Programme Curriculum for Master Programme in Accounting

and Finance

1. Identification

Name of programme Master Programme in Accounting and Finance

Scope of programme 60 ECTS

Level Master level

Programme code EAGAF

Decision details Board of the School of Economics and Management, 17 April 2015

Amendment details 23 March 2018

2. Programme description
The target audience of the Master programme in Accounting and Finance consists of students who are
aiming for a career as, for example, chief financial officer (CFO), controller, treasurer, auditor or
accounting expert, or in other financial management or accounting functions, in internal audit,
assurance, or management consultancy, or as a financial analyst or investment banker. An accounting
and finance background from Lund University School of Economics and Management is an excellent
springboard for a career in the top echelons of industry, as evidenced by the many senior corporate
executives that have this background. This is, not least, due to the programme’s uniquely strong focus
on the corporate applications of accounting and finance.

A career in corporate finance, financial accounting, financial analysis, internal auditing and control,
management control, treasury management, and related professions requires an advanced level of
understanding of the theories and practices of accounting and finance. The programme meets this
need by providing a comprehensive, rigorous, yet applied treatment of key areas of accounting,
management control, and corporate finance. It is founded on the idea that learning is fruitful when a
subject matter is applied in practical decision contexts. Hence, strong emphasis is put on training
participants’ abilities to discerningly and critically apply their knowledge in decision situations, and
the programme makes intensive use of applications-oriented pedagogics, not least extensive,
challenging, team-based projects, cases, and experiments. The programme expects a high level of
academic performance from its participants, challenging participants to approach problems with a
probing mindset and to evaluate corporate and societal consequences of possible solutions. Successful
completion requires a significant amount of both independent study and team work.

The programme structure is flexible to cater to participants’ specialized interests in accounting,

corporate finance, and management control. All participants begin with common core courses that
enhance essential capabilities covering, for example, strategic management accounting, the theory and

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practice of financial accounting, analyzing financial statements, and valuing companies. Remaining
course work consists of elective courses in accounting, corporate finance, and management control.

Accounting, corporate finance, and management control are closely related parts of the broader
accounting and finance field. They all lie at the intersection where business strategy, processes, and
information combine and represent critical functions in organizations to ensure that decisions,
processes, and behaviors are consistent with corporate objectives and that strategies are related to
performance. The strong emphasis on elective courses allows participants to benefit from the wide
coverage of the field that the elective courses provide. The program caters equally to participants who
desire to develop a broad understanding of the field and to those who rather wants to specialize to
develop a deep understanding of accounting, corporate finance, or management control.

Elective courses in accounting give a deep understanding of accounting, financial reporting, and
assurance practices and of principles for choosing accounting treatment for complex transactions and
events. The courses aim to enhance participants’ skills in interpreting financial information and their
abilities to communicate the meaning of financial information, analyzing business transactions,
preventing, detecting, and investigating corporate fraud, and challenging conventional accounting
practices and solutions, regulations, and institutionalized preconceptions.

Courses in corporate finance provide techniques and models to assist in financial decision-making and
in solving complex and unstructured practical corporate financial problems, and the insight to
determine whether these decisions make sense in a strategic competitive context. The courses aim to
improve participants’ skills in analyzing the need for and design of corporate restructurings, designing
financial policies, and financing and managing the risk of ventures, be they start-ups, incumbent
firms, or corporate transactions.

Courses in management control deal with areas such as performance measurement and management
to improve decision-making and strengthen motivation, contemporary management accounting
techniques related to costing and pricing of products, as well as assessment of capital costs. The
courses aim to increase participants’ understanding of linkages between strategy and performance,
organizational characteristics, and the design of management accounting and control systems.

Career opportunities
There is a broad and extensive labour market for graduates of programmes in accounting and finance
both nationally and internationally. The programme also provides a thorough preparation for
academic research in accounting, corporate finance, and management control.

Connections to further studies

After completion of the programme, participants are eligible for applying to further studies on the
advanced level in business administration as well as to doctoral programmes in business
administration.

3. Learning outcomes
The programme builds on previous studies at the undergraduate level including knowledge obtained
in business administration, accounting, and corporate finance. In accordance with the Swedish Higher
Education Ordinance, the Degree of Master of Science (60 credits) is awarded to participants who at
the completion of the programme accomplish the following:

Knowledge and understanding

- Participants should demonstrate knowledge and understanding within the topical themes in
accounting and corporate finance covered by the programme.

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- Participants should demonstrate in-depth knowledge and understanding within their chosen
specialization in accounting and corporate finance, with specialization being determined through the
choice of elective courses and choice of topic for the independent project.
- Participants should demonstrate methodological knowledge and insight into current research and
development work within the topical themes in accounting and corporate finance covered by the
programme.

