Accelerated MSFA and MSRM - University of San Francisco

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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.
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