Master of Finance

FIN 510 - Financial Statement Analysis (3)

This course deals with (1) interpretation of financial statements, (2) evaluation of the alignment between business strategies and financial performance, (3) identification of potential business risks, and (4) comparison of performance of different companies. The course introduces business analysis and valuation techniques and utilizes real world data to help students comprehend financial statement analysis tools. Topics covers financial statement information, tools of financial statement analysis, and forecasting and valuation techniques.

FIN 638 - Corporate Finance (3)

This course serves as a second semester sequence in corporate finance. Students enrolling should have a mastery of the topics of covered in Managerial Finance I (EMT 623), including time value of money, capital budgeting, risk adjusted hurdle rates, managerial accounting, and ratio analysis. Among the topics covered in EMT 638 are: leverage on the balance sheet and weighted average cost of capital; bankruptcy, turnarounds, and recapitalizations; international currency hedging; stock options; private equity valuation; mergers and acquisitions; and the issuance of public and private securities.

MGT 700 - Econometrics (3)

An introduction to the science of designing statistical models of economic processes. Students will be required to build and estimate a number of models during the term. Topics include: regression theory, statistical difficulties in regression analysis, advanced topics in single-equation regression, models of qualitative choice (such as, probit, logit), and simultaneous equation estimation.

FIN 616 - Managerial Economics (3)

This course introduces students to the essence of economics – the theories, concepts and ideas that form the economist’s tool kit encompassing both the microeconomic and macroeconomic environments. Microeconomic topics include demand and supply, elasticity, consumer choice, production, cost, profit maximization, market structure, and game theory while the Macroeconomic topics will be GDP, inflation, unemployment, aggregate demand, aggregate supply, fiscal and monetary policies, and exchange rates. In addition, basic concepts in international trade and finance will be discussed. It is critical for finance students to have a solid understanding of the economic climate within which their business operates along with an understanding of the economic factors involved in internal decision making.

FIN 627 - Investment Management (3)

This course takes a practical approach to managing investments. It covers a wide variety of investment vehicles ranging from pure equity and debt offerings to complex derivatives and options. Various investment strategies are presented which are focused on the different fundamental approaches and tactics used by leading investors to achieve their financial goals. The course also focuses on investment styles, including momentum, growth, income, distressed, asset allocation, and vulture investing, to name just a few. Students participate in real time simulation experiences to create viable portfolios of stocks, bonds and other investments; while tracking their performance against the overall market and the class on a weekly basis throughout the course.

FIN 629 - Fixed Income (3)

This is an intermediate/advanced level course that addresses money flows and the cost of credit for major money market institutions, including banks, bank holding companies and the “shadow banking” system. It entails a broad survey of the structure and financial condition of the banking industry. The course provides a theoretical and practical understanding of why these markets exist, who the key players are; how the markets work, the rules governing their operation and how they are evolving. We will spend considerable time in discussing regulation of the financial markets and financial services industry.

FIN 628 - Derivatives (3)

This course covers the fundamentals of financial derivatives, including the basic properties and the pricing of futures, options and swaps. It also explores trading and hedging strategies involving financial derivatives. Special topics, such as exotic options and credit derivatives, are explored. The course provides the foundation of financial derivatives and lays the ground for a rigorous risk management course and other advanced quantitative courses, such as stochastic finance.

Complete at least 4 of the following courses:

FIN 526 - Private Equity and Venture Capital (3)

This course addresses the fundamentals of venture capital, which includes the venture capital industry, the structure of venture capital firms and venture capital investments. It addresses in some detail the relationship between venture risk and return, the cost of venture capital and the valuation of high growth companies. The course covers a variety of valuation methods as well as analysis of company capital structure or “cap tables”.

FIN 530 Investment Banking (3)

The course provides an overview of Investment Banking both from a transactional and regulatory perspective. Students will explore the structure of global markets, players, risks, motives and opportunities that make transactions happen and study lessons learned from remarkably successful stories and spectacular failures. The instructor will provide various case studies to help students understand market dynamics, transaction complexities, governance and approvals, deal sourcing - origination, due diligence, pricing, distribution as well as regulatory compliance and supervision of investment banks.

