PURPOSE OF THE PROGRAMME

The programme provides an opportunity to obtain a more comprehensive foundation in Financial Economics and widen the horizons in the field of business. To prepare the learners for further studies in Economics and related disciplines.

2.0 ENTRY REQUIREMENTS

2.1 Normal Entry

To qualify for normal entry into the Bachelor of Commerce in Financial Economics and Investment Honours Degree programme, a candidate, in addition to satisfying the minimum requirements as prescribed under the General Regulations and the Faculty Regulations for English and Mathematics at ‘O’ Level, must have obtained at least two passes at ‘A’ level drawn from Commercials, Sciences or Arts.

2.2 Mature Entry

Over and above the requirements stipulated in the General Regulations, students who get into the Bachelor of Commerce in Financial Economics and Investment Honours Degree through mature entry should at least have a ‘B’ in Ordinary Level Mathematics.

• Visiting /Harare Weekend School

To qualify for entry into the Bachelor of Commerce in Financial Economics and Investment Honours degree (Visiting/Harare Weekend School) programme, a candidate, in addition to satisfying the minimum conditions prescribed under the General Regulations must have:

either:

   A National Diploma in a Business-related field, or any equivalent tertiary education qualification.

or:

At least two (2) passes in relevant “A” level subjects.

And

Two (2) years of working experience plus

Proof of employment in a commercial environment

CAREER OPPORTUNITIES AND FURTHER EDUCATION

Graduates can be absorbed in the following organizations and areas: Investment Banks, Commercial Banks, Corporate advisory firms, Corporate development firms, Equity Research, Financial Planning and Analysis, Stock Exchange Analysts

After completing the Bachelor of Commerce in Financial Economics and Investment Honours Degree, students are eligible to enroll for a Master of Commerce Degree in Economics, Master’s Degree in Financial Economics and Investment and related programmes. Students are also being prepared for their own small business operations.

Level 1 Semester 1

Code Module Description Prerequisite Credits

EC131 Economic Principles I 12

HCS135 Introduction to Information Technology 12

CS131 Communication Skills 12

GSB211 Gender Studies for Business 12

EC132 Statistics for Economists I 12

EC133 Mathematics for Economists I 12

ACC135 Financial Accounting IA 12

BM131 Principles of Management 12

Level 1 Semester 2

EC151 Financial Markets & Institutions 12

ACC136 Financial Accounting IB 12

BM135 Commercial Law 12

EC134 Economic Principles II 12

EC135 Statistics for Economists II 12

EC136 Mathematics for Economists II (EC133) 12

Level 2 Semester 1

EC231 Microeconomics I (EC131) 12

ENT131 Entrepreneurship 12

EC235 International Economics 12

EC233 Quantitative Methods (EC136) 12

EC236 Computer & Statistical Analysis 12

Level 2 Semester 2

EC234 Macroeconomics I (EC134) 12

EC232 Monetary Economics 12

EC238 Research Methods 12

EC253 Investment Analysis and Portfolio Management 12

EC237 Econometrics I 12

Level 3 Semester 1: Work-Related Learning

EC340 Work-Related Learning Preliminary Report 40

Level 3 Semester 2: Work-Related Learning

EC341 Work-Related Learning Continuous Assessment 40

EC342 Work-Related Learning Report 40

Level 4 Semester 1

EC451 Risk Management 12

EC453 Financial Modelling and Forecasting 12

EC454 Financial Econometrics 12

Electives (Choose any 2)

EC452 International Finance 12

EC455 Development Finance 12

EC435 Agricultural Economics 12

EC239 Environmental Economics 12

Level 4 Semester 2

EC456 Financial Derivatives 12

EC444 Blockchain Technology 12

Electives (Choose any 1)

EC458 Corporate Restructuring 12

EC460 Natural Resource Economics 12

EC445 Dissertation/Research project 24

Electives (Choose any 1)

EC438 Managerial Economics 12

EC457 Taxation 12

Module Synopses

EC131Economic Principles I (This is different from the one offered by Accounting Sciences, but the code is the same)

This module focuses on the principles of microeconomics. It covers the basic economic questions; scarcity, choice and opportunity cost; demand and supply; market equilibrium; consumer behaviour; production and costs; and market structures (perfect competition, monopoly, monopolistic competition, and oligopoly).

