Master of Science in Finance, Carroll School of Management

master of science in finance

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carroll school of management

Globalization, new technologies, ever-evolving regulations, and novel financial instruments: the landscape of finance is constantly changing.

To succeed in this constantly evolving environment, industry professionals need a thorough grounding in the enduring principles that underlie financial markets.

By focusing on fundamental economic principles, the MSF Program at Boston College prepares students to navigate and manage unpredictable economic landscapes. MSF students gain valuable experience through case studies, internships, field study, and realworld consulting projects. Classes are small, fostering a strong sense of community and collegiality, and students have remarkable access to some of the finest teachers and researchers in the world.

Master of Science in Finance program details The MSF Program helps students deepen their knowledge of finance, broaden their opportunities within the industry, and become recognized leaders in their fields.

It is designed to meet the diverse needs of finance professionals at different stages of their careers. It is also suited for recent undergraduates beginning their careers in finance, and for mathematicians, economists, engineers, computer scientists, and others who are considering a new career in the world of finance.

SCHEDULING OPTIONS Full time Cohort (accelerated) format » Students in the accelerated program can complete the MSF in one full year of study. Students progress through the program as a cohort, fostering exceptional camaraderie and creating a supportive network— one that continues long after the program comes to an end.

Quantitative track » Designed for full-time students, the quantitative track MSF offers a thorough grounding in technical and analytical skills. The quantitative track consists of 11 courses, including five doctoral-level courses, and can be completed in three semesters.

Part time Self-paced option » The self-paced option meets the needs of individuals who wish to continue their careers while pursuing advanced study. While course enrollment is flexible, self-paced students typically complete the program in 20 months.

Jill Glaser, MSF ’04 Equity Research Associate Analyst, Credit Suisse “At PricewaterhouseCoopers I gained valuable experience working in the field with large engagement teams. Then I chose to invest a year in the MSF Program for broader exposure to financial markets and deeper knowledge of what drives the value of firms.

The classroom learning experience helped me begin to put things together and make connections. The faculty drew on real-world examples to illustrate the material, and my classmates contributed knowledge from their diverse backgrounds.

It seemed that no matter what the topic—from collateralized mortgage obligations to hedge fund strategies—someone was able to offer relevant insights or to ask incisive questions.”

Sample Curricula and Course Sequences full time

part time

COHORT (ACCELERATED) MSF fall COURSES

self-paced MSF credits

fir st year, fir st semester*

credits

Investments

3

Investments

3

Corporate Finance

3

Corporate Finance

3

Financial Econometrics

3

fir st year, second semester

3

Financial Econometrics

3

Management of Financial Institutions

3

Management of Financial Institutions

spring COURSES

credits

Theory of Corporate Finance

3

fir st year, third semester

Two of the following: Fixed Income Analysis; Portfolio Theory; Derivatives and Risk Management

6

One of the following: Fixed Income Analysis; Portfolio Theory; Derivatives and Risk Management

One Elective

3

One Elective

summer COURSES

credits

second year, fir st semester

credits

credits 3 3 credits

Financial Policy

3

Theory of Corporate Finance

3

One Elective

3

One of the following: Fixed Income Analysis; Portfolio Theory; Derivatives and Risk Management

3

total credit hours/courses

30/10

second year, second semester

QUANTITATIVE TRACK msf

Financial Policy

fir st year, fall COURSES

One Elective

credits

Math for Economists

3

Statistics

3

Corporate Finance

3

Investments

fir st year, spring COURSES

3

Capital Markets

3

Derivatives and Risk Management

3

second year, fall COURSES

3 credits

Empirical Asset Pricing

3

Portfolio Theory

3

Elective

total credit hours/courses

3 3 30/10

* Students who choose the self-paced option may begin the program in September or January.

3 credits

Econometrics

Fixed Income Analysis

total credit hours/courses

credits

3 33/11

PROGRAM REQUIREMENTS All candidates are required to complete the following courses prior to beginning the program: accounting, calculus, financial management, and statistics.

