University of San Francisco MSc. in Financial Analysis Risk Management MA in Investor Relations MS in Financial Analysis The MSFA program ( www.usfca.edu/msfa ) provides sophisticated training in in quantitative financial analysis and economics. structured around the Learning Outcomes of the Chartered Financial Analyst® designation, the preeminent professional accreditation in the investment industry. First offered in 2003 as a two-year, Professional program for full-time workers in investment industry. One-year, Accelerated version first offered in 2006 targeted at international students. MSFA Program Strengths 1. Practitioner-oriented with a curriculum that covers the body of knowledge of the Chartered Financial Analyst (CFA®) exams. 2. USF’s MSFA program is an official Program Partner of the CFA Institute since 2005. As are Cornell, Oxford, London Business School, Bocconi, HEC-Paris, Hong Kong UST and Nanyang U. 3. MSFA is taught by USF Professors and CFA-credentialed practitioners. The MSFA program targets the skill and career needs of investment and finance professionals. 3 Two Versions of the MSFA Professional MSFA (PFA): Fall entry only. Meets on Saturdays over 2 years. Focused on working investment professionals. Includes all course materials & heavily discounted access to the CFASF Exam Review program. Accelerated MSFA (AFA): both Fall and Spring entry. A 1-year, 3-consecutive semester program. Focused on full-time students with strong quantitative backgrounds. Covers the same courses with most of the same instructors from the Professional MSFA program. Great for international students! 4 MS in Risk Management The MSRM program ( www.usfca.edu/msrm ) Analyzes the dynamic nature of risk management including Value at Risk for market and credit risk. Examines the role of derivative instruments in hedging risk with case studies specific to Pensions, Mutual Funds and Hedge Funds. Addresses regulatory risk requirements and their role in corporate governance and operations. Prepares students for the Financial Risk Manager (FRM) certification exams and the Level I Chartered Financial Analyst (CFA) designation exam. MSRM Program Strengths 1. Practitioner-oriented with a curriculum that covers the body of knowledge of the Financial Risk Manager (FRM®) exams set by the Global Association of Risk Professionals (GARP). 2. USF’s MSRM program is an official University Chapter of the Global Association of Risk Professionals and jointly sponsors speakers and career events throughout the year. MSFA is taught by USF Professors and FRM/CFA-credentialed practitioners. The MSRM program targets the skills needed by Risk Management professionals. 3. 6 MA in Investor Relations A combination of financial expertise & public relations skills. Investor Relations Officer has a critical role in shaping market perceptions of a company’s results and future prospects. Acts as the public face of a company. Must be a knowledgeable & personable communicator for the company to individual investors, investment professionals & regulators. Investor Relations Officer also collects and conveys information to Company Officers on investor perceptions of the industry, the company, and its competitors. Requires a solid understanding of economics, finance and the strategic position of the company. Provides critical inputs to a firm’s strategy and market positioning. 7 University of San Francisco University of San Francisco was founded in 1855 as San Francisco's first university. USF has over 500 full-time and part-time faculty members across its Schools and Colleges. USF is accredited by Western Association of Schools and Colleges and AACSB for Business programs. Most classes in the MSFA, MSRM and MAIR programs meet at our new Presidio Campus - opened Jan 2011! 8 MSFA’s New Presidio Campus The Program Director Professor John Veitch Director of the MS in Financial Analysis program CFA, 1999: Ph.D. Northwestern 1985, Financial Markets Education Director, CFA Review Program for the CFA Society of San Francisco. CFA-SF Exam Review programs to 350+ candidates at all levels each year. Adjunct faculty member, Berkeley Columbia Executive MBA program, UC Berkeley, Haas School of Business. Current research: Econometric studies of the relationship between currency crises and stockmarket returns in South America and the Pacific Rim. 10 USF Administrative Contacts Administrative Director, MSFA, MSRM and MAIR Programs Betsy Reed ( [email protected] ) − Oversees the administration of MSFA, MAIR and MSRM programs. − Main contact for firms looking to recruit MSFA students. Program Assistant, MSFA, MAIR and MSRM Programs Elsa Evans( [email protected] ) − Supports the MS in Financial Analysis, MA in Investor Relations and the MS in Risk Management programs. − Maintains routine contacts with agents and students. − Please contact Elsa first with questions. 11 Entry Requirements Accelerated MSFA and MSRM: Minimum TOEFL-IBT of 79 for International apps. • TOEFL scores between 79 and 88 must take required Business English module at USF before MSFA or MSRM begins. GMAT or GRE score with Quantitative score • Accelerated MSFA: 75%+. MSRM: 85%+. • GMAT not required for Prof’l MSFA or MA Investor Relations. University Transcript with strong performance in Economics, Finance, Accounting and Math courses. • MSRM requires advanced Math courses including Calculus and Econometrics or Advanced Statistics. Compelling Statement of Purpose with career goals and how the MSFA or MSRM program will benefit you. Two letters of recommendation from Professors or managers. 