A student stands up and speaks to his fellow classmates of the Master of Financial Analysis program

Curriculum

Master of Financial Analysis

Full-Time

The full-time program consists of a Summer Intensive Business English (SIBE) component as well as 33 credits of academic courses and can only be taken beginning in July each year. The program will complete the following May in time for interested students to take the Level I of the Chartered Financial Analyst (CFA) exam in June following graduation. In addition to for-credit courses, all students must also take the non-credit Excel boot camp given during August following admission.

The CFA exams are only given in English. In addition, English is the language of business. Our program is designed to not only prepare students academically, but the program also provides a way for students to improve their English proficiency. Our SIBE program focuses on strengthening English speaking, writing, listening, and reading skills, while expanding practical skills such as professional networking, public speaking and giving presentations, analyzing business publications, conducting meetings, interviews, and negotiations, writing persuasively, and other critical proficiencies. By taking SIBE, successful students should perform better in their Finance classes as well as on the CFA exams. All students who are not native English speakers will benefit from taking SIBE and are strongly urged to do so. See the admissions section for information on how we determine an applicant's level of English proficiency. Native English speakers and some non-native English speakers will not be required to take the intensive English program.

The full-time Master of Financial Analysis program is a lock-step program. All students will take the courses listed below in the semester specified.

Summer Semester

(3 credits)

22:010:577 - Accounting for Managers - 3 credits

An introduction to financial statement analysis which builds on the fundamentals of accounting, including understanding the accounting equation and its application in building the balance sheet, the income statement, and the statement of cash flows. Basic accounting concepts, accounting principles, and the audit report are presented. Students work in teams to analyze corporate financial statements. The relationship of economic value to accounting measurement is explored together with factors influencing management choices among competing valuation principles. Theory is applied to the valuation of the asset, liability, and owners' equity accounts. Emphasizes the heavy reliance on estimates in constructing financial statements and how management can use such estimates to strategically manage its reporting responsibilities.

Summer Intensive Business English (25 hours per week)
Non-Credit, One day Excel Boot Camp

Summer Semester is July 7 through August 15.

Fall Semester

(15 credits)

22:223:591 - Aggregate Economic Analysis - 3 credits

Introduces theory and empirical estimation of aggregate economic relationships, including the general price level, income, output, employment, and wages. Covers national income accounting and other economic data sources, consumption, investment, the banking system and the supply of and demand for money, interest rates, prices, wages and employment, business fluctuations, and international economics.

Prerequisite: Fulfillment of calculus/statistics qualifying requirement and Managerial Economic Analysis (22:223:581) is recommended.

22:430:658 - Special Topics: Research Methods in Asset Management – 3 credits

Quantitative methods for risk management, performance evaluation, back testing investment strategies, and preparation of company analysis reports. Topics covered are probability distributions and descriptive statistics, sampling and estimation, hypothesis testing, correlation and regression analysis, time-series analysis, principal components analysis, Monte Carlo simulation, and optimization. Exercises will be performed using SAS.

22:390:587 - Financial Management - 3 credits

Provides a general survey of the field, including the basic principles of corporate finance, financial markets and institutions, and investment theory. Corporate finance topics covered include: the objective of the firm, the valuation of the firm, introduction to capital budgeting, capital structure analysis, and financial statement analysis. Financial markets and institutions studied include description of the capital markets. Investment analysis topics include pricing of bonds and stocks, an introduction to portfolio theory, and asset pricing models.

Prerequisite: Fulfillment of calculus/statistics qualifying requirement and Accounting for Managers (22:010:577).

22:390:603 - Investment Analysis and Management - 3 credits

Provides overview of the fields of security analysis and portfolio management. Introduces the analysis of individual investments with special reference to common stocks and bonds. Designed for the finance major who is interested in the security/investment area as a possible career.

Prerequisite:Financial Management (22:390:587)

22:223:581 - Managerial Economic Analysis - 3 credits

Introduces the aspects of economics that are most relevant to the operation of the individual firm or nonprofit organization. Covers theory of individual economic behavior, demand theory and demand estimation, cost and supply, price determination, production decisions, and industry structure.

Spring Semester

(15 credits)

22:390:611 - Analysis of Fixed Income Securities - 3 credits

Explores the investment characteristics, pricing, and risk/reward potential of fixed-income securities. The securities covered include bonds---with and without embedded options; mortgages and mortgage-backed securities together with their derivatives such as collateralized mortgage obligations (CMO's), income-only (IO's) and principal-only (PO's) strips; interest rate swaps; and interest rate futures and option contracts. In addition, this course will explore the strategies for investing in portfolios of fixed-income securities.

