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Brief for the Appraisal of a New Programme

Master of Finance (MF)

To be Submitted to theOntario Council on Graduate Studies

This draft: April 16, 2008

Please send comments to Pauline Shum ([email protected])

VOLUME I: The Programme

OCGS APPRAISAL BRIEF - [Master of Finance]

THE PROGRAMME

1. INTRODUCTION...................................................................................................................31.1. Brief listing of programmes....................................................................................................31.2. Objectives of the programmes...............................................................................................31.3. Method used for the self-study as well as the preparation of the brief, including faculty and

student input and involvement...............................................................................................41.4. Fields in the programmes......................................................................................................51.5. Special matters and innovative features................................................................................5

2. THE FACULTY......................................................................................................................52.1. List of faculty by field.............................................................................................................62.2. External operating research funding......................................................................................62.3. Graduate supervision............................................................................................................62.4. Current teaching assignments...............................................................................................62.5. Commitment of faculty members from other graduate programmes and/or from other

institutions…..........................................................................................................................6

3. PHYSICAL AND FINANCIAL RESOURCES.......................................................................63.1. Library resources...................................................................................................................63.2. Laboratory facilities................................................................................................................63.3. Computer facilities.................................................................................................................73.4. Space....................................................................................................................................73.5. Financial support of graduate students.................................................................................7

4. PROGRAMME REGULATIONS AND COURSES................................................................74.1. The intellectual development and the educational experience of the student.......................74.2. Program regulations..............................................................................................................84.3. Part-time studies..................................................................................................................124.4. Total graduate courses listed and level...............................................................................124.5. Collateral and supporting departments................................................................................12

TABLESTable 1. List of faculty .................................................................................................................13Table 2. External operating research funding .............................................................................14Table 3. Graduate supervision.....................................................................................................15Table 4. Teaching Assignments .................................................................................................16Table 5. Projected Enrolment .....................................................................................................19Table 6. Programme of Study .....................................................................................................20

APPENDICESAppendix I. List of sample master’s programmes in finance ......................................................21Appendix II. Financial databases available through the business library....................................29Appendix III. “The Must-Have Degree“, by Della Bradshaw, Financial Times, June 18, 2007....32Appendix IV. Statement of support from Chief Librarian.............................................................33Appendix V. Statement of support from the MBA Programme Director......................................41Appendix VI. Statement of support from the Dean......................................................................42

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1. INTRODUCTION

1.1. Brief listing of programme

The proposed master’s programme and all of its courses will be offered by the Schulich School of Business at York University. The programme is part of the graduate expansion plan of the Schulich School and the University.

This programme is a 12-month full-time master’s degree in finance, leading to a Master of Finance (MF). The acronym, MF, has emerged in recent years to be the designation of choice for new master’s programmes in finance, and is recognized by the finance community around the world. (See Appendix I for a list of sample programmes in Canada, the U.S., Europe, and Asia.) As a recent article in the Financial Times suggests, a master’s degree in Finance is now considered a “must-have degree” for specialized finance professionals (see Appendix III). The Schulich School has always been known as an innovative faculty that strives to provide the best and timely education for its students. This new programme fits well with the school’s mandate.

1.2. Objectives of the programme

The main objective of the MF programme is to provide students with specialized training in the theory and practice of finance. Due to increasing competition in the marketplace, analysts and dealmakers alike require more focused knowledge and accreditation than ever before. While the MF programme is primarily a professional degree, there is a strong research component in the curriculum, described in more detail in Section 4. Graduates of the MF programme will be equipped with a unique combination of professional, analytical, and research skills.

Taking into consideration the collective research and teaching interests of the Finance Area faculty, the MF programme will offer a core curriculum in finance that is geared toward investment banking. The investment banking niche builds on the strength of the Schulich School in this segment of the job market. The ideal candidate for the programme has a sound background in economic theory, strong communication skills, and adequate training in mathematics and statistics. With the emphasis on investment banking, which is not available elsewhere in Canada, the programme will offer those interested in this career path a marketable master’s degree.

That said, the proposed curriculum is broad enough that graduates will also be suitable for employment in institutions other than investment banks, such as private equity firms, corporate finance divisions of large companies, central banks, consulting companies, and government agencies. Further, because of the research component inherent in the curriculum, the MF will also serve as an excellent foundation for students wishing to pursue a PhD in finance.

The objective of the programme will be achieved through course work, including empirical research assignments and a substantive group project within a course, as well as research and professional seminars.

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The MF programme is distinct from the MBA in that it is a specialized degree in finance, while the MBA is considered to be a generalist management degree, providing students with a well-rounded education in business. In addition, background preparation in mathematics, statistics, and economic theory will form part of the basis of admission to the MF programme. Such background preparation is not required for the MBA. MF students will also be expected to read academic journal articles, attend research seminars, and conduct empirical analyses using large databases. Hence, the MF is in no way a substitute for the MBA. Neither is the MF in competition with the Diploma in Financial Engineering. The latter is a technical programme in nature, and in comparison to the MF, is far more demanding in terms of computing skills and mathematics. The admission requirements, course work, and career paths of the graduates are also different. In other words, the MF complements the Schulich School’s portfolio of graduate programmes, rather than directly competes with them.1

With the addition of the MF, the Schulich School will offer a variety of graduate programmes with a specialization in finance. This variety is consistent with finance as the major employer of our graduates (more than half look for finance-related jobs), and is consistent with the range of offerings at competing universities.

1.3. Method used for the self-study as well as the preparation of the brief, including faculty and student input and involvement

Curriculum development involved faculty and student input at different levels. The basic structure of the programme was developed by the Finance Area, with input from the MBA programme director, the Associate Dean – Academic, the Executive Director of Student Services and International Relations, and the Director of Graduate Admissions at the Schulich School, as well as the Academic Affairs Officer at the Faculty of Graduate Studies. The core courses were developed by Finance faculty members who have the expertise to teach, and have expressed an interest in teaching them.

