module you will develop an understanding of the principal-agent problem, the Coase theorem, theories of the firm, the role of transaction costs, moral hazard, adverse selection, and issues surrounding organisation, investment, governance and expansion of corporations. You will look the role of incentivisation and how conflicts of interests shape economic interactions. You will consider the role of transaction costs in determining the existence, scale and scope of firms, and examine why government regulation may be inferior to market solutions when dealing with externalities. You will also analyse the developments of Anglo-American industrial and Japanese capitalism.

  • 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 module from 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 choose one module from the following options

  • The aim of this module is to provide you with a solid understanding of the essentials of empirical research techniques (i.e. econometrics) used by applied economists. The module will cover core econometric topics that are needed by all wishing to undertake econometric analysis, with a particular focus on topics in both time series and cross section econometrics that can be used by students of industrial, business and finance.

  • The aim of this module is to offer students a more advanced, deeper understanding of the essentials of the theory and practice of econometrics. The module will address many of the topics covered in Econometrics 1 but using more mathematical and statistical rigour, including an introduction to econometric computer coding, with an aim to increase understanding of the concepts, theories and techniques that underlie applied econometric research.

Year 3
  • 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.

  • The module aims to introduce the student to what factors affect corporate financial decisions. Particular emphasis is given to the concepts of Net Present Value and Risk. The learning outcomes include: Understand what the goals of a firm are; Understand how investments are valued (Internal rate of returns) in order to help with good financial planning); Understand the concepts of risk, agency costs and how they feed into financial decision making; Understand the process of price formation in financial markets; Understand venture capital and different types of debt finance and debt valuation, including leverage.

  • In this module you will develop an understanding of the wide range of fixed income securities and derivatives available to investors in the financial markets. You will look at the basic institutional features of derivatives markets, as well as the pricing of bonds and of derivative instruments and using them for hedging purposes. You will consider investment and trading strategies that use bonds and derivatives, and evaluate the use of bonds in immunising portfolios based on the bond's duration. You will also explore the features and uses of the most popular types of derivatives available today, including options, futures, forwards, and swaps.

  • 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 advanced topics in industrial organisation, with a special focus on the role that information plays in markets. You will explore topics such as collusion, mergers, product differentiation, and asymmetric information, and become familiar with a broad range of methods and models applied by economists in the analysis of firms and industries.

Year 4
  • The first part of the dissertation process will equip you with the necessary skills required for research. While conducting research sounds like an easy task for post-graduate students, it is paved with various difficulties. These sessions aim to help avoid these traps so that you are prepared to conduct an efficient piece of research by the end of your degree. The training includes a hands on approach to using an analytical/statistical package and reading peer reviewed research.

  • This module aims to analyse how corporate governance structures influence the behaviour of the relevant actors inside and outside of organisations. As both internal and external systems of corporate governance are explored, the module builds on the student's knowledge gained during their previous studies.

  • In this module you will develop an understanding of the techniques used in financial decision making in the modern corporation. You will look at how corporations appraise investment opportunities, raise finance to fund such projects, and increase shareholder wealth via sound management and planning. You will examine the discounting methods used to value financial assets, the processes firms go through to raise funds from share issue, and the factors that affect the optimal capital structure of the firm.

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

Optional modules may include:

  • In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will learn to formulate, estimate, test and interpret suitable models for the empirical study of economic phenomena. You will consider how to apply regression techniques and evaluate the appropriateness of each econometric estimation method under different data limitations.

  • In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will look at regression techniquies and learn how to apply relevant econometric and statistical methods to your own research. You will also evaluate the appropriateness of each of the economic estimation methods and the impact of consider data limirations.

  • In this module you will develop an understanding of the principal techniques used in financial econometrics. You will look at why deviations from standard models are required to handle the peculiarities of financial data and consider how to interpret the theoretical techniques used in finance. You will also learn how to apply the techniques using standard econometric software packages such as STATA.

  • This module equips students with the fundamental theoretical tools for the analysis of the banking sector and will be useful for anyone considering further study or a career in this area. Topics covered include perfectly competitive and oligopolistic models of banking, moral hazard and adverse selection in the loan market, the macroeconomic implications of the credit market, the money multiplier, fractional reserve banking, bank runs, financial fragility and contagion. The module’s textbook will be Freixas and Rochet “Microeconomics of Banking”, but will also use "Understanding Financial Crises", Clarendon Lectures in Finance by Franklin Allen and Douglas Gale.