Skills and abilities

- Participants should demonstrate ability to integrate knowledge and competence in analyzing,
assessing, and dealing with complex phenomena, issues, and situations within the topical themes in
accounting and corporate finance covered by the programme, even when limited information is
available.
- Participants should demonstrate ability to independently identify and formulate issues and to plan
and, using appropriate methods, carry out advanced tasks within specified time limits.
- Participants should demonstrate an ability to work individually as well as in groups with students
from different cultures in order to solve problems as well as to manage more extensive projects.
- Participants should demonstrate ability to use theories and methodologies learnt to analyze and
assess accounting and corporate finance practice.
- Participants should demonstrate competence in clearly presenting and discussing their conclusions
and the knowledge and arguments behind them, in dialogue with different groups, orally and in
writing.
- Participants should demonstrate the skills required to participate in research and development work
or to work in other advanced contexts.

Judgement and approach

- Participants should demonstrate ability to make assessments within the topical themes in accounting
and corporate finance covered by the programme, taking into account relevant scientific, social, and
ethical aspects, and demonstrate awareness of ethical aspects of research and development work.
- Participants should demonstrate insight into the potential and limitations of science, its role in
society, and people’s responsibility for how it is used.
- Participants should demonstrate ability to identify their need of further knowledge and to take
responsibility for developing their knowledge.

Independent project (degree project)

For a Master of Science (60 credits) participants must have completed an independent project (degree
project) worth at least 15 higher education credits within the topical themes in accounting and
corporate finance covered by the programme.

4. Course information
The programme of study is divided into two semesters and further subdivided into four study periods.
Period 1 extends from late August to late October, period 2 from late October to mid-January, period
3 from mid-January to late March, and period 4 from late March to early June. Periods 1-3 are
devoted to course work, whereas period 4 is devoted to writing the degree project.

The programme structure is flexible in that much of the course work consists of elective courses. This
allows participants to design the type of specialization that they prefer within the broader area of
accounting and corporate finance. To facilitate consecutive enhancement of participants’ knowledge,
elective courses in period 3 may build on and enhance knowledge and skills covered on specific
courses in period 2. As a result, the choice of elective courses in period 3 may in certain combinations
be constrained by the chosen elective courses in period 2. This is highlighted in the course
presentations. It is important to notice that available elective courses may be subject to variation.

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Also, certain electives may be very popular; although we can grant most students access to the
electives they desire, there are no guaranteed places.

Semester 1 (Autumn) Semester 2 (Spring)

Study period 1 Study period 2 Study period 3 Study period 4

Sept-Oct Nov-Jan Jan-March April-June

Common core courses: Elective courses – choose Elective courses - choose Degree project
two: three:

BUSO97 BUSO75 Corporate fraud BUSxxx Accounting and BUSN79 Degree Project
Corporate valuation and Forensic accounting management control for in Accounting and Finance
(5 cr) (7.5 cr) innovation and (15 cr)
BUSO96 Designing professional service firms
BUSN71 Management finance (7.5 cr) (5 cr)
control (5 cr) BUSN61 International BUSN67 Accounting
accounting (7.5 cr) information systems (5 cr)
BUSO74 BUSN76 Performance BUSxxx Corporate
Perspectives on measurement and restructurings (5 cr)
accounting (5 cr) management (7.5 cr) BUSO86 Corporate risk
BUSN64 Strategic cost management (5 cr)
management (7.5 cr) BUSxxx Empirical
BUSN81 Theory of accounting and corporate
corporate finance (7.5 cr) finance (5 cr)
BUSxxx Financial
communication (5 cr)

Course information, study period 1

In study period 1, all participants follow three common core courses:

• Corporate valuation: focuses on analyzing businesses, corporate performance, and

financial reporting. Participants will gain in-depth knowledge of valuing companies,
primarily using cash-flow-, income-, and comparables-based valuation methods.
• Management control: gives participants thorough understanding of advanced management
accounting and control issues from both a theoretical and a practical perspective.
Throughout the course, participants are confronted with the latest developments in
management accounting and control in research as well as practice.
• Perspectives on accounting: focuses on the understanding of corporate financial reporting
and how it is used by different actors in the information environment. It aims to provide
insights into the theory and practice of accounting in corporations, and how this information
is disseminated to investors and other interested parties including financial analysts and
credit institutions for business analysis and valuation purposes. It also provides students with
the knowledge and foundation to critically analyze developments in accounting.

