Accounting and Finance
BSc (Hons)

You will learn from leading academic researchers and expert practitioners in finance, investing and accounting. The degree provides the perfect blend of theory and practice, taking you to the heart of key questions around the nature of business performance, price/earnings ratios, accountancy skills, investment strategies and case studies.

Throughout your degree, we encourage you to pursue your interests, develop your strengths, and move towards your ideal career. To enable that, this degree programme is highly flexible, letting you specialise your studies based on your strengths and interests.

In your first year, you’ll study accounting and finance using real-world data from actual companies. You will also discover more about economic issues such as inflation, costs and pricing. You will also get advice on how to build your CV.

Second year core subjects include accounting information systems and auditing, financial accounting, risk, corporate finance and management accounting for business decisions.

Your third year builds on this knowledge with advanced modules such as advanced management accounting and International Financial and Risk Management.

At the end of your time with us, you will be equipped to work in the fields of finance and accounting, and be ready to progress your studies with further, required professional examinations. Lancaster University graduates have gone on to work for Big Four accounting firms, international consulting firms, blue-chip corporations, and global banks and hedge funds.

Programme structure: We continually review and enhance our curriculum to ensure we are delivering the best possible learning experience, and to make sure that the subject knowledge and transferable skills you develop will prepare you for your future. The University will make every reasonable effort to offer programmes and modules as advertised. In some cases, changes may be necessary and may result in new modules or some modules and combinations being unavailable. Not all optional modules are available every year.

Introduction to Accounting and Finance

In this module, you will be introduced to the core concepts and techniques of Accounting and Finance, spanning financial accounting, managerial finance, and financial statement analysis. Working with real-world financial data from actual companies, you will gain exposure to the business and financial environment within which the discipline operates. You will develop both the interpretive and technical skills relating to the external financial reporting of companies and their relationship to the stock market, as well as an understanding of how accounting information is used for internal management purposes.
By the end of this module, you will be able to:

• Appreciate the distinction between internal and external reporting and the demands of different users of external financial information
• Analyse and record basic transactions using double entry bookkeeping and prepare basic balance sheets and profit and loss accounts
• Understand how financial markets work and appreciate the importance of financial management
• Use financial models to make decisions between competing investments
• Apply a range of techniques to interpret and analyse a set of financial statements

Quantitative Methods for Accounting and Finance

In this module, you will develop solid foundations in the mathematical and statistical concepts that underpin many of the key techniques used in Accounting and Finance, including discounting, compounding, portfolio selection, sensitivity analysis, and valuation. Working within the context of problem solving in Accounting and Finance, you will build skills in basic algebra, calculus, and statistics. The module also introduces financial markets, their organisation and trading, and the management of finance in a digital world.
By the end of this module, you will be able to:

• Demonstrate knowledge and understanding of basic quantitative techniques in Accounting and Finance, drawing on concepts from algebra and calculus
• Solve accounting and financial problems using appropriate mathematical techniques
• Interpret financial data using appropriate statistical tools
• Explain how financial markets operate and how finance is managed in a digital world

Professional Skills

In this module, you will undertake a personal skills audit and develop a detailed understanding of yourself in terms of personality, skills, goals, interests, and career ideas. You will explore organisational recruitment processes, including what employers are looking for, the nature of transferable skills and how these can be developed, and how organisations select and train people. The module will also support you in developing the core soft skills and practical competencies sought by graduate employers in Accounting and Finance.
By the end of this module, you will have:

• Developed a greater awareness of the importance of career planning in Accounting and Finance, including an understanding of the timescales involved in graduate job hunting
• Extended your reflective approach to learning and development into career planning
• Discussed career interests and opportunities with relevant employers
• Learned how to construct an effective CV, complete application forms, prepare for online tests, and prepare for assessment centres
• Practised employability skills in a classroom environment

Principles of Economics B

In this module, you will be introduced to the discipline of economics, gaining a descriptive and analytical overview of how a modern economy functions at both the microeconomic level of firms and individuals and at the macroeconomic level, where aggregates such as national income, unemployment, and inflation are the focus of attention.
By the end of this module, you will be able to:

• Demonstrate knowledge and understanding of analytical methods, both theory and model based
• Apply a range of modelling frameworks to the analysis of public, corporate, and commercial policy problems
• Assess the relevance of different theoretical approaches to public policy and business problems

Programme structure: We continually review and enhance our curriculum to ensure we are delivering the best possible learning experience, and to make sure that the subject knowledge and transferable skills you develop will prepare you for your future. The University will make every reasonable effort to offer programmes and modules as advertised. In some cases, changes may be necessary and may result in new modules or some modules and combinations being unavailable. Not all optional modules are available every year.

