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Full-Time Master of Science in Finance

TEXAS MSF

The University of Texas at Austin McCombs School of Business


The Master of Science in Finance Program McCombs School of Business


The University of Texas at Austin

WHAT STARTS HERE CHANGES THE WORLD The University of Texas at Austin consists of 17 colleges and schools and some 150 research units situated on 350 acres in the center of the state’s capital city. More than 51,000 students are enrolled in over 100 undergraduate and 170 graduate programs. The students come from all 50 states and more than 100 countries around the world. The university is a national leader in graduate degrees awarded and boasts more than 450,000 living alumni. Here students connect to a learning community of substantial worldwide renown, and upon graduation, become part of one of the largest and most powerful professional networks in the world.

The university plays a vital role in providing human and financial capital not only for Texas, but also for the rest of the country and the world. Its 150 research units are funded by over $640 million annually in federal, state and private grants, fueling ground breaking research programs that have led to the filing of nearly 800 patents since the institution’s founding. It is estimated that $5.8 billion in economic activity is generated in Texas alone as a result of the university’s presence. The University of Texas at Austin has truly come a long way since its founding 130 years ago. Its 21st century future promises to be just as spectacular as its rise to preeminence in the last half of the 20th century.

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The McCombs School of Business The hallmarks of an education at the McCombs School of Business include world-renowned faculty, exceptional student culture and a powerful global network of corporate and alumni contacts. Through rigorous coursework and a vast array of hands on and experiential opportunities, McCombs’ faculty prepare business leaders who can meet the demanding and complex challenges of today’s business world. One of the first established business schools in the nation, the McCombs School graduated its first class of bachelor of business administration degree students in 1922 and is among the preeminent business schools in the world today. It awards undergraduate, master’s and doctoral degrees and

is actively involved in executive education for professionals. More than 200 McCombs faculty teach 6,000 students each semester and engage in original research both independently and through the school’s 15 research centers. Many are also actively engaged in consulting for major corporations in their fields of expertise. The school has more than 68,000 graduates who reside in all 50 states and in 118 countries. Alumni hold important leadership positions in business and related fields and together make up a diverse and influential business network available to graduates.

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FACULTY The Texas MSF Program affords students the opportunity to work with and learn from our world-class faculty. Renowned for their teaching at both the graduate and undergraduate levels, the McCombs Finance Department consistently ranks among the top finance departments in the world. In addition, the department has an outstanding research reputation, utilizing many of the McCombs School centers of excellence to support and disseminate their work.

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LAURA STARKS

JAY HARTZELL

Research Areas: Corporate Governance, Mutual Funds, Financial Markets, and Environmental Social and Governance Investing

Research Areas: Corporate Finance, Real Estate Finance, Corporate Governance

Classes: Empirical Methods, Portfolio Management, and Environmental, Social and Governance Investing “What I enjoy about teaching McCombs students is that the combination of their curiosity, enthusiasm, and unique experiences make classroom discussions not only interesting and informative, but also fun.”

Classes: Financial Management, Real Estate Capital Markets, Empirical Corporate Finance “The MS Finance program will provide an opportunity for students to develop valuable skills in finance over a short period of time. By taking quantitatively skilled students and providing them with a rigorous academic program and exposure to current problems and solutions, we will be able to position our graduates for success in the immediate job market and ultimately, over the course of their careers.”

JOHN GRIFFIN

SHERIDAN TITMAN

Research Areas: International Finance, Structured Finance/ CDOs, Hedge Funds, Institutional Investors

Research Areas: Energy Finance, Corporate Finance, Investments

Classes: Empirical Methods in Finance, Global Finance, International Finance

Classes: Energy and Corporate Finance

“Learning finance is not just memorizing formulas, but also learning how to think about the underlying economic forces at work in financial markets. Our goal is for students to have the tools both to understand the complexities of real-world financial issues, and the ability to think critically in order to reach meaningful solutions.”

