• Expand your knowledge about markets, securities, and financial institutions
  • Graduate director Franklin Michello's expertise includes investments and derivatives
  • Land new openings in nearby Nashville with an advanced degree
  • MTSU finance master's is affordable and accessible for professionals and recent grads

Finance M.S.

MTSU’s new Master of Science in Finance program is designed to provide a graduate-level knowledge base and expertise to those who work in the growing field of finance, assisting individuals, companies, and governments, among others, in navigating the increasingly complex and essential world of financial analysis. The program is ideal for a prospective student with a business/quantitative background (e.g. finance, economics, accounting, mathematics, or engineering undergraduate degree) who is seeking to advance his/her career in the rewarding world of finance. The 12-month, 33-credit hour program will offer a class schedule to accommodate professionals in the work world as well as full-time students. The program aims to impart quantitative, practical knowledge in various areas within the field of finance; deliver hands-on experience applying various financial modeling and valuation concepts, tools, and techniques; and develop communication, critical thinking, analytical ethical decision making, and discipline-specific skills.

Nagel draws on GM corporate work for teaching, research

Nagel draws on GM corporate work for teaching, research

Assistant Professor Dr. Gregory Nagel, who joined MTSU's faculty in 2010, brings a 20-year corporate background from General Motors to his university teaching positions at the graduate and undergraduate level at MTSU and elsewhere. In his last position at GM, Nagel led a global team to make vehicle door systems common across worldwide operations. Before that, his analysis of GM's joint venture with Toyota resulted in changes to North American operations that saved approximately $250 million per year. His academic research on executive labor markets has been presented to heads of executive recruiting for Fortune 500-sized firms and is cited by professionals such as Claudio Fernandez-Araoz, a primary presenter at recent World Business Forums. Nagel's current research interests include board directors’ agency conflicts when filling executive positions and the monitoring role of institutional investors. His teaching areas of expertise are corporate finance and investments.

Finance master’s program only one at TN public university

Finance master’s program only one at TN public university

The M.S. in Finance at MTSU is the first such graduate degree at a public institution in the state. The program is affordable and offers accessible scheduling for both full- and part-time students. "Our students who want to pursue a master’s degree right out of their undergraduate program will be able to do that. For individuals out in the workforce, there’s a significant demand for people with master’s level training in finance—especially with Nashville being a financial center," says Dr. Sean Salter, Economic and Finance Department interim chair. Nashville is a hot target for corporation relocations—for example, the UBS recent move from New York—which offer opportunities that require a higher level of training in finance. A lesson from the 2008 financial crisis revealed that many industry professionals need a deeper understanding and knowledge of securities, financial institutions, and markets along with risks involved, Salter adds.

The Finance master’s degree aims to prepare students for careers as financial analysts, consultants, managers, and planners by promoting certifications such as Chartered Financial Analyst (CFS), Certified in Financial Management (CFM), Certified Financial Planner (CFP), and/or Certified Treasury Professional (CTP).

Employers of MTSU alumni include

This information is still being compiled since this is a new program.

The Master of Science (M.S.) in Finance is offered by the Department of Economics and Finance in the Jennings A. Jones College of Business.

Admission decisions are based upon consideration of multiple criteria that are believed to indicate high potential for success in the graduate program.

Applicants to the Finance M.S. program must have

  • earned a bachelor’s degree.
  • recorded satisfactory official scores on the Graduate Management Admissions Test (GMAT) or the Graduate Record Examination (GRE). Admission is based on a GMAT (or equivalent GRE) index score of 950 (200 x undergraduate grade point average + GMAT score must be equal to or greater than 950). A minimum GMAT score of 400 (or equivalent GRE) is required. Student performance on graduate admission tests is an important factor in the decision to grant admission.
  • completed FIN 3010 Business Finance or its equivalent. Applicants without this foundational course will be required to complete it as part of the program of study.
  • met the University’s English-language proficiency (TOEFL) requirements, if an international student.

The program director will suggest a course of study that will provide the necessary baseline knowledge to students who do not possess a prior degree in business.

Students may transfer up to six hours of appropriate graduate credit from another AACSB-accredited institution.

Candidates must complete 33 credit hours of coursework beyond a bachelor’s degree (27 hours of core courses and 6 hours of elective courses), successfully complete the capstone course (FIN 6720 Cases in Financial Management), and earn a cumulative GPA of 3.0 to graduate.

For complete curriculum details, click on the REQUIREMENTS  tab above.

