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Graduate Finance Curriculum: What’s New and What to Review

Graduate Finance Curriculum: What’s New and What to Review. P.V. Viswanath Graduate Program Chair November 6, 2013. What we will talk about today. Courses recently introduced into the curriculum Recent Topics Courses that are candidates for later inclusion in the curriculum

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Graduate Finance Curriculum: What’s New and What to Review

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  1. Graduate Finance Curriculum:What’s New and What to Review P.V. Viswanath Graduate Program Chair November 6, 2013

  2. What we will talk about today • Courses recently introduced into the curriculum • Recent Topics Courses that are candidates for later inclusion in the curriculum • Recent Travel Courses • Switch Electives: Going Across the Aisle • How to use FIN 692Q effectively • The New MS Program in Financial Risk Management • Recent Innovations in the Finance Department • Overview of the Curriculum

  3. Recently Introduced courses • MBA 673: Applications of Finance Concepts to Strategic Decision Making • Prerequisites: MBA 648 • This course introduces various aspects of finance that stem from developments in finance theory. Topics that are valuable for the general corporate manger such as capital structure, risk management and real option analysis will be taught from a strategic and value-additive point of view. Discounted Cashflow approaches to firm valuation will be introduced as a means of exploring the role of strategy in value maximization. • Instructor: P.V. Viswanath • Programs: MBA/MS in Financial Management • To be offered in Fall 2014

  4. Recently Introduced courses • FIN 687: Applied Investment Management and Policy • Prerequisites: FIN 652 and 6 credits Advanced Fin courses • This course integrates and advances the knowledge of investments. Its practical orientation will help those poised to begin a career in the investment area. This course takes the micro investment knowledge from more basic investment analysis courses and the macro analysis material from portfolio management courses to provide a higher level of relevant material that investment practitioners are called upon to utilize. Students will be offered extensive case study material and problems and working in groups they will manage and present the results of their own investment portfolios. • Instructor: Lew Altfest • Programs: MBA/MS in Investment Management • To be offered in Fall 2014

  5. Recently Introduced courses • FIN 673: Real Estate Finance • Prerequisites: MBA 648 • This course covers various subject matters within the world of real estate finance including the capitalization (debt and equity) of real property. It will discuss the procedures involved in underwriting and in investing in real estate including mortgage loans and single family home ownership. It will introduce students to the role of government in the financing of commercial and residential real estate and cover direct and indirect ownership of real estate assets. Finally, it will provide an overview of how real estate markets work, including the valuation of real estate. • Instructor: Seth Kestenbaum • Programs: MBA/MS in Investment Management • To be offered: Fall 2014

  6. Recently Introduced courses • FIN 671: Behavioral Finance • Prerequisites: MBA 648 • This course introduces students to the field of Behavioral Finance and Economics. It will discuss behavioral aspects of the decision making of professional investors, traders, strategy consultants, as well as senior managers in the corporate world, NGOs, and academia. The course will emphasize behavioral biases and their impact on decision making. In addition, the course will explore how behavioral theories could explain market anomalies, such as excess volatility. • Instructor: Pavel Fraynt • Programs: MBA/MS in Financial Management

  7. Recently Introduced courses • FIN 655: Financial Econometrics for Risk Modeling • Prerequisites: MBA 646 • This course teaches estimation and forecasting of time series models in finance. Students will learn how to measure and forecast financial volatility and correlations and become proficient with GARCH type models and historical volatilities. These methods will be used to measure risk and analyze alternative approaches to calculating Value at Risk, dynamic portfolio selection and risk control. The course also examines implied volatilities from options, variance swaps, credit risk models, market (in)efficiency, dynamic relationships between global financial markets and high frequency volatility. The course teaches estimation, Monte Carlo simulations and programming methods. • Instructor: Elena Goldman • Programs: MBA/MS in FM/IM • To be offered in Fall 2014

  8. Recent Topics courses • FIN 678: Contemporary Topics in Investment Management: Hedge Fund Strategies • Prerequisites: MBA 648 • This course introduces students to the two trillion dollar field of Hedge Funds. The class will cover the origins of the industry as well as several broadly defined strategies, such as Long Short Equity, Global Macro, Emerging Markets, etc. Students will also be introduced to the issues associated with operational setup, risk management and marketing of hedge funds. In addition class will cover topics related to Funds of Hedge funds investing, due diligence and benchmarking. Guest speakers currently working in this area will be invited to discuss the latest developments in the field. • Instructor: Pavel Fraynt • Programs: MBA/MS in FM/IM • To be Offered in Spring 2014

