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experiencing sudden or unexpected events beyond your control which impact your ability to complete assessed
work by the set deadlines may request mitigation via the extenuating circumstances procedure. Students with
disabilities or ongoing, long-term conditions should explore a Summary of Reasonable Adjustments.
Return and status of marked assessments: Students should expect to receive feedback within one calendar month
of the submission deadline, as per UCL guidelines. The module team will update you if there are delays through
unforeseen circumstances (e.g. ill health). All results when first published are provisional until confirmed by the
Examination Board.
Copyright Note to students: Copyright of this assessment brief is with UCL and the module leader(s) named above. If
this brief draws upon work by third parties (e.g. Case Study publishers) such third parties also hold copyright. It must
not be copied, reproduced, transferred, distributed, leased, licensed or shared any other individual(s) and/or
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Academic Misconduct: Academic Misconduct is defined as any action or attempted action that may result in a
student obtaining an unfair academic advantage. Academic misconduct includes plagiarism, obtaining help
from/sharing work with others be they individuals and/or organisations or any other form of cheating. Refer to
Academic Manual Chapter 6, Section 9: Student Academic Misconduct Procedure – 9.2 Definitions.
Referencing: You must reference and provide full citation for ALL sources used, including articles, text books, lecture
slides and module materials. This includes any direct quotes and paraphrased text. If in doubt, reference it. If you
need further guidance on referencing please see UCL’s referencing tutorial for students. Failure to cite references
correctly may result in your work being referred to the Academic Misconduct Panel.
Content of this assessment brief
Section Content
A Core information
B Coursework brief and requirements
C Module learning outcomes covered in this assessment
D Groupwork instructions (if applicable)
E How your work is assessed
F Additional information
Published September 3rd 2022
Section A: Core information
Submission date 14/11/2022
Submission time 15:00
Assessment is marked out of: 100
% weighting of this assessment
within total module mark
25%
Maximum word count/page
length/duration
Maximum 1 page for ratio calculations (you can use less); max
2,000 words for your evaluation and analysis of company
performance
Footnotes, appendices, tables,
figures, diagrams, charts included
in/excluded from word count/page
length?
Footnotes and appendices are excluded from the page/word
count.
Bibliographies, reference lists
included in/excluded from word
count/page length?
Bibliographies and references are excluded from the page/word
count.
Penalty for exceeding word
count/page length
Penalty for exceeding word count will be a deduction of 10
percentage points, capped at 40% for Levels 4,5, 6, and 50% for
Level 7) Refer to Academic Manual Section 3: Module
Assessment – 3.13 Word Counts.
Penalty for late submission Standard UCL penalties apply. Students should refer to Refer to
https://www.ucl.ac.uk/academic-manual/chapters/chapter-4-
assessment-framework-taught-programmes/section-3-module assessment#3.12
Submitting your assessment Submission is via a moodle link.
Anonymity of identity. Normally, all
submissions are anonymous unless
the nature of the submission is such
that anonymity is not appropriate,
illustratively as in presentations or
where minutes of group meetings
are required as part of a group work
submission
The nature of this assessment is such that anonymity is required.
Published September 3rd 2022
Section B: Assessment Brief and Requirements
You are working as a summer intern as an investment analyst and have been asked to evaluate
the financial performance of two well-known airlines. Following the pandemic and the return
of travel, clients are keen to understand the underlying financial stability of these two airlines
and in particular, which might have the greater growth potential. The two airlines of interest
are:
Ryanair Group
Easyjet plc
You are required to prepare a report which is a year-on-year financial comparison of both
companies (over a three-year period). Each company is listed on the UK Stock Exchange. You
are looking to assess relative performance over a three-year period and to assess each
company’s underlying financial position. Please note that the financial year ends of both
companies differ by 6 months (Sept vs March). This difference need not factor to any significant
extent in your analysis.
You should use the 3 most recent years of FULL year accounts for each company. No interim
or quarterly reports should be used. Below is a link to each company’s corporate website and
the years which you MUST use for your analysis.
Ryanair Group: Reports for years ended 31 March 2020, 2021 and 2022.
Easyjet plc: Reports for years ended 30 September 2019, 2020 and 2021.