Undergraduate

A Finance major leads to a Bachelor of Business Administration (B.B.A.) degree with a major in Finance, with concentrations in Business Finance, Financial Institution Management, Insurance, or Real Estate. The Finance major also incorporates a minor in Business Administration. Students may elect another business minor; however, a business minor other than Business Administration may require the student to complete more than 120 total hours.

Other programs in the department

Graduate students can earn Master of Arts (M.A.) or Doctor of Philosophy (Ph.D.) degrees in Economics. Two concentrations are available under the M.A.: Financial Economics and Industrial Relations.

The Department of Economics and Finance also offers two undergraduate degrees with a major in Economics: a Bachelor of Business Administration (B.B.A.) and a Bachelor of Science (B.S.). The B.B.A. is a business major, also available with a concentration in Labor Relations. The B.S. is offered through the College of Liberal Arts.

Undergraduate majors in all colleges can pursue a minor in Economics/Finance, Finance, Real Estate, Insurance, or Real Estate/Insurance.

Apply Now!

General Concentration Corporate Finance Concentration Investments Concentration


Finance, General Concentration, M.S.

Frank Michello, Program Director
(615) 898-2381
Frank.Michello@mtsu.edu

The purpose of the M.S. degree in Finance is to provide a graduate-level knowledge base and expertise to those who work in the growing field of finance, assisting individuals, companies, and governments, among others, in navigating the increasingly complex and essential world of financial analysis. The M.S. in Finance program seeks to provide students with instruction in financial theory and practice in general finance, corporate finance, and investments that will prepare them for careers as financial analysts, consultants, managers, and planners.

Admission Requirements

Applicants are expected to possess a satisfactory score on the Graduate Record Examination (GRE). ACTG 2110 and ACTG 2120 or ACTG 3000 (or equivalent) are prerequisites for admission.

Application Procedures

All application materials are to be submitted to the College of Graduate Studies.

Applicant must

  1. submit an application with the appropriate application fee (online at www.mtsu.edu/graduate/apply/php);
  2. submit official scores on the Graduate Record Examination (GRE);
  3. submit official transcripts of previous college work.

Degree Requirements

The M.S. in Finance program consists of 33 credit hours (9 hours of core courses, 9 hours of Finance core courses, 9 hours of concentration courses, and 6 hours of elective courses drawn from advanced courses). Students will have the opportunity to complete the curriculum in one calendar year, with courses conveniently offered as hybrid courses, online, and in the evenings.

Curriculum: Finance, General

Core Courses (9 hours)

  • FIN 6060 - Econometrics I  3 credit hours  

    FIN 6060 - Econometrics I

    3 credit hours

    (Same as ECON 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

Concentration Core (9 hours)

  • FIN 6710 - Financial Analysis

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. Theory of corporate finance with applications. Techniques and problems for maximizing wealth through the application of discounted cash flow analysis. Emphasis on risk, capital budgeting, and capital structure.

  • FIN 6720 - Cases in Financial Management

    3 credit hours

    Prerequisite: FIN 6710. Applications-oriented approach to managerial problem-solving. Topics may include working capital management, capital budgeting, cost of capital estimation, lease/purchase decisions, bond refunding, and international issues.

  • FIN 6750 - Advanced Corporate Finance

    3 credit hours

    Prerequisite: FIN 6710 or consent of instructor. Topics include ethical decision making, advanced risk analysis, advanced project analysis, advanced capital structure concepts, valuation techniques, and cash flow analysis.

Concentration Elective Courses (9 hours)

Choose 9 hours from the courses listed below.

  • FIN 5900 - TVA Investment Challenge

    3 credit hours

    Theories and concepts related to investing, security analysis, and portfolio management will be put to the test in the management of a real portfolio of stocks. TVA investment guidelines, portfolio management strategies, stock selection, investment gurus, individual investment styles, data sources and Internet sites, stock-screening techniques, and portfolio rebalancing.

  • FIN 6460 - Equity Valuations  3 credit hours  

    FIN 6460 - Equity Valuations

    3 credit hours

    (Same as ECON 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

  • FIN 6560 - Mergers and Acquisitions

    3 credit hours

    (Same as ECON 6560.) Issues covered include the reasons firms merge, buyer and seller motivations, the assessment of merger prospect value, merger waves and their consequences, the concentration of economic power resulting from mergers, policies toward mergers, the effects of takeover defenses, and the effects of mergers on the economy.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

  • FIN 6760 - Derivatives Valuations

    3 credit hours

    Prerequisite: FIN 4910, senior Finance major/minor, or M.B.A. Explores and analyzes the key issues associated with theory and practice of derivatives instruments. Includes advanced topics dealing with pricing, risk management, and structuring of global derivatives products such as options, forwards, futures, swaps, caps, collars, and swaptions in the equity, foreign exchange, commodities, and interest-rate markets.

