Finance
Office: Daniels College of Business, Room 555
Mail Code: Daniels College of Business, Room 555, 2101 S. University Blvd., Denver, CO 80208
Phone Number: 303-871-3322
Web Site: https://daniels.du.edu/finance/
Master of Science in Applied Quantitative Finance
In the Master's in Applied Quantitative Finance program, you'll study leading-edge theories, models and applications across the major areas of finance. Take advantage of our quarter system to tailor your coursework as well as your internships. Develop your finance leadership and communication skills by participating in a variety of case studies and competitions, as well as hands-on money management. When you graduate, you'll be both a creator of finance knowledge and a disseminator who can grow to lead a finance enterprise.
The Master of Science in Applied Quantitative Finance is a STEM (Science, Technology, Engineering and Math) degree according to the Department of Homeland Security (DHS). The DHS expanded list includes designated degrees that qualify for up to 17 months Optional Practical Training (OPT) Extension for F-1 Nonimmigrant Students.
Daniels has been continuously accredited by the Association to Advance Collegiate Schools of Business International (AACSB) since 1923.
Master of science in Applied Quantitative Finance
Application Deadlines
- Fall 2018 Priority 1 Deadline: November 1, 2017
- Fall 2018 Priority 2 Deadline: January 15, 2018
- Fall 2018 Priority 3 Deadline: March 15, 2018
- Fall 2018 Priority 4 Deadline: May 1, 2018
- Fall 2018 Final Submission Deadline: August 1, 2018
- Spring 2019 Priority 1 Deadline: October 1, 2018
- Spring 2019 Priority 2 Deadline: December 1, 2018
- Spring 2019 Priority 3 Deadline: January 15, 2019
- Spring 2019 Final Submission Deadline: February 15, 2019
Admission Requirements
- Online admission application
- $100 Application Fee
- University Minimum Degree and GPA Requirements
- Transcripts: One official transcript from each post-secondary institution.
- GRE: The GMAT or GRE is required. Scores must be received directly from the appropriate testing agency by the deadline. The GMAT code number for the Applied Quantitative Finance program is MZR-GT-04. The GRE code number is 4842. The admissions committee will consider GMAT or GRE waiver requests from candidates who meet one of the following standards (on a case-by-case basis):
- Received an accredited master's degree in a related field.
- More than 84 months of related professional experience.
- DU students that meet the provisions for the Masters Accelerated Admissions Process.
- Essay: Two required and one optional essay. Essays are assessed for clarity, organization, conciseness and grammar. The essays should communicate what the candidate hopes to achieve at Daniels and in the future and how he/she will contribute to the Daniels community.
- Required: Briefly discuss your career objectives post-graduate school. How will your professional experience, combined with our degree program, help you to achieve these goals? What are your alternative career paths? (350 words)
- Required: Respond to one of the following prompts (250 words):
- My favorite memory is...
- I’m most afraid of…
- My greatest challenge has been…
- I’m most proud of…
- Optional: Is there anything else that we should know as we evaluate your application? If you feel your credentials and essays represent you fairly, please don’t feel obligated to submit another essay. (250 words).
- Résumé: Submit a professional résumé that demonstrates the scope of professional experience and educational achievements. Utilize our résumé guidelines for assistance.
- Other Requirements: Applicants may be contacted by a Daniels representative to schedule the admissions interview, which will be conducted on campus or via webcam.
Additional Standards for Non-Native English Speakers
Official scores from the Test of English as a Foreign Language (TOEFL), International English Language Testing System (IELTS) or Cambridge English: Advanced (CAE) are required of all graduate applicants, regardless of citizenship status, whose native language is not English or who have been educated in countries where English is not the native language. The minimum TOEFL/IELTS/CAE test score requirements for the degree program are:
- Minimum TOEFL Score (paper-based test): 575
- Minimum TOEFL Score (internet-based test): 94 (No less than a 20 on any section)
- Minimum IELTS Score: 7.0 (No less than a 6.0 on any section)
- Minimum CAE Score: 185 (No less than a 170 on any section)
- English Conditional Admission Offered: No, this program does not offer English Conditional Admission.
Read the English Language Proficiency policy for more details.
Read the English Conditional Admission (ECA) policy for more details.
Read the Required Tests for GTA Eligibility policy for more details.
Additional Standards for International Applicants
Per Student & Exchange Visitor Program (SEVP) regulation, international applicants must meet all standards for admission before an I-20 or DS-2019 is issued, [per U.S. Federal Register: 8 CFR § 214.3(k)] or is academically eligible for admission and is admitted [per 22 C.F.R. §62]. Read the Additional Standards For International Applicants policy for more details.
Financial Aid
There are many different options available to finance your education. Most University of Denver graduate students are granted some type of financial support. Our Office of Financial Aid is committed to helping you explore your options.