“With an ideal setting at a top research university in a vibrant city, the Finance Department of the McCombs School is uniquely positioned to deliver an outstanding graduate program. By leveraging our faculty’s capabilities in both corporate finance and investments, the MS Finance program provides students with the knowledge and training that is critical to competing in today’s global financial markets.”

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PURVA PANCHAL Undergraduate Institution: UT San Antonio Undergraduate Major: Middle Grades Math Education

“After teaching for a few years, I decided to put my love of mathematics and problem solving to an alternative use by choosing to pursue an MSF degree from the McCombs School of Business. I know my decision will open the door to a world of opportunities at top companies and provide me a variety of career paths to choose from. My newly acquired knowledge and skill-set coupled with the reputation of McCombs will lead me to a promising career in finance.� 6

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JARVIS UZOIJE Undergraduate Institution: University of South Alabama Undergraduate Major: Finance

“Not only does the program offer students an opportunity to gain an in-depth understanding of finance, but it also gives students a chance to network with many of the school’s prominent on-campus recruiters. With an amazing job placement record, fantastic career service advisors, and world class faculty, choosing to be a part of the McCombs School of Business MSF program is a simple choice.”

SIMEON BOCHEV Undergraduate Institution: UT Austin Undergraduate Major: Electrical and Computer Engineering

“The curriculum of the MSF program provides me with the opportunity to apply my financial analysis skills through a practicum that will enable me to provide targeted client investment objectives, value creation strategies and business valuation decisions, which are all essential knowledge for a strategy consultant.”

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CENTERS

of Excellence

The Finance Department and the McCombs School of Business host a variety of finance-related centers of excellence, designed to promote cutting-edge research and curriculum development and support the role of the McCombs School of Business at The University of Texas at Austin as a leader across the nation and a key player in the university’s push to address some of society’s most pressing problems.

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REAL ESTATE FINANCE AND INVESTMENT CENTER Our Real Estate Finance and Investment Center is the first research center at a leading university to specialize in the intersection of real estate and finance. With its home in the Department of Finance, the center takes advantage of the exceptional finance faculty in the department to cultivate cutting-edge research on finance-related real estate issues such as the valuation of mortgage-backed securities, the financial structure of real estate investment trusts, the agency issues associated with real estate financing agreements and the efficiency of real estate investment markets. ENERGY MANAGEMENT AND INNOVATION CENTER The McCombs School of Business established the Energy Management & Innovation Center to serve as a center of excellence to promote energy-related research and instruction. EMIC takes an integrative and multidisciplinary approach toward energy problems. EMIC aims to educate students in energy management and innovation, create intellectual capital of use to industry and policy-makers, and link the McCombs School’s activities to the university’s energy initiatives. HICKS, MUSE, TATE & FURST CENTER FOR PRIVATE EQUITY FINANCE The Hicks, Muse, Tate & Furst Center for Private Equity Finance supports research on issues related to private equity finance, capital markets, corporate finance, investments, real estate, and other associated areas. The finance faculty at the McCombs School includes a number of highly accomplished researchers who study areas of finance related to the private equity market. The center supports research by faculty as well as by the students who work with them. The objective of this research is to better understand the private equity market and the financial activities of the participants in this market.

AIM INVESTMENT CENTER The AIM Investment Center is the nexus for integrating financial research, investment education and practice at the University of Texas at Austin, bringing together financial support, information resources, and intellectual capital in support of those who teach and learn, those who further knowledge in the field through research and those who use the efforts of both to enhance the practice of investment management. EDS FINANCIAL TRADING AND TECHNOLOGY CENTER The EDS Financial Trading and Technology Center is a state-of-the-art trading, research and teaching facility in the McCombs School of Business. Its mission includes assisting students, faculty, executives and the community to better understand the growing flow of financial data and to manage the impact of that flow on financial markets; enabling center users to participate in the development of new applications of information technology to finance; and providing technology resources and technical support for the AIM Investment Center, the Center for Energy Finance, Education and Research, The Hicks, Muse, Tate & Furst Center for Private Equity Finance, and the Real Estate Finance and Investment Center. Success in our mission depends on providing state-of-the-art facilities, access to current financial data, and accessibility and support for those who use the center. CENTER FOR ENERGY FINANCE EDUCATION AND RESEARCH The Department of Finance has identified energy finance and financial risk management as key areas for innovative research and curriculum development. Energy and capital markets are undergoing fundamental transformations that require the creation of new curriculum and research. Moreover, there is a critical need to better prepare managers to understand, quantify, monitor, and manage the financial risks created by volatile energy prices, foreign exchange rates, and interest rates. The University of Texas established the Center for Energy Finance Education and Research (CEFER) in the Department of Finance at the McCombs School of Business in order to meet the need for a preeminent academic program in energy finance.