Accounting Information Systems and Auditing

In this module, you will gain an overview of the design and main features of accounting information systems (AIS), exploring the methods organisations use to meet the financial information needs of both external parties and management. You will examine the systems used for collecting, recording, and storing transaction data, the role of internal controls, and the principles of effective AIS design. The module also introduces you to auditing, covering the regulatory framework, audit planning, systems auditing, and substantive testing.
By the end of this module, you will be able to:

• Identify and articulate the key elements of an accounting information system
• Document an AIS using flowcharts
• Understand and appraise the main design features of an AIS and how these features support the correct and appropriate recording of accounting information
• Appreciate the role of information technology in the financial accounting function
• Identify the business cycles within an organisation and understand how an AIS serves those cycles
• Identify and evaluate the risks associated with growing organisational dependence on information technology
• Demonstrate awareness of the basic techniques used in the conduct of an audit and understand how an audit works in practice

Principles of Financial Accounting

In this module, you will examine the main features of financial reporting by companies, including the regulatory requirements and conceptual bases associated with these, with particular attention to the International Financial Reporting Standards (IFRS). You will engage with both practitioner and academic literature on financial reporting, devoting time to problem areas and specific reporting topics of current interest and concern. By the end of this module, you will be able to:

• Demonstrate awareness of the accounting methods available and, drawing on underlying concepts, analyse why particular methods may be more appropriate than the alternatives in given reporting situations
• Identify the key requirements of International Accounting and Financial Reporting Standards relating to the specific issues covered in the module
• Apply accounting reporting principles and techniques appropriate to a range of specific situations examined in the module
• Understand how accounting information fits into the financial environment and financial markets in which companies operate, and appreciate the limitations of such information

Management Accounting for Business Decisions

In this module, you will be introduced to the use of management accounting information for management purposes. You will examine cost-volume profit analysis, the concepts of direct and indirect costs, and a range of costing methods. You will also explore the importance of budgets to organisations and their impact on performance.
By the end of this module, you will be able to:

• Describe the role of management accounting in an organisation
• Identify different elements of cost behaviour and explain their implications for decision making
• Apply management accounting techniques including budgeting and activity-based costing
• Understand the potential motivational and organisational effects of management accounting and accounting systems

Principles of Finance

In this module, you will explore the theory and practice of financial decision making, developing the skills to address the practical financial problems that both firms and individuals are likely to confront. You will cover the fundamentals of project evaluation, examine the notion of risk and its role in investment decisions, explore the methods used to manage risk, and consider how firms raise funds to undertake their investments.
By the end of this module, you will be able to:

• Assess investment projects using capital budgeting techniques and understand the challenges associated with applying such techniques in practice
• Understand the relationship between risk and required return and interpret the capital asset pricing model
• Understand the concept and practical implications of market efficiency and provide both rational and behavioural explanations of selected market anomalies
• Interpret the determinants of a firm’s capital structure choice and payout policy
• Demonstrate a basic understanding of futures and forwards contracts and the payoffs of simple options

Marketing Fundamentals

In this module, you will develop an understanding of the conceptual and descriptive language of marketing and its application within a business and management context. gy. The module also introduces a range of specialist topics including marketing research, services marketing, retailing, industrial marketing, and international marketing.
By the end of this module, you will be able to:

• Explain the key components of the marketing system and the relationships between them
• Analyse buying behaviour and identify and evaluate market opportunities
• Apply the principles of market segmentation and the marketing mix to develop a marketing strategy

Microeconomic Analysis

In this module, you will be introduced to key aspects of consumer and firm behaviour, bridging the gap between the theoretical foundations of microeconomics and their practical applications. You will explore how core microeconomic concepts underpin decision-making by consumers and firms across a range of market structures and contexts.
By the end of this module, you will be able to:

