Program Introduction & Objectives

Embark on a transformative journey with the MPhil Economics and Finance program at PIDE, meticulously crafted to cultivate the next wave of visionary financial leaders and pioneering entrepreneurs. In a world still reeling from an unprecedented financial crisis, with Pakistan navigating its lingering effects, the need for profound expertise has never been more critical. Situated in Islamabad, the nation’s networked hub for listed firms following Karachi, PIDE’s program rises to meet this challenge head-on. We offer a unique, unified platform to delve into the intricate economic and financial dynamics that shape individual and corporate actions. Our commitment extends beyond the study of business itself, exploring its vital connections to the broader global landscape. This rigorous program will empower you with the analytical prowess and economic insight necessary to confront complex financial challenges, ultimately mitigating the risk of business failures and fostering a more resilient economic future.

Admission Eligibility Criteria

• BBA(4 years), B.S (4 years), M.A/MSc (2 years) in Economics, Finance, M.Com or any other relevant subject with at least 2nd Division, 2.5/4.00 CGPA or B Grade.
• A minimum of 50% marks in the HEC GRE/HAT general test.
• Applicants will be selected based on their performance in the HEC GRE/HAT test, interview, and academic record.
• The in-service applicants will be required to submit the No Objection Certificate issued by their employers before the beginning of the academic session.
• The candidates with research publication and relevant job experience in the applied fields of Economics and Finance are highly encouraged to apply.
• Students awaiting results may also apply

• A student will qualify for thesis if he/she attains a minimum 3 CGPA in course work after completion of 2^nd semester (excluding Advance Research Methodology).

Core Courses

Elective Courses

Field of Specializations

Students are encouraged to take at least two closely related courses (in a given field) to build an adequate specialization in an area in which he/she intends to undertake research/thesis.

Course Descriptions:

CORE COURSES

EF-700 Advance Microeconomics

Consumer Theory (Preferences and Utility, Demand Functions, Duality, Slutsky Equation, Revealed Preference Theory); Producer Theory (Production Functions, Cost Minimization and Profit Maximization, Duality in Production, Input Demand Functions); Choice Under Uncertainty (Expected Utility Theory, Risk Aversion Measures, Insurance and Portfolio Choice, Alternative Models); General Equilibrium Theory (Exchange Economies, Existence and Uniqueness, Welfare Theorems, Core and Equilibrium); Market Structures and Game Theory (Perfect Competition, Monopoly and Monopolistic Competition, Oligopoly Models.

EF-710 Advance Macroeconomics

This course provides MPhil students with an in-depth understanding of advanced macroeconomic theories and their applications. Theory and measurement of national income Accounts, product side and income side. measurement of the Components of national accounts, price indices, Construction and problems, real VS nominal GNP. ASAD Model, Phillips Curve, Models of Price adjustment and Inflation Persistence, Nominal Money Growth, Economic -Growth, Representative Agent Model (Static Model), Linear Technology and Comparative Statistics, Dynamic Economy, Neo Classical Growth and Dynamic Programming, Growth with Overlapping Generation Models, Endogenous Growth, Cash In Advance Model, Shopping Time Model, Theory of Investment, Time Inconsistency 01″ Monetary Policy, Staggered Pricing Model, Real Business Cycle. Aggregate demand, determination of equilibrium level of income & output, effects on equilibrium of shifts in aggregate demand (Multiplier Analysis) of changes in government Spending, taxes and transfer payment. Theories of consumption, investment, money supply and money demand. The IS-LM model and the interaction of fiscal and monetary policies. Rational expectations and uncertainty in macroeconomic models. Macroeconomic equilibrium with internationally mobile capital, sticky prices and exchange rate overshooting.

EF-715 Financial Theory

The aim of this course to develop understanding about the role of financial markets and the economy, depository institutes, investment banks, insurance companies, pension funds and investment companies, derivative market: futures and options and instruments, equity markets and instruments, debt markets and instruments, foreign exchange markets, global financial markets. The subject will cover all the major theories of investment and corporate finance includes efficient market theory, asset pricing theory, Investment in capital market, portfolio theory (portfolio selection and portfolio analysis), dividend decisions, capital structure decisions, cost of capital and taxation issue.

