MSF Viewbook 2013

vanderbilt

Master of Science in Finance

Ms finance

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Jump start a rewarding career.

In just nine mo

Vanderbilt Master of Finance Today, financial analysis skills are more valuable than ever.

Vanderbilt is exceptionally suited to help you gain them.

We start with a reputation in finance that is second to none.

Plus a highly placed network of alumni and recruiters with excellent connections to Wall Street, across the U.S. and around the world.

Then we combine those advantages with a program that offers a rigorous curriculum, allows you to work alongside MBA students and lets you tailor your degree to your interests.

All in just nine months.

Table of Contents Our Faculty........................................................2-3 Career Paths.....................................................4-5 Get an Edge.......................................................6-7 One Day in the Life....................................... 8-9 Curriculum...................................................... 10-11 Important Admissions Information.........12

3

months.

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Please take note of our Finance department.

Wall Street

already does.

Vanderbilt’s Finance faculty aren’t just world-class. They’re world-renowned.

One literally changed the way NASDAQ does business. Another created the “Fear Index” (VIX) for the Chicago Board Options Exchange (CBOE) to measure market volatility. One is serving as Chief Economist and Director of the SEC’s Division of Economic and Risk

Analysis. Yet another is one of the foremost experts on hedge funds. Well, you get the picture.

Along with Wall Street, recruiters have also taken note of Vanderbilt’s Finance department. As a result, we have a strong history of placing students with the world’s top financial services institutions.

1.027

$

billion

The total amount paid in settlements after Vanderbilt Finance Professor Bill Christie helped uncover a collusion scheme among NASDAQ traders that was shortchanging investors.

Professor Bill Christie

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80.86

The highest closing on record in the last two decades of the CBOE’s Market Volatility Index (VIX), a critical gauge to measure the “fear” sentiment among investors. The index was developed by Vanderbilt Finance Professor Robert Whaley and closed at its peak on November 20, 2008, two months Source: CBOE after Lehman Brothers filed for bankruptcy.

Professor Bob Whaley

Chief Economist for the U.S. Securities and Exchange Commission

Professor Craig Lewis

The post that Vanderbilt Finance Professor Craig Lewis was tapped to fill by former SEC chairman Mary Schapiro.

Lewis, a widely published researcher, has played an instrumental role in helping the SEC implement the detailed regulations that accompany a sweeping set of financial reforms passed by Congress in 2010.

$633

trillion

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The notional amount outstanding of over-the-counter derivatives, a market for which Vanderbilt Finance Professor Emeritus Hans Stoll provided the analytical underpinnings through his foundational work on futures and options pricing.

Professor Nick Bollen

Source: BIS, as of Dec. 2012

The number of suspicious patterns Owen Professor Nick Bollen has identified in fund returns to detect the kind of investment fraud perpetrated by people like Bernard Madoff.

Professor Hans Stoll

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Q:Where can an

MS

A:Where do

There isn’t just one great career path with this degree. You’ll find a range of opportunities open to you, depending on your goals and interests:

Investment Banking

Risk Management

Help bank client corporations acquire capital by creating and issuing debt and equities securities, or play a key role in facilitating company financial reorganizations, mergers or acquisitions.

Identify and analyze the quantifiable risks of company assets, liabilities or investments and recommend the best ways to manage those risks.

Private Wealth Management

Investment Research

Build a base of clients with high net worth and provide personalized, comprehensive financial planning, including investment strategies and risk management.

Research and analyze company financials and economic trends, and produce reports or financial models used by bank clients or by an investment firm to make investment portfolio decisions.

Real Estate Finance

Impact real estate investment decisions, such as helping a firm discover, purchase, develop or sell a building or property.

Just some of the companies that hire Vanderbilt MS Finance graduates

Investment Banking Bank of America Merrill Lynch Chaffe & Associates Credit Agricole Deutsche Bank Fifth Third Bank Goldman Sachs Harris Williams

investments Raymond James Stephens Inc. SunTrust Robinson Humphrey Taylor-DeJongh

Avondale Partners BlackRock Bridgewater Associates Cambridge Associates Credit Suisse Crestline Investors Franklin Templeton Investments Goldman Sachs Guggenheim Partners

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JP Morgan MMX Management Morgan Keegan Northwestern Mutual Ramsey Quantitative Systems Sterne Agee Thompson Research Group UNC Management Company

Finance take you? you want to go?

