The Masters in Finance program is designed with a goal of furnishing our students with all of the essential skills for a career in finance. The program delivers a strong theoretical basis, without losing focus on practical applications, and a financial toolbox that provides our students an edge in their careers. The program is enriched with seminars and workshops, offering a contextual knowledge of the financial environment.
The MiF Program at Sabancı University welcomes applicants with a university degree in any discipline or major and a strong interest in and motivation for a managerial career. Masters in Finance program is a rigorous and challenging one-year part-time program. In addition to attending the classes on a mandatory basis, the students are expected to participate actively in discussions held in classes. The practical application of finance theory will be demonstrated with in-class examples, simulation exercises, and various projects at the CAFE (Center for Applied Finance Education). Students will spend a significant amount of time at the CAFE to gain the necessary experience on the technology, hardware equipment, and software programs that are integral parts of any professional financial organization in the business world.
MiF graduates are expected to be able to:
- Demonstrate knowledge of financial theory as well as practice and display critical evaluation of the knowledge.
- Access, interpret and analyze data and information by using current technologies; and use the results of such analyses to make financial decisions.
- Reflect on social and ethical responsibilities linked to the application of their finance knowledge, judgments and decision making.
- Communicate effectively in both written and oral form using appropriate technology where necessary, and discuss finance-related issues with both finance and non-finance professionals.
- Understand the international financial markets, practices, and accounting standards.
The MiF curriculum can best be described in four components:
1. Proficiency in Financial Theory and Applications
Courses in rigorous graduate-level finance programs provide students with sound theoretical foundations of finance. MiF is committed to presenting the same level of theory with a practical perspective. Our courses in corporate finance deal with the financial management of companies, as well as valuation of real assets and firms, studied through a series of case studies. On the other hand, investments courses are concerned with security pricing and portfolio management. The investments courses make heavy use of the Center for Applied Finance Education (CAFE) imparting practical knowledge of trading and handling information flow.
2. Building a Financial Toolbox
Following the suggestions of our Advisory Board, the program is designed to equip students with financial tools in two major areas. The first area is the analysis of financial data, which is an essential skill in the finance industry today. To that end, ‘Financial Econometrics’ courses cover analysis of time series data and forecasting techniques from an applied perspective. ‘Financial Statement Analysis’ course teaches students the techniques used in investigating and interpreting financial statements, such as balance sheets and income statements of companies. The second tool set is related to programming and financial modeling skills.
The MiF program is a non-thesis degree program comprised of a total of 30 credits in course work which starts in early September and runs 12 months until late August.
First weeks in the program, Pre-Terms, are devoted to intensive remedial courses in Accounting, Financial Statement Analysis and Economics for Managers running 5 days a week. These remedial courses may be waived for students with demonstrated background in these topics.
Masters in Finance program at the Sabancı University Sabancı School of Management is a rigorous and challenging 12-month part-time program. In addition to attending the classes on a mandatory basis, the students are expected to participate actively in discussions held in classes.
The practical application of finance theory will be demonstrated with in-class examples, simulation exercises, and various projects at CAFE, the Center for Applied Finance Education. Students will spend a significant amount of time in CAFE to gain the necessary experience on the technology, hardware equipment, and software programs that are integral parts of any professional financial organization in the business world.
The graduates of the program will have taken 30 credit hours of master level courses. The students will have had 550 official contact hours.
To continue in good academic standing, MiF students must maintain a cumulative grade point average (CGPA) of 3.00 or above in each term. If the CGPA is below 2.00, the student will be dismissed. To graduate, the student must complete the program with a CGPA of 3.00 or above.
Graduation from the program requires a successful completion of the 22 courses in the program. A satisfactory grade from an internship or a project is also required for graduation.
PRE-TERM I (1 WEEK)
This introductory course presents the basic financial accounting rules, teaches the construction of financial statements, and focuses on the accounting issues related to financial investments and debt instruments.
Financial Statement Analysis
The course focuses on how finance professionals use and interprete financial tables. Creation and use of financial ratios are discussed. Assessment of the financial strength of companies is examined.
Principles of Finance
Fundamental issues of finance are taught in this course. Some of the topics that are covered are the time value of money, NPV and valuation concepts, introduction to CAPM and risk premium, introduction to firm valuation. Other corporate finance topics investigated in the course are opportunity cost of capital: WACC, financial planning, long-term planning and financing instruments, capital structure and valuation.
The course starts with the analysis of capital structure of firms, which involves comparing the cost of debt and equity financing. Other topics include payout policy, options and futures, risk management, mergers and acquisitions and financial distress.
In this introductory statistics course, topics include probability theory, distributions, sampling, hypothesis testing, and regression methodologies.
Financial Econometrics I
This is a two-part course and aims to overview the essential econometric techniques used in applied financial analysis. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. The first course introduces basic classical linear regression model, panel data methods and qualitative dependent variables.
The Portfolio Theory course builds from financial markets and securities trading and develops modern portfolio theory as a characterization of rational investor behavior by means of diversification. The course includes a rigorous discussion of the theory of the risk-return trade-off, market efficiency, portfolio management practices, portfolio performance evaluation, and concludes with behavioral finance.
Fixed-Income Analytics deals with the valuation and management of fixed-income portfolios. The course starts with the modern interpretation of the term-structure of interest rates. Building from the basic notion of time-value of money, the course introduces duration and convexity with an emphasis on their implications for portfolio management. The course includes the derivation of an arbitrage-free interest rate model to help price options embedded in interest-rate dependent securities as wells as a discussion of interest-rate swaps and various trading strategies.
PRE-TERM II (1 WEEK)
Economics for Financial Managers
The purpose of the module is to familiarize students with the main economic concepts and the economic reasoning of an economist. In the first part, the focus is on the market economy and on the decision making problem of the individual units, notably firms. In the second part, the idea is to enable the student to use information concerning the surrounding (macro and global) economic environment in her (his) economic decisions.
The process of measuring and managing value of companies is a central aspect of financial management. Managers constantly try and add value to their firms. The principal objective of this course is to provide the students with the conceptual basis, intuitive reasoning, and analytical framework for making sound valuation decisions.
Mergers and Acquisitions
Valuation, deal structuring, leveraged buyouts and corporate structurings are the outline of the course.
Money and Banking
The course provides an introduction to macroeconomics. Characteristics of financial institutions are also examined in detail.
The course is about derivatives securities and markets. Specific topics that are covered are fundamental option valuation models, general valuation theory, forward contracts, futures markets, swaps, credit risk models, and numerical techniques involving derivatives instruments.
Venture Capital and Private Equity
Private equity (PE) refers to investment funds organized as limited partnerships that invest in public and private firms using various strategies such as leveraged buyout, growth capital, mezzanine capital, venture capital etc Typical investors in PE are large institutional investors and wealthy individuals.
The course offers a hands-on experience about the practical aspects of financial portfolio management. Along with the concepts covered in the class, students are expected to build a portfolio management notion by thinking on real world problems. The main themes are investment decision making process and investment policy statement, management of individual and institutional portfolios, integrating capital market expectations and asset allocation, technical and practical aspects of portfolio management in traditional asset classes and alternative investments.
Modeling in Excel
Modeling with Excel tables, graphical visualization Excel, and programming with VBA macros are the topics covered in the course.
Students are required to submit term project