EF-720 Econometric Methods

Simple and multiple linear regression models, violations of classical assumptions (heteroscedasticity, autocorrelation, multicollinearity), generalized linear models (logit, probit), estimation of simultaneous equation systems (two-stage least squares), and application of instrumental variables for endogeneity correction; Non-linear Equation; Generalized Linear Regression Model and Its Application; Formulation and Estimation of Special Models e.g.; Qualitative Response Models; Simultaneous Equation Systems. Practical application using R for data handling, estimation, and inference. Additional focus on emerging topics in econometrics such as bootstrapping, shrinkage methods, panel data models, structural equation modeling (SEM), and Bayesian estimation.

EF-725 Strategic Decision making and control

This course equips MPhil students with advanced knowledge and analytical tools to support strategic planning, performance management, and control in economic and financial contexts. It focuses on integrating financial and non-financial information to inform strategic decisions and achieve organizational objectives.

Key areas of study include strategic analysis, risk assessment, performance measurement, budgeting and forecasting, cost management, corporate governance, and internal control systems. Students will learn to evaluate strategic options using both quantitative and qualitative methods, assess organizational performance, and design effective control mechanisms that support long-term value creation. By the end of the course, students will be able to apply strategic decision-making models in complex economic and financial scenarios, ensuring alignment with ethical standards, regulatory frameworks, and sustainable business practices.

EF-730 Research Methodology & Academic Writing

Introduction to research in applied economics. The Role of Business Research. Research process and stages. Developing Research Proposals. Research framework and designs. Literature review and Referencing. Qualitative Research Techniques: Ethnography, Narrative Inquiry, Action research, Case study, Grounded theory, Content analysis. Primary data, Secondary data Quantitative Research Techniques: Descriptive, Experimental, Survey. Measurement and scaling. Data collection tools, Interviews, Questionnaire, Observation, Document analysis, Sampling and its types. Reliability and Validity .Ethical issues in research.

EF-735 Financial Analysis

Financial statements, their structure, importance and their limitations. Analysis and interpretation of financial statements. Comparative financial statements, current position analysis, stability analysis, profitability analysis and market valuation analysis. Emphasis is placed on the interpretation of financial data by means of comparative statements, trend percentages, detailed analysis of working capital and extensive use of various generally accepted ratios, special problems resulting from current accounting practices in Pakistan and to limitations of statement analysis.

FQ-701 Fehm ul Quran-I

This course provides a comprehensive introduction to Quranic linguistics, focusing on the first six units of Muallim ul Quran. Students will build a foundation by mastering sentences, basic vocabulary, and the present tense. The course emphasizes the mechanics of the language, including pronouns, plural types, and both operative and non-operative particles. By analyzing authentic examples, learners will gain the ability to navigate complex structures such as adjectival and possessive compounds.  It aims for students to understand 30% to 40% of each page of the Holy Quran with clarity.

FQ702- Fehm ul Quran-Ii

This advanced course focuses on achieving mastery over the linguistic complexities of the Quran, enabling students to directly comprehend verses with a high degree of independence. By developing a profound understanding of both basic and advanced Arabic grammar-specifically the nuances of past, present, and imperative verb forms-learners will bridge the gap between literal translation and contextual interpretation. This course aims to elevate comprehension levels to 80–85% of each page, providing the proficiency required to navigate diverse Quranic topics and grasp the meaning of lengthy, intricate verses without external aid.

OPTIONAL COURSES

EF-740 Monetary Economics

Output inflation relationship, Dynamic programming, money in utility [unction, Cash in Advance Model (CIA with certainty and uncertainty), Shopping Time model, Friedman Rule. Friedman rule with money, Government budget constraint, Staggered price model. Baumol Tobin Model, Lucas Model, Taylor Model, Calvo Model, Financial Crisis modeling, monetary policy and lending channel, inflation targeting evidence, Habit Persistence, Financial integration, real interest parity conditions.

EF-741 Advance Monetary Economics

Introduction, Empirical Evidence on Money, Prices, and Output, Money in the Utility Function, Money and Transactions, Money and Public Finance, Money, Output and Inflation in the Short Run, Monetary Policy Operating Procedures, Interest Rates and Monetary Policy, Policy Analysis in New Keynesian Models.

EF-742 Sustainable & Green Finance

This course provides MPhil students with an in-depth understanding of the principles and practices of sustainable and green finance. It covers key concepts such as environmental, social, and governance (ESG) criteria, green bonds, sustainable investment strategies, and the role of finance in addressing climate change and promoting environmental sustainability. Students will explore how financial markets and institutions integrate sustainability into investment decisions, risk management, and corporate governance. The course also examines regulatory frameworks, green financing mechanisms, and the growing importance of responsible investing in shaping the future of global financial systems. By the end of the course, students will be equipped with the tools and insights to evaluate and contribute to the development of sustainable finance practices, aligning financial goals with environmental and social impact.

