Proposal for a Master of Science degree in Finance

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1 SANTA CLARA UNIVERSITY Proposal for a Master of Science degree in Finance Leavey School of Business January 22, 2013 Drew Starbird, Dean

2 Table of Contents Executive Summary 1 Purpose and Centrality 2 Curriculum Table 8 Evidence of Interest 9 Impact on Other Programs 12 Resource Requirements and Implications 13 Promise of Quality 15 Timetable 17 List of Faculty 17 Bulletin Description 19 Appendix A: Checklist of Resource Requirements 20 Appendix B: Curriculum Matrix 21 Appendix C: Consultant s Comments 25

3 Executive Summary The tremendous pace of financial innovation over the last thirty years and the resulting increase in complexity of the global financial system has led to substantial demand for training in finance with greater depth than a traditional MBA program provides. The Leavey School of Business proposes to meet this demand by offering a Master of Science degree in Finance. The MS in Finance program would be a four-quarter, full-time program that takes in students with a variety of backgrounds and gives them the skills that are now needed for most entry-level positions in finance. The Leavey School of Business is well positioned to develop a successful MS in Finance program. First and foremost, the school has a very strong finance department with faculty who are highly regarded in academic circles and who have a great deal of experience in the practice of finance. Second, finance is one of the largest undergraduate majors at Santa Clara University, and we are seeing strong interest in additional training in finance from both finance and accounting majors at SCU. Third, the MS in Finance program would allow the School to reach out to new student populations. The program would target full-time students who have recently completed their undergraduate degrees and train them for entry-level positions in the financial markets and in corporate finance. Finally, the MS in Finance program will allow the University to expand the reach of its educational and social missions. As witnessed by the economic boom and bust of the last decade, the field of finance, particularly financial innovation, has a tremendous impact on individuals, businesses, and society. Education that focuses on ethical and values-based decision making by financial managers is sorely needed and in high demand. The proposed MS in Finance will allow the Leavey School of Business to leverage the talents of its faculty and its existing graduate courses to meet the growing need for specialized graduate programs from business schools. We project that incremental tuition revenue will cover additional direct expenses associated with the new degree program. Four courses will need to be taught on a modified schedule and only one course will need to be developed to meet the needs of the new MS in Finance students.

4 Purpose and Centrality Discuss the primary goals of the proposed program and the rationale for instituting this program at Santa Clara University. Specifically, describe the ways in which it advances the mission and goals of the University and the relevant College or School. The field of Finance has undergone a fundamental change over the last thirty years. During this time period, we have witnessed the introduction of more types of financial instruments, markets, and institutions than we have had cumulatively in the history of mankind. These range from basic equity derivatives such as call and put options that trade on large organized financial exchanges to complex structured products such as collateralized mortgage obligations that trade in financial dealer markets to private securities such as the shares of private equity and hedge funds that do not trade in any organized markets. The use of these instruments, markets, and institutions is not limited to just ultra-wealthy individuals or the largest financial institutions; instead, their use has become standard operating procedure for most large- and mid-sized businesses, whether public or private, financial or non-financial. 1 As a result the modern financial analyst in any industry needs much more extensive training in Finance than in the past. At their base, all financial instruments, markets, and institutions are conceived to measure, separate, and distribute risk not just financial risk such as interest rate and currency risk, but all types of risk ranging from macroeconomic and geopolitical risk to firm- and individual-specific risk. As the world has become increasingly integrated over the last three decades, the level of this risk has increased exponentially and the ease of risk transmission has increase even more. In turn, the demand by individuals and corporations to control (or leverage) this risk started the greatest pace of financial innovation ever witnessed in human history. This has resulted in an explosion of new financial instruments, markets, and institutions. As a result, it is now virtually impossible for a financial analyst in any industry or even a manager overseeing any type of business to be successful without a solid understanding of all this new financial technology and its applications. At the same time, the pressure to cut costs and become more competitive globally has been forcing companies to cut back on (and in most cases, eliminating) the traditional training programs and apprenticeships that they used to offer new hires embarking on paths leading to management positions. As a result many professionals, especially over the last decade, have been entering businesses as financial/business analysts and proceeding through their career without the proper knowledge needed to evaluate and use the slew of new financial technologies that have been developed. In addition to (and because of) a lack of sufficient understanding of this sophisticated financial technology, these business managers also lack the ability to evaluate financial mechanisms from an ethical standpoint. It is widely believed, for example, that the improper and sometimes 1 For example, a recent survey by the British Bankers Association found that over 75% of mid- and large-sized business, public and private, in the US and Europe use complex financial instruments of some form as part of their normal course of business. 2