The Finance Area also sought input from the Career Centre regarding placement opportunities and recent trends in industry demands. As well, the Area studied placement trends in other successful specialist master’s programmes, as such the Master in Finance at the London Business School (LBS), and at Princeton University. Their placement records indicate that financial institutions, particularly investment banks, are very conducive to hiring MF graduates. This finding reaffirms the choice of investment banking as the focus of the programme.

An advisory committee consisting of investment banking experts has been set up for the programme. Currently, the members are: Rod Pamenter (VP - Credit Suisse in NYC), Sean Bartman (Manager - Recruitment - CIBC WM), Sunil Bhutani (Managing Director at CIBC WM), and Minoo Bhutani (Director, Schulich Career Development Centre). The advisory committee has provided valuable input regarding the

1 Whatever negative impact the MF may have on the other Schulich programmes is expected to be minor, as the target intake is only 25 students per year (see Section 4.2, Table 5). Further, the School may already be losing students to MF programmes at competing universities. Hence, it is important to get in the game while demand is still growing (see the Financial Times article in Appendix III).

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recruitment cycle, and the demand for graduates. The Finance Area hopes to add more industry experts to the committee to help promote the programme, prior to the first offering.

1.4. Fields in the programme

The major field of the programme is finance. (Compared to the size of the typical department in the Faculty of Arts and Science, the Finance Area within the Schulich School is small – it only has 12 members. Hence, it is not feasible to divide the Area into sub-fields. All 12 members will be contributing to the MF programme. See section 2.1).

1.5. Special matters and innovative features

The proposed MF will be the only one in Canada that has a niche in investment banking. It takes advantage not only of the expertise of the Finance faculty, but also of the reputation of Toronto as a major financial centre. The latter affords the programme plenty of opportunities for professional seminars, and facilitates the placement of graduates.

2. THE FACULTY

2.1 List of faculty by field

Finance is a field within the business school. Currently, there are 12 full-time faculty members in the Finance Area. They are: Melanie Cao, Douglas Cumming, Ming Dong, Mark Kamstra, Nadia Massoud, Elizabeth Maynes, Moshe Milevsky, Debarshi Nandy, Eli Prisman, Gordon Roberts, Pauline Shum, Yisong Tian

All 12 members will contribute to the MF programme by teaching a course, organizing a research or professional seminar series, and/or advising students. Hence, all 12 members are designated as core faculty for the purpose of this proposal.

[Table 1]

None of the faculty members above are scheduled to retire within the next seven years. In addition, the School has three positions in finance in the 2007-08 recruiting season. (As of April 21, 2008, two of these three positions have been filled, and the two new hires will join the Finance Area on July 1, 2008. The third position is still open.)

2.2 External operating research funding

Since some of the MF students may be hired as research assistants by individual faculty members, we provide information on external research funding available to the Finance Area in the past seven years in Table 2.

[Table 2]

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2.3 Graduate supervision

The proposed MF is a course-based programme, but at the request of the Faculty of Graduate Studies, we provide information on graduate supervision in Table 3. Please note that at the Schulich School, graduate supervision is limited to the PhD level only, as there are no research-based master’s theses.

[Table 3]

2.4 Teaching assignments: past three years

The normal teaching load of full-time faculty members at the Schulich School consists of four three-credit (.03) courses per year, in addition to serving as an advisor to two MBA consulting projects. Three credits means three contact hours per week for one term. Teaching reductions are given to new faculty members, programme directors, endowed or research chairs, PhD supervisors who have graduated a student in the previous year…etc. The reason for a teaching reduction, where applicable, is indicated in the “Comments” column in Table 4.

2.5 Commitment of faculty members from other graduate programmes and/or from other institutions

N/A

3. PHYSICAL AND FINANCIAL RESOURCES

3.1 Library resources

The Chief Business Librarian, Elizabeth Watson, was consulted. In addition to an extensive print collection related to finance, financial services, banking, and investment banking, the Business Library hosts a large inventory of electronic financial databases. Many of these databases are vital to research in corporate finance. MF students will use them in their assignments and projects in the core courses. For a complete list of financial databases available at the Business Library, please see Appendix 2. A full library support statement from the Chief Librarian, Cynthia Archer, can be found in Appendix IV.

3.2 Laboratory facilities

No major equipment requirements.

3.3 Computer facilities

There are two high-tech teaching classrooms equipped with student 35 PCs, and one training lab equipped with 20 PCs. There is also a drop-in computer lab equipped with 32 PCs. Each of these rooms (with the exception of the drop-in lab) is equipped with the standard instructor's PC and multimedia equipment found in most Schulich classrooms.

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All Schulich students are granted access to the PCs in the drop-in lab, and are assigned an e-mail account upon registration. The following is a list of software packages that are available on the PC in the drop-in lab: Microsoft Office Professional 2003, Refworks Write_N_Cite, Maple 11, MatLab 6.5, Bretton-Clark Software 3, CPSIM R2, Brandmap 5.0, Kaddstat 3.01, Microsoft Project 2003, Microsoft Visio 2007, SAS 9.1, SPSS 14.0, Microsoft Visual Studio Net 2003, Microsoft FrontPage 2003

The Schulich building is equipped with a wireless network, so students who wish to bring their laptops have access to the internet.

3.4 Space

The programme will be housed in the Schulich School of Business building, where the Finance Area is located. MF students will not have designated office space, but will have access to study space in the Business Library as well as tables in common areas and breakout rooms through out the building.

3.5 Financial support

The MF is a professional degree. The proposed fee is in the range of $25,000 to $28,000 for the 12 months, comparable to the MBA tuition. The fee structure will be revisited on an annual basis. Limited research assistantships and Schulich marker/grader positions will be available. Students are encouraged to apply for internal and external scholarships.

4. PROGRAMME REGULATIONS AND COURSES

4.1 The intellectual development and the educational experience of the student

The curriculum - described in section 4.2 below - has been carefully designed to provide students with a sound knowledge of the theory and practice of finance, with a focus on investment banking. However, the curriculum is also broad enough for students who seek employment in other areas of finance. Further, because of the research component inherent in the curriculum, the MF will serve as an excellent foundation for students wishing to pursue a PhD in finance.

