UNIVERSITY OF BRISTOL 
EFIM10028: Risk and Return 
Final Examination Guide and Notes 2026 
 
Part 01: About This Guide 
Part 02: Sample Final Examination Paper 
Part 03: Suggested Solutions to Final Exam Paper 
Part 04: Proven Exam Strategies and Tips 
 
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University of Bristol - EFIM10028: Risk and Return

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ACADEMIC YEAR 2025 - 2026

University	University of Bristol
Unit Name	Risk and Return
Unit Code	EFIM10028
Credit Points	20
Level of Study	C/4
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	36

Prepare with confidence for EFIM10028: Risk and Return at the University of Bristol with this complete set of notes. It shows how the final exam is marked and organised, and the types of questions you can expect. Inside you get exam-style questions with step-by-step solutions, clear explanations, and final examination hints and tips. Everything is focused on the exam: format overview, key marking points, timing guidance, and model solutions.

The unit aims to:

Prepare the ground for the core units in asset pricing in years 2 and 3 by developing equilibrium pricing concepts.
Cover capital budgeting rules such as Net Present Value.
Close the First year of Finance studies and analyse the nature of Finance as both a business discipline and as a social science.

The unit syllabus is comprised of three sections.

1. Risk and return:

This section will refer to the historical perspective on returns given in the previous term’s course and introduce a more statistical perspective. It will introduce Return definitions, their distributions and statistical properties. The concept of informational efficiency and why it is specific to Finance. Introduce the closely related concept of risk/return trade-off. Explain the equilibrium principles used in pricing (Law of one price). Finally, introduce portfolio theory and the CAPM.

2. Capital budgeting:

The unit will introduce the concept of equilibrium, required rates of return and discount factors. Use stylized balance sheets to introduce the key issues in capital structure and asset pricing. Explain capital budgeting: Present Value analysis, internal Rate of Return, payback and survey evidence of their uses.

3. The nature of Finance:

The unit will draw upon the institutional, historical, conceptual and evidence-based knowledge that has been acquired in the first year Finance courses to assess the Finance discipline as both a business subject and a social science (a branch of Economics). Its relationship with the related disciplines of Economics and Accounting; With other disciplines such as sociology and psychology.

UNIT CODE	UNIT NAME
ACCG10052	Introduction to Accounting
ACCG20011	Management Accounting
ACFI20001	Fundamentals of Accounting and Finance
ACFI30003	Advanced Corporate Reporting
ACFI30011	Portfolio Management
ACFI30013	Derivatives and International Finance
ECON10001	Economics
ECON10003	Probability, Statistics and Econometrics
ECON10006	Statistical Methods
EFIM10008	Mathematical and Statistical Methods
EFIM10010	Economic Principles
EFIM10015	Introduction to Management
EFIM10028	Risk and Return
EFIM10029	Financial Markets, Institutions and Instruments
EFIM10030	Accounting and Finance for Managers
EFIM10050	Principles of Economics
EFIM20007	Financial Accounting
EFIM20010	Applied Quantitative Research Methods
EFIM20011	Econometrics 1
EFIM20033	Intermediate Microeconomics
EFIM20036	Econometrics 2
EFIM20038	Microeconomic Analysis
EFIM20042	Corporate Finance and Valuation
EFIM20043	Asset Markets
MATH10013	Probability and Statistics
MGRC10002	Principles of Marketing

UKNOTES.

UKNOTES.

University of Bristol - EFIM10028: Risk and Return

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