FIN 540 - Sustainable Finance (3)

This course introduces students to sustainable finance. In this course, sustainable finance is understood as the process of ensuring the inclusion of environmental, social, and governance (ESG) considerations into corporate decisions. A sustainable corporation will make their investment decisions that consider not only financial returns but also its social impact. Our textbook provides a clear and masterful discussion of the principles of sustainable business based on “growing the pie” principle. By focusing on “growing the pie” as a corporate objective, the sustainable businesses are able to create shareholder values as well as stakeholder value.

FA 542 - Time Series with Applications to Finance

In this course the students will learn how to estimate financial data model and predict using time series models. The course will cover linear time series (ARIMA) models, conditional heteroskedastic models (ARCH type models), non-linear models (TAR, STAR, MSA), non-parametric models (kernel regression, local regression, neural networks), non-parametric methods of evaluating fit such as bootstrap, parametric bootstrap and cross-validation. The course will also introduce multivariate time series models such as VAR.

FIN 640 - Renewable Energy Finance (3)

This course provides an in-depth knowledge for students in the range of established practices, procedures and tools in finance that can be used to address the adverse effects of climate change on corporations from both an investor, bank, and corporate perspective. The goal of this course is also to increase the understanding of graduate students of the financing and investment decisions as they relate to renewable energy projects and renewable energy companies. As a result, graduate students will learn about the key topics in renewable energy finance such as the access to renewable energy, the business case for clean energy, project finance, and valuation of renewable energy firms. This course will provide the graduate students a solid foundation and introduction to this most important topic. Students taking this course will not only have the knowledge about renewable energy finance they need, but the understanding to put that knowledge to practical use.

FIN 648 International Finance (3)

The course covers a sequence of important topics such as the fundamentals of international financial management, the financial environment in which the multinational firm and its managers must function, and foreign exchange management and financial management in a multinational firm. Since the courses specifically addresses the financial management aspect of international business, considerable attentive will be directed to specific issues of international finance such as foreign exchange markets, managing exchange rate risk and various other risk management issues.

FIN 688 Mergers, Acquisitions and Other Corporate Restructuring (3)

This course develops the “architecture and science” of optimal strategic decision-making by building upon the basic corporate financial theory to cases of financial policies like initial public offering, debt issuance, seasoned equity offers. This course analyzes investments decisions like merger and acquisition, and divestitures decisions like spinoffs and carve-outs. corporate bankruptcy and restructuring, and other advanced models of corporate valuation. The classes are structured to maximize the synergy between advanced topics in corporate finance theory and case-based practical applications, providing students with portable, durable and marketable tools for their careers.

FIN 678 - Asset Allocation Practicum (3)

This course provides students hands-on, real experience in managing a portfolio of risk assets in a live (not paper/simulated trading) investment account holding funds that are part of Stevens Institute of Technology’s endowment. The course employs a Global Macro-Strategy Approach, i.e., a focus on overall macroeconomic and geopolitical conditions at the global and regional level driving the expression of investment views through long and short exposures in asset classes such as equities, fixed income, currencies, precious metals, commodities real estate and other asset classes. Investment decisions are made at the asset class level and implemented using Exchange-Traded Funds (ETFs) that represent exposures to broad asset classes. Applying asset management theories and techniques at the asset class level, students focus on the strategic selection and management of ETFs to achieve specific investment goals. The course emphasizes critical skills as practiced in the asset management industry. Enrollment in this course is by application only. Interested students should speak with the program for additional guidance.

MGT 808 - Fundamentals of Consulting (1)

This course introduces students to fundamental soft skills, work techniques, and technologies employed by management consultants. Topics covered in this course include project scoping, creating statements of work, meeting facilitation, project planning, design of presentations and written reports, management briefs, and delivery of status reports.

The course will improve your ability to present analyses of issues and organizational problems in a concise, accurate, clear and interesting manner from the perspective of a consultant. It is designed to be taken prior to the experiential graduate courses in the School of Business.

MGT 809 - Industry Capstone Experience (1)

In this course students work on an industry project with a team of their peers under the supervision of a faculty advisor and industry mentor. Students will work on project tasks and manage client expectations while applying their disciplinary and technical knowledge to the project. In addition to the project-specific deliverables, students will produce a statement of work, present weekly project updates, and a final presentation and project report to management. This three-credit course is tied to the Industry Capstone Program in the School of Business. Students must first apply for a project before registering for this course.