  • FIN 6770 - Modern Applications in Finance

    3 credit hours

    Prerequisites: Admission to the Master of Science in Finance program. Includes mathematical, programming, and statistical tools used in the real-world analysis and modeling of financial data; applies these tools to model asset prices and returns, to measure risk, and to construct optimized portfolios. Examines real-world problems faced by investment advisors, consultants, and investors in putting finance theory into practice.

  • FIN 6780 - Portfolio Analysis

    3 credit hours

    Prerequisites: FIN 6460 and FIN 6740. Focuses on both theoretical and practical aspects of investment analysis, security selection, and portfolio management. Topics include asset allocation, investment policy statement, mean variance optimization, contemporary asset pricing theories, equity and fixed-income portfolio strategies, managing interest rate risk and credit risk, using derivatives in portfolio management, and alternative investment.

  • FIN 6860 - International Financial Management

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. International capital markets, exchange rate exposure, risk management, and other multinational finance issues. Essential not only for United States exporters, but also for those facing competition from abroad.

Electives (6 hours)

Select 6 credit hours chosen from other advanced finance courses or from other departments with approval of advisor.

Program Notes

Candidate must

  1. file a degree plan in the College of Graduate Studies prior to entry into the program;
  2. file a notice of Intent to Graduate form with the College of Graduate Studies within the first two weeks of the term in which the student intends to graduate.


Finance, Corporate Finance Concentration, M.S.

Frank Michello, Program Director
(615) 898-2381
Frank.Michello@mtsu.edu

The purpose of the M.S. in Finance is to provide a graduate-level knowledge base and expertise to those who work in the growing field of finance, assisting individuals, companies, and governments, among others, in navigating the increasingly complex and essential world of financial analysis. The M.S. degree in Finance program seeks to provide students with instruction in financial theory and practice in general finance, corporate finance, and investments that will prepare them for careers as financial analysts, consultants, managers, and planners.

Please see undergraduate catalog for information regarding undergraduate programs.

Admission Requirements

Applicants are expected to possess a satisfactory score on the Graduate Record Examination (GRE). ACTG 2110 and ACTG 2120 or ACTG 3000 (or equivalent) are prerequisites for admission.

Application Procedures

All application materials are to be submitted to the College of Graduate Studies.

Applicant must

  1. submit an application with the appropriate application fee (online at www.mtsu.edu/gradautae/apply.php);
  2. submit official scores on the Graduate Record Examination (GRE).
  3. submit official transcripts of previous college work.

Degree Requirements

The Master of Science in Finance requires completion of a minimum of 33 semester hours (9 hours of core courses, 9 hours of Finance core courses, 9 hours of concentration courses, and 6 hours of elective courses drawn from advanced courses). Students will have the opportunity to complete the curriculum in one calendar year, with courses conveniently offered as hybrid courses, online, and in the evenings.

Curriculum: Finance, Corporate Finance

Core Courses (9 hours)

  • FIN 6060 - Econometrics I  3 credit hours  

    FIN 6060 - Econometrics I

    3 credit hours

    (Same as ECON 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

Concentration Core (9 hours)

  • FIN 6710 - Financial Analysis

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. Theory of corporate finance with applications. Techniques and problems for maximizing wealth through the application of discounted cash flow analysis. Emphasis on risk, capital budgeting, and capital structure.

  • FIN 6720 - Cases in Financial Management

    3 credit hours

    Prerequisite: FIN 6710. Applications-oriented approach to managerial problem-solving. Topics may include working capital management, capital budgeting, cost of capital estimation, lease/purchase decisions, bond refunding, and international issues.

  • FIN 6750 - Advanced Corporate Finance

    3 credit hours

    Prerequisite: FIN 6710 or consent of instructor. Topics include ethical decision making, advanced risk analysis, advanced project analysis, advanced capital structure concepts, valuation techniques, and cash flow analysis.

Concentration Elective Courses (9 hours)

  • FIN 6560 - Mergers and Acquisitions

    3 credit hours

    (Same as ECON 6560.) Issues covered include the reasons firms merge, buyer and seller motivations, the assessment of merger prospect value, merger waves and their consequences, the concentration of economic power resulting from mergers, policies toward mergers, the effects of takeover defenses, and the effects of mergers on the economy.