Sales & Trading Leverage your market insights and sound judgment to trade stocks, bonds and derivatives while producing capital for a bank.

Corporate Finance

Advisory Services & Consulting Provide expert advice and support to client companies, such as determining the value of assets, or produce financial analysis used during corporate litigation. In addition to financial consulting, management consulting offers opportunities to tackle some of the most interesting, unique and complex challenges in the corporate world.

Ensure the financial well-being of a specific company by measuring, forecasting and reporting company financial information, creating and running financial models used in making investment decisions, studying possible acquisitions, producing financial statements, developing a capital spending program and more.

sales & trading

Real estate finance

Goldman Sachs Koch Supply and Trading Morgan Stanley

Archon Group Capital Trust Deutsche Bank Healthcare Realty Trust Jones Lang LaSalle Savills

corporate finance advisory services & leadership & consulting development programs Analysis Group Accredo Health Group Balfour Beatty Energy Solutions Capital One Cat Financial Harrah’s Entertainment Horizon Wind Energy LG Electronics LifePoint Hospitals Microsoft Palo Alto Networks Vanguard Health Systems 05

Booz Allen Hamilton Capgemini Deloitte Deloitte Consulting EY KPMG Mercer PwC Stout Risius Ross

owen.vanderbilt.edu/msfinance

Throughout the nine-month program, you’ll benefit from a wide array of training and resources at Vanderbilt, all focused on your goal: landing a great job after graduation.

Most notably, you’ll receive invaluable one-on-one training with our dedicated career coach, who will help you become more aware of your skills, attributes and interests. Explore various finance-related career paths. Develop a career focus, goals and a specific personal plan.

Identify and engage companies you’d like to work for. Become a more savvy networker. Craft your personal story. Hone your interviewing and negotiating skills. Gain access to some of the world’s most prestigious companies through our alumni network and on-campus interviewing.

Get an edge in “I’m leaving Owen a completely different person than when I came in. I’ve learned more than I can ever imagine learning—I passed the first level of the CFA and I have my dream job.”

Kelly Smith

Vanderbilt MS Finance | 2013 Private Investment Team Analyst UNC Management Company

“The MSF program allowed me to open up the job market and get into some different areas that I wouldn’t have been able to reach coming out of undergrad.”

“This is a very special opportunity. Owen has a unique culture where the faculty are interested and dedicated to investing in you.”

Sam Gillespie

MacKenzie Melvin Vanderbilt MS Finance | 2013 Analyst Stout Risius Ross

Vanderbilt MS Finance | 2013 Private Banking Analyst J.P. Morgan

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“The courses are designed to help people from all educational backgrounds learn about finance and succeed in the program.”

Steven Groover

Vanderbilt MS Finance | 2013 Markets Analyst Deutsche Bank

Among the other ways we help you launch your career: n

Courses in professional and career development and communications n Peer coaching from second-year Vanderbilt MBAs concentrating in Finance n A “Wall Street Trek” to some of the world’s leading financial firms n Investment banking and corporate finance academies through the Owen Finance Club

n n n n n n n

Alumni networking events Mock interview training from alumni in target industries Industry-leading case interview prep Career development workshops On-campus recruiting opportunities Vanderbilt’s online career resources Leadership Development Program

getting a job.

“I take great pride in helping our MSF students discover who they are, what they want and how to get it. It’s extremely gratifying to support them with the coaching and resources needed to launch a meaningful, fulfilling career.”

Blake Gore Blake is the “go-to guy” for MSF students at Owen’s Career Management Center (CMC). Along with developing employer relationships, his days are devoted to career development coaching and programming. When he’s not at Vanderbilt, you will find Blake spending time with his wife and four kids, as well as kayak fishing in Tennessee’s many rivers and lakes.

Sr. Associate Director and Coach

Owen

CMC

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One Day in the

Life:

Michael Reilly 7:00 AM

Wake up, get ready for class (which, fortunately, is right across the street from my apartment).

8:00 AM

9:30 AM

on networking and landing a job—emailing alumni, scheduling informational interviews, researching companies as potential employers.

