Our portfolio of postgraduate courses has been designed for the change makers of the future. From taking your first steps into business, to enhancing your financial acumen, or tackling a specialist area of management, we offer a Masters course that can help you to achieve your goals.
Global Central Banking & Financial Regulation qualification For the Change Makers
Contents
Three intake dates. Four qualification levels.
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Welcome to the Global Central Banking and Financial Regulation qualification
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Who is the programme for?
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Qualification levels
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How you’ll learn
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Your programme
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Programme structure
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Your modules
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Programme benefits
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Frequently Asked Questions
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Transforming your career
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Our faculty
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Why choose Warwick Business School?
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Application, fees & funding
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Talk to us
Welcome to the Global Central Banking and Financial Regulation qualification
Our online Global Central Banking and Financial Regulation qualification, in partnership with the Bank of England, has been designed for professionals who require a level of flexibility in order to develop their career alongside other commitments. Monetary policy and financial regulation are constantly evolving. Current issues are how to manage quantitative easing and the need for fiscal support after Covid-19, whilst suppressing the risk of any inflationary surge. This urgent need sits on top of the pressure to encourage FinTech, and find ways to utilise the insights of behavioural finance and the potential of Big Data. It is in this climate that, in partnership with the Bank of England, we have developed this programme. Built with the industry professional in mind and delivered by faculty from Warwick Business School (WBS) alongside policy experts from the Bank of England and beyond, this programme will introduce you to the latest evidence-led and practice-informed financial regulation and monetary policy, while providing practical discussion of real- world cases. By studying online around your work commitments, you will be able to take your new knowledge and skills and immediately implement them into your workplace as well as on your CV. Furthermore, due to the modular nature of the programme, with each module being award-bearing, your learning can be evidenced almost immediately and tailored to suit your own personal aspirations and development – be that gaining expertise in one particular area or a holistic view of the wider environment. So, whatever your aspirations may be, I am confident that this partnership between WBS and the Bank of England is the perfect platform from which to hone your knowledge and ultimately achieve your career goals. Dr John Thanassoulis Professor of Financial Economics, Programme Director
“We are excited to be continuing our partnership with Warwick
Business School. The exceptional
challenges presented by Covid-19 demonstrate clearly the importance of investing in and training practitioners, regulators and central bankers. Our partnership provides a unique opportunity for colleagues around the world to learn from experts in both research and practice.”
Andrew Bailey Governor of the Bank of England
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Qualification levels
Who is the programme for?
The programme This programme is suitable for professionals working in the banking, financial or related sectors who are looking to evidence their knowledge, gain insight or even change focus into central banking, commercial or retail banking, financial auditing and regulation or other related sectors. Our participants come from a range of companies and organisations within these sectors. Typical participants on this programme may include: ■ High potential candidates who are at an early stage in their professional journey and are looking to develop their career in either financial regulation or central banking ■ Those looking to challenge themselves, evidence their learning and gain new insights and knowledge while continuing to work ■ Those working in the banking industry who are looking to gain a broader perspective and understanding of the wider sector ■ Those who work in professional services (including auditing) and therefore are required to undertake, and possess a certain level of knowledge around financial regulation ■ Those working in financial auditing, regulation or law who would want to take a holistic approach to the financial environment.
Themes covered The Global Central Banking and Financial Regulation programme will focus on monetary policy, financial stability and informed regulation. It is designed to aid finance professionals in understanding and applying current learning. In addition, the course will also touch on topics such as quantitative easing, big data, FinTech, and regulation of financial conduct. Key information ■ Taught entirely online ■ Part-time ■ Ability to pick and choose individual modules ■ Taught in partnership with the Bank of England. At a glance Start dates: October, February, or June Duration: Postgraduate Award: 17 weeks, MSc: 24-36 months Format: Online, part-time Award: Awarded by the University of Warwick Programme fee for 2021/22 entry: £29,200. Individual module study is available at £3,650 per module. wbs.ac.uk/go/banking onlinemasters-info@wbs.ac.uk W E
The MSc The MSc Global Central Banking and Financial Regulation programmes is 100% online, and due to its modular nature you may choose to begin your studies in either October, February or June. The full MSc Global Central Banking and Financial Regulation consists of six 20 credit modules (from a choice of seven) and a Research Methods and Dissertation module. Each of the six modules can generate 20 credits towards the final degree. Typically, one module (excluding the Research Methods & Dissertation module) is studied across 17 weeks, culminating in an assessment. As a guide, you can expect to spend approximately 11 hours studying each week.