5 unethical use of this new financial technology has resulted in numerous unethical acts by businesses, ranging from the Enron fiasco at the start of the 2000s to the Great Recession we have just undergone. In response, businesses, government, and society are looking to business schools to provide the rigorous financial training that will allow the business leaders of tomorrow to evaluate and apply complex financial technology in a value-creating and ethical manner. Santa Clara University is well positioned to meet this demand. SCU has a very strong finance department that is highly regarded amongst both academic circles as well as in the practice of finance ranging from corporate finance to investments and capital markets. Our faculty is well-equipped to ensure that ethical issues have a prominent place across the curriculum. In each class, current developments will be analyzed from the perspectives of ethics and corporate social responsibility (CSR), building on the foundation laid by the Business, Integrity and Society course completed in the first quarter. Our finance and accounting faculties have significant experience, including a number of publications, in the social and ethical dimensions of business. In addition to Hersh Shefrin (Finance) and Meir Statman (Finance), who have researched extensively in behavioral issues, Hoje Jo (Finance) and Yongtae Kim (Accounting) have published papers on corporate social responsibility, an area of study that includes many elements of business ethics. In December, Professor Jo and his co-authors won the best paper award at the 2012 World Business Ethics Forum in Hong Kong for their paper on CSR. Professor Kim and his co-authors have a paper forthcoming in a top-tier journal, on the relationship between earnings quality and corporate social responsibility. The management faculty includes Niki den Niewenboer and Manuel Velasquez, who are expected to be involved with the curricular design of the Business, Integrity and Society class. Professor Velasquez s book Business Ethics is in its 7th edition and, in September, we'll be adding Peter Jennings to the management faculty. Professor Jennings published The Moralities of Obligation and Aspiration: Towards a Concept of Exemplary Military Ethics and Leadership in the journal Military Psychology in Our adjunct faculty includes a number of CFO's with direct experience in the ethical dilemmas facing financial professionals. SCU already has a large undergraduate program in Finance (one of the largest undergraduate majors at the University) and offers a concentration in Finance in the MBA program (the largest concentration in the program). Therefore, the finance faculty is already well prepared to teach MS in Finance students, and the incremental work/cost of starting up and running an MS in Finance program would not be very high. Furthermore, the large number of undergraduate business majors at SCU provides a substantial internal pool of candidates to draw on for the MS program. Program distinctiveness and relation to the mission and goals of the University The MS in Finance will support the mission and strategic goals of the University and the business school, and will build on SCU's distinctiveness to create a unique educational 3