  • Personnel Economics
  • The Dissertation provides you with the opportunity to undertake an extended piece of individual research work. You will use the econometric and statistical techniques you have learned about in the quantitative method modules taken earlier in the course.

  • This module covers family, household and demographic economics. You will think about real-world situations and develop your understanding of economic behaviour in your personal life, and how economics applies to an array of activities that most people don't think of as 'economic'. You will analyse methods of economic behaviour in a variety of contexts, and undertake a small original research project.

  • Data Analysis with Matlab
  • In this module you will develop an understanding of the main effects of trade integration within Europe and, particularly, of the creation of the single market. You will look at the principal costs and benefits of monetary integration and the debate around the optimal currency area as it applies to the Eurozone. You will analyse the main aspects of the Eurozone crisis, consider the main policies and institutions of the EU, and examine the recent political implications of EU enlargement.

  • Theories of Corporate Finance
  • This module is a one-term module in international trade suitable for students with basic knowledge in microeconomics. The module aims to further develop the student's analytical skills and to illustrate how these skills can be fruitfully applied to a variety of economic situations. The primary objective of the module is to teach the theory of comparative advantage and the factor proportions theory of international trade and to critically discuss these theories and their relevance in understanding real world issues.

  • In this module you will develop an understanding of economic inequality. You will look at the factors that determine wage differentials among workers from a theoretical and empirical point of view. You will consider why similar workers are paid differently and examine how labour mobility can improve the allocation of workers to firms, enhance aggregate productivity, and reduce inequality.

  • In this module you will develop an understanding of the mathematical models used to study and analyse strategic interactions between agents. You will look at the fundamental concepts in game theory as applied to economics in general and microeconomics in particular. You will become familiar with basic equilibrium concepts such as Nash equilibrium and subgame perfect equilibrium, and be able to find equilibrium outcomes of simple games including the use of backward induction.
  • Topics in Finance
  • In this module you will develop an understanding of both theoretical and empirical issues in Development Economics, such as the behaviour of credit and insurance markets in developing economies, the existence of poverty traps and the role of income, ethnicity, gender and caste in the development process.

  • In this module you will develop an understanding of the factors that affect corporate financial decisions. You will look at what the goals of a firm are and how investments are valued in order to help with financial planning. You will consider the concepts of risk, agency costs and how they feed into financial decision making, and the process of price formation in financial markets. You will also examine venture capital and different types of debt finance and debt valuation, including leverage.

  • Frictional Labour Markets
  • Family Economics
  • Economics of Warfare
  • In this module you will develop an understanding of the use of experiments to test economic theories. You will look at how individuals make decisions in markets, how individuals decide to spend money today or save it for future spending, the assumption of self-regarding preferences commonly made in standard economic models, and the ability to act rationally in a strategic environment. You will consider the issues raised by experimental design and critically evaluate the advantages and disadvantages of experimental methods.

  • The module presents the main facts about modern war and, to a lesser extent, terrorism. In parallel we will develop broadly applicable empirical tools to help us measure key phenomena and drive our analysis. Specific topics include the Israeli-Palestinian conflict, the Rwandan genocide, the economics of rebellion and the possible long-run decline of war. This module, together with Economics of Warfare 2, will prepare students of a lifetime of critical data consumption beyond the particular world of war and terrorism.

  • In this module you will develop an understanding of how economic methods can be applied to environmental issues facing society. You will consider the difficulties arising in using economic analysis in environmental policy design and learn how to solve and manipulate a variety of diagrammatic and algebraic models in environmental economics. You will evaluate a number of real-world environmental policy problems and see how economic analysis has been applied in their solution.

  • In this module you will develop an understanding of the basics of coding and progranming with Python. You will look at some of the high-level data analysis packages within Python and learn how to plot multidimensional data in different ways including histograms and parametric plots. You will examine the use of arrays, matrices and basic control structures, such as IF, FOR, WHILE and RETURN. You will also consider how to evaluate simple and complex expressions and how to use Monte Carlo simulation to understand the impact of uncertainty.

  • In this module you will develop an understanding of the role of money in the economy. You will look at models where inflation shows persistence, the theory of monetary policy, monetary policy operating procedures and the central banking mechanisms. You will consider why inflation is persistent in the data and how the political forces affecting monetary policy-making may affect inflation.

