Male student working on a tablet in the classroom

Key Information

Full-time

3-4 years

Typical Offer

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Campus

Brayford Pool

Validation Status

Subject to Revalidation

Fees

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UCAS Code

NN13

Course Code

BUSFINUB

BA (Hons) Business and Finance

The University of Lincoln is ranked in the top 30 in the UK for student satisfaction in the Guardian University Guide 2023.

Key Information

Full-time

3-4 years

Typical Offer

View

Campus

Brayford Pool

Validation Status

Subject to Revalidation

Fees

View

UCAS Code

NN13

Course Code

BUSFINUB

David Latham - Programme Leader

David Latham - Programme Leader

David Latham is the Programme Leader for the BA (Hons) Business and Finance. His research interests include Behavioural Finance and Corporate Finance.

Academic Staff List

Welcome to BA (Hons) Business and Finance

Adaptability and a wide range of industry skills offer graduates a strong platform to target careers in a variety of business sectors.

BA (Hons) Business and Finance at Lincoln aims to equip students with the tools and knowledge to operate in a range of business environments, and to develop a broad understanding of business and finance from an international perspective.

The course introduces business and finance theory, including the importance of data analysis, legal knowledge, marketing, and operations. Modules have been designed to enable students to develop the ability to apply learning to practical situations.

Did You Know?

Students can use our Bloomberg Terminal, which gives them access to the data, information, and tools used by today's global business leaders and financial services professionals.

How You Study

The first year lays the foundation for advanced study and introduces the key elements of business. Students tackle more advanced and specialist subjects in the second year.

In the final year, students have the opportunity to examine financial management at a higher level. They can tailor their degree by selecting from a range of options aligned to individual interested and career ambitions.

In addition, all full-time students have the opportunity to take undertake a year-long work placement after the second year. Those who choose this route do not pay tuition fees for that year but will be required to cover their travel, accommodation, and general living costs. Students are expected to source their own placement, and tutors can provide support during the process if required.

What You Need to Know

We want you to have all the information you need to make an informed decision on where and what you want to study. To help you choose the course that’s right for you, we aim to bring to your attention all the important information you may need. Our What You Need to Know page offers detailed information on key areas including contact hours, assessment, optional modules, and additional costs.

Find out More

An Introduction to Your Modules


† Some courses may offer optional modules. The availability of optional modules may vary from year to year and will be subject to minimum student numbers being achieved. This means that the availability of specific optional modules cannot be guaranteed. Optional module selection may also be affected by staff availability.