6 opportunity for our students. The University s vision calls for the creation of a more just, humane, and sustainable world. The Leavey School of Business contributes to this vision by transforming people, ideas, and organizations to create opportunity and prosperity for all parts of our community. The MS in Finance program will support the mission and vision of the University by teaching people to foster, manage, and/or apply financial innovation to create value, jobs, and economic growth for our local community and for communities around the world. The MS in Finance program will combine three of SCU s institutional qualities to create a unique educational experience. First, an important element of SCU s Jesuit heritage is building a strong community by helping each person reach their full potential. The success of SCU s students will help communities here and abroad to strengthen and grow. Second, SCU s educational tradition blends theory with practice to create a learning environment that fosters collaboration and innovation. Through the MS in Finance, abstract theory and business practice will be combined to find effective ways for students to understand and apply financial innovation. Third, SCU s integration into the Silicon Valley business community gives the University and its students access to the most innovative commercial region in the history of mankind. The SCU network is an incomparable resource for our students and faculty. Together, these three characteristics will make SCU s MS in Finance a unique educational program. The MS in Finance supports the strategic priorities of SCU in many different ways. Strategic Priority 1: Excellence in Jesuit Education SCU strives to educate the whole person and the MS in Finance program will contribute to this mission by providing a well-rounded program that includes a strong foundation of finance courses while emphasizing the social and ethical complexities of financial management. Strategic Priority 2: Engagement with Silicon Valley The MS in Finance will support further engagement with the Silicon Valley community by bringing local leaders in finance (from both corporations and financial institutions) to LSB and taking SCU students to Silicon Valley companies and financial institutions. We plan to develop a stronger partnership with local organizations by increasing the opportunities for mentoring, guest speaking, and student interaction (a LSB strategic priority). These opportunities will strengthen our leadership in finance education. Strategic Priority 3: Global Understanding and Engagement The MS in Finance will enhance global understanding and engagement through heightened interaction between the students and international organizations. These will not be limited to traditional firms, but also financial institutions and markets. Furthermore, the MS in Finance program will attract international students seeking the Silicon Valley experience that can be found nowhere else. 4

7 Strategic Priority 4: Justice and Sustainability The MS in Finance will include subject matter on the social and ethical dynamics of financial innovation that will strengthen the students understanding of justice and sustainability. As one of the few Jesuit universities to offer an MS in Finance, we will demonstrate how social justice, ethics, and sustainability can be effectively incorporated into a finance curriculum. Strategic Priority 5: Academic Community The MS in Finance program will support research opportunities for students to work with faculty regarding scholarly finance research and case studies. The MS in Finance will enhance the LSB strategic priority of increasing the quality and prominence of our scholarship. Relationship to other Finance programs at Santa Clara University The MS in Finance will be one of two business programs with a finance focus. The MBA program includes a concentration in finance as one of eight concentration options. The MBA Finance Concentration serves primarily working professionals who desire a deeper expertise in Finance within the context of a general business management degree. The proposed MS in Finance will be a one year, full-time program targeted at students with little or no previous professional work experience, who are seeking an in-depth credential in Finance to facilitate entrée into a career path, or as preparation for a Ph.D. program. The following table summarizes some of the differences between the two business school finance programs for graduate students: Program MBA (Finance concentration) MS Finance Credential Master of Business Administration Master of Science Students Matriculating Matriculating Schedule 2-6 years, part-time, 1 year, full-time Admission criteria Tuition (est.) Undergraduate degree. GMAT or GRE. 3-5 years work experience. Undergraduate degree. GMAT or GRE. $64,000 $50,000 5

8 In addition to the graduate programs in finance, the Leavey School of Business offers an undergraduate finance major. This major is one of the largest in the Leavey School and one of the largest programs on campus, with approximately 135 graduates each year. The students in the undergraduate major are a key group of potential students for the MS program. We anticipate that many of these students will find an advanced degree appealing and that such a degree will provide enhanced professional opportunities. Program Requirements The learning outcomes of the MS in Finance program will allow students to enter the workplace with a deep knowledge of both the theory and practice of advanced financial concepts. The program is structured to provide graduates with the knowledge and skills to: Explain the foundational role markets and financial institutions play in the economy, and evaluate the impact of innovation in markets and institutions on individuals, businesses, and the macro-economy. Identify the appropriate information and evaluate if investment and financial policies increase firm value. Evaluate risk, recognize the trade-off between risk and return, and devise appropriate risk and investment management strategies. Interpret and analyze financial information, including financial statements, and develop financial models utilizing this information to facilitate decision-making. Understand ethical standards in business and recognize and evaluate ethical issues that financial decision makers may face. Work effectively as a group leader and group member. To accomplish these learning outcomes, a student entering the MS in Finance program will be required to complete 49 units of coursework to graduate. These 49 units will be split up between 4 types of courses: foundational business (18 units), foundational finance (10 units), advanced finance (9 units), and unrestricted electives (12 units) which may be taken in finance or supporting disciplines. The Curriculum Table on page 8 summarizes these requirements. A full-time student entering the program will take four required foundational business courses during his/her first quarter (Financial Accounting, Statistical Methods, Business, Integrity and Society, and Managerial Competencies and Team Effectiveness). During the second quarter, students will complete a course in the fundamentals of economics, an advanced financial accounting course and one unrestricted elective, intended to further their understanding of general business. They will also take the required foundational finance course, Financial Management. This course is a prerequisite for all the other finance courses in the program. Two other foundational finance courses are also required, one in Corporate Finance and one in Investments and Financial Markets. A student will typically take these two courses during his/her third quarter in the program. 6