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CAREERS MSF students arrive on campus motivated to become competitive job candidates. Emphasis is placed on recruitment and career services early in the program. A career course, which focuses on creating strong resumes and cover letters as well as improving interview skills and professionalism, is integrated into student orientation prior to the start of the program. The MSF students have an exclusive career services adviser who helps them to formulate a strategy that incorporates leadership, teamwork and effective communication skills. The MSF program continuously collaborates with employers to ensure that program graduates are prepared to enter into the business world and become leaders within the business community.

Translating Curriculum To Careers The 10-month MSF curriculum includes challenging coursework in finance, accounting and statistics, creating a well-rounded finance candidate. Upon completion of the curriculum, graduates of the program are prepared to become assets to industry firms.

TAUGHT BY OUR WORLD-CLASS FACULTY, STUDENTS OF THE PROGRAM GAIN SKILLS AND KNOWLEDGE IN: • Project Evaluation • Business and Company Valuation • Financial Modeling and Excel • Investment Strategies and Theories • Financial Statement Analysis • Data Analysis and Statistics MCCOMBS MSF GRADUATES ARE READY TO ADD VALUE IN POSITIONS SUCH AS: • Corporate Financial Analysts • Investment Analysts and/or Client Services • Risk Management Analysts • Business Consulting Analysts • Commercial Banking Representatives • Treasury and Controller Analysts • Valuation Advisory Services

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Recruiting MSF Students MSF Career Services works with employers and recruiters to create a recruiting plan that builds their presence and visibility on campus. MSF students are actively involved in several recruiting events starting as early as the summer intensive session. The skills gained through the career course are further practiced and utilized during the semester through career-related events. COMPANY TREKS MSF Career Services organizes treks for the students to visit several companies prior to the fall semester. This particular event provides a more intimate setting for employers to talk to students about their corporate culture and the opportunities available. MOCK INTERVIEWS Each fall semester, in preparation for the recruitment season, we host the MSF Mock Interview Marathon. This recruitment event gives employers the opportunity to speak with potential candidates one-on-one. Employers participate in several 30-minute interviews and give students feedback on their behavioral interviewing skills. The students benefit greatly from the personalized advice from employers.

ETIQUETTE DINNER Etiquette dinners provide networking practice for the MSF students in addition to teaching the do’s and don’ts of business dining etiquette. Employers are seated with students to share stories and give advice on business networking. Sponsors have the opportunity to give a brief introduction to the entire group regarding their company and opportunities for students. Sponsors are encouraged to send up to three representatives.

PRACTICUM The Practicum is an intensive program spanning the last half of the fall semester and the first half of the spring semester during which students work directly with sponsoring companies on a wide variety of finance problems. Students may indicate an area of interest for their Practicum project in early fall. They work in small groups under the supervision of the MSF Program Director to complete the project, earning practical experience and developing a strong relationship with corporations and potential employers. The MSF program director and Finance Department faculty work with various finance-related organizations to design projects that are valuable to MSF students and benefit the sponsoring group. Projects are designed to be accomplished within the Practicum time frame and culminate in a written report and presentation of work to the sponsoring company and program faculty. CASE INTERVIEW WORKSHOPS These preparatory workshops are a great way for employers to get a better understanding of the MSF students’ technical knowledge. Previous employers have given explanatory presentations and followed up with a case walk-through. Others have offered the opportunity for students to work on cases and then present to a panel of representatives from the company. Throughout the year, the MSF Career Services office will be creating new programs to link students and employers. We are open to ideas that companies may have to increase their campus involvement at McCombs.