Shorter awards Alternatively, you may wish to initially commit to a single module, which upon successful completion will grant you a Postgraduate Award qualification in that subject. From this, you may build up to a higher qualification level such as a Postgraduate Certificate (on completion of three 20 credit modules), a Postgraduate Diploma (on completion of six 20 credit modules) or a full MSc.
Programme awards ■ Successful completion of a single module grants the participant a Postgraduate Award ■ Successful completion of three modules grants the participant a Postgraduate Certificate ■ Successful completion of six modules grants the participant a Postgraduate Diploma ■ Successful completion of seven modules
(including the Research Methods & Dissertation module) grants the participant a full MSc qualfication.
“I chose to study the programme in order to gain fluency in central banking; to be one of the best among the cadre of professional central bankers.”
Money, Banks & Macroeconomics
Financial Regulation & Supervision
Financial Markets &
The Postgraduate Certificate consists of any three of the seven taught modules.
Financial Risk Management
Akura Mugyenyi Central Banker, Bank of Uganda (current participant)
Research Methods & Dissertation
The Postgraduate Diploma consists of any six of the seven taught modules.
Behavioural Finance & Big Data
Monetary Policy & Monetary Analysis
The MSc consists of any six of the seven taught modules and the Research Methods & Dissertation module.
Comparative Central Banking
Financial Conduct, Leadership & Ethics
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How you’ll learn
my.wbs Our programme is delivered on the same bespoke online platform, my.wbs, as our Distance Learning MBA, which the Financial Times ranked 1st in the world in its Online MBA Ranking 2021, for the fourth consecutive year. Each module has a dedicated welcome page, providing you with an overview of which topics will be covered, and will feature a variety of teaching methods including lectures, guest speaker sessions, video interviews, live webinar sessions and written documents. Additionally, where modules have required reading, you will be provided with direct links through the module materials, allowing you immediate access. my.wbs is built to be compatible with any type of device, all you will need is an internet connection and an up-to-date browser to access learning materials. It is recommended that you use headphones, a microphone and a webcam to contribute to webinars. If you intend to access the programme from a workplace you should ensure that your access won’t be restricted by organisational firewalls or policies. Watch our film about my.wbs wbs.ac.uk/go/my.wbsbanking W Note: Some countries block access to certain sites (for example, YouTube) and live streaming services (for example, Skype). This could impact your ability to participate in the programme. Please contact us if you have concerns related to this. How you will be assessed Your learning will be assessed through a variety of methods. These may include online timed assessments, and individual written assignments or reports.
W
The best part of the course being so relevant is that I can immediately relate and apply what I have learnt to my job. I would definitely recommend this course to anyone who wishes to enhance their skill base. Merina Phiri Ndumba Senior Economist, Macroprudential Statistics and Data Support in the Financial Stability of the Bank of Zambia. (current participant)
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Programme structure
Module dates Participants will pick and choose from the available modules. Please note this is indicative and can be subject to change.
Modules Modules are delivered sequentially throughout the year with intakes in October, February and June. Typically one module will span a 17 week period, culminating in an assessment. As a guide you can expect to spend approximately 11 hours studying each week. Please note that the MSc can be completed in two years, but is more readily manageable in combination with a full working timetable over three years. There is flexibility in the order that the modules are studied. Once you have completed six of the seven available modules you will then be able to go on to study the Research Methods and Dissertation module.
Research Methods and Dissertation During the Research Methods portion of your module you will be equipped with the knowledge and general research tools to correctly execute a project such as a Masters dissertation. In your dissertation, you will identify and investigate a current research topic that will help to develop your theoretical and practical understanding. Key benefits ■ Immediate application – studying while working allows you to implement your new learning into your day-to-day role ■ Flexibility – the part-time and online nature of the module allows you to study around your commitments ■ Best practice – bring back to your organisation the latest tools, ideas and best practice ■ CPD – evidence your professional development with an accredited qualification ■ Bespoke – pick and mix the modules you wish to study.
