MRes/PhD in Finance

Programme codes: TMRESFI1 (MRes Route 1)
TMRESFI2 (MRes Route 2)
RPFI2 (PhD)

Department: Finance

Guidelines for interpreting programme regulations
Classification scheme for the award of a taught master's degree (five units) - Route 1
Classification scheme for the award of a taught master's degree (four units) - Route 2
Exam sub-board local rules

In addition to progressing with their research, students are expected to take the listed training and transferable skills courses. Students may take courses in addition to those listed, and should discuss this with their supervisor.

Students will take either Route 1 or Route 2 (depending on their previous master's qualification) as detailed below.

Route 1

Students who have not completed the MSc Finance and Economics (research) at LSE or an equivalent programme elsewhere.

Route 1 students are required to attend EC400, the September Introductory Course before commencing the MRes/PhD programme.

Year 1 Training courses: Compulsory (examined)

1. EC441 Microeconomics for MRes Students
2. EC442 Macroeconomics for MRes Students
3. FM481 Financial Econometrics for Research Students

Transferable skills courses: Compulsory (not examined)

A. FM436 Financial Economics
B. Capital Markets Workshop

Optional (not examined)

C. MY592 Workshop in Information Literacy: finding, managing and organising published research and data
D. Any relevant seminars in related areas.

Year 2 Training courses: Compulsory (examined)

4. FM502 Corporate Finance for Research Students
5. FM503 Asset Pricing for Research Students
6. FM482 Research Paper in Finance (6,000 - 8,000 words in length)

Transferable skills courses: Compulsory (not examined)

A. FM505 PhD Seminar in Finance. Presentation requirements: Students are required to do an FM505 seminar presentation in the second year.
B. Capital Markets Workshop

Optional (not examined)

C. Any relevant seminars in related areas

Year 3 (if upgraded to PhD) Training courses: Compulsory (examined)

7. FM505 PhD Seminar in Finance
Students need to pass Paper 7 with a mark of 65% or higher.

Transferable skills courses: Compulsory (not examined)

A. Capital Markets Workshop

Progression and upgrade requirements

In order to progress unconditionally from the first to the second year of MRes registration students are required to achieve pass marks of 50% or higher in papers 1, 2 and 3. Students who do not attain this standard may proceed to the second year with up to two resit papers, only with the permission of the MRes Programme Director, with the restriction that they can sit a maximum of four exams in year 2, which must be the two resits, either paper 4 or 5, and paper 6.

Award of the MRes in Finance

The award and classification of the MRes degree is consistent with the School's Scheme for the Award of a five-unit Taught Masters Degree. Students are required to achieve a pass mark of 50% in 5 of full-unit papers, which must include Paper 6 (Research paper) and four papers from Papers 1, 2, 3, 4, and 5. One failed paper (but not a bad fail of 29% or less) can be compensated by a mark of 55% or higher in another paper.

Progression to PhD registration

For PhD registration students are required to achieve marks of 50% or higher in Papers 1, 2, and 3, marks of 60% or higher in papers 4 and 5 and a mark of 65% or higher in Paper 6.

Students missing the overall progression requirement by one paper are permitted to progress to PhD registration, but will subsequently need to re-sit and pass the paper to the necessary standard to continue their PhD registration. Students missing the progression requirement by more than one paper are required to pass those papers to the necessary standard before PhD registration can be permitted.

Throughout the coursework portion of the MRes or MRes/PhD programme, students failing a paper or missing a progression mark will have to retake that paper within one year of the original examination. Students can resit each paper only once. Students registered for the PhD remain subject to the relevant MRes regulations for any courses or examinations they are completing. Students who have been permitted to progress onto the PhD without satisfying the complete progression standard will have their PhD registration discontinued if they fail to reach this standard at re-sit.

Route 2

Students who have taken the MSc Finance and Economics (Research) programme at LSE or equivalent from another institution may enter onto Route 2 of the programme (this will have been subject to the approval of the Programme Director).

Year 1 Training courses: Compulsory (examined)

1. EC441 Microeconomics for MRes Students
2. FM502 Corporate Finance for Research Students
3. FM503 Asset Pricing for Research Students
4. FM482 Research Paper in Finance (6,000 - 8,000 words in length)

Transferable skills courses: Compulsory (not examined)

A. FM505 PhD Seminar in Finance
B. Capital Markets Workshop

Year 2 (if upgraded to PhD) Training courses: Compulsory (examined)

5. FM505 PhD Seminar in Finance. Presentation requirements: Students are required to do a seminar presentation in the second year.
6. EC442 Macroeconomics for MRes Students or another full unit course approved by the PhD Director.

Students need to pass paper 5 with a mark of 65% or higher and Paper 6 with a mark of 50% or higher.

Transferable skills courses: Compulsory (not examined)

A. Capital Markets Workshop

Award of the MRes in Finance

The award and classification of the MRes degree is consistent with the School's Scheme for the Award of a four-unit Taught Master's Degree. Students are required to achieve a pass mark of 50% in Papers 1, 2, 3 and 4. One failed paper (but not a bad fail of 29% or less) can be compensated by a mark of 55% or higher in another paper.

Progression to PhD registration

For PhD registration students are required to achieve a mark of 50% of higher in Paper 1 and marks of 60% or higher in Papers 2 and 3, and a mark of 65% or higher in Paper 4.

Award of the PhD in Finance

Award of the PhD is contingent on meeting the progression requirements for the PhD, passing FM505 with a mark of 65% or higher, and on the completion and defence of an original research thesis, in accordance with LSE regulations.

Note for prospective students:
For changes to graduate course and programme information for the next academic session, please see the graduate summary page for prospective students. Changes to course and programme information for future academic sessions can be found on the graduate summary page for future students.