Industrial Economics with Insurance BSc


Fact file - 2017 entry

UCAS code:L1N3
Qualification:BSc Hons
Type and duration:3 year UG
Qualification name:Industrial Economics with Insurance
UCAS code
UCAS code
Industrial Economics with Insurance | BSc Hons
3 years full-time
A level offer
Required subjects
GCSE maths grade B or above
IB score
34 (including 18 points at Higher Level) 
Course location
Jubilee Campus 
Course places
Approximately 100 places across L1N3 and L1N2


Incorporating specialist insurance content, this course helps students develop the skills needed for a career in financial services or risk management.
Read full overview

BSc Industrial Economics with Insurance is based on our Industrial Economics degree, with additional core modules in insurance and risk management. The degree involves the study of theoretical and applied microeconomics, with specialist insurance content provided by the Business School's Centre for Risk, Banking and Financial Services.

Year one

The first year of the course includes core modules in micro and macroeconomics, entrepreneurship, the economics of corporate strategy, insurance in a risky world, organisational studies, business computing and quantitative methods. There are also three optional modules.

Year two

The second year studies include core modules in the economics of innovation, the economics of pricing and decision making, the economics of organisation, risk management decisions, international firms, quantitative methods and econometrics. There are also five optional modules. 

Year three

The final year includes core modules in industrial economics, the economics of regulation, corporate restructuring and economic policy making, risk information and insurance and risk management processes. There are four optional modules. 


Entry requirements

A levels: AAB excluding general studies, critical thinking and citizenship studies

GCSEs: For all our degree courses, we require GCSE maths grade B or above (unless the AS level or one of the A-levels is mathematics)

English language requirements 

IELTS: 7.0 (no less than 6.0 in any element)

Students who require extra support to meet the English language requirements for their academic course can attend a presessional course at the Centre for English Language Education (CELE) to prepare for their future studies. Students who pass at the required level can progress directly to their academic programme without needing to retake IELTS. Please visit the CELE webpages for more information.

Alternative qualifications 

View the alternative qualifications page for details.

Flexible admissions policy

In recognition of our applicants’ varied experience and educational pathways, The University of Nottingham employs a flexible admissions policy. We may make some applicants an offer lower than advertised, depending on their personal and educational circumstances. Please see the University’s admissions policies and procedures for more information.

Notes for applicants

Whichever degree you choose, you will also have the chance to select a number of optional modules alongside your core subjects, enabling you to tailor your degree to your particular interests.

The range of subjects is extensive and includes modules in accounting and finance, business law, entrepreneurship, marketing, information systems, organisational theory, operations management, industrial economics, strategic management, human resource management and business ethics. For the majority of programmes, options can also be selected from other schools in the University.

The Business School has accreditation agreements with the Association of Chartered Certified Accountants (ACCA), the Professional stage of the Institute of Chartered Accountants in England and Wales (ICAEW), the Chartered Institute of Management Accountants (CIMA), the Chartered Institute of Public Finance and Accountancy (CIPFA) and the Chartered Institute of Insurance (CII). The CII accreditation also includes the Industrial Economics programme.

All applicants who are made an offer are invited to visit the Business School and meet members of staff and students. The school does not normally interview candidates for its undergraduate degrees; our offers are made on the basis of the information contained on your UCAS form. We welcome applications from mature candidates and consider academic and professional backgrounds on an individual basis. We also consider other qualifications in addition to those listed above.



Typical year one modules


Computers in Business

This module will introduce the use of computers and IT in business today, with an emphasis on spreadsheet modelling. By the end of the module, you will have developed knowledge of the development, management, and exploitation of information systems and their impact on organisations, as well as of the comprehensive use of relevant systems for application in business and management.

The module is delivered through a combination of two weekly one-hour lectures, with four weeks of one-hour computing sessions, and a one-off workshop and tutorial.

Economics of Corporate Strategy

The aim of this module is to introduce you to the economic view of firms, highlighting the implications for firms' decisions. The module will cover topics such as agency theory, transaction cost economics, horizontal and vertical integration and diversification. For this module you will have 11 90-minute lectures and two 60-minute tutorials.