Master of Science in Applied Quantitative Finance
Degree Requirements
Coursework Requirements
Code | Title | Credits |
---|---|---|
Prerequisite Courses 1 | ||
ACTG 4610 | Financial Accounting and Reporting | 4 |
FIN 4630 | Managerial Finance | 4 |
FIN 4170 | Quantitative Methods in Finance | 4 |
Finance Core Courses | ||
Total Core requirements: 29 | ||
FIN 4000 | Financial Modeling and Databases Bootcamp | 1 |
FIN 4500 | Financial Modeling | 4 |
FIN 4200 | Financial Investments and Markets | 4 |
FIN 4410 | Financial Planning & Analysis | 4 |
FIN 4830 | Econometrics for Finance | 4 |
FIN 4180 | Global Finance | 2 |
FIN 4110 | Ethics in Finance | 4 |
INFO 4140 | Business Databases | 4 |
Students can take either FIN 4740 or FIN 4750 | 2 | |
Managerial Microeconomics | ||
Managerial Macroeconomics | ||
Elective requirements | ||
16 credits required in 4000 level FIN courses, including: | 16 | |
Investments Track | ||
Derivatives | ||
Quantitative Methods in Stock Selection | ||
Financial Risk Management Strategies | ||
Security Analysis and Valuation | ||
Portfolio Management and Risk Analytics | ||
Marsico Investment Fund I | ||
Marsico Investment Fund II | ||
Marsico Investment Fund III | ||
Fixed Income Analysis | ||
Topics in Finance (varies) | ||
Topics - Int'l Monetary Economics & Finance | ||
Topics - Finance Capitals (Travel Course) | ||
An Organized Walk Down Wall Street | ||
Finance Internship (varies) | ||
Independent Study (varies) | ||
Corporate Track | ||
Financial Actg & Analysis | ||
Enterprise Risk Management | ||
Treasury Management | ||
Capital Expenditure Analysis | ||
Strategic Finance | ||
Advanced Business Valuation | ||
Investment Banking and External Financing | ||
Topics in Finance | ||
An Organized Walk Down Wall Street | ||
Finance Internship | ||
Independent Study | ||
Investment Banking Track | ||
Financial Actg & Analysis | ||
Investment Banking and External Financing | ||
Advanced Business Valuation | ||
Strategic Finance | ||
Security Analysis and Valuation | ||
Topics in Finance | ||
An Organized Walk Down Wall Street | ||
Finance Internship | ||
Independent Study | ||
Total Credits | 45-57 |
1 | Students may demonstrate competency in the three prerequisite courses in the following manner:
|
Courses
FIN 4000 Financial Modeling and Databases Bootcamp (1 Credit)
This bootcamp is designed to equip students with a firm foundation in financial modeling as well as acquire an adequate command of Excel functionality and efficiency. This course also serves as an introduction to financial databases, mainly centered on the Capital IQ platform, which the student will be using throughout his or her academic and professional career. Topics covered include: Excel modeling best practices, keyboard shortcuts and common functions, financial datasets, and practical modeling applications in finance.
FIN 4110 Ethics in Finance (4 Credits)
This second course in the Compass is specifically designed for the Master of Science Finance (MSF) curriculum and focuses on the ethical, professional, social, and legal responsibilities of finance professionals, organizations and markets. Financial institutions are facing a crisis of confidence. Trust is an essential ingredient to maintaining efficient and effective financial markets. The finance industry has acquired a reputation for unethical and unsavory activity and has lost the trust of much of society. Many financial professionals believe they are encouraged and rewarded for engaging in unethical activity. We discuss the ethical issues facing financial institutions and professionals and explore solutions for resolving these issues and restoring trust.
FIN 4150 Advanced Business Valuation (4 Credits)
The objective of this course is to present advanced valuation techniques to deepen students' understanding and enhance their knowledge of valuation theory and practical application.
FIN 4160 Treasury Management (4 Credits)
The objective of the course is to provide students with a comprehensive understanding of how various treasury functions are managed in a corporation and build students' capabilities to assume the role of a proficient treasury manager.
FIN 4170 Quantitative Methods in Finance (4 Credits)
This course introduces students to the mathematical and statistical methods needed in order to succeed in the quantitative discipline of modern finance. Topics include differential calculus, optimization techniques, linear algebra, probability, and statistical methods. Data analysis software is used when appropriate to facilitate the analysis. Emphasis is on applications, analytic reasoning, and proper interpretation of results.
FIN 4180 Global Finance (2 Credits)
This course explores financial management in the international arena. Principal content elements include: The market for foreign exchange, interest rate parity, hedging currency risk, international portfolio management. Upon completion of this course, students should be able to accomplish the following objectives: Explain the determinants of foreign exchange rates; Explain and identify the financial difficulties and opportunities faced by corporations when operating internationally; Apply forwards and options for hedging currency risk; Identify the determinants of the expected returns on international investments; Discuss current issues in international finance. Prerequisites: FIN 4630.
