Curriculum
The Penn State Smeal College of Business Master of Finance (MFIN) offers a comprehensive 31-credit program, providing students with a strong foundation in financial theory and practice. The curriculum emphasizes analytical techniques like discounted cash flow, valuation, risk and return, the Capital Asset Pricing Model (CAPM), corporate capital structure, capital budgeting, mergers and acquisitions, and quantitative analysis. This immersive program spans two academic semesters, divided into 7-week modules, with courses taught by distinguished professors renowned for their research expertise. Topics include financial markets, financial engineering, global finance, portfolio management, and more. The program is designed to help students succeed, even with varying backgrounds and experiences. Prerequisites are required for certain courses, and students without them can complete the credits during Penn State's summer semester. This master's program covers a wide range of financial subjects, equipping students with the skills and knowledge needed for a successful career in finance.
This 31-credit master program provides students with a solid understanding of the theory and practice of finance, emphasizing the following analytical techniques: discounted cash flow, valuation, risk and return, the Capital Asset Pricing Model (CAPM), corporate capital structure, capital budgeting, mergers and acquisitions, investment and financing decision-making and quantitative analysis.
Our MFIN courses are taught by distinguished professors with world-renowned research expertise and practical knowledge and experience. These award-winning teachers, researchers, consultants, and authors specialize in bringing complex business concepts to life.
This program spans two academic semesters divided into 7-week modules to provide an immersive study of course content. Each module builds upon the required modules before it, creating a laddered educational experience that helps every student succeed, regardless of background or experience.
Required Prerequisite
The following Penn State course (or the equivalent at another institution) is a prerequisite for the Penn State Smeal MFIN program:
- MBADM 811: Financial Accounting (3 credits)
Students who do not have the required prerequisite must complete these credits online during Penn State's summer semester.
Fall Semester
Module I
Duration: 7 weeks | Professor: Lou Gattis, Ph.D
This course provides a foundation in finance from the perspective of the firm. The objective is to show students that basic financial principles can be useful no matter the type of job taken. The two main topics of the course are: (1) how managers can use financial techniques to help them do their jobs and (2) how firms can use financial markets to solve financial problems.
This course provides a foundation in finance from the perspective of the firm. The objective is to show students that basic financial principles can be useful no matter the type of job taken. The two main topics of the course are: (1) how managers can use financial techniques to help them do their jobs and (2) how firms can use financial markets to solve financial problems.
Duration: 7 weeks | Professor: Sajay Samuel, Ph.D.
Foundations in Management Accounting has two broad aims. First, it is designed to help students grasp the technical aspects of accounting for activities and processes within and between firms. Therefore, students will study methods of a) cost classification & estimation; b) cost measurement & allocation; c) profit planning; and d) evaluation and control of behavior. Second, the course emphasizes the context of managerial accounting.
Foundations in Management Accounting has two broad aims. First, it is designed to help students grasp the technical aspects of accounting for activities and processes within and between firms. Therefore, students will study methods of a) cost classification & estimation; b) cost measurement & allocation; c) profit planning; and d) evaluation and control of behavior. Second, the course emphasizes the context of managerial accounting.
Duration: 7 weeks | Professor: Frederick Hood
This course provides a comprehensive overview of fixed income securities and markets, focusing on the fundamental principles and practical applications. Students will learn how to value fixed income securities, manage risks, and explore the dynamics of traditional bonds, term structure concepts, and emerging fixed income derivatives.
This course provides a comprehensive overview of fixed income securities and markets, focusing on the fundamental principles and practical applications. Students will learn how to value fixed income securities, manage risks, and explore the dynamics of traditional bonds, term structure concepts, and emerging fixed income derivatives.
Duration: 7 weeks | Professor: Robert Everett, Ph.D.
This course provides a broad understanding of the pricing mechanism of the bond, equity, and foreign exchange markets. The course also gives students an overview of analytical methodologies that help market participants discern asset price from asset value.
This course provides a broad understanding of the pricing mechanism of the bond, equity, and foreign exchange markets. The course also gives students an overview of analytical methodologies that help market participants discern asset price from asset value.
Module II
Duration: 7 weeks | Professor: Anh Le, Ph.D
This course provides an overview of some of the important issues and problems encountered in recognizing exposures to risk in both financial and non-financial firms, and provides students with a strategic decision-making perspective. Considerable importance will be placed on how exposures to risk affect the firm, and how risk exposures can be re-engineered to enhance firm value.