EC132 Statistics for Economists I

This is an introductory module in statistics designed to provide students with the basic concepts of data analysis and statistical computing. It is designed to prepare students for the Statistics for Economists II, econometrics and other modules taken in the second and fourth years. It also complements the economics modules taken in by students in their first and second years. It provides an introduction to the topic of statistics, with reference to economics examples. Topics covered include basic descriptive measures, measures of association, and probability theory. This module provides students with pragmatic tools for assessing statistical claims and conducting their own statistical analyses.

EC133 Mathematics for Economists I

This is an introductory module in mathematics for economists. It gives students basic skills for implementation of the mathematical knowledge and expertise to the problems of economics. The module acquires the students’ knowledge in the field of mathematics and makes them ready to analyse simulated as well as real economic situations. The module covers properties of sets, vector spaces, functions, equations, differentiation and uses them to describe economic environments. Accordingly, this module systematically presents the underlying theory in each of these core areas, at an introductory level. The presentation of the theory is supported with several examples of their application to problem-solving.

EC134 Economic Principles II

This module introduces economic analysis of aggregate employment, income, and prices. Topics include major schools of economic thought; aggregate supply and demand; economic measures, fluctuations, and growth; money and banking; stabilization techniques; and international trade. Upon completion, students should be able to evaluate national economic components, conditions, and alternatives for achieving socioeconomic goals.

EC135 Statistics for Economists II

The module is designed to prepare students for the Econometrics and Computer &Statistical Analysis modules taken in the second and fourth years. It also complements the Economics modules taken by students in the previous semester. The topics include sampling methods, probability and distributions, point & interval estimation, and hypothesis testing – large sample and small sample test, t-test, correlation and regression analysis, time series analysis and index numbers.  The module will mainly emphasize the various statistical methods which can be used to solve business/economic problems.

EC136 Mathematics for Economists II

This module gives students advanced skills for implementation of the mathematical knowledge and expertise to the problems of economics. The module builds on the foundation provided in the first level module in Mathematics for Economists I. It concentrates on the mathematical methods that are required to understand current economics and to investigate economic models. Students learn how to use and apply mathematics by working with concrete examples and exercises. By the end of the module, students should have a complete understanding of integration techniques and optimisation and should be able to apply the Lagrange multipliers approach to constrained optimization problems.

EC151 Financial Markets & Institutions

This module focuses on the operations of the financial system. It explores the workings of financial markets such as capital markets, money markets, foreign exchange markets, and derivative markets. The products traded in these markets are also discussed. The module also looks at the functions of financial institutions like the central bank, commercial banks, microfinance institutions, and building societies. Financial mathematics topics such as the time value of money, investment appraisal, and valuation of financial securities are also covered.

CS131 Communication Skills

(Refer to the Centre for Communication Skills for the module synopsis)

BM131 Principles of Management

(Refer to Department of Management Sciences for the module synopsis)

ACC135 Financial Accounting IA

(Refer to Department of Accounting Sciences for the module synopsis)

HCS135 Introduction to Information Technology

(Refer to Department of Information and Marketing Sciences for the module synopsis)

ACC136 Financial Accounting IB

(Refer to Department of Accounting Sciences for the module synopsis)

BM135 Commercial Law

(Refer to Department of Management Sciences for the module synopsis)

EC231 Microeconomics I

This module is designed to extend the knowledge of the basic microeconomic principles that provide the foundation for future work in economics. It gives insight into how economic models can help us think about important real-world phenomena. Microeconomics is the study of rational choice behaviour on the part of individual consumers and firms. In general, economists are interested in how market mechanisms solve extremely complex resource allocation problems. This module presents a logical and coherent framework in which to organize observed economic phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, game theory and Economics of information.