FIN 4200 Financial Investments and Markets (4 Credits)
Introduction to financial markets, securities, instruments, and other factors that determine the financial environment. Prerequisites: STAT 4610 or FIN 4170 or (MBA 4160 and MBA 4360) or (MBA 4280 and MBA 4285). Co-requisites: MBA 4630 and FIN 4630.
FIN 4201 MS Management Managerial Finance (2 Credits)
FIN 4201 introduces concepts and analytical techniques to identify and solve financial management problems. The focus on Performance Metrics (Ratios and Du Pont Analysis), Time Value of Money and Opportunity Costs, and Project Analysis prepares managers to operate in an environment that can at times be driven by the financial performance of the company.
FIN 4320 Security Analysis and Valuation (4 Credits)
Examination of statistical and theoretical foundation for determination of market prices and market returns. Includes theoretical implications for investment management of options, futures, stocks and bonds. Prerequisite: FIN 4200.
FIN 4330 Portfolio Management and Risk Analytics (4 Credits)
Case and project approach to foundation of investment portfolio management. Prerequisite: FIN 4200.
FIN 4410 Financial Planning & Analysis (4 Credits)
Advanced course in financial planning and decision-making focusing on capital structure, working capital management, long-range and short-term financial planning, and mergers. Prerequisite: MBA 4112.
FIN 4420 Capital Expenditure Analysis (4 Credits)
Advanced course in capital budgeting examining capital allocation processes and procedures and the theory and applied techniques of capital spending and divestment under conditions of certainty and uncertainty. Related issues of cost of capital and leasing also included. Prerequisite: FIN 4630.
FIN 4500 Financial Modeling (4 Credits)
Use of erect functions and macros to construct financial models from corporate finance, investments and financial markets. Prerequisites: FIN 4170.
FIN 4610 Multinational Financial Management (4 Credits)
Financial analysis of multinational corporation operating in international markets, including exchange rates, international instruments, markets, institutions and futures. Prerequisite: MBA 4112.
FIN 4620 Financial Forecasting (4 Credits)
FIN 4630 Managerial Finance (4 Credits)
Analytical skills and tools of finances; theoretical concepts and practical applications. Topics include ratio analysis, breakeven analysis and leverage, securities valuation, capital budgeting, financial forecasting, and working capital management.
FIN 4700 Topics in Finance (4 Credits)
Topics vary each quarter. Course may be taken more than once if topics are different.
FIN 4701 Topics in Finance (1-10 Credits)
Topics vary. For new/experimental courses taught within the Reiman School of Finance.
FIN 4710 Marsico Investment Fund I (4 Credits)
A securities analysis and portfolio management practicum in which students manage a University endowment gift donated by Tom and Cydney Marsico. Prerequisite: Permission of instructor. (First part of two-quarter course.).
FIN 4720 Marsico Investment Fund II (4 Credits)
A securities analysis and portfolio management practicum in which students manage a University endowment gift donated by Tom and Cydney Marsico. Prerequisite: FIN 4710. (Second part of two-quarter course.).
FIN 4730 Marsico Investment Fund III (4 Credits)
This course is an elective course that is the third in the series of classes involving the Graduate investment fund class: Marsico Investment Fund I & II. This course allows students to apply the investment, security analysis, and portfolio management tools and techniques that they have learned in their Finance classes. The students manage an actual portfolio, a portion of the University's endowment originally gifted by Tom and Cydney Marsico. The selection of students for this class is competitive. Students must agree to participate for 2 consecutive quarters, and they must be willing to address portfolio issues during the between-quarter periods if necessary. Because the course involves the application of tools and concepts learned in other classes, the best time to take the course is in the last year of a student's program. Prerequisites: FIN 4710 and FIN 4720.
FIN 4740 Managerial Microeconomics (2 Credits)
This course combines the standard tools of microeconomic analysis with a well-rounded appreciation of the important perspectives that form the business environment in the contemporary world. The goal is to provide students with the tools from microeconomics, game theory, and industrial organization that they need to make sound managerial decisions. The course uses case studies to develop practical insights into managing the firm's resources to achieve competitive advantage. The course is divided into two principle modules based on market structure: perfect competition and imperfect competition. Both modules cover optimal behavior and strategies.
FIN 4750 Managerial Macroeconomics (2 Credits)
This course covers the theory and practice of modern macroeconomics. It teaches students how private market forces and government policy decisions drive fluctuations in the global economy and affect the business environment. It explores issues related to inflation, interest rates, foreign exchange rate, business cycles, and monetary and fiscal policies. The course uses case studies to analyze real-life macroeconomic issues, and students are encouraged to investigate the potential and limitations of macroeconomic theory with real-world problems. The course is divided into two principle modules: the economy in the long run, and the economy in the short run. Both modules cover impacts of government policies on the business environment in a closed economy and an open economy.