9 Subsequently, the student will be required to take at least three advanced finance courses. These may be chosen from the set of graduate courses offered by the Finance department, and will serve to reinforce program learning outcomes and provide advanced knowledge in specific finance areas. Finally, the student will have to complete the program by taking an additional 9 units of electives. The student is free to choose these electives from the set of graduate courses offered by any department of the business school. Optionally, students may choose their finance electives to specialize in either Corporate Finance or Investments and Financial Markets. Specializations can be obtained by structuring the advanced finance courses so that at least three are from the chosen field of specialization. Students will be able to finish the MS in Finance in four quarters. All of the required courses for the MS in Finance are either already available or already under development (as part of the previously approved MBA curriculum being implemented for the Fall of 2013). Curriculum The MS in Finance curriculum combines existing courses in the MBA curriculum and Accelerated Foundation Courses to create a 12-month, 49 unit degree program. The Accelerated Foundation Courses are offered in the first summer and will support the MS in Entrepreneurship students as well as the MS in Finance students. 7

10 Curriculum Table Term Course Comments Summer (12 units) Fall (13 units) Winter (12 units) Spring (12 units) Financial Accounting (3) Business, Integrity and Society (3) Statistical Methods (3) Managerial Competencies & Team Effectiveness (3) Corporate Financial Reporting (3) Financial Management (4) Economics for Business Decisions (3) Unrestricted Elective (3) Corporate Finance (3) Investments (3) Unrestricted Elective (3) Unrestricted Elective (3) Finance Elective (3) Finance Elective (3) Finance Elective (3) Unrestricted Elective (3) * The AFCs are a part of the MS in Entrepreneurship as well. Accelerated Foundation Courses (AFC)* Existing MBA courses Unrestricted Electives are courses that selected from any course currently offered in the MBA program (subject to prerequisite restrictions). Examples include Macroeconomic Theory and Policy, Money and Banking, Marketing Analysis and Decisions, Integrated Product Development, and Organizational Analysis and Management. Finance Electives must be selected from a list approved by the Finance faculty. This list currently includes, but is not limited to: Management Accounting: The Finance Function Financial Statement Analysis Fundamental Value Analysis International Finance Management Financial Markets and Institutions Mergers, Acquisitions, and Corporate Restructuring Behavioral Finance Risk Management with Derivative Securities Emerging Company Finance Business Valuation 8

11 Financial Engineering Behavioral Corporate Finance Financial Instruments and Markets Evidence of Interest Document the level of interest in the program on the part of faculty, current and potential students, and other stakeholders. Are tenured and tenure-track faculty sufficiently interested in the program to contribute their energy and offer its curriculum on a sustained and regular basis? Are current and potential students sufficiently interested in the program to maintain adequate enrollment in its classes? How have these levels of interest been ascertained? Present an enrollment projection for the first five years of the program. Over the last thirty years, the field of finance has witnessed the introduction of an enormous diversity of new financial instruments, expanded access to financial markets by companies and small investors, and an increased understanding of the role of financial risk to individuals, firms, and governments. This evolution has led to a growing need for graduate level programs that provide students with the knowledge they need to apply complex financial technology in a value-creating and ethical manner. Market demand for MS in Finance Over the last few years, the number of MS in Finance programs has increased at SCU's peer and aspiration schools. A short, non-comprehensive list of these programs, and estimates of enrollment are presented below: University MS in Finance programs Enrollment Quarterequivalent units (est.) Tuition ($) Boston College ,160 Northeastern ,350 Stanford (MS Quantitative Finance) (est.) 53,400 UC Berkeley (MS Financial Engineering) ,895 University of Rochester ,914 Washington University, St. Louis ,000 9