Entrepreneurship and Business

This module presents a formal analysis of entrepreneurship in theory and practice leading on to a consideration of creativity and business concept generation. You will have 11 two-hour lectures with the module concluding with the practical application of these theories and concepts in a business planning and business concept presentation. 

Insurance in a Risky World

This module provides you with an introduction to the demand for and supply of insurance. The module examines how insurance markets operate to satisfy commercial and individual customers' demand for protection against risk, and would usually include topics such as private and social insurance, the historical development of insurance, the supply of insurance, Lloyd's and the London Insurance Market, how insurance is distributed to consumers, the role of insurance in the economy, international aspects of insurance and insurance and catastrophes.

Macroeconomics for Business

This module allows you to explore the nature and scope of the macroeconomic policy agenda, and develops the analytical frameworks necessary for the evaluation of policy instruments.

The module enables you to understand the economic arguments that under-lie different views and to evaluate relevant arguments. You'll have nine two-hour lectures, one one-hour lecture, and three one-hour tutorials.

Microeconomics for Business A

This module will introduce you to microeconomic aspects of the market and the firm. Topics will include market demand, supply and equilibrium, firm production and costs, market structure, and oligopoly and monopoly. The teaching consists of a two-hour lecture each week, with three weeks of single one-hour seminars.

Microeconomics for Business B1

This module aims to develop your understanding of important economic concepts, including: exchange and trade, consumer theory, factor markets and welfare economics. You will have ten two-hour lectures and three one-hour seminars.

Organisational Behaviour

This module will introduce students to the basic ideas of organisational behaviour. The content will encourage them to develop an understanding of managing and developing people within business organisations. The module will draw its primary material from the major theorists and theories of both organisational psychology and organisational behaviour. The module will also develop links with other aspects of the business school curriculum such as general management and international business.

The module aims to introduce students to the basic ideas and concepts of organisational behaviour.

Quantitative Methods 1b

In this module you'll study key mathematical and statistical techniques and their application to problems and data including: economic application of calculus; confidence intervals; introduction to hypothesis testing; partial differentiation, optimisation of two variables, probability, random variables and sampling distributions. Over the course of this module you'll have ten two-hour lectures and eight workshops.



Business Law A

This module will introduce you to aspects of business law within a UK legal framework. You will develop an understanding of major issues, such as the impact of EU legislation, Law of Contract, Tort Law, Employment Law, and law in a global context. The teaching is delivered through a series of two-hour lectures each week, with four weeks of one-hour seminars.

Financial Accounting

This module will introduce you to key accounting concepts, including the impact of accounting policy selection on profit, accounting standards, and the recording and collecting of accounting information. You will develop accounting reports, such as balance sheets and cash-flow statements, alongside knowledge of some contemporary accounting issues. This module is delivered through a one-hour lecture and a one-hour seminar each week.

Introduction to Finance

This module will introduce you to basic corporate and personal finance concepts, including the time value of money, financial markets, shares and bonds, financial risk and return, raising money, and the elements of investment. You will 11 90-minute lectures and two one-hour workshops.

Introduction to Management Accounting

This module will introduce you to the use of accounting information for managerial planning, decision-making and control within an organisation. Over the course of the module you will have 11 one-hour lectures, six one-hour workshops and five one-hour tutorials.

New Venture Creation

New Venture Creation will engage you in the more practical elements of innovation and enterprise activity, in terms of creating new businesses and entrepreneurship within the corporate environment. You will become prepared for enterprise activity across a variety of contexts. You will have 11 two-hour lectures and four one-hour mentored groups. 

Work and Society

This module explores the nature of work and society. The module will look at the development of our understanding of work and society. The development of the industrial and the post-industrial society will be explored and its impact on the nature of work, organisation and management. There will be a historical and critical review of the schools of thought and key writers. Examples of research into individual and group experiences of work, organisation and management will be discussed.

The module aims to develop an understanding of the key theories and concepts in the development of society and the nature of work.