FIN 4760 Managerial Economics (4 Credits)
The first half of this course meshes the standard tools of microeconomic analysis with a well-rounded appreciation of the important perspectives that form the business environment in the contemporary world. The goal is to provide students with the tools from microeconomics, game theory, and industrial organization that they need to make sound managerial decisions. Case studies will be used to develop practical insights into managing the firm’s resources to achieve a competitive advantage. The second half of this course covers the theory and practice of modern macroeconomics. It teaches students how private market forces and government policy decisions drive fluctuations in the domestic and global economies and affect the business environment. It explores issues related to inflation, interest rates, foreign exchange rates, business cycles, and monetary and fiscal policies. Case studies will be used to analyze real-life macroeconomic issues, and students are encouraged to investigate the potential and limitations of microeconomic theory with real-world problems.
FIN 4800 An Organized Walk Down Wall Street (4 Credits)
After four class sessions in Denver, participants will spend five days in New York visiting exchanges, brokerage firms, investment bankers, commercial banks, asset managers, and other institutions.
FIN 4830 Econometrics for Finance (4 Credits)
This course focuses on econometric and statistical modeling with an emphasis on finance applications. Prerequisite: STAT 4610 or FIN 4170.
FIN 4860 Derivatives (4 Credits)
This course provides a theoretical foundation for the pricing of contingent claims and for designing risk-management strategies. It discusses more advanced material in financial derivatives and is intended for students who have a quantitative background and are interested in enhancing their knowledge of the way in which derivatives can be analyzed. This course covers option pricing models, hedging techniques, and trading strategies. It also includes portfolio insurance, value-at-risk measure, multistep binomial trees to value American options, interest rate options, and other exotic options. Prerequisite: FIN 4200.
FIN 4870 Strategic Finance (4 Credits)
Addresses theory, concepts, and techniques associated with asset management and creation of value from a strategic orientation. Links financial theory and practice to strategic and operational objectives of the firm, prepares student to incorporate risk and uncertainty into analytical decision-making process and to analyze divestiture, restructuring, and liquidation decisions. Prerequisites: MS/ Finance students only and FIN 4840.
FIN 4885 Investment Banking and External Financing (4 Credits)
Considers the blend of theory and practice with regard to designing the appropriate capital structure of the firm as well as appropriate use of securities and process for raising capital in different financial markets. Prerequisites: MS/Finance students only and FIN 4840.
FIN 4890 Fixed Income Analysis (4 Credits)
Emphasizes valuation and management of fixed income securities in prevailing environment of complex and innovative financial arrangements. Study of the nature of evolving markets, both domestically and internationally. Prerequisite: FIN 4200.
FIN 4980 Finance Internship (0-10 Credits)
Permission of instructor required. Hours and times arranged by student.
FIN 4991 Independent Study (1-10 Credits)
Individual study and report. Hours and times arranged by student.
FIN 4992 Directed Study (1-4 Credits)
FIN 6300 Seminar in Finance Research (4 Credits)
Through a survey of research in the discipline of finance, this course illustrates how theory can shape the literature and the formation of research questions. Analysis of key studies will provide business leaders with the tools to analyze how the academic literature can impact and inform the finance profession across such as areas as corporate governance, corporate finance, investments, and financial institutions.
Faculty
Conrad Ciccotello, Professor and Director, PhD, Penn State University
Shahram Amini, Assistant Professor, PhD, Virginia Tech University
Doina Chichernea, Associate Professor, PhD, University of Cincinnati
Maclyn Clouse, Professor, PhD, University of Washington
Thomas Cook, Professor, Emeritus, PhD, University of Washington
David Cox, Teaching Professor, JD, University of Denver
Andrew Detzel, Assistant Professor, PhD, University of Washington-Seattle
Vaneesha Dutra, Associate Professor, PhD, Florida State University
Gary Farmar, Teaching Associate Professor, MBA, University of Denver
Chris Hughen, Associate Professor, PhD, University of Missouri
Irina Khindanova, Teaching Associate Professor, PhD, University of California-Santa Barbara
Kenneth Leung, Teaching Assistant Professor, PhD, Johns Hopkins University
Pei Lung, Associate Professor, PhD, Texas Tech University
Ronald Rizzuto, Professor, PhD, New York University
Andy Sherbo, Teaching Professor, PhD, Saint Louis University
Jack Strauss, Professor, PhD, Duke University
JP Tremblay, Teaching Associate Professor, MBA, International University of the Americas
Tracy Xu, Associate Professor, PhD, University of Washington