4 October 2021 – 4 February 2022
7 February – 3 June 2022
6 June – 30 September 2022
Money, Banks & Macroeconomics
Monetary Policy & Monetary Analysis
Comparative Central Banking
Behavioural Finance & Big Data
Financial Regulation & Supervision
Financial Markets & Financial Risk Management
2021 – 2022
Financial Conduct, Leadership & Ethics
Research Methods & Dissertation*
Research Methods & Dissertation*
Research Methods & Dissertation*
3 October 2022 – 3 February 2023
6 February – 2 June 2023
5 June – 29 September 2023
Money, Banks & Macroeconomics
Monetary Policy & Monetary Analysis
Comparative Central Banking
Behavioural Finance & Big Data
Financial Regulation & Supervision
Financial Markets & Financial Risk Management
2022 – 2023
Financial Conduct, Leadership & Ethics
Research Methods & Dissertation*
Research Methods & Dissertation*
Research Methods & Dissertation*
Class profile*
*Research Methods & Dissertation module will run for eight months.
23 Nationalities represented
40 Average age of participants
66/34 % male/ female split
16 Average years’ work experience
*October 2020 and February 2021 intakes combined. All qualification levels.
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Comparative Central Banking
Module overview Explore and discover why central banks have different mandates, objectives, governance and operating procedures and you will gain an understanding of the scope of possible policy choices across the broad range of central bank activities. You will learn to draw comparisons between the US, Europe, Japan and EMEs (including fixed exchange rate regimes), and explore case studies on how central bank operations – to support both monetary and financial stability – evolved during the Great Financial Crisis. The Module also includes material on how central banks have responded during the Covid-19 pandemic. The module will touch on all of a central bank’s typical roles including monetary policy; financial stability; balance sheet and reserves management; market operations; banknotes; lender of last resort, supervision and regulation; and other regulatory issues such as market conduct, payments, resolution and digital currencies. Who would benefit from this module? This module would benefit those working in or with central banks who are looking to gain an fundamental understanding of the processes and how they relate to their department and the wider economy.
Key benefits ■ Gain a fundamental and holistic view of the central banking sector ■ Immediately apply the latest tools and best practice to your role ■ Immediate insight into why central banks around the world differ in their policies to the economy and to financial regulation ■ Gain a Postgraduate Award upon successful completion. Faculty On this module you will benefit from the insights of a diverse and global pool of speakers. This module is led by Paul Fisher (Former Executive Director, Bank of England) and Diarmuid Murphy (Head of Function – Banking Authorisations, Central Bank of Ireland) and features insights from a range of speakers including Sir Andrew Large, Jean- Francois Rigaudy, David Archer (BIS), Grant Spencer (former Governor of Reserve Bank of New Zealand - and one of the inventors of Inflation Targeting), Brian Wynter (Governor of Bank of Jamaica), Rudy Wytenburg, Martin Johansoon, Ruth Crowell (LBMA), Professor Bob Aliber, Tracey McDermott, Fernando Restoy, Mike Silva, Patrick Honihan (Former Governor of Central Bank of Ireland), Hirishi Nakaso (former Assistant Governor at Bank of Japan).
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Key info
■ The module will run between October 2021 and February 2022 ■ This module features a two-week induction period prior to starting.
Key topics covered During this module, you will cover the following.
Topics
Different policy regimes
Balance sheet issues
Role of central banks
Hot topics
Should banking supervision be part of a central bank?
Central banking independence, conduct regulation
Liabilities ■ Banknotes ■ Commercial bank reserves ■ Central Bank Capital Assets ■ Outright asset holdings: financial risk, political economy considerations ■ Lending/Draining: scale, term, price, frequency, etc ■ Collateral considerations: haircuts, financial stability implications
Different targets: exchange rate regimes, inflation target regimes, monetary control regimes corresponding to different nominal anchors Different instruments: interest rates, monetary control, exchange rate intervention
Foreign exchange and reserves management: Who? Why? How?
Payment systems, developments in digital currencies, financial market, infrastructure issues
Class profile*
4 Nationalities represented
38 Average age of participants
25/75 % male/ female split
14 Average years’ work experience
Challenges from the Covid-19 pandemic, disintermediation of the banking system, fintech developments
Financial Stability Operations
Operating decisions
Policy co-ordination: monetary policy vs macroprudential vs microprudential
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
*October 2020 Postgraduate Award intake.
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Behavioural Finance & Big Data
Module overview As part of the Behavioural Finance
Key benefits ■ Gain a fundamental understanding of big data ■ Understand financial market anomalies ■ Gain a Postgraduate Award upon successful completion.
Faculty On this module you will gain insights from the likes of Dr Greg Davies (Head of Behavioural Science, Oxford Risk), Eryk Walczak (Senior Research Data Scientist, Bank of England), Marianne Polman (Dutch Central Bank), Remy Jansen (Dutch Central Bank) and Brunello Rosa (CEO, Rosa & Roubini).