Business Law, Governance and Ethics 2023-24ACC1003MLevel 42023-24CoreData Analytics for Business 2023-24ECO1031Level 42023-24This module develops some quantitative techniques that underpin research and business analysis. It promotes a critical awareness and understanding of some of the processes, techniques and technology by which numerical information can be collected and analysed. In addition to ensuring that students are competent in relevant numerical techniques, it anticipates the requirements of later modules, such as independent study, that entail analysis of numerical information using statistical tests.CoreFoundations of Macroeconomics 2023-24ECO1030MLevel 42023-24This module aims to provide the non-economist with knowledge of macroeconomic theory and contemporary comment. There is a grounding in basic macro concepts such as inflation and deflation, growth and stagnation, and balance of payment issues and exchange rates. These can be applied to contemporary issues both nationally and globally.CoreFoundations of Microeconomics 2023-24ECO1029MLevel 42023-24This module explores a range of economic concepts and basic analytical techniques. The focus of the module is the Financial Times (FT). The FT covers issues relating to operations management, accounting, HRM, economics, and finance, all of which are relevant to a business degree. Students are encouraged to keep abreast of current events in the commercial environment, which can help when competing for placements and employment opportunities in the commercial world.CoreIntroduction to Accountancy 2023-24ACC1109MLevel 42023-24CoreIntroduction to Finance (Applied) 2023-24ACC1110MLevel 42023-24CoreOrganisational Behaviour 2023-24MGT1022MLevel 42023-24This module is intended for students who are interested in understanding the way people work, as individuals and as group members in firms. The module explores essential topics in a clear, concise and informative manner, aiming to introduce students to the interpersonal perceptual processes in a work environment; the key behavioural factors determining effective and ineffective groups; the usefulness of theories on leadership/management styles; and the difficulties in implementing change in organisations.CorePrinciples of Marketing 2023-24MKT1001MLevel 42023-24This module provides an introduction to the theory and practice of marketing, as well as marketing technologies that will underpin the more specialist marketing modules at higher levels. Students are introduced to the key concepts, terminologies, and issues of marketing not only in specific businesses, but also in a broad social context. The module shows how sustainable market success can be achieved through business environment analysis and customer-centred product/services development. The module will examine the customer journey and stakeholder engagement to evaluate the impact of marketing activities on consumers, the environment, and society. Students will also benefit from gaining insights on the latest marketing thinking, trends, and techniques; learning from experienced marketing practitioners and developing creative mindset, cognitive flexibility, social and emotional intelligence to manage the plethora of opportunities and challenges that will help them to success in future world of work.CoreLincoln Student Managed Investment Fund - Year 1 2023-24FIN1014MLevel 42023-24Initiated from 2015 and officially founded in 2018, the LSMIF is set up with a structure similar to any other professionally run fund management company with students running every aspect of the fund, from CEO to analyst. It is one of only few of this kind in the United Kingdom. The fund uses money raised from donors to invest in shares of companies listed on London Stock Exchange. It is organized, run and managed the same way as an investment company in the real world. The fund has got sponsorship and advisory support from UK leading wealth management companies such as Brewin Dolphin and Mattioli Woods with senior officers from them joining the Board of Advisors. This fund gives students the opportunity to work as analysts, investment managers, CFO, CIO, CEO etc. Students also have the chances to meet, discuss and learn from experts in the field in Quarterly Investment Committee Meetings series. Students are given additional training relating to their works.OptionalEthics, Sustainability and Responsibility 2024-25MGT2291MLevel 52024-25CoreFinancial Management (Exempt) 2024-25FIN2017MLevel 52024-25CoreHuman Resource Management 2024-25HRM2105MLevel 52024-25This module endeavours to provide an introduction to the importance of the Human Resource Management (HRM) function in an organisational context. The module explores and examines the strategic role of HRM and its contribution to the operational aspects of the HR function to support workforce planning in light of the broader business, social and ethical context. The module provides an important oversight for both aspiring HR practitioners and also future organisational managers.CoreInnovations in Finance (Applied Financial Management) 2024-25FIN2019MLevel 52024-25CoreInternational Economics 2024-25ECO2006MLevel 52024-25This module aims to provide students with the opportunity to develop knowledge of the gains to be made from trading internationally. It focuses also on the gains to be made from economic integration and the globalisation process. The module also seeks to examine the main patterns of trade and exchange and aims to demonstrate how free trade can be influenced by government and the future risks of protectionism.CoreOperations Management 2024-25BUS2141MLevel 52024-25This module is designed to introduce students to a wide range of Operations Management topics that contribute to an understanding of organisations as systems seeking to remain viable and competitive within their environment.CoreCompetition and Regulation 2024-25ECO2103MLevel 52024-25This module explores some key areas of microeconomic policy for business. At its heart it is a consideration of competition theory and industrial structure. This informs the analysis of competition policy in sectors, such as telecoms and airlines. This is extended to a consideration of injecting competition into the state sector. Other areas of state intervention are explored where activities are taxes; prices are regulated; or industry is incentivised to relocate. Throughout, concepts and applications are made relevant to real world examples.OptionalContemporary Issues in Banking 2024-25FIN2138MLevel 52024-25In the last couple of decades the banking industry was at the heart of dramatic changes, including deregulation, financial innovation and globalization. This module is designed to examine these developments and their effects on the banking sector. The module continues by providing students with the opportunity to analyse contemporary issues in banking that emerged as responses to these global developments. These issues include the provision of credit and in particular credit rationing, securitization of debt, and competition and mergers in the banking sector.OptionalCross Cultural Management 2024-25MGT2034MLevel 52024-25This module is designed for students who are thinking of a career in the international arena. It will be of use to anyone interested in working in multinationals or those interested in understanding how business is conducted across different culturesOptionalFinancial Management (Non-Exempt) 2024-25FIN2018MLevel 52024-25OptionalFinancial Markets and Institutions 2024-25FIN2139MLevel 52024-25This module is designed to make students aware of