FINANCE AREA
FIN2105 Business Microeconomics (3 Credits)
Prerequisites: None
Not available to students with credit for ECN2103
This is an introduction to microeconomic concepts and techniques (mathematical and statistical) that are useful for
business decision-making. The course begins by examining markets -the interaction of demand and supply. It
examines the determinants of demand, and the cost structures that underlie supply. It also looks at the dynamic
process of price adjustment. Next, various models of profit maximization are developed, under different competitive
assumptions. Finally, the course looks at strategic problems. While there is no prerequisite for this course, the course
moves quickly and develops an intermediate level of microeconomic theory.
FIN2106 Business Macroeconomics (3 Credits)
Prerequisites: None
Not available to students with credit for ECN2102
This is an introduction to macroeconomic concepts and techniques (mathematical and statistical) that are useful for
business decision-making. The course begins by developing Keynesian models of income determination and
multiplier effects. It moves quickly to the interaction of real and financial markets, and the process of income
determination and money creation. Emphasis is placed on predicting the impacts of fiscal and monetary policy.
Students will develop a computer simulation, and use the computer model to analyze policy variables. Finally, the
course introduces models of the open economy, and provides basic techniques for determination of spot and forward
exchange rates.
FIN3101 Financial Institutions and Markets (3 Credits)
Prerequisites: FIN2106
Previously listed as FN2201
The course introduces topics such as the functions, organization, structure and regulation of financial institutions and
markets. Students also study the role and operations of financial markets and institutions in the economy, supply and
demand for funds, interest rate determination, monetary and fiscal policy, and flow of funds analysis. In addition, the
course analyzes basics of financial policies and operations of commercial banks and other financial institutions as well as
an overview of the globalization of financial markets and institutions.
FIN3121 Principles of Finance (3 Credits)
Prerequisites: ACC2102 (ACC2101)
Previously listed as FN2202
This is an introductory course to the field of finance with a broad scope and emphasis on general principles. The
objective of the course is to introduce basic tools and techniques essential in understanding major theories of Finance
and making financial decisions. Students will learn basics of financial system, time value of money and discounting,
financial performance analysis, basics of capital budgeting, basics of stock and bond valuation, and introduction to
corporate finance.
FIN3200 Ethics in Finance (2 Credits)
Prerequisites: FIN3121, FIN3101
This 2-credit course will examine issues in ethics that arise from a financial context. We will begin with ethical
theories such as Kantianism, Utilitarianism, Virtue Ethics, Care Ethics, and Contract theory. We will then explore
contemporary issues involving Corporate Governance, Corporate Social Responsibility, Corporate Sustainability,
Socially Responsible Investing and share holder activism, and Stakeholder Theory. The course will examine in detail
major cases of financial fraud, e.g. Mad off, Enron, BTA Bank. Finally, students will prepare and present a business
case in Kazakhstan dealing with financial ethics. Course materials will consist of articles, research articles, business
cases and notes, and The Code of Ethics and Standards of Professional Conduct of the CFA Institute.
FIN3210 Corporate Finance (3 Credits)
Prerequisites: FIN3101, FIN3121
This is an intermediate business financial management course, combining theory and applications. The course
focuses on detailed look at capital budgeting methods including Net Present Value and Internal Rate of Return,
capital budgeting under uncertainty, risk and return analysis, financial planning and forecasting, dividend policy,
capital structure policy, working capital policy, and interactions of investment and financing decisions.
FIN3220 Investments (3 Credits)
Prerequisites: FIN3101, FIN3121
This course introduces the foundations of portfolio theory, asset pricing, trading and valuing securities as well as
provides frameworks for investment analysis of various financial instruments. The course begins with an introduction
of the modern portfolio theory and then turns to asset valuation based on the capital asset pricing model and
arbitrage pricing theory. The two subsequent areas of study are valuation and analysis of fixed income instruments
and stocks. Overall, this course represents the minimal financial theory and necessary practical tools with which an
undergraduate student majoring in finance should be able to make meaningful investment decisions and be prepared
for advanced courses in investment management.
FIN3230 Financial Institutions Management (3 Credits)
Prerequisites: FIN3101, FIN3121
The course provides an analysis of the role of private financial intermediaries in providing financial services to the
public with a focus on the latest techniques of asset/liability and risk management in modern day financial
institutions. Other topics include the impact of recent regulations and the breakdown of geographic barriers
worldwide on the risks and opportunities to financial institutions. The impact of ethical, technological and diversity
issues affecting managerial decision making in financial intermediation is also discussed.