  • Law and Economics
  • Contracts and Incentives
  • Applied Econometrics
  • In this module you will develop an understanding of the mathematics of optimisation and of equilibrium models. You will look at the linkage between markets and Pareto optimality and consider the social outcomes that can be implemented in game-theoretic equilibrium. You will also examine the basic types of auctions and when and why they implement identical outcomes.

     

  • The module applies the methodology of economics to the analysis of political behaviour and institutions. Articles on social choice, constitutional theory, and public economics are studied alongside ones on voters, parties and pressure groups, macroeconomics and politics, capitalism and democracy. Emphasis is placed on the rise of populism in Western democracies, economic strategies to mitigate it, as well as on political decisions around lockdowns in pandemics. Students are exposed to advanced formal models of political behaviour and data techniques to explain recent political events.

  • Economics of Education
  • Economic Growth
  • Topics in Macroeconomics
  • Information and Finance Economics
  • In this module you will develop an understanding of the different approaches to national economic policy. You will consider the economic advantages and disadvantages of globalisation and look at the effects of tax-cutting, deregulation, privatisation, mixed economy, efficiency and income distribution.

  • In this module you develop an understanding of the effects of government policy upon the economy and the design of policy. You will look at empirical methods for policy evaluation and discuss research carried out in public economics, on topics such as income taxation, welfare support, behavioural responses, and social security.

  • In this module you will develop your understanding of important topics from economic history, covering periods of economic growth and wellbeing, agricultural and urban development, globalisation and migration, banking and monetary systems, and the Great Depression and recovery.

  • Population, Cities and Economic Development
Year 4
  • In this module, you will develop an understanding of the technical, analytical and quantitative methods used for analysing financial and equity markets. You will look at the theory of choice under uncertainty, and the modern theories of asset pricing and asset valuation, with consideration for the concepts of arbitrage pricing and the notion of market completeness.
  • In this module you will develop an understanding of some of the key topics in macroeconomics, notably the roles of technological change, monetary policy, and fiscal policy in macroeconomic fluctuations. You will look at models of economic growth, resource allocation, and technological change, evaluating empirical evidence of these, and you become familiar with techniques such as dynamic optimisation, log-linearisation and difference equations for general economic analysis.

  • This module will help you gain an advanced understanding of some key topics in macroeconomics. Notably the understanding of the roles of (1) technological change (2) monetary policy and (3) fiscal policy in macroeconomic fluctuations. The secondary aim is to learn and apply analytical tools such as dynamic optimization, log-linearization and difference equations, which are important not only for macro economic analysis but also for economic analysis in general.

     

  • In this module you will develop an understanding of the most important elements of the default-free fixed income securities market, and the derivatives market. You will look at the analytical tools used in portfolio management and risk management. For bond portfolios, these will include yield curve construction, duration, convexity and formal term structure models. For derivatives, you will focus on valuation, trading mechanisms and management of credit risk.
  • In this module you will be introduced to the underlying theory and empirical evidence in portfolio management and its practice in the financial sector. Portfolio theory is blended with practical issues encountered in the investment process, and you will cover topics which include identifying investor objectives and constraints, recognizing risk and return characteristics of investment vehicles, developing strategic asset allocations among equity, managing portfolio risk, increasing portfolio return, and evaluating portfolio and manager performance relative to investment objectives and other appropriate benchmarks. You will develop an understanding of how funds are allocated in portfolio construction, and look at security analysis, optimal portfolio selection and delegated portfolio management.
  • In this module you will develop an understanding of corporate finance issues related to company evaluation, and the main users of those evaluations, such private equity firms and venture capitalists (VCs). You will look at the key aspects of corporate valuation, for example leveraging, and how valuations differ according to the maturity of the company, from start up, to making an Initial Public Offering (IPO), to established business engaging in mergers and acquisitions. You will become familiar with leverage buyout and private equity technics, and be able to analyse and critically evaluate the motivation for mergers and acquisitions.
  • In his module, you will develop an understanding of the methods used in the analysis of macro and financial time series data. You will analyse and critically evaluate empirical research in finance and macroeconomics, looking at linear and non-linear time series. You will consider the methodologies for large sample modelling of financial and economic data, and undertake a quantitative research project applying testing procedures on time-series data.
  • The course aims to develop students’ knowledge and understanding of the regulatory context and practice of financial reporting, in the context of governance and corporate social responsibility. Course lectures will focus on conceptual issues, while workshops will provide both practical applications of conceptual material presented in lectures and opportunities for students to discuss and critically analyse issues.