Typical year two modules


Economics of Innovation

In this module, you will cover topics including: innovation in the history of economic thought, basic concepts in the economics of innovation, Intellectual property, economics of networks, standards and dominant designs, the entrepreneur, innovation, demand and consumption, clusters, innovation and the division of labour, innovation, competitiveness and trade, policy for innovation. You will have 11 90-minute lectures and two one-hour tutorials.

Economics of Organisation

In this module, you'll study topics such as: organisational architecture, decision rights, reward systems, Individual performance evaluation, tournament theory, shareholder activism, CEO performance and turnover. You'll study this through 11 90-minute lectures and two one-hour seminars.

Economics of Pricing and Decision Making

This module presents an introduction to economic decision making with a focus on the firm's pricing decisions and mechanisms, including: monopoly pricing; oligopoly pricing (non-co-operative and collusive); auctions and pricing under uncertainty. Over the course of the module you will have 11 90-minute lectures and two one-hour seminars.

International Firms

This module examines the international business environment; in particular the impact of international firms on the economy, the determinants of Foreign Direct Investment and their significance on regional and global economic integration. Attention is paid to cultural and organisational aspects of international business and their impact on Corporate Social Responsibility, as well as differences in corporate governance across economic areas. The structure of the module is based on three sections focusing mainly on the activities of MNEs, firm organisation and performance, and the impact of international firms on the economy.  

The module aims to convey knowledge to students and expose them to a learning process involving teamwork experience in research and writing of reports.

Introductory Econometrics

This module will provide an introduction to the theory and practice of quantitative economic modelling at a basic level. The theoretical framework will be developed around the classical regression model and its extensions, with theoretical understanding being supplemented with computer-based practical examples of modelling and data analysis. You will have two one-hour lectures for nine weeks or examples classes per week and five one-hour formative computer lab tests.

Quantitative Methods 2A

In this module you'll study further maths and statistics including topics such as linear algebra, constrained optimisation, difference equations and hypothesis testing. You'll have ten two-hour lectures and eight one-hour workshops.

Risk Management Decisions

This module will help you understand the different aspects of corporate risk, including the negative impact of risk on the stakeholders of a modern organisation, the risk-creation process in an organisation, and the nature of value-creating risk management decisions. This module is delivered through a 90-minute lecture each week, with two weeks of single one-hour seminars.



Computational Finance

This module will provide you with the skills and ideas necessary to implement basic computational approaches to financial problems. The module stresses the fundamentals of finance; provides you with a knowledge and understanding of the key finance subjects such as money market, return metric, portfolio models and asset pricing models. It equips you with the essential techniques applied in financial calculations. 

Corporate Entrepreneurship and Innovation Management

This module develops an understanding of corporate entrepreneurship and an appreciation of how larger firms can be designed to be more entrepreneurial, flexible and innovative. You'll have 11 90-minute lectures and two one-hour seminars. 

Financial Management

This module will develop a critical understanding of the theory and practice of corporate financial management and will introduce you to the corporate investment and financing decision as well as the interaction between the investment and financing decision.

Management Accounting and Decisions II

This module will develop skills in the computational aspects of management accounting and explore the relevance, significance and applicability of such techniques.

The aim of this module is to explore the role of traditional and contemporary management accounting in a range of different organisational environments.

Managing Tourism and the Environment: Conflict or Consensus?

The module will examine and explore: the interactions between and the management of tourism and the environment, the emergence of environmentally-concerned consumers and the implications of different environmental paradigms for tourism development, debates surrounding the environmental and economic impacts of tourism and the role played by pressure groups in influencing tourism development. You'll have 11 90-minute lectures and two 60-minute seminars. 

The Psychology of Economic and Business Decisions

Much economic and business behaviour deviates from the traditional views of rationality, eg. utility and profit maximisation. This module provides an overview of alternative views of decision making from behavioural economics and the economic psychology of individual choice. The focus is both on new methods of economic enquiry and the insights they have generated into economic and business decision making.

