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Departmentof AccountingBSc Accountingand Finance

The programmeThe BSc Accounting and Financeprogramme is widely regarded as beingat the forefront of international teachingin its field. It is known for pioneeringinnovative approaches to the studyof the modern practice of financialmanagement for organisations inboth the private and public sector. Theaim of the programme is to give youan understanding of accounting andfinance that will be useful throughoutyour career. It offers a rewarding yetchallenging learning experience that isconsistent with studying in one of theworld’s leading social science institutions.We require students to master sometechniques, and to understand theirpractical application, but we do not offervocational training. We expect studentsto engage with both theory and practice,and to develop a critical understanding ofhow accounting and finance operate in arange of different institutional settings.The BSc Accounting and Finance isan interdepartmental programme,housed in the Department ofAccounting. Faculty from theDepartments of Accounting and ofFinance include many internationallyrenowned leaders in academic research,professional accountancy and financialmarkets. Teachers will encourage youto develop your analytical and criticalskills to enable you to understand thesubject from a variety of perspectives,including the international dimension.Real world insights are reinforced bycase studies, and examples drawn fromthe current corporate, professional andregulatory world.The Department of Accounting stronglysupports the activities of the LSESUAccounting Society, which is a highlyenterprising group of students withinthe School.Degree structureFirst yearThe degree involves studying 12courses over the three years. At leasthalf of these are required to be inaccounting and finance, and in additionthere are compulsory courses in relateddisciplines in the first and second years.You also normally have the opportunityto take one course each year in a subjectof your choice.The first year specialist introductory course,Elements of Accounting and Finance,introduces students to the preparation,uses and limitations of accountinginformation, and to some issues in financeand investment. This course will bringyou into contact with students fromother departments, who can take it as anoption. There is also a course in Economics.Your choice of quantitative methodscourse will depend on your backgroundin mathematics and statistics. You maybe able to choose one of your first yearcourses as an outside option from a widerange taught in other departments insubject areas including anthropology,computing, economic history, geography,law, mathematics, philosophy, politics,psychology and sociology.Teaching and assessmentYou will usually have about 12 to 15hours of lectures and classes each week,but you will also have to work hard onyour own – reading, writing essays orworking on class assignments. You willhave an Academic Adviser who is amember of staff from the Departmentof Accounting. The Adviser’s role is tofollow your progress and deal with anyconcerns you might have.You will usually be assessed by writtenexaminations at the end of each academicyear, many requiring both computationaland essay writing skills. Some courses areassessed partly by essays or other worksubmitted during the year. To progressthrough the degree you will need to passthe appropriate examinations.Professional trainingIf you successfully complete the degreethen, depending on the options youhave taken, you may obtain exemptionsfrom some examinations of certainprofessional accountancy bodies.However, professional syllabuses aresubject to frequent revision and it is notpossible to specify now what exemptionsmay be available when you graduate.Further information can be obtained fromthe Department or from the professionalaccountancy bodies themselves, includingthe Institute of Chartered Accountants inEngland and Wales (ICAEW), the Instituteof Chartered Accountants of Scotland(ICAS), the Association of CharteredCertified Accountants (ACCA), and theChartered Institute of ManagementAccountants (CIMA).If you have not done an A level inMathematics, you will be required to takecourses in mathematics and statistics togive you access to a wider range of optionsin years two and three. This means you willnot be able to take an outside option inyour first year.Second yearIn the second year, you take compulsorycourses in both Accounting and Finance.The accounting course – ManagerialAccounting – focuses on the rolesand applications of managementaccounting in contemporaryorganisations and enterprises. Itconsiders planning, coordination andcontrol of complex organisations andnetworks of organisations, together withemerging topics such as comparativecost management and strategicmanagement. The compulsory financecourse, Principles of Finance, examinesthe theory of financial decision-makingby firms, and examines the behaviourof the capital markets in which thesedecisions are taken. You take a furthercourse in Economics, and will select afourth course from a range of optionsoffered by other LSE departments.