EC232 Monetary Economics

The module aims to introduce students to some tools to understand the operations of monetary policy in the economy. By so doing the student after completing the module must be in a position to make an analysis of existing monetary policies within the context in which they have been formulated. The module therefore explains the nature, definitions and value of money, role of money in economic activity, the nature and role of financial intermediation, demand of and supply for money; theoretical and empirical issues, monetary policy and money supply control; Zimbabwe monetary policy since 1980, the role of the Central Bank and its independence particularly commitment and credibility, monetary policy transmission mechanisms, theory of and empirics on inflation, optimal stabilisation policy and optimal inflation rate and inflation persistence, open and closed economy monetary policies including efficiencies.

EC233 Quantitative Methods

It is a pre-requisite for students taking this module to have done basic Mathematics for Economists (EC133 and EC136). Quantitative methods seek to strengthen the use of mathematics in analysing and interpreting economic phenomena. The module covers areas like comparative statistics, optimization theory, difference and differential equations, matrix algebra, and vector calculus. At the end of this module the student will be able to identify real economic problems and apply the learnt mathematical principles to solve them. This module will ensure that students will gain the critical 21^st Century skills of problem-solving, creativity and innovation.

EC235 International Economics

The module intends to help students to understand theories and policies related to international trade. The theories will illustrate how gains or losses from international trade arise thereby giving rise to policies that encourage or restrict trade. Also focus will be made on the world economy institutions that deal with international trade. Therefore, the module covers an understanding of trade theories that form the basis for trade policy analysis. These theories include classical theories, neoclassical theories and ‘new’ trade theories. The theory of trade protection, exchange rates and the balance of payments are also covered in this theory section. The policy section covers such topics as terms of trade and economic development, the global trading environment, regional co-operation and integration and the role world economy institutions in international trade. Current controversies in international trade policies are considered as well.

EC236 Computer & Statistical Analysis

The module forms an enhanced strong prelude to Econometrics I. It covers issues such as probability models, univariate probability distributions, multivariate probability distributions, non-parametric tests, sampling and sampling distributions, asymptotic distributions, Analysis of Variance. The module also infuses the use of computer softwares for inputting and analysis of statistical data. Computer-aided techniques of data analysis shall include descriptive, computational techniques and simulations.

EC234 Macroeconomics I

Macroeconomics studies the aggregate behaviour of the economy. This module provides an introduction to the economic analysis of key macroeconomic variables such as output, employment, inflation, interest rates and exchange rates. The intent of the module is to provide the student with a basic level of economic literacy essential for a well-informed citizenship in the years ahead. It capacitates the students to develop competence in using macroeconomic models to explain the determination of aggregate output, prices, employment, and growth. In addition, students should learn to analyse the impact of monetary and fiscal policy on the macroeconomy. Extensive references to current macroeconomic developments and applications of macroeconomic models are essential elements of the module.

EC237 Econometrics I

The module forms the foundation for Econometrics II. It covers the methodology of econometrics, linear regression model assumptions, properties of estimators, dummy variables, non-linear regression models hypothesis testing procedures, bi-variate and multivariate analysis, Gauss-Markov theorem.

EC238 Research Methods

The module seeks to provide students with the basic tools to undertake independent research as well as understanding how research can be communicated to end users of analysis. It will focus on pertinent issues in research in Economics including elements such as literature reviews and data sources; the status and growth of economic knowledge; ethics of economic research; and overall design of a research project – aims, philosophy and methods, evaluating existing research (review of articles), and writing up and disseminating findings.

EC253 Investment Analysis and Portfolio Management

The primary objective of the course is to study the theory and empirical evidence relevant for investing, particularly in the context of portfolio management and covers the major issues currently of interest to investors. The major topics will include: Global investment environment security markets and the investment industry, optimal portfolio selection, the relation between risk and return, market efficiency. In one way or another, most of the course is geared towards the understanding and implementation of “modern portfolio theory,” which is a general approach for maximizing the expected return of a portfolio given a certain amount of risk.

ENT131 Entrepreneurship

The aim of this module is to develop entrepreneurial acumen in students, to appreciate the importance of entrepreneurship to the individual and in nation-building, to analyse and explain how PESTLEG factors affect the entrepreneur, design a bankable business plan.

