27
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
MBA I N FI NANCE
PROGRAM PREREQUISITES (three courses, nine credits)
BE 6220 Managerial Economics (see page 32)
DG 6810 Mathematical Methods for Business (see page 45)
DG 6820 Statistics (see page 45)
MBA CORE BUSINESS COURSES (required) (eight courses, 24 credits)
AC 6111 Fundamentals of Accounting (see page 18)
BL 6310 Business Law I (see page 50)
FN 6411 The Financial Environment (see page 29)
(Prerequisite AC 6111)
IS 6910 Management Information Systems (see page 39)
MG 6613 Fundamentals of Management (see page 43)
(Prerequisites BE 6220 & DG 6820)
MK 6710 Marketing Management (see page 47)
(Prerequisite BE 6220)
MG 6627 Operations Management (see page 43)
(Prerequisite MG 6613)
MG 7660 Business Policy (see page 44)
(Prerequisites all core courses)
MG 7660 Business Policy, the capstone course of the MBA,
should be taken as close to the end of the program as
possible and only after the other core courses have been
completed. Because of its integral importance to the
program, this course will not be waived.
CONCENTRATION (?ve courses, 15 credits)
Students concentrating in Finance take ?ve courses beyond the
Finance core requirement of FN 6411 The Financial Environment.
FN 7421 Principles of Modern Finance is suggested as a prerequisite
course for many upper-level courses and is strongly recommended.
Prerequisite courses can be waived upon review by the area chair.
FINANCE SPECIALIZATIONS
There are no speci?c required courses for students concentrating in
Finance other than the Finance core requirement, FN 6411 The
Financial Environment.
The following are some suggested specializations and course sequences
for students interested in speci?c career paths.
1. Corporate Financial Management
Appropriate for students interested in corporate ?nancing
decisions and ?nancial analysis.
FN 7421 Principles of Modern Finance
FN 7422 Corporate Finance
FN 7423 Mergers, Acquisitions and Leveraged Buyout
FN 7499 Special Topics: Investment Banking, Venture Capital,
Risk Management
FN 7451 Financial Management of Multinational Companies
FI NANCE AND BUSI NESS ECONOMI CS
AREA CHAIR: SRIS CHATTERJEE, PROFESSOR
Fordham GBA ofers three programs in Finance: an MBA
in Finance, an MS in Quantitative Finance (MSQF)
and an MS in Global Finance (MSGF). A dual degree in
MSQF and MBA is also possible. Details of these programs
are available at http://www.bnet.fordham.edu/academics/
ms_programs/ms_quantitative_fnance/index.asp, and are
briefy described below.
Te goal of the Finance MBA curriculum is to provide
students with the conceptual foundation and technical skills
necessary to make sound fnancial decisions in a changing
domestic and international business environment. In particular,
the program aims to develop a thorough understanding of
global fnancial markets and instruments, business valuation
and shareholder value creation, implementation of fnancial
strategy through various forms of corporate restructuring,
risk management in a global context and the nature of risk
and reward in formulating long-term investment strategies.
Te curriculum emphasizes interaction with practitioners
in a number of innovative course oferings.
Te Finance and Business Economics area ofers a concentra-
tion in Finance and elective courses in Business Economics.
Students are encouraged to plan their program relatively early
in the course of their studies with the help of faculty members
who are available to assist in this process.
Te MS in Quantitative Finance (MSQF) is a one-year,
full-time program consisting of 55 credit hours, spread over
three terms (fall, spring and summer). Te MSQF
program prepares students to meet the global fnancial service
industry’s need for graduates who have both a deep know-
ledge of fnance and a command of the latest quantitative
techniques for fnancial problem-solving.
Te MS in Global Finance is ofered in two formats: part-
time and full-time. Initially launched in partnership with the
Beijing International MBA (BiMBA) ofered by Fordham in
collaboration with Peking University, the MSGF part-time
program ofers several courses in compact, intensive, week-long
formats in New York and Beijing. Te new full-time MSGF
program ofers all 10 courses in a one-year format in New York.
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
28
2. Investment Management
Intended for students interested in the evaluation of securities
and non-?nancial assets, portfolio management and trading in
?nancial markets.
FN 7421 Principles of Modern Finance
FN 7430 Investment Analysis
FN 7431 Options and Futures Markets
FN 7460 Portfolio Management
FN 7433 Fixed-Income Analysis
FN 7435 Pension Management
Students considering a career in investment management should be
aware of the importance of obtaining their Chartered Financial Analyst’s
(CFA) designation from the CFA Institute in Charlottesville, Virginia. The
CFA is awarded upon satisfactory completion of a series of examinations
on ethical, ?nancial, economic, legal, ?xed income and equity valuation
and portfolio management issues. Details of the CFA program can be
obtained from the Finance faculty. Graduate business courses included in
the investment management specialization cover many topics required
for the CFA tests.
3. Management of Financial Institutions
Suggested for students interested in careers in banking.
FN 7410 Management of Financial Institutions
FN 7415 Credit Management
FN 7441 Money, Credit and Interest Rates
FN 7442 Commercial Banking
FN 74XX Special Topics: Credit Derivatives, Risk Management
4. International Finance
Designed for students seeking careers with multinational companies
and international ?nancial organizations.
FN 7443 Multinational Investment Analysis
FN 7451 Financial Management of Multinational Companies
FN 7455 Global Finance
BE 7258 Contemporary Issues in Global Finance
FN 74XX Special Topics: International Treasury Risk Management
5. Real Estate Finance
Structured for those pursuing careers in real estate development,
underwriting and institutional acquisitions.
FN 7421 Principles of Modern Finance
FN 7470 Real Estate Finance
FN 7472 Real Estate Financing Alternatives
Two other Finance courses or the equivalent in mini-courses.
6. Personal Financial Planning
Developed for those seeking careers with ?nancial institutions offering
?nancial planning services.
Increasing complexity of the ?nancial-planning ?eld may require
completion of a dual concentration in Accounting/Taxation and Finance.
(For courses in Accounting/Taxation, please see the Accounting section.)
Some suggested courses include:
FN 7421 Principles of Modern Finance
FN 7430 Investment Analysis
FN 7431 Options and Futures Markets
FN 7460 Portfolio Management
FN 7470 Real Estate Finance
Students may also consider taking two free electives from either Finance
and/or Accounting/Taxation or Special Topics offerings.
Students considering a career in personal ?nancial planning should
be aware of the importance of obtaining their Certi?ed Financial Planner
(CFP) designation from the CFP Board in Denver, Colorado. Details of
the certi?cation may be obtained directly from that institution. For more
information, visit www.cfp.net.
BREADTH ELECTIVES (?ve courses, 15 credits)
Breadth electives are advanced-level courses outside the concentration.
Students are limited to a maximum of two courses from a single area.
Two recommended electives for students concentrating in Finance
are BE 7230 Macroeconomics and AC 7125 Financial Statement Analysis.
Students may select electives from speci?ed International Business
courses, subject to area distribution requirements, to receive an Interna-
tional Business designation on their of?cial transcript (see page 10).
With approval of an academic advisor, students may take graduate courses
that relate to their professional objectives offered by other schools
of the University.
FREE ELECTIVES (two courses, six credits)
These credits enable students to take advanced-level courses of their
choice in either the concentration, elective areas or both, subject only to
individual course prerequisites. Free electives are not subject to the
breadth elective distribution requirement or concentration requirements.
FI NANCE AND BUSI NESS ECONOMI CS
29
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
Finance Courses
Each course carries three (3) credits unless otherwise indicated.
FN 6411 The Financial Environment (MBA REQUIRED COURSE)
Introduces the key concepts in ?nance and the environment in which they
are applied. Students learn how to gauge the ?nancial health of companies
and measure and understand ?nancial return in relation to risk. The course
also surveys the uses and characteristics of different ?nancial instruments
and the function and operation of global ?nancial markets.
PREREQUISITES: AC 6111, BE 6220 AND DG 6810.
FN 7410 Management of Financial Institutions
This applied ?nance course focuses on risk management at ?nancial
institutions. It emphasizes the development of data analysis, spreadsheet
and simulation skills as used in internationally active ?nancial institutions.
The course discusses duration, value at risk and basis risk and extends
the risk measurement and management tools to credit risk, with particular
attention to credit derivatives and the New Basel Capital Accord.
PREREQUISITE: FN 7441.
FN 7415 Credit Management
This course focuses on the analytic approach (stemming from Basel II
capital accords) and will help students make wise credit decisions and
manage lending portfolios. Topics include the latest lending techniques
based on cash?ow, advanced forecasting methods (including simulation
and stochastic optimization), pricing, portfolio management, default
probability, valuation analysis risk rating and credit derivatives.
PREREQUISITE: FN 6411.
ENTREPRENEURSHIP COURSE.
FN 7421 Principles of Modern Finance
Provides a conceptual framework that allows both corporate ?nance and
portfolio investment decisions to be viewed and understood in a uni?ed
context of risk and return. Examines concepts of valuation, risk and return,
diversi?cation, asset pricing and ef?cient markets.
PREREQUISITES: FN 6411, DG 6820.
FN 7422 Corporate Finance
Studies corporate ?nance and its speci?c decisions. Topics include
evaluating capital expenditure proposals, forecasting ?nancing require-
ments and selecting sources of ?nancing. The course also discusses
working capital management, dividend policy and contingency planning,
and addresses the additional challenges of multinational ?rms.
PREREQUISITE: FN 7421.
(Students taking FN 7422 Corporate Finance will not receive credit for
FN 7400 Business Finance.)
FN 7423 Mergers, Acquisitions and Leveraged Buyouts
Focuses on identifying and evaluating target companies and structuring
deals. Also considers the economic and social impact of such changes in
corporate ownership. Students analyze recent cases, evaluate strategic
rationale, examine deal structuring and assess ?nancial impact.
PREREQUISITE: FN 7421.
ENTREPRENEURSHIP COURSE.
FN 7430 Investment Analysis
Provides the foundation for choosing sound investment vehicles that
meet investors’ objectives. Identi?es the wide variety of available
investment instruments and examines their risks and bene?ts. Studies
philosophies and techniques of investing, such as fundamental analysis,
technical analysis and uncovering market inef?ciencies.
PREREQUISITE: FN 7421.
ENTREPRENEURSHIP COURSE.
