After taking her undergraduate degree, Professor Heffernan completed her M.Phil and doctorate at the University of Oxford as a Commonwealth Scholar. Professor Heffernan's research interests lie in the field of banking and international finance. She has been a Visiting Professor at Queen's University and York University, Toronto. She has been a beneficiary of two Leverhume Trust Research Awards, which funded new research on competition in banking. She currently holds an ESRC grant to investigate "Monetary Policy and Pass-through". Professor Heffernan has published four books; Modern Banking (2005), Modern Banking in Theory and Practice (1996), which sold over 10,000 copies since publication and is also published in Chinese, Modern International Economics (co-authored with Peter Sinclair) (1990) and Sovereign Risk Analysis (1986). Additional research includes: SMEs and banking services, the conversion of mutuals to bank stock firms and M&As in banking. Her Journal of Banking and Finance paper, "How do UK Institutions Really Price their Banking Products" was recognised by Emerald Management Review as one of the top 50 articles published in 2002. Professor Heffernan is an Associate Member of the Higher Education Academy and has won two Distinguished Teaching and Learning Awards.