Evaluate various options available to the entrepreneur to go global. The emphasis of this module is to define entrepreneurship, entrepreneurship and innovation; understand the nature and importance of entrepreneurship for economic development; identify business opportunities and generate business ideas; develop a bankable business plan; understand the characteristics of a successful entrepreneur; identify the challenges being faced by entrepreneurs.

GSB211Gender Studies for Business

The module empowers students with knowledge and skills that enable them to be gender sensitive in the university, workplace and in all social interactions. Topics covered include understanding gender, theories of gender inequalities, the historical development of gender, gender analysis, gender issues in society, redressing gender imbalances, empowerment and strategies for creating a gender-responsive environment. Every student has to pass the module in order to graduate.

EC340 Work-Related Learning Preliminary Report

The module is a preliminary report by the student during internship.  The thrust of the report is to relate theory covered in the university to practice.  It follows a formal report layout covering new concepts such as, company background, organisational structure, sections attached to, challenges encountered, new concepts learnt, any gaps between information covered in the University, conclusions and recommendations to the company and the University.

EC341 Work-Related Learning Continuous Assessment

Approved work-related learning of not less than ten (10) months and not more than twelve (12) is aimed at providing third year students with a practical exposure to all facets of the economic functions. The student is expected to rotate into all sections of related to economic sciences to which thy will be attached to enable them to be exposed to all economics areas. The student is supposed to produce and/ or facilitate the production of a logbook, assessment form and employer assessment booklet.

EC342 Work-Related Learning Report

The module is a report by the student during internship.  The thrust of the report is to relate theory covered in the university to practice.  It follows a formal report layout covering new concepts such as, company background, organisational structure, sections attached to, challenges encountered, new concepts learnt, any gaps between information covered in the University versus what is at the work-place,any gaps, conclusions and recommendations to the company and the University.

EC438 Managerial Economics

The module considers business objectives: optimization, the principle of margin, decision analysis, demand measurement and forecasting, cost measurement, economies of scale, the learning curve, pricing policies: joint product pricing, transfer pricing, loss leaders, price discrimination, public utility pricing, advertising and promotion decisions: Dorfman – Steiner theorem, the advertising – sales relationship, corporate strategies: vertical integration, diversification, growth and market share, the location decision, profit planning and control, as well as game theory for managers.

EC451 Risk Management

The module focuses primary sources of risks, risk and uncertainty, risk management processes Enterprise risk management framework, market risk management, interest risk management, liquidity risk management, credit risk management, strategic risk management, case study of risk management failure.

EC452 International Finance

This module deals with International financial markets and financial decision-making in the global economy. Topics include Exchange Rates, Foreign Exchange Markets, and Determinants of Exchange Rates; Foreign Exchange Derivatives (Futures, Forwards, Options) Government Role and Intervention in Foreign Exchange Markets Arbitrage and Equilibrium in the Foreign Exchange Market; Direct Foreign Investment (DFI), International Diversification Multinational Capital Budgeting, Managing political and Country Risk in foreign investment. Discount Rates Cost of Capital for MNCs; International financial crises.

EC453 Financial Modelling and Forecasting

This module focuses on some key statistical techniques relating to the analysis of financial data in order to understand key financial models and to forecast financial variables. Financial variables to be forecasted include operating income, earnings, share prices, interest rates, foreign exchange, etc. It covers financial time series modelling, or broadly time series econometrics as applied in finance, financial economics, securities and investments. Theoretical as well as practical issues are considered. The module is designed to provide hands on training in the use of the main econometric packages, EViews, and Excel.

EC454 Financial Econometrics

The module builds on the concepts covered in Econometrics 1 (EC237). It covers topics on time series analysis, panel data analysis and limited dependent variable models as they apply to financial economics and investment. The module also looks at the formal tests and remedies to econometric problems prevalent in estimating regression models in financial economics, among them, non-stationarity of data, non-normality of errors, serial correlation, multicollinearity, heteroscedasticity and model specification. Issues in micro econometrics, including the analysis of survey data using probit and logit models, are also covered.