FN 7431 Options and Futures Markets
Examines the institutional aspects of options and futures markets
and discusses the strategies of hedgers, arbitrageurs and speculators.
Provides an introductory analytical foundation for pricing futures and
option contracts.
PREREQUISITE: FN 6411.
FN 7433 Fixed-Income Analysis
Introduces techniques for valuing ?xed income securities and their
derivatives. Emphasizes pricing and risk-measurement for government,
corporate and mortgage-backed instruments. Analyzes embedded
options using the binomial model. Develops ?xed-income trading and
portfolio management techniques, including the use of repo, futures,
options, swaps and credit derivatives. Examines theory and empirical
evidence on the term structure of interest rates, including the derivation
of spot and implied forward yield curves.
PREREQUISITE: FN 7421.
FN 7435 Pension Management
Presents an integration of corporate ?nance and investment analysis
techniques aimed at the ?nancial management of corporate pension
plans. Provides an overview of the American retirement system and
introduces actuarial techniques and pension accounting. Topics include
pension liabilities, decisions on how to fund retirement plans, the effects
of in?ation on assets and bene?ts, investment strategy and evaluation
and tax and legal issues.
PREREQUISITE: FN 7421.
FN 7441 Money, Credit and Interest Rates
Studies the role of money, credit and interest rates in the ef?cient and
ethical functioning of domestic and global ?nancial markets. This
building-block course assumes a background in macroeconomics and
?nance, and it establishes a foundation for further study in all areas of
?nance. Topics include: ?ow of funds and interdependency within the
?nancial system; the Federal Reserve System and its role in money
creation; interest rates; the links between interest rates and the growth
of money; and the effects of in?ation and term structure.
PREREQUISITES: BE 7230, FN 6411. ALSO OFFERED AS BE 7240.
ENTREPRENEURSHIP COURSE.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
30
FN 7442 Commercial Banking
Explores the evolution of commercial banking. Examines the international
character of the money-center banks and the rise of the regional banks.
Also studies asset and liability management, international bank manage-
ment, syndicated lending, project ?nancing and lending policies in
developing countries.
PREREQUISITE: FN 7441
FN 7443 Multinational Investment Analysis
Examines investment strategies that encompass international ?nancial
markets. Studies international money markets, the foreign exchange
market, forward markets for commodities and ?nancial instruments and
stock and bond markets. Investment alternatives are analyzed under
?xed, ?oating and managed exchange-rate regimes.
PREREQUISITES: FN 7421.
INTERNATIONAL BUSINESS COURSE.
FN 7451 Financial Management of Multinational Companies
Focuses on aspects of ?nancial planning for corporations with international
operations. Topics include: managing the ?rm’s foreign currency exposure;
?nancial control of foreign operations; international capital budgeting
analysis; managing multicurrency working capital; international cost of
capital and capital structure issues; foreign project evaluation techniques;
analysis of foreign subsidiary performance and foreign fund management
techniques. Particular emphasis on foreign investment opportunities not
normally available to a domestic ?rm.
PREREQUISITE: FN 7421
ENTREPRENEURSHIP COURSE.
INTERNATIONAL BUSINESS COURSE.
FN 7455 Global Finance
Surveys the structure of the international ?nancial environment. Topics
studied are world trade and the balance of payments, foreign exchange
markets, the long- and short-term determinants of exchange rates and the
major international ?nancial institutions. Explores how the international
community adjusts to ?nancial shocks and the role of the Eurocurrency
markets. A background in macroeconomics is recommended.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS BE 7244.
FN 7458 Contemporary Issues in Global Finance
Explores current issues relevant to the global ?nancial system, including
international commercial and investment banking and international
investments. Emphasizes the underlying conditions and fundamental
trends in various sectors of international ?nance.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS BE 7243.
FN 7460 Portfolio Management
Examines portfolio objectives and links them to appropriate investment
strategies. Considers the asset-allocation decision, equity and ?xed-income
portfolio management, return enhancement/risk control techniques and
performance evaluation. Commercial-level portfolio optimization software
is applied to a range of institutional portfolio problems.
PREREQUISITE: FN 7421.
FN 7470 Real Estate Finance
Discusses the major factors affecting the valuation and ?nancial structuring
of real estate, including general tax and depreciation policies. Presents
the roles of principal lending institutions, mortgage banks and investment
banks in real estate lending, syndications and partnerships. Also surveys
real estate-related securities and their markets.
PREREQUISITE: FN 6411.
ENTREPRENEURSHIP COURSE.
FN 7496 Financial Management of Nonprofit Organizations
Financial management techniques are adapted to the goals, regulations
and accounting procedures of nonpro?t organizations, such as schools,
foundations, government agencies and hospitals. Topics include fund
accounting systems, budget preparation and administration, ?nancial re-
porting, management control, public accountability and tax-exempt status.
PREREQUISITE: FN 6411.
GLOBAL SUSTAINABILITY COURSE.
FN 749X Special Topics in Finance
These courses are offered periodically to permit faculty and students to
explore a ?nance topic of particular interest. The speci?c topic and
prerequisites are announced when the course is offered. Note: Some
of the FN 749X Special Topics in Finance courses are also designated
as Entrepreneurship courses.
FN 749X Special Topics: Credit Derivatives
This course introduces students to credit derivatives and covers
single-name credit default swaps (CDS), as well as more sophisticated
applications. Pricing, applications, trading strategies and recent
professional readings are discussed.
FN 749X Special Topics: Equity Analysis
A comprehensive exploration of equity analysis, this course features
a series of guest lecturers who are highly regarded experts within
speci?c industry sectors, such as ?nancial services, energy, technology and
pharmaceuticals.
FN 749X Special Topics: Financial Modeling
This course helps students develop the type of Excel-based ?nancial
models that businesses use every day to analyze a wide range of
?nancial problems and make decisions. Students deliver written
and oral presentations of their models and practice skills critical for
a successful career in ?nance.
FN 749X Special Topics: Fixed-Income Investment Management
Featuring a series of guest lecturers who are experts in speci?c
industry sectors, this course is a comprehensive exploration of ?xed-
income analysis.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
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FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
FN 749X Special Topics: International Treasury Risk Management
This course draws on case studies to illustrate the important role
derivatives can play in managing the treasury function in multinational
corporations and ?nancial institutions. Topics include forward rate
agreements, currency and interest rate futures, special option clauses
and swaps. Cross-currency regulatory differences and the concept of
comparative advantage are considered in examining global ?nancing
opportunities.
FN 749X Special Topics: Introduction to Technical Analysis
Study how the markets and individual stocks behave (i.e., technical
analysis), and how they differ from the economy and individual
companies (i.e., fundamental analysis). The goal of this course is to
demonstrate how technical analysis augments fundamental analysis.
Technical indicators, including trend and momentum, psychology,
supply/demand and inter-market analysis are discussed.
ENTREPRENEURSHIP COURSE.
FN 749X Special Topics: Investment Banking
This course is intended to give students a practical introduction to
investment banking and its role in helping corporations raise capital from
the global capital markets. Topics include: venture capital, public
offerings, private placements, going public, stock and bond ?nancing,
convertibles and other hybrid instruments, design of innovative securities,
swaps and other derivative instruments, mergers and acquisitions
and leveraged buyouts.
ENTREPRENEURSHIP COURSE.
FN 749X Special Topics: Investment Management and
Retirement Planning for Individuals
Based on the results of the last four decades of research in securities
markets, portfolio theory and behavioral ?nance, this course develops a
comprehensive investment management program for individuals. Asset
allocation is explored in detail as is how individuals should plan, save
and invest for retirement, taking advantage of various tax deductions and
deferral opportunities.
ENTREPRENEURSHIP COURSE.
FN 749X Special Topics: Risk Management
This course covers Basel II and risk regulation, market risk and volatility,
calculation of VaR (Value at Risk), Monte Carlo Simulation, credit risk and
use of credit derivatives, operational risk and other topics.
FN 749X Special Topics: Venture Capital Financing
When it comes to raising capital for start-up companies, entrepreneurs,
venture capitalists, agent bankers and their research analysts often ?nd
themselves at cross purposes. By examining the issues of valuation,
structure and control in this course, students gain the perspective needed
in the fund-raising process. Given that objective, team case studies are
chosen to illustrate how different viewpoints can be reconciled.
ENTREPRENEURSHIP COURSE.
Finance Mini-Courses
Each mini-course carries 1.5 credits.
Mini-courses cover special topics and recent developments that do
not require a full three-credit course. They are offered periodically on a
half-term (seven-week) basis.
FN 8400 Issues in Finance
This category covers a variety of special topics courses that re?ect the
changing ?nancial environment. The speci?c topics and prerequisites are
announced when the course is offered. Note: Some of the 8400 Issues in
Finance courses are designated as Entrepreneurship courses. Below is a
partial listing of courses that have recently been offered.
FN 8405 Deleveraged Finance
This course discusses the use of debt in leveraged buyouts, recapitalization,
restructuring and re?nancing, including Debtor-in-Possession (DIP)
?nancing. Students develop practical insights by utilizing case studies
from several public highly leveraged ?rms; practical insights are
critically reviewed.
ENTREPRENEURSHIP COURSE.
FN 8406 Financial Strategy
This course examines a variety of corporate ?nancial strategies, such
as divestures, spin-offs and equity carve-outs, as well as the valuation
techniques employed to develop and structure those transactions.
Case studies are used to reinforce the concepts, and current market
deals are analyzed to enhance the learning experience.
ENTREPRENEURSHIP COURSE.
FN 8414 Modern Financial Analysis and Valuation Techniques
This course teaches how the ?nancial services industry applies valuation
techniques in actual deals. Students learn to appreciate the context
of the transaction and the current market conditions, as well as the “art”
and “science” of valuation analytics.
PREREQUISITE: FN 7421.
ENTREPRENEURSHIP COURSE.
FN 8415 Financial Markets (Concepts, Methods and Trading in Action)
This course provides a real-life, hands-on experience of ?nancial
market activity and its impact on the broader economy. Throughout the
course, students participate in a trading game to assess and manage
real-world factors, such as counterparty risk, liquidity, leverage, etc. They
also learn the impact of various policy issues on the markets and thus
the economy (e.g., the impact of limiting foreclosures), some of the
mathematics behind the markets, and the broad spillover effects of
various investor/issuer decisions.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
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Business Economics Courses
Each course carries three (3) credits unless otherwise indicated.