FIN3222 Personal Finance (3 Credits)
Prerequisites: FIN3101, FIN3121
This course focuses on the analysis of the problems involved in efficient handling of personal finance. Topics include
time value calculations, budgeting, career planning, banking, insurance, home buying, consumer credits and money
management, investment planning, retirement planning, and estate planning.
FIN4211 Financial Modeling (3 Credits)
Prerequisites: FIN3220
This course will involve using spreadsheets to model financial transactions, perform valuations, and solve complex
financial problems from all areas of finance (equity, debt, and their derivatives). It will also involve the use of
financial functions and formulas, macros, and new programming in various financial applications. Intermediate
knowledge of any electronic spreadsheet (Microsoft Excel, Lotus, etc.) is required.
FIN4212 Mergers and Acquisitions (3 Credits)
Prerequisites: FIN3210
The course provides the key financial sources and instruments used for mergers and acquisitions (M&A) deals; how to
select the most appropriate type of financing - debt, equity, or a combination of the two; financing via debt, bonds,
and leases, and ways to borrow or lend; tactics considered in contracts, including contingent payments, earn-outs,
and equity kickers; how to determine when refinancing is necessary; how volatile global events can affect economic
systems and M&A financing and refinancing; debt/equity hybrids and other financing methods.
FIN4214 Financial Statement Analysis (3 Credits)
Prerequisites: FIN3101, FIN3121
The course objective is to teach students to accurately read and analyze financial statements of various companies in a
variety of industries. It examines the uses and misuses of financial statement data for a wide range of financing
decisions. The course analyzes various reporting options that affect income, assets, cash flow forecasts, financial
ratios, and trends; distinguishes between accounting rules and underlying economic realities; and examines
approaches that analysts can take when external reports do not reflect a firm’s underlying economics. The course
focuses on the pragmatic implications of corporate disclosures and nondisclosures.
FIN4220 Real Estate Finance (3 Credits)
Prerequisites: FIN3101, FIN3121
This course provides a broad introduction to real estate finance. Project evaluation, financing strategies, and capital
markets issues related to real estate are covered. Other topics include real estate law, government regulations of real
estate uses, development and marketing of commercial and residential real estate.
FIN4221 Investment Banking (3 Credits)
Prerequisites: FIN3210
The course provides a study of investment banking activities, including their regulatory, institutional and market
environments, with extensive reference to the global marketplace. Students will learn the analysis of the main
investment banking services with emphasis on the mechanics and economics of the issuance process. Analysis of the
market for new issues and appraisal of their spread and price performance will be provided. Consideration of ethical,
technological and diversity issues in investment banking operations will be made.
FIN4224 Introduction to Financial Derivatives (3 Credits)
Prerequisites: FIN3101, FIN3121
This course offers an introduction to derivative markets. A derivative is an instrument whose value depends on the
values of other more basic underlying variables. This course focuses on financial derivatives. Emphasis is placed on
organization and role of put and call options markets, futures and forward markets, swaps markets, and their
interrelations. Major topics include arbitrage relations, valuation, hedging and speculating with derivatives and
implementation of derivatives trading strategies.
FIN4231 Commercial Bank Management (3 Credits)
Prerequisites: FIN3101, FIN3121
The course aims on understanding the field of banking from the perspectives of both a bank customer as well as a
bank manager. Topics include introduction to the business of banking; asset-liability management techniques and
hedging against interest rate and credit risk; managing the bank’s investment portfolio and liquidity position;
managing bank sources of funds; providing loans to businesses and consumers; the bank’s organizational structure
and service options; and developing a channel for future growth and expansion.
FIN4232 Risk Management (3 Credits)
Prerequisites: FIN4224
The course provides comprehensive analyses and insights in risk management including: overview of risk
management -from the history of risk management to the new regulatory and trading environment; a look at past and
present risk management; risk management program designs; techniques to organize the risk management function;
develop a system to cover organizations exposures; and risk management implementation including the use of the
myriad systems to derive value at risk (VaR), stress-testing, and derivatives for measuring and hedging risk in today’s
marketplace.
FIN4235 International Financial Management (3 Credits)
Prerequisites: FIN3101, FIN3121
This course covers principles and applications of managerial finance in an international context. Particular emphasis
is placed on financial management of multinational business. Major topics include analysis of opportunities, risks and
problems unique to businesses involved in multinational operations, international financial environment,
international sources and uses of funds, foreign exchange risk management, and managing international assets,
liabilities, and securities.