  9. Recent Topics courses • FIN 678: Contemporary Topics in Investment Management: Law of Finance • FIN 677: Contemporary Topics in Financial Management: Law of Finance • Prerequisites: MBA 648 • This section will cover the following topics: U.S. and international corporate governance; securities laws and regulations; Swaps; investment adviser and broker-dealer regulation; mergers and acquisitions; corporate reorganization; banking, real estate, and insurance regulation; and consumer protection and personal finance. The course will include both Chinese and European Union laws and regulations pertaining to the subject matter under discussion. • Instructor: Rosario Girasa • Programs: MBA/MS in FM/IM • To be Offered in Spring 2014

  10. Recent Topics courses • FIN 677: Contemporary Topics in Financial Management: From Stressed to Distressed: Turnaround and Restructuring of Troubled Companies • Prerequisites: MBA 648 • This year, the course will focus on the financial and operational issues faced by troubled companies and the impact on its various constituents. Students will learn to recognize the signs of distress, operational, strategic and financial turnaround and workout analysis and strategy, and to analyze out-of-court agreements and bankruptcy exit strategies, including Plans of Reorganization and sales pursuant to section 363 of the Bankruptcy Code. Designed for those who want to learn why companies become troubled, how to identify warning signs, and analyze methods and strategies to work through problems with an appreciation of the players’ fiduciary duties and risks associated with proposed actions. • Instructor: Judy Wolf • Programs: MBA/MS in FM/IM • To be Offered in Spring 2014

  11. Recent Topics courses • FIN 678: Contemporary Topics in Investment Management: Microfinance: Conceptual and Applied • FIN 677: Contemporary Topics in Financial Management: Microfinance: Conceptual and Applied • Prerequisites: MBA 648 • This course will focus on microfinance. Students will learn why microfinance is important, how microfinance organizations work, and the social impact of microfinance in the US and around the world. Emphasis will be given to the practice of microfinance in the US. • Instructor: P.V. Viswanath • Programs: MBA/MS in FM/IM • Last Offered in Spring 2013

  12. Travel courses • FIN 680V: International Field Study: The Practice of Microfinance in India, Spring 2014 • Prerequisites: MBA 648 • This international field study course will focus on the practice of microfinance in India. We will visit two different locales: one urban, Mumbai and one rural, the state of Kerala. In both places, we will visit microfinance institutions that are involved in bringing different kinds of financial services to people at the bottom of the pyramid -- loans, savings vehicles, insurance, payment services etc. We will hear from the people running these institutions, as well as make field visits; students will thus get an opportunity to hear and see first-hand the issues involved in the financial lives of the poor. Since many aspects of the problems and solutions are society-specific, we will also make it a point to learn about their physical and social context. Cultural visits -- many of them in beautiful locales -- will thus have a dual function, both entertainment and educational. • Pre- and Post-Trip meeting dates: Feb. 5, Feb. 19, Feb. 26, Mar. 5, Apr. 2, Apr. 16. • Trip Destination: Mumbai and several locations in Kerala • Trip Dates: 3/14/2014-3/23/2014. • Trip Cost: $3,500 in addition to tuition (approximate, and subject to change and fuel surcharge). Any required travel visas will be an additional cost. A $500 deposit is due by December 2, 2013. Total payment is due by January 31, 2014. For more information, please contact Prof. P.V. Viswanath at pviswanath@pace.edu or go to http://webpage.pace.edu/pviswanath/class/680India/syllabus/spring2014.html. Scholarships available: For further information and to apply online, visit www.pace.edu/Lubin/travelscholarships • Instructor: P.V. Viswanath and Burcin Col • Programs: MBA/MS in FM/IM

  13. Travel courses • FIN 680V: International Field Study: Turkey at the Doorstep of the European Union • Prerequisites: MBA 648 • This international field study course will focus on the financial environment, political influences, economic progress, and cultural and ethnic diversities of Turkey. While visiting Turkey, students will attend seminars given by corporate and investment bankers, government officials, and other financial executives. • Pre-Trip meeting dates: 2/6, 2/20, 3/13, 4/10, and 5/1. • Trip Destination: Istanbul and Izmir • Dates: 5/24/14 - 6/3/14 • Trip Cost: $3,600 in addition to tuition (approximate, and subject to change and fuel surcharge). Any required travel visas will be an additional cost. A $500 deposit is due by December 2, 2013. Total payment is due by January 31, 2014. For more information, please contact Prof. Niso Abuaf at nabuaf@pace.edu or Prof. Iuliana Ismailescu at iismailescu@pace.edu.Scholarships available: For further information and to apply online, visit www.pace.edu/Lubin/travelscholarships. • Instructor: Niso Abuaf and Iuliana Ismailescu • Programs: MBA/MS in FM/IM • To be Offered in Spring 2014

  14. FIN 692Q: Research Project • Use FIN 692Q as a last resort; we have a lot of electives that instructors have put a lot of work into. • Choosing FIN 692Q can be valuable if you have a special topic that is closely related to your career interests and if there is a particular professor at Pace University that has special knowledge of this area. • Otherwise, it’s like creating your own course on the fly. Chances are it won’t deliver what you are looking for. Also, potential employers when they look at your transcript won’t have a good idea as to what you did, and what you learnt.

