Master of Science in Finance

The MS in Finance provides unique opportunities for individuals who want to enhance their career opportunities in the areas of investments, corporate finance, or banking. The main program consists of 10 three-credit courses (seven required and three electives) and is especially useful for those who want to pursue advanced certification, such as the CFA, CFM, CFP, etc. Applicants should hold an undergraduate or an MBA degree and have an adequate background in the areas of microeconomics, macroeconomics, financial accounting, and statistics. Applicants lacking proper training in these areas will need to take preparatory courses in addition to the main course work.

Curriculum

FI 0530Corporate Finance3
FI 0540Investment Analysis3
FI 0545Portfolio Management3
FI 0560Global Financial Markets and Institutions3
FI 0565Derivative Securities3
FI 0580Financial Risk Management3
FI 0595Research Methods in Finance 13
Select 3 elective courses from the following:9
Shareholder Value
International Financial Management
Fixed Income Securities
Capital Budgeting
Seminar: Contemporary Topics in Finance
Independent Research Seminar
Total Credits30
1

Designated research course.

MBA and MS in Finance Overlap

The MBA with a concentration in Finance (MBA-FI) is a generalist degree that covers all relevant topical areas for a business professional and gives students the opportunity to specialize, but not major, in Finance. Immediately after completion of the MBA-FI, students sometimes wish to further their graduate study in Finance. Interested students then may apply for admission to the MS in Finance and, once accepted, can earn the degree by completing an additional 6 courses drawn from the MS in Finance Curriculum. Courses are selected in advisement with the Coordinator of Graduate Finance Programs. Students are encouraged to seek individualized advisement well before completing the MBA-FI.

FI 0400 Principles of Finance3 Credits

Prerequisites: AC 0400; QA 0400.

This course examines the fundamental principles of modern finance that are helpful in understanding corporate finance, investments, and financial markets. More specifically, the course examines the time value of money; the functioning of capital markets; valuation of stocks, bonds, and corporate investments; risk measurement; and risk management. Students learn to use sources of financial data and spreadsheets to solve financial problems.

FI 0500 Shareholder Value3 Credits

Prerequisite: FI 0400.

This course examines business decision-making with the aim of creating and managing value for shareholders. Accordingly, students learn how to lead and manage a business in a competitive environment. This involves the formulation of corporate objectives and strategies, operational planning, and integration of various business functions leading to greater shareholder value. Topics include investment and strategic financial decision-making. A business simulation facilitates the learning process.

FI 0530 Corporate Finance3 Credits

This course provides an exploration of theoretical and empirical literature on corporate financial policies and strategies. More specifically, the course deals with corporate investment decisions, capital budgeting under uncertainty, capital structure and the cost of capital, dividends and stock repurchases, mergers and acquisitions, equity carve-outs, spin-offs, and risk management.

FI 0540 Investment Analysis3 Credits

This course examines the determinants of valuation for bonds, stocks, options, and futures, stressing the function of efficient capital markets in developing the risk-return tradeoffs essential to the valuation process.

FI 0545 Portfolio Management3 Credits

Prerequisite: FI 0540.

Students examine how individuals and firms allocate and finance their resources between risky and risk-free assets to maximize utility. Students use an overall model that provides the sense that the portfolio process is dynamic as well as adaptive. Topics include portfolio planning, investment analysis, and portfolio selection, evaluation, and revision.

FI 0555 International Financial Management3 Credits

Prerequisite: FI 0530.

The globalization of international financial markets presents international investors and multinational corporations with new challenges regarding opportunities and risks. This course examines the international financial environment of investments and corporate finance, evaluating the alternatives available to market participants in terms of risk and benefits. Topics include exchange rate determination, exchange rate exposure, basic financial equilibrium relationships, risk management including the use of currency options and futures, international capital budgeting and cost of capital, and short-term and international trade financing.

FI 0560 Global Financial Markets and Institutions3 Credits

Prerequisite: FI 0540.

This course examines financial markets in the context of their function in the economic system. The material deals with the complexity of the financial markets and the variety of financial institutions that have developed, stressing the dynamic nature of the financial world, which is continually evolving.

FI 0565 Derivative Securities3 Credits

Prerequisite: FI 0540.

This course offers in-depth coverage of financial derivative securities, such as options futures and swaps. The course focuses on the principles that govern the pricing of these securities as well as their uses in hedging, speculation, and arbitrage activities.

FI 0570 Fixed Income Securities3 Credits

Prerequisite: FI 0540.

This course deals extensively with the analysis and management of fixed income securities, which constitute almost two-thirds of the market value of all outstanding securities. The course provides an analysis of treasury and agency securities, corporate bonds, international bonds, mortgage-backed securities, and related derivatives. More specifically, this course provides an in-depth analysis of fixed income investment characteristics, modern valuation, and portfolio strategies.

FI 0575 Capital Budgeting3 Credits

Prerequisite: FI 0530.

This course examines the decision methods employed in long-term asset investment and capital budgeting policy. The course includes a study of quantitative methods used in the capital budgeting process: simulation, mixed integer programming, and goal programming. Students use these techniques and supporting computer software to address questions raised in case studies.

FI 0580 Financial Risk Management3 Credits

Prerequisite: FI 0540.

This course focuses on the evaluation and management of corporate and portfolio risk. More specifically, this course examines the methods of evaluating and managing risk with the objective of contributing to value maximization. Risk assessment methodologies such as value-at-risk (VaR) and cash-flow-at-risk (Car) are analyzed and used extensively.

FI 0585 Seminar: Contemporary Topics in Finance3 Credits

Prerequisites: FI 0530, FI 0540.

This course presents recent practitioner and academic literature in various areas of finance, including guest speakers where appropriate. Topics vary each semester to fit the interests of the seminar participants.

FI 0585A Seminar: Contemporary Topics in Finance: Financial Modeling3 Credits

FI 0585B Seminar: Contemporary Topics in Finance: Alternative Investments3 Credits

FI 0585C Seminar: Contemporary Topics in Finance: Trading3 Credits

FI 0585D Seminar: Contemporary Topics in Finance: Rotman Trading Competition3 Credits

FI 0595 Research Methods in Finance3 Credits

Prerequisite: FI 0540.

This course, open to MS in Finance students only, deals extensively with applied research methods in finance, a highly empirical discipline with practical relevance in the models and theories used. The central role of risk distinguishes research methodology in finance from the methodology used in other social sciences, necessitating the creation of new methods of investigation that are adopted by the finance industry at an astonishingly fast rate. For example, methods of assessing stationarity and long-run equilibrium, as well as methods measuring uncertainty, found a home in the finance area. This course covers traditional and new research methods that are directly, and in most instances, solely applicable to finance problems.

FI 0597 Independent Research Seminar3 Credits

Prerequisite: FI 0595.

This course, open to MS in Finance students only, provides participants with the opportunity to explore a financial topic of interest in depth, immersing students in detailed investigations requiring substantial research and analysis.