FIN4240 Security Analysis and Portfolio Management (3 Credits)
Prerequisites: FIN3220
This is an advanced investment course designed to expand knowledge acquired in the introductory investment course.
The course provides thorough analysis of security valuation techniques and systematic portfolio management. The
topics include the processes and principles of financial valuation, valuation models and components, valuation of
debt, equity and other securities, portfolio construction and analysis, strategic management of various classes of
assets, and portfolio applications and portfolio evaluation.
FIN4241 Case Studies in Finance (3 Credits)
Prerequisites: FIN3210, FIN3220, FIN3230 and 90 credits completed
The course offers various advanced case studies on practical problems in planning, procuring, and maintaining
optimum distribution and utilization of financial resources of business entities. Topics of case studies will vary
depending on the interests of students, and the course instructor.
FIN4242 Selected Topics in Finance (3 Credits)
Prerequisite: FIN3210, FIN3220, FIN3230
The course examines particular issues and contemporary subject areas in Finance at an advanced level. Selection of
topics depends on students and instructors preferences.
FIN4244 Entrepreneurial Finance (3 Credits)
Prerequisites: FIN3210, FIN3220
This 3-credit course will explore the financing needs of start-up firms and typical sources of capital from both the
perspectives of the entrepreneur and the investor. The first part of the course emphasizes identifying and valuing
entrepreneurial business opportunities. Topics include pro forma development and review, business valuation
models, cash flow analysis. The second part addresses how and from whom entrepreneurs raise funds and how
financial contracts are structured to manage risk and align incentives; raising capital from private investors, venture
capitalists and banks. The third part addresses ways in which entrepreneurs and investors “harvest” success and
value.
FIN4246 Insurance (3 Credits)
Prerequisites: FIN3121, FIN3101
This course explores the principles of risk management and insurance. The course provides an understanding of the
foundations, applications and selection of insurance. Fundamentals of life and health insurance as well as property
and liability insurance will be included. Enterprise risk management for corporations, financial risk management,
overview of employee benefits, and strategic policies to mitigate risk will also be covered. The student will also learn
insurance relations, rules and regulation in Kazakhstan in this course.
FIN4447 Financial Regulations and Supervision (3 Credits)
Prerequisites: FIN3121, FIN3101
Financial regulation and supervision course focuses on the public regulation of the financial markets and financial
intermediaries - topics of high relevance in today's environment of ongoing transformation of the way financial
markets are regulated. The course aims to develop students' understanding of theory and practice of regulation and
supervision of financial markets. After introducing the general principles of effective regulation and supervision of
financial markets and institutions, the course is broadly split into three main parts focusing on the following key
areas: Regulation of securities markets, Regulation and supervision of financial institutions and financial regulation
and supervision in Kazakhstan.
FIN4248 Islamic Banking and Finance (3 Credits)
Prerequisites: FIN3121, FIN3101
The ongoing turbulence and crises in the modern financial system has drawn attention towards an alternative system
of financial intermediation, Islamic banking and finance. The objective of this course is to introduce students to the
alternative banking practices and financial market operations which are based on the Shari’ah principles. Major
topics include the fundamental Muslim beliefs, Shari’ah objectives, sources of Shari’ah rules and role of Shari’ah
boards in supervision of banking and financial market practices, difference between conventional and Islamic
banking, prohibition of riba and rationale of Islamic banking, key principles of Islamic banking and investment, the
basic Shari’ah rules for economic and financial transactions, conventional and Islamic modes of financing: murabaha,
mudaraba, musharaka, ijara, istisna’a and salam, the problems of moral hazards and adverse selection in Islamic
finance and conventional versus Islamic (Takaful) insurance.
FIN4250 Credit Internship Program (6 Credits)
Prerequisites: 90 credits completed
An internship is working for a company and learning on-the-job. It is an opportunity to put into practice the Finance
knowledge learned from classroom coursework.
FIN4275 Thesis (2 Credits)
Prerequisites: 105 credits completed
A thesis is a research work on a topic that is in the area of Finance. Students will be supervised by faculty members in
the process. Further details on thesis requirements are provided under the KIMEP University regulations on this
matter.
FIN4277 State Examination (1 Credit)
Prerequisites: As per MES regulation
Students are required to take the state examination. Further details on this requirement are provided under the
KIMEP University regulations on this matter.