BE 6220 Managerial Economics (MBA PROGRAM PREREQUISITE)
Examines the microeconomic theory and concepts that strive to explain
economic decisions of businesses in the marketplace. The dominant
issues addressed in this course are the factors of supply and demand
and the relationship of production costs, output and market structures to
pricing. Designed to provide the economic foundation for
management decisions.
PREREQUISITE: DG 6810.
BE 7230 Macroeconomics
Studies the forces and interactions that shape the national economic
environment. These include levels of consumption and savings, tax policy,
government ?scal policy, monetary policy and interest rates, capital
investment and the business cycle. Also addresses the impact of interna-
tional factors on the national economy. The course establishes the
essential role of macroeconomics in corporate and investment planning.
PREREQUISITE: BE 6220.
BE 7240 Money, Credit and Interest Rates
Studies the role of money, credit and interest rates in the ef?cient
and ethical functioning of domestic and global ?nancial markets. This
building-block course assumes a background in macroeconomics and
?nance, and it establishes a foundation for further study in all areas
of ?nance. Topics include: ?ow of funds and interdependency within the
?nancial system; the Federal Reserve System and its role in money
creation; interest rates; the links between interest rates and the growth
of money; and the effects of in?ation and term structure.
PREREQUISITES: BE 7230, FN 6411. ALSO OFFERED AS FN 7441.
ENTREPRENEURSHIP COURSE.
BE 7243 Contemporary Issues in Global Finance
Explores current issues relevant to the global ?nancial system, including
international commercial and investment banking and international
investments. Emphasizes the underlying conditions and fundamental
trends in various sectors of international ?nance.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS FN 7458.
BE 7244 Global Finance
Surveys the structure of the international ?nancial environment. Topics
studied are world trade and the balance of payments, foreign exchange
markets, the long- and short-term determinants of exchange rates and the
major international ?nancial institutions. Explores how the international
community adjusts to ?nancial shocks and the role of the Eurocurrency
markets. A background in macroeconomics is recommended.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS FN 7455.
BE 7251 International Trade and Development
The ?rst half of the course focuses on the theories and practices of
world trade. Topics include comparative advantage, the changing trade
competitiveness of nations and protectionism. During the second half,
the focus shifts to developing countries: the process of economic develop-
ment, including the contribution of foreign investment and technology
as well as investment and trade opportunities, policies and regulations.
PREREQUISITE: BE 6220.
INTERNATIONAL BUSINESS COURSE.
GLOBAL SUSTAINABILITY COURSE.
BE 729X Special Topics in Business Economics
These courses are offered periodically to permit faculty and students
to explore a business economics topic of particular interest. The speci?c
topic and prerequisites are announced when the course is offered.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
33
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
MS I N QUANTI TATI VE FI NANCE
The MS in Quantitative Finance (MSQF) is a full-time program that can
be completed in one year (fall term beginning in September; spring and
summer terms ending in early August). Accounting, economics
and ?nance refresher classes are offered during the summer term before
the regular program begins for those students who need them. Some
students will also take classes in their second fall and spring terms to satisfy
additional prerequisite classes (such as the Introduction to C++ course),
to add breadth to their program or to receive an additional certi?cate
(such as the Certi?cate in Computational Finance). The Certi?cate in
Computational Finance is a joint certi?cate with the Computer Science
Department. It requires two additional classes: (1) Data Mining and (2)
Algorithms and Data Analysis. These classes are offered by the Computer
Science Department.
Students most likely to bene?t from the program will have an under-
graduate degree in mathematics, physics or an engineering ?eld, or will
otherwise be able to demonstrate pro?ciency in mathematics (Multivariate
Calculus, Differential Equations and Linear Algebra knowledge is
desirable). Prior training in economics, accounting, ?nance and computer
programming are also desirable.
MSQF TRADING FLOOR
Students registered in the MSQF Program have access to a state-of –the-
art, 28-seat trading ?oor that simulates the real-world professional’s working
environment in an educational setting. With a Bloomberg terminal, live
data feeds and price quotations from global equities, ?xed income, and
FX markets and wireless internet access, it is the optimal environment
for students to learn the application of sophisticated quantitative models
in ?nance.
PROFESSIONAL OPPORTUNITIES AFTER GRADUATION
Graduates of the MSQF Program will possess skills that re?ect deep
knowledge in the following areas:
• Asset valuation
• Derivative instruments
• Econometric modeling
• Global capital markets
• Large-scale data management
• Portfolio management
• Risk management
• Simulation
• Stochastic modeling
Graduates will also be able to model and value complex securities, design
and implement creative portfolio management strategies, use the
most up-to-date risk management strategies, and perform a broad range
of ?nancial engineering tasks. Prospective employers include the major
investment banks, commercial banks, money managers, hedge funds and
other companies with a need for professionals with strong quantitative
skills and a deep knowledge of ?nance.
For more information, including biographies of our faculty members,
visit www.fordham.edu/msqf, email [email protected], or write Dean
A. Leistikow, PhD, Director, MSQF Program, Fordham Graduate School of
Business Administration, 113 W. 60th St., New York, NY 10023.
PROGRAM PREREQUISITES
QF 8901 Accounting I
QF 8902 Basics of Economics
QF 8903 Basics of Finance
QF 8904 Mathematics for Quantitative Finance
REQUIRED COURSES
QF 8911 Financial Modeling (VBA)
QF 8912 Applied Microeconomics
QF 8913 Global Financial Markets
QF 8914 Basics of Derivatives
QF 8915 Introduction to Stochastic Calculus
QF 8921 Financial Statement Analysis
QF 8922 Finance Theory I
QF 8923 Financial Econometrics I
QF 8924 Equity-Style Derivatives
QF 8925 Simulation Applications
QF 8931 Fixed Income Securities
QF 8933 Financial Econometrics II
QF 8934 Interest Rate Derivatives
QF 8935 Risk Management
QF 8943 Large-Scale Data Modeling
QF 8944 Credit Risk Management
QF 8952 Verbal and Written Communication
QF 8953 Research Seminar I
QF 8954 Research Seminar 2
QF 8946 C++ for Finance
ELECTIVE COURSES (Choose 3)
QF 8932 Equity Portfolio Management
QF 8941 Fixed-Income Portfolio Management
QF 8940 Advanced Derivative Pricing
QF 8942 Finance Theory II
QF 8945 Applied Global Macroeconomics
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FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
34
Quantitative Finance Courses for MSQF
Each course carries two (2) credits unless otherwise indicated.
QF 8901 Accounting I (three credits)
Provides a basic understanding of the preparation and analysis of
corporate ?nancial statements. Introduces Generally Accepted Accounting
Principles (GAAP) and the standard-setting process. Discusses current
issues in the reporting process, such as the bene?ts and problems of the
Sarbanes-Oxley Act.
QF 8902 Basics of Economics (three credits)
Covers both microeconomics and macroeconomics. Microeconomics
topics include theory of demand and the nature of pro?t and utility-
maximizing market equilibrium that constitute the economic basis of
?nance theory and applications. The macroeconomics segment de?nes
the major components of the economy, outlines a simple model of
long-run, real economic behavior with competitive, market-clearing prices,
then establishes a companion model of short-run adjustments without
?exible prices.
QF 8903 Basics of Finance (three credits)
Provides a conceptual framework for decision-making processes in
many diverse areas of ?nance. Concepts including time value of money,
stock and bond valuation, project and ?rm valuations, risk and return
measures, portfolio management, basic CAPM and APT, diversi?cation
and hedging are reviewed. Basic theoretical aspects of corporate ?nance,
such as dividend policy and capital structure, are also introduced.
QF 8904 Mathematics for Quantitative Finance
Reviews the basics of calculus, linear algebra, and statistical analysis in
preparation for advanced courses in the MS program. Topics include
Special functions, Multivariate calculus, Optimization, Integration,
Differential equations ODE, PDE, Linear algebra, Probability theory,
Special distributions like binomial, poisson, normal, lognormal, gamma,
beta, and fat-tailed distributions.
QF 8911 Financial Modeling (VBA)
Provides the foundation for developing skills in the quantitative analysis
of ?nancial decisions, primarily using VBA. Topics include business
planning, forecasting, sensitivity and scenario analyses, risk and return
measures, portfolio analysis, binominal option pricing and Value-at-Risk
(VAR) analysis. Emphasizes practical skills to produce computer models
that are useful for a variety of decision-making purposes.
QF 8912 Applied Microeconomics
Introduces ?nancial theory with a particular emphasis on portfolio choice
and the fundamentals of asset pricing. Focuses on both the partial
equilibrium theory (CAPM), and the general equilibrium theory (Arrow-
Debrew Pricing Theory) with brief introductions on the arbitrage-based
theories. Introduces the basics of asymmetric information and how the
problems it imposes can be mitigated via security design.
QF 8913 Global Financial Markets
Examines the institutional details of different ?nancial instruments
in diverse global market settings. Explores domestic and international
equity markets, including ADRs, international debt markets (short-term,
long-term and Euro-markets). Also describes forward markets (FX rate),
futures markets (commodity and ?nancial instruments), options
markets (Equity and FX rate) and swap markets (interest rate and
currency swaps).
QF 8914 Basics of Derivatives
Introduces deferred delivery (i.e., exchange-traded futures and OTC-
traded forward) markets and option markets. The course covers the
following: (1) brie?y examines the institutional features of these markets;
(2) discusses hedger, arbitrageur and speculator strategies; (3) provides
an analytical foundation for the pricing of these contracts; (4) reviews
some of the available empirical evidence concerning these markets;
(5) accesses data regarding these markets; and (6) uses the data to
perform small-scale suggestive tests of the theories and strategies.
QF 8915 Introduction to Stochastic Calculus
Focuses on the practical applications of stochastic differential equations
subject to appropriate boundary conditions, solving valuation problems,
and using measure-transformations as required in advanced ?nancial
engineering practice to value assets within a risk-neutral framework. Builds
a theoretical foundation for continuous-time models that are essential
for the pricing and hedging of ?nancial derivatives.
QF 8921 Financial Statement Analysis
Introduces the tools and framework necessary to effectively integrate
information in ?nancial statements into a comprehensive assessment
of the ?rm. Develops ?nancial modeling skills, improves communi-
cation of ?nancial analysis and identi?es data issues in the analysis of
?nancial statements, along with possible solutions. Provides an
understanding of the impact of alternative accounting methods on the
analysis of ?nancial statements and relates this concept to the issue
of “accounting quality.”