EF-743 Taxation Theory and Practice

This course offers MPhil students a comprehensive understanding of the principles, theories, and practical applications of taxation within economic and financial contexts. It covers the foundational concepts of tax systems, tax policy, and tax administration, alongside a critical analysis of different tax structures including income, corporate, and consumption taxes.

Students will explore the economic impacts of taxation on individuals, businesses, and government revenues, while also examining key topics such as tax incidence, efficiency, equity, and compliance. The course emphasizes both theoretical frameworks and practical issues in tax policy design, implementation, and reform. Through case studies and real-world examples, students will gain insights into global tax practices, regulatory challenges, and emerging trends in digital and green taxation. By the end of the course, students will be well-prepared to evaluate and contribute to the development of tax policies that foster economic growth and social equity.

EF-744 International Finance

This course examines financial management in the global context. Key topics include foreign exchange markets, exchange rate determination, international parity conditions, balance of payments, and multinational capital budgeting. It also covers the risks and strategies associated with operating across borders, including hedging and global financing decisions.

EF-745 Topics In Pakistan Economy

Overview of Pakistan Economy, Economic Policy Architecture in Pakistan; Constitutional Foundations, Decision-making forums and organizations in the federal and provincial governments. State-Market Relations and Interactions; Firm-Market Relations. Regulatory Governance: The concept of market regulations, the state of affairs of Pakistan’s Regulators. Fiscal Policy and Public Debt Management and Sustainability Challenges. Finance and Capital Markets in Pakistan, Cities and Urbanization, Infrastructure Development and Governance. Entrepreneurship and the 4th Industrial Revolution. Labor force skill development.

EF-746 Economics of Climate Change

Introduction to the economics of climate change, scientific foundations and economic implications of global warming, the role of greenhouse gases and carbon emissions in climate change, the economic impacts of climate change on sectors such as agriculture, health, and infrastructure, mitigation strategies (carbon pricing, emissions trading, carbon taxes), adaptation strategies and their costs, the role of technological innovation in combating climate change, the economics of renewable energy sources and energy transition, international climate agreements (Paris Agreement), the economics of climate justice and equity, modeling the costs and benefits of climate action, and the role of governments and international organizations in addressing climate change.

EF-747 Climate Resilience Development

Students will explore approaches and tools underpinning the concept of climate resilient development, as well as its applications in policy and practice. The modules balance theoretical debates with practical case study examples from development policy and practice by relating development issues to climate change challenges. Topics covered include downscaling global climate data and dealing with uncertainty, impact modelling and sectoral planning approaches, seasonal forecasts and early warning, conceptual insights: vulnerability, risk, uncertainty and resilience, national and international policy contexts, community-based adaptation (CBA) and national adaptation planning, climate change, migration and conflict, disaster risk reduction (DRR), mainstreaming and organizational change, adaptation delivery instruments, economics of adaptation and adaptation finance, low-carbon climate resilient development (LCCRD) etc.

EF-748 Industrial Economics

Topics include: Theory of the Firm, Multi-product Cost Functions; Natural Monopoly; Oligopoly; Strategic Behaviour; Monopolistic Competition; Network Externalities; Transaction Costs; and Technical Change; Development of Microeconomic Models to explain the Structure and Performance of Markets; Conditions under which Monopoly Power can be exercised; Relationship between Profit Rates and Concentration or Sizes; the Persistence of Profits Over Time; Industry Turnover and Inter-industry Comparisons; Game Theory and its Applications.

EF-750 Financial Econometrics

Basic conventional econometrics: Development and Analysis, univariate Time Series modeling and forecasting, multivariate analysis, modeling long Run relationship, modeling the variance, forecasting, simultaneous Equation Model, Penal data estimation and factor analysis.