international financial markets and institutions. The need for financial markets and institutions is the underlying scope of the module and students have the opportunity to investigate this importance for their own countries.OptionalLIBS International Year Abroad 2024-25MGT2286MLevel 52024-25Lincoln International Business School (LIBS) believes that an option to study overseas is a valuable educational opportunity for our students. The optional year is intended to: -enable students to benefit from studying similar subjects within a cross cultural environment, by exposing students to a wider academic and cultural experience; -facilitate reflexivity in learning and personal and professional development; -enhance their future employment opportunities by increasing their cultural and professional mobility. This module is optional for all taught on campus undergraduate students within Lincoln International Business School. Study Abroad is a year long module which enables students to spend time studying abroad at one of the Universitys approved partner institutions. During the year spent abroad, students share classes with local students and study on a suite of locally-delivered taught modules which have been approved in advance by the University. As many partner institutions support internships it is anticipated that some students will elect to combine study (minimum one semester equivalent) with work and or a period of volunteering. Eligible students must have completed their second year of study to a satisfactory standard (normally with an average of a 2.2 or above, dependent upon partner requirements) standard and successfully completed the application process. Upon completion of the study period abroad, each student will be required to submit a portfolio including a reflection on the experience of living and studying in a different cultural environment and the skills acquired.OptionalLincoln Student Managed Investment Fund - Year 2 2024-25FIN2146MLevel 52024-25The LSMIF will be designed to provide students with the essential knowledge on the following main knowledge blocks - at intermediate level for Year 2: - How stock markets work and how to read financial data - Valuation techniques including cash flow projections, dividend growth modelling, and comparative analysis. - Market timing and technical analysis. - Asset allocation optimization - Quarterly investment committee meetings with experts from the industry. - Investment discussion meetings.OptionalMacroeconomic Environment for Business 2024-25ECO2110MLevel 52024-25This module provides an opportunity for students to extend their understanding of macroeconomics. It emphasises the role of macroeconomics as an applied discipline, focusing on issues facing the worlds economies featured in the Financial Times. By the end students are expected to be able to use the techniques learned to interpret changing macroeconomic aggregates, events and policies.OptionalMoney, Banking and Financial Markets 2024-25FIN2141MLevel 52024-25This module focuses upon the primary statement of roles which participants in the financial landscape provide. These roles are central to the idea of money and role which it plays in the modern landscape in terms of the flow of funds as a framework. The module aims to provide a brief introduction to the major participants; banks, pension funds, insurance companies and the management role of funds which they have.OptionalPrinciples of Project Management 2024-25BUS2040MLevel 52024-25This module aims to provide a solid foundation in the theory and best practice of project management, with the aim of developing the practical skills of how to plan, implement and control projects. The module provides students with the chance to develop an understanding of the system perspective on management and a practically oriented introduction to the nature and purpose of project management and its key functions (scope, time, cost, quality, risk). To adequately balance the hard skills learned, the module also involves an appreciation of how to communicate with project stakeholders and an understanding of the organisational and human issues involved in managing projects.OptionalProfessional Practice 2024-25MGT2037MLevel 52024-25This module is aimed at those students who have decided to take a year out of formal studies to gain accredited work experience and are registered on a degree programme with an accredited professional practice element. The Professional Practice Year aims to give students a continuous experience of full-time work within an organisation. It should be a three way co-operative activity between employer, student and University from which all parties benefit. Students can choose to pursue a variety of options including a placement year, a consultancy project or a work-based dissertation. Potential costs relating to this module are outlined in the Features tab.OptionalServices Marketing and Relationship Strategies 2024-25MKT2115Level 52024-25Increasing standards of living and wealth in society has resulted in more of our income spent on services rather than manufactured goods. In a similar vein, more of the working population are earning their living from providing services. Meanwhile, traditional marketing and marketing units tend to be product based rather than reflecting the importance of the consumption of services and the implications. The more recent trend of sustainable business shifts strategic attention to building consumer relationships through various components and concepts of services marketing, putting more emphasis on fostering customer loyalty and retention. In view of the economic and marketing trends, this module is not simply an extension of traditional marketing. It provides students with an understanding of services marketing and relationship strategies in business to prepare them for entering a broader scope of industries both within UK and international contexts. Topics currently analysed in academic research and adopted by industry will be explored to provide currency and timely application of these insights. The module will include but is not limited to exploring the environmental context of services business and the way the extended marketing mix can be used to evaluate the service environment. Principles of relational marketing will be introduced with specific focus on the development of customer retention strategies. Tactical use of services marketing will be explored to develop customer relationships that build loyalty and increase value.OptionalStrategic Marketing Planning 2024-25MKT2021MLevel 52024-25OptionalAdvanced Financial Management (Exempt) 2025-26FIN3039MLevel 62025-26CoreCorporate Actions and Risk Management 2025-26FIN3041MLevel 62025-26CorePersonal Investment Planning 2025-26FIN3017MLevel 62025-26CorePersonal Taxation 2025-26ACC3179MLevel 62025-26CoreStrategy 2025-26MGT3286Level 62025-26CoreAdvanced Financial Management (Non-Exempt) 2025-26FIN3040MLevel 62025-26OptionalBehavioural Finance and Economics 2025-26ECO3003MLevel 62025-26This module aims to widen the concepts and motivations in understanding the economic activities of agents, and develops an appreciation of why these are different from standard/neo-classical economics. The module draws on the recent research from the area of behavioural finance, biology and psychology to present a foundation, upon which to build a more critical understanding of the rational economics foundations. The module covers alternative modus operandi for economic interactions, such as Prospect Theory and other models. The module investigates situations and the