Prerequisite:Financial Management (22:390:587)

22:390:609 - Derivatives - 3 credits

The purpose of this course is to provide students with the necessary knowledge on how to use and not to use the models for derivatives. While the course will primarily focus on payoffs, usage, pricing, hedging, and institutional details of the most fundamental or vanilla versions of Options and Futures, it will also deal in some detail with more recent studies in the theory of derivative pricing. Students will acquire a robust conceptual knowledge of the fundamental issues that determine the valuation and behavior of these instruments. Though this course focuses on the intuitive economic insights of those models, some advanced math is required, including stochastic calculus. Be prepared for some necessarily non-trivial math if you take the course.

Prerequisite:Financial Management (22:390:587)

22:390:613 - Financial Statement Analysis - 3 credits

Presents techniques for analyzing a firm's current and projected financial statements for the purposes of credit analysis, security analysis, and internal financial analysis. Topics covered include financial distress prediction, evaluation of short-term and long-term loan requests, the impact of accounting information on security returns, determinants of bond ratings and yields, and the reliability of historical and forecasted accounting data. A working knowledge of spreadsheet analysis is expected. Special emphasis is placed on acquiring data from printed and computer databases and an introduction to specialized online databases and the internet.

Prerequisite:Financial Management (22:390:587) and Accounting for Managers (22:010:577)

22:390:685 - Real Estate and Alternative Investments 3 credits

This course is part of the Masters of Financial Analysis Program. It is designed to introduce the student to the fundamentals of real estate investment analysis and the equity and debt markets that affect real estate decision making. Emphasizing the commercial real estate sector, the student will develop the essential skills needed to make proper qualitative decisions, understand financing terms and conditions, evaluate different loan underwriting structures and investigate the relationship between owners and lenders. Students will view real estate through the prism of the corporate / institutional owner as well as the sole entrepreneur. Other topics that will be discussed include legal documentation, appraisal theory, residential lending, lease analysis, workouts and negotiations. Understanding the different types and characteristics of alternative investments, how they influence the return of an investment portfolio and the risks and benefits of these investments will be discussed. Students will be expected to have and know how to use a financial calculator.

22:390:608 - Portfolio Management - 3 credits

Comprehensive coverage of the theory and practice of money management as well as in-depth analysis of the theory and practice involved when securities are combined into portfolios. Like Investment Analysis and Management, the course is designed for finance majors interested in a career in money management.

Prerequisite:Financial Management (22:390:587) and Investment Analysis and Management (22:390:603)

After The Spring Term and Before CFA Exam 1

4-day Review Boot Camp Offered on our campus by the Chartered Financial Analyst Society of New York ' Instructional Staff

Part-Time

Beginning September 2019 the program is offering a 20 month lock-step curriculum that allows students to take 2 courses per semester and finish the degree in 20 months. Courses are taught in the evening so that students can continue to work. Each course will meet once a week, so the class-time time commitment is 2 nights a week. This program is designed for working professionals with at least two years of work experience who complete a financial accounting class prior to the start of the program (either at Rutgers or another university). This program only admits students in the fall semester.

We also offer a flexible part-time program designed for working professionals with at least two years of work experience who want a faster or more flexible program. Students take the 20 month program over 20 consecutive months. Students can take up to 4 years to complete the flex part-time program. Students may start in either the fall or spring semesters. Our 20 month Part Time program only starts in the fall. Our flex part time program starts in either the fall or spring.

Note that US government visa rules require international students studying in the US to attend full time. Therefore our part time programs are only available to US citizens and permanent residents.

Prior to Starting Semester

(3 credits)

Course Title CR
22:010:577 Accounting for Managers* 3

*An equivalent financial accounting course taken at another university may satisfy this requirement.

1st Semester (Fall for 20 month program)

(6 credits)

Course Title CR
22:390:522/587 Financial Management 3
22:223:591 Aggregate Economic Analysis 3

2nd Semester (Spring for 20 month program)

(6 credits)

Course Title CR
22:223:521/581 Managerial Economic Analysis 3
22:430:658 Special Topics: Research Methods in Asset Management 3

Summer Semester (for 20 month program)

Course Title CR
22:390:603 Investment Analysis and Management 3
22:390:613 Financial Statement Analysis 3

2nd Fall Semester (for 20 month program)

Course Title CR
22:390:611 Analysis of Fixed Income Securities 3
22:390:685 Real Estate and Alternative Investments 3

Final Semester (for 20 month program)

Course Title CR
22:390:608 Portfolio Management 3
22:390:609 Derivatives 3

All 20 month classes must be taken in the order listed above and the courses will be held on our New Brunswick campus.

Flex part-time students must take Financial Management, Aggregate and Managerial Economics, and Research Methods before any other classes. Investment Analysis is a prerequisite for the remaining courses which may be taken at any time. Flex part-time students may take courses on any RBS campus which has a seat available.