EF-751 Advance Financial Econometrics

This course provides a comprehensive study of advanced econometric methods, tailored for MPhil-level students with prior knowledge of fundamental econometric techniques. It delves into sophisticated topics such as time series econometrics, panel data analysis, instrumental variable estimation, the generalized method of moments (GMM), and models for limited dependent variables. Financial Time Series and Their Characteristics, Linear Time Series Analysis and Its Applications, Conditional Heteroscedastic Models, Nonlinear Models and Their Applications, High-Frequency Data Analysis and Market Microstructure, Continuous-Time Models and Their Applications, Extreme Values, Quantiles, and Value at Risk, Multivariate Time Series Analysis and Its Applications, Principal Component Analysis and Factor Models, Multivariate Volatility Models and their Applications, State-Space Models and Kalman Filter, Markov Chain Monte Carlo Methods with Applications. Emphasis is placed on equipping students with the analytical tools and practical skills required to carry out high-quality empirical research. Through applied exercises and data-driven case studies, students will learn to implement advanced econometric techniques and critically interpret the outcomes within real-world economic contexts.

EF-752 Financial Modeling

This course presents the theory and practice of financial management, emphasizing computer-based modeling and forecasting. The application of spread sheet-based tools and techniques in financial decision-making process is mainly focused. The objective of the course is to design and construct useful and robust financial modeling applications related to financial decisions includes financial statement analysis, cash budgeting, cost of capital determination, capital budgeting, and capital structure choices. The course further covers the investment related models to calculate the variance, covariance matrix for financial securities and use it to select optional portfolios.

EF-753 Project Finance

The goal of this course is to equip participants with an overview of Project Finance and learn about the difference between project finance and other corporate debt financing alternatives. The course will help to use qualitative and quantitative tools and measures to distinguish the key risks, the interpret each of the risks to determine their severity and potential impact on the transaction structure. Appreciate how the mechanisms in the transaction documents operate to protect the creditors and evaluate the protection provided by providing the knowledge that how debt and equity providers evaluate the financial performance of projects. Finally build a credit rationale in order to make and substantiate investment decision

EF-754 Advance Portfolio Management

Introduction, Financial markets and their role in global economic system, Emerging trends in global financial markets, Stock market indices, Risk and return Relationship, Functioning of stock markets, Mean variance uncertainty, Markowitz efficient portfolio Theory, Application of theory, Market Equilibrium, Capital asset pricing model (CAPM), Inter temporal capital asset pricing model(ICAPM), Application of models, Arbitrage pricing theory (APT), Fama and French three factor model, Macroeconomic based multifactor models, Application of model, Comparison between assets pricing model, Recent Research (paper will be distributed for discussion, Fundamental analysis, Technical analysis, Bond portfolio management strategies, Equity portfolio management strategies, Evaluation of portfolio Performance, Intro to Derivatives Structures.

EF-755 Financial Risk Management

Risk categories, risk management process, derivative markets and instruments and hedging: forward contracts, futures options, swaps, caps, floors collars, types of risk incurred by financial Institutions, managing credit risk on the balance sheet, managing liquidity risk on the balance sheet, managing risks on balance sheet: interest rate risk, insolvency risk, managing risk with derivative securities, managing risk with loan sales and securitization, managing risk in foreign exchange market.

EF-756 Taxation for Financial Management

Tax accounting is very important when preparing and presenting financial statements for both individuals and businesses. It includes the rules and regulations to govern and report taxable income and how to handle different tax-related items in financial statements. The course aims to equip learners with skills of effective financial management while navigating through ever-evolving tax regulations and economic landscapes. It specifically will make sure that organizational finances of are handled wisely, enabling it to thrive while complying with laws and regulations by means of strategic planning and execution. It will prepare students for professional, managerial, or business roles and enhances their employability with sought-after skills. Through advance practical learning, students will gain expertise in financial reporting, managerial accounting, audit and assurance, taxation, law and corporate finance.

EF-757 Behavioral Finance

Foundations and challenges of standard finance expected utility theory. Portfolio theory market efficiency, agency problem, anomalous trading behavior, decisions and puzzling asset returns. Prospect theory, heuristics and biases, and emotions, group thinking and social forces loss aversion.

Probability weighting framing menta accounting representativeness familiarity anchoring over confidence excessive optimism group thinking and heding. Social pressure limited stock participation equity home bias and under diversification. Chasing winners attention grabbing. Disposition effect, excessive trading aggregate market and cross-sectional asset returns. Equity premium puzzle. Small vs big value vs growth winner vs loser post earnings announcement drift.

