Master of Finance Overview

Master of Finance will have two tracks – (1) Financial Analysis and Risk Management, and (2) Asset Management. Students will take 12 credits of core finance classes and 18 credits of electives within a specific track.

Required Courses

Elective Courses

Required Courses

BUFN610: Financial Management
Credits: 2

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.

BUFN620: Capital Markets
Credits: 2

Designed to deepen the foundations necessary to finance focused students, especially those intending to specialize in the quantitative areas of finance including investments, fixed income, and financial engineering.

BUFN630: Valuation in Corporate Finance
Credits: 2

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, dicounted cash flow valuations, WACC and APV methods of valuation and Real Option Valuations.

BUFN640: Financial Data Analytics (previously Financial Econometrics I)
Credits: 2

In this course we study standard techniques used in the econometric analysis of financial data and discuss the underlying techniques and focus on the understanding and interpretation.

BUFN650: Machine Learning in Finance (previously Financial Econometrics II)
Credits: 2

A hands-on and application-oriented short course on data management and financial modeling. It introduces students to basic data management techniques and a variety of analytical models used in finance.

BUFN660: Derivative Securities
Credits: 2

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.

Elective Courses

Financial Analysis & Risk Management Track

BUFN710: Financial Strategy for Corporations
Credits: 2

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.

BUFN712: Financial Restructuring
Credits: 2

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.

BUFN716: Enterprise and Credit Risk Management (Previously Corporate Risk Management)
Credits: 2

Surveys the theory and practice of financial risk identification, measurement, and mitigation at financial and non-financial firms. Topics will include hedging with options and futures, interest rate risk management, Value-at-Risk (VaR), Cashflow-at-Risk (CaR), Earnings-at-Risk (EaR), credit risk, equity risk, commodities risk, exchange rate risk, and lessons from risk management disasters.

BUFN717: Entrepreneurial Finance and Private Equity
Credits: 2

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.

BUFN721: International Investment
Credits: 2

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.

BUFN730: Financial Analysis and Modelling (Previously Applied Equity Analysis)
Credits: 2

Students will learn to analyze equity securities using the basic EIC (Economy/Industry/Company) framework used in the financial industry, paying special attention to financial statement analysis. Students also will learn the primary valuation techniques used to estimate market values for equity securities.

BUFN732: Fixed Income Analysis
Credits: 2

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.

BUFN758A: Text Mining for Economics and Finance
Credits: 2

Informs students about recent text-mining techniques to process and analyze "text data" (newspapers, central bank transcripts, stock tweets, etc.) for financial questions. This course will familiarize students on a broad level with pre-processing techniques, dictionary methods, naïve Bayes classification, topic models, word vectors, the statistical background of these techniques as well as applications of these tools in recent financial academic studies. 

BUFN758D: Big Data in Finance
Credits: 2

Provides a deep understanding of the many way big data is altering the financial landscape. This course follows a stylized data life-cycle, from data acquisition to end-user deployment, illustrating some of the new tools that are brought to bear, with a focus on big data engineering. The course will emphasize formal concepts and approaches to critical financial challenges.

BUFN758L: FinTech
Credits: 2

Provides an introduction to both the ‘Fin’ and the ‘Tech’ part of FinTech. This course focuses on understanding the evolution of ‘traditional’ finance methods—namely the disruptions and innovations that have transformed: (i) how we raise capital; (ii) how we invest or manage capital; (iii) how we transact and transfer capital; and (iv) how we monitor and maintain the integrity of financial institutions and transactions. This course provides a foundation in the basic concepts and frameworks that underlie these innovations and their applications.

Asset Management Track

BUFN726: Institutional Asset Management
Credits: 2

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.

BUFN732: Fixed Income Analysis
Credits: 2

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.

BUFN734: Portfolio Risk Management
Credits: 2

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.

BUFN736: Quantitative Investment Strategies
Credits: 2

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.

BUFN742: Financial Engineering
Credits: 2

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.

BUFN744: Fixed Income Derivatives
Credits: 2

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.

BUFN758A: Text Mining for Economics and Finance
Credits: 2

Informs students about recent text-mining techniques to process and analyze "text data" (newspapers, central bank transcripts, stock tweets, etc.) for financial questions. This course will familiarize students on a broad level with pre-processing techniques, dictionary methods, naïve Bayes classification, topic models, word vectors, the statistical background of these techniques as well as applications of these tools in recent financial academic studies. 

BUFN758D: Big Data in Finance
Credits: 2

Provides a deep understanding of the many way big data is altering the financial landscape. This course follows a stylized data life-cycle, from data acquisition to end-user deployment, illustrating some of the new tools that are brought to bear, with a focus on big data engineering. The course will emphasize formal concepts and approaches to critical financial challenges.

BUFN758L: FinTech
Credits: 2

Provides an introduction to both the ‘Fin’ and the ‘Tech’ part of FinTech. This course focuses on understanding the evolution of ‘traditional’ finance methods—namely the disruptions and innovations that have transformed: (i) how we raise capital; (ii) how we invest or manage capital; (iii) how we transact and transfer capital; and (iv) how we monitor and maintain the integrity of financial institutions and transactions. This course provides a foundation in the basic concepts and frameworks that underlie these innovations and their applications.

BUFN758M: Hedge Fund Management
Credits: 2

Gives students a greater understanding of how public market alternative asset management firms operate. Provides an overview of the operational structure of a hedge fund. A great deal of time will be spent on understanding and implementing the tools that hedge funds use, such as volatility, shorting, pairs trades, long equity, commodity and fixed income investing. By the end of the class students should be able to construct hedged portfolios. 

BUFN58X: Market Microstructure
Credits: 2

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, transactions 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 transactions data.

AACSB Accreditation represents the highest standard of achievement for business schools worldwide. Less than 5% of the more than 16,000 schools worldwide granting business degrees have earned AACSB Accreditation. AACSB Accredited