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Suliman S. Olayan School of Business
 
Program Overview- Masters in Finance

The MF program can be completed in a 14 month period by students with non-business backgrounds. A minimum of one calendar year of residence is required for graduation for students with business backgrounds.

In order to fulfill the MF graduation requirements, a student must complete the following on a full -time basis as tabulated below. No project will be required

 Course Type Credit Hours(Minimum) 
 Core  21
 Electives  9
 Total Number of Credits Required for Graduation  30

Program Delivery

The MF can be completed in three semesters (one year) in accordance with the recommended time frame suggested below for students enrolled in the program on a full-time basis.

Course Title

Normal (Cr.)

Core/Elective/

Remedial

Summer Semester (Required for Non-BBA Holders)

Preterm Course:  Financial Accounting/Basics of Finance

3

remedial

Preterm Course:  Quantitative Analysis /Economics

3

remedial

Fall Semester

MFIN 301:  Financial Statement Analysis

3

core

MFIN 302:  Security Analysis

3

core

MFIN 303:  Structured Finance

3

core

MFIN 304:  Equity Evaluation 

3

core

Spring Semester

MFIN 305:  Quantitative Methods of Finance  

3

core

MFIN 306:  Portfolio Management

3

core

MFIN 307:  Financial Strategy

3

core

Students to select 1 of 3 electives (below)

 

 

Summer Semester

Students to select 2 of 3 electives (below)

3 

MFIN 351: Fixed Income Securities

3

elective

MFIN 352: Islamic Finance

3

elective

MFIN 353: Risk Management in Financial Institutions

elective

MFIN 354: Entrepreneurial Finance

3

elective

MFIN 355: Private Equity

3

elective

MFIN 356: Financial Markets in the Middle East Region

3

elective

MFIN357: Energy Finance

3

elective

Total Credits

30

 

 (1)     Equivalent courses that can be taken at the Engineering Management department are:

a.       ENMG624 Financial Engineering I as a substitute for the core course MFIN 306 Portfolio Management

b.       ENMG625 Financial Engineering II as a substitute for the elective MFIN 353 Risk Management.

(2)     Equivalent courses that can be taken at the Financial Economics department are:

a.       ECON 340 Financial Economics I as a substitute for the core course MFIN 302 Security Analysis, and

b.       ECON 343 Econometrics of Financial Markets as a substitute for the Elective MFIN 358 Financial Econometrics.

The Curriculum

The graduate program consists of 7 core courses and 3 electives spanning the various areas of corporate financial management, risk analysis and management, investments and portfolio theory, quantitative     finance.

 The core courses are in the general area of:

  1. MFIN 301: Financial Statement Analysis
  2. MFIN 302: Security Analysis 
  3. MFIN 303: Structured Finance
  4. MFIN 304: Equity Valuation
  5. MFIN 305: Quantitative Methods of Finance
  6. MFIN 306: Portfolio Management
  7. MFIN 307: Financial Strategy

 Three elective courses may be chosen from the following list of courses:

  • MFIN 351: Fixed Income Securities
  • MFIN 352: Islamic Finance
  • MFIN 353:Risk  Management  in Financial Institutions
  • MFIN 354:Entrepreneurial Finance 
  • MFIN 355: Private Equity
  • MFIN 356:  Financial Markets in the Middle East Region
  • MFIN357: Energy Finance

Students not having an undergraduate degree in business will be required to take, prior to enrolling in the MF program, at least two pre-requisite/remedial courses of 3 credits each:

  • Financial Accounting/Basics of Finance
  • Quantitative Analysis/Economics

 As mentioned previously, these students can complete the program in 14 months.

 

MFIN Courses

1.Remedial Courses

 Financial Accounting (1.5 credits)                                                                       

This course provides a brief overview of the accounting cycle. It first includes a discussion of the financial statements a large diversified international company. Next, it briefly discusses the accounting standards in the U.S. and at the international level. This is followed by an analysis of the accounting framework including the objectives behind financial reporting, the main users of financial statements, the elements of the financial statements, in addition to the assumptions, principles, and constraints that apply when reporting the financial position of a firm. The last section of the course covers issues related to the accounting cycle including recording business transactions, preparing trial balance and financial statements, to conclude with closing entries.

Basics of Finance (1.5 credits)                                                                                  

This course is an introduction to business finance (corporate financial management and investments). Participants develop a toolkit to analyze financial decisions based on principles of modern financial theory. The course introduces concepts such as discounted cash flow, corporate capital budgeting and corporate financial policy.

Quantitative Analysis / Economics (3 credits)                                               

This is a foundation course that covers the essential tools from quantitative analysis and economic theory required for investment analysis. In the first part of the course, topics covered include probability distributions, sampling and estimation and hypothesis testing. The latter part of course gives an overview of the essentials of micro and macroeconomic theory, such as elasticity, market structure, aggregate supply and demand and monetary policy.

  

2.Core Courses

 .

 MFIN 301  Financial Statement Analysis (3 credits)                                  

Integrates contemporary corporate financial reporting issues with financial analysis, interpretation, and performance evaluation using a case approach. It presents an in-depth discussion of factors affecting analysis of business organizations and business strategy issues, and explores measurement of items on financial statements, disclosures, standard setting issues, financial reporting internationally, financial reporting implications, and investment evaluation.

 MFIN 302  Security Analysis (3 credits)                                                      

Provides institutional elements of capital markets, mechanisms of securities trading; analytical techniques for evaluating investment management. This course also puts emphasis on the behavior of security prices, efficient diversification, techniques for measuring performance of securities and portfolios, security valuation, and portfolio selection.

