Surrey University Stag

FIXED INCOME INVESTMENTS - 2023/4

Module code: MANM324

Module Overview

The module provides a systematic approach to analyzing and valuing various types of fixed income securities. It encompasses the principles and practice of valuation of Treasury securities and corporate bonds, and factors affecting bond prices.

Module provider

Surrey Business School

Module Leader

VELEANU Veronica (SBS)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

JACs code: N321

Module cap (Maximum number of students): N/A

Overall student workload

Independent Learning Hours: 80

Lecture Hours: 20

Seminar Hours: 10

Guided Learning: 20

Captured Content: 20

Module Availability

Semester 1

Prerequisites / Co-requisites

None.

Module content

Indicative content includes:


  • Overview of Fixed Income Investment

  • Treasury Securities and Corporate Bonds

  • Pricing of Bonds

  • Bond Pricing Volatility

  • Measuring Yield

  • Factors Affecting Bond Yields


Assessment pattern

Assessment type Unit of assessment Weighting
Practical based assessment ONLINE BLOOMBERG E-LEARNING ASSESSMENT 10
Online Scheduled Summative Class Test ONLINE 50-MIN MID-TERM CLASS TEST 30
Examination Online ONLINE 1.5 HOURS FINAL EXAM 60

Alternative Assessment

Not applicable.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate:

The assessments are designed to assess the student’s ability to distinguish, value and analyse the various types of fixed income instruments.

Thus, the summative assessment for this module consists of:


  • Bloomberg Market Concepts Online e-learning course to be completed as advised by module leader.

  • A timed online class test will be held during the mid-term class test week as timetabled.

  • An online final exam will be held during the exam period as timetabled.



Formative assessment


  • Online quizzes (MCQs) are provided to further develop and assess students’ understanding in all topics covered.

  • The tutorials provide an additional opportunity for students to develop their communication skills and gauge their progress.

  • Suggested solutions to weekly seminar questions



Feedback


  • Informal advice and discussion during lectures, activities, seminars and student feedback and consultation hours; timely response to student emails and questions prior to submission of class test and the exam.

  • Individual one-to-one feedback on the mid-term class test


Module aims

  • The types, characteristics, and structure of fixed income instruments and markets
  • How to value different types of fixed income instruments
  • To identify and assess risks associated with different types of bond investments

Learning outcomes

Attributes Developed
001 Evaluate how different securities are priced and the factors affecting risk and return on these securities. KCPT
002 Calculate and make sound analytical judgements on the value of fixed income securities. KCPT
003 Critically assess the opportunities provided by different types of fixed income securities using the appropriate methods of analysis. KCPT
004 Analyse a range of valuation methodologies and comparative and relative valuation techniques. KCPT
005 Use Bloomberg as an investment tool and complete the Bloomberg Market Concepts certification. KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


  • Develop students’ knowledge of fixed income markets and their analysis of fixed income securities, both sovereign and corporate using a range of theoretical approaches

  • Engage students from diverse learning and educational backgrounds to enhance the learning environment by drawing on personal and shared experiences and knowledge

  • Develop students’ cultural awareness, digital literacy, confidence and competence in working with others, leadership, communication skills, employability, and professionalism



The teaching and learning methods include lectures, tutorials, independent learning, and self-reflection. Specifically, the lectures (pre-recorded material as well as in-person lecture) intend to introduce theories with support materials and reinforcement covering the topics in the above. During tutorials, students will undertake interactive exercises, such as numerical and discussion-based exercises in order to demonstrate the application of theory, team-working, professionalism, confidence, and communication skills. It is expected that students will conduct wide readings, work with peers, individual research, and reflective review in their independent learning. Formative feedback will be provided to students during these interactive sessions.

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: MANM324

Other information

Employability: The module includes a variety of authentic assessments which are aimed at developing transferable skills such as analytical, problem-solving, communication, interpersonal and professional skills, which are essential in a financial industry job. The module also embeds Bloomberg as a teaching and data analysis tool and the Bloomberg Market Concepts (BMC) certification. The module is part of the CFA Institute University Affiliation Programme which embeds elements of the CFA Institute Level 1 and 2 in our curriculum, providing students with a highly competitive edge in the job market.

Global and Cultural Capabilities: The module is taught using an interactive and inclusive approach, encouraging discussions and a questioning attitude. The student cohort spans across diverse backgrounds and nationalities, and students develop the ability to work together applying theoretical concepts to current topical world economy and financial industry issues, broadening their perspectives and interpretations.

Digital Capabilities:  Throughout the module students learn to navigate and utilise the Virtual Learning Environment, SurreyLearn, and other communication platforms such as Zoom, Teams, as well as a variety of data processing and programming software such as Excel, Mathematica, Matlab, Python, Stata (which are extensively used nowadays in the financial industry), and international data platforms such as Bloomberg and DataStream.

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Investment Management MSc 1 Compulsory A weighted aggregate mark of 50% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2023/4 academic year.