Business and finance The range of management, business and finance courses in the UK is huge. There are courses in business administration, finance, business management, business law, European and international business, and economics. You can focus on areas such as decision-making, marketing, managing change or customer services, and your course can be specialist or broad-based. For more information on specific subjects please refer to the subject sheets in this series on Accountancy, on Management and on Master of Business Administration (MBA).
Checklist: why study business and finance in the United Kingdom?
•
The UK has a long tradition as a trading, financial and business centre, and a reputation for educating international students to a high standard in business and financial studies.
•
The UK’s business, management and accountancy schools are world-renowned and closely linked with commerce and industry. More management students are educated in the UK than in the rest of Europe put together.
•
UK qualifications are recognised all over the world. They can lead to a wide range of career options when you return home.
•
The UK has universities and colleges specialising in business and finance in all areas of the country. Many of them have invested heavily in developing state-of-the-art learning facilities and attracting high-quality staff.
•
The opportunity to improve your fluency in English will improve your job prospects and help both you and your employer develop international links.
You must first determine what your existing qualifications and experience enable you to do. Second, you should decide where your ambition lies. Your answers to the following questions will help you reach a decision:
•
Are you keen on a career-based vocational course that will allow you to progress to a higher level, or perhaps return home better prepared for the world of managerial work?
•
do you need an access course that will serve as a foundation for more advanced study, or permit you to increase your language proficiency so that you can gain from further study?
•
Do you want a three- or four-year BA or BSc course, or a two-year foundation degree, to gain both academic and practical skills?
•
Do you need a postgraduate Master’s programme (MA; MSc) that will serve as a foundation either for doctoral study or prepare you for enhanced work in a functional area of management?
Business and finance
www.educationuk.org
1 What can I study? What work-based courses are available?
•
national qualifications (for example, GNVQs, NVQs and SVQs) in business or retail and the distributive services, which last one or two years (see Choosing a work-based training course in this series)
• • •
vocational A-levels in business or retail and the distributive services, lasting one or two years BTEC/Edexcel National Diplomas in a range of business-related subjects, usually lasting two years BTEC/Edexcel Higher National Diplomas (HNDs) in a range of business-related subjects, usually lasting two years.
Where can I study these courses? NVQs and vocational A-level courses are available at most further education colleges, which are located throughout the UK. BTEC/Edexcel Diplomas are also available at these colleges. Higher National Diplomas are available at some further education colleges and universities, where success on the two-year course can lead directly on to the final year of a degree course.
What undergraduate degree courses are available? There are four types of course available:
•
access courses, usually one year, which provide an alternative route into higher education for students who lack standard entry requirements
•
Higher National Diplomas (HND) in business studies (two years), which can lead on to the final year of an honours degree
•
foundation degrees, normally lasting two years, in subjects including business, e-business, marketing, business IT and retail management; foundation degrees are qualifications in their own right; graduates can progress into employment or into the final year of an honours degree course
•
a Bachelor of Arts (BA) or sometimes a Bachelor of Science (BSc) degree at honours level; these degrees usually require three years of full-time study.
Where can I study undergraduate courses? All universities teaching business and finance provide degree courses. Some universities also provide HNDs and foundation degrees. Colleges of further education offer access courses and HNDs, and may also be franchised by a university to offer foundation and occasionally full honours degrees.
What subjects can I study at undergraduate level? Subjects that can be studied include:
• • • • •
business management (and international business management) financial services management business administration accounting and finance business IT.
How long are postgraduate courses and what qualifications can I gain? You can do a one-year taught Master’s (MA; MSc; MBA) or a two-year research degree (MPhil). There are also postgraduate certificates and diplomas in fields such as:
•
business management
•
total quality and innovation management
• •
international business human resource management.
Business and finance
www.educationuk.org
How long will it take me to study for a PhD and what is involved? You will usually need to allow a minimum of three years. Professional doctorates are also becoming very popular such as the DBA (Doctor of Business Administration). All universities offer postgraduate courses and many also offer research opportunities to students.
Where can I gain professional qualifications? These are offered by the professional bodies that cover management, banking and insurance.
Business and finance – the major professional bodies and qualifications
Professional body
Financial services
Banking
Insurance
Personal Finance Society – part of the Chartered Insurance Institute (CII) group www.thepfs.org
Institute of Financial Services (IFS) – the official brand of the Chartered Institute of Banking (CIB) www.ifslearning.com
Chartered Insurance Institute (CII) www.cii.co.uk
Certificate in Financial Planning
BSc (Hons) in Financial Services with electives chosen from Risk and Insurance Management, Retailing Financial Services, and Corporate Banking.
Advanced Financial Planning Certificate (AFPC) Financial Advisers’ International Qualification (FAIQ)
The IFS delivers a range of qualifications examined and awarded by the CIB.
Advanced Diplomas in the three specialisms listed above. A range of certificates and diplomas --------------------------The Chartered Institute of Bankers in Scotland offers a range of qualifications www.ciobs.org.uk.
The CII handles qualifications in insurance and financial services.
Certificate in Insurance (CertCII) (entry-level qualification) Diploma in Insurance (DipCII)
Management
Chartered Management Institute (CMI) www.managers.org.uk The CMI offers a flexible course structure of certificates, diplomas and NVQ awards.