This course provides an overview of some of the important issues and problems encountered in recognizing exposures to risk in both financial and non-financial firms, and provides students with a strategic decision-making perspective. Considerable importance will be placed on how exposures to risk affect the firm, and how risk exposures can be re-engineered to enhance firm value.
Duration: 7 weeks | Professor: Svetla Vitanova
A broad exploration of international finance in the context of how a corporate strategic manager analyzes the complexities of international financial markets. In particular, the course develops a tool-kit of techniques to a) understand global market interconnectivity, b) value international financial instruments and c) analyze risk, hedging, and asset pricing strategies to secure strategic competitive advantage.
A broad exploration of international finance in the context of how a corporate strategic manager analyzes the complexities of international financial markets. In particular, the course develops a tool-kit of techniques to a) understand global market interconnectivity, b) value international financial instruments and c) analyze risk, hedging, and asset pricing strategies to secure strategic competitive advantage.
Duration: 7 weeks | Professor: Tim Simin, Ph.D.
Topics covered include a review of the structure of the asset markets, basic pricing formulas, fundamental and technical analysis, and the different models relating risk and return, as well as portfolio management and derivative pricing. Statistical concepts such as mean, variance, covariance, and regression analysis will be used extensively throughout the course.
Topics covered include a review of the structure of the asset markets, basic pricing formulas, fundamental and technical analysis, and the different models relating risk and return, as well as portfolio management and derivative pricing. Statistical concepts such as mean, variance, covariance, and regression analysis will be used extensively throughout the course.
Duration: 7 weeks | Professor: Jason Lunn, Ph.D.
Builds upon and reinforces the theoretical and institutional finance frameworks learned in introductory business finance.
Builds upon and reinforces the theoretical and institutional finance frameworks learned in introductory business finance.
Spring Semester
Module III
Duration: 16 weeks | Professor: Stefan M. Lewellen
The aim of the capstone is to assess students' ability to synthesize and integrate the skills they have developed throughout their course work. The projects students tackle will mirror what they'll encounter on the job as a significant member of the corporate planning strategic management team. The course integrates topics and methodologies analyzed throughout the program, leading students to understand that corporate strategic analysis, and ultimately, the firm's ability to enhance shareholder value, is a holistic and multifaceted analytical process.
The aim of the capstone is to assess students' ability to synthesize and integrate the skills they have developed throughout their course work. The projects students tackle will mirror what they'll encounter on the job as a significant member of the corporate planning strategic management team. The course integrates topics and methodologies analyzed throughout the program, leading students to understand that corporate strategic analysis, and ultimately, the firm's ability to enhance shareholder value, is a holistic and multifaceted analytical process.
Duration: 7 weeks | Professor: Bharadwaj Kannan
An integrative study of financial management utilizing applied problems and case studies with the intention to provide both depth and breadth to students' knowledge of corporate finance. This course gives an overview of the key concepts, tools, and principles of both strategy formulation and competitive analysis utilized by the successful corporate manager.
An integrative study of financial management utilizing applied problems and case studies with the intention to provide both depth and breadth to students' knowledge of corporate finance. This course gives an overview of the key concepts, tools, and principles of both strategy formulation and competitive analysis utilized by the successful corporate manager.
Duration: 16 weeks | Professor: Andy Gustafson, Ph.D.
One of the most important skills students develop in business school is the ability to demonstrate the value of their experiences. This course provides students with targeted opportunities to develop this skill as they clearly, forcefully, and professionally represent ideas, opinions, and solutions. Students will participate in various oral, written, and graphic projects during the course.
One of the most important skills students develop in business school is the ability to demonstrate the value of their experiences. This course provides students with targeted opportunities to develop this skill as they clearly, forcefully, and professionally represent ideas, opinions, and solutions. Students will participate in various oral, written, and graphic projects during the course.
Duration: 7 weeks | Professor: Kimberly Cornaggia
Bridges financial theory with essential data science practices, emphasizing programming, data handling, visualization, and foundational statistical methods applied in financial contexts. Includes practical assignments using contemporary data analysis techniques and computational tools, along with a brief introduction to generative AI focusing on core concepts and initial familiarity.
