Master ofScience in Finance (MSF)

Curriculum

Fall Semester (16 cr)
ECON 503 Economics for Finance
BMSF 505 Financial Econometrics
BMSF 512 Financial Accounting: Reporting & Analysis I
BMSF 514 Foundations of Finance

 
January Term (4 cr - Rotating Offering)
ECON 516 International Economics
BMSF 518 Financial Accounting: Reporting & Analysis II
BMSF 530 Financial Markets, Institutions & Intermediaries
BMSF 595 Internship
 
Spring Semester (16 cr)
BMSF 507 Mathematical and Stochastic Foundations for Finance
BMSF 532 Valuation, Fixed Income, Derivatives, Alternatives
BMSF 534 Portfolio Theory and Management
BMSF 536 Advanced Corporate Finance
 
June Term (4 cr)
BMSF 538 Risk Management
BMSF 599 Capstone: Integration and Graduate Research in Finance

Course Descriptions

ECON 503 Economics for Finance
Macro and micro-economics including market forces of supply and demand, the goal of the firm, national income and accounts, business cycles, the monetary system, inflation, international trade and capital flows, currency exchange rates, monetary and fiscal policy, economic growth, effects of government regulation and the impact of economic factors on investment markets. (4)

BMSF 505 Financial Econometrics
Econometric methods in finance including specification, estimation, and testing in regression models as applied to financial problems. Analysis and forecasting of financial data including regression time series models. Detailed coverage of ARIMA models, nonstationary time-series, cointegration, and ARCH-GARCH models. Students use analytical software and basic programming/modeling skills on numerous real data sets. (4)

BMSF 507 Mathematical and Stochastic Foundations for Finance
Mathematical tools essential for finance, including matrix algebra, constrained optimization, ordinary and partial differential equations, numerical methods for optimization and differential equations, and statistics. Using financial examples, the focus is on stochastic process and stochastic calculus. Topics include: general probability theory, martingales, Brownian motion and diffusion, jump processes, and Ito’s lemma. Students gain modeling skills using analytical software. (4)

BMSF 512 Financial Accounting: Reporting & Analysis I
Intermediate financial accounting, including financial reporting (IFRS and GAAP), financial statements analysis, analysis of inventories, assets, taxes, debt, and off-balance sheet assets, and liabilities. Emphasis on ratio and financial analysis, and the quality of reported data. (4)

BMSF 514 Foundations of Finance
Foundations of finance across a wide spectrum of topics including the essentials of corporate finance, equity investments, fixed income, derivatives, alternative investments, and portfolio management. (4)

ECON 516 International Economics
Regional and international specialization, comparative costs, international payments and exchange rates; national policies that promote or restrict trade. (4)

BMSF 518 Financial Accounting: Reporting & Analysis II
Accounting topics including inventory, assets, inter-corporate investments, stock compensation, pensions, accounting for multinational firms, and financial statement analysis relevant to valuation. Includes accounting for business combinations. (4)

BMSF 530 Financial Markets, Institutions, Intermediaries
Money and banking systems, both domestic and international. Efficiency and effectiveness of different markets and the institutions that regulate and control them. Includes the study of domestic (e.g., Fed, Treasury, SEC, FINRA, FDIC, SIPC) and international (e.g., BIS, IMF, World Bank) institutions, as well as the role of financial intermediaries (e.g., investment banks). Essentials of securities regulation (e.g., Securities Acts of 1933/4, Regulation FD, Sarbanes-Oxley, Gramm-Leach-Billey, Dodd-Frank, Volcker Rule). (4)

BMSF 532 Valuation, Fixed Income, Derivatives, Alternatives
Valuation of investments, divisions, and firms, with an emphasis on projecting and discounting cash flows. Examines EVA, real options, and alternative methods of valuation with an emphasis on using Excel modeling. Fixed income and hybrid securities are examined including the valuation impacts of their features as well as fixed income portfolios and risk analysis (duration, convexity, immunization). In-depth analysis of the valuation of derivative securities. Introduces several alternative investments including real estate, venture capital, private equity, private firms, and commodities. (4)

BMSF 534 Portfolio Theory and Management
Portfolio theory and application. Includes the development of investment policy statement including asset allocation and security selection tools. Study of the management of individual/family/institutional/pension portfolios across asset classes (equity, fixed income, alternatives) with regard to risk management, tax efficiency, liquidity, and execution of portfolio decisions. Covers performance reporting and attribution, and manager selection processes. (4)

BMSF 536 Advanced Corporate Finance
Issues faced by corporate financial managers within the firm at the firm- and investment levels. Covers firm financing structure, optimal capital structure derivation, financing alternatives, costs of financial distress, and financial securities (stocks, bonds, hybrids). Investment-level topics include tools for analyzing and financing projects, and intra-firm financial structuring alternatives. (4)

BMSF 538 Risk Management
Comprehensive risk management frameworks to categorize and understand financial and non-financial risk. Includes the measurement of risk, as well as the tools used to manage and mitigate risk, including the use of derivatives. Covers the roles and aims of regulatory agencies and structures in managing risk. (2).

BMSF 548 Topics in Finance
Covers contemporary and critical topics in finance. Specific topics, readings, and projects are determined by the instructor. (1-4)

BMSF 595 Internship
Application of finance in field setting. Credit granted determined by hours spent in working environment and depth of project associated with course of study. Pass/fail. (1-4)

BMSF 599 Capstone: Integration & Graduate Research in Finance (2 or 4)
Program integration and research project in finance.