Download the curriculum map
Core Courses
Financial Management
2 credits | BUFN610
Focuses on the valuation of the real assets of firms as well as the valuation of stocks and bonds, the primary financial assets in an economy. While details vary, the conceptual foundations of valuation boil down to three themes: time value of money, no-arbitrage, and systematic risk.
Financial Data Analytics
2 credits | BUFN640
The course adopts a machine learning mindset to study standard techniques of econometric analysis of financial data. The focus is on understanding, interpretation, and practical applications in Python and Google Colab.
Capital Markets
2 credits | BUFN620
Designed to deepen the foundations necessary for finance-focused students, especially those intending to specialize in the quantitative areas of finance including investments, fixed income, and financial engineering.
Machine Learning in Finance
2 credits | BUFN650
A hands-on course on applications of cutting-edge machine learning methods to financial modeling. It introduces students to a wide variety of machine learning techniques ranging from lasso regression to deep learning and TensorFlow.
Valuation in Corporate Finance
2 credits | BUFN630
An advanced topics course in Corporate Finance dealing with valuation. Main topics will be, building pro forma statements, cost of capital, using ratios and comparables to value projects and firms, discounted cash flow valuations, WACC and APV methods of valuation and Real Option Valuations.
Fixed Income Analysis
2 credits | BUFN732
Describes important financial instruments which have market values that are sensitive to interest rate movements. Develops tools to analyze interest rate sensitivity and value fixed income securities. Defines and explains the vocabulary of the bond management business.
Derivative Securities
2 credits | BUFN660
Standard types of derivatives contracts are presented and illustrated as to how they are used in practice. The theory of pricing these contracts is then presented in detail. The use of static and dynamic replication strategies, and the concept of no-arbitrage strategies is illustrated in numerous ways. Standard valuation techniques are covered, and standard formulas are presented. The theory is then applied to develop specific pricing and hedging strategies for various types of derivatives on different underlying assets. The management of the exposure of various risks is covered in detail as well.
Asset Management Track
Institutional Asset Management
2 credits | BUFN726
Examines how money is managed by organizations such as university endowments, pension funds, mutual funds, hedge funds, and private equity funds. Involves a mixture of finance and economics and emphasizes the incentives professional money managers face within the context of the organizational structure in which they operate. Particular attention is paid to compensation structures and monitoring mechanisms.
Portfolio Management
2 credits | BUFN734
Provides training that is important in understanding the investment process - the buy side of the financial world. Specifically, the objective is to provide graduate-level instruction in the following topics, both in theory and in using financial markets data to test the basic theory and practice of portfolio choice and equilibrium pricing models and their implications for efficient portfolios.
Quantitative Investment Strategies
2 credits | BUFN736
Provides an introduction to quantitative techniques of selecting equities, as used commonly among long-short equity hedge funds and other quantitative equity asset management companies. Statistical factor models are developed to locate stocks with higher expected returns, based on the observable characteristics of the stocks. Implementation issues, including statistical estimation, backtesting and portfolio construction, are covered, as is performance evaluation.
Fixed Income Derivatives
2 credits | BUFN744
Surveys fixed income assets and related securities such as Exchange-traded bond options; bonds with embedded options; floating rate notes; caps, collars, and floors; floating rate notes with embedded options. Also, surveys advanced tools for interest-rate and fixed-income portfolio management, including the use of derivative securities, and the application of binomial trees for analysis of options, and a sound understanding of stochastic yield curves.
Financial Engineering
2 credits | BUFN742
Introduces and applies various computational techniques useful in the management of equity and fixed-income portfolios and the valuation of financial derivatives and fixed-income securities. Techniques include Monte Carlo Simulation and binomial/lattice pricing models. Emphasis is on bridging theory with the design of algorithms and models that can be directly applied in practice.
Entrepreneurial Finance and Private Equity
2 credits | BUFN717
An advanced topics course in Corporate Finance. The major emphasis is how financiers help growing firms - and in particular young start-ups - using different types of securities at different points in the industry's and firm's life. Financing arrangements and securities studied will include private equity funds and private financings placements, Venture Capital (VC) and preferred equity, Investment Banks through Initial Public Offerings (IPOs), Private equity finds, debt and leveraged buyouts. Students will learn additional techniques that will help them understand how financiers value firms and how to understand, plan and value different financing strategies.
Big Data in Finance
2 credits | BUFN758D
Hedge Fund Management
2 credits | BUFN758M
Market Microstructure
2 credits | BUFN758X
The course examines--from theoretical, institutional, and empirical perspectives--how prices in speculative markets are determined by the interaction of traders. Topics covered include market making, informed trading strategies, liquidity, bid-ask spreads, transaction costs, market impact, price manipulation, and high-frequency trading. The course examines markets for equities, bonds, commodities, and foreign exchange. There are several empirical exercises using transaction data.