Bridges financial theory with essential data science practices, emphasizing programming, data handling, visualization, and foundational statistical methods applied in financial contexts. Includes practical assignments using contemporary data analysis techniques and computational tools, along with a brief introduction to generative AI focusing on core concepts and initial familiarity.
Duration: 16 weeks | Professor: Louis Gattis
Covers advanced financial modeling in investing and corporate finance using spreadsheet software and multi-language programming to solve complex problems, including portfolio construction, risk simulation, fixed income optimization, derivatives valuation, corporate hedging, financial forecasting, and project valuation. Incorporates generative AI for program code creation and emphasizes practical assessment through team assignments and computer-based exams. Assumes familiarity with spreadsheet software and no prior programming experience.
Covers advanced financial modeling in investing and corporate finance using spreadsheet software and multi-language programming to solve complex problems, including portfolio construction, risk simulation, fixed income optimization, derivatives valuation, corporate hedging, financial forecasting, and project valuation. Incorporates generative AI for program code creation and emphasizes practical assessment through team assignments and computer-based exams. Assumes familiarity with spreadsheet software and no prior programming experience.
Module IV
Duration: 7 weeks | Professor: Chloe Tergiman
Construction and use of quantitative methods in business decision-making.
Construction and use of quantitative methods in business decision-making.
Duration: 16 weeks | Professor: Stefan M. Lewellen
The aim of the capstone is to assess students' ability to synthesize and integrate the skills they have developed throughout their course work. The projects students tackle will mirror what they'll encounter on the job as a significant member of the corporate planning strategic management team. The course integrates topics and methodologies analyzed throughout the program, leading students to understand that corporate strategic analysis, and ultimately, the firm's ability to enhance shareholder value, is a holistic and multifaceted analytical process.
The aim of the capstone is to assess students' ability to synthesize and integrate the skills they have developed throughout their course work. The projects students tackle will mirror what they'll encounter on the job as a significant member of the corporate planning strategic management team. The course integrates topics and methodologies analyzed throughout the program, leading students to understand that corporate strategic analysis, and ultimately, the firm's ability to enhance shareholder value, is a holistic and multifaceted analytical process.
Duration: 7 weeks | Professor: Jason Lunn, Ph.D.
Mergers and acquisitions are powerful growth tools used to build value through purchases, spin-offs, and mergers that can strengthen financial position and future outlook. Addresses increased deal complexity driven by macroeconomic uncertainty and regulatory challenges, emphasizing the need for deeper understanding of buyer and seller processes. Focuses on identifying timely opportunities and executing well-planned deals, including preparation, negotiation, and integration as key drivers of firm value.
Mergers and acquisitions are powerful growth tools used to build value through purchases, spin-offs, and mergers that can strengthen financial position and future outlook. Addresses increased deal complexity driven by macroeconomic uncertainty and regulatory challenges, emphasizing the need for deeper understanding of buyer and seller processes. Focuses on identifying timely opportunities and executing well-planned deals, including preparation, negotiation, and integration as key drivers of firm value.
Duration: 16 weeks | Professor: Andy Gustafson, Ph.D.
One of the most important skills students develop in business school is the ability to demonstrate the value of their experiences. This course provides students with targeted opportunities to develop this skill as they clearly, forcefully, and professionally represent ideas, opinions, and solutions. Students will participate in various oral, written, and graphic projects during the course.
One of the most important skills students develop in business school is the ability to demonstrate the value of their experiences. This course provides students with targeted opportunities to develop this skill as they clearly, forcefully, and professionally represent ideas, opinions, and solutions. Students will participate in various oral, written, and graphic projects during the course.
Duration: 16 weeks | Professor: Louis Gattis
Covers advanced financial modeling in investing and corporate finance using spreadsheet software and multi-language programming to solve complex problems, including portfolio construction, risk simulation, fixed income optimization, derivatives valuation, corporate hedging, financial forecasting, and project valuation. Incorporates generative AI for program code creation and emphasizes practical assessment through team assignments and computer-based exams. Assumes familiarity with spreadsheet software and no prior programming experience.
Covers advanced financial modeling in investing and corporate finance using spreadsheet software and multi-language programming to solve complex problems, including portfolio construction, risk simulation, fixed income optimization, derivatives valuation, corporate hedging, financial forecasting, and project valuation. Incorporates generative AI for program code creation and emphasizes practical assessment through team assignments and computer-based exams. Assumes familiarity with spreadsheet software and no prior programming experience.