Head home (since it’s so close) and grab a quick breakfast.

10:15 AM

Return to Owen to work

11:20 AM

Financial Economics II with Professor Nick Bollen to learn about capital allocation between risky and risk-free assets.

Financial Modeling class with Professor Kate Barraclough. Today we are learning to use simulations to evaluate investment projects.

12:50 PM

Break for lunch with friends, most often at

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Chipotle, Subway or Ken’s for sushi.

2:00 PM

Econometrics class with Professor Cliff Ball. We are continuing our study on volatility models.

3:30 PM

Time for homework or sometimes an informational interview or working on a team project, depending on the day. Most of our classes have team projects, with a new one due each week

Michael Reilly grew up in New York and interned at Nissan North America before starting the MS Finance program at Vanderbilt. Enjoying his time in the South, he decided to stay, accepting an investment banking position after graduation with Stephens, Inc., in Little Rock.

Here’s how he describes a typical day during the busiest time of the program’s nine months.

and a big project at the end of the Mod.

5:00 PM

Head downtown with some classmates for dinner and a Predators game. I was goaltender in college at Cortland State. I’m a big NY Rangers fan but now will forever have a soft spot for Nashville.

10:00 PM

Finish up any homework and go to bed.

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You’ll get a solid grounding with core curriculum, along with the opportunity to tailor your studies to your own needs and interests.

Choose the courses that are the best fit for you (including many from our highly ranked MBA program). Here, as with no other MS Finance program, more than half your courses will be electives.

get Rigor.

without

Things you will study

(required for all MS Finance students) Financial economics Econometrics Accounting Financial modeling Corporate valuation Derivatives markets

Finance courses you may study

(choose at least four) Corporate financial policy International financial markets & instruments Equities markets Bond markets Hedge funds Financial institutions Mergers & acquisitions Venture capital/private equity Risk management Financial data analysis Derivative securities valuation Active portfolio management Corporate restructuring Federal income taxation of mergers & acquisitions Corporate restructuring for distressed firms

Other business electives you may take Business in the world economy Managerial economics Financial reporting Taxation of business & transactions Advanced management accounting Financial analysis of environmental, social & governmental issues Corporate strategies for environmental, social & governmental issues Game theory & business strategy Real estate financial analysis Real estate development Real estate finance & capital markets Property law for business students Commercial real estate transactions Negotiation Ethics in business Advanced financial reporting & analysis Taxation of corporations & shareholders Taxation of joint ventures, partnerships & other “flow-through� entities Introduction to law & business Advanced spreadsheets for IT applications Financial statement analysis

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Professor Cliff Ball Professor Kimberly Pace

rigidity.

Professor David Parsley

MS Finance Curriculum at a Glance Mod 4

Financial Economics II (2)

Corporate Value Management (2)

Elective

Elective

Econometrics I (2) Accounting* (2)

Econometrics II (2)

Elective

Derivatives Markets (2)

Elective

Elective

Elective

Financial Modeling (2)

Spring Break

Mod 3 Winter Break

Mod 2

Elective Elective

Commencement

SPRING

Mod 1 Fall Break

Orientation Financial Economics I (2)

FALL

Elective

(x) = credit hours * Students with prior accounting classes may substitute Financial Reporting (411) for Introduction to Accounting (311) with approval of the Faculty Director.

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CLASS PROFILE All Vanderbilt Business students have one thing in common: They’re different. But while there’s no risk that we’ll ever reduce students to statistics and averages, here are a few figures that will give you a picture of who your classmates might be.

MS Finance Profile Class of 2014 Class Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Women . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23% Undergraduate GPA Average . . . . . . . . . . . . . . . . . . . . 3.57 GMAT Range . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640-760* Foreign Nationals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25% Minorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% * GRE accepted as well

Partial List of Undergraduate Majors n n n

Civil Engineering Economics International Economics and Trade

n n n n

Math Neurobiology Philosophy Physiology

Partial List of Undergrad Institutions n n n n n n

Boston College Carnegie Mellon Florida State University Franklin and Marshall Notre Dame University of Alabama

n n n

n

University of Georgia University of Kentucky University of Southern California Vanderbilt University

application deadlines

We encourage you to apply as early as possible in the admissions cycle.