  • FIN 6760 - Derivatives Valuations

    3 credit hours

    Prerequisite: FIN 4910, senior Finance major/minor, or M.B.A. Explores and analyzes the key issues associated with theory and practice of derivatives instruments. Includes advanced topics dealing with pricing, risk management, and structuring of global derivatives products such as options, forwards, futures, swaps, caps, collars, and swaptions in the equity, foreign exchange, commodities, and interest-rate markets.

  • FIN 6770 - Modern Applications in Finance

    3 credit hours

    Prerequisites: Admission to the Master of Science in Finance program. Includes mathematical, programming, and statistical tools used in the real-world analysis and modeling of financial data; applies these tools to model asset prices and returns, to measure risk, and to construct optimized portfolios. Examines real-world problems faced by investment advisors, consultants, and investors in putting finance theory into practice.

Electives (6 hours)

Select 6 credit hours from the list below or other courses with approval of advisor.

  • FIN 5900 - TVA Investment Challenge

    3 credit hours

    Theories and concepts related to investing, security analysis, and portfolio management will be put to the test in the management of a real portfolio of stocks. TVA investment guidelines, portfolio management strategies, stock selection, investment gurus, individual investment styles, data sources and Internet sites, stock-screening techniques, and portfolio rebalancing.

  • FIN 6460 - Equity Valuations  3 credit hours  

    FIN 6460 - Equity Valuations

    3 credit hours

    (Same as ECON 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

  • FIN 6780 - Portfolio Analysis

    3 credit hours

    Prerequisites: FIN 6460 and FIN 6740. Focuses on both theoretical and practical aspects of investment analysis, security selection, and portfolio management. Topics include asset allocation, investment policy statement, mean variance optimization, contemporary asset pricing theories, equity and fixed-income portfolio strategies, managing interest rate risk and credit risk, using derivatives in portfolio management, and alternative investment.

  • FIN 6860 - International Financial Management

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. International capital markets, exchange rate exposure, risk management, and other multinational finance issues. Essential not only for United States exporters, but also for those facing competition from abroad.

Program Notes

Candidate must

  1. file a degree plan in the College of Graduate Studies prior to entry into the program.
  2. file a Notice of Intent to Graduate form with the College of Graduate Studies within the first two week of the term in which the student intends to graduate.


Finance, Investments Concentration, M.S.

Frank Michello, Program Director
(615) 898-2381
Frank.Michello@mtsu.edu

The purpose of the M.S. in Finance is to provide a graduate-level knowledge base and expertise to those who work in the growing field of finance, assisting individuals, companies, and governments, among others, in navigating the increasingly complex and essential world of financial analysis. The M.S. degree in Finance program seeks to provide students with instruction in financial theory and practice in general finance, corporate finance, and investments that will prepare them for careers as financial analysts, consultants, managers, and planners.

Please see undergraduate catalog for information regarding undergraduate programs.

Admission Requirements

Applicants are expected to possess a satisfactory score on the Graduate Record Examination (GRE). ACTG 2110 and ACTG 2120 or ACTG 3000 (or equivalent) are prerequisites for admission.

Application Procedures

All application materials are to be submitted to the College of Graduate Studies.

Applicant must

  1. submit an application with the appropriate application fee (online at www.mtsu.edu/graduate/apply.php);
  2. submit official scores on the Graduate Record examination (GRE).
  3. submit official transcripts of previous college work.

Degree Requirements

The Master of Science in Finance requires completion of 33 semester hours (9 hours of core courses, 9 hours of Finance core courses, 9 hours of concentration courses, and 6 hours of elective courses drawn from advanced courses). Students will have the opportunity to complete the curriculum in one calendar year, with courses conveniently offered as hybrid courses, online, and in the evenings.

Curriculum: Finance, Investments

Core Courses (9 hours)

  • FIN 6060 - Econometrics I  3 credit hours  

    FIN 6060 - Econometrics I

    3 credit hours

    (Same as ECON 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

Concentration Core (9 hours)

  • FIN 6710 - Financial Analysis

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. Theory of corporate finance with applications. Techniques and problems for maximizing wealth through the application of discounted cash flow analysis. Emphasis on risk, capital budgeting, and capital structure.

  • FIN 6720 - Cases in Financial Management

    3 credit hours

    Prerequisite: FIN 6710. Applications-oriented approach to managerial problem-solving. Topics may include working capital management, capital budgeting, cost of capital estimation, lease/purchase decisions, bond refunding, and international issues.

