Master of Science in Finance
This 16-month, full-time program is delivered over four terms. It offers three streams to choose from: Investment Management, Risk Management, and Research.
The Investment Management stream focuses on financial instruments, financial markets and finance theory. The Risk Management stream allows students to delve deeper into credit, market and operational risk. The research stream focuses on the strong quantitative skills and rigour required for a career in financial engineering or academia. All students are exposed to fundamental finance theory and practice, as well as learning practical programming skills in a language such as Python.
If you wish, you can also join the Student Investment Advisory Service (SIAS) Fund team to put your new skills and knowledge into practice.
Our courses are offered in modular form, meaning, you’ll take one course at a time in a shorter period of time – typically around 3 weeks. This system has many advantages such as allowing students to focus on one topic at a time and embeds assessment throughout the term without final exams piling up at the end. It also allows for more flexibility and topic serialization.
The courses listed indicate the overall direction and philosophy of the program. The exact selection of courses is subject to change from time to time.
Online Introductory Courses
The summer term of the MSc. Finance program is an online component. The sessions will be asynchronous and begin in July, requiring about four to five hours of total work per week.
Part 1: Review the mathematical tools essential for the study of finance, including linear algebra, differential equations and optimization. The first portion of the courses run for four weeks online, the latter half will be completed in-person during the Fall semester.
Part 1: Review elements of probability and statistics employed in finance, including probability models, inference and basic time series analysis. The first portion of the courses run for four weeks online, the latter half will be completed in-person during the Fall semester.
Introduces students to the fundamental concepts of accounting and financial statements. This course will be taken entirely online.
Financial Modeling Tools
To gain an understanding of the merits of an investment, thorough mathematical analysis is often required. This course provides an introduction to two commonly used software programming languages used for such analysis. The course concentrates on programming using VBA (Visual Basic for Applications) and MATLAB. A short discussion of an object oriented language (either Java or C++) will be given if time permits near the end of the semester. A heavy emphasis is placed on hands-on laboratory sessions and practice problems drawn from a variety of topics covered in other MSc courses such as linear regression, asset allocation and option pricing.
Financial Statement Analysis
This course will provide an understanding of the linkages between financial reporting, such as annual reports and prospectuses including the three principal financial statements (balance sheet, income statement and cash flow statement) and how useful information about a company can be extracted from them. Coverage includes basic and advanced principles of financial accounting and financial statement analysis along with a comprehensive conceptual framework indispensable to assist managers and financial analysts to interpret reported financial information.
Discusses financial decision making under uncertainty. It examines financial economics in the context of corporate finance
Negotiation is the art and science of securing agreements between two or more parties who are interdependent and who are seeking to maximize their outcomes. The central issues of this course deal with understanding the behavior of individuals, groups and organizations in the context of mixed-motive (competitive and cooperative) situations. This course is designed to be relevant to the broad spectrum of negotiation problems that are faced by managers and professionals.
Designed to assist students to improve their written and verbal communication skills in business settings
Principles of Investments
Provides students with the principles, theories and practices of Investing. The course surveys relevant investment theories as applied to different asset classes, focusing on the decision-making process it discusses applications in both traditional and alternative investments.
Advanced Equity Analysis
Builds on subjects such as the valuation of equity securities, including company and industry analysis, financial statement analysis and valuation models
Advanced Fixed Income Analysis
Builds on the fixed income insights and go deeper in such subjects as the term structure of interest rates, fixed income returns, yield-spread analysis, sources of risk in fixed income securities, and embedded options.
Financial econometrics is the intersection of statistical techniques and Finance. It provides a set of tools that are useful for modeling financial data and testing theoretical models in Finance. All the topics introduced in this course will require a deep understanding of regression and hypothesis testing with the emphasis on Finance related questions.
Strategies, Ethics and Regulations
Examines how organizations create long term, sustainable, competitively differentiated value for shareholders and stakeholders by developing, enacting, monitoring and adjusting corporate and business unit strategies in a stringent regulatory and highly competitive environment
Investment Management and Risk Management streams
Special Topics: International Finance
Special Topics: FinTech
Research Methods I*
Theory of Financial Markets*
Research Methods I*
PhD course: Corporate Finance*
* Participation in these courses requires a minimum GPA of 3.5
IM: Portfolio Theory and Asset Pricing
This course covers the theory and empirical evidence relevant for investing, particularly in the context of portfolio management. (ie, Markowitz optimal allocation, CAPM, Index and multifactor models). It stresses the international dimensions of portfolio theory (ie, international diversification, optimal global portfolio selection and emerging markets) as well as issues of portfolio strategy, asset allocation and performance evaluation.
IM: Strategic Asset Allocation
This course explores asset allocation models, including the Black-Litterman model, as well as extensions. Students will develop a good understanding of the theoretical and practical issues relating to the establishment of investment policy. The course analyzes investors’ return objectives, risk tolerance, investment horizon, tax considerations, liquidity needs and other unique circumstances.
IM: CSR and Impact Investing
RM: Market Risk Management
Students will investigate Value at risk (VaR) and coherent measures of risk, including their advantages and shortfalls. While the course provides a broad overview of risk measurement and management concepts, students will take the time to fully examine actual risk measurement tools and methods using market data.
RM: Credit Risk Management
Credit derivatives are the biggest financial innovations in the last 20 years. Credit risk analysis and management are of great interest to investment banks, commercial banks, traders, regulators and rating agencies. This course provides an introduction as well as an in-depth understanding of credit risk measurement and credit derivatives. The objective is to provide a practice-oriented balance between developing a sound conceptual framework and market understanding and insight.
RM: Advanced Derivatives
Technical course that provides the participants with the necessary knowledge to address more complex risk management problems
RS: Theory of Financial Markets*
RS: PhD course: Theoretical Asset Pricing*
RS: PhD course: Research Methods II*
* Participation in these courses requires a minimum GPA of 3.5
In addition to the core curriculum, finance electives will be based on various relevant topics such as Fintech, Data Visualization or CSR and Impact Investing to provide you with the opportunity to broaden your understanding of the finance industry. The selection of electives may change from time to time, details will be provided in the second semester.
Curriculum is subject to Board of Governors & Senate approval.