EF-760 Cases in Corporate Finance

In this course important concepts from capital market theory by considering real world case studies. Thus, the course aims at closing the gap between financial theory and practice. It highlights the immediate applicability of the – at first glance – purely theoretical results. The course concentrates on methods and concepts relevant to the corporate finance business of banks (i.e. M&A, debt and equity issuance). Class participants are expected to discuss cases in small study groups and develop possible solutions to problems described therein. The main topics will cover the following aspects through Case studies, Corporate Financing Decisions, Uncertainty, Portfolio Choice, Capital Asset Pricing Model, Discounted Cash Flow Approach (DCF) to Company Valuation, Financial Planning, The Cost of Capital, Estimating the Cost of Capital, Project Valuation, Financing M&A Transactions, Leveraged Recapitalization.

EF-761 Fundamentals of FinTech

This module aims to introduce students to the fundamental concepts in FinTech and its impact on investors, the financial services industry, markets and the global economy. It explores the on-going developments, issues, and debates and pinpoints the importance of FinTech and related concepts for different stakeholders. More specifically, this course will cover various important financial technologies and innovations, including investment and financing technologies such as P2P lending and crowdfunding, payment technologies such as mobile payments, wealth management technologies such as robo-advisors, blockchain technologies such as cryptocurrencies, and other technologies such as InsurTech and RegTech. At the successful completion of this module students should be able to understand and critically evaluate issues on FinTech, Blockchain, value creation and related concepts and link their understanding with the recent developments in the global digital economy in general, and the financial services industry, in particular.

EF-762 FinTech & Digital Banking

This course explores the evolving landscape of financial technology and its transformative impact on banking and financial services. Designed for MPhil students in Economics and Finance, it examines key innovations such as digital payment systems, blockchain technology, peer-to-peer lending, robo-advisory services, and open banking.

Students will analyze how FinTech is reshaping traditional banking models, enhancing financial inclusion, and challenging regulatory frameworks. The course also covers cybersecurity, data privacy, and the role of artificial intelligence in financial service delivery. Through case studies and practical insights, students will gain a deep understanding of the technologies driving digital finance and develop the skills to critically assess emerging trends and business models in the FinTech ecosystem.

EF-763 Banking Operations and Risk Management

Overview of Operational Risk and its Occurrence in Various Industries, Risk and Uncertainty, Risk Decisions for the Manager, Operational Risk Management And Operational Risk Measurement, Risks in Operating an Enterprise, Supply Chain Risk – introduced by directed to Kellogg Supply Chain courses, Operational Risk in Financial Services, Risk Management Decisions. Motivation for studying Operational Risk, Definition of Operational Risk and what it is not, New Types of Operational Risk, E-commerce, Mergers and Spin-offs, Automation, Outsourcing, New relationships in marketplace (B2B relationships and B2C relationships), Operational Risk Pillars, Processes (Security gaps, Data flows, Feedback, New standard for 24/7, New market relationships, Global footprints, Basel II Accords), Identification and Assessment or Operational Risk

EF-764 Insurance and Actuarial Sciences

The course focuses entirely on all aspects of the insurance sector to well-equipped students for a promising career in the insurance sector. The course covers the economics of insurance, life tables, life insurance, life annuities, Insurance Mechanism; Risk and Utility, Corporate Demand for Insurance, Organizational Structure in the Insurance Firm; Insurance Company Operations, Reinsurance, Insurance Pricing, Insurance Contract and Insurance Regulations, Insurance Market (Motor Insurance and COE, Life Insurance; Health Insurance, Employee Benefit Planning and Retirement Planning, benefit premiums and reserves, multiple-life theory, multiple-decrement models, risk theory, and population theory.

EF-765 Financial Derivatives

Introduction to Financial Engineering and Derivatives, Fundamentals of pricing, An Introduction to Forwards and Options, Insurance, Collars, and Other Strategies, Financial Forwards and Futures, Interest Rate Forwards and Futures, Parity and Other Option Relationships, Binomial Option Pricing, The Black-Scholes Option Pricing Model, Financial Engineering and Security Design, Financial Engineering and Security Design, Financial Engineering and Security Design, Hybrid Instruments and Securities

EF-766 Corporate Governance

Corporate governance deals with the complex set of relationships between the corporation and its board of directors, management, shareholders, and other stakeholders. In the recent years, the regulators and legislators have intensified their focus on how businesses are being run. They are endeavoring to create a template for new corporate governance and disclosure measures, which is beneficial for both the stakeholders and controllers. This course intends to review the aforementioned aspects and take stock of progress in the area of corporate governance locally as well as globally. Issues in corporate governance: concepts, ethics, role of company and history. Directors and shareholders: powers and rights, balance of power on the board: non-executive directors, relation with shareholders, financial reporting and auditing, director’s remuneration. Risk management and corporate governance.