QF 8922 Finance Theory I
Building upon Applied Microeconomics (QF 8912), this course
emphasizes an understanding of the theories of Discrete-Time Asset
Pricing; studies the applications of the theory of stock options to
real options and complex corporate liabilities; and explores the basic
foundation of the GMM tests of asset-pricing theories.
QF 8923 Financial Econometrics I
Covers estimation of parametric and non-parametric techniques
commonly used in ?nance, applying high-frequency ?nancial databases.
Discusses properties of ?nancial data, linear time-series data analysis,
basic theory of statistical inference with linear models, general linear
models, conditional Heteroskedasticity models, nonlinear models
and Bayesian inference and estimation.
QF 8924 Equity-Style Derivatives
Designed to complement and extend the topics discussed in Basics of
Derivatives (QF 8914), this course includes all types of derivatives where
a commodity, equity or currency is the underlying asset. Hull’s software
and a Bloomberg/Reuters terminal are used for pricing options and
gathering data. The data to perform small-scale suggestive tests of the
theories and strategies is used.
QF 8925 Simulation Applications
Introduces state-of-the-art computational techniques essential for
implementing ?nancial models, pricing derivatives, obtaining numerical
solutions to estimation problems and simulating stochastic systems in risk
management. Provides conceptual framework for gaining experience on
simulation design and implementation using MATLAB. This course builds
a skill set that combines ?nancial modeling, data analysis and computation.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
35
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
QF 8931 Fixed-Income Securities
Introduces ?xed-income securities, basic ?xed-income concepts, the
different sectors of the ?xed-income market and basic bond mathematics.
Studies quantitative ?xed-income analysis and its use in valuing bonds
and quantifying risk-return characteristics. Involves extensive training
in the mathematical formulation of bond valuation problems and in the
use of the existing models and software to solve these problems.
QF 8932 Equity Portfolio Management
Introduce the basic concepts of equity portfolio management, including
constructing optimal portfolios, evaluating portfolio performance,
passive and active performance strategies and portfolio risk management.
Involves extensive training in portfolio optimization software.
QF 8933 Financial Econometrics II
Introduces modern ?nancial econometric techniques with a special focus
on applications to ?nance. Both the theoretical framework for making
statistical inference and exemplary applications using real data in modern
?nance are emphasized. The course involves extensive use of commercial
software packages as well as implementing new ?nancial econometric
techniques using high-level programming language, such as MATLAB.
QF 8934 Interest Rate Derivatives
Studies continuous time no-arbitrage models of yield curves and pricing
of ?xed-income securities and derivatives. In particular, treasury bonds
as well as more complicated instruments, such as options on bonds,
interest rate swaps, option on interest rate swaps, caps, ?oors and
Mortgage Backed Securities are priced and analyzed.
QF 8935 Risk Management
Builds strong understanding of the risks of individual products and
methods of hedging and/or replicating those products. Also examines
?rm-wide risk issues from a ?nancial perspective which requires aggrega-
tion of multiple positions and consideration of interrelationships among
asset price ?uctuations. Regulatory and other non-market risk issues
are considered and simulation techniques for modeling risk are practiced.
QF 8940 Advanced Derivative Pricing
This course is a prerequisite to the Finance Theory II course. It covers
advanced option pricing.
QF 8941 Fixed-Income Portfolio Management
Introduces basic concepts and techniques of ?xed-income portfolio
management, including designing portfolio strategies, measuring portfolio
performance, indexing, portfolio immunization techniques and hedging
risks. Emphasizes the practical application of modern techniques to
optimize portfolio performance. Involves extensive training in the use of
?xed-income portfolio management software.
QF 8942 Finance Theory II
This course builds upon Financial Theory I (QF 8922) and examines
cross-sectional and time-series properties of asset returns. Offers an
in-depth statistical review of several theoretical models of inter-temporal
asset pricing. Microstructure effects on short-term asset returns as well
as test of returns predictability are covered.
QF 8943 Large-Scale Data Modeling
Explores ?nancial modeling topics using large data sets and various
econometric techniques applied in a variety of ?nancial problems.
Topics include modeling the yield curve in the U.S. and other countries,
application of pattern recognition techniques in developing stock-rating
systems, factor models in portfolio construction and portfolio performance
evaluation. Emphasis on project analysis using SAS to process large
data sets and develop appropriate models for solving real problems in
equity and ?xed-income research.
QF 8944 Credit Risk Management
Introduces modern credit risk models with particular focus on credit
derivative instruments. Focuses on derivative markets methods,
rather than accounting analyses of business risks. Exposes students
to institutional practices and commonly used data. Students will be
expected to thoroughly understand professional software output, along
with the risks and rewards of credit product strategies.
QF 8945 Applied Global Macroeconomics
Focuses on both the theory and the applications of macroeconomics
particularly to ?nancial markets in a global context. Familiarizes the
student with macroeconomic data and develops models that can be used
to interpret these data. Illustrates different models via analyses of both
historical economic data and the ongoing stream of current data. Provides
practical econometric training in the analysis of macroeconomic data.
Open-economy macroeconomics and ?nance and the analysis of how the
Federal Reserve and other central banks conduct monetary policy are
areas of special emphasis.
QF 8946 C++ for Finance (3 credits)
This course uses C++ to solve Finance problems. Two types of students
will take this course. One is the student with a strong computer
programming background (perhaps an engineering undergraduate), who
has not taken C++ or applied it to ?nance problems. The other may
have been a ?nance undergraduate student who has little computer
programming experience before entering the MSQF Program. This student
must take the spring Introduction to C++ course offered by the
Computer Science Department as a prerequisite to taking this course in
their second fall term.
QF 8951 Internship Project (six credits)
A professional project report and presentation are the ?nal outputs of
this course. Students complete these projects under the supervision
of a faculty member. Both individual and group projects are possible.
The internship projects are available on a competitive basis. In lieu of
a internship project, the student can take an extra six elective credits.
QF 8952 Verbal and Written Communication (three credits)
Covers the basics of professional speaking and writing. Develops oral
and written presentation skills essential for successful careers. Coordi-
nated with summer term internship to give students the opportunity to
apply their new communication skills in a business setting.
QF 8953 Research Seminar I (1 credit)
This fall course features a series of lecturers from the ?nance industry who
discuss research projects that their companies are working on.
QF 8954 Research Seminar 2 (1 credit)
This spring course features a series of lecturers from the ?nance industry
who discuss research projects that their companies are working on.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
36
MS I N GLOBAL FI NANCE
The MSGF is a 30-credit program. It is offered in two different streams:
part-time and full-time. The part-time stream is in collaboration with
reputable foreign universities and the faculty is drawn from Fordham and
its collaborating partner institutions. Part-time MSGF students spend three
weeks in New York, and get an opportunity to visit institutions such as
Nasdaq, New York Fed, NYSE and Bloomberg. Senior executives
from leading New York banks and ?nancial institutions participate in the
program as guest speakers. The full-time MSGF stream is a one-year
cohort program starting in the Fall semester every year. Students in the
full-time program will ?nish eight required courses in the Fall and Spring
semesters, then join the part-time students in the Summer term.
For more information, contact Ren Raw Chen, PhD, Director, MS in Global
Finance Program.
REQUIRED COURSES
The following four courses leverage upon MBA or MSQF courses:
GF 6002 Business Statistics
GF 6001 Principles of Modern Finance
GF 6003 Managerial Economics
GF 6004 Financial Statement Analysis
The remaining six courses are either MBA, MSQF or MSGF courses.
GF 7001 Global Financial Markets
This course provides a comprehensive overview to the workings of the
global ?nancial markets, the functions and goals of the key ?nancial
institutions, and the role played by central banks and regulatory agencies.
It will cover international money markets, international equity
markets, the foreign exchange market, forward markets for commodities
and ?nancial instruments, bond markets and derivative markets.
PREREQUISITE: GB 6001, GB 6003.
GF 7002 Contemporary Issues in Global Finance
This course explores current issues relevant to the global ?nancial system,
including international commercial and investment banking and
international investments. Emphasizes the underlying conditions and
fundamental trends in various sectors of international ?nance. An
important part of the course focuses on the 2007-09 global ?nancial crisis,
as well as the changes in the global ?nancial markets as a result of
the crisis.
PREREQUISITE: GB 6001, GB 6004.
GF 7006 Raising Capital and Investing in Global Financial Markets
The course discusses the strategies in the going public decision and the
relevant IPO process. Discusses the strategies and process of corporate
restructuring and investing decisions such as mergers and acquisitions,
corporate diversi?cation, spin-offs, carve-outs, asset sell-offs, tracking
stock, exchange offers and debt restructuring. Finally, it will also
provide international comparisons on both the IPO market and corporate
restructuring choices.
PREREQUISITE: GB 6001, GB 6004.
GF 7004 Global Equity Portfolio Management
The course provides a comprehensive overview of equity portfolio
management in theory and practice. Examines portfolio objectives and
links them to appropriate investment strategies. Covers pricing of
equities, the asset-allocation decision, return enhancement/risk control
techniques, performance evaluation, as well as the recent changes
in international fund management. Analyzes international investment
strategy and the relative merits of various approaches.
PREREQUISITE: GB 6001, GB 6002.
GF 7005 Global Corporate Governance
This course examines how modern publicly traded corporations are
governed in the global markets. Discusses the roles of the board of
directors, corporate management, institutional investors, and the other
shareholders. Discusses the effects of the recent legislation and the
?nancial market development on corporate governance. Provides
international comparisons of corporate governance structures and the
issues arising in contests for corporate control.
PREREQUISITE: GB 6001, GB 6004.
GF 7006 Global Risk Management
This course covers market risk and volatility, calculation of VaR (Value at
Risk), Monte Carlo Simulation, credit risk and use of credit derivatives,
operational risk, counterparty risk, and other topics. Discusses risk
regulations, including Basel II, recent developments in Basel III, and recent
regulations on the banking industry in the U.S..