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For More Information More information about our program is available from a variety of sources. OUR WEBSITE The most up-to-date program information is always available on our website, which can be found at www.mccombs.utexas.edu/msf. OUR FAQ Answers to our most common questions can be found on the Frequently Asked Questions page of our website. EMAIL NEWSLETTERS Program updates, including admissions announcements, information session dates, and other important news, are emailed periodically to members of our contact list. To add your name to our list, please check our website. EMAIL Program staff is happy to answer direct inquiries via email. Please send your questions and requests to MSFinance@mccombs.utexas.edu PHONE Our program staff can be reached during normal business hours at 512-471-2012. INFORMATION SESSIONS Our staff holds frequent information sessions, both in Austin and at various locations around Texas and the country. Details about these events, including registration deadlines, can be found on the website. CAMPUS VISITS If you plan to be in Austin, please contact us at 512-471-2012 or MSFinance@mccombs.utexas.edu to arrange a visit with program staff and a classroom visit.

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CONTACT US www.mccombs.utexas.edu/msf msfinance@mccombs.utexas.edu Phone: (512) 471-2012 Fax: (512) 471-5073


Program Comparisons

Comparison of Texas MSF with MBA and MFE Programs:

TEXAS MSF

The Texas MSF program provides a unique opportunity for students to receive graduate-level training to prepare for careers in finance, especially those requiring analytic rigor and quantitative skills. Throughout the demanding 10-month program taught by McCombs’ award-winning professors, students gain practical knowledge that allows them to be assets to industry firms.

Typical MBA Practical graduate-level finance training, emphasis on skill development, especially those related to rigorous valuation and financial modeling Median work experience of 1 year; no work experience required

Typical MFE Comprehensive business education (includes courses in Marketing, Management, MIS, etc.) Typical work experience of 4-5 years, with some previous experience required

Quantitative and research based curriculum, closer to PhD level math and finance; emphasis on quantitative investment strategies Previous work experience not required, but highly recommended

CONTACT US

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www.mccombs.utexas.edu/msf

• msfinance@mccombs.utexas.edu

• phone: (512) 232-6845

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MSF Curriculum

Valuation

The curriculum for the MSF Program consists of 36 credit hours, to be completed over approximately 10 months. All students in the program begin coursework in the summer session.

FALL SESSION- 15 CREDIT HOURS

SPRING SESSION- 15 CREDIT HOURS

First Fall Module

First Spring Module

Financial Accounting

Derivatives

Statistics for Financial Applications

Fixed Income Securities and Markets

Second Fall Module

Advanced Valuation and Financial Modeling

Financial Statement and Security Analysis

Practicum in Finance (Part II)

Practicum in Finance (Part I)

Second Spring Module

Both Fall Modules

Risk Management

Investment Theory and Practice

Raising Capital

Advanced Corporate Finance

Alternative Investments

Financial Markets and Institutions

Global Financial Strategies

SUMMER SESSION - 6 CREDIT HOURS Financial Management

CONTACT US

www.mccombs.utexas.edu/msf

• msfinance@mccombs.utexas.edu

• phone: (512) 471-2012


MSF Class of 2013 Profile Student Profile STUDENTS WITH DEGREES FROM U.S. INSTITUTIONS

72%

24% 76%

23

MEDIAN AGE INTERNATIONAL

1.0

MEDIAN YEARS WORK EXPERIENCE

3.5

MEAN GPA

704

MEAN GMAT

660-740 86 TH

48%

80% GMAT RANGE

AVERAGE GMAT OR GRE QUANTITATIVE PERCENTILE

CLASS SIZE

29

Academic Backgrounds SCIENCE OR MATH

24% ENGINEERING

8%

24%

FINANCE

OTHER LIBERAL ARTS

10%

17%

OTHER BUSINESS BACKGROUNDS

ECONOMICS

17%


Master of Science in Finance Employer Brochure