Module code: MANM200

Module provider

Surrey Business School

Module Leader


Number of Credits


ECTS Credits



FHEQ Level 7

JACs code


Module cap (Maximum number of students)


Module Availability

Semester 2

Overall student workload

Independent Study Hours: 117

Lecture Hours: 22

Seminar Hours: 11

Assessment pattern

Assessment type Unit of assessment Weighting
Coursework COURSEWORK (GROUP) 2500 WORDS 40
Examination EXAM - 2 HOURS - CLOSED BOOK 60

Alternative Assessment

Not applicable

Prerequisites / Co-requisites


Module overview

In today's global financial markets and business activity, managers are increasingly concerned with decision making across borders and in a multicurrency environment. This module examines currency markets and transactions, exchange rate systems and implications for exchange rate volatility, identification and management of currency risks that arise from international operations. It also examines issues that arise when firms seek financing outside their home markets.

Module aims

The aim of this module is to provide participants with a clear understanding of the foundations of International Finance and the analytical tools and framework for making or evaluating decisions on financing, investments and currency risk management of firms that operate in a global setting. It will discuss the mechanics of currency markets, exchange rate behaviour and their impact on firms. It also introduces and applies currency derivatives to the management of firm's exposure to foreign exchange risk

Learning outcomes

Attributes Developed
1 Discuss and evaluate the theories, concepts, principles, analytical framework and inter-disciplinary nature of international finance.   KCP
2 Analyse exchange rate behaviour and assess its impact on firms that operate in that environment. KCP
3 Critically assess the implications of operating in an increasingly complex and dynamic international business environment. KCP
4 Evaluate alternative foreign exchange risk measurement and management techniques
5 Assess the benefits and complications of investing and operating in foreign environments with different corporate governance systems. KCP
6 Understand and evaluate various financial derivative instruments. KCPT
7 Choose appropriate derivative instruments for hedging currency risk in portfolio setting and in international financial management KCP

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:

The role of financial management in multinational corporations
Nature and sources of international funds-International money and capital markets
Foreign exchange markets and exchange rate determination
Exchange rate parity conditions – Interest Rate Parity, Purchasing Power Parity, the International Fisher effect
Foreign currency derivatives
Measuring and managing foreign currency risks
Political and country risks

Methods of Teaching / Learning

The learning and teaching strategy is designed to allow students to come to grips with what is essentially a subject of mixed theory and caculations. A mix of  teaching and learning methods will be used that includes:

Weekly 2-hour lectures and one-hour tutorials.
Regular consultation - tutors/lecturers will be available for answering questions from the students during weekly office hours
Discussion forums on SurreyLearn to address any issues related to the content, learning and teaching environment, and delivery of the module and/or specific topics.
Utilizing online materials and resources available on SurreyLearn
Support lecture material by directed reading in selected textbooks and journal articles.

Before each class session, you will be expected to have done the prescribed reading, allocated exercises and/or cases in order to be prepared for class discussion.  Good participation in class and case discussion is expected

Assessment Strategy

The two components of assessment are designed to provide students with the opportunity to demonstrate through a combination of written and numerical exercises their achievement of the module’s learning objectives. In particular, their ability to:

Assess and quantify exchange rate volatility and its potential impact on firms exchange rate risk
Evaluate and recommend appropriate strategies for managing the firm’s exchange rate exposure.
Evaluate the firm’s financing and investment decisions
Discuss and evaluate relevant exchange rate theories and concepts

The coursework is designed to enable students apply knowledge of the concepts developed in class. It requires students to collect and analyse exchange rate data and discuss the implications of their findings on corporate risk and performance. The coursework thus assesses all learning outcomes of the module in a way that cannot be assessed in a formal examination setting.

The examination component of the assessment consists of both conceptual and problem-solving questions designed to assess all learning outcomes of the module. This component also helps to assess individual achievement of the learning objectives.

Formative assessment and feedback

Informal advice and discussion during lectures, seminars and meetings; responses to student emails and questions prior to submission of coursework and the exam
Suggested solutions to weekly seminar questions
Formal written feedback to students within three weeks of submission of coursework
Generic feedback regarding overall performance in the coursework
Students will receive examination marks after marking and moderation

Reading list


Programmes this module appears in

Programme Semester Classification Qualifying conditions
International Financial Management MSc 2 Compulsory A weighted aggregate mark of 50% is required to pass the module
Accounting and Finance MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Corporate Finance MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Investment Management MSc 2 Optional A weighted aggregate mark of 50% is required to pass the module
Economics and Finance MSc 2 Optional 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 2017/8 academic year.