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
section of the module, you will develop an understanding of key deviations from rationality that have been documented in behavioural science, and learn how these deviations can affect the economy, and in particular central banks’ analyses across their macroeconomic, macroprudential and microprudential responsibilities. As part of the Big Data section of the module, you will be introduced to recent advances in data science, the basics in big data analytics and you will have the opportunity to discuss current debates on the validity of the descriptive, predictive and prescriptive claims of big data analytics. Who would benefit from this module? This module would benefit those working in financial regulation authorities, central banks as well as investment banks and rating agencies as well as those working as Asset Managers, Reserves Managers, or those involved in projects requiring due dilligence.
Key topics covered During this module, you will cover the following.
Topics
“ I recently received a promotion at work and the knowledge and skills I am gaining from the programme are invaluable for my current role and my future progression.”
Households delegate financial decisions to intermediaries. Can such delegation distort financial markets? Regression including penalised regression / regularisation: Lasso and ridge regression
What models, including prospect theory, do people use to evaluate risky situations?
Decision heuristics: How do people form expectations about future outcomes?
Key info
Eromosele Pax Alenkhe Bank Examiner, Nigeria (current participant)
k nearest neighbours (KNN) for classification and regression
Cross validation (bias-variance trade-off) and scoring, ROC curves
■ This module will run between October 2021 and February 2022 ■ This module features a two-week induction period prior to starting
Clustering, unsupervised learning, and text analysis
Artifical intelligence and neural networks
Decision trees
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Financial Conduct, Leadership & Ethics
Module overview During this module you will learn how to build an ethical leadership capacity in critical areas of banking, and in particular financial conduct. You will explore what ethics in business are, and should be, by taking an economic approach and exploring how incentives and industrial structure may alter the propensity to malpractice. You will study ethical leadership from all angles; academic, through practice and via peer learning, as well as exploring financial conduct, covering the regulatory rules and the enforcement tools available if ethics are poor. Who would benefit from this module? This module would benefit those working in central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.
Key benefits ■ Gain an insight into ethical leadership and its benefits ■ Discover tools which you can use in your own organisation ■ Understand the use and implications of enforcement tools in financial regulation ■ Understand financial market vulnerabilities ■ Gain a Postgraduate Award upon successful completion.
Key topics covered During this module, you will cover the following.
Topics
Financial Conduct
Ethical Leadership
Ethics
Insights from the Fair and Effective Markets Review
Values based leadership and morality
What are business ethics and the differing approaches? What leaders can do to ensure their own organisation’s ethics Competition and ethical behaviour, including its interaction with the law
Mis-selling and consumer protection
Creating an ethical corporate culture
Anti-money laundering and anti-insider dealing
Ethical leadership across societies
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
Class profile*
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Faculty On this module you will gain insights from the likes of Mark Yallop (Chairman of the FICC Markets & Standards Board), Anna Jernova and Orlando Fernandez-Ruiz (Bank of England Prudential Policy Directorate), Professor Joshua Greene (Harvard University) and Nick Van Benschoten (UK Finance).
Key info
1 Nationalities represented
46 Average age of participants
57/43 % male/ female split
21 Average years’ work experience
■ The module will run between October 2021 and February 2022 ■ This module features a two-week induction period prior to starting
*February 2021 Postgraduate Award intake
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Money, Banks & Macroeconomics
Module overview The Money, Banks & Macroeconomics module provides a rigorous discussion of the role of money, banks and other financial institutions in a modern economy. You will study the fragilities in fractional reserve banking, the role of the central bank, and the weaknesses caused by the shadow banking sector. Throughout this short module, you will also explore the causes of historic bank failures and systemic crises, and you will learn the analytical tools used in macroeconomics to understand the role of monetary policy in the macroeconomy. Who would benefit from this module? This module would benefit those working in financial regulation authorities, central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers as well as anyone who is involved in projects requiring due dilligence.
Key benefits ■ Gain a broad understanding of the wider context in which financial institutions operate ■ Learn to use analytical tools from macroeconomics to understand the role of monetary policy in the macroeconomy. ■ Gain a Postgraduate Award upon successful completion.
Faculty This module features insights from Andy Haldane (Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England), David Walker (International Association of Deposit Insurers Secretary General), Professor Jean-Charles Rochet (University of Geneva), John Barrdear (Senior Research Economist, Monetary Assessment and Strategy Division, Bank of England), and Riccardo Masalo (Senior Economist, Monetary Analysis Division, Bank of England). Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Key topics covered During this module, you will cover the following.