Required:
a) Carefully select and calculate 10 ratios for each company (these must be the same for
each company to make a meaningful comparison) which give most insight into the
performance of the airlines. You are required to calculate ratios for the 3 FULL years of
financial reports. Please use the year-end figures provided in the accounts. (1 page)
(20 marks)
b) Write a report analysing and comparing the relative financial performance of both
companies for the past three years. Your report should make a fully justified
recommendation on which one of the two companies you would advise your clients to
invest in. (2,000 words)
(80 marks).
(Total 100 marks)
For further guidance please see section F below.
Published September 3rd 2022
Section C: Module Learning Outcomes covered in this
Assessment
This assessment contributes towards the achievement of the following stated module Learning
Outcomes as highlighted below:
? Understand the context and purpose of financial accounting.
? Be able to appreciate the key financial statements and recognise their strengths and weaknesses.
? Evaluate and interpret accounting data accurately and appropriately.
Published September 3rd 2022
Section D: Groupwork Instructions (where
relevant/appropriate)
Not applicable.
Published September 3rd 2022
Section E: How your work is assessed
Within each section of this assessment you may be assessed on the following aspects, as applicable and
appropriate to this assessment, and should thus consider these aspects when fulfilling the requirements of
each section:
? The accuracy of any calculations required.
? The strengths and quality of your overall analysis and evaluation;
? Appropriate use of relevant theoretical models, concepts and frameworks;
? The rationale and evidence that you provide in support of your arguments;
? The credibility and viability of the evidenced conclusions/recommendations/plans of action
you put forward;
? Structure and coherence of your considerations and reports;
? Appropriate and relevant use of, as and where relevant and appropriate, real world examples,
academic materials and referenced sources. Any references should use either the Harvard OR
Vancouver referencing system (see References, Citations and Avoiding Plagiarism)
? Academic judgement regarding the blend of scope, thrust and communication of ideas,
contentions, evidence, knowledge, arguments, conclusions.
? Each assessment requirement(s) has allocated marks/weightings.
Student submissions are reviewed/scrutinised by an internal assessor and are available to an External
Examiner for further review/scrutiny before consideration by the relevant Examination Board.
It is not uncommon for some students to feel that their submissions deserve higher marks (irrespective of
whether they actually deserve higher marks). To help you assess the relative strengths and weaknesses of
your submission please refer to UCL Assessment Criteria Guidelines, located at
https://www.ucl.ac.uk/teaching-learning/sites/teaching-learning/files/migrated files/UCL_Assessment_Criteria_Guide.pdf
The above is an important link as it specifies the criteria for attaining 85% +, 70% to 84%, 60% to 69%, 50%
to 59%, 40% to 49%, below 40%.
You are strongly advised to not compare your mark with marks of other submissions from your student
colleagues. Each submission has its own range of characteristics which differ from others in terms of
breadth, scope, depth, insights, and subtleties and nuances. On the surface one submission may appear to
be similar to another but invariably, digging beneath the surface reveals a range of differing
characteristics.
Students who wish to request a review of a decision made by the Board of Examiners should refer to
the UCL Academic Appeals Procedure, taking note of the acceptable grounds for such appeals.
Note that the purpose of this procedure is not to dispute academic judgement – it is to ensure correct
application of UCL’s regulations and procedures. The appeals process is evidence-based and
circumstances must be supported by independent evidence.
Published September 3rd 2022
Section F: Additional information from module leader
(as appropriate)
Further guidance and marking scheme detail
Requirement a): Calculate a selection of appropriate accounting ratios. Marks are awarded based upon
your choice of ratios used considering the type of sector within which both companies operate and that
which might be most insightful to the underlying businesses. You must use 10 ratios (no more and no less).
It is therefore important that you choose wisely. Please present your ratios, including calculations, within
the main body of the text using one page only. You can then refer to this page in your analysis and
comparison. You can paste from Excel if you wish. Please the use the year-end figures provided in the
accounts. To be clear, the same 10 ratios need to be calculated for all three years for both companies.
Please round any ratio calculations to 1 decimal place.
Requirement b): Your analysis and comparison should be provided under the assumption that the
potential client who wants to invest is the key reader. You should, however, also comment on the impact
your analysis would have with regard to both management and lenders.
You may use ratios published within the annual reports plus ratios calculated yourself (the workings for
all 10 ratios must be shown in the main body of the text – see requirement a) above. The maximum limit
is still 10 ratios whether calculated by you or using those contained within the annual reports.