12 These enrollments are consistent with trends reported by the Graduate Management Admissions Council (GMAC) on the growing interest in MS in Finance programs, and in other MS programs offered by business schools. The GMAC reports 2 that: Since 2008, the majority of specialized master's programs have reported year-onyear positive growth in application volume. Sixty-eight percent of Master of Finance programs reported increased or stable application volumes for the incoming class, and 78 percent expect to increase their target class size. Undergraduate students are the most commonly recruited population for master's programs in business schools, followed by foreign candidates, and working professionals. The majority (76%) of applicants to master's programs in finance are 25 years old or less, and have fewer years of work experience than applicants to MBA programs. These findings support the conclusion that there is growing interest in specialized master's degree programs from business schools, especially in finance, and that a MS in Finance will allow us to access student populations that we have not accessed in great numbers before: students under 25 and international students. Students Santa Clara University's finance department attracts undergraduate and graduate students in large numbers. With over 250 students, the undergraduate major in finance is the largest in the Leavey School of Business and one of the largest in the University. Similarly, the MBA concentration in finance is the largest among our MBA students. We expect that a portion of the MBA students and some of the top undergraduate finance students will consider enrolling in the new MS in Finance. In a recent survey of 3rd year and 4th year undergraduate finance majors, 80% of the 79 who responded indicated that they were likely to consider the MS in finance: Application Trends Survey report, Graduate Management Admissions Council 10

13 Responses to the Question: How likely would you be to consider an MS in Finance after you finish your bachelor's degree? (265 finance majors polled, 79 respondents) Very unlikely Somewhat unlikely Neutral Somewhat likely Very likely Another potential population of students is the accounting department majors. Accounting is the second most popular major in the Leavey School of Business and many accounting students have expressed interest in the MS in Finance. In a recent survey of 3rd year and 4th year undergraduate accounting majors, about 50% indicated that they were likely to consider the MS in finance: Responses to the Question: How likely would you be to consider an MS in Finance after you finish your bachelor's degree? (218 accounting majors polled, 36 respondents) Very unlikely Somewhat unlikely Neutral Somewhat likely Very likely 11

14 Potential Enrollment Based on the market demand for MS in Finance programs and the interest expressed by our current students, we project the following enrollments over the next five years. Year Projected Enrollment We are leveraging existing MBA courses to serve this population, and blending MS in Entrepreneurship students with MS in Finance students in our Accelerated Foundation Courses, so there is no minimum enrollment for pedagogical reasons. Impact on Other Programs Describe the anticipated impact of the proposed program on other academic programs and priorities. Will it require reassignment of current faculty or funds? Do faculty involved already teach the classes on a regular basis? If not, do the chairs of the departments involved agree to reassign faculty members from other duties in order to participate? Are other programs likely to suffer systematic enrollment losses? Will other programs or services have to be discontinued to establish this program? We expect the MS in Finance program to have little impact on the number of students in the other LSB graduate programs (Evening MBA, Accelerated MBA (AMBA), Executive MBA (EMBA), and the MS in Information Systems programs) because of the difference in the potential students. The target candidates for the MBA, AMBA, and EMBA programs are professionals who already have considerable work experience and are looking to obtain a general management degree on a part-time basis. The MS in Finance program, on the other hand, would target students who have very little work experience specifically, students who are completing or just completed their undergraduate degree. Furthermore, the MBA, AMBA, and EMBA programs are primarily part-time programs, while the students for the MS in Finance program will be primarily full-time. The MS in Information Systems program is also a full-time program, but the candidate pool for that program is quite distinct from the candidate pool for the MS in Finance. All but one of the courses in the MS in Finance program draw on the pool of courses available in the MBA program. Therefore there will be very minor incremental course development needed to start the MS program. However, as the MS program grows, more 12