• Demonstrate knowledge and understanding of how key concepts from microeconomic theory underpin consumer and firm decision-making
• Analyse consumer choice and the factors that shape it
  Evaluate firm behaviour under differing market structures
• Explain the concept of general equilibrium
• Understand strategic behaviour and its implications for market outcomes
• Analyse the informational aspects of transactions, including the role of auctions
• Examine externalities, public goods, rent seeking, and the policy responses available to address them

Statistical Methods for Business

In this module, you will develop both the theoretical understanding and practical skills needed to work with data using R. You will explore and summarise data, examine probability, sampling, and confidence intervals to understand uncertainty and variation, and learn how to test claims and compare groups across different data types. In the final weeks, you will build and evaluate regression models to investigate how different factors are linked.
By the end of this module, you will be able to:

• Apply concepts of probability, sampling, and confidence intervals to quantify uncertainty and variation in data
• Select and apply appropriate statistical tests to test claims and compare groups, including categorical data
• Build, interpret, and evaluate regression models to analyse relationships between variables
• Select appropriate statistical methods for a given analytical context and communicate findings clearly to support business decision making

Techniques for Management Decision Making

In this module, you will explore how techniques based on mathematics and statistics can be used as powerful tools to solve organisational problems. You will examine the business situations in which such techniques apply, develop the ability to use them in practice, and learn how to interpret the results to support better business decisions. The module covers five techniques: forecasting, simulation, decision analysis, network analysis, and linear programming.
By the end of this module, you will be able to:

• Apply each of the five techniques to particular business cases
• Understand when it is appropriate to apply each technique
• Understand the benefits and limitations of each technique

Careers Skills in Accounting & Finance 1

In this module, you will engage in a range of self-directed learning activities designed to develop your readiness for entering the Accounting and Finance labour market. Co-designed with the faculty careers team, these activities are structured to embed contemporary working practices, with particular reference to the skills required in the post-covid workplace.
By the end of this module, you will have:

• Developed a greater awareness of the importance of career planning in Accounting and Finance
• Developed a greater awareness of the timescales involved in job hunting in Accounting and Finance
• Gained an understanding of the key skills required to find a job in Accounting and Finance
• Practised core employability skills in a structured environment in preparation for actively seeking employment in Accounting and Finance

Programme structure: We continually review and enhance our curriculum to ensure we are delivering the best possible learning experience, and to make sure that the subject knowledge and transferable skills you develop will prepare you for your future. The University will make every reasonable effort to offer programmes and modules as advertised. In some cases, changes may be necessary and may result in new modules or some modules and combinations being unavailable. Not all optional modules are available every year.

Career Skills in Accounting and Finance 2

In this module, you will develop your awareness of the importance of career planning in Accounting and Finance, gain training in the skills needed to succeed in the job market, and develop an understanding of the timescales within which these skills must be deployed.
By the end of this module, you will have:

• Developed a greater awareness of the importance of career planning in Accounting and Finance
• Developed a greater awareness of the timescales involved in job hunting in Accounting and Finance
• Gained an understanding of the key skills necessary to find a job in Accounting and Finance
• Practised core employability skills in a structured environment in preparation for actively seeking employment in Accounting and Finance

Financial Accounting I

In this module, you will examine accounting for complex entities, addressing the concepts, issues, and techniques relevant to modern accounting theory. You will explore accounting for business combinations, goodwill, and strategic investments including associates and joint ventures, as well as other aspects of consolidation and foreign currency translation.
By the end of this module, you will be able to:

• Understand and carry out basic technical procedures relating to group accounting, associates, joint ventures and foreign currency translation
• Demonstrate an overview of the relevant international accounting standards and an understanding of developments and changes brought about by international standards
• Interpret the meaning and composition of accounting numbers in consolidated financial statements and analyse the effects of changes in underlying data
• Understand how underlying financial and business objectives can affect accounting choices

Corporate Finance

In this module, you will build on and extend the concepts covered in your previous financial management studies, developing the knowledge and skills to apply corporate finance techniques to real world situations. You will examine a range of major topics including capital budgeting, capital structure, corporate valuation, real options, corporate restructuring, mergers and acquisitions, and corporate governance.
By the end of this module, you will be able to:

• Demonstrate familiarity with the conflicting objectives affecting capital structure decisions
• Understand the various financing instruments available to firms
• Value new investment projects under leverage
• Identify option features in corporate decisions and value those options

Advanced Management Accounting

In this module, you will extend your understanding of management accounting, exploring both specialised techniques and the particular contexts in which they are applied. You will be introduced to quantitative methods including simple and multiple regression, and will cover topics such as advanced activity-based costing, customer profitability analysis, pricing for profitability, and flexible and activity-based budgeting.
By the end of this module, you will be able to:

• Synthesise, evaluate, and articulate the role of the management accountant and understand the skills required to perform this role effectively
• Understand, apply, and evaluate the range of advanced techniques available to management accountants, with particular emphasis on those used in management decision making
• Explain the use of management control systems and evaluate the use of budgeting as a management control
• Select appropriate management accounting techniques across a range of contexts, including their use in a strategic context, and summarise the advantages and disadvantages of these techniques with reference to real world examples and accounting literature

International Financial and Risk Management

In this module, you will develop the knowledge and skills relevant to financial management in a multinational setting. You will examine the relationships between exchange rates, interest rates, and inflation rates, and explore forward, futures, and options markets and corporate exchange rate risk management.
By the end of this module, you will be able to:

• Provide reasoned analyses of developments in international financial markets
• Demonstrate familiarity with the valuation of foreign exchange futures, options, and other related financial instruments
• Understand the objectives of exchange rate and other forms of risk management
• Demonstrate familiarity with the fundamentals of financing and investing in international financial markets

Financial Accounting II

In this module, you will critically evaluate advanced financial accounting issues within the international accounting context, with a focus on International Financial Reporting Standards (IFRS) and relevant comparisons to US GAAP. You will examine the accounting treatments of taxation, pensions, share based payments, and financial instruments, and engage with theoretical and empirical research on issues of relevance to accounting practitioners and regulators.
By the end of this module, you will be able to:

• Analyse why accounting rules and financial accounting regulation exist and identify the incentives of the different parties involved in accounting
• Explain analytical representations of accounting rules and contracts that include accounting numbers
• Explain the impact of accounting principles and bases on measurement in corporate reporting, including fair value measurement
• Formulate and evaluate accounting and reporting policies appropriate to a range of scenarios examined in the module
• Explain how different methods of recognising and measuring assets and liabilities can affect reported financial performance
• Apply, explain, and appraise accounting standards relating to employee remuneration, including short-term and long-term employee compensation, retirement benefits, and share based payment
• Understand how current and deferred tax is recognised and appraise the relevant accounting standards
• Evaluate alternative accounting treatments using relevant accounting concepts to assess choices in accounting methods

Optional Modules (to choose 2 from)

• Business and Management in the 21st Century: central questions and evaluations
• Environmental Economics
• Digital Business
• Structuring Complex Problems
• Rethinking Leadership
• Project Management: Negotiation and Decision Support
• Supply Chain Management

Programme structure: We continually review and enhance our curriculum to ensure we are delivering the best possible learning experience, and to make sure that the subject knowledge and transferable skills you develop will prepare you for your future. The University will make every reasonable effort to offer programmes and modules as advertised. In some cases, changes may be necessary and may result in new modules or some modules and combinations being unavailable. Not all optional modules are available every year.

Teaching is delivered via a combination of lectures, small group workshops and group-based tutorial coursework (oral and written presentation), and assessment is via individual coursework (oral and written presentation) and examinations.

You will be encouraged throughout to undertake independent study to supplement what is being taught/learnt and to broaden your personal knowledge.

BSc (Hons) Accounting and Finance students will receive their degrees from Lancaster University in the UK, with accreditations.

The BSc (Hons) Accounting and Finance programme is accredited by the Association of Chartered Certified Accountants (ACCA) and ICAEW Chartered Accountant Qualification. Selected exemptions from ACCA and ACA awarded upon graduation. Graduates will be awarded seven out of nine exemptions from ACCA  professional examinations.

Students interested in pursuing the full ACCA qualification should register with ACCA as a student member as the first step.

A degree in Accounting and Finance can open up a range of exciting career avenues, including the following roles:

• Chartered accountant
• Chartered certified accountant
• Chartered management accountant
• Chartered public finance accountant
• Company secretary
• External auditor
• Stockbroker