Unreal has a particle effect system called "Cascade" on which I have a little experience in using but wanted to push my knowledge inside of it.
I began looking at types of effects I could make inside of the engine, however when I did this I wasn't sure what I problem I wanted to try and solve as of yet, I was hoping this research would help me work this out.
As I want to be a texture artist I wanted to do something that would require the use of textures/Shaders, though I don't know how to write shaders I have a knowledge of the node based shaders inside of Unreal Engine 4, I wouldn't mind doing something similar to this.
Fire and Water Shader Effects inside of Unreal Engine 4
Another idea was to work on magical effects for players that you would typically see in games such as League of Legends, DOTA and ect.
Magical Effects in Unreal Engine 4
One of the other ideas was to create something like dynamic foliage that would move as the player interacts with it, this idea spurred from last week blog from the Naughty Dog Headspace video. This was one I found with someone trying it out in Unreal Engine 4 (UE4).
Unreal Engine 4 Interactive Foliage Material Test
I also had the idea of doing something like an ocean that interacts with wind and what ever was on the water would interactive with the waves. This idea was brought up from playing Assassin's Creeds: Black Flag with how the ship reacts with the ocean. This is a video I found of someone working on a ocean inside UE4.
Unreal Engine 4 - Ocean Storm WIP
Next I would need to find out if this is what would be okay for the module and then to work out a problem that isn't in most games that my version of these could bring to the table.