Course information, study period 2

In study period 2, participants choose two courses. Available elective courses may be subject to
variation, but examples include:

• Corporate fraud and forensic accounting: provides participants with enhanced and
deepened knowledge and understanding of accounting, financial reporting, and assurance

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practices. It introduces participants to the nature and implications of fraud as a point of

reference, both to illustrate the importance of reliable financial reporting and auditing and as
catalyst in triggering new regulatory initiatives that could have global consequences. The
course covers prevention, detection, and investigation of fraud through the examination of
internal and external control systems and evaluation of the role of gatekeepers and the
regulatory environment. Case-based instruction is adopted to advance participant
understanding and critical thinking as to how accounting is more than a collection of
technical routines, but is socially constituted and shaped by its institutional contexts.
• Designing finance: focuses on the optimization of corporate capital and risk structures
through active capital management. The course provides applied knowledge of how to assess
and design corporate financing transactions, including venture capital, equity, straight,
hybrid, and structured fixed-income securities and insurance products. It also trains
participants in assessing credit risk and doing corporate credit ratings.
• International accounting: examines and analyzes accounting practices and principles in, and
differences between countries. It enhances participants’ understanding of the choice of
accounting treatment for complex transactions and events, not least in accordance with IFRS
and US GAAP, and strengthens their abilities to analyze business transactions. The course
also analyzes and compares the work of leading accounting standard-setting bodies, such as
IASB (the International Accounting Standards Board) and FASB (the Financial Accounting
Standards Board), to increase participants’ abilities to keep up-to-date with the fast-paced
development of the area.
• Performance measurement and management: provides participants with advanced
knowledge about the use of performance measurement to improve decision making and the
motivation of individuals. The process of collecting, analyzing, and reporting financial and
non-financial performance may relate to an individual, group, organization, or system. This
process may be guided by a balanced scorecard approach or similar framework, linking
performance measurement with objectives and strategies. Special emphasis is given to how
biased decision-making related to assessment of performance can be avoided, and how
different forms of financial and non-financial incentive schemes influence individual
motivation.
• Strategic cost management: provides participants with deepened and thorough knowledge
of investment analysis, credit analysis, and costing within a strategic framework. It provides
participants with tools to investigate business problems, specialized knowledge about
investment planning and costing on an aggregate level, and detailed knowledge about model
building. The course also familiarizes participants with major and recent literature in their
field as well as introduces important research techniques.
• Theory of corporate finance: provides advanced knowledge of corporate finance, covering
topics such as the interaction between internal and external financing and risk management,
contracting between a firm and its management and stakeholders, dividends and stock
repurchases, and ownership structures.

Course information, study period 3

In study period 3, participants choose three courses. Available elective courses may be subject to
variation, but examples include:

• Accounting and management control for innovation and professional service firms:
provides participants with knowledge about how management control is influenced by
different strategies, organizational characteristics and objectives, and market and societal
factors. Special emphasis is given to complex situations that require balancing management
control systems towards multiple and competing demands. Contexts covered include
management control and management accounting techniques to support innovation strategies
and professional services firms with knowledge-intensive work. The course assumes that

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participants have followed Performance measurement and management in period 2 (or hold
equivalent knowledge).
• Accounting information systems: provides deep knowledge of the models for and structure
of accounting information systems as well as risk assurance systems. The course provides
understanding of data and information flows in organizations, systems architecture, and
validation and security in the accounting information system. It also focuses on the role of
accounting information systems in decision making.
• Corporate restructurings: provides participants with thorough and practical understanding
of how to analyze, compare, value, structure, and finance corporate restructurings, such as
mergers and acquisitions, alliances, joint ventures, buyouts, spinoffs, carveouts, etc.
• Corporate risk management: deals with strategies and tactics for value-enhancing risk
management, with particular emphasis on integrated and enterprise-wide risk-management
solutions. The course also deals with risk-control mechanisms such as internal controls,
insurance solutions, and risk management using derivatives, such as forwards, futures, swaps,
and options.
• Empirical accounting and corporate finance: deals with empirical research techniques for
analyzing accounting and corporate finance data. The course emphasises choosing and using
appropriate statistical techniques for modelling cross-sectional and panel data and dealing
with endogeneity. The course expects participants to know of cross-sectional regression
analysis, including the classical linear regression model, ordinary least squares, and
properties of the OLS estimator.
• Financial communication: focuses on the textual communication of the accounting numbers
presented in financial reports. In order to understand such communication it is necessary to
also understand principles for solving advanced accounting problems, i.e., to have an
understanding of the origin of the performance measurements that are reported in annual and
interim reports, annual meetings, press releases, etc. The course covers financial discourse
and communication and is organized in different theoretical themes, such as accounts,
intertextuality, linguistic hedging, metaphors, and narrative or storytelling.

Course information, study period 4

Study period 4 is devoted to the degree project where participants conduct their own research and
demonstrate their ability to independently apply the knowledge gained from the course work. In the
project work, participants further enhance their knowledge and understanding of accounting and
corporate finance. The degree project is written in pairs. The subject for the degree project is chosen
and initial work on the project is initiated during period 3. The work with the project is then continued
full-time in period 4. A supervisor will be assigned to each degree project.

