The Master of Financial Economics (MFE) Program

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1 The Master of Financial Economics (MFE) Program The Master of Financial Economics (MFE) program at the University of Toronto is Canada s premier postgraduate program in economics and finance. Students are equipped with state of the art knowledge, and they obtain the advanced analytical tools that are required for successful careers in the financial industry and related public organizations. MFE Class of 2013 University of Toronto

2 Classification and Duration The Master of Financial Economics at the University of Toronto is a joint professional program between the Department of Economics and the Rotman School of Management. This 16-month pre-experience collaborative graduate program consists of 12 one-term courses, a four-month summer internship between terms two and three, and is offered on a full-time basis with one admission date, in August. The curriculum of the MFE program combines graduate-level economics courses with second year MBA-level finance courses. The conferred MFE degree is issued upon successful completion of the program in early June of the second academic year. Intent The Program is designed to equip students with the tools and skills required for successful careers in the financial sector. Its key objective is to provide a broad understanding of financial theory and the economics framework upon which that theory is based, both in the classroom and through actual work experience within firms in the financial sector. The Program is aimed primarily at students who have recently completed undergraduate degrees in economics. The Program welcomes applications from these students and from other students who have recently completed four-year B.A., B.Sc., B.Com, or M.A. degrees, provided such students have fulfilled requisite courses in Economics, Mathematics and Statistics. Prospective applicants are advised that the course of study undertaken by students enrolled in the Program requires high-level quantitative and analytical skills. Students admitted to the Program will acquire classroom training combined with the practical experience of summer internships providing a strong background for careers in the area of banking, investment banking, financial analysis, corporate finance, and private consulting in finance-related firms. The Program will provide its graduates with the necessary analytical and quantitative skills to meet the challenges faced in a rapidly changing marketplace. It provides a combination of practical and classroom experience that will allow students to enter the workplace and provide an immediate contribution. Highlights A competitive program with no more than 25 students, admitted from over a pool of over 350 applicants. A curriculum that combines rigor and deep understanding of economics with applied finance know-how. Emphasis on the integration of theory and application. Small class sizes that ensure students receive personal attention so they can excel. An expanding, first-rate alumni network that lends its talents and expertise to enhance students learning experience and career prospects. Proximity to the Toronto downtown financial core. Focused hands-on employability training through professional development modules. Faculty A recent ranking of economic departments by publications placed the University of Toronto 1st in Canada and 16th worldwide. For five of the last six years, the Financial Times ranked the Rotman Finance faculty 1st in Canada and in the top 11 worldwide by research output. The finance and economics faculties are large, and our research and teaching interests span a very wide range of areas; our breadth thus allows us to offer our students a wealth of learning options. Curriculum The MFE program structure, illustrating the terms in which the core and elective courses fall is on the subsequent page. The core program consists of four courses from the Economics Department and three courses from Rotman. Students take an additional five electives three (or more) from the Economics Department, and two (or less) from Rotman. Common electives include, and are not limited to the following: Advanced Derivatives Financial Econometrics Analysis & Mgmt. of Fixed Income Securities Financial Market Microstructure Business Analysis and Valuation Financial Risk Management Current Issues in Financial Reporting & Financial Statement Analysis Disclosure International Business Economics of Financial Risk Management International Financial Markets Empirical Financial Economics International Monetary Theory International Macroeconomics Macro-econometric Models Mergers and Acquisitions Monetary Theory Private Equity and Entrepreneurial Finance Risk Modeling & Financial Trading Strategies Topics in Risk Management Master of Financial Economics Program, University of Toronto Page 2

3 MFE Program Structure: Session Course (Department) Late Summer/early Fall (1 st ) Statistics Review (Economics) (Aug 20 Sep 7, 2012) Fall (1st) Econometrics (Economics) (Sep 13 Dec 21, 2012) Financial Economics (Economics) Options and Futures Markets (Rotman) Spring (Jan 7 Apr 30, 2013) Summer (1 st ) (May 1 Aug 31, 2013) Fall (2nd) (Sep 9 Dec 20, 2013) Summer (2 nd ) (early Jun, 2014) Corporate Financing (Rotman) Macroeconomics (Economics) Microeconomics (Economics) Internship Security Analysis and Portfolio Management (Rotman) Graduation MFE degree conferred Our Students and Graduates Students admitted into the program mostly complete degrees in economics, finance, commerce, mathematics and statistics and have a minimum A-average in the final year of their undergraduate studies. Students selected by the admissions committee are the top ranked out of over 350 qualified applicants, are well-rounded in their academic and extra-curricular interests, have strong communication skills, and are passionate about pursuing careers in finance and economics. The average class size ranges from students, and the average student age is between is Students in the MFE program have very high successes with the prestigious OGS provincial and SSHRC federal award competitions, valued at $10,000 or $15,000, and $17,500 respectively. Our students also have a great track record in placing first in competitions hosted by the Rotman School of Management, such as the International Sales & Trading Competition, the Credit Case Competition the Investment Challenge Competition. Alumni Placement by Industry Sector: 2003 to present A B Investment Banking & Equity Research Risk and Treasury A: 26% G: 9% F: 10% C D Investment Management Sales & Trading, Structured Finance, Fixed Income Analysis E: 10% E F Other Banking and Finance-related Economic Research, Policy Analysis & Economic Consulting B: 18% C: 17% D: 10% G Industry, Public Sector, Academic, Law, Other Since opening our doors in 2002, our graduates have secured many sought-after positions in many areas of finance and economics. MFE alumni maintain close ties with the program, attend term networking events, conduct sessions in the program s Professional Development Course, evaluate student mock interviews, and take on various mentorship roles for the students. Master of Financial Economics Program, University of Toronto Page 3