PREREQUISITE: GB 6001, GB 6002.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
doc_536471177.pdf
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
MBA I N FI NANCE
PROGRAM PREREQUISITES (three courses, nine credits)
BE 6220 Managerial Economics (see page 32)
DG 6810 Mathematical Methods for Business (see page 45)
DG 6820 Statistics (see page 45)
MBA CORE BUSINESS COURSES (required) (eight courses, 24 credits)
AC 6111 Fundamentals of Accounting (see page 18)
BL 6310 Business Law I (see page 50)
FN 6411 The Financial Environment (see page 29)
(Prerequisite AC 6111)
IS 6910 Management Information Systems (see page 39)
MG 6613 Fundamentals of Management (see page 43)
(Prerequisites BE 6220 & DG 6820)
MK 6710 Marketing Management (see page 47)
(Prerequisite BE 6220)
MG 6627 Operations Management (see page 43)
(Prerequisite MG 6613)
MG 7660 Business Policy (see page 44)
(Prerequisites all core courses)
MG 7660 Business Policy, the capstone course of the MBA,
should be taken as close to the end of the program as
possible and only after the other core courses have been
completed. Because of its integral importance to the
program, this course will not be waived.
CONCENTRATION (?ve courses, 15 credits)
Students concentrating in Finance take ?ve courses beyond the
Finance core requirement of FN 6411 The Financial Environment.
FN 7421 Principles of Modern Finance is suggested as a prerequisite
course for many upper-level courses and is strongly recommended.
Prerequisite courses can be waived upon review by the area chair.
FINANCE SPECIALIZATIONS
There are no speci?c required courses for students concentrating in
Finance other than the Finance core requirement, FN 6411 The
Financial Environment.
The following are some suggested specializations and course sequences
for students interested in speci?c career paths.
1. Corporate Financial Management
Appropriate for students interested in corporate ?nancing
decisions and ?nancial analysis.
FN 7421 Principles of Modern Finance
FN 7422 Corporate Finance
FN 7423 Mergers, Acquisitions and Leveraged Buyout
FN 7499 Special Topics: Investment Banking, Venture Capital,
Risk Management
FN 7451 Financial Management of Multinational Companies
FI NANCE AND BUSI NESS ECONOMI CS
AREA CHAIR: SRIS CHATTERJEE, PROFESSOR
Fordham GBA ofers three programs in Finance: an MBA
in Finance, an MS in Quantitative Finance (MSQF)
and an MS in Global Finance (MSGF). A dual degree in
MSQF and MBA is also possible. Details of these programs
are available at http://www.bnet.fordham.edu/academics/
ms_programs/ms_quantitative_fnance/index.asp, and are
briefy described below.
Te goal of the Finance MBA curriculum is to provide
students with the conceptual foundation and technical skills
necessary to make sound fnancial decisions in a changing
domestic and international business environment. In particular,
the program aims to develop a thorough understanding of
global fnancial markets and instruments, business valuation
and shareholder value creation, implementation of fnancial
strategy through various forms of corporate restructuring,
risk management in a global context and the nature of risk
and reward in formulating long-term investment strategies.
Te curriculum emphasizes interaction with practitioners
in a number of innovative course oferings.
Te Finance and Business Economics area ofers a concentra-
tion in Finance and elective courses in Business Economics.
Students are encouraged to plan their program relatively early
in the course of their studies with the help of faculty members
who are available to assist in this process.
Te MS in Quantitative Finance (MSQF) is a one-year,
full-time program consisting of 55 credit hours, spread over
three terms (fall, spring and summer). Te MSQF
program prepares students to meet the global fnancial service
industry’s need for graduates who have both a deep know-
ledge of fnance and a command of the latest quantitative
techniques for fnancial problem-solving.
Te MS in Global Finance is ofered in two formats: part-
time and full-time. Initially launched in partnership with the
Beijing International MBA (BiMBA) ofered by Fordham in
collaboration with Peking University, the MSGF part-time
program ofers several courses in compact, intensive, week-long
formats in New York and Beijing. Te new full-time MSGF
program ofers all 10 courses in a one-year format in New York.
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
28
2. Investment Management
Intended for students interested in the evaluation of securities
and non-?nancial assets, portfolio management and trading in
?nancial markets.
FN 7421 Principles of Modern Finance
FN 7430 Investment Analysis
FN 7431 Options and Futures Markets
FN 7460 Portfolio Management
FN 7433 Fixed-Income Analysis
FN 7435 Pension Management
Students considering a career in investment management should be
aware of the importance of obtaining their Chartered Financial Analyst’s
(CFA) designation from the CFA Institute in Charlottesville, Virginia. The
CFA is awarded upon satisfactory completion of a series of examinations
on ethical, ?nancial, economic, legal, ?xed income and equity valuation
and portfolio management issues. Details of the CFA program can be
obtained from the Finance faculty. Graduate business courses included in
the investment management specialization cover many topics required
for the CFA tests.
3. Management of Financial Institutions
Suggested for students interested in careers in banking.
FN 7410 Management of Financial Institutions
FN 7415 Credit Management
FN 7441 Money, Credit and Interest Rates
FN 7442 Commercial Banking
FN 74XX Special Topics: Credit Derivatives, Risk Management
4. International Finance
Designed for students seeking careers with multinational companies
and international ?nancial organizations.
FN 7443 Multinational Investment Analysis
FN 7451 Financial Management of Multinational Companies
FN 7455 Global Finance
BE 7258 Contemporary Issues in Global Finance
FN 74XX Special Topics: International Treasury Risk Management
5. Real Estate Finance
Structured for those pursuing careers in real estate development,
underwriting and institutional acquisitions.
FN 7421 Principles of Modern Finance
FN 7470 Real Estate Finance
FN 7472 Real Estate Financing Alternatives
Two other Finance courses or the equivalent in mini-courses.
6. Personal Financial Planning
Developed for those seeking careers with ?nancial institutions offering
?nancial planning services.
Increasing complexity of the ?nancial-planning ?eld may require
completion of a dual concentration in Accounting/Taxation and Finance.
(For courses in Accounting/Taxation, please see the Accounting section.)
Some suggested courses include:
FN 7421 Principles of Modern Finance
FN 7430 Investment Analysis
FN 7431 Options and Futures Markets
FN 7460 Portfolio Management
FN 7470 Real Estate Finance
Students may also consider taking two free electives from either Finance
and/or Accounting/Taxation or Special Topics offerings.
Students considering a career in personal ?nancial planning should
be aware of the importance of obtaining their Certi?ed Financial Planner
(CFP) designation from the CFP Board in Denver, Colorado. Details of
the certi?cation may be obtained directly from that institution. For more
information, visit www.cfp.net.
BREADTH ELECTIVES (?ve courses, 15 credits)
Breadth electives are advanced-level courses outside the concentration.
Students are limited to a maximum of two courses from a single area.
Two recommended electives for students concentrating in Finance
are BE 7230 Macroeconomics and AC 7125 Financial Statement Analysis.
Students may select electives from speci?ed International Business
courses, subject to area distribution requirements, to receive an Interna-
tional Business designation on their of?cial transcript (see page 10).
With approval of an academic advisor, students may take graduate courses
that relate to their professional objectives offered by other schools
of the University.
FREE ELECTIVES (two courses, six credits)
These credits enable students to take advanced-level courses of their
choice in either the concentration, elective areas or both, subject only to
individual course prerequisites. Free electives are not subject to the
breadth elective distribution requirement or concentration requirements.
FI NANCE AND BUSI NESS ECONOMI CS
29
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
Finance Courses
Each course carries three (3) credits unless otherwise indicated.
FN 6411 The Financial Environment (MBA REQUIRED COURSE)
Introduces the key concepts in ?nance and the environment in which they
are applied. Students learn how to gauge the ?nancial health of companies
and measure and understand ?nancial return in relation to risk. The course
also surveys the uses and characteristics of different ?nancial instruments
and the function and operation of global ?nancial markets.
PREREQUISITES: AC 6111, BE 6220 AND DG 6810.
FN 7410 Management of Financial Institutions
This applied ?nance course focuses on risk management at ?nancial
institutions. It emphasizes the development of data analysis, spreadsheet
and simulation skills as used in internationally active ?nancial institutions.
The course discusses duration, value at risk and basis risk and extends
the risk measurement and management tools to credit risk, with particular
attention to credit derivatives and the New Basel Capital Accord.
PREREQUISITE: FN 7441.
FN 7415 Credit Management
This course focuses on the analytic approach (stemming from Basel II
capital accords) and will help students make wise credit decisions and
manage lending portfolios. Topics include the latest lending techniques
based on cash?ow, advanced forecasting methods (including simulation
and stochastic optimization), pricing, portfolio management, default
probability, valuation analysis risk rating and credit derivatives.
PREREQUISITE: FN 6411.
ENTREPRENEURSHIP COURSE.
FN 7421 Principles of Modern Finance
Provides a conceptual framework that allows both corporate ?nance and
portfolio investment decisions to be viewed and understood in a uni?ed
context of risk and return. Examines concepts of valuation, risk and return,
diversi?cation, asset pricing and ef?cient markets.
PREREQUISITES: FN 6411, DG 6820.
FN 7422 Corporate Finance
Studies corporate ?nance and its speci?c decisions. Topics include
evaluating capital expenditure proposals, forecasting ?nancing require-
ments and selecting sources of ?nancing. The course also discusses
working capital management, dividend policy and contingency planning,
and addresses the additional challenges of multinational ?rms.
PREREQUISITE: FN 7421.
(Students taking FN 7422 Corporate Finance will not receive credit for
FN 7400 Business Finance.)
FN 7423 Mergers, Acquisitions and Leveraged Buyouts
Focuses on identifying and evaluating target companies and structuring
deals. Also considers the economic and social impact of such changes in
corporate ownership. Students analyze recent cases, evaluate strategic
rationale, examine deal structuring and assess ?nancial impact.
PREREQUISITE: FN 7421.
ENTREPRENEURSHIP COURSE.
FN 7430 Investment Analysis
Provides the foundation for choosing sound investment vehicles that
meet investors’ objectives. Identi?es the wide variety of available
investment instruments and examines their risks and bene?ts. Studies
philosophies and techniques of investing, such as fundamental analysis,
technical analysis and uncovering market inef?ciencies.
PREREQUISITE: FN 7421.
ENTREPRENEURSHIP COURSE.
FN 7431 Options and Futures Markets
Examines the institutional aspects of options and futures markets
and discusses the strategies of hedgers, arbitrageurs and speculators.