Economics, if not already completed, may be taken as part of the MSF Program and is a requirement for graduation. Prior to applying to the quantitative track MSF Program, applicants must have the following coursework: three semesters of calculus, one semester of linear algebra, and one semester of statistics.

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www.bc.edu/msf

APPLIED LEARNING Experiential learning is an integral part of the curriculum for MSF students at Boston College. The Curriculum in Investment Research and Management (CIRM) Program, for example, offers a realitybased curriculum that merges theoretical learning with hands-on workshops. For qualifying students, the program culminates in “live money” portfolio management. Similarly, the Investment Challenge pits student teams against one another in building and managing mock portfolios.

The School also offers off-campus opportunities for graduate students to learn directly from industry professionals. Our TechTrek course features visits to Silicon Valley, Seattle, and New York City, where students tour some of the nation’s hottest tech firms and meet with venture capitalists, CEOs, and entrepreneurs. The International Management Experience culminates in an international trip to interact with business leaders and government officials. And in the International Consulting Project, students travel to countries such as China or Peru to work with clients on specific business challenges.

Graduate students at the Carroll School fulfill the University’s tradition of service by serving as mentors, role models, or tutors in underserved

communities, or by providing pro bono professional services to local nonprofit organizations. Numerous student clubs, including the Graduate Management Association and the Graduate Finance Association, provide additional opportunities for students to gain significant leadership experience as well as to develop their personal and professional interests.

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www.bc.edu/msfappliedlearning

DUAL-DEGREE PROGRAMS Through the Carroll School’s Master of Business Administration/MSF and Master of Science in Accounting/MSF programs, MSF candidates gain additional skills and knowledge as well as a broader perspective on the field of finance. Individuals with advanced training in multiple disciplines also enjoy a competitive edge. Candidates can complete the requirements of dual-degree programs in significantly less time than it would take to pursue each program separately.

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www.bc.edu/msfdualdegrees

Faculty Pierluigi Balduzzi Professor; PhD, University of California, Los Angeles

David Chapman Associate Professor; PhD, University of Rochester

Thomas J. Chemmanur Professor; PhD, New York University

Clifford G. Holderness Professor; MSc, London School of Economics; JD, Stanford University

Edith Hotchkiss Associate Professor; PhD, New York University

Oguzhan Karakas Assistant Professor; PhD, London Business School

Darren Kisgen Associate Professor; PhD, University of Washington

Nadya Malenko Assistant Professor; PhD, Stanford University

Alan Marcus Mario J. Gabelli Endowed Chair and Professor; PhD, Massachusetts Institute of Technology

Alicia H. Munnell Peter F. Drucker Professor; PhD, Harvard University

Helen Frame Peters Professor; PhD, University of Pennsylvania

Jeffrey Pontiff James F. Cleary Chair in Finance and Professor; PhD, University of Rochester

Jun Qian Associate Professor; PhD, University of Pennsylvania

Jonathan Reuter Assistant Professor; PhD, Massachusetts Institute of Technology

Ronnie Sadka Professor; PhD, Kellogg School of Management, Northwestern University

Philip E. Strahan John L. Collins, S.J., Chair in Finance and Professor; PhD, University of Chicago

Robert A. Taggart Professor; PhD, Massachusetts Institute of Technology

Jerome Taillard Assistant Professor; PhD, Ohio State University

Hassan Tehranian Griffith Family Millennium Chair, Professor, and Chairperson of the Department; Director, Center for Asset Management; PhD, University of Alabama

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www.bc.edu/msffaculty

Jun Qian Associate Professor, Finance “You can’t teach advanced finance out of a textbook, because the field is constantly changing. A text written three years ago would look ridiculous today.

In my classes, I incorporate case studies that examine real issues facing real companies.

I often include my own research into class discussions as well, especially of hot-button issues like CEO compensation and credit ratings. Doing so allows us to talk about these issues in greater depth.