15 sections of existing MBA classes will be needed to satisfy the combined demand of the MBA and MS programs and additional faculty may be needed to teach these additional sections. One factor that may mitigate this situation is the fact that demand for the MBA program at LSB appears to be declining somewhat. 3 We feel certain, however, that the requested faculty resources will be sufficient to meet the needs of additional enrollment associated with the MS programs. Resource Requirements and Implications Include the checklist in Attachment B with the proposal and describe in the proposal the costs, funding sources, and structural/infrastructural needs. Based on these factors, present a five-year budget projection that accounts for both one-time and continuing expenses. Once the program is established, can it be adequately funded and supported with current resources or will additional increases in budgets be needed? This section should be developed in consultation with the Provost s Office and other relevant offices. Provide copies of letters or s from the offices consulted. Explanation of responses with a yes answer in Appendix A. Change in Faculty and Staff resources. We do not anticipate growth in tenure-track positions or staff over the first three years. If the program s growth exceeds our forecast, we may have to reallocate faculty and staff resources among the different graduate programs. We anticipate meeting staffing needs by utilizing fixed-term or contract employees in the short run. The cost of faculty and staff resources for the proposed MS in Finance are: Adjunct Faculty (6 sections annually) 4 $45,000/year Additional Staff costs (program management, student services, etc.): $25,000/year Change in revenue from tuition or fees. As shown in our enrollment projections below, we forecast an increase in graduate tuition revenues of approximately $478,000 in the MS in Finance's first full year. If targets are met, the incremental tuition should increase by year 5 to approximately $1.4 million. 3 This is in fact a national trend, so we do not expect this to change quickly at LSB through minor programmatic or marketing changes. 4 The 6 sections include 4 sections in the first summer and approximately two additional sections of MBA core courses to accommodate the additional MS in Finance students. The 4 summer sections (Accelerated Foundation Courses) are part of the MS in Entrepreneurship program as well so the incremental costs will be shared with that program. 13

16 Summary of Projected Revenues Year New Students Tuition Revenue 1,3 Reduction in MBA revenue 4,5 Net Incremental Revenue $487,500 $9,608 $477, $731,250 $14,411 $716, $975,000 $19,215 $955, $1,218,750 $24,019 $1,194, $1,462,500 $28,823 $1,433,678 Assumptions: 1. Total Tuition $50, Program spans 4 quarters. All revenue projections are made for the year Summer Spring. 3. Attrition by end of Fall quarter 5% 4. % migration from MBA program 5% (minimal, since the target student is different than our MBA program) 5. Annual tuition from MBA students $19,215 (7 courses/year, $2,745/course) Changes in Existing Budgets. The MS in Finance program will require an investment in marketing, financial aid, and assistantships to attract students. MS in Finance students will require specialized advising services and career counseling financial aid. Our projections for the annual cost of these elements of the program are: Program Marketing $100,000/year Financial Aid and Research Assistantships $200,000/year Career Management $50,000/year Co-curricular programs $20,000/year Student Advising $20,000/year 14

17 Promise of Quality Discuss the level of quality that can realistically be achieved with the resources available. Will the program enhance the academic stature of the college or school and the University? What indicators of program quality should we expect of the program within five years? If appropriate, indicate how the program will be incorporated into the University s Program Review cycle. Consult the Dean and Vice Provost for Academic Affairs regarding the Program Review cycle. Consult with the Director of Assessment while developing the assessment plan, including mission, student learning goals, learning objectives, and a timeline for the assessment of student learning. Present a timetable for initiation, development, and review of the program. Overview of Program Quality The Leavey School has several comparative advantages in offering an MS in Finance. The program will be housed in SCU s Lucas Hall, a building with state-of-the art technology and superior teaching facilities. The faculty will consist primarily of tenured or tenure-stream professors who are well-known researchers in Finance, particular the areas of behavioral finance and financial engineering, and there is strong faculty support for the new degree. Indicators of Quality Since one of the key objectives of the program is to enhance the employability of graduates in key Finance positions, we plan to track and report on graduates success in their career paths. We also plan to track the growth of alumni network and measures of the extent to which alumni remain involved with the program and with the University as a whole. As part of the quality assurance program, an MS Leadership Team will be established to provide continuous review of the curriculum and coursework in the MSF program, as well as in other MS programs developed concurrently or in the future. This is a parallel structure to the existing MBA Leadership Team, which monitors the quality of MBA coursework. Assessment of student learning will take place, as discussed further below. Plans for Program Review We propose that the MSF program be included in the program review cycle after the fifth year of operation. At that time, we anticipate that the student group will have grown to a full cohort of approximately 40 students per year. At that program size, and with 5 years of history, we can 1) evaluate the trajectory of information from assessment activities, and 2) consider whether the program can be improved by offering separate sections of classes during the regular academic year. 15