The relative comparison must be year on year for both companies for three years and must include
conclusions/recommendations. Please note that the downturn (and forthcoming upturn) in the airline
industry due to the pandemic is well known. Therefore, your analyses should attempt to, as much as
possible, go deeper than high level observations of such a downturn. The task is to assess each airline’s
financial ability to have withstood such a downturn, which airline stands to recover in a stronger
position, and why.
This part of the report must give evidence of your understanding of the interpretation of your chosen
ratios and the data you are using. The emphasis is on quality rather than quantity and you are limited to
2,000 words. You can, of course, use less words but you must not exceed 2,000 words.
The report should include the following:
– Title/cover: date and word-count.
– Page of contents
– Main body of report (including ratios)
– Bibliography (using Harvard style of referencing)
– Appendices.
Additional Guidance.
All figures and diagrams used in your report should be constructed by you and not taken from any other
sources.
The main purpose of this report is to ascertain whether or not you can undertake financial analysis.
Therefore, it is paramount that all analysis included in the report is prepared by you.
What to Submit: A PDF document of your report to the MSIN0161 submission link on Moodle.
Published September 3rd 2022
IMPORTANT. A screen shot is not the same as cutting and pasting. You must not screen shot anything in
your submission whether in the main body or in the appendices.
You are allowed to use any spreadsheet from the module to assist with your calculations. It is then
acceptable for you to cut and paste your version into the appendices.
It is recommended that you include ALL workings for any supporting schedules or tables used in your
report in the appendices. However, as per requirement a), workings for all ratios should be included
directly in the one-page ratio calculation.
Assume the marker understands ratio analysis and therefore you are not required to provide generic
information about each ratio. What is required is that you interpret your ratios to assess the relative
performance of the companies. It is recommended that you use the formula provided in the lecture
notes for the module wherever possible. You are also free to calculate ratios which were not included in
the lecture if you deem it to be relevant to your analysis.
NOTE: Word counts are a maximum and you can use less words of you want to. Be cautious here as too
few words may indicate a lack of depth in your analysis.
Further details on marking criteria and rubric
The marker will adopt the perspective of being your potential investor; the following rubric will be used
when marking your report and will be based upon the following five criteria, weighted as following:
Criteria Weighting Requirement
Ratios 20%
How accurately have you calculated the ratios?
Have you selected (and justified) the most
relevant and insightful ratios to inform and
support your analysis?
Understanding 25%
How well have you understood, interpreted and used the
financial information presented to you in the company
annual reports? How coherent are your arguments and
data/evidence identified? How well have you evaluated
the information presented? Were appropriate
conclusions drawn from the data?
Synthesis of information
and depth of analysis
40%
Howconvincing and reliable is the use of data and
evidence in identifying and assessing the financial
performance of the companies? How well have your
drawn relationships between different aspects of the
data? How well have you unpacked the information
presented to inform your analysis, to get ‘beneath’ the
superficial and the obvious? Is there sufficient breadth
and depth in your analysis and in the information drawn
upon? How coherent and well supported are any
conclusions drawn?
Structure & Implementation 10%
How clear and concise is your report?
Could your potential client pick up your report,
understand it and would they seriously consider
implementing it?
Format and Presentation 5%
How professional is your report?
Would a consultancy company be happy to send thisto a
clientin its currentform? Thisincludes grammar,
spelling, formatting and effective integration of
relevant graphs/diagrams (if appropriate).
Published September 3rd 2022
How will you be graded?
The following six point Likert scale ranging from not satisfying the assessment criteria at all (scoring 0/6) to meeting it
exceptionally will be adopted (scoring 6/6), as shown below. This will essentially create a marking algorithm and mean
that your feedback will be directly linked to the grade awarded to you. For example, receiving ‘satisfied’ on
‘understanding’ will generate a score of 12.5% (i.e. (0.25*(3/6) for that component.
Criteria Weighting

Not at all
Satisfied:
0
Slightly
Satisfied:
1
Below
Average
Satisfied:
2
Satisfied:
3
Above
Average
Satisfied:
4
Highly
Satisfied:
5
Exceptional:
6
Ratios 20%
Understanding 25%
Synthesis and
depth of analysis 40%
Structure &
Implementation 10%
Format and
Presentation
5%
Published September 3rd 202