The research component of the curriculum also distinguishes MF courses from advanced undergraduate courses in finance. Background preparation in economic theory, statistics, and mathematics, beyond what is required for our BBA programme, forms an important part of the basis of admission (see section 4.2). Students are expected to read academic journal articles, conduct empirical analyses, and do a substantive group research project within a course. Students will also be introduced to the wider community of scholars and practitioners in finance through the research seminar series and the professional seminar series. In the former, students will be exposed to cutting-edge research in finance, and in the latter, students will gain an appreciation of current, real-world issues, as well as an appreciation of different career choices.

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4.2 Programme regulations

Admission

The successful applicant will typically have an undergraduate honours degree in a related discipline, such as economics, commerce, or engineering, with sound background preparation in economic theory, statistics, at least a full year of university-level calculus. The applicant should also have a minimum B+ average in his or her last two years of university studies, and possess an excellent command of the English language. Relevant work experience is preferred, but not strictly required, particularly if the applicant has a strong academic record. Short-listed candidates will be invited to campus for an interview. If a short-listed candidate is located outside of Ontario, he or she may be interviewed by phone.

Applicants are required to take the GMAT or GRE (both the general test and the writing assessment). Scores older than five years are not accepted.

Proof of language proficiency is required for applicants who do not meet one of the following criteria:1) their first language is English; or 2) they have completed at least two years of full-time study at an accredited university in a country (or institution) where English is the official language of instruction. A minimum TOEFL score of 600 (paper based), or 250 (computer based), or 100 (internet based), or IELTS score of 700, or York English Language Test (YELT) score of band 1 or equivalent is required.

Currently, the target enrolment is 25 full-time students. While the programme is in its infancy, however, fewer students (e.g., 15) may be admitted to ensure quality. (See Table 5.) The Finance Area will revisit the long run target in five years.

[Table 5]

Degree requirements

MF students are required to take 10 three-credit courses. All 10 courses are compulsory, and no advanced credit will be given.2 Together, these 10 courses provide students with the broad range of knowledge, as well as analytical and research skills that are expected of an investment bank professional. As shown in Appendix I, most master’s programmes in finance require 10 to 13 courses. Hence, our course requirement, while more than the typical eight at York University for a master’s degree, is consistent with the competition.

The MF curriculum includes an opportunity for students to develop team work and presentation skills through a substantive group research project within a core course.3

2 Apart from the obvious advantage from an administrative standpoint, there are two additional reasons behind this policy. First, students will have varying work experience in and academic exposure to the topics in the curriculum. All students will benefit from this diversity, and work experience is not a perfect substitute for academic achievement. Second, students complete the MF within one academic year. It is important to build a strong cohort and alumni base for the programme.3 See course outline for MFIN5500 Analysis of Structured Products using Excel.

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The research requirement of the master’s programme is met through curriculum in applied statistical and mathematical modelling, the study of academic journal articles, empirical assignments using large financial databases, and research seminars.

Five of the 10 required courses are new MF courses (designated as MFINXXXX). The other five are existing MBA courses offered by the Finance Area, the Accounting Area, and the Entrepreneurship programme (FINE6310, FINE6600, FINE6800, ACTG6120, and ENTR6910, respectively). Table 6 below shows the course sequencing, followed by a brief description of the new MF courses. Detailed course outlines are available separately.

[Table 6]

Brief course description – new MF courses (detailed course outlines are available)

MFIN5100 Capital Markets

This course provides an in-depth analysis of the foundations of the capital markets, financial securities, empirical work, and practice. Being the first finance course in the Master in Finance programme, this course provides the basic economic intuition and fundamental derivations of financial models and valuation framework, but also provides the essential practical sides of the concepts, so that students should understand where and how the theories are used in practice and are aware of the limitations of the financial models. By the end of the course, the students should have been exposed to the most essential part of the financial markets and theories, and should be able to relate these theories to the corporate and investment banking events.

The nature of the material requires a solid understanding of financial theories and their application, though the intention is not financial modeling. Consequently, the amount of use of mathematical and statistical tools is far more important than, for instance, advanced undergraduate or MBA finance courses. Calculus and statistical analysis are often used in deriving valuation and investment models. In addition, students are expected to be able to understand a fair amount of journal articles related to the materials covered, even though they are not expected to replicate the research.

MFIN5200 Financial Management and Valuation

Corporate finance, or financial management, is the study of financial decisions made by corporations. In this course, we will examine two fundamental business decisions: 1) the investment decision: Evaluating the firm’s investment opportunities; and 2) the financing decision: Selecting the financing mix and how to raise financing. This will be accomplished through the study of corporate finance theories and their application to real businesses. Students will apply the theories and tools of the course to real firms.

A major theme of the course is valuation. Valuation entails the estimation of future cash flows, assessing their risk and the determination of the appropriate hurdle rate. Students will apply the time value of money techniques and the models of risk and

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return studied in MF Foundations of Finance to the valuation of investment opportunities, common stock and businesses. Excel modelling will be used extensively in the course.

MFIN5300 Investment Banking

The objective of this course is to provide an advanced analysis of the major issues affecting the financial policy of a modern corporation and the role of investment banks in facilitating those policies. We will first review some of the important theoretical work in each area, before going on to discuss real-life cases dealing with the major issues of financial policy facing the firm, such as its going-public decision and its Initial Public Offering (IPO), the impact of agency problems between firm management and security holders and between different classes of security holders on corporate governance (and different ways of solving such agency problems), as well as mergers, takeovers and other restructuring decisions. In this context, we will also briefly discuss the valuation of firms and financial instruments like warrants, convertibles and other specialized innovative Wall Street securities and equity derivatives such as PERCS and DECS. Topics will also include the functions performed by investment banks and the manner in which these activities are carried out. Among those functions are the concepts of origination, syndication, and distribution of security issues, and the role played by investment banks in mergers and acquisitions. This course will be appropriate for those interested in pursuing a career within an investment bank or other similar investment organization.

MFIN5400 Fixed Income Securities

This course is an introduction to the management of fixed income markets and interest rate derivative securities. Major topics covered include theories of the term structure, institutional settings of the fixed income markets, and analytical tools for managing interest rate risk. This course not only emphasizes traditional management methods such as duration, convexity and immunization, but also cutting edge approaches such as continuous-time, dynamic management techniques of interest rate risk. The valuation of fixed income securities and their derivatives is the underlying theme throughout the course.