18 Assessment Plan Students completing the MS Finance degree will: 1) Explain the foundational role markets and financial institutions play in the economy, and evaluate the impact of innovation in markets and institutions upon individuals, businesses, and the macro-economy. 2) Identify appropriate information related to corporate policies and evaluate if investment and financial policies increase firm value. 3) Evaluate risk, recognize the trade-off between risk and return, and devise appropriate risk and investment management strategies. 4) Interpret and analyze financial information, including financial statements, and develop financial models utilizing this information to facilitate decision-making. 5) Understand ethical standards in business and recognize and evaluate ethical issues that financial decision makers may face. 6) Work effectively as a group leader and group member. The mapping of these learning objectives to the required courses is included in the Curriculum Matrix in Appendix B. The specific methods of assessing student learning related to the program goals will be developed in collaboration with finance faculty and the MS Leadership Team. Each learning goal will be demonstrated at least twice in the required courses, and the menu of electives serves to reinforce the learning goals as well. Processes for the assessment of program learning goals in the MBA program have been established with positive results, and these results have been used to inform curricular development and improve student learning. As the summer classes will differ in pace and potentially in format, we expect to reassess student achievement in the foundation areas early to ascertain whether the changes have a detrimental effect on retention of knowledge. Assessment of student learning in the Business School is conducted primarily under the standards of the AACSB. The AACSB requires that each program learning goal be assessed twice in a 5 year period, beginning with the program inception. The Associate Dean of Curriculum and Assessment will work with faculty and the resources of the University Assessment Committee to develop a detailed schedule for assessment, including the identification of appropriate direct and indirect measures of competence. Our next AACSB self-study period will be Fall 2015, by which time we will have completed two program years and plan to have assessed student learning in at least the summer courses. 16

19 Timetable for Development, Initiation, etc. February May 2013 June 2013 Marketing and further program and service development activities, including consideration of the reformatting of existing courses to accelerated delivery. MSLT will review new courses proposed specifically for the MS programs. Program commences with AFCs and standard summer session classes. June 2014 First class graduates. Review of success of career management activities for students. Review of direct assessment activities in foundation classes. Fall 2014 AACSB self-study process begins. Winter 2015 AACSB Site Visit Program review activities List of Courses The list of courses for the MS in Finance is given on pages 7-8. The table on page 7 also shows how these courses fit with the curriculum requirements for completing the MS. All of the courses listed here either exist currently or are currently under development (as part of the implementation of the new MBA curriculum for Fall 2013) and will exist by Fall Thus no new course development will be needed to launch the MS in Finance program. Appendix B provides a curriculum alignment matrix to show how each of the courses map to the five learning outcomes for the MS in Finance. Each of the learning outcomes is achieved in a number of different courses. List of Faculty Core Finance Department faculty: 1. Sanjiv R. Das, Professor 2. Hoje Jo, Professor, Chair of Finance Dept. 3. Atulya Sarin, Professor 4. Hersh M. Shefrin, Professor 5. Meir Statman, Professor 6. George Chacko, Associate Professor, Faculty Director of MBA Programs 17

20 7. Robert J. Hendershott, Associate Professor 8. Ye Cai, Assistant Professor 9. Seoyoung Kim, Assistant Professor 10. Carrie Pan, Assistant Professor 11. Donald Davis, Professor of Practice 12. John Fay, Professor of Practice All of the core faculty will teach the required and elective courses in the MS in Finance program and/or serve as advisors or mentors for graduate students in the MS program. 18

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