Complete at least 4 of the following courses:

FA 542 - Time Series with Applications to Finance (3)

In this course the students will learn how to estimate financial data model and predict using time series models. The course will cover linear time series (ARIMA) models, conditional heteroskedastic models (ARCH type models), non-linear models (TAR, STAR, MSA), non-parametric models (kernel regression, local regression, neural networks), non-parametric methods of evaluating fit such as bootstrap, parametric bootstrap and cross-validation. The course will also introduce multivariate time series models such as VAR.

FA 590 - Statistical Learning (3)

Introduction to information theory: the thermodynamic approach of Shannon and Brillouin. Data conditioning, model dissection, extrapolation, and other issues in building industrial strength data-driven models. Pattern recognition-based modeling and data mining: theory and algorithmic structure of clustering, classification, feature extraction, Radial Basis Functions, and other data mining techniques. Non-linear data-driven model building through pattern identification and knowledge extraction. Adaptive learning systems and genetic algorithms. Case studies emphasizing financial applications: handling financial, economic, market, and demographic data; and time series analysis and leading indicator identification.

FA 631 - Investment, Portfolio Construction, and Trading Analytics (3)

The significant amount of information available in any field requires a systematic and analytical approach to select the most important information and anticipate major events. Machine learning algorithms facilitate this process understanding, modeling and forecasting the behavior of major social or economic systems and their variables.

FA 636 - Advanced Risk Analytics (3)

Given the advancement of statistical tools, the course aims to leverage state-of-the-art analytics for financial risk management. The course begins with an overall introduction to risk models such as market, credit, and operational risk. The course then evolves to discuss volatility predictive models using time series analysis and machine learning. It will also discuss multivariate risk systems, copulas, and shrinkage-based techniques for risk assessment. The second half of the course is mostly dedicated to credit risk management. This part of the course will focus on utilizing predictive analytics to develop early warning systems for corporate credit risk. The course will cover recent research articles and statistical computing libraries as part of the learning objectives.

BIA 656 - Advanced Data Analytics and Machine Learning (3)

The significant amount of corporate information available requires a systematic and analytical approach to select the most important information and anticipate major events. Statistical learning algorithms facilitate this process understanding, modeling and forecasting the behavior of major corporate variables. This course introduces time series and statistical and graphical models used for inference and prediction. The emphasis of the course is in the learning capability of the algorithms and their application to finance, direct marketing, operations, and biomedicine. Students should have a basic knowledge of probability theory, and linear algebra.

FIN 678 - Asset Allocation Practicum (3)

This course provides students hands-on, real experience in managing a portfolio of risk assets in a live (not paper/simulated trading) investment account holding funds that are part of Stevens Institute of Technology’s endowment. The course employs a Global Macro-Strategy Approach, i.e., a focus on overall macroeconomic and geopolitical conditions at the global and regional level driving the expression of investment views through long and short exposures in asset classes such as equities, fixed income, currencies, precious metals, commodities real estate and other asset classes. Investment decisions are made at the asset class level and implemented using Exchange-Traded Funds (ETFs) that represent exposures to broad asset classes. Applying asset management theories and techniques at the asset class level, students focus on the strategic selection and management of ETFs to achieve specific investment goals. The course emphasizes critical skills as practiced in the asset management industry. Enrollment in this course is by application only. Interested students should speak with the program for additional guidance.

MGT 808 - Fundamentals of Consulting (1)

This course introduces students to fundamental soft skills, work techniques, and technologies employed by management consultants. Topics covered in this course include project scoping, creating statements of work, meeting facilitation, project planning, design of presentations and written reports, management briefs, and delivery of status reports.

The course will improve your ability to present analyses of issues and organizational problems in a concise, accurate, clear and interesting manner from the perspective of a consultant. It is designed to be taken prior to the experiential graduate courses in the School of Business.