EF-767 Forensic Accounting and Fraud Examination

Students will develop increased awareness about Fraud in the Accounting Profession (Elements of Fraud, Fraud Categories, Fraud Definitions, and Schemes, Psychology of Fraud), the circumstances in which it arises (The Role of Internal Controls), techniques for detecting (Fraud Investigation), measuring and preventing fraud (Evidence Collection), and skills needed to help in the eventual resolution of discovered frauds. Industry Knowledge and Awareness (Financial services organizations: background, Codes of corporate governance, regulatory principles, Overview of commercial laws, The Role of Sarbanes Oxley and SAS No. 99 and mechanisms governing legal persons and arrangement), The Role of the Compliance Officer, Compliance in practice (Compliance governance, Internal and external relationships, Links between compliance, culture and ethics, Specific internal compliance control issues, Risk management.

EF-768 Real Estate Finance

This course presents a toolkit for maximizing investment returns. Students closely examine the four sources of real estate returns (cash flow, appreciation, loan amortization, and tax advantages) which have an impact on their investment strategy. They develop an investment scorecard for scrutinizing new investment opportunities. They practice a rigorous, rational approach to deciding when to hold, sell, refinance, or renovate a property. They study strategies for raising capital from investors and work through examples of successful partnership structures. The main topics covered may include the following: land acquisition, finance; choice of entity; tax aspects; management (leasing, environmental); disposition of real property (sale of mortgaged property, foreclosures, wraparound mortgages, sale-leasebacks); and recent legal developments. Finally, students learn how to efficiently manage a growing portfolio of cash-flowing assets.

EF-770 Emerging issues in Finance

Capital Budgeting: incorporating risk analysis, the cost of capital and problems in measurement and estimation, the capital structure: practical issues in capital structure policy, .asset pricing models: theory and evidence, portfolio management strategies, equity valuation models, valuing fixed income securities, fixed income. Portfolio management, option trading strategies and hedging with derivatives, hedge funds: organization and strategies, sub-prime meltdown in US financial market, lessons from financial disasters, analysis of real estate investment, financial instruments of Islamic banking.

EF-771 Economic Development and Finance

The scope of the course includes economic development, macroeconomic relationships and market structure. It includes an overview of private capital markets and financing sources to understand capital market imperfections that constrain economic development; business accounting; financial statement analysis; federal economic development programs; and public finance tools. Program models covered include revolving loan funds, guarantee programs, venture capital funds, bank holding companies, community development loan funds and credit unions, micro enterprise funds, and the use of the Community Reinvestment Act to leverage bank financing.

EF-772 Venture Capital and Private Equity

Venture capital operations, raising and structuring Venture Capital Funds, asset allocation and the perspective of limited partners;, strategy and focus of venture capital firm; managing global private , equity firms; valuation and investing assets, corporate strategy, entrepreneurial finance, nonprofit marketing, strategic planning, and venture capital; evaluation of a Business Model and Due Diligence, transaction structuring and term sheet negotiations, contracts and VC monitoring, exit strategies.

EF-773 Credit Risk management

This course provides MPhil students with an advanced understanding of credit risk management, focusing on the identification, assessment, and mitigation of risks associated with lending and credit portfolios. Students will explore key concepts such as credit scoring, credit ratings, default risk, and the modeling of credit risk using quantitative techniques like logistic regression and credit risk models (e.g., Credit Valuation Adjustment and Value at Risk).

The course covers both theoretical foundations and practical tools for managing credit risk in financial institutions, including risk-based pricing, collateral management, and the role of credit derivatives. Emphasis is placed on the regulatory environment, including Basel III and other international standards, and their implications for financial stability and risk management practices. By the end of the course, students will be equipped to analyze credit risk, develop effective risk management strategies, and contribute to decision-making processes in financial institutions.

EF-774 Treasury and Funds management

Understanding the Regulatory Environment (The need for, and objectives of, regulation, Sources of regulation, Prevention of money laundering and financial crime, Understanding money laundering offences, Designing an effective reporting system, Terrorist financing, Money laundering and tax evasion, Financial crime, Preventing fraud, Corruption, Market manipulation/misleading statements, insider dealing, and market abuse), Industry Knowledge and Awareness (Financial services organizations: background, Codes of corporate governance, regulatory principles, Overview of commercial laws and mechanisms governing legal persons and arrangement), The Role of the Compliance Officer, Compliance in practice (Compliance governance, Internal and external relationships, Links between compliance, culture and ethics, Specific internal compliance control issues, Risk management.