  • In this module you will develop an understanding of the contemporary issues in the theory and practice of sustainability accounting and accountability. You will explore the philosophical underpinnings of corporate social responsibility and sustainability accounting, and examine the roles of stakeholder engagement and dialogue, including the motivations for social and environmental reporting. You will also consider the applicability of sustainability reporting to Non-Governmental Organisations (NGOs), full impact accounting and the role of silent and shadow accounts in sustainability.

  • In this module you will develop an understanding of the contemporary issues regarding the theory and practice of communication in accounting. You will look at the nature of the international reporting environment, examining the roles, needs and characteristics of lay and expert readers of financial reports. You will consider how impressions are created through the use of graphs, narratives and pictures, and the role of experimental research. You will also explore rhetorical, literary and cultural theory perspectives in the critical study of financial reporting documents, and will examine case studies on a variety of international reporting practices.

  • This module will provide an introduction to business processes and enterprise systems, with particular focus on accounting, procurement, order fulfilment, production and material planning, inventory and warehouse management, business integration, and implementing enterprise systems.

Teaching methods include lectures and seminars, supplemented by occasional practical computer labs in applied Econometrics courses. Lectures are an effective way of conveying information and explaining ideas. They also explore the relevant issues in greater depth to reflect and further the development of students’ knowledge and understanding.

Seminars are small-group sessions that are used for all taught modules. Students are pre-assigned a set of problems to complete before the class. During the class session the class tutor and students will go through the problems together.

In the Research Project module, students are supervised by a member of academic staff with expertise in the area it concerns. In preparing the project, students have the opportunity to meet with the supervisor to explore the issues it concerns, to receive guidance on your research and reading, and to receive feedback on the work as it progresses.

In addition, independent study forms an essential part in the development of knowledge and understanding. Finally, students are encouraged to attend consultation sessions with academic staff during office hours.

We provide a range of formative and summative assessment exercises which are designed to enable the student to demonstrate and apply their knowledge and understanding. Methods of assessment include:

  • Written examinations
  • Mid-term tests
  • Essays
  • Exercises and problem sets
  • Team projects
  • Final part interim report and project
  • Library skills exercise such as plagiarism knowledge test.

A Levels: ABB-BBB

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. For students who are from backgrounds or personal circumstances that mean they are generally less likely to go to university you may be eligible for an alternative lower offer. Follow the link to learn more about our contextual offers.

T-levels

We accept T-levels for admission to our undergraduate courses, with the following grades regarded as equivalent to our standard A-level requirements:

  • AAA* – Distinction (A* on the core and distinction in the occupational specialism)
  • AAA – Distinction
  • BBB – Merit
  • CCC – Pass (C or above on the core)
  • DDD – Pass (D or E on the core)

Where a course specifies subject-specific requirements at A-level, T-level applicants are likely to be asked to offer this A-level alongside their T-level studies.

An Economics degree from Royal Holloway will equip you with an enviable range of practical skills and can lead into a variety of career paths. Employers recognise and reward the real knowledge and skills developed in an Economics degree.

We will help you to recognise your own strengths, skills and abilities so that you can make strong applications for your chosen job or further study.  We also provide support through short dedicated careers modules, which include employability workshops, events and guest speakers.

  • Get equipped with transferable skills such as numeracy problem-solving, computing and analytics
  • Develop your professional network by attending workshops, events and guest speaker talks
  • Dedicated short employability modules to help you in your career

Gain excellent career prospects in public and private management, financial institutions and government.

Our graduates are employed by companies such as Citigroup, Barclays, Bloomberg, Deloitte, KPMG and government departments such as the Ministry of Defence.

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

EU and international students tuition fee per year**: £19,300

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 2022/23, the fee will be £9,250 for that year. The fee for UK undergraduates starting in 2023/24 has not yet been confirmed.

**The UK Government has confirmed that EU nationals are no longer 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 2022, we will award a fee reduction scholarship equivalent to 60% of the difference between the UK and international fee for your course. This will apply for the duration of your course. Find out more

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.

***These estimated costs relate to studying this particular degree at Royal Holloway during the 2021/22 academic year, and are included as a guide. Costs, such as accommodation, food, books and other learning materials and printing etc., have not been included.

Top 10 UK Economics department

Source: THE, REF institutions ranked by subject, 2014

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