Topics
Stylised facts on financial crises and procyclicality of credit
The three-equation model in the open economy
Importance and size of insurance market
Parity conditions and exchange rate overshooting
Macroeconomic implications and procyclicality
Money, its origins and the source of its value, and Fractional reserve banking Financial system: an overview and its functions in financing and risk-sharing Lender of last resort and rationales for deposit insurance
Financial contagion across the interbank network Amplification of shocks and so systemic risk
The trade balance and the balance of payments constraint Monetary policy making in the three-equation model
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
Key info
■ The module will run between February 2022 and June 2022 ■ This module features a two-week induction period prior to starting.
Class profile*
2 Nationalities represented
44 Average age of participants
65/35 % male/ female split
20 Average years’ work experience
*February 2021 Postgraduate Award intake.
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Financial Markets & Financial Risk Management
Faculty On this module you will learn from and interact with a range of academic and practitioners which includes: Arie Gozluklu, Associate Professor at WBS, whose work focuses on asset pricing and financial markets as well as international finance as well as Professor Phillippe Mueller of Warwick Business School, and Konstantina Drakouli, Head of Risk, Fixed Income at the Jefferies Group and formerly of Citigroup, Barclays Capital and UBS. Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Module overview In this module you will cover the fundamental concepts of international finance, emphasising the operation of the spot and derivative securities in international markets. The module considers the management of foreign exchange risk for multinationals and studies financial instruments as well as regulatory aspects. The module covers international banking and the stability of global financial system. The module also covers financial risk management in banks and insurers. The module introduces the necessary tools to managed the main risk categories such as, market or credit risk. As well as highlighting important commonalities and differences in risks and risk management frameworks between the banking and insurance sector.
Who would benefit from this module? This module would benefit those working in central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.
Key benefits ■ Gain a fundamental understanding of international markets
■ Understand similarities and differences between the banking and insurance sectors ■ Understand the similarities and differences in risk management frameworks ■ Gain a Postgraduate Award upon successful completion.
Key topics covered During this module, you will cover the following.
Topics
Measuring VaR and expected shortfall
Measuring economic capital for market risk assessment
Historical simulation of VaR and expected shortfall Foreign exchange risk for multinational firms (strategies and instruments) Economic and regulatory capital planning for banks and insurers
Controlling market risk through asset and liability management (ALM)
Market risk including interest rate risk, equity risk, foreign exchange risk
International investment (speculative strategies, country risk, cross-listing)
International banking (wholesale banking, banking crises, regulatory capital)
Key info
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
■ The module will run between February 2022 and June 2022. ■ This module features a two-week induction period prior to starting.
Class profile*
2 Nationalities represented
35 Average age of participants
80/20 % male/ female split
11 Average years’ work experience
*February 2021 Postgraduate Award intake.
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Monetary Policy & Monetary Analysis
Faculty In the Monetary Policy & Monetary Analysis module you will hear from a range of speakers including Andy Haldane (Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England), James Bell (Executive Director for Communication, and formed Director for Monetary Analysis, Bank of England), Michael Joyce (Adviser in the Macro Financial Analysis Division, Bank of England), Silvia Miranda-Agrippino (Senior Research Economist in Monetary Analysis, Bank of England) and Paul Fisher (former Executive Director, Bank of England).
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Module overview The Monetary Policy & Monetary Analysis module allows you to investigate the analytical and empirical tools available from macroeconomics and econometrics to understand the role of monetary policy and how it is implemented. The module emphasises the interaction between the financial system and the macroeconomy; and critiques post Global Financial Crisis policy responses. You will cover topics including Optimal Inflation targeting; Quantitative Easing; the credit cycle; global financial imbalances; and unconventional monetary policy making in practice. Through these topics, you will learn the use of basic econometric tools for monetary policy such as the linear regression model; basic time series models; vector auto regression and forecasting in monetary policy. Who would benefit from this module? This module would benefit those working in central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.
Key benefits ■ Learn the use of basic econometric tools ■ Understand how and why specific monetary policy is implemented ■ Understand the effects of quantitative easing and use of negative interest rates ■ Gain a Postgraduate Award upon successful completion.
Key info
■ This module will run between June 2022 and October 2022. ■ This module features a two-week induction period prior to starting.
Key topics covered During this module, you will cover the following.