EF-775 Financial Institution and Market

The financial markets and the economy, depository institutes, investment banks, insurance companies, pension funds and investment companies, derivative market: futures and options and instruments, equity markets and instruments, Interest rate, debt markets and instruments, foreign exchange markets, global financial markets.

EF-776 Islamic Banking and Finance Markets

To familiarize students with developments in global financial and capital markets in relation to Islamic banking and finance; Provide students with an overview of Islamic finance law, regulations and aspects of the Islamic banking system: Provide students with an understanding of Islamic banking products and concepts; Challenges faced by Islamic banks. Riba, Gharar, the Existing model of Islamic Banking, Shariah Compliant Financial Instruments for Routine Banking Operations, Deposit Mobilization by Banks, Bank Financing, Islamic Banking in practice (Sudan, Iran, Malaysia, Pakistan, Other Muslim Countries), Divisible and Tradable Financial Instruments for Business Industry and Government Needs, International Transactions without Riba, Pricing of Islamic Financial Products, Risk Management in Islamic Banking, Inter-bank Money Market, Islamic capital market, Zakah and Islamic Banking, Review of AAOIFI Standards, Insurance in the Islamic Framework, Selected Issues in Accounting for Islamic Banking.

EF-777 Sustainable Investing

The course is tailored to develop professionals skills needed in the financial sector with a focus on driving sustainable investment strategies within their organizations. It provides students with the necessary expertise to integrate sustainable investment concepts and approaches into their portfolio management practices. It focuses on enhancing the understanding and ability to apply sustainable investment principles to the products and services offered by the organizations. Delving into the key strategies and governance practices, students will develop a foundation in sustainable investment and gain insights into the evolving landscape of sustainable finance. Upon completion of the course, students will be able to articulate different sustainable investment approaches to customers and explain how these approaches align with relevant organization’s portfolio strategies. They will be able to analyze the financial aspects of the fight against climate change; understand existing measures of climate change risk exposure; assess how climate risk factors impact security prices and returns and assess how climate risk factors impact investment decisions

EF-778: Resource Economics

Introduction to resource economics and the economic principles behind the use of natural resources, the theory of resource allocation and scarcity, renewable vs. non-renewable resources, the economics of resource extraction and depletion, optimal resource extraction models (Hotelling’s rule), resource pricing and market mechanisms, resource management and sustainability, the role of property rights and regulations in resource management, the economics of environmental degradation, the concept of sustainable development, natural resource policy and international trade in resources, intergenerational equity in resource use, the impact of technological change on resource utilization, and empirical case studies on energy, water, and land resources.

EF-780 Quantitative Methods for Economic and Finance

Observational Studies vs. Experimental Studies, Quasi Experiments, Time Series Data and Longitudinal/Panel Data. Review: linear algebra, CDF and Histogram, binomial probabilities, theoretical distributions, random variables and hypothetical populations. discrete distributions: uniform, binomial, Poisson continuous distributions: Uniform, normal distributions, central limit theorem, matching samples to populations, exact distributions, asymptotic and simulated distribution, testing simple hypothesis, tests for normality, two random variables: conditional and marginal distributions, correlations:. ecological correlations and limitations of correlation, Regression: basic concepts, deep structure of regression models, interpreting regression results, hetroscedasticity and autocorrelation, GQ, BP and Eicker White test for hctroscedasticity, dummy variables, F-test for Joint Significance of Regressors, unit roots and spurious regressions, T statistics and Significance of Regressors, Modeling Volatility: ARCH, GARCH, The ARCHM Model, State-Space Models and the Kalman Filter, G2S and S2G modeling strategy for Model Selection, Monte Carlo Simulation and Bootstrap Simulation.

EF-781 Data Visualization

Introduction to data visualization and its importance in communicating complex data effectively, principles of data visualization design (clarity, simplicity, and accuracy), types of data visualizations (bar charts, line graphs, scatter plots, heat maps, histograms, etc.), tools and software for visualization (Tableau, Power BI, Python libraries like Matplotlib, Seaborn, Plotly), best practices for visualizing different types of data (qualitative, quantitative, time series), data storytelling and its role in making data-driven decisions, visualizing multivariate data and relationships, interactive visualizations and dashboards, and ethical considerations in data presentation.