Third yearIn the third year, you again takecompulsory courses in Accounting andFinance. Financial Accounting, Analysisand Valuation addresses the theoryand practice of financial reporting andvaluation. The compulsory financecourse is either Corporate Finance,Investments and Financial Markets, orQuantitative Finance. In addition, youare required to take either ManagementAccounting, Financial Managementand Organisational Control or Auditing,Governance and Risk Management.Your fourth course allows you to extendyour study of accounting and finance, orto choose a subject from a wide rangeoffered by other LSE departments.If you wish to gain exemptions from certainprofessional accountancy examinations,you should consider taking CommercialLaw as an option.The LSE Course: Understandingthe causes of thingsThis innovative new course is aimedat introducing undergraduates to thefundamental elements of thinking as asocial scientist by exploring real problemsand real questions, drawing on a rangeof disciplines across the social sciences.This distinctive course will actively challengeyou to analyse questions of current publicconcern and of intellectual debate from arigorous social science perspective.Focusing on “big” questions – suchas “How should we manage climatechange?”, “Does culture matter?” and“Why are great events so difficult topredict?” – students will explore thedifferent types of evidence, alternativeforms of explanation and differentstrategies for abstraction and modellingthat are used. Students will learnresearch skills, including informationskills and analysis of evidence, andcommunication skills, including bothwriting and presentation skills.The courses†PaperYear OneYear TwoYear Three1Elements of Accounting and FinanceManagerial AccountingFinancial Accounting, Analysisand Valuation2Economics BPrinciples of FinanceManagement Accounting, FinancialManagement and Organisational ControlorAuditing, Governance and RiskManagement3Quantitative Methods (Mathematics)and Quantitative Methods (Statistics)orElementary Statistical TheoryorProbability and Statistics for theSocial Sciences†Microeconomic Principles IorMicroeconomic Principles IIorMacroeconomic PrinciplesCorporate Finance, Investmentsand Financial MarketsorQuantitative Finance4One of the following:†Mathematical MethodsorBasic Quantitative MethodsorAn approved course taught outside theDepartmentOutside optionOption in Accounting not alreadyselected aboveorOption in Finance not alreadyselected aboveorOutside option5The LSE Course: Modules 1-3 (Lent Term)The LSE Course: Modules 4-6(Michaelmas Term)Choices of these courses will depend on your previous level of mathematics.

Teaching staffDepartment of AccountingDr Vasiliki Athanasakou,Assistant Professor of AccountingFinancial reporting practices (earningsmanagement, mandatory/voluntarydisclosure); accounting and marketregulation; and implications for thefinancial markets.Professor Alnoor Bhimani,Professor of ManagementAccountingManagement accounting in the digitaleconomy, international comparativefinancial management; strategy andcost management; the social analysisof accounting and governance systems.Dr Stefano Cascino,Lecturer in AccountingAccounting conservatism; corporategovernance; international accounting;debt markets; disclosure regulation incapital markets; family firms.Dr Yasmine Chahed,Lecturer in AccountingInterdisciplinary work in the areasof financial reporting; managementaccounting; regulation; and corporategovernance; and strategic management.Dr Martin Giraudeau,Lecturer in AccountingAccounts of the future;entrepreneurship and strategy;economic sociology; market devices;emergent market ties; financialinteraction; calculative practices;business history; history of economicthought; anthropology of the future.Dr Matthew Hall,Associate Professor of AccountingManagement accounting, managementcontrol systems and performancemeasurement; behavioural accountingand professional commitmentof accountants.Dr Liisa Kurunmäki,Associate Professor of AccountingAccounting in the New Public Sector,with special reference to healthcare.Professor Richard Macve,Professor of Accounting, EmeritusConceptual framework of financialaccounting and reporting; financialreporting in the insurance industry; thehistorical development of accounting;environmental accounting and reporting;interactions between insurance andenvironmental management.Dr Andrea Mennicken,Associate Professor of Accounting,International accounting and auditing;audit and accounting regulation andharmonisation; accounting, economictransition and social transformation in postSoviet Russia; the sociology of calculativepractices; public sector accounting reforms.Dr Julia Morley,Lecturer in AccountingThe influence of financial economics onfinancial reporting practice; economicvaluation methods for pensions; changingperformance metrics for social enterprises;the role of professionals in the market forsocial investment.Mr Christopher Noke,Associate Professor of Accounting,Departmental TutorHistorical developments of financialreporting; financial accounting.Dr Tommaso Palermo,Lecturer in AccountingManagement control systems andperformance measurement; linkingrisk management to performancemanagement, management accountingand public sector management.Dr Rita Samiolo,Lecturer in AccountingSocial and institutional studies ofaccounting; accounting in the public sector;risk management and regulation.Dr Ana Simpson,Assistant Professor of AccountingVoluntary disclosure – incentives andconsequences; analysts’ forecast efficiency;earnings management.Professor Wim A Van der Stede,CIMA Professor of Accounting andFinancial Management, Head ofDepartment of AccountingManagement control systems:budgeting, performance measurement,and incentive systems; corporategovernance: boards of directors,executive compensation, andinternal controls.Department of FinanceDr Elisabetta Bertero,Lecturer in FinanceSub-sovereign debt; the financial role ofthe state; international finance; budgetconstraint and state-owned firms.Dr Jack Favilukis,Assistant Professor of FinanceConsumption based asset pricing;incomplete markets; heterogeneity andinequality; limited participation andparticipation costs.Professor Christopher Polk,Professor of FinanceAsset pricing; corporate finance; hedgefunds; macroeconomics.Dr Michela Verardo,Associate Professor of FinanceEmpirical asset pricing; investmentanomalies; the information efficiencyof stock markets; the impact of analystforecasts on stock returns; financial andBayesian econometrics.Professor David Webb,Professor of FinanceFinancial economics and insuranceeconomics; economics of information;corporate finance and financial markets.