assumptions about behaviour which gives rise to certain behavioural biases, which constitute observable phenomena. These are then generalised to the probable effects on markets.OptionalCrisis Management 2025-26TOU3120MLevel 62025-26This module addresses the implications of interruption to business and the issues and problems that may arise in connection with measures designed to counteract the effect of such interruption. Students are introduced to the underlying rationale for crisis management and business continuity initiatives both from a theoretical and professional perspective. The module examines the positioning of crisis management within an organisations overall strategic plan by reference to examples of good practice from organisations at home and abroad. Students can examine the role and function of effective crisis communication during times of crisis. Approaches to crisis management are evaluated and applied to a range of organisational case studies. The module also explores the relationship between crisis management and risk management which is seen as an inherent part of all businesses and which is further compounded by the uncertainties with the nature of product and consumer.OptionalDecision-Making and Game Theory 2025-26ECO3101MLevel 62025-26This module aims to provide an introduction to decision-making in different environments. After a short review of the rational choice paradigm, the module seeks to explore intertemporal decision problem and Expected Utility Theory.OptionalDigital Business and E-Commerce 2025-26MKT3093MLevel 62025-26This module provides students with the opportunity to develop an overview of e-business by reviewing how firms run their businesses, organise operational infrastructures, share information with business partners and communicate with customers. It explores the role of e-commerce (that is, the trading of goods and services through online systems such as e-sales and e-purchases) on market position, competition and sustainability, and encourages student to reflect on the changing nature of the relationship between the supplier and user/the human and the digital interface.OptionalDisaster Management 2025-26TOU3119MLevel 62025-26This module examines the various scenaria that arise during the management of natural disasters. It enables students to examine different disaster situations and competing approaches to disaster management intervention measures. The module aims to expose students to the anatomy of disaster and to reflect upon the best strategic practices for the management and control of disasters and emergencies. The module uses real case studies to demonstrate the importance of preparedness for disaster, and the need for effective recovery and rehabilitation measures. Students are introduced to the levels of command and the systems in place for any situation requiring major emergency or disaster management. The module also examines the position of relief workers and victims caught up in disaster. As such, this module analyses a range of strategic options in terms of theory and practice. The development of strategic thinking is relevant to both those interested in uniformed and non-uniformed public sector management. The module aims to increase students awareness of the nature and management of disasters, drawing on an interdisciplinary approach. It is designed to enable graduates to engage with and relate to disaster professionals with confidence and commitment.OptionalEnvironmental Management Accountancy and Strategic Thinking 2025-26ACC3178MLevel 62025-26OptionalGlobal Entrepreneurship 2025-26BUS3578MLevel 62025-26OptionalIndependent Project - Research 2025-26FIN3042MLevel 62025-26The Final Independent Research Project, allows students to undertake a substantive piece of research in the context of both their chosen degree specialism and Lincoln International Business School's commitment to principles of responsible management. Research areas will be framed by areas of research expertise existing with relevant departments. Students will progress through guided research and workshops to supervised independent study.OptionalIndependent Project - Responsible Enterprise 2025-26FIN3044MLevel 62025-26Students can elect to undertake their final project as an enterprise project, culminating the development of a business plan for a new enterprise. Planned ventures will be framed by Lincoln International Business Schools commitment to Principles of Responsible Management and as such prospective start-ups will need to evaluate their proposed venture in the context of sustainable development. Student will be provided with appropriate academic support and business advice.OptionalIndependent Project- Negotiated Client Based Project 2025-26FIN3043MLevel 62025-26The Negotiated Client Based Project is an elective which develops the skills and understanding of what makes a successful consultant, whilst reviewing industry sustainability issues and what is needed to support a company through change. The Negotiated Client Based Project (NCBP) sits alongside other forms of independent study at Level 6 including (but not exclusively) Independent Research Project, or Independent Responsible Enterprise Project. Students are encouraged to learn and understand the challenges, opportunities and skills required by organisations to make effective decisions on behalf of a client in a live business environment. This module enables students to consider success and failure aspects of business and marketing within the context of LIBS commitment to Principles of Responsible Management and sustainable development.OptionalLeadership Practice 2025-26MGT3289Level 62025-26The module adopts a practice based approach. The module will explore skills associated with leadership practice and provide an opportunity to rehearse and develop these skills in a supportive and safe environment. Participants will learn about their own behaviours and those of others and receive and give feedback to enable personal development.OptionalLincoln Student Managed Investment Fund - Year 3 2025-26FIN3035MLevel 62025-26Initiated from 2015 and officially founded in 2018, the LSMIF is set up with a structure similar to any other professionally run fund management company with students running every aspect of the fund, from CEO to analyst. It is one of only few of this kind in the United Kingdom. The fund uses money raised from donors to invest in shares of companies listed on London Stock Exchange. It is organized, run and managed the same way as an investment company in the real world. The fund has got sponsorship and advisory support from UK leading wealth management companies such as Brewin Dolphin and Mattioli Woods with senior officers from them joining the Board of Advisors. This fund gives students the opportunity to work as analysts, investment managers, CFO, CIO, CEO etc. Students also have the chances to meet, discuss and learn from experts in the field in Quarterly Investment Committee Meetings series. Students are given additional training relating to their works.OptionalPrivate Banking and Wealth Management 2025-26FIN3030MLevel 62025-26Private Banking and Wealth Management is a module targeted at students who wish to build upon their previous knowledge of financial markets and products by analysing and evaluating the core financial service of wealth management. The module aims to both broaden students knowledge and understanding of the financial services industry and further develop their intellectual and practical skills via the analysis and evaluation of the wealth management process.Optional