Lectures, class discussions, individual homework assignments and group projects will be the primary teaching methods. To emphasize a hands-on approach, all homework assignments and projects must be completed using a commonly used software package (either Excel, Maple, or Matlab).

MFIN5500 Analysis of Structured Product using Excel

Investment banking practitioners are increasingly being asked to design, as well as structure and price complex financial products that are then marketed to wealthy retail investors as well as large institutional investors. In many cases these products are influenced by equity markets, exchange rates and commodity markets, as well as more exotic economic variables such as the weather, real-estate, credit ratings, and even population longevity patterns. The common denominator of all these securities is that they cannot be neatly classified into any one asset class, or into traditional silos of stocks, bonds, options or futures.

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This course will function as a hands-on research practicum in which 3-4 “live” structured products will brought into the classroom and analyzed using the tools of financial economics. Some of the questions we will address are: Who exactly manufactures them? Why are they being created? Who buys them and how do they fit into a pre-existing investment portfolio? How should they be valued? What are their regulatory and tax implications? Can they be synthesized using existing securities? How profitable are they for the issuer/underwriter? The analytic work for this course will be done entirely in Microsoft Excel. Thus, a substantial side-benefit of this course will be to develop a set of practical spreadsheet tools that can be used more broadly than just for this particular course. A substantive group project is the primary method of evaluation in this course, involving both a presentation and a write-up.

Research Seminar Series

The Research Seminar Series is an existing series offered by the Finance Area on a weekly basis (currently open only to faculty members and PhD students). All MF students are expected to attend, although no degree credits will be given.

Professional Seminar Series

The Professional Seminar Series will be a new initiative. Taking advantage of the business community in Toronto and the Schulich alumni network, the Finance Area will bring in finance professionals throughout the year to give workshops in their areas of expertise, as well as to provide career advice for students.

To leverage the Schulich brand in social corporate responsibility and business ethics, it is expected that in each year, at least one professional seminar will be devoted to these topics, and how they relate to the finance profession.

MBA courses

It is recommended that a separate MF section be created for two of the MBA courses, FINE6600 and ACTG6120. The other three, FINE6310, FINE6800, and ENTR6910, are advanced electives that are more technical, and the MBA students who select these three courses are typically close in academic qualifications and interest to the MF pool. Hence, mixing MBA and MF students in these two courses is not a concern, and utilizing the existing offerings translates to cost savings. (See also statement of support from the MBA Programme Director in Appendix V.)

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Grading scheme

A nine-point grading system, the same as that of the MBA programme, will be employed. In order to be promoted to the next semester, a student must maintain a minimum grade point average (GPA) of 4.2 in the current semester. To graduate, students must achieve a cumulative GPA of 4.4. Since all courses are mandatory, an F grade means that the student has to repeat the course. The F grade will be included in the calculation of the student’s GPA until graduation. The final grade point average at graduation will not include the F grade, but the F grade will remain on the transcript. In addition, Faculty of Graduate Studies Regulation 39 stipulates that a student is debarred if he or she receives two (three-credit) F grades, or an F and a C grade.

Progress reports

The usual annual progress reports will not be used, as students in the MF programme are expected to complete all degree requirements within 12 months.

Thesis evaluation procedures

N/A

Language requirements

N/A

Distance delivery

N/A

4.3 Part-time studies

This option is not offered due to the specific sequencing of the courses, and the fact that the MF courses are only offered once a year.

4.4 Total graduate courses listed and level (past three years)

New programme: N/A

4.5 Collateral and supporting departments

The Accounting Area at the Schulich School has agreed to offer a section of ACTG6120.03 Intermediate Financial Accounting to the MF programme. The Entrepreneurship programme, also at the Schulich School, has agreed to offer an extra section of ENTR6910.03 Venture Capital and Private Equity in order to accommodate the MF students.

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Table 1

List of Faculty in the Finance Area

Field

Faculty Name & Rank

M/F Home Unit Supervisory Privileges

Finance

Category 3 1

Melanie Cao - Associate

F Schulich Full X

Douglas Cumming – Associate

M Schulich Full X

Ming Dong - Associate M Schulich Full X

Mark Kamstra – Associate

M Schulich Full X

Nadia Massoud – Associate

F Schulich Full X

Elizabeth Maynes – Assoicate

F Schulich Full X

Moshe Milevsky – Associate

M Schulich Full X

Debarshi Nandy – Assistant

M Schulich Master’s X

Eli Prisman – Full 2 M Schulich Full X

Gordon Roberts – Full M Schulich Full X

Pauline Shum – Associate

F Schulich Full X

Yisong Tian - Associate

M Schulich Full X

Notes:

1. There are six categories in total, but all of the faculty members above belong to category 3:

Category 3: tenured or tenure-track core faculty members who are involved in teaching and/or supervision in other graduate programme(s) in addition to being a core member of the graduate programme under review.

2. Professor Prisman is on sabbatical while this proposal is being compiled, and has asked that his information be excluded in the proposal.

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Table 2

External Operating Research Funding

Operating Research Funding by Source and Year

Finance Area, Schulich School of Business

Source

Year 1 Number of Faculty Members

Granting Councils 2 Other Peer Adjudicated 3 Internal 4

2001-02 7 $ 63,191 $12,000 $8,000

2002-03 7 $ 93,020 $8,000

2003-04 7 $116,123 $20,000 $8,000

2004-05 9 $ 77,420 $10,000 $41,000

2005-06 9 $114,019 $10,000 $45,000

2006-07 9 $168,170 $39,000

2007-08 11 $159,557 $38,000

Totals $791,500 $53,000 $187,000

1. Academic year.

2. SSHRC Major Research Grants.

3. Sources include: HSBC, and MITACS/NSERC.

4. University allocated grants: SSHRC Minor Research Grants and Dean’s Research Grants.

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Table 3

Graduate Supervision

Completed and Current Numbers of Thesis1 Supervisions by Faculty Member

Completed Current

Member Master’s PhD Master’s PhD

All category 3:

Melanie Cao - Associate

Douglas Cumming – Associate

1

Ming Dong - Associate

1

Mark Kamstra – Associate

(15)

Nadia Massoud – Associate

(1) 1

Elizabeth Maynes – Assoicate

1 1

Moshe Milevsky – Associate

(0.5)2

Debarshi Nandy – Assistant

Gordon Roberts – Full

10 1

Pauline Shum – Associate

2

Yisong Tian - Associate

(4) 1

1. Please note that master’s or post-doctoral theses are not offered at the Schulich School. In parentheses is the number of thesis supervisions in other graduate programmes or at other universities.