Provides an introductory analytical foundation for pricing futures and
option contracts.
PREREQUISITE: FN 6411.
FN 7433 Fixed-Income Analysis
Introduces techniques for valuing ?xed income securities and their
derivatives. Emphasizes pricing and risk-measurement for government,
corporate and mortgage-backed instruments. Analyzes embedded
options using the binomial model. Develops ?xed-income trading and
portfolio management techniques, including the use of repo, futures,
options, swaps and credit derivatives. Examines theory and empirical
evidence on the term structure of interest rates, including the derivation
of spot and implied forward yield curves.
PREREQUISITE: FN 7421.
FN 7435 Pension Management
Presents an integration of corporate ?nance and investment analysis
techniques aimed at the ?nancial management of corporate pension
plans. Provides an overview of the American retirement system and
introduces actuarial techniques and pension accounting. Topics include
pension liabilities, decisions on how to fund retirement plans, the effects
of in?ation on assets and bene?ts, investment strategy and evaluation
and tax and legal issues.
PREREQUISITE: FN 7421.
FN 7441 Money, Credit and Interest Rates
Studies the role of money, credit and interest rates in the ef?cient and
ethical functioning of domestic and global ?nancial markets. This
building-block course assumes a background in macroeconomics and
?nance, and it establishes a foundation for further study in all areas of
?nance. Topics include: ?ow of funds and interdependency within the
?nancial system; the Federal Reserve System and its role in money
creation; interest rates; the links between interest rates and the growth
of money; and the effects of in?ation and term structure.
PREREQUISITES: BE 7230, FN 6411. ALSO OFFERED AS BE 7240.
ENTREPRENEURSHIP COURSE.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
30
FN 7442 Commercial Banking
Explores the evolution of commercial banking. Examines the international
character of the money-center banks and the rise of the regional banks.
Also studies asset and liability management, international bank manage-
ment, syndicated lending, project ?nancing and lending policies in
developing countries.
PREREQUISITE: FN 7441
FN 7443 Multinational Investment Analysis
Examines investment strategies that encompass international ?nancial
markets. Studies international money markets, the foreign exchange
market, forward markets for commodities and ?nancial instruments and
stock and bond markets. Investment alternatives are analyzed under
?xed, ?oating and managed exchange-rate regimes.
PREREQUISITES: FN 7421.
INTERNATIONAL BUSINESS COURSE.
FN 7451 Financial Management of Multinational Companies
Focuses on aspects of ?nancial planning for corporations with international
operations. Topics include: managing the ?rm’s foreign currency exposure;
?nancial control of foreign operations; international capital budgeting
analysis; managing multicurrency working capital; international cost of
capital and capital structure issues; foreign project evaluation techniques;
analysis of foreign subsidiary performance and foreign fund management
techniques. Particular emphasis on foreign investment opportunities not
normally available to a domestic ?rm.
PREREQUISITE: FN 7421
ENTREPRENEURSHIP COURSE.
INTERNATIONAL BUSINESS COURSE.
FN 7455 Global Finance
Surveys the structure of the international ?nancial environment. Topics
studied are world trade and the balance of payments, foreign exchange
markets, the long- and short-term determinants of exchange rates and the
major international ?nancial institutions. Explores how the international
community adjusts to ?nancial shocks and the role of the Eurocurrency
markets. A background in macroeconomics is recommended.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS BE 7244.
FN 7458 Contemporary Issues in Global Finance
Explores current issues relevant to the global ?nancial system, including
international commercial and investment banking and international
investments. Emphasizes the underlying conditions and fundamental
trends in various sectors of international ?nance.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS BE 7243.
FN 7460 Portfolio Management
Examines portfolio objectives and links them to appropriate investment
strategies. Considers the asset-allocation decision, equity and ?xed-income
portfolio management, return enhancement/risk control techniques and
performance evaluation. Commercial-level portfolio optimization software
is applied to a range of institutional portfolio problems.
PREREQUISITE: FN 7421.
FN 7470 Real Estate Finance
Discusses the major factors affecting the valuation and ?nancial structuring
of real estate, including general tax and depreciation policies. Presents
the roles of principal lending institutions, mortgage banks and investment
banks in real estate lending, syndications and partnerships. Also surveys
real estate-related securities and their markets.
PREREQUISITE: FN 6411.
ENTREPRENEURSHIP COURSE.
FN 7496 Financial Management of Nonprofit Organizations
Financial management techniques are adapted to the goals, regulations
and accounting procedures of nonpro?t organizations, such as schools,
foundations, government agencies and hospitals. Topics include fund
accounting systems, budget preparation and administration, ?nancial re-
porting, management control, public accountability and tax-exempt status.
PREREQUISITE: FN 6411.
GLOBAL SUSTAINABILITY COURSE.
FN 749X Special Topics in Finance
These courses are offered periodically to permit faculty and students to
explore a ?nance topic of particular interest. The speci?c topic and
prerequisites are announced when the course is offered. Note: Some
of the FN 749X Special Topics in Finance courses are also designated
as Entrepreneurship courses.
FN 749X Special Topics: Credit Derivatives
This course introduces students to credit derivatives and covers
single-name credit default swaps (CDS), as well as more sophisticated
applications. Pricing, applications, trading strategies and recent
professional readings are discussed.
FN 749X Special Topics: Equity Analysis
A comprehensive exploration of equity analysis, this course features
a series of guest lecturers who are highly regarded experts within
speci?c industry sectors, such as ?nancial services, energy, technology and
pharmaceuticals.
FN 749X Special Topics: Financial Modeling
This course helps students develop the type of Excel-based ?nancial
models that businesses use every day to analyze a wide range of
?nancial problems and make decisions. Students deliver written
and oral presentations of their models and practice skills critical for
a successful career in ?nance.
FN 749X Special Topics: Fixed-Income Investment Management
Featuring a series of guest lecturers who are experts in speci?c
industry sectors, this course is a comprehensive exploration of ?xed-
income analysis.
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FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
FN 749X Special Topics: International Treasury Risk Management
This course draws on case studies to illustrate the important role
derivatives can play in managing the treasury function in multinational
corporations and ?nancial institutions. Topics include forward rate
agreements, currency and interest rate futures, special option clauses
and swaps. Cross-currency regulatory differences and the concept of
comparative advantage are considered in examining global ?nancing
opportunities.
FN 749X Special Topics: Introduction to Technical Analysis
Study how the markets and individual stocks behave (i.e., technical
analysis), and how they differ from the economy and individual
companies (i.e., fundamental analysis). The goal of this course is to
demonstrate how technical analysis augments fundamental analysis.
Technical indicators, including trend and momentum, psychology,
supply/demand and inter-market analysis are discussed.
ENTREPRENEURSHIP COURSE.
FN 749X Special Topics: Investment Banking
This course is intended to give students a practical introduction to
investment banking and its role in helping corporations raise capital from
the global capital markets. Topics include: venture capital, public
offerings, private placements, going public, stock and bond ?nancing,
convertibles and other hybrid instruments, design of innovative securities,
swaps and other derivative instruments, mergers and acquisitions
and leveraged buyouts.
ENTREPRENEURSHIP COURSE.
FN 749X Special Topics: Investment Management and
Retirement Planning for Individuals
Based on the results of the last four decades of research in securities
markets, portfolio theory and behavioral ?nance, this course develops a
comprehensive investment management program for individuals. Asset
allocation is explored in detail as is how individuals should plan, save
and invest for retirement, taking advantage of various tax deductions and
deferral opportunities.
ENTREPRENEURSHIP COURSE.
FN 749X Special Topics: Risk Management
This course covers Basel II and risk regulation, market risk and volatility,
calculation of VaR (Value at Risk), Monte Carlo Simulation, credit risk and
use of credit derivatives, operational risk and other topics.
FN 749X Special Topics: Venture Capital Financing
When it comes to raising capital for start-up companies, entrepreneurs,
venture capitalists, agent bankers and their research analysts often ?nd
themselves at cross purposes. By examining the issues of valuation,
structure and control in this course, students gain the perspective needed
in the fund-raising process. Given that objective, team case studies are
chosen to illustrate how different viewpoints can be reconciled.
ENTREPRENEURSHIP COURSE.
Finance Mini-Courses
Each mini-course carries 1.5 credits.
Mini-courses cover special topics and recent developments that do
not require a full three-credit course. They are offered periodically on a
half-term (seven-week) basis.
FN 8400 Issues in Finance
This category covers a variety of special topics courses that re?ect the
changing ?nancial environment. The speci?c topics and prerequisites are
announced when the course is offered. Note: Some of the 8400 Issues in
Finance courses are designated as Entrepreneurship courses. Below is a
partial listing of courses that have recently been offered.
FN 8405 Deleveraged Finance
This course discusses the use of debt in leveraged buyouts, recapitalization,
restructuring and re?nancing, including Debtor-in-Possession (DIP)
?nancing. Students develop practical insights by utilizing case studies
from several public highly leveraged ?rms; practical insights are
critically reviewed.
ENTREPRENEURSHIP COURSE.
FN 8406 Financial Strategy
This course examines a variety of corporate ?nancial strategies, such
as divestures, spin-offs and equity carve-outs, as well as the valuation
techniques employed to develop and structure those transactions.
Case studies are used to reinforce the concepts, and current market
deals are analyzed to enhance the learning experience.
ENTREPRENEURSHIP COURSE.
FN 8414 Modern Financial Analysis and Valuation Techniques
This course teaches how the ?nancial services industry applies valuation
techniques in actual deals. Students learn to appreciate the context
of the transaction and the current market conditions, as well as the “art”
and “science” of valuation analytics.
PREREQUISITE: FN 7421.
ENTREPRENEURSHIP COURSE.
FN 8415 Financial Markets (Concepts, Methods and Trading in Action)
This course provides a real-life, hands-on experience of ?nancial
market activity and its impact on the broader economy. Throughout the
course, students participate in a trading game to assess and manage
real-world factors, such as counterparty risk, liquidity, leverage, etc. They
also learn the impact of various policy issues on the markets and thus
the economy (e.g., the impact of limiting foreclosures), some of the
mathematics behind the markets, and the broad spillover effects of
various investor/issuer decisions.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
32
Business Economics Courses
Each course carries three (3) credits unless otherwise indicated.