These new approaches include: experimental and cognitive economics, neuroeconomics, economics of emotions and happiness, behavioural finance, cultural economics, social preferences and evolutionary psychology. You will have 11 90-minute lectures and two 60-minute seminars.

Topics in Labour and Personnel Economics

This module will foster your understanding of the process by which business organisations make effective use of labour, and the policies they employ to this effect. Topics covered include: employees' incentives in organisations, the hiring process, training and labour turnover, employee pay and performance, trade unions and employment relations.


Typical year three modules


Corporate Restructuring and Governance

The aim of this module is to introduce you to the analysis of different forms of corporate restructuring, with a focus on the internal and external factors influencing restructuring as well as the effects of restructuring on a variety of firm level outcomes. It examines the antecedents and consequences of corporate restructuring and factors triggering corporate restructuring are considered in a number of alternative organisational settings.

In particular, the role of corporate governance in inducing and shaping corporate restructuring receives special attention (in particular, executive compensation and the market for corporate control). The process of restructuring is discussed against a background of resource-based, agency and behavioural theories of the firm.

The impact of corporate restructuring on the size, complexity, incentive systems and ownership structure of large firms is examined. Finally, the evidence relating to the effects of corporate restructuring on performance, employment, R&D and corporate governance is examined.

Economics of Regulation

This module covers the two broad areas of regulation and competition policy. Topics covered include:

  • natural monopoly regulation
  • retail price control
  • access pricing
  • universal service obligations
  • public policy on inter-firm agreements and restrictive practices
  • abuse of monopoly power and merger control

The module aims to develop an understanding of the main issues relating to the regulation of industries and competition policy, and to apply economic reasoning in a critical manner to regulated industries and competition policy cases.

Financial Economics

This module presents an introduction to Financial Economics focusing on topics such as: the determination of interest rates; the role of financial institutions in the financial and monetary system; banking regulation and risk management in banks. You'll have 11 90-minute lecture and two one-hour seminars.

Industrial Economics A: Structure, Conduct and Performance

This module presents an introduction to industrial economic analysis, focusing on the relationships between market concentration, conduct and performance. You will cover the measurement and determinants of market concentration, links between structure and industrial/firm performance, advertising and R&D in the context of industrial economics. You'll have 11 one-hour lectures and two two-hour tutorials. 

Industrial Economics B: Games and Strategies

This module will analyse conduct and strategies of firms from a game theoretic point of view. Topics to be covered include: basic game theory, models of oligopoly, pricing tactics and strategic entry deterrence. You will have one two-hour lecture per week for eight weeks and four one-hour tutorials.

Public Choice and Economic Policy-Making

This module examines the processes and influences involved in the making of UK economic policy, from a public choice perspective. You will have 11 one-hour lectures and three one-hour seminars to cover material in this module. 

Risk Management Processes

This module will discuss the processes utilised by corporate enterprises to manage the risk of fortuitous loss. Once corporate risks have been identified and their impact on the firm measured, risk management attempts to control the size and frequency of loss, and to finance those fortuitous losses which do occur. You'll have 11 90-minute lectures and two one-hour seminars.

Risk, Information and Insurance

You'll examine individual decision-making under conditions of risk and uncertainty, and investigate the effectiveness of insurance as a means of controlling risk. You will have 11 one-hour lectures and two two-hour tutorials.



Business Ethics

This module explores the relationships between business and society through the theories and practices of business ethics and social responsibility. You will begin by looking at the concept of business ethics, discussing citizenship theory and the challenges of globalisation, before going on to discuss the impact of businesses on individual stakeholder groups and analysing business ethics and social responsibility in relation to each group.

This module consists of a one-hour lecture each week, with four one-hour seminars.

Business, Government and Public Policy

Students will be encouraged to understand the political and institutional frameworks within which business operates. Businesses do not simply react to policies set by government however; they are intimately involved in the processes of policy formation and decision making will be examined. Students will be encouraged to think critically about policy formation and the role of business in this process.