  15. Switch Electives: Expanded choice from across the aisle • We realize that Financial Management and Investment Management are not completely unrelated from each other. Hence, students who are specializing in one of the areas may want to take a course from the other area. • To facilitate this, we have allowed MS/MBA students specializing in Investment Management to take one – but no more than one course – from an approved list of Financial Management electives. • Similarly, MS/MBA students specializing in Financial Management are allowed to take one – but no more than one course – from an approved list of Investment Management electives. • However, we have to maintain the integrity of each degree. Hence, students will not be able to take more than one course from across the aisle. If they do, it will be considered a course taken in excess of degree requirements. • No exceptions will be made. Hence it is desirable that you should consider your course planning ahead of time. Graduate Advisors will be happy to help you.

  16. Innovations • Last term, for every course offered, we made course syllabi available. These syllabi were accessible on Schedule Explorer under Section Comments, or in Banner under the Link “Click here for the Syllabus.” • Where possible, we made the particular instructor’s course syllabus available. It is important to know that while all instructors teaching a specific course will cover the basic topics, teaching styles and some optional content could vary. • Hence you should investigate the course and the instructor to make sure that there is a match with your needs. • We plan to make the syllabus available for the Spring 2014 term, as well. However, they may not be available for another week or so. • Course pre-requisites are online on my website, in addition to the course descriptions on the Lubin website. • In 2013, I put up the Tentative Schedule for the year on my website. I will try to continue this for next year. Click here for more information.

  17. MS in Financial Risk Management • The MS in Financial Risk Management program gives you a thorough understanding of all aspects of financial risk management, whether in a financial institution or in a non-financial institution, beginning from a proper understanding of equity, bond and derivative markets and continuing to an appreciation of the management of portfolios and the measurement and management of risk in those portfolios. You also learn about the global aspects of risk analysis. • The MS in Financial Risk Management will help students prepare for the FRM certification offered by GARP. • It’s a much more compact and tighter program than the MS in Investment Management. It consists of only 30 credits, in addition to MBA 640 and MBA 646. • On the other hand, it is very focused and is best for students who are motivated and sure of what they want to do. • On the plus side, there seem to be a lot of job opportunities in the field.

  18. MS in Financial Risk Management Preliminary Skill& Prerequisite Courses (0 - 7) BUS 043 Business Writing__________________________ 0__ MBA 640 Accounting for Decision Making 4 MBA 646 Data Analysis for Decision Making 3 Required Core Courses (9) FIN 632 Introduction to Financial Decision-Making (MBA 640 Rec) 3 ­­__ FIN 654 Risk Management and Capital Markets (MBA 646, FIN 632) 3 FIN 661 Corporate Financial Risk Management (MBA 646, FIN 632) 3 Specialization Courses (18) ECO 646 International Risk Analysis (MBA 646, FIN 632) 3 FIN 650 Applied Analytical Methods in Finance (MBA 646) 3 FIN 653 Portfolio Management (MBA 646, FIN 632) 3 FIN 655 Financial Econometrics for Risk Modeling (MBA 646) 3 FIN 672 Strategies in Investments, Options, and Futures (MBA 646) 3 FIN 679 Fixed Income Markets (MBA 646, FIN 632) 3 Capstone Course (3) FIN 686 Capstone in Fin. Risk Mgmt. & Policy (FIN 632, FIN 654, FIN 661) 3

  19. MS – Financial Management: Core Preliminary Skill& Prerequisite Courses (3 - 16) BUS 043 Business Writing 0 MBA 640 Accounting for Decision Making 4 MBA 644 Macroecon in a Global Environment 3 MBA 646 Data Analysis for Decision Making 3 MBA 648 Managerial Finance (MBA 640) 3 MBA 672 Man. Econ. for Dec. Making (MBA 644)* 3 * Cannot be waived Core Courses (15) ACC 645 Theory & Anal. of Fin. Stat. (MBA 640) 3 FIN 647 Adv Corp Finance (MBA 646, MBA 648) 3 FIN 649 Int’l Corp Finance (MBA 648) 3 FIN 667 Valuation of the Firm (ACC 645, FIN 647) 3 FIN 689 Fin. Anal & Policy (FIN 647, 6 cr. Adv. FIN) 3