How you are assessed

The way students are assessed on this course may vary for each module. Examples of assessment methods that are used include coursework, such as written assignments, reports or dissertations; practical exams, such as presentations, performances or observations; and written exams, such as formal examinations or in-class tests. The University of Lincoln's policy is to ensure that staff return assessments to students promptly.

Fees and Scholarships

Going to university is a life-changing step and it's important to understand the costs involved and the funding options available before you start. A full breakdown of the fees associated with this programme can be found on our course fees pages.

Course Fees

For eligible undergraduate students going to university for the first time, scholarships and bursaries are available to help cover costs. The University of Lincoln offers a variety of merit-based and subject-specific bursaries and scholarships. For full details and information about eligibility, visit our scholarships and bursaries pages.

Entry Requirements 2023-24

United Kingdom


A Level: BBC (112 UCAS Tariff points from a minimum of 3 A Levels or equivalent qualifications).

International Baccalaureate: 29 points overall.

BTEC Extended Diploma: Distinction, Merit, Merit or equivalent.

T Level: Merit

Access to Higher Education Diploma: 45 Level 3 credits with a minimum of 112 UCAS Tariff points.

A combination of qualifications which may include A Levels, BTEC, EPQ, etc.

Applicants will also need at least three GCSEs at grade 4 (C) or above, which must include English and Maths. Equivalent Level 2 qualifications may also be considered.

The University accepts a wide range of qualifications as the basis for entry. We will also consider applicants with extensive and relevant work experience and will give special individual consideration to those who do not meet the standard entry qualifications.

International


Non UK Qualifications:

If you have studied outside of the UK, and are unsure whether your qualification meets the above requirements, please visit our country pages https://www.lincoln.ac.uk/home/studywithus/internationalstudents/entryrequirementsandyourcountry/ for information on equivalent qualifications.