MGT 809 - Industry Capstone Experience (1)

In this course students work on an industry project with a team of their peers under the supervision of a faculty advisor and industry mentor. Students will work on project tasks and manage client expectations while applying their disciplinary and technical knowledge to the project. In addition to the project-specific deliverables, students will produce a statement of work, present weekly project updates, and a final presentation and project report to management. This three-credit course is tied to the Industry Capstone Program in the School of Business. Students must first apply for a project before registering for this course.

Complete at least 4 of the following courses:

FA 542 - Time Series with Applications to Finance (3)

In this course the students will learn how to estimate financial data model and predict using time series models. The course will cover linear time series (ARIMA) models, conditional heteroskedastic models (ARCH type models), non-linear models (TAR, STAR, MSA), non-parametric models (kernel regression, local regression, neural networks), non-parametric methods of evaluating fit such as bootstrap, parametric bootstrap and cross-validation. The course will also introduce multivariate time series models such as VAR.

FIN 540 - Sustainable Finance (3)

This course introduces students to sustainable finance. In this course, sustainable finance is understood as the process of ensuring the inclusion of environmental, social, and governance (ESG) considerations into corporate decisions. A sustainable corporation will make their investment decisions that consider not only financial returns but also its social impact. Our textbook provides a clear and masterful discussion of the principles of sustainable business based on “growing the pie” principle. By focusing on “growing the pie” as a corporate objective, the sustainable businesses are able to create shareholder values as well as stakeholder value.

FIN 550 - Financial Planning and Risk Management (3)

This course will review the fundamental principles of financial planning, professional conduct, education planning, risk management and regulation. The course is aligned with the principle knowledge topics evaluated on the CFP Certification Examination. The course introduces you to the financial planning process and teaches you how to work with clients to set goals and assess risk tolerance. Learn how to process and analyze information, construct personal financial statements, develop debt management plans, recommend financing strategies, and understand the basic components of a written comprehensive financial plan. The course also covers the regulatory environment, time value of money, and economic concepts.

FIN 555 - Retirement and Estate Planning (3)

This course introduces students to the principles of retirement and estate planning as well as current issues in these areas. The course is designed to enable students to understand and be conversant with the basic language of retirement and estate planning, and to understand the pertinent provisions of the US Internal Revenue Code related to these topics. The course focuses on training an individuals ability to use this information for making both short-term and long-term planning decisions. The course progresses at a rapid pace and requires students to prepare regularly for each class session instead of waiting until the exams. Topics include retirement planning tools, techniques and plans, estate and gift tax calculation and compliance, estate planning tools and techniques (both pre and post death), probate and non-testamentary disposition of assets, the use and purpose of trusts, family gifting strategies, estate liquidity, business succession planning, Social Security, Medicare and Medicaid and retirement plan distributions.

FA 631 - Investment, Portfolio Construction, and Trading Analytics (3)

The significant amount of information available in any field requires a systematic and analytical approach to select the most important information and anticipate major events. Machine learning algorithms facilitate this process understanding, modeling and forecasting the behavior of major social or economic systems and their variables.

This is an applied research course that explores how to apply fundamental machine learning models to predict financial time series and solve financial problems. Some of the financial applications explored are algorithmic trading, model calibration, portfolio optimization, and risk management.

FIN 640 - Renewable Energy Finance (3)

This course provides an in-depth knowledge for students in the range of established practices, procedures and tools in finance that can be used to address the adverse effects of climate change on corporations from both an investor, bank, and corporate perspective. The goal of this course is also to increase the understanding of graduate students of the financing and investment decisions as they relate to renewable energy projects and renewable energy companies. As a result, graduate students will learn about the key topics in renewable energy finance such as the access to renewable energy, the business case for clean energy, project finance, and valuation of renewable energy firms. This course will provide the graduate students a solid foundation and introduction to this most important topic. Students taking this course will not only have the knowledge about renewable energy finance they need, but the understanding to put that knowledge to practical use.

FIN 658 - Wealth Management Principles and Practices (3)

This is a course on the theory and practice of wealth management. It covers the building blocks and fundamental theoretical and practical aspects of investment management and financial planning for individual investors as well as applications that put the former to use by practitioners in the industry. Students will be exposed to some of the information, tools, and analysis available to investment management professionals today.