  20. MS – Financial Management: Specialization Electives (15) CHOOSE 5 ECO 630 Game Thfor Bus. Dec (MBA 644, MBA 672) 3 FIN 634 EntrFin. (FIN 647 or MBA 648 & MGT 632) 3 FIN 644 Money & Capital Markets (MBA 644) 3 FIN 648 Mergers & Acquisitions (FIN 647) 3 FIN 661 Corp Fin Risk Mgmt. (MBA 646, FIN 647) 3 FIN 671 Behavioral Finance (MBA 648) 3 FIN 677 Con.Topicsin FM (MBA 648, instr. perm.) 3 FIN 692Q Res Proj(9 cr. Adv. FIN, instrperm) 3 MBA 673 Appl Fin Mod to Manag Dec (MBA 648) 3 FIN 680V Field Study (MBA 648, Instr. Perm.) 3 Specialization Electives in Investment Management (0-3) You may take up to one of the following, but none are required. FIN 631 Sec. Regulation in Fin. Mkt. (MBA 648) 3 FIN 651 Int’l Banking & Fin Markets (FIN 644) 3 FIN 652 Investment Analysis (MBA 648) 3 FIN 672 Investments, Options & Futures (MBA 646) 3 FIN 673 Real Estate Finance (MBA 648)3 FIN 674 Personal Financial Management (MBA 648) 3 FIN 678 Cont. Top Inv. Mgmt. (MBA 648, Instr perm.) 3

  21. MS – Investment Management: Core Preliminary Skill& Prerequisite Courses (0 - 13) BUS 043 Business Writing 0 MBA 640 Accounting for Decision Making 4 MBA 644 Macroecon in a Global Environment 3 MBA 646 Data Analysis for Decision Making 3 MBA 648 Managerial Finance (MBA 640) 3 Core Courses (15) FIN 650 Applied Analytical Methods (MBA 646) 3 FIN 652 Investment Analysis (MBA 648) 3 FIN 653 Portfolio Management (MBA 646, FIN 652) 3 FIN 654 Risk Mgmt. & Cap Markets (MBA 646, FIN 652) 3 FIN 672 Investments, Options & Futures (MBA 646) 3 FIN 679 Fixed Income Markets (MBA 646, FIN 652) 3 FIN 687 App. Inv. Mgmt. & Pol (FIN 652, 6 cr. Adv. FIN) 3

  22. MS – Investment Management: Specialization Electives (9) CHOOSE 3 FIN 631 Securities Regin Fin. Mkt. (MBA 648) 3 FIN 644 Money & Capital Markets (MBA 644) 3 FIN 651 Int’l Banking & Fin Mkts(FIN 644) 3 FIN 674 Personal Fin Management (MBA 648) 3 FIN 678 Cont. Top Inv. Mgmt. (MBA 648, Instrperm.) 3 FIN 692Q Res. Project (9 cr. Adv. FIN, instr perm) 3 FIN 667 Valuation of the Firm (ACC 645, FIN 647) 3 FIN 680V Int’l Field Study (MBA 648, Instr. Perm.) 3 FIN 671 Behavioral Finance (MBA 648) 3 FIN 673 Real Estate Finance (MBA 648) 3 ACC 645 Theory & Anal Fin. Stat. (MBA 640) 3 Specialization Electives in Financial Management (0-3) You may take up to one of the following, but none are required. MBA 673 Appl Fin Mod to Manag Dec (MBA 648) 3 FIN 647 Adv Corp Fin (MBA 646, MBA 648) 3 FIN 649 Int’l Corp Fin (MBA 648) 3 FIN 677 Con Top Fin. Mgmt. (MBA 648, instr. perm.) 3

  23. MBA – Financial/Investment Management: Core Preliminary Skill (0) BUS 043 Business Writing 0 Foundation Courses (0-19) MBA 640 Accounting for Decision Making 4 MBA 642 Marketing Management 3 MBA 644 Macroeconomics in a Global Environment 3 MBA 646 Data Analysis for Decision Making 3 MBA 647 Decision Modeling for Management (MBA 646) 3 MBA 648 Managerial Finance (MBA 640) 3 Professional Core Courses (15) MBA 670 Organizational Behavior and Leadership Skills 3 MBA 674 Globalization, New Economy and Ethics 3 MBA 676 Managing Business Operations (MBA 646) 3 MBA 678 Managing Innovation 3 OR MBA 679 Value Creation and Competitive Adv in Global Markets (MBA 642) 3 MBA 672 Manag. Eco. for Dec. Making (MBA 644) 3 OR MBA 673 Appl Fin Mod to Managerial Decision Making (MBA 648) 3