Examples of course combinations

The programme structure is flexible to cater to participants’ specialized interests in accounting and
corporate finance and participants are free, within the boundaries of availability to combine elective
courses. Certain electives may be very popular; although we can grant most students access to the
electives they desire, there are no guaranteed places.

Examples of possible course combinations include:

Focus on corporate finance

Designing finance 7,5 ECTS Corporate restructurings 7,5 ECTS

Theory of corporate finance 7,5 ECTS Corporate risk management 7,5 ECTS

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Focus on financial accounting

Corporate fraud and forensic accounting 7,5 ECTS Accounting information systems 7,5 ECTS
International accounting 7,5 ECTS Financial communication 7,5 ECTS

Focus on financial analysis

Designing finance 7,5 ECTS Corporate restructurings 7,5 ECTS

International accounting 7,5 ECTS Financial communication 7,5 ECTS

Focus on internal auditing and control

Corporate fraud and forensic accounting 7,5 ECTS Accounting information systems 7,5 ECTS
Performance measurement & management 7,5 ECTS Corporate risk management 7,5 ECTS

Focus on management control

Performance measurement &management 7,5 ECTS Accounting information systems 7,5 ECTS
Strategic cost management 7,5 ECTS Accounting and management control for innovation and
professional service firms 7,5 ECTS

Focus on treasury management

Designing finance 7,5 ECTS Accounting information systems 7,5 ECTS

Strategic cost management 7,5 ECTS Corporate risk management 7,5 ECTS

5. Degree
Upon completion of the programme a Degree of Master of Science in Business and Economics (60
credits) will be awarded in compliance with the National Higher Education Ordinance (SFS
2006:1053). The major will be in Business Administration with specialization in Accounting and
Finance (Ekonomie magisterexamen: huvudområde företagsekonomi, specialisering redovisning och
finansiering).

6. Admission requirements and selection criteria

An undergraduate degree (BA/BSc) with at least 90 ECTS in business administration, or equivalent
knowledge obtained through courses in related fields (for example, courses in accounting, business,
commerce, corporate finance, international business, management, management science, marketing,
and organisational studies). A major in corporate finance, financial accounting, financial
management, or management accounting on the undergraduate level is preferred.
• At least 5 ECTS in financial accounting
• At least 5 ECTS in corporate finance
• At least 15 ECTS in one of the following fields: corporate finance, financial accounting,
financial management, or management accounting
• English 6

Recommended prior knowledge

The programme is an advanced-level programme that assumes that all participants hold prior
knowledge equivalent to a bachelor degree in corporate finance, financial accounting, financial
management, or management accounting. Participants are expected to be able to:

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• read and understand financial statements, including the consolidated statements of financial
position, profit or loss, changes in equity, and cash flows
• calculate profitability, profit margin, asset turnover, and growth
• calculate net present value and internal rate of return
• calculate weighted average cost of capital

Participants are also expected to hold basic knowledge of statistics, including central statistical
concepts such as mean, standard deviation, variance, covariance, correlation, and ordinary least
squares. It is also useful for participants to hold a basic understanding of the risk/return tradeoff and
of the capital asset pricing model.

Selection criteria
Selection is based on:

• academic qualifications from university studies and

• a Statement of Purpose (motivation letter) in which applicants state their reasons for
applying to the programme and describe their specialized interests in the topical themes in
accounting and corporate finance covered by the programme. The Statement of Purpose
should also contain a self-assessment of the applicant’s prior knowledge of corporate
finance, financial accounting, financial management, and management accounting.

7. Other information
Courses at the School of Economics and Management are graded according to the criterion-referenced
principal grades A-F:

GRADE POINTS CHARACTERISTIC

A Excellent 100-85 A distinguished result that is excellent with regard to the
following aspects – theoretical depth, practical relevance,
analytical ability and independent thought.
B Very good 84-75 A very good result with regard to the above mentioned
aspects.
C Good 74-65 The result is of a good standard with regard to the above
mentioned aspects and lives up to expectations.
D Satisfactory 64-55 The result is of a satisfactory standard with regard to the
above mentioned aspects and lives up to expectations.
E Sufficient 54-50 The result satisfies the minimum requirements with
regard to the above mentioned aspects, but not more.
F Fail 49-0 The result does not meet the minimum requirements with
regard to the above mentioned aspects.

It is up to the teaching professor to decide whether the credits of a course should be converted into a
total of 100 points for each course, or if the scale above should be used as percentage points of any
chosen scale instead.

Academic Integrity
The University views plagiarism very seriously, and will take disciplinary actions against students for
any kind of attempted malpractice in examinations and assessments. The penalty that may be imposed
for this, and other unfair practice in examinations or assessments, includes suspension from the
University.