Topics
Linear regression model
The credit cycle, asset prices bubbles, financial intermediation and the macroeconomy
The three-equation model, including the role of expectations and the exchange rate
Basic time series models
Optimal inflation targeting
Monetary policy interactions with financial stability Unconventional monetary policy making in practice
Quantitative Easing
Vector autoregression
Empirical evidence on the effects of quantitative easing
The financial crisis: causes and policy intervention
Forecasting in monetary policy
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
“The course was relevant to my day-to-day work so its applicability was an important factor. My role involves a lot of travelling and it’s very important to be flexible. It’s a programme that brings additional content to my role and makes me grow in my career but it also provides the flexibility that I need to make it possible.”
Class profile*
Frederico Barros Diniz MSc Global Central Banking
3 Nationalities represented
36 Average age of participants
67/33 % male/ female split
18 Average years’ work experience
& Financial Regulation (Current participant)
*June 2020 Postgraduate Award intake
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Financial Regulation & Supervision
Module overview The Financial Regulation & Supervision module allows you to study the rationale behind financial regulation and supervision: what are the market failures regulators are addressing, and through the use of which tools. Structured around critical, policy relevant, questions in financial regulation which have seen scholarly study you will discover the benefits of narrow banking; the threat of competition to financial stability; managing the tension between deposit insurance and moral hazard; too-big-to-fail; remuneration and incentives; and resolution challenges. Who would benefit from this module? This module would benefit those working in financial regulation authorities, central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers as well as anyone who is involved in projects requiring due dilligence.
Key benefits ■ Understand the rationale behind financial regulation and supervision decisions ■ Understand the wider implications of banking behaviour ■ Gain an introduction to VaR ■ Identify which elements of financial regulation are controversial ■ Gain a Postgraduate Award upon successful completion.
Key topics covered During this module, you will cover the following.
Topics
Too Big To Fail, moral hazard and deposit insurance
Universal Banking, ICB, Ring-fencing
Competition and financial stability
Banking supervision and the law: judgement vs rules
Theoretical weaknesses of universal banking and of narrow banking
Remuneration including regulatory principles, bonus cap distortions and clawback and malus
Basel III and the Leverage ratchet
Optimal Deposit Insurance and IADI principles
Risk-shifting and financial crisis
VaR and Risk weights
Shadow banking and securitisation
FinTech
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
Faculty Through studying Financial Regulation & Supervision you will hear from a range of speakers including Thorsten Beck (Economist), David Walker, Sam Woods (Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority), Simon Gleeson (Partner, Clifford Chance), Paul Fisher, Martin Taylor (Chairman of the RTL Group), Arzu Uluc (Research Manager, Bank of England), Lyndon Nelson (Deputy CEO of the Prudential Regulation Authority), Simon Hall, Derek Nesbitt (Technical Head of Division, Prudential Policy Directorate, Bank of England), Rhiannon Sowerbutts (Senior Economist in the Macroprudential Strategy and Support Division, Bank of England) and Vicky Saporta (Executive Director of Prudential Policy Directorate, Bank of England).
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Key info
■ This module will run between June 2022 and October 2022 ■ This module features a two-week induction period prior to starting.
Class profile*
1 Nationalities represented
37 Average age of participants
100/0 % male/ female split
8 Average years’ work experience
*June 2020 Postgraduate Award intake
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Our faculty One way in which this programme differentiates itself is through the breadth and expertise of our faculty and guest speakers. Our faculty of research and teaching academics are constantly striving for excellence in everything they do, from the latest ground-breaking research impacting society, to inspiring our students. In addition, on each module you will hear from senior level industry practitioners, giving you the benefit of their years of experience and knowledge. Key contributors on this programme include:
The Warwick community In addition, the programme also features insights and contributions from a range of industry professionals including: ■ Ruth Crowell, Chief Executive at the London Bullion Market Association ■ Ben Funnell, Portfolio Manager, Man Group ■ Andy Haldane, Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England ■ Tracey McDermott, CBE., Head of corporate, public and regulatory affairs at Standard Chartered ■ Hirishi Nakaso, Former Assistant Governor at Bank of Japan (Deputy Governor equivalent) ■ Francesco Papadia, Former Director General for Market Operations at the European Central Bank ■ Michael F Silva, Chief Compliance Officer Americas for UBS ■ Dr Grant Spencer, Former Governor at Reserve Bank of New Zealand ■ Bryan Winter, Governor at Bank of Jamaica ■ Bill Winters, CEO at Standard Chartered ■ Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority ■ Mark Yallop, Chairman of the FICC Markets Standards Board Limited.