  24. MBA – Financial Management: Specialization Electives (6) CHOOSE 2 ECO 630 Game Thfor Bus. Dec (MBA 644, MBA 672) 3 FIN 634 EntrFin. (FIN 647 or MBA 648 & MGT 632) 3 FIN 644 Money & Capital Markets (MBA 644) 3 FIN 648 Mergers & Acquisitions (FIN 647) 3 FIN 661 Corp Fin Risk Mgmt. (MBA 646, FIN 647) 3 FIN 667 Valuation of the Firm (ACC 645, FIN 647) 3 FIN 671 Behavioral Finance (MBA 648) 3 FIN 677 Con.Topicsin FM (MBA 648, instr. perm.) 3 FIN 680V Field Study (MBA 648, Instr. Perm.) 3 FIN 692Q Res Proj (9 cr. Adv. FIN, instr perm) 3 Specialization Electives in Investment Management (0-3) You may take up to one of the following, but none are required. FIN 631 Sec. Regulation in Fin. Mkt. (MBA 648) 3 FIN 651 Int’l Banking & Fin Markets (FIN 644) 3 FIN 652 Investment Analysis (MBA 648) 3 FIN 672 Investments, Options & Futures (MBA 646) 3 FIN 673 Real Estate Finance (MBA 648)3 FIN 674 Personal Financial Management (MBA 648) 3 FIN 678 Cont. Top Inv. Mgmt. (MBA 648, Instr perm.) 3

  25. MBA – Investment Management: Specialization Electives (6) CHOOSE 2 FIN 631 Securities Regin Fin. Mkt. (MBA 648) 3 FIN 644 Money & Capital Markets (MBA 644) 3 FIN 648 Mergers & Acquisitions (FIN 647) 3 FIN 650 Applied Analytical Methods (MBA 646) 3 FIN 651 Int’l Banking & Fin Mkts(FIN 644) 3 FIN 654 Risk Mgmt. & Cap Markets (MBA 646, FIN 652) 3 FIN 667 Valuation of the Firm (ACC 645, FIN 647) 3 FIN 671 Behavioral Finance (MBA 648) 3 FIN 672 Investments, Options & Futures (MBA 646) 3 FIN 673 Real Estate Finance (MBA 648) 3 FIN 674 Personal Fin Management (MBA 648) 3 FIN 678 Cont. Top Inv. Mgmt. (MBA 648, Instrperm.) 3 FIN 679 Fixed Income Markets (MBA 646, FIN 652) 3 FIN 692Q Res. Project (9 cr. Adv. FIN, instr perm) 3 FIN 680V Int’l Field Study (MBA 648, Instr. Perm.) 3 Specialization Electives in Financial Management (0-3) You may take up to one of the following, but none are required. FIN 647 Adv Corp Fin (MBA 646, MBA 648) 3 FIN 649 Int’l Corp Fin (MBA 648) 3 FIN 677 Con Top Fin. Mgmt. (MBA 648, instr. perm.) 3

  26. Student Issues • I can’t get into a class because it’s closed; but I need it/I want it/I have to have it. • Plan ahead; work with Graduate Advisement. This is the best solution. If it’s too late to work with Advisement, then contact Carmen Urma, the departmental coordinator (curma@pace.edu, 212-618-6531). • My instructor is not getting back to me quickly regarding my final grade, regarding assignments etc. • Work with your instructor; remind him/her about your question – there may be many reasons why s/he’s not responding. If you’re not getting a satisfactory/timely action, write me with all the details and I will make sure you get a quick response. • I am not sure whether a particular course will satisfy my degree requirements • Talk to Graduate Advisement; they will most likely have the answer to your question. If not, they will contact me or somebody else to get you the answer. • Personal Questions, complaints about your specific case. • Come and see me; I am generally around at least a few hours, most days. • Any other general questions, complaints, suggestions. • I recommend that you first contact the Lubin Graduate Club or Lubin Finance Club. They can make a proposal to me or to the Department Chair, Aron Gottesman. If, for whatever reason, that’s not an option for you, write me an email or come see me.

  27. Thanks for watching! • If you have any questions, email me at pviswanath@pace.edu, or call me at 212-618-6518. Prof. P.V. Viswanath

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