2. A value of 0.5 indicates co-supervision.

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Table 4

Teaching Assignments (Previous Three Years)

All courses below are three-credit courses (3 contact hours per week for 12 weeks). The normal teaching assignment consists of 4 courses per academic year.

Panel A

Teaching Assignments for 2007/08

Faculty Member Rank Undergraduate Graduate3 Comments

Melanie Cao Associate Prof. 1x FINE 4800 1x FINE 6800

1 x FNEN 6820

1 x FINE 7100

Douglas Cumming Associate Prof. 1 x ENTR 4700 1x ENTR 6910 2 course reliefs – Ontario Research Chair

Ming Dong Associate Prof. 2 x FINE 2000 1/2 x FINE 7200 2 course reliefs – Research fellowship

Mark Kamstra Associate Prof. 1 X FINE 6200

1x FINE 6310

1/3 x FINE 7300

1 course relief – Area Coordinator

Nadia Massoud Associate Prof. 2 x FINE 4700 1/2 x FINE 7200 2 negotiated course reliefs

Elizabeth Maynes Associate Prof. 2 x FINE 4150 2 course reliefs – Director, BBA/IBBA Program

Moshe Milevsky Associate Prof. 2 x FINE 4050 2 x FINE 6860

Debarshi Nandy Assistant Prof. 2 x FINE 6100 1 course relief for accumulated teaching credits

1 teaching assignment deferred

Gordon Roberts Professor 2 x FINE 6100

1 x FINE 5200

1 course relief - Research Chair

Pauline Shum Associate Prof. 2 x FINE3200 1 x FINE 6200 One course relief – PhD supervision

Yisong Tian Associate Prof. 1 x FNEN 6810

1 x FNEN 6850

1 x FINE 6800

1 course relief – Acting Director, Financial Engineering Program

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Panel B


Faculty Member Rank Undergraduate

Graduate3 Comments

Melanie Cao Associate Prof. 1 x FINE 4800 2 x FINE 6800

1 x FINE 7100

Douglas Cumming Associate Prof. Not on faculty

Ming Dong Associate Prof. Sabbatical

Mark Kamstra Associate Prof. 1 x FINE 6200

1 x FINE 6310

1/3 FINE 7300

1 course relief - Area Coordinator

1 course relief – Accumulated

Teaching Credits

Nadia Massoud Associate Prof. Not on faculty

Elizabeth Maynes Associate Prof. Sabbatical

Moshe Milevsky Associate Prof. 2 x FINE 4050 1 x FINE 6860 1 course buyout

Debarshi Nandy Assistant Prof. 3 x FINE 6100

1/3 x FINE 7300

Gordon Roberts Professor 2 x FINE5200 1 course relief - Research Chair, 1 course relief – PhD

supervision

Pauline Shum Associate Prof. 3 x FINE3200 1 course relief for administrative work

Yisong Tian Associate Prof. 1 x FINE 6800

1 x FNEN 6850

1 X FNEN 6810

1/3 FINE 7300

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Panel C


Faculty Member Rank Undergraduate Graduate3 Comments

Melanie Cao Associate Prof. 1 x FINE4800 1 x FINE 6800

1 x FINE 7100

Douglas Cumming Associate Prof. Not on faculty

Ming Dong Associate Prof. 3 x FINE2000 1/3 Section of FINE 7200

Mark Kamstra Associate Prof. 1 x FINE 4200 1 x FINE 6310

1 x FINE 6200

1/3 FINE 7300

1 course relief – new faculty member

Nadia Massoud Associate Prof. Not on faculty

Elizabeth Maynes Associate Prof. 4 x FINE 3100

Moshe Milevsky Associate Prof. 3 x FINE 4050 1 x FINE 6860

Debarshi Nandy Assistant Prof. 3 x 6100

1/3 x FINE 7300

1 course relief – new faculty member

Gordon Roberts Professor Sabbatical

Pauline Shum Associate Prof. Sabbatical

Yisong Tian Associate Prof. 1 X FINE 6800

1x FNEN 6850

1/3 x FINE 7300

1 course relief – Area Coordinator

1 course relief - Teaching Stipend

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TABLE 5

Projected Enrolment

YEAR FULL-TIME

Intake Enrolment

2008 - -

2009 15 15

2010 15-20 15-20

2011 20-25 20-25

2012 20-25 20-25

2013 25 25

2014 25 25

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Table 6

Programme of Study

Last 3 weeks of August MFIN5100.03 Capital Markets

Term 1

September- December

ACTG6120.03 Intermediate Financial Accounting

FINE6310.03 Econometrics of Financial Markets

MFIN5200.03 Financial Management and Valuation

FINE6800.03 Options, Futures, and Other Derivatives

MFIN5300.03 Investment Banking

MFIN5400.03 Fixed Income Securities

Term 3

May to July

ENTR6910.03 Private Equity and Venture Capital

MFIN5500.03 Analysis of Structured Products using Excel

FINE6600.03 Corporate Financial Analysis

All 3 terms Research Seminar Series

Professional Seminar Series

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OCGS APPRAISAL BRIEF – [Master of Finance] 32