Diarmuid Murphy Banking Authorisations, Advisory, and Crisis Management at the Central Bank of Ireland
Ana Galvao Professor of Economic Modelling and Forecasting, Warwick Business School
Paul Fisher Former Executive Director, Bank of England
Jean-Charles Rochet Professor, University of Geneva
John Thanassoulis Professor of Financial Economics, Warwick Business School
John was educated at both Oxford and Cambridge, studying Mathematics followed by Economics, and remains an Associate Member of the Oxford-Man Institute. He is a Panel Member for the UK Competition and Markets Authority and a CEPR research fellow. He has also held previous posts as a Non-Executive Director of OXIP: Oxford Investment Partners and was a tenured University Lecturer at the Department of Economics, University of Oxford and the Heyman-Moritz Student (Fellow) of Economics at Christ Church.
Jean-Charles is a Swiss Finance Institute professor of banking at Geneva University and a research associate at Zurich University and Toulouse School of Economics. He holds a PhD in Mathematical Economics from Paris University and he has also taught at the London School of Economics. He was President of the Econometric Society in 2012 and has been a Fellow of this society since 1995. Jean has published more than 80 articles in international scientific journals and seven books. His research interests
Diarmuid was a central figure in the Central Bank of Ireland’s (CBI) response to the Irish financial crisis and prior to this he spent some time working at the ECB in Frankfurt. More recently, Diarmuid spent several years at the International Monetary Fund where he focused on shaping post-crisis international policy through a combination of country surveillance, technical assistance, and publications. Diarmuid also spent a period of time working at the Bank for International Settlements in Basel. Now back at the CBI, Diarmuid currently leads the retail banking authorisations and banking crisis management teams.
Ana was the principal investigator of a funded research project on “Economic Forecasting under Macroeconomic Uncertainty” and since April 2017 has been working on the ONS-funded project “Measuring and Communicating Data Uncertainty”. Ana is currently Associate Editor of the International Journal of Forecasting and Economic Modelling and a member of the WBS Forecasting System team. Her teaching includes a postgraduate course in economics and business forecasting with emphasis on decision-making under uncertainty.
Paul is a British economist who worked for the Bank of England for 26 years, holding senior positions including Executive Director for Markets and Deputy Head of the Prudential Regulation Authority (PRA). He was a member of the Monetary Policy Committee, the interim Financial Policy Committee and the PRA Board. He now has a portfolio of roles, including as an Advisor to CCBS. Other current affiliations include: Chair of the London Bullion Market Association; Nonexecutive director, UK Debt Management Office; Fellow, Cambridge Institute for Sustainability Leadership.
include banking, financial stability, industrial organisation of financial markets, and contract theory.
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Programme benefits
The Warwick community Once you are studying with us, you can also join our professional networks that bring together students, graduates and our faculty to explore industry practice and the latest research in specific industry areas. In addition to this, you will have access to a range of online career services and resources. Once you graduate, you will be joining the Warwick Business School global alumni community, a network of 53,000 graduates and students in 167 countries.
By studying this programme with Warwick Business School in partnership with the Bank of England, you and your employer will benefit from: ■ Focused expertise The modular structure of the programme allows you to focus on individual topics, building up your knowledge in the area. ■ Flexible 24/7 learning Taught entirely online, this programme allows you the flexibility to study at a time and place that suits you. ■ Immediate application Continuing to work while studying allows you to immediately apply your new learning and problem-solving ability to your day-to-day work. ■ Practical insight Research-led teaching and Practitioner involvement ensures that what you learn is relevant for the practicalities of the real-world. See the Faculty page for more information. ■ Global connections Benefit from being part of a global network, developing your professional connections and understanding of different work cultures. ■ Best practice
“The structure of the modules and the reputation of the participants immediately captured my attention
and motivated me to join the course.”
Manos Terzis, Head of the Financial Risk Management section at Banque Centrale du Luxembourg (current participant)
You will bring back to your organisation many proven tools, ideas and best practice, which can be implemented immediately.
I can already see how this course enriches and complements my legal skills and I look forward to becoming a complete central banker, being able to easily shift from the legal expert to the economic expert. Valentina Rusu Lawyer, Bank of Moldova (current participant)
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Frequently Asked Questions We have compiled a selection of our most frequently asked questions but if you have a specific enquiry you can contact us by email at onlinemasters-info@wbs.ac.uk
Transforming your career
Do I have to complete a video interview as part of the application process?