BE 6220 Managerial Economics (MBA PROGRAM PREREQUISITE)
Examines the microeconomic theory and concepts that strive to explain
economic decisions of businesses in the marketplace. The dominant
issues addressed in this course are the factors of supply and demand
and the relationship of production costs, output and market structures to
pricing. Designed to provide the economic foundation for
management decisions.
PREREQUISITE: DG 6810.
BE 7230 Macroeconomics
Studies the forces and interactions that shape the national economic
environment. These include levels of consumption and savings, tax policy,
government ?scal policy, monetary policy and interest rates, capital
investment and the business cycle. Also addresses the impact of interna-
tional factors on the national economy. The course establishes the
essential role of macroeconomics in corporate and investment planning.
PREREQUISITE: BE 6220.
BE 7240 Money, Credit and Interest Rates
Studies the role of money, credit and interest rates in the ef?cient
and ethical functioning of domestic and global ?nancial markets. This
building-block course assumes a background in macroeconomics and
?nance, and it establishes a foundation for further study in all areas
of ?nance. Topics include: ?ow of funds and interdependency within the
?nancial system; the Federal Reserve System and its role in money
creation; interest rates; the links between interest rates and the growth
of money; and the effects of in?ation and term structure.
PREREQUISITES: BE 7230, FN 6411. ALSO OFFERED AS FN 7441.
ENTREPRENEURSHIP COURSE.
BE 7243 Contemporary Issues in Global Finance
Explores current issues relevant to the global ?nancial system, including
international commercial and investment banking and international
investments. Emphasizes the underlying conditions and fundamental
trends in various sectors of international ?nance.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS FN 7458.
BE 7244 Global Finance
Surveys the structure of the international ?nancial environment. Topics
studied are world trade and the balance of payments, foreign exchange
markets, the long- and short-term determinants of exchange rates and the
major international ?nancial institutions. Explores how the international
community adjusts to ?nancial shocks and the role of the Eurocurrency
markets. A background in macroeconomics is recommended.
PREREQUISITE: FN 6411.
INTERNATIONAL BUSINESS COURSE.
ALSO OFFERED AS FN 7455.
BE 7251 International Trade and Development
The ?rst half of the course focuses on the theories and practices of
world trade. Topics include comparative advantage, the changing trade
competitiveness of nations and protectionism. During the second half,
the focus shifts to developing countries: the process of economic develop-
ment, including the contribution of foreign investment and technology
as well as investment and trade opportunities, policies and regulations.
PREREQUISITE: BE 6220.
INTERNATIONAL BUSINESS COURSE.
GLOBAL SUSTAINABILITY COURSE.
BE 729X Special Topics in Business Economics
These courses are offered periodically to permit faculty and students
to explore a business economics topic of particular interest. The speci?c
topic and prerequisites are announced when the course is offered.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
33
FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
MS I N QUANTI TATI VE FI NANCE
The MS in Quantitative Finance (MSQF) is a full-time program that can
be completed in one year (fall term beginning in September; spring and
summer terms ending in early August). Accounting, economics
and ?nance refresher classes are offered during the summer term before
the regular program begins for those students who need them. Some
students will also take classes in their second fall and spring terms to satisfy
additional prerequisite classes (such as the Introduction to C++ course),
to add breadth to their program or to receive an additional certi?cate
(such as the Certi?cate in Computational Finance). The Certi?cate in
Computational Finance is a joint certi?cate with the Computer Science
Department. It requires two additional classes: (1) Data Mining and (2)
Algorithms and Data Analysis. These classes are offered by the Computer
Science Department.
Students most likely to bene?t from the program will have an under-
graduate degree in mathematics, physics or an engineering ?eld, or will
otherwise be able to demonstrate pro?ciency in mathematics (Multivariate
Calculus, Differential Equations and Linear Algebra knowledge is
desirable). Prior training in economics, accounting, ?nance and computer
programming are also desirable.
MSQF TRADING FLOOR
Students registered in the MSQF Program have access to a state-of –the-
art, 28-seat trading ?oor that simulates the real-world professional’s working
environment in an educational setting. With a Bloomberg terminal, live
data feeds and price quotations from global equities, ?xed income, and
FX markets and wireless internet access, it is the optimal environment
for students to learn the application of sophisticated quantitative models
in ?nance.
PROFESSIONAL OPPORTUNITIES AFTER GRADUATION
Graduates of the MSQF Program will possess skills that re?ect deep
knowledge in the following areas:
• Asset valuation
• Derivative instruments
• Econometric modeling
• Global capital markets
• Large-scale data management
• Portfolio management
• Risk management
• Simulation
• Stochastic modeling
Graduates will also be able to model and value complex securities, design
and implement creative portfolio management strategies, use the
most up-to-date risk management strategies, and perform a broad range
of ?nancial engineering tasks. Prospective employers include the major
investment banks, commercial banks, money managers, hedge funds and
other companies with a need for professionals with strong quantitative
skills and a deep knowledge of ?nance.
For more information, including biographies of our faculty members,
visit www.fordham.edu/msqf, email [email protected], or write Dean
A. Leistikow, PhD, Director, MSQF Program, Fordham Graduate School of
Business Administration, 113 W. 60th St., New York, NY 10023.
PROGRAM PREREQUISITES
QF 8901 Accounting I
QF 8902 Basics of Economics
QF 8903 Basics of Finance
QF 8904 Mathematics for Quantitative Finance
REQUIRED COURSES
QF 8911 Financial Modeling (VBA)
QF 8912 Applied Microeconomics
QF 8913 Global Financial Markets
QF 8914 Basics of Derivatives
QF 8915 Introduction to Stochastic Calculus
QF 8921 Financial Statement Analysis
QF 8922 Finance Theory I
QF 8923 Financial Econometrics I
QF 8924 Equity-Style Derivatives
QF 8925 Simulation Applications
QF 8931 Fixed Income Securities
QF 8933 Financial Econometrics II
QF 8934 Interest Rate Derivatives
QF 8935 Risk Management
QF 8943 Large-Scale Data Modeling
QF 8944 Credit Risk Management
QF 8952 Verbal and Written Communication
QF 8953 Research Seminar I
QF 8954 Research Seminar 2
QF 8946 C++ for Finance
ELECTIVE COURSES (Choose 3)
QF 8932 Equity Portfolio Management
QF 8941 Fixed-Income Portfolio Management
QF 8940 Advanced Derivative Pricing
QF 8942 Finance Theory II
QF 8945 Applied Global Macroeconomics
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FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
34
Quantitative Finance Courses for MSQF
Each course carries two (2) credits unless otherwise indicated.
QF 8901 Accounting I (three credits)
Provides a basic understanding of the preparation and analysis of
corporate ?nancial statements. Introduces Generally Accepted Accounting
Principles (GAAP) and the standard-setting process. Discusses current
issues in the reporting process, such as the bene?ts and problems of the
Sarbanes-Oxley Act.
QF 8902 Basics of Economics (three credits)
Covers both microeconomics and macroeconomics. Microeconomics
topics include theory of demand and the nature of pro?t and utility-
maximizing market equilibrium that constitute the economic basis of
?nance theory and applications. The macroeconomics segment de?nes
the major components of the economy, outlines a simple model of
long-run, real economic behavior with competitive, market-clearing prices,
then establishes a companion model of short-run adjustments without
?exible prices.
QF 8903 Basics of Finance (three credits)
Provides a conceptual framework for decision-making processes in
many diverse areas of ?nance. Concepts including time value of money,
stock and bond valuation, project and ?rm valuations, risk and return
measures, portfolio management, basic CAPM and APT, diversi?cation
and hedging are reviewed. Basic theoretical aspects of corporate ?nance,
such as dividend policy and capital structure, are also introduced.
QF 8904 Mathematics for Quantitative Finance
Reviews the basics of calculus, linear algebra, and statistical analysis in
preparation for advanced courses in the MS program. Topics include
Special functions, Multivariate calculus, Optimization, Integration,
Differential equations ODE, PDE, Linear algebra, Probability theory,
Special distributions like binomial, poisson, normal, lognormal, gamma,
beta, and fat-tailed distributions.
QF 8911 Financial Modeling (VBA)
Provides the foundation for developing skills in the quantitative analysis
of ?nancial decisions, primarily using VBA. Topics include business
planning, forecasting, sensitivity and scenario analyses, risk and return
measures, portfolio analysis, binominal option pricing and Value-at-Risk
(VAR) analysis. Emphasizes practical skills to produce computer models
that are useful for a variety of decision-making purposes.
QF 8912 Applied Microeconomics
Introduces ?nancial theory with a particular emphasis on portfolio choice
and the fundamentals of asset pricing. Focuses on both the partial
equilibrium theory (CAPM), and the general equilibrium theory (Arrow-
Debrew Pricing Theory) with brief introductions on the arbitrage-based
theories. Introduces the basics of asymmetric information and how the
problems it imposes can be mitigated via security design.
QF 8913 Global Financial Markets
Examines the institutional details of different ?nancial instruments
in diverse global market settings. Explores domestic and international
equity markets, including ADRs, international debt markets (short-term,
long-term and Euro-markets). Also describes forward markets (FX rate),
futures markets (commodity and ?nancial instruments), options
markets (Equity and FX rate) and swap markets (interest rate and
currency swaps).
QF 8914 Basics of Derivatives
Introduces deferred delivery (i.e., exchange-traded futures and OTC-
traded forward) markets and option markets. The course covers the
following: (1) brie?y examines the institutional features of these markets;
(2) discusses hedger, arbitrageur and speculator strategies; (3) provides
an analytical foundation for the pricing of these contracts; (4) reviews
some of the available empirical evidence concerning these markets;
(5) accesses data regarding these markets; and (6) uses the data to
perform small-scale suggestive tests of the theories and strategies.
QF 8915 Introduction to Stochastic Calculus
Focuses on the practical applications of stochastic differential equations
subject to appropriate boundary conditions, solving valuation problems,
and using measure-transformations as required in advanced ?nancial
engineering practice to value assets within a risk-neutral framework. Builds
a theoretical foundation for continuous-time models that are essential
for the pricing and hedging of ?nancial derivatives.
QF 8921 Financial Statement Analysis
Introduces the tools and framework necessary to effectively integrate
information in ?nancial statements into a comprehensive assessment
of the ?rm. Develops ?nancial modeling skills, improves communi-
cation of ?nancial analysis and identi?es data issues in the analysis of
?nancial statements, along with possible solutions. Provides an
understanding of the impact of alternative accounting methods on the
analysis of ?nancial statements and relates this concept to the issue
of “accounting quality.”
