Master of Financial Analysis Curriculum

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 MFinA program is a lock-step program. All students will take the courses listed below in the semester specified.

 

Summer Semester
(3 credits)

Course # Title Credits
22:010:577 Accounting for Managers 3
Summer Intensive Business English (25 hours per week)

Summer Semester is July 10 through August 17.

 

Fall Semester
(15 credits)

Course # Title Credits
22:223:591 Aggregate Economic Analysis 3
22:960:575 Data Analysis and Decisions 3
22:390:587 Financial Management 3
22:390:603 Investment Analysis and Management 3
22:223:581 Managerial Economic Analysis 3

 

Spring Semester
(15 credits)

Course # Title Credits
22:390:611 Analysis of Fixed Income Securities 3
22:390:609 Derivatives 3
22:390:613 Financial Statement Analysis 3
22:390:685 Real Estate and Alternative Investments 3
22:390:608 Portfolio Management 3

After The Spring Term and Before CFA Exam 1

4-day Review Boot Camp Offered on our campus by the New York Society of Security Analysts' Instructional Staff.


Part-Time

Beginning January 2017 the program is offering a flexible, part-time curriculum for working professionals with at least two years of work experience. Students will take the same courses and will follow the same 33-credit curriculum, but may spread it out over time with a maximum of four years to complete their course of study.

Prior to Starting Semester
(3 credits)

COURSE # TITLE CREDITS
22:010:577 Accounting for Managers 3
*An equivalent financial accounting course taken at another university may satisfy this requirement.

1st Spring Semester
(6 credits)

COURSE # TITLE CREDITS
22:390:522/587 Financial Management 3
22:223:591 Aggregate Economic Analysis 3

1st Fall Semester
(6 credits)

COURSE # TITLE CREDITS
22:223:521/581 Managerial Economic Analysis 3
22:960:575
Data Analysis and Decisions 3

Remaining Classes
To be taken throughout remaining semesters
(18 credits)

COURSE # TITLE CREDITS
22:390:603 Investment Analysis and Management 3
22:390:611 Analysis of Fixed Income Securities 3
22:390:608 Portfolio Management 3
22:390:609 Options 3
22:390:613 Financial Statement Analysis 3
22:390:685 Real Estate and Alternative Investments 3

Course Descriptions

22:010:577 - (3 cr)
Accounting for Managers

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.

22:223:591 - (3 cr)
Aggregate Economic Analysis

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.

22:390:611 - (3 cr)
Analysis of Fixed Income Securities

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)

22:960:575 - (3 cr)
Data Analysis and Decisions

Introduces statistics as applied to managerial problems. Emphasis is on conceptual understanding as well as conducting statistical analyses. Students learn the limitations and potential of statistics, gain hands-on experience using Excel, as well as comprehensive packages, such as SPSS®. Topics include descriptive statistics, continuous distributions, confidence intervals for means and proportions, and regression. Application areas include finance, operations, and marketing. Introduces the basic concepts of model building and its role in rational decision making. Knowledge of specific modeling techniques, such as linear and nonlinear programming, decision analysis, and simulation, along with some insight into their practical application is acquired. Students are encouraged to take an analytic view of decision making by formalizing trade-offs, specifying constraints, providing for uncertainty, and performing sensitivity analyses. Students form groups to collect and analyze data, and to write and present a final report.

22:390:609 - (3 cr)
Derivatives

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)

22:390:587 - (3 cr)
Financial Management

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).

22:390:613 - (3 cr)
Financial Statement Analysis

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)

22:390:603 - (3 cr)
Investment Analysis and Management

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 - (3 cr)
Managerial Economic Analysis

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.

22:390:608 - (3 cr)
Portfolio Management

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)

22:390:685 - (3 cr)
Real Estate and Alternative Investments

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.

 

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