Appendix I

Sample Master’s Programmes in Finance

A. Canadian Schools (A ‘+’ sign indicates a thesis or major project requirement)

SCHOOL PROGRAMMEDURATION

(MTHS) START DATEREQUIRED COURSES

(Three-credit)University of Toronto, Rotman School of Management

Master of Finance 20 PT Fall 14

University of Toronto, Rotman School of Management and Department of Economics

Master of Financial Economics

16 Fall 13

University of AlbertaMaster of Arts in Economics and Finance

20 Fall 13 +

University of British Columbia, Sauder School of Business

Master of Science in Finance

24 Fall 13

Concordia University, Goodman Institute of Investment Management, John Molson School of Management, QC

Master of Investment Management

36 Fall 20

Dalhousie University, Faculty of Management, NS

MBA in Financial Services

24 Fall

HEC Montreal, QCMSc Financial Engineering

24 Fall 12 +

University Laval, QC MSc Finance 15

Universite de Montreal, QC

MSc Financial Mathematics & Computational Finance

12 FT / 24 PT Fall 14

Queens University, School of Business, ON

MSc in Management in Finance

12 Fall 6 +

University of Saskatchewan, College of Commerce, SK

MSc in Finance 24 Fall 5 +

Simon Fraser University, Segal Graduate School of Business, ON

Master of Financial Risk Management

12 Fall 13 +

St. Mary's University, Sobey School of Business, NS

Master of Finance 12 Fall 15 +


University of Waterloo, Department of Statistics and Acturial Science and School of Accountancy, ON

Masters Programme in Finance

16 Fall 10 +

Wilfred Laurier University, Faculty of Business, ON

MBA with CFA option 36 PT Fall 20

University of Windsor, Odette School of Business, ON

Master of Management withInternational Accounting and Finance focus

12 Fall 12

B. U.S. Schools (A ‘+’ sign indicates a thesis or major project requirement)


(MTHS) START TERMREQUIRED COURSES

Three-credit

The University of Illinois at Urbana-Champaign

2 areas of specialization

-Corporate Finance 5-Financial engineering 9

Carnegie Mellon University

Master of Science in Computational

Finance17 FT / 32 PT Fall 24

The George Washington University

Master of Science in Finance Programme

12 or 24 Fall 12

Haas School of Business, University of California,

Berkeley

Masters in Financial Engineering programme

12 March 19 +

J. Mack Robinson College of Business,

Georgia State University


18FT / 24PT Fall 16

David Eccles School of Business, University of

Utah


9-24 Fall 12

Boston College Carroll School of Management


12+ Fall / Winter 10

Suffolk UniversityMaster of Science in Finance Programme

15FT /15-24PT

Fall 10

Florida International University, Chapman Graduate School of

Business


12 Fall 11

John M. Olin School of Business, Washington

University

Master of Science, Finance

10.5FT / 24PT Fall 19

Drexel University - LeBow College of

Master of Science, Finance

24FT /30-48PT

Fall / Winter / Summer

18


BusinessUniversity of Houston, C.T. Bauer College of

Business


12-24FT /24-36+ PT

Fall 9-10

The University of Arizona, Eller College of

Management Finance Department

Masters of Science in Management with a

concentration in Finance (MMF)

12 Fall 10 +

Vanderbilt UniversityMasters of Science in

Finance9 Fall 11

Rutgers Business School - Newark and New

Brunswick

Master of Quantitative Finance

20 Fall 18 +

Villanova School of Business


12 Spring 11

Louisiana State University

Master of Science Degree Programme in

Finance16 Fall / Spring 5

University of Wisconsin - Madison School of

Business

Quantitative Masters in Finance

24 Fall 18

Fordham University Graduate School of

Business

Master of Science in Quantitative Finance

(MScQF)11 Fall 23

Robert H. Smith School of Business, University of

Maryland

Executive Masters of Science in Finance

12-13FT / 16PT

Master of Science - Finance focus

Fall 10

Weatherhead School of Management, Case Western Reserve

University

Master of Science in Management Finance

9-12FT /24+ PT

Summer 12

Boston University School of Management

Master of Science in Investment

Management17 Winter 13

University of RochesterMaster of Science in

Finance9 Spring / Fall 13

Princeton University Master in Finance 12-24 Fall 16

C. European Schools (A ‘+’ sign indicates a thesis or major project requirement)

SCHOOL PROGRAMMEDURATION (MONTHS) START TERM

REQUIRED COURSES

Three-credit

INSEAD (France) Master of FinanceTailored programme offered to employees of MacQuarie Group only

Cass Business School, City University

(UK)

MSc Banking and International

Finance9 Fall 11-14 +


MSc in Finance 9 Fall 7-10 +MSc in International

Accounting and Finance

9 Fall 10-13 +

MSc in Investment Management

9 FT / 18PT Fall 11-14 +

MSc in Mathematical

Trading and Finance9 FT / 18 PT Fall 10-13 +

MSc in Quantitative Finance

9 Fall 10-13 +

MSc in Financial Mathematics

9 Fall 10-13 +

The London School of Economics and

Political Science (UK)

MSc Accounting and Finance

9 FT / 21PT Fall 7 +

MSc Finance and Economics

10 Fall 8 +

MSc Finance Part-time programme

21 Fall 7 +

MSc Management and Regulation of

Risk12 Fall 6 +

University of Exeter, School of Business

and Economics (UK)

MSc Finance and Management

9 Fall 8-10 +

MSc Finance and Investment

9 Fall 11

MSc Financial Analysis and Fund

Management12 Fall 8 +

MSc Marketing and Financial Services

9 Fall 8-10


12 Fall 7 +

MSc Financial Economics

12 Fall 6 +

MSc Money and Banking

12 Fall 6 +

University of St. Gallen (Switzerland)

Master of Arts in Banking and

Finance (MBF)18 March (90 credits)

Master of Arts in Accounting and

Finance (MAccFin)18 March (90 credits)

Masters Programme Quantitative

Economics and Finance (MiQE/F)

18 March (90 credits)

Durham Business School (UK)

MSc Finance & Investment

12 Fall 9 +

MA Financial Management

12 Fall 8 +

MSc International Banking & Finance

12 Fall 9 +


MSc Corporate & International

Finance12 Fall 9 +

MSc International Money, Finance &

Investment12 Fall 9 +

MSc Finance 12 Fall 9 +MSc Economics &

Finance12 Fall 9 +


12 Fall 9 +

London Business School (UK)