MFIN 303 Structured Finance (3 credits)                                                 

Covers forwards, options and futures. At the end of the course, students will gain an understanding of the mechanics of derivatives (contingent claims) markets and how derivative products are used and priced. Students will also be introduced to continuous-time financial models and their uses in modeling and valuing contingent claims.      

MFIN 304 Equity Valuation (3 credits)                                                      

Provides students with a deep understanding of the relevant issues that financial analysts, firms, and investors must deal with when valuing a firm. Topics to be covered will include the role of valuation, discounted cash flow valuation, understanding the basic of financial statements, the basic of risk analysis, cost of capital, comparative analysis, valuing private firms, and other related topics

MFIN 305  Quantitative Methods of Finance (3 credits)                            

This course introduces students to the basics of quantitative methods, providing many basic tools used in the investment decision-making. Statistical analysis is covered in depth

MFIN 306 Portfolio Management (3 credits)                                         

This course will be divided into two parts: security analysis and portfolio management. The first half of this course deals with capital markets; fixed-income securities and equity valuation models. Areas such as Capital-Asset Pricing Model, Arbitrage Pricing Theory, and Market Efficiency are covered. The second part examines the role of strategic asset allocation in relation to systematic risk. Issues like capital allocation and optimal risky portfolios are explored in the framework of the macroeconomic conditions, exogenous shocks, forecasting, and business cycle dynamics. Then the process of portfolio management is studied; evaluating portfolio performance, the theory of active portfolio management, and global investment performance standards are among the issues to be discussed.

 MFIN 307  Financial Strategy (3 credits)                                                              

Provides students with the conceptual framework necessary to appreciate and understand the problems facing the financial manager. Readings, case analysis, and problem sets focus on the basic tools used by financial analysts and financial decision makers. This course is devoted to the two basic financial questions that all companies face: (1) where should funds be invested (i.e., investment decisions)? and (2) from where should funds be obtained (i.e., financing decisions)?

3.Elective Courses

MFIN 351  Fixed Income Securities (3 credits)                                            

Provides an in-depth analysis of the concepts that are most often encountered in the global market for fixed income securities. The goal of the course is to develop a theoretical and mathematical approach to valuation that will be useful in a wide range of financial applications as it will develop the set of tools required to evaluate virtually any fixed income instrument.

MFIN 352 Islamic Finance (3 credits)                                                          

This course introduces the concept of interest-free transactions, commonly called Islamic Finance, where students acquire hands-on knowledge of the Islamic law of contracts, Islamic finance applications and Islamic financial instruments. The course prepares the student to the Islamic banking practice by introducing hand-on concepts, methodologies, structures and cash flow for all Islamic financial instruments in the market: trade financing, equity financing, fixed income and debt instruments and derivatives.

MFIN 353  Risk  Management  in Financial Institutions(3 credits)          

Presents students with an array of credit risk models that are used by modern financial institutions. The course is mainly divided into two parts: measuring risk and managing risk. Students will learn various techniques in measuring and valuing risks in the realm of recent development in securitization, off-balance-sheet banking, and international banking. The course also provides a thorough discussion on credit derivatives as the most powerful tools available for managing risk. Credit Default Swaps (CDSs) and

Collateralized Debt Obligations (CDOs) are analyzed in the context of the credit crisis of 2007.

MFIN 354 Entrepreneurial Finance (3 credits)                                                   

Seeks to understand  the various stages the entrepreneur deals with from conceptual idea, to startup to harvest. The strategies and incentives of the various players and how they maneuver through the business cycle are examined. The course will go in depth in identifying financing needs, structuring multi-staged financings, understanding business models, assessing financial performance, and valuing entrepreneurial ventures. From the investor’s viewpoint, the course is designed to help managers make better investment and financing decisions in entrepreneurial settings. From the perspective of the entrepreneur, it will examine financial forecasting and planning, financial management of rapidly growing businesses, start-up ventures, developing business plans, aspects of deal negotiation, company valuation, evaluation of alternative sources of financing, venture capital, initial public offering, the decision to harvest, and, finally, gain realization.

MFIN 355 Private Equity

This course is designed to provide students with an overall understanding of the private equity industry as well as the necessary theoretical and conceptual tools used in private equity deals from entry to exit. The course will also cover the role of private equity in the corporate governance of portfolio companies

 MFIN 356 Capital Markets and Institutions in the Middle East Region

This course provides an in depth analysis of Capital Markets and Investment Banking in the Middle East Region. It discusses issues related to bond and stock markets as well as mutual  funds, risk management and investment banking in the region. This course draws a special attention to financial and regulatory issues impacting the Middle East markets and the process of financial deepening.

MFIN 359 Financial Econometrics (3 credits)                                             

Introduces graduates to recent research in empirical finance. The course will equip students with quantitative and econometric tools allowing them to model and forecast asset returns and volatility. Topics covered include stochastic processes and their use in empirical finance, the properties of asset returns, tests of the random walk hypothesis, volatility modeling, the econometrics of options and futures markets as well as some elements of forecasting.

MFIN 360 International Finance (3 credits)                                              

This course provides an analysis of the opportunities, problems, and financial decisions confronting multinational companies. The focus of this course is on understanding and using case studies to apply concepts related to the international regulatory and environment differences, access to money and capital markets, use of derivatives to hedge exchange rate risk, exposure to political risk and other types of risk, and international diversification.

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