EC445 Dissertation/Research project

During the final year of study, students are required to write and submit a research project on a topic of their choice. The research project gives students an opportunity to seek solutions to problems affecting households, businesses, government, and society in general. It also enhances the student’s skills in terms of time management, academic writing, data analysis, and results interpretation. The grade of the research project will be based on oral examination (viva voce) before a panel of examiners, and a mark awarded for the write-up submitted to the department. The length of the research project shall not be less than 10000 words (excluding preliminary pages and appendices), and the department shall provide guidelines on the structure that should be followed by students.

EC455 Development Finance

The module will provide students with a thorough understanding of specific aspects of development finance. It will equip students with the necessary skills to make a meaningful contribution to policy formulation and implementation, by focusing on financial development policy and financial management, with specific reference to developing countries. Topics covered include microfinance, remittances, foreign direct investment, financing of infrastructure, foreign debt.

EC435 Agricultural Economics

The module looks at the definitions of agricultural economics and related ideas, agriculture development in the African context, agricultural production theory, agriculture peasant household models (Chayanov and share tenancy models). The module also looks at agricultural policies; agricultural technology (innovation, transfer) and policy, food policy (food security and drought management), and land policy with particular reference to Zimbabwe.

EC239 Environmental Economics

This module seeks to equip students with skills to utilize the techniques covered in core modules such as microeconomics, macroeconomics and quantitative methods to analyse environmental problems. The module explains the role of environmental economics in the development processing general and in the integrated management of ecological–economic systems in particular. It covers topics such as history of environmental economics, sustainable development, environmental accounting and valuation of natural resources.

EC456 Financial Derivatives

The module covers various types of derivatives: forwards, futures, swaps and options. It examines the use of derivatives for arbitrage, hedging and speculation. The module also looks at the pricing/ valuation of derivatives using the binomial approach and the Black-Scholes model. The advantages and limitations of derivatives are also examined.

EC444 Blockchain Technology

This module lays the groundwork for understanding blockchain technology. It will offer a low-level entry into the technology, by discussing its origins, its key technological features and its different potential applications. Central features such as wallets and transactions will be discussed and crucial notions such as hashes, blocks and chains will be explained (explored). After completing this module, students will have a basic understanding of the origins and the key technological aspects of blockchain technology as well as a basic understanding of different architectures and myriad potential applications of blockchain technologies.

EC457 Taxation

The module introduces students to taxation and the tax system in Zimbabwe. The module covers topics that include taxation system of Zimbabwe, Types of Taxes income tax, capital gains tax, inheritance tax, corporation tax, VAT customs duties and other special taxes that are applicable in Zimbabwe. It also covers tax planning, tax incentives as well as capital allowances relating to growth points, export processing zones and farmers and miners. Transfer pricing. Double taxation agreements are also covered. Aspects of taxation such as Administration provisions of the Income Tax Act and Jurisdictional Issues in Business Taxation are also dealt with.

EC460 Natural Resource Economics

Natural resource economics focuses on the supply, demand, and allocation of the scarce natural resources that we have. It aims to gain a better understanding of the role of natural resources in the economy and how to efficiently use these. Learning about the role of natural resources allows for the development of more sustainable methods to manage resources and make sure that they are maintained for future generations. The goal of natural resource economics is to develop an efficient economy that is sustainable in the long run. The module focuses on economic models for optimal management of renewable resources such as forestry, fishery, wildlife, and non-renewable as well as recyclable resources.

EC458 Corporate Restructuring

This module introduces students to up-to-date debates and issues of critical importance in modern finance. Specific topics covered include the cost of capital and market efficiency, various improvements made to a firm’s financial capital structure in line with their cash flow needs, accretion vs dilution analysis,  the P/E problem in acquisitions, strategic vs financial acquisition,  mergers and amalgamation,  reconstruction and demerger of companies, takeovers, funding of mergers and takeovers, post-merger reorganisation, modern theories relating to mergers, acquisition and other forms of restructuring.