Foundation-level certificates NVQ in Management Diploma in Strategic Management Diploma in Management Studies MBA
Advanced Diploma in Insurance (ACII)
It may be possible to take the examinations for some of the qualifications listed here at your local British Council office. Contact your local office for more information or go to www.britishcouncil.org/learning-exams.htm.
2 How can I register as a professional? Each professional body has its own professional examinations (and often a work-experience requirement), through which you can attain membership and higher professional qualifications. You should look at the relevant websites.
Business and finance
www.educationuk.org
3 Next steps Checklist: your next steps
•
Before you apply for a UK course in business or finance, do some thorough research at home (or in the countries where you would like to work) about the best qualifications for the career you would like to follow. You should check that the UK qualification is acceptable in your own country and will enable you to find employment.
•
Ensure that you have the English language ability required by the institutions you intend to apply to. Each institution will set their own requirement but as a guide for an undergraduate course this may be an IELTS score of 5.5 to 6.5, while for a postgraduate course an IELTS score of 6.0 to 7.0 may be required. Ask your local British Council office where and when you can take the test.
•
Apply for undergraduate degree courses, foundation degrees (England only) and Higher National Diploma through UCAS (the Universities and Colleges Admissions Service) at www.ucas.com. For other courses, apply to the institutions direct.
•
Unistats (www.unistats.com) is the official website to help you compare subjects at universities and colleges in the UK.
4 What else do I need to know? The regulations for entry into the UK are constantly changing and it is vital that you check the Home Office Border and Immigration Agency (BIA) website (www.bia.homeoffice.gov.uk) on a regular basis and check locally with your British Mission so you are aware of how UK immigration procedures will affect you. With the introduction of the new Australian-style points-based system you will need to keep even more up to date with the new immigration system changes when applying for a visa or work permit. For information on the points-based system go to: www.bia.homeoffice.gov.uk/sitecontent/documents/managingborders/pbsdocs. For advice on working in the UK: www.bia.homeoffice.gov.uk/workingintheuk. For advice about visas: http://www.bia.homeoffice.gov.uk/studyingintheuk/. For practical advice on living in the UK download Studying and living in the UK from: www.educationuk.org/bc_img/body/articles/pdfs/stud_live_uk.pdf.
5 Where can I find more information? The British Council has produced the Education UK portfolio to provide international students with a wide range of information and guidance that will help them find out more about studying a UK course and other important issues, such as applying to study, entry clearance and living in the UK. The portfolio includes: • • • • •
the Education UK website and a number of country websites containing locally relevant information – www.educationuk.org The essential guides to education in the UK: Undergraduate and pre-university; Postgraduate and MBA* Universities, Colleges and Schools Handbook* Club UK magazine,* also available online at www.educationuk.org/clubuk Postgraduate UK magazine.*
* The publications are available at a selected number of British Council offices for students to use. The Education UK websites are a valuable source of information, with a database of over 450,000 courses and profiles of institutions that contain details of entry requirements and course fees; some offer a virtual tour of their campus.
Business and finance
www.educationuk.org
Universities and Colleges Admissions Service (UCAS) PO Box 28 Cheltenham. GL52 3LZ Telephone +44 (0)87 0112 2211 E-mail enquiries@ucas.ac.uk www.ucas.com UK Council for International Student Affairs (UKCISA)
Association of MBAs (AMBA) 25 Hosier Lane London EC1A 9LQ Telephone +44 (0)20 7246 2686 Fax +44 (0)20 7246 2687 E-mail info@mbaworld.com www.mbaworld.com Unistats The official website to help you compare subjects and universities and colleges in the UK.
www.ukcisa.org.uk www.unistats.com Personal Finance Society 20 Aldermanbury London EC2V 7HY Telephone +44 (0)20 8530 0852 E-mail info@sofa.org www.thepfs.org
Chartered Insurance Institute 42-48 High Road South Woodford London E18 2JP Telephone +44 (0)20 8989 8464 Fax +44 (0)20 8530 3052 E-mail customer.serv@cii.co.uk www.cii.co.uk
Chartered Management Institute Management House Cottingham Road Corby Northamptonshire NN17 1TT
Institute of Financial Services (The official brand of the Chartered Institute of Bankers) IFS House 4-9 Burgate Lane Canterbury CT1 2XJ
Telephone +44 (0)15 3620 4222 Fax +44 (0)15 3620 1651 or 3rd floor 2 Savoy Court Strand London WC2R 0EZ Telephone +44 (0)20 7497 0580 Fax +44 (0)20 7497 0463 E-mail enquiries@managers.org.uk www.managers.org.uk
Telephone +44 (0)12 2776 2600 Fax +44 (0)12 2776 3788 E-mail customerservices@ifslearning.com www.ifslearning.com Chartered Institute of Bankers in Scotland Drumsheugh House 38b Drumsheugh Gardens Edinburgh EH3 7SW Telephone +44 (0)13 1473 7777 Fax +44 (0)13 1473 7788 E-mail info@ciobs.org.uk www.ciobs.org.uk
Other useful resources CRAC Degree Courses Guide 2007–08: Business, Management and Economics, www.ucasbooks.co.uk Note: please note that this book may not be available in your local British Council office. While every effort has been made to ensure that the information given here is correct and up to date, the British Council accepts no legal liability for its accuracy, currency or completeness.
April 2008 Š British Council 2008 The United Kingdom's international organisation for cultural relations and educational opportunities. A registered charity: 209131 (England and Wales) SC037733 (Scotland). Business and finance
www.educationuk.org