Members of the finance faculty at Boston College are all deeply involved in research; at the same time, each of us pays close attention to teaching. For me, it’s an honor and a privilege to be here.”

Jun Qian’s research focuses on theoretical and empirical corporate finance and financial institutions.

He is particularly interested in the global connections among financial contracts, laws and institutions, and economic growth. He also studies the development of financial systems in emerging markets. A research fellow at the Wharton Financial Institutions Center, he is a member of the American Finance Association and Western Finance Association.

Careers and the Alumni Network MSF students at the Carroll School typically go on to jobs in corporate finance, asset management, and investment banking. Boston College’s Career Strategies office provides career guidance and support through on-campus company information sessions, industry lunches, roundtables, and workshops on interviewing skills and résumé and cover letter writing.

Graduates of the MSF Program join a loyal and influential alumni network. Today, the Boston College alumni community encompasses more than 156,000 individuals all over the world, including more than 34,000 graduates of the Carroll School.

FULL-TIME COHORT (ACCELERATED) MSF ENTERING CLASS OF 2012 PROFILE* Academic profile Average GMAT Average GRE Average Undergraduate GPA Average years of work experience

664 1247 3.37 3.2

26 21–35 13% 26% 56%

Total international enrollment Includes: Chile, Colombia, Hong Kong, India, Iran, Korea, Pakistan, People’s Republic of China, Taiwan, Thailand, Trinidad and Tobago, Venezuela

Undergr aduate Major s Accounting Business/Commerce Computer Science/MIS Economics Engineering Finance Math Other

Compensation Eighty percent of salaries fall between $55,000–$85,000.

Employment by Industry Consulting Consumer Goods/ Retail Financial Services

Insurance Manufacturing

Representative List of Hiring Companies Barclays Capital The Boston Company Asset Management Canaccord Genuity Credit Suisse Group Deloitte Consulting Development Bank of Singapore Duff & Phelps Federal Deposit Insurance Corporation Fidelity Investments Globant

John Hancock The Hanover Insurance Group Marvin Windows and Doors PricewaterhouseCoopers Providence Equity Partners RBS Citizens, N.A. Staples Towers Watson UBS Wealth Management Wilmington Trust

* No data is available for the quantitative track MSF, which is a new program. The first class will matriculate in fall 2012.

Class Composition Average age Age range AHANA (African American, Hispanic, Asian American, and Native American) Women International students

FULL-TIME COHORT (ACCELERATED) MSf Job Placement Data (2009–2011)

8% 18% 3% 28% 15% 15% 10% 3%

part-TIME COHORT (ACCELERATED) MSF ENTERING CLASS OF 2012 PROFILE** Academic profile Average GMAT Average Undergraduate GPA Average years of work experience

610 3.31 4.9

Class Composition Average age Age range AHANA (African American, Hispanic, Asian American, and Native American) Women International students

28 23–34 8% 19% 4%

** Placement data not available for graduates of the self-paced MSF.

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www.bc.edu/msFcareer s

Admission The Boston College MSF Program seeks students with outstanding potential for leadership and academic excellence. While notable for the diversity of their individual achievements, our students all present a consistent record of taking initiative, leading change, and demonstrating a desire to make an impact in the world.

how to apply Each candidate must complete an application for admission, which includes transcripts of all academic work, two essays, and two letters of recommendation.

Prior work or leadership experience as well as evidence of management potential are significant criteria in the admissions process.

All applicants are required to take the Graduate Management Admissions Test (GMAT) or the Graduate Record Examination (GRE).

Applicants whose native language is not English must take the Test of English as a Foreign Language (TOEFL) or the Pearson Test of English (PTE). All candidates must be graduates of accredited colleges or universities.

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www.bc.edu/msfadmission

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carroll school of management office of graduate admissions 140 Commonwealth Avenue Chestnut Hill, MAssachusetts 02467–3808 T: 617–552–4488 | f: 617–552–8078 | e: bcmsf@bc.edu www.bc.edu/carroll