Masters in Finance: Full Time

10 Fall 9 +

Masters in Finance: Part Time

21 Fall 9 +

Warwick Business School (UK)


MSc in Economics & Finance

12 Fall 9 +

MSc in Financial Mathematics

12 Fall 13 +

UCD Michael Smurfit Graduate Business

School (Ireland)

Master of Accounting

12 Fall 13

Master of Business Studies Degree -

Finance11 FT / 21-22 PT 13

Master of Science in Quantitative Finance

(MScQF)21 17 +

UCD School of Professional Finance

(Ireland)

The Executive Masters in Risk Management

(ExMRM)

15 27

Executive Masters in Financial Services

24 27

Manchester Business School, The University

of Manchester (UK)


12 Fall 8 +

MSc Finance 12 Fall 8 +MSc Finance and

Economics12 Fall 8 +

MSc Quantitative Finance and

Financial Engineering

12 Fall 8 +

MSc Mathematical Finance

12 Fall 8 +

SDA Bocconi (Italy)Master in Corporate

Finance11 Fall 16

Universita Bocconi (Italy)

M.Sc. In Finance 24 Fall 15 +


MAFINRISK - Master of

Quantitative Finance and Risk

Management

10 Fall 17 +

Nottingham University Business School (UK)

MA Finance and Investment

12 Fall 7+

Leeds University Business School (UK)

MSc Banking and Finance

12 Fall 10-12

MA Accounting and Finance

12 Fall 10-12

MSc International Finance

12 Fall 10-12

MSc Financial Mathematics

12 Fall 11-12

MA Economics and Finance

12 Fall 14

Tanaka Business School, Imperial

College London (UK)MSc Finance 12 Fall 14 +

Lancaster University Management School

(UK)MSc Finance 12 Fall 8 +

MSc Accounting and Financial

Management12 Fall 8 +

Birmingham Business School (UK)


12 Fall 6 +

MSc investments 12 Fall 10 +University of Bath

School of Management (UK)

MSc in Accounting and Finance

12 10 +

TiasNimbas Business School (Netherlands)

MSc in Financial Management - FT

12 Fall 12 +

MSc in Financial Management - PT

24 Winter 12 +

Executive Master in Finance

13 Fall 11

Edhec Business School (France)


MSc in Risk and Asset Management

9 Fall

BI Norwegian School of Management

(Norway)

MSc in Financial Economics

24(Unable to locate

info)15 +

University of Oxford, Said Business School

(UK)

Masters in Financial Economics

9 Fall 9

Bradford University School of

Management (UK)

Master in Finance Accounting and Management

12 Fall 13


MSc Finance 12 Fall 12

European School of Management (France)

Mastere Specialise Finance ESCP -

EAP10 Fall 10 +

University of Strathclyde (UK)

M.Sc. Finance 12 Fall 18 +

University of Cambridge, Judge

Business School (UK)M.Phil Finance 10 Fall 15

Alba Graduate Business School

(Greece)MSc in Finance 10FT/15-24PT Fall 18 +

Cranfield School of Management (UK)

MSc in Finance and Management

11 Fall 17 +

HEC Paris (France)Specialised Master

in International Finance

12 Fall

IE Business School (Spain)

Master in Financial Management

13 Fall 30

Vlerick Leuven Gent Management School

(Belgium)

Masters in Financial Management

10 Fall 15 +

EadaInternational Master

in Finance10 Fall 16 +

RSM Erasmus University (Spain)

Master in Financial Management

12 Fall 15 +

International University of Monaco (Monaco)

Masters in Finance - Financial

Engineering (MFIN-FE)

10 Fall 16 +

Masters in Finance - International Wealth Management (MFIN-

IWM)

10 Fall 16 +

Masters in Finance - Hedge Funds and

Private Equity (MFIN-HF)

10 Fall 16 +

Grenoble Graduate School of Business

(France)MSc in Finance 12-21 Fall 5 +

Faculdade de Economia da

Universidade Nova de Lisboa (Portugal)

Masters in Finance 15 Fall 8 +

ESADE (Spain)Master in Financial

Management9 Fall 12

D. Asian Schools (A ‘+’ sign indicates a thesis or major project requirement)



(MTHS) START DATEREQUIRED COURSES

Three-credit

The University of Hong Kong

Master of Finance2 Streams:

- Financial Engineering- Risk Management

12-24FT/ 24-48PT

Fall

1212

The Chinese University of Hong Kong

Master of Science Programme in Finance

16-19 PT Fall 10

NYU Stern and HKUST

Master of Science in Global Finance

Master of Science in Financial Analysis

12 FallFall

1015


Appendix II

Financial Databases available through the Business Library

ABI/Inform Global : ABI/Inform contains citations and abstracts for over 1100 business and management publications. More than 700 of these titles are available in full-text or full-image and many of these go back to 1986. This resource incorporates management, industry and company-specific information of both a practical and theoretical nature. Subjects covered include: finance, public administration, marketing, management, economics, taxation, telecommunications, corporate strategies, competitive and product information. Available on the network but restricted to the York University community. (ProQuest database)

ABI/Inform Trade and Industry: This related database covers more than 700 publications. It's designed to help researchers study and compare specific trades and industries, including banking, telecommunications, computing, transportation, construction, petrochemicals, and many others. Available on the network but restricted to the York University community. (ProQuest database)

Bloomberg : Bloomberg is a real-time financial service that provides current and historical data, news and financial analysis of companies, stocks, bonds, and indices, descriptions of companies from various sources including Hoovers, etc. Economic statistics are also available. Restricted to the York University Community and available in the Bronfman Business Library.

Business Insights: provides information on the following industry sectors: Consumer goods, Healthcare, Energy, Financial Services, and Technology. European and US focus. Available on the network but restricted to the York University community.

Business Source Premier: contains full text for 7,792 periodicals and other sources, including scholarly journals, trade and general business magazines, monographs, country economic and industry reports, industry yearbooks, and market research reports. Available on the network but restricted to members of the York University community.