FIN 678 - Asset Allocation Practicum (3)

This course provides students hands-on, real experience in managing a portfolio of risk assets in a live (not paper/simulated trading) investment account holding funds that are part of Stevens Institute of Technology’s endowment. The course employs a Global Macro-Strategy Approach, i.e., a focus on overall macroeconomic and geopolitical conditions at the global and regional level driving the expression of investment views through long and short exposures in asset classes such as equities, fixed income, currencies, precious metals, commodities real estate and other asset classes. Investment decisions are made at the asset class level and implemented using Exchange-Traded Funds (ETFs) that represent exposures to broad asset classes. Applying asset management theories and techniques at the asset class level, students focus on the strategic selection and management of ETFs to achieve specific investment goals. The course emphasizes critical skills as practiced in the asset management industry. Enrollment in this course is by application only. Interested students should speak with the program for additional guidance.

MGT 808 - Fundamentals of Consulting (1)

This course introduces students to fundamental soft skills, work techniques, and technologies employed by management consultants. Topics covered in this course include project scoping, creating statements of work, meeting facilitation, project planning, design of presentations and written reports, management briefs, and delivery of status reports.

The course will improve your ability to present analyses of issues and organizational problems in a concise, accurate, clear and interesting manner from the perspective of a consultant. It is designed to be taken prior to the experiential graduate courses in the School of Business.

MGT 809 - Industry Capstone Experience (1)

In this course students work on an industry project with a team of their peers under the supervision of a faculty advisor and industry mentor. Students will work on project tasks and manage client expectations while applying their disciplinary and technical knowledge to the project. In addition to the project-specific deliverables, students will produce a statement of work, present weekly project updates, and a final presentation and project report to management. This three-credit course is tied to the Industry Capstone Program in the School of Business. Students must first apply for a project before registering for this course.

Note: Two of the four courses listed below are common with the Wealth Management concentration.

FIN 550 - Financial Planning and Risk Management (3)

This course will review the fundamental principles of financial planning, professional conduct, education planning, risk management and regulation. The course is aligned with the principle knowledge topics evaluated on the CFP Certification Examination. The course introduces you to the financial planning process and teaches you how to work with clients to set goals and assess risk tolerance. Learn how to process and analyze information, construct personal financial statements, develop debt management plans, recommend financing strategies, and understand the basic components of a written comprehensive financial plan. The course also covers the regulatory environment, time value of money, and economic concepts.

FIN 555 / ACC 555 - Retirement and Estate Planning (3)

This course introduces students to the principles of retirement and estate planning as well as current issues in these areas. The course is designed to enable students to understand and be conversant with the basic language of retirement and estate planning, and to understand the pertinent provisions of the US Internal Revenue Code related to these topics. The course focuses on training an individuals ability to use this information for making both short-term and long-term planning decisions. The course progresses at a rapid pace and requires students to prepare regularly for each class session instead of waiting until the exams. Topics include retirement planning tools, techniques and plans, estate and gift tax calculation and compliance, estate planning tools and techniques (both pre and post death), probate and non-testamentary disposition of assets, the use and purpose of trusts, family gifting strategies, estate liquidity, business succession planning, Social Security, Medicare and Medicaid and retirement plan distributions.

FIN 560 - Federal Taxation of Individuals for Financial Planning (3)

This course deals with the methods and principles of US Federal income taxation. It is concerned with the history and politics behind the federal income tax laws and regulations, including major emphasis on tax provisions common to all types of taxpayers, particularly individuals. Topics include: tax authority, research, compliance and planning; gross income and exclusions; individual deductions and credits; tax rate schedules and calculation; filing status; investments and property transactions; self-employment income; retirement planning; home ownership and professional ethics.

FIN 565 - Financial Plan Development (3)

This course integrates the different aspects of the financial planning process and demonstrates how to apply this knowledge to the development of a comprehensive financial plan. Students learn how to solve the main problems related to the financial planning process: cash management, debt management, taxation, insurance, retirement, investment, portfolio optimization, and estate planning. At the end of the course, students should be able to construct a plan according to the CFP Boards Financial Planning Practice Standards and client objectives. The course is appropriate for students who want to become financial planners and especially for those that plan to take the CFP Certification Examination.