QF 8922 Finance Theory I
Building upon Applied Microeconomics (QF 8912), this course
emphasizes an understanding of the theories of Discrete-Time Asset
Pricing; studies the applications of the theory of stock options to
real options and complex corporate liabilities; and explores the basic
foundation of the GMM tests of asset-pricing theories.
QF 8923 Financial Econometrics I
Covers estimation of parametric and non-parametric techniques
commonly used in ?nance, applying high-frequency ?nancial databases.
Discusses properties of ?nancial data, linear time-series data analysis,
basic theory of statistical inference with linear models, general linear
models, conditional Heteroskedasticity models, nonlinear models
and Bayesian inference and estimation.
QF 8924 Equity-Style Derivatives
Designed to complement and extend the topics discussed in Basics of
Derivatives (QF 8914), this course includes all types of derivatives where
a commodity, equity or currency is the underlying asset. Hull’s software
and a Bloomberg/Reuters terminal are used for pricing options and
gathering data. The data to perform small-scale suggestive tests of the
theories and strategies is used.
QF 8925 Simulation Applications
Introduces state-of-the-art computational techniques essential for
implementing ?nancial models, pricing derivatives, obtaining numerical
solutions to estimation problems and simulating stochastic systems in risk
management. Provides conceptual framework for gaining experience on
simulation design and implementation using MATLAB. This course builds
a skill set that combines ?nancial modeling, data analysis and computation.
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FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
QF 8931 Fixed-Income Securities
Introduces ?xed-income securities, basic ?xed-income concepts, the
different sectors of the ?xed-income market and basic bond mathematics.
Studies quantitative ?xed-income analysis and its use in valuing bonds
and quantifying risk-return characteristics. Involves extensive training
in the mathematical formulation of bond valuation problems and in the
use of the existing models and software to solve these problems.
QF 8932 Equity Portfolio Management
Introduce the basic concepts of equity portfolio management, including
constructing optimal portfolios, evaluating portfolio performance,
passive and active performance strategies and portfolio risk management.
Involves extensive training in portfolio optimization software.
QF 8933 Financial Econometrics II
Introduces modern ?nancial econometric techniques with a special focus
on applications to ?nance. Both the theoretical framework for making
statistical inference and exemplary applications using real data in modern
?nance are emphasized. The course involves extensive use of commercial
software packages as well as implementing new ?nancial econometric
techniques using high-level programming language, such as MATLAB.
QF 8934 Interest Rate Derivatives
Studies continuous time no-arbitrage models of yield curves and pricing
of ?xed-income securities and derivatives. In particular, treasury bonds
as well as more complicated instruments, such as options on bonds,
interest rate swaps, option on interest rate swaps, caps, ?oors and
Mortgage Backed Securities are priced and analyzed.
QF 8935 Risk Management
Builds strong understanding of the risks of individual products and
methods of hedging and/or replicating those products. Also examines
?rm-wide risk issues from a ?nancial perspective which requires aggrega-
tion of multiple positions and consideration of interrelationships among
asset price ?uctuations. Regulatory and other non-market risk issues
are considered and simulation techniques for modeling risk are practiced.
QF 8940 Advanced Derivative Pricing
This course is a prerequisite to the Finance Theory II course. It covers
advanced option pricing.
QF 8941 Fixed-Income Portfolio Management
Introduces basic concepts and techniques of ?xed-income portfolio
management, including designing portfolio strategies, measuring portfolio
performance, indexing, portfolio immunization techniques and hedging
risks. Emphasizes the practical application of modern techniques to
optimize portfolio performance. Involves extensive training in the use of
?xed-income portfolio management software.
QF 8942 Finance Theory II
This course builds upon Financial Theory I (QF 8922) and examines
cross-sectional and time-series properties of asset returns. Offers an
in-depth statistical review of several theoretical models of inter-temporal
asset pricing. Microstructure effects on short-term asset returns as well
as test of returns predictability are covered.
QF 8943 Large-Scale Data Modeling
Explores ?nancial modeling topics using large data sets and various
econometric techniques applied in a variety of ?nancial problems.
Topics include modeling the yield curve in the U.S. and other countries,
application of pattern recognition techniques in developing stock-rating
systems, factor models in portfolio construction and portfolio performance
evaluation. Emphasis on project analysis using SAS to process large
data sets and develop appropriate models for solving real problems in
equity and ?xed-income research.
QF 8944 Credit Risk Management
Introduces modern credit risk models with particular focus on credit
derivative instruments. Focuses on derivative markets methods,
rather than accounting analyses of business risks. Exposes students
to institutional practices and commonly used data. Students will be
expected to thoroughly understand professional software output, along
with the risks and rewards of credit product strategies.
QF 8945 Applied Global Macroeconomics
Focuses on both the theory and the applications of macroeconomics
particularly to ?nancial markets in a global context. Familiarizes the
student with macroeconomic data and develops models that can be used
to interpret these data. Illustrates different models via analyses of both
historical economic data and the ongoing stream of current data. Provides
practical econometric training in the analysis of macroeconomic data.
Open-economy macroeconomics and ?nance and the analysis of how the
Federal Reserve and other central banks conduct monetary policy are
areas of special emphasis.
QF 8946 C++ for Finance (3 credits)
This course uses C++ to solve Finance problems. Two types of students
will take this course. One is the student with a strong computer
programming background (perhaps an engineering undergraduate), who
has not taken C++ or applied it to ?nance problems. The other may
have been a ?nance undergraduate student who has little computer
programming experience before entering the MSQF Program. This student
must take the spring Introduction to C++ course offered by the
Computer Science Department as a prerequisite to taking this course in
their second fall term.
QF 8951 Internship Project (six credits)
A professional project report and presentation are the ?nal outputs of
this course. Students complete these projects under the supervision
of a faculty member. Both individual and group projects are possible.
The internship projects are available on a competitive basis. In lieu of
a internship project, the student can take an extra six elective credits.
QF 8952 Verbal and Written Communication (three credits)
Covers the basics of professional speaking and writing. Develops oral
and written presentation skills essential for successful careers. Coordi-
nated with summer term internship to give students the opportunity to
apply their new communication skills in a business setting.
QF 8953 Research Seminar I (1 credit)
This fall course features a series of lecturers from the ?nance industry who
discuss research projects that their companies are working on.
QF 8954 Research Seminar 2 (1 credit)
This spring course features a series of lecturers from the ?nance industry
who discuss research projects that their companies are working on.
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FORDHAM UNIVERSITY GRADUATE SCHOOL OF BUSINESS ADMINISTRATION
36
MS I N GLOBAL FI NANCE
The MSGF is a 30-credit program. It is offered in two different streams:
part-time and full-time. The part-time stream is in collaboration with
reputable foreign universities and the faculty is drawn from Fordham and
its collaborating partner institutions. Part-time MSGF students spend three
weeks in New York, and get an opportunity to visit institutions such as
Nasdaq, New York Fed, NYSE and Bloomberg. Senior executives
from leading New York banks and ?nancial institutions participate in the
program as guest speakers. The full-time MSGF stream is a one-year
cohort program starting in the Fall semester every year. Students in the
full-time program will ?nish eight required courses in the Fall and Spring
semesters, then join the part-time students in the Summer term.
For more information, contact Ren Raw Chen, PhD, Director, MS in Global
Finance Program.
REQUIRED COURSES
The following four courses leverage upon MBA or MSQF courses:
GF 6002 Business Statistics
GF 6001 Principles of Modern Finance
GF 6003 Managerial Economics
GF 6004 Financial Statement Analysis
The remaining six courses are either MBA, MSQF or MSGF courses.
GF 7001 Global Financial Markets
This course provides a comprehensive overview to the workings of the
global ?nancial markets, the functions and goals of the key ?nancial
institutions, and the role played by central banks and regulatory agencies.
It will cover international money markets, international equity
markets, the foreign exchange market, forward markets for commodities
and ?nancial instruments, bond markets and derivative markets.
PREREQUISITE: GB 6001, GB 6003.
GF 7002 Contemporary Issues in Global Finance
This course explores current issues relevant to the global ?nancial system,
including international commercial and investment banking and
international investments. Emphasizes the underlying conditions and
fundamental trends in various sectors of international ?nance. An
important part of the course focuses on the 2007-09 global ?nancial crisis,
as well as the changes in the global ?nancial markets as a result of
the crisis.
PREREQUISITE: GB 6001, GB 6004.
GF 7006 Raising Capital and Investing in Global Financial Markets
The course discusses the strategies in the going public decision and the
relevant IPO process. Discusses the strategies and process of corporate
restructuring and investing decisions such as mergers and acquisitions,
corporate diversi?cation, spin-offs, carve-outs, asset sell-offs, tracking
stock, exchange offers and debt restructuring. Finally, it will also
provide international comparisons on both the IPO market and corporate
restructuring choices.
PREREQUISITE: GB 6001, GB 6004.
GF 7004 Global Equity Portfolio Management
The course provides a comprehensive overview of equity portfolio
management in theory and practice. Examines portfolio objectives and
links them to appropriate investment strategies. Covers pricing of
equities, the asset-allocation decision, return enhancement/risk control
techniques, performance evaluation, as well as the recent changes
in international fund management. Analyzes international investment
strategy and the relative merits of various approaches.
PREREQUISITE: GB 6001, GB 6002.
GF 7005 Global Corporate Governance
This course examines how modern publicly traded corporations are
governed in the global markets. Discusses the roles of the board of
directors, corporate management, institutional investors, and the other
shareholders. Discusses the effects of the recent legislation and the
?nancial market development on corporate governance. Provides
international comparisons of corporate governance structures and the
issues arising in contests for corporate control.
PREREQUISITE: GB 6001, GB 6004.
GF 7006 Global Risk Management
This course covers market risk and volatility, calculation of VaR (Value at
Risk), Monte Carlo Simulation, credit risk and use of credit derivatives,
operational risk, counterparty risk, and other topics. Discusses risk
regulations, including Basel II, recent developments in Basel III, and recent
regulations on the banking industry in the U.S..
PREREQUISITE: GB 6001, GB 6002.
FI NANCE AND BUSI NESS ECONOMI CS COURSE LISTINGS
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