Master of Science in Finance Online

Corporate finance focuses on the financial decision making process that is designed to maximize shareholder wealth. It provides a framework for making a wide variety of decisions, such as choosing the optimal combination of debt and equity to finance a corporation's operations, identifying the most profitable projects to pursue, determining the most appropriate distribution of dividends to stockholders. The course introduces the concept of the time value of money, and examines techniques applicable to the pricing of fixed-income assets and capital budgeting, assessing the respective advantages and disadvantages of each approach. The statistical properties of risk and return for financial assets, modern portfolio theory, the Capital Asset Pricing Model (CAPM), and several equity pricing models, such as the dividend discount model and the Gordon growth model are analyzed. Financial statements analysis, techniques for determining the optimal capital structure of a corporation including an analysis of the Miller-Modigliani Theorem, and an overview of dividend policies are also covered.

This course is an overview of international financial markets & institutions. Topics include an introduction to the foreign exchange markets, in which nearly $4 trillion worth of currencies and foreign exchange derivatives are traded each day. Several types of products trade in these markets, including spot transactions, forward transactions, swaps & options. Much of this activity is due to commercial banks & securities dealers, along with corporations seeking to hedge their exposure to foreign exchange risk. In addition, central banks may periodically intervene in foreign exchange markets in order to pursue domestic policy goals. The factors that determine the value of exchange rates and the relationship between nominal & real exchange rates is also covered in detail, along with several international parity conditions such as purchasing power parity, the International Fisher Effect, & interest rate parity. The course also explores different strategies for hedging foreign exchange risk. Pricing models for each type of derivative are also examined. A variant of the Black-Scholes model, the Garman-Kohlhagen model, is used to price foreign exchange options as well as derive several measures of risk that are collectively known as the Greeks. The course closes with a closer look at the role of central banks in foreign exchange markets, alternative exchange rate systems, international investment and diversification, & the management of portfolios of domestic and foreign bonds.

This course focuses on the structure of the banking system and other financial institutions, along with the numerous issues facing them, such as analyzing investments, evaluating consumer credit, capital management, risk management and changes in the regulatory environment. The course analyzes the main types of financial intermediaries operating in the U.S. financial system, such as commercial banks, investment banks, pension funds and mutual funds. The activities of commercial banks are analyzed in detail, including a discussion of capital requirements and deposit insurance. Consideration is given to credit risk and concentration risk in a commercial bank's loan portfolio. Additional areas covered are the role of investment banks in securities underwriting, trading, market making, pension and mutual funds, the Federal Reserve System and monetary policy, derivatives, and recent regulations, such as Dodd-Frank.

In recent years the increasing complexity of capital markets, combined with an ongoing economic slump, have greatly complicated the job of investment analysts and portfolio managers. Successful investing requires a firm understanding of the wide variety of securities trading in the debt, equity and derivatives markets, along with several alternative approaches to portfolio management. This course is designed to provide a solid background in fundamental valuation techniques, along with sound principles of portfolio management. Key models of asset returns are analyzed in detail; techniques for measuring and managing investment risk are introduced, along with several measures of performance measurement.

In recent years the increasing complexity of capital markets, combined with an ongoing economic slump, have greatly complicated the job of investment analysts and portfolio managers. Successful investing requires a firm understanding of the wide variety of securities trading in the debt, equity and derivatives markets, along with several alternative approaches to portfolio management. This course is designed to provide a solid background in fundamental valuation techniques, along with sound principles of portfolio management. Key models of asset returns are analyzed in detail; techniques for measuring and managing investment risk are introduced, along with several measures of performance measurement.

Managerial Accounting is a specialization within the field of accounting that is concerned with providing the information that is needed for effective planning, controlling, directing and decision-making by an organization. Managerial accounting can be used for several essential applications, such as determining optimal pricing policies, analyzing employee performance, controlling expenses and implementing cost/benefit analysis for potential expenditures. The course provides an overview of cost accounting fundamentals; such as direct and indirect costs, fixed and variable costs, etc. These concepts are used as the foundation for effective decision making, based on techniques such as cost-volume-profit (CVP) analysis, job costing, activity-based costing, etc. CVP is an essential tool for decision making and can be used to plan variable and fixed costs and implement cost-benefit analysis. Job costing and activity-based costing are used to allocate costs to different aspects of the production of goods and services. Capital budgeting, which enables a corporation to choose from among several competing investment projects as well as techniques for efficient planning, including the production of budgets, and proper planning of inventories and capacity utilization are also covered.