4 Tuition and Other Fees Domestic and International tuition and other fees for comprise the following: Domestic fees International fees Year 1 tuition (fall 2012, spring and summer 2013) 25,330 34,672 Year 2 tuition (fall 2013) 12, , Incidental fees (Graduate Students Union, Athletics & Recreation, Hart House, Student Life 1,108 1,108 Programs & Services) [This is based on figures since 2012 fees are not yet available.] Year 1 Ancillary fees (Professional Development Services and placement fee, workshops, etc.) ,050 Year 2 Ancillary fees (Professional Development Services and placement fee) Total $40,653 $55, Cost of Living Estimates Cost of living estimates range from $16,632 to $ per year, with a median of $21,732. A breakdown is provided below. Item Value Accommodation $ $ Food $4000-$5500 Clothing $1200-$2000 Local Transportation $1248 ($104 per month) Miscellaneous $1200-$2400 Books, supplies and instruments $1000 University Health Insurance Plan $684 (as of Sep 2012) Total $16,632 - $26,832 Placement and Graduation Internship placement for the last two years has been 100%. Students typically will have secured full-time placement within four months of graduation. Common internship and full-time position titles and employment areas are provided in the tables below. Summer Internship Placement Summary: 2011 and 2012 Summer 2012 Summer 2011 BNP Paribas, SCOPE Trading Analyst Algorithmics, Model Validation Summer Intern Byron Capital Markets, Summer Analyst Chinese People Holdings Co. Ltd., Beijing, Investment Banking Analyst China Private Bank, Investment Banking Analyst CIBC, Corporate Banking Associate CoreGen Partners, Summer Intern Citibank, Wealth Management, Fixed Income Summer Intern Associate Goldman Sachs, Investment Banking Analyst Deutsche Bank, Global Markets, Summer (Trading) Intern Kensington Capital Markets, Summer Research Analyst DPX Capital, Portfolio Management Associate Manulife Financial, Corporate Actuarial Research Analyst Manulife Financial, Investment Division Associate National Bank, Investment Banking Analyst Morguard Investments Ltd., Real Estate Summer Analyst Ontario Financing Authority, Accounting/Audit Summer Analyst Ontario Ministry of Infrastructure, Summer Research Analyst Ontario Financing Authority, Risk Management Analyst Ontario Teachers Pension Plan, Fixed Income Summer Analyst Ontario Teachers Pension Plan, Fixed Income Analyst Royal Bank of Canada, Capital Markets, Sales & Trading Associate Ontario Teachers Pension Plan, Economics & Risk Analyst Scotiabank Equity Research Associate PSP Investments, Summer Analyst Scotiabank Investment Banking Analyst Recovery Partners, Distressed Equity Researcher Scotiabank, GRM Associate (Market Risk) Royal Bank of Canada, Asset Management Associate Scotiabank, Credit & Risk Management Associate Royal Bank of Canada, Risk Management Associate Scotiabank, GRM Associate (Market Risk) Third Eye Capital, Summer Research Analyst Scotiabank, GRM - Market Risk Associate Toronto Dominion Securities, Investment Banking Analyst Scotiabank, Credit & Risk Management Associate Toronto Dominion Securities, Sales & Trading Intern Wellington West Capital Markets, Investment Banking Analyst University of Toronto Asset Management, Research Analyst Toronto Dominion, Treasury Credit Margin Analyst Vigilant Global, Summer Analyst Toronto Dominion Securities, Sales & Trading Associate VISTAAR Capital LLC, Real Estate Investment Analyst VISTAAR Capital LLC, Real Estate Research Analyst Master of Financial Economics Program, University of Toronto Page 4

5 Full Time Placement Summary: 2012 and 2011 January 2012 January 2011 CIBC, Corporate Banking Associate Advisory Capital Group, Investment Consultant Canadian Pension Plan Investment Board, Research & Analytics Analyst Blair Franklin Capital Partners, Investment Banking Analyst DPX Capital, Portfolio Management Associate Bank of Montreal, Capital Structuring & Origination Program Associate Deloitte, Enterprise Risk Associate Bank of Montreal Capital Markets. Investment Banking Analyst Dundee Capital Markets, Investment Banking Associate Credit Suisse, Investment Banking Associate Manulife Financial, Investment Division Associate CIBC World Markets, Debt Capital Markets Associate Ontario Municipal Employees Retirement System - Associate Ministry of Infrastructure, Infrastructure, Policy and Planning, Economist Ontario Municipal Employees Retirement System - Associate Ministry of Infrastructure, Infrastructure, Policy and Planning, Economist Private Bank, Beijing, Investment Banking Analyst Scotiabank, Corporate Credit-Energy Manager Royal Bank of Canada, Capital Markets, Sales & Trading Associate Scotiabank, Corporate Credit-Telecom, Media & Communications Manager Scotiabank, GRM - Market Risk Associate Scotiabank, Investment Banking Analyst Scotiabank, Credit & Risk Management Associate Scotiabank, Global Risk Management Associate Scotiabank Investment Banking Analyst Scotiabank, Global Risk Management Associate Scotiabank Risk Management Associate Sears Canada, Home Décor, Merchandise Flow Analyst Scotiabank Methodology & Research, Market Risk Measurement Analyst Toronto Dominion