  • FIN 6750 - Advanced Corporate Finance

    3 credit hours

    Prerequisite: FIN 6710 or consent of instructor. Topics include ethical decision making, advanced risk analysis, advanced project analysis, advanced capital structure concepts, valuation techniques, and cash flow analysis.

Concentration Elective Courses (9 credits)

  • FIN 6460 - Equity Valuations  3 credit hours  

    FIN 6460 - Equity Valuations

    3 credit hours

    (Same as ECON 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

  • FIN 6780 - Portfolio Analysis

    3 credit hours

    Prerequisites: FIN 6460 and FIN 6740. Focuses on both theoretical and practical aspects of investment analysis, security selection, and portfolio management. Topics include asset allocation, investment policy statement, mean variance optimization, contemporary asset pricing theories, equity and fixed-income portfolio strategies, managing interest rate risk and credit risk, using derivatives in portfolio management, and alternative investment.

Electives (6 hours)

Select 6 credit hours from below or other courses with approval of advisor.

  • FIN 5900 - TVA Investment Challenge

    3 credit hours

    Theories and concepts related to investing, security analysis, and portfolio management will be put to the test in the management of a real portfolio of stocks. TVA investment guidelines, portfolio management strategies, stock selection, investment gurus, individual investment styles, data sources and Internet sites, stock-screening techniques, and portfolio rebalancing.

  • FIN 6560 - Mergers and Acquisitions

    3 credit hours

    (Same as ECON 6560.) Issues covered include the reasons firms merge, buyer and seller motivations, the assessment of merger prospect value, merger waves and their consequences, the concentration of economic power resulting from mergers, policies toward mergers, the effects of takeover defenses, and the effects of mergers on the economy.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6770 - Modern Applications in Finance

    3 credit hours

    Prerequisites: Admission to the Master of Science in Finance program. Includes mathematical, programming, and statistical tools used in the real-world analysis and modeling of financial data; applies these tools to model asset prices and returns, to measure risk, and to construct optimized portfolios. Examines real-world problems faced by investment advisors, consultants, and investors in putting finance theory into practice.

  • FIN 6860 - International Financial Management

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. International capital markets, exchange rate exposure, risk management, and other multinational finance issues. Essential not only for United States exporters, but also for those facing competition from abroad.

Program Notes

Candidate must

  1. file a degree plan in the College of Graduate Studies prior to entry into the program;
  2. file a Notice of Intent to graduate form with the College of Graduate Studies within the first two weeks of the term in which the student intends to graduate.

Financial Assistance

The program offers nine-month M.S. assistantships that provide up to $40,000 per year in tuition reimbursement (including out-of-state fees) and annual stipend. In return, students serve the Department of Economics and Finance by, for example, supporting faculty research projects or assisting with teaching responsibilities.

Assistantships are awarded competitively. The application deadline to be considered for financial assistance is June 30, 2015. 

Program of Study

Core courses, 27 credit hours

ACTG 6920   Financial Statement Analysis
ECON 6060   Econometrics I
ECON 6010   Macroeconomics I
FIN 6710   Financial Analysis
FIN 6720   Cases in Financial Management
FIN 6750   Advanced Corporate Finance
FIN 6760   Derivatives Valuation
FIN 6770   Modern Applications in Finance
FIN 6460   Equity Valuation 

Elective courses, 6 credit hours chosen from the following or other course with approval of advisor

ACTG 5530   Federal Taxation I  
ACTG 6110   Advanced Financial Accounting
ACTG 6670   Advanced Financial Accounting and Reporting Problems
ACTG 6910   Accounting and Business Decisions
BLAW 6500   Legal Aspects of Healthcare
FIN 5900   TVA Investment Challenge
FIN 6560   Mergers, Acquisitions, and Corporate Restructuring
FIN 6740   Bond Market Analysis  
FIN 6780   Portfolio Analysis  
FIN 6860   International Financial Management
INFS 6300   Information Systems and Security Management
INFS 6610   Information Systems Management and Applications
MGMT 6750   Business Ethics  
QM 6770   Computer Based Decision Modeling

Contact and Student Information

Frank Michello
frank.michello@mtsu.edu
615-898-2381

Frank Michello
frank.michello@mtsu.edu
615-898-2381

Department of Economics and Finance
Middle Tennessee State University
MTSU Box X005
1301 East Main Street
Murfreesboro, TN 37132


College of Graduate Studies
Middle Tennessee State University
MTSU Box 42
1301 East Main Street
Murfreesboro, TN 37132

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