Communication is crucial to the success of all leaders, but as you climb within an organization the ability to write and speak effectively is magnified. One needs to be able to talk, write and present effectively to a diverse group of stakeholders, such as customers, supervisors, subordinates, peers, buyers, etc. And while business leaders have marketing strategies, expansion strategies, finance strategies, even exit strategies, successful leaders also have communication strategies. This course explores how individuals can develop and execute effective communication strategies for a variety of business settings. The course emphasizes the essentials of developing personal communication skills, inclusive of persuasive verbal and written communication, influence mapping, and communicating for buy-in. Students study audience analysis, communicator credibility, message construction and delivery, and are given the opportunity to learn best practices in presentation skills, particularly important for those wishing to pursue entrepreneurial interests. Globalization confronts almost every aspect of business from recruiting and managing a diverse staff to providing products and services, which cross language, time, and cultural barriers. This course delves into the two areas impacting a leader’s success in the global arena: technology and culture.

Worldwide theories, research, principles, and practices pertaining to the discipline of managing risk have evolved significantly over the past ten years. Continued catastrophes have emphasized the need for more robust systems for managing risk accompanied by a highly sophisticated approach that supports the development of an appropriate risk mentality. This course is designed so that students obtain a robust understanding in the discipline of risk management better-termed "managing risk". Students will review case studies of companies that have been successful in their efforts to manage risk and those that have been unsuccessful. In both situations, an in-depth analysis will be applied to determine the root causes for the successes and failures. Upon completion of this course students will have learned how to: gain an appreciation for evolution of this managing risk discipline over the past 20 years to what is now considered best in class thinking; extract the essential ingredients for managing risk throughout the organization and assemble them; take a holistic approach to risk using the objectives, principles, process & framework from ISO 31000; think in an integrated fashion and participate in effective risk management implementation efforts; conduct an initial assessment of the adequacy of a company's risk management system; and appreciate the role of rating agencies, regulatory agencies, various standard setters, other professional organizations, & the Board of Directors.

The Capstone Seminar is the culminating experience in Manhattanville's graduate business programs. Students in their last semester from different business disciplines participate in the same class, allowing students to see how their discipline fits in with others in a business organization. The Capstone Seminar emphasizes research and writing in a business context.

Mergers and acquisitions refer to the buying or selling of divisions or entire companies in order to increase efficiency and thereby enhance shareholder value. This course analyzes the process by which potential takeover targets are identified, how these targets are valued and how a takeover is financed. The course is heavily based on the case study approach; several historical examples of mergers and acquisitions will be analyzed in great detail. The course begins with a thorough examination of techniques for valuing a corporation including discounted cash flow valuation and comparable valuation. Alternative techniques for financing a merger or acquisition are also explored.

This container course offered periodically, examines special topics and emerging issues in corporate finance using a seminar approach. The course will enable the students to explore the most current challenges affecting the finance industry, focusing on evolving approaches to and best practices for the analysis and management of corporate finance in a strategic context.

In recent years international financial markets have become more closely integrated, with cross-border capital flows reaching $4.4 trillion by the end of 2010. In particular, the sovereign debt markets have exploded, with government borrowing rising rapidly during the ongoing credit crisis. International financial markets present unique challenges to investors, offering a wider variety of opportunities along with an additional set of risks relative to domestic markets. Successful global investing requires an in-depth understanding of the types of products that are traded, how international investing can increase diversification benefits, how international investors are exposed to foreign exchange and sovereign risk and other factors unique to the international markets. The course covers each of these topics in detail along with a discussion of hedging strategies, including extensive coverage of foreign exchange derivatives.