Corporate Finance

This module aims at developing your knowledge of financial decision-making and strategic financial decisions, including mergers and takeovers, providing the conceptual framework and analytic tools necessary to understand corporate financial management. This module consists of weekly one-hour lectures, with two weeks of two-hour seminars.

Exploring Perspectives in Entrepreneurship

The module aims to develop an understanding of entrepreneurs and the firms they create and manage. It is designed to examine the nature and role of smaller enterprises, set the context for entrepreneurship and consider characteristics, attributes and resources of entrepreneurs. You will have 11 one-hour lectures and three one-hour seminars to cover material for this module.

Financial Markets

This module examines markets for equity and debt and markets for derivative instruments. It will introduce you to the processes of portfolio building, management and performance measurement and examines the workings of the major financial markets, looking at the way in which the prices of financial instruments are calculated. The module covers the key theoretical models of modern finance, capital asset pricing model, arbitrage pricing model, financial risk management with derivative instruments.

Law and Economics

This module provides an insight into the law and legal processes which have arisen from the application of economic analysis, as well as exploring the applications from the law of tort, contract and commercial law. Teaching will take place through 11 one-hour lectures and two two-hour tutorials for this module.

Marketing and Society

An overview of marketing and society, macro-marketing issues, responsible and sustainable marketing, consumer response to marketing activities, marketing's impact on society and consumption.

This module explores issues at the interface of marketing and society including:

  • Macro-marketing Issues
  • How the changing political, economic and social environment is affecting marketing decision making
  • Responsible and sustainable marketing
  • Consumer rights, responsibilities and resistance
  • Issues of the consumer society  
Public Services Management

In this module, you will examine the development of, and current issues in, public services management, including public management, bureaucracy, leadership, e-government, and public service. You will have 11 one-hour lectures and two one-hour seminars.



The modules we offer are inspired by the research interests of our staff and as a result may change for reasons of, for example, research developments or legislation changes. This list is an example of typical modules we offer, not a definitive list.


Study abroad

The University of Nottingham has one of the biggest and most diverse study abroad programmes in the UK, and those who have studied abroad often say that it was the highlight of their time as a student.

On this course, you can apply to spend all or part of your second year at the University's campuses in China or Malaysia or take a semester at one of our international partner universities in locations such as Australia, Canada and Singapore. You'll get the opportunity to broaden your horizons and enhance your employability by experiencing another culture and will study similar modules to your counterparts back in Nottingham (teaching is in English).

Find out more.



Studying for a degree at The University of Nottingham will provide you with the type of skills and experiences that will prove invaluable in any career, whichever direction you decide to take. Throughout your time with us, our Careers and Employability Service can work with you to improve your employability skills even further; assisting with job or course applications, searching for appropriate work experience placements and hosting events to bring you closer to a wide range of prospective employers.

Have a look at our Careers page for an overview of all the employability support and opportunities that we provide to current students.  

Professional accreditation

We are one of an elite global group of EQUIS-accredited business schools. Graduates will also receive recognition from the Chartered Insurance Institute (CII).

Average starting salary and career progression

In 2014, 92% of first-degree graduates from The Nottingham University Business School who were available for employment had secured work or further study within six months of graduation. The average starting salary was £24,803 with the highest being £60,000.*

* Known destinations of full-time home and EU first-degree graduates, 2013/14.


Fees and funding

Scholarships and bursaries

The University of Nottingham offers a wide range of bursaries and scholarships. These funds can provide you with an additional source of non-repayable financial help.

Home students*

There are several types of bursary and scholarship on offer. Download our funding guide or visit our financial support pages to find out more about tuition fees, loans, budgeting and sources of funding.

To be eligible to apply for most of these funds you must be liable for the £9,000 tuition fee and not be in receipt of a bursary from outside the University.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

International/EU students

The University of Nottingham provides information and advice on financing your degree and managing your finances as an international student. The International Office offers a range of High Achiever Prizes for students from selected schools and colleges to help with the cost of tuition fees.  

Key Information Sets (KIS)

Key Information Sets (KIS)

KIS is an initiative that the government has introduced to allow you to compare different courses and universities. 

How to use the data


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This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.


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