CBCA Complete: ( ProQuest)Provides interdisciplinary coverage of Canadian topics including the areas of business and current affairs. Offers references, and many full text articles, from Canadian journals, magazines, newspapers, and newswires. Dates of coverage vary by title but many full-text titles available from early or mid-1990s, while citations for many publications available from early 1980s onward. (ProQuest database)

CFMRC - TSX: Standard and Poor's Toronto Stock Exchange database provides current and historical data on stocks traded on the TSX. Available on the network but restricted to the York University community.

CRSP: Provides standard and derived security data available from the NYSE, AMEX and Nasdaq. Available on the network but restricted to the York University community. CRSP is also available toYork University faculty and PhDs via WRDS.

Datastream: Provides daily pricing and volume information on over 37,000 equities from 57 countries, 12,000 market, stock and bond indices, and 87,000 macroeconomic series from central statistical offices such as Statistics Canada, and sources such as International Financial Statistics and selected OECD series.Also included are over 2,000 daily foreign exchange rates, 1,000 daily and weekly interest rate series, 68,000 fixed income instruments from 23 countries

http://www.library.yorku.ca/eresolver/?id=15








and more than 260 financial and commodity futures and options contracts. Restricted to the York University community and available in the Bronfman Business Library only.

Factiva: Features financial data and ratios for approx. 300,000 companies worldwide. Includes nearly 9,000 sources from 118 countries in 22 languages, including more than 120 continuously updated newswires and general business and industry publications like The Economist, Forbes, Fortune, Time, Newsweek, Finanz & Wirtschaft, Satellite News, BusinessWeek. Company information including financial data also provided. Available on the network but restricted to the York University community.

Financial Post Advisor: (formerly Financial Post Investor Suite and sometimes referred to as FP Infomart) This service provides access to FP services formerly known as Corporate Profiler, Corporate Reports (yellow cards and blue sheets), Dividend Records, Corporate Analyzer, Industry Reports, Predecessor & Defunct Companies, and FP Directory of Directors. Available on the network but restricted to the York University community.

Global Insight: Includes World Markets and Data Insight-Web (formerly DRI). Requires IE 6.0. Contains economic and financial data for countries worldwide. Provides country analysis, risk and forecasts for 196 countries. Political, economic, regulatory, tax, security and general business conditions are covered in the individual country reports. In addition macroeconomic forecasts are provided and country and sovereign risk ratings are included. Information is updated regularly. Available on the network but restricted to the York University community. Available on the network but restricted to the York University community.

Hoovers: In-depth coverage of 40,000 companies includes an overview, history, products, competitors, financials, links to SEC filings and added features such as CEOs on Camera. Industry information includes an overview, most viewed companies list, industry family tree and news headlines. In addition there are "pro tools" such as "Target IPO companies". Available on the network but restricted to the York University community.

Investext Plus: Contains full-text financial reports and forecasts prepared by the world's leading investment banks and consulting and research firms. Provides access to financial analysis for over 11,000 companies. Useful for competitive analysis, researching industry trends, conducting market research and company studies. American, Canadian and International in scope. Available on the network but restricted to the York University community

Lexis-Nexis: Lexis-Nexis service makes available over 30,000 news, business, and legal information sources. Included are current international newspapers, as well as comprehensive company and industry reports.Information available includes trade and marketing reports, patent details, merger and acquisition analysis, country reports and industry and legal publications. Lexis-Nexis also provides access to numerous reference tools, including biographical information, company directories, quotations and Who's Who titles. Available only to faculty and students enrolled in the Schulich School of Business or Atkinson Administrative Studies faculties.

MarketLine: The Datamonitor Business Information Centre (DBIC) database is divided into Industry, Country, and Company sections including 2500 market profiles, 10,000 company profiles, 1000 company SWOT analysis, more than 50 country profiles, over 150 industry rankings, and news, comments and analysis. Available on the network but restricted to the York University community.









Mergers & Acquisitions: A Thomson SDC Database - This is a reseach database and requires that you download software onto your workstation. It is available to current York University Faculty and PhDs enrolled in business programmes only. Also available on a stand-alone workstation in the Bronfman Business Library, with AcadLabs signon.

Mergent Online(formerly FIS Online) Provides company information and annual reports for Canadian, International, and US companies. Also includes industry reports covering current environment, sector performance, market trends, outlook, etc. for 20 industries. Available on the network but restricted to the York University community.

Proquest Asian Business: Provides full-text coverage of Asian business and financial information from key international publications including Far Eastern Economic Review, Asiaweek, and many more. Available on the network but restricted to the York University community.

Proquest European Business: Provides full-text, coverage of more than 110 leading titles, including The Economist, Fortune, and European Business Journal. Available on the network but restricted to the York University community.

Scholars Portal The Ontario Scholars Portal provides a single point of electronic access to published research from a broad range of disciplines Journals published by Academic Press , Berkely Electronic Press, Cambridge University Press, Emerald Publishing, Elsevier Science, Kluwer Academic Publishers, Kluwer Law International, and , Oxford University Press, Project MUSE, Springer-Verlag, and John Wiley & Sons. The Canadian Financial Markets Research Centre (CFMRC) TSX database is also provided through the Ontario Scholars Portal and can be accessed at this address: http://data.scholarsportal.info/ts Available on the network but restricted to the York University community.

VentureXpert: A Thomson Financials database, VentureXpert provides data on IRR, residual value etc for various fund types as well as fund performance by vintage year. Individual funds are not identified. This is a research database and requires that you download software onto your workstation. It is available to current York University Faculty and PhDs enrolled in business programmes only. Also available on a stand-alone workstation in the Bronfman Business Library, with AcadLabs signon. To request access contact Elizabeth Watson.

WRDS: Wharton Research Data Service. The following are some of the databases are currently available via WRDS: Compustat Global, CRSP, Standard and Poor's DRI, Dow Jones Averages, ExecuComp, Philadelphia Stock Exchange, and Federal Deposit Insurance Corporation. WRDS is available to York University Faculty and PhDs only but an instructor can get a class account (one ID shared by all students enrolled for the semester) for teaching purposes.

mailto:[email protected]

http://data.scholarsportal.info/ts





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