12 Application Process Administrative Procedures: Prospective student apply using online application. MSFA Program Office only receives completed applications. Three application deadlines for each cohort • For Fall 2011 cohort deadlines to receive applications are: Nov. 8, 2010; Feb. 21, 2011; and April 1, 2011. Accepted Applicant Procedures: A non-refundable $600 deposit is needed to hold space. Especially important if you have received a scholarship!! Please ensure that your email and phone number are correct. Please respond to emails, even if just to say you are undecided. 13 MSFA Program Applications 14 The Accelerated MSFA Curriculum Meets week days/nights for One Year (August start - 3 semesters) No Work Experience Required MSFA Program Enrollments MSFA Program Student Numbers PFA Students 80 AFA Students 70 60 50 40 30 20 10 0 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 16 Accelerated MSFA Curriculum Semester 1: August – December or January - April Semester 2: January – April or May – August Semester 3: May – August or August - December Micro for Finance Macro for Finance Financial Markets Equity Valuation Corporate Finance Fixed Income Valuation I Adv. Fin. Statements International Finance Econometrics Derivatives I Fixed Income Valuation II Behavioral Finance and Risk Management Ethics for Finance Alternative Investments Capital Market Theory Portfolio Management Derivatives II Financial Econometrics MSFA Program Instructors USF Faculty Instructor Practitioners Prof. John Veitch, Ph.D. CFA MSFA Program Director. Mark Fredenburg, MA, CFA Financial Econometrics Prof. John Gonzales, Ph.D. International Finance Prof. Man-lui Lau, Ph.D. Math Economics, Derivatives Instructor Practitioners Peter Chau, CFA Fixed Income Patrick Collins, Ph.D. CFA Investment Management Equity Valuation Mariia Eroshin, CPA, CFA Advanced Derivatives Damon Krytzer, MBA, CFA Alternative Investments Gregory LaBlanc, MBA, LLm. Behavioral Finance Satish Swamy, CFA, FRM Fixed Income, Portfolio Mgmt Loren Walden, CFA Ethics 18 The MS in Risk Management Curriculum Meets week days/nights for One Year (January start - 3 semesters) No Work Experience Required MSRM Curriculum Semester 1: Macro for Finance Fixed Income Valuation I January - April Financial Markets International Finance Econometrics Derivatives I Semester 2: Fixed Income Valuation II Financial Markets & VaR May - August Derivatives II Alternative Investments Quantitative Analysis in Risk Management Behavioral Finance & Risk Mgmt Ethics for Finance Portfolio Management Market Risk Operational & Investment Risk Mgmt Credit Risk Risk Measurement Modeling Semester 3: August - December 20 MSRM Program Instructors USF Faculty Instructor Practitioners Prof. John Veitch, Ph.D. CFA MSRM Program Director. Satish Swamy, CFA, FRM MSRM Co-Director, Fixed Prof. John Gonzales, Ph.D. Kandarp Acharya, MS, MBA Portfolio Management Quant. Analysis for Risk Mgmt Capital Markets Prof. Mike Jonas, Ph.D. Econometrics Prof. Man-lui Lau, Ph.D. Math Economics, Derivatives Prof. Sunny Wong, Ph.D. Econometrics, MatLab for Risk Modeling Income, Risk Mgmt Srinivas Bhardwaj, FRM Performance Evaluation Dr. Atul Gupta, Ph.D. Value at Risk Jonathan Mandle, MBA, CFA Alternative Investments Matt Weaver, CFA, FRM Operational Risk 21 The MA in Investor Relations Curriculum Meets week days/nights for One Year (August start - 3 semesters) No Work Experience Required MA Investor in Relations Semester 1 Semester 2 Semester 3 Financial Accounting Investor Relations & the Investment Process Financial Markets The Practice of Investor Relations Corporate Finance Communications for Investor Relations Macro for Finance Equity Valuation Corporate Governance & Investor Relations Fixed Income Valuation I Marketing Your Company Writing for Investor Relations Disclosure & Regulatory Process Alternative Investments Derivatives I Investor Relations Capstone (Investor Relations Internship) not required 23 MSFA and MSRM Relative Program Costs Scholarships & Financial Aid Accelerated MSFA, MAIR, and MSRM programs All these full-time programs are for well-qualified fulltime students. Exceptional students are considered for partial scholarships in the form of tuition remission. • Scholarships are conditional on achieving a minimum GPA of 3.4 in first semester of program. • Must maintain GPA of 3.4 or greater to continue to receive scholarship. There are VERY FEW Tutor Assistant positions due to the short length of the program. 25 2010 Program Costs Professional MSFA $49,980 for two years. Includes all materials + discounted CFA Exam Review. USF EMBA $80,000 Accelerated MSFA MS in Risk Mgmt MA Investor Relations $38,700 USF MBA $65,000 UC Berkeley EMBA $135,000 UC Berkeley MBA $86,100 None of these figures include living costs in San Francisco. 26 The MSFA Student Profile Accelerated MSFA Program Recent graduates with BA in Business or Economics but little work experience. Profile of Incoming 2008-2009 Accelerated Cohort Total Applicants: 330 • Average GMAT score: 620 • Average GMAT Quantitative Score : 89 percentile or above Total Accepted Students: 52 Composition: • 16 are US residents, remainder are international students. • China (14), Taiwan (2), Thailand (4), India (2), Middle East (5) All International Students meet or exceed minimum English requirements CFA Exam Performance Many Accelerated MSFA students take the CFA Level I exam in June during their program year. Their CFA exam results prior to MSFA program concluding in August of each year. Pass rates for MSFA students much higher than overall pass rates on Level I exam. Overall pass rates internationally = 40% MSFA Pass rates (both programs) = 75% or higher.