Application

Round

Deadline to Apply

Decision Deadline

Deposit Deadline

Early

Oct. 31, 2013

Dec. 18, 2013

Jan. 15, 2014

1

Dec. 10, 2013

Jan. 23, 2014

Feb. 20, 2014

2

Jan. 16, 2014

Mar. 30, 2014

Apr. 17, 2014

3*

Mar. 11, 2014

Apr. 24, 2014

May 21, 2014

4*

May 15, 2014

June 6, 2014

June 19, 2014

*Limited to US Citizens, Permanent Residents or International students with four-year U.S. undergraduate degrees.

Applications are accepted and reviewed after the 4th round on a rolling basis.

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admissions requirementS

ADMISSIONs EVENTS

Successful candidates will have strong academic performance in prior university studies, with significant proven quantitative experience and aptitude. They will be able to demonstrate both teamwork and leadership during their undergrad experiences as well as relevant internships. To be considered, all applicants will provide the following:

Campus Visits

n

Online application Undergraduate transcript (and graduate transcript, if applicable) n GMAT or GRE score (you may submit your application prior to taking the exam) n Essays n Two letters of recommendation n Resume n Interview (by invitation only) n

1st round interviews* Select applicants are invited to interview with a member of the Admissions team, in person or by video call. * Candidates may be granted an interview with a member of the MSF Admissions Committee team during a Campus Visit Day. In this instance, the two-interview requirement is waived.

2nd round interviews Successful applicants will be invited for a second round interview with a member of the MSF Admissions Committee team. Second round interviews can also take place via video call or in person.** **For more information please contact Admissions.

For applicants from outside the U.S. International applicants benefit from being able to show familiarity with the culture and business practices of the United States that may include internships or undergraduate work. In addition, these students will require proof of English-language proficiency such as TOEFL. Prerequisites: Students must have completed a semester in statistics and Calculus 1 and Calculus 2 or linear algebra from an accredited school, with a grade of B or better. Additional prerequisites may be required on a case-by-case basis. Students may be admitted to the program before these requirements are met. Candidates who do not have the requisite math or statistics class are still encouraged to apply. In these cases we may require candidates to take an online summer course in calculus or statistics.

TUITION AND FINANCIAL AID

Visits take place on Mondays five times during the year and offer an opportunity to learn more about the program and interact with current students, faculty and staff. Second round interviews with a member of the MSF Admissions Committee team may be scheduled during this visit.* n

September 16, 2013 November 4, 2013 n December 2, 2013 n February 24, 2014 n April 7, 2014 n

*Applicants must submit a resume and application 10 days prior to the campus visit date to be considered for an in-person interview.

Interviews are not guaranteed.

Welcome Weekend

Welcome Weekend is your time to celebrate with your new classmates. By invitation, admitted applicants enjoy a welcome reception and meetings with students, faculty, deans, Admissions and Career Management team members, plus a tour of Nashville’s great nightlife. n

April 11-12, 2014

Merit-based scholarships may be awarded based on achievement and potential.

Estimated Expenses Tuition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46,125 Books/Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,842 Rent/Utilities (divide if shared). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,676 Meals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,942 Personal* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,614 Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,966 Loan Fees**. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,158 * Includes Vanderbilt recreation facilities and health insurance ** U.S. citizens only

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A distinguished school.

With some

distinctive differences.

We’re competitive, not cutthroat.

We lead with ideas, not egos.

We take business personally.

Our professors will know you by name.

Vanderbilt Master of Finance

Vanderbilt University | Owen Graduate School of Management 401 21st Avenue South | Nashville, TN 37203-2422 Telephone: 615.322.6469 | Fax: 615.343.1175 Email: msfinance@owen.vanderbilt.edu Web: owen.vanderbilt.edu/msfinance Hours: 8:30AM – 5:00PM, U.S. Central Time ©2013 Vanderbilt and the Vanderbilt logo are registered trademarks and service marks of Vanderbilt University. REV. 09/13 (updated) Vanderbilt University is committed to principles of equal opportunity and affirmative action.

Visit owen.vanderbilt.edu for Vanderbilt University’s complete EEO and affirmative action statement.

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