Financial Analysis and Risk Management Track
Financial Strategy For Corporations
2 credits | BUFN710
An advanced course in corporate finance, focusing on the issues that firms face when they plan to raise external capital from financial markets. The focus is on the financing problems faced by mid-market to large firms and on capital raised from public markets. The forms of external finance vary from simple debt or equity to more complex securities that bundle with an element of risk management.
Financial Restructuring
2 credits | BUFN712
Focuses on identifying ways to increase firm value through corporate restructuring. Specific topics include: mergers and tender offers, spin-offs, carve-outs, divestitures, takeover defense strategies, leveraged buy-outs, and international acquisitions. Additionally, the theory, practice and empirical evidence related to each of these topics will be covered. Emphasis will be placed on valuation analysis and strategic considerations.
Institutional Asset Management
2 credits | BUFN726
Examines how money is managed by organizations such as university endowments, pension funds, mutual funds, hedge funds, and private equity funds. Involves a mixture of finance and economics and emphasizes the incentives professional money managers face within the context of the organizational structure in which they operate. Particular attention is paid to compensation structures and monitoring mechanisms.
International Investment
2 credits | BUFN721
Addresses international stock markets, portfolio theory, international interest rates, exchange rates and exchange rate derivatives (options, forwards, and futures), exchange rate swaps and exchange rate exposure (operating, translation, and transaction), foreign investment strategy.
Applied Equity Analysis (Advanced Financial Modeling and Equity Analysis)
2 credits | BUFN730
Provides in-depth analysis of public equities, with a focus on financial statement analysis, financial forecasting and ultimately valuation. Students will apply the primary valuation techniques used in industry to estimate market values for equities. Additionally, students learn how to stress test their financial models and interpret outcomes.
Entrepreneurial Finance and Private Equity
2 credits | BUFN717
An advanced topics course in Corporate Finance. The major emphasis is how financiers help growing firms - and in particular young start-ups - using different types of securities at different points in the industry's and firm's life. Financing arrangements and securities studied will include private equity funds and private financings placements, Venture Capital (VC) and preferred equity, Investment Banks through Initial Public Offerings (IPOs), Private equity finds, debt and leveraged buyouts. Students will learn additional techniques that will help them understand how financiers value firms and how to understand, plan and value different financing strategies.
Enterprise and Credit Risk Management
2 credits | BUFN746
Surveys the theory and practice of credit risk identification, measurement and mitigation along with understanding the principles of enterprise risk governance and risk-adjusted returns. The course examines how to develop credit loss distributions via Monte Carlo simulation or copula methodologies for consumer assets such as mortgages, credit cards and auto loans, developing commercial loan scorecards for rating credit risk. Pricing and use of various credit structures such as credit default swaps, collateralized debt obligations and credit-linked notes are examined.
Climate Finance Track
Climate Modeling and Analytic Tools
2 credits | Term C
An overview of the methodologies, assumptions and data used to develop climate models used for scenario and stress test analysis by financial services companies and other institutions. In addition to learning about the mechanics of climate models, their strengths and limitations, students will learn to how to use tools for conducting geospatial climate analytics. Financial and risk management modeling techniques including machine learning, statistical and simulation-based models for assessing climate change financial impacts will be examined in this course.
Carbon Accounting and Financial Disclosures
2 credits | Term C
A course surveying the accounting principles associated with climate and carbon disclosures. The course will explore the latest guidance from SEC and other regulatory organizations on financial disclosures including The Task Force on Climate-Related Financial Disclosures (TCFD).
Experiential Learning Project
2 credits | Term D
A course where small student teams led by a faculty advisor work with a corporate or governmental sponsor on an applied problem of interest relating to climate finance and risk management. Students would learn how to work in an interdisciplinary team to conduct analysis on some applied climate finance or risk business problem leveraging concepts and tools from the other courses in the climate finance track.
Portfolio Analysis, Investment Strategies and Climate
2 credits | Term D
In this course, students will learn important techniques used by asset managers, hedge funds and private equity for valuing various types of assets and companies based on their exposure to climate-related risks. Other financial tools such as green bonds and associated financing vehicles will also be presented for evaluation.
Electives
International Corporate and Project Finance
2 credits | BUFN723
Issues addressed will include capital budgeting, project financing, exchange rate exposure (operating, translation, and transaction), foreign investment strategy, and risk management.
Bank Management
2 credits | BUFN724
Analyze and discuss readings in bank management, with a primary focus on the measurement and management of risk, including credit, market, and interest rate risk. Look at the management of liquid reserves. Examine the special nature of financial institutions, incorporating their functions, policies, services, and regulation. Study the evolving nature of the financial services industry, by reading the financial press and by having outside practitioner speakers. Focus is on U.S. banks.
Special Topics in Finance
2 credits | BUFN758