Yes, your video interview (SONRU) is used by our selection committee to make an informed decision regarding your application. It is understandable that applicants may feel a little nervous about the process as it is different from your normal face-to- face interview but you can use the practice questions prior to completing the interview to allow yourself to familiarise yourself with the format. You will be provided with a detailed email containing instructions on how to use the software. We also run regular online events throughout the year offering hints and tips on how to make the most of your interview.
“What attracted me was the practicalities of the subjects, which I have found useful when liaising with colleagues in the Central Bank.” Neil Scully Associate Director, QFC Regulatory Authority (current particpant)
To ensure you achieve your full potential, our CareersPlus team will support you throughout your time with us. By studying this programme with Warwick Business School in partnership with the Bank of England you will have access to a range of online career services and resources free of charge including: ■ WBS CareersPlus website, packed with resources covering all aspects of career development ■ Online interview simulation via Sonru ■ Pay Negotiation video workshop ■ Skills based webinars covering topics such as “Presenting to the Board” and “Dealing with Politics in the Workplace” ■ VMock CV preparation platform A range of additional career services and resources will also be made available to you at an additional cost. Please visit the website for more information.
What is the eligibility criteria for the programme?
Candidates must possess previous relevant work experience within the banking, financial or relevant sector. Typically, candidates will have an upper second-class honours degree at undergraduate level from a UK university or the equivalent from an overseas university. However, applications are welcomed from candidates who do not have a degree and are wanting to studying with us, in this case we would be looking at your work experience to ensure that you will be comfortable enough with the terminology used and concepts. If you are still unsure, we offer a full CV review and would encourage any applicant who is interested in the MSc or modules to forward their CV to onlinemasters-info@wbs.ac.uk for a suitability review.
How long does it take to hear back fromWBS?
Typically, we aim to reply to all candidates within four weeks of your application submission. If there are any delays your dedicated Coordinator will inform you. All applications are reviewed by our selection committee.
What is it like studying online?
My.wbs is extremely interactive platform which has been designed in-house by WBS. The best way to describe it is like being a part of an online community. It is a fantastic way to be able to work and apply your learning directly to your current role in order to ensure maximum impact. In terms of each module, we estimate that students will require 11 hours of studying per week, however this can vary greatly. The materials are accessible from the beginning of the module so that you may study at your own pace. There is an online community, which is a great opportunity for you to network with your fellow students, as well as three webinars via our online learning platform, wbs.live, these are live tutorials for each module.
What scholarships do you offer?
Overview of careers support
Career Management Module – 16 lesson online course Networking events
Skill Masterclasses & webinars Professional Interest groups Online resources
Induction
Ongoing support
Alumni support
We have scholarship funding available to candidates admitted onto the full MSc. These are worth up to 25%. The deadline for scholarship application is set as the first application deadline for your start date. We will still consider scholarship applications received after this date, but would strongly encourage an early application. Scholarships are awarded on an ongoing basis, so candidates who apply early will have a stronger chance of being successful. Scholarship are extremely competitive and you will need to provide a 300-word written statement outlining why you believe you should be awarded a scholarship.
& webinars 1:1 Career Consultation
Building your network
Information and online resources
Coaching and career consultation
Recruiter Events and Opportunities
myAdvantage portal Self assessment tools* Interview simulation Going Global Workmaze guides Pay negotiation WBS Careers website & resource library 16 lesson On-line Career Management module VMock CV preparation platform
Streamed Recruiter and Sector overview presentations Case study competitions Practitioner lectures Job postings via myAdvantage
Professional Interest Network Events & Webinars Linked in groups and discussion forums
One free consultation Additional consultations with WBS Careers Manager booked via CareersPlus shop* Sector specialists WBS Global Mentoring Programme*
How many years can I complete the course over?
Are there any live teaching sessions?
Change Maker series & other face to face networking events
The course is structured so that you can complete within three years, however, if you wish you may study two modules at once and complete within two years. Your dedicated programmes team will be able to offer support in terms of the best options if you are wanting to shorten the duration to ensure you are still getting the maximum learning experience out of the MSc.
Typically there are four wbs.live webinars, which are live tutorials within each module, so you will have the opportunity to engage in live teaching sessions on the programme. This is also a great opportunity for you to network and engage with your peers on the programme, and will be given the chance to ask questions and offer support and guidance to one another.
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*additional fees apply
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