EU and Overseas students will be required to demonstrate English language proficiency equivalent to IELTS 6.0 overall, with a minimum of 5.5 in each element. For information regarding other English language qualifications we accept, please visit the English Requirements page:

https://www.lincoln.ac.uk/home/studywithus/internationalstudents/englishlanguagerequirementsandsupport/englishlanguagerequirements/.

If you do not meet the above IELTS requirements, you may be able to take part in one of our Pre-sessional English and Academic Study Skills courses.

The University of Lincoln's International College also offers university preparation courses for international students who do not meet the direct entry requirements. Upon successful completion, students can progress to Bachelor's study at the University of Lincoln. Please visit https://www.lincoln.ac.uk/internationalcollege/ for more information.

If you would like further information about entry requirements, or would like to discuss whether the qualifications you are currently studying are acceptable, please contact the Admissions team on 01522 886097, or email admissions@lincoln.ac.uk

Exemptions

This course provides exemptions from elements of examination for the Association of Chartered Certified Accountants. Depending on the exemptions sought, students may be required to undertake specific modules. Other exemptions are achieved upon completion of the course. These include: Association of Chartered Certified Accountants (ACCA) Papers F1, F2 and F3 on completion of the degree, and F9 on completion of modules Financial Management and Advanced Financial Management.

Student Managed Investment Fund

Lincoln International Business School offers the Student Managed Investment Fund (LSMIF), which is an investment fund created, operated, and maintained by students within the school, with everything running within the real-world environment of finance.

Students will be managing real money with the with objective of positive returns whilst managing risk. Industry veteran and long-time lecturer Hao Quach will help support the students throughout, with many years of experience in all aspects of investment banking and 20 years teaching in multiple countries, Hao will use his experience to ensure the stability of the fund and provide guidance. Find out more about the Student Managed Investment Fund

Digital numbers on the stock exchange

Work Placement Year

All full-time students on this course have the opportunity to take a year-long work placement after the second year. A work placement can allow students to gain experience and apply their learning in practice. Those who choose this route do not pay tuition fees for that year but will be required to cover their own travel, accommodation, and general living costs. Students are expected to source their own placement, and tutors can provide support during the process if required.

There are also opportunities for relevant work experience and career development as part of the degree course itself, as well as through various other Lincoln International Business School and University schemes. For more information, visit LIBS work placements pages.

Bhavesh Bhagwanji

"The course was excellent for broadening your knowledge of both the financial and wider objectives of a business. It had many modules and this was something that attracted me to the course as there were plenty of options throughout the three years."

Bhavesh Bhagwanji, BA (Hons) Business and Finance graduate

Career Opportunities

A wide variety of opportunities exist in many areas of business and finance around the world. These include roles in financial management, investment banking, advertising, marketing, e-commerce, human resources, and project management.

Working in Partnership

Lincoln International Business School works with students and organisations to enhance the contribution of business to society. For students, that means developing their business skills and knowledge to improve their career readiness.

The University of Lincoln is a member of AACSB, a global nonprofit association connecting educators, students, and businesses to achieve a common goal: to create the next generation of great leaders. Find out more.

Logo of AACSB

Visit Us in Person

The best way to find out what it is really like to live and learn at Lincoln is to join us for one of our Open Days. Visiting us in person is important and will help you to get a real feel for what it might be like to study here.

Book Your Place

Prioritising Face-to-Face Teaching

At the University of Lincoln, we strive to ensure our students’ experience is engaging, supportive, and academically challenging. Throughout the Coronavirus pandemic, we have adapted to Government guidance to keep our students, staff, and community safe. All remaining Covid-19 legal restrictions in England were lifted in February 2022 under the Government’s Plan for Living with Covid-19, and we have embraced a safe return to in-person teaching on campus. Where appropriate, face-to-face teaching is enhanced by the use of digital tools and technology and may be complemented by online opportunities where these support learning outcomes.

We are fully prepared to adapt our plans if changes in Government guidance make this necessary, and we will endeavour to keep current and prospective students informed. For more information about how we are working to keep our community safe, please visit our coronavirus web pages.

The University intends to provide its courses as outlined in these pages, although the University may make changes in accordance with the Student Admissions Terms and Conditions.