EF-782 Big Data Analysis

Introduction to big data and its significance in economics and business, characteristics of big data (volume, variety, velocity, and veracity), big data processing frameworks (Hadoop, Spark), data storage and retrieval methods (NoSQL databases, data lakes), tools for big data analysis (Python, R, SQL, and machine learning libraries), data cleaning and preparation techniques for large datasets, statistical methods for analyzing big data (regression analysis, clustering, classification), big data visualization techniques, predictive analytics and machine learning applications in big data, challenges in big data analysis (privacy, security, computational costs), and applications of big data analysis in marketing, finance, health care, and public policy.

EF-783 AI and Machine Learning for Finance

This course introduces MPhil students to the core concepts and applications of Artificial Intelligence (AI) and Machine Learning (ML) in finance. Topics include supervised and unsupervised learning, neural networks, and natural language processing, with applications in risk management, forecasting, algorithmic trading, and portfolio optimization.

Students will gain hands-on experience using financial datasets and tools such as Python or R to implement AI/ML models. The course emphasizes both theoretical understanding and practical skills for applying intelligent systems to real-world financial problems.

EF-784 Foundations In Transport Economics and Logistics

This course explores the economic principles underlying transportation systems, including supply and demand, pricing strategies, cost structures, and the role of government policies. Topics include transport modes, externalities, congestion, regulation, and investment decisions. Students will have a strong foundation in theoretical transport economics and analyze the impact of transportation on economic development and evaluate policy interventions for efficiency and sustainability.

EF-785 Applied Transport Economics

This course will discuss the complexities of the transport landscape, explaining how different modes of transport, their infrastructure and services, affect mobility, environment, trade, transit, growth of the economy, and the sector itself. Through interaction with speakers/practitioners from specific ministries/relevant fields, students will be able to assess the efficiency, regulations, and governance of each mode. Through the lens of different organizations, they will explore the integration of technology and innovation for smart solutions to overcome the challenges in the sector. A comparative overview of all the modes will provide a comprehensive understanding of the logistics and supply chains.

EF-786 Energy Markets: Theory and Practice

Global energy landscape, reserves, production, and geopolitics; Oil market dynamics, its pricing and challenges; Natural gas markets and economic fundamentals; LNG market types, trading mechanisms, and pricing; Coal economy and its environmental implications; Electricity markets players and types of market products; wholesale and retail electricity market failures, pre-requisites and development constraints; energy versus capacity markets, bilateral contracts and trading plateform, Pakistan electricity market development and evolution, Competitive trading bilateral contract market (CTBCM); Balancing mechanisms for the electricity market; Energy laws, regulations and market development.

EF-787 Energy Economics and Policy

Economics of natural monopolies, renewable energy targets and carbon pricing, conservation and demand management, energy efficiency measures and standards, advancement in energy technology, role of innovation and technology in energy transition call mom energy sustainability and climate change, energy prices and tariff policies, energy subsidies and their economic implications, circular debt in electricity and gas sectors, economics of energy management, integrated energy planning call mom energy poverty and security, energy and economic growth, oil and gas prices and macro economy, modeling techniques for energy demand and supply, energy policy evaluation methods.

EF-788 Development Economics

Harrod-Domar and Neoclassical Models; Technical Progress; Optimum Savings, and the Golden Rule; Savings and Capital Accumulation Development Theories; Measuring Contributions to Growth; Population Growth; Labour and Employment; Investment in Human Capital; Entrepreneurship; Industrialization; the Choice of Technology; Agriculture and Agrarian Reforms; Development Strategies; Development, Equity, and Welfare; Food Aid, Saving Disincentives; Foreign Investment and MNCs; Decision Models; Balanced and Unbalanced Growth; Migration from LDCs; Political Economy of Trade and Development; North-South Models.

EF-789 Agricultural Development

Models of agricultural growth, determinants of urban-rural disparity, role of technology in agricultural growth, interdependence between agricultural and economic growth, models for the analysis of food security and sustainable agriculture, hunger and poverty, agricultural sustainability, food security and food safety, effects of exchange rate regimes on agricultural development, interdependence of the agriculture and non-agriculture sectors, regional population growth issues, measuring and impacts of undernutrition, seasonality of undernutrition, economic-related causes of hunger, nutrition policy implications, factors affecting income distribution, impact of demographic changes on food demand, determinants of changes in demand for food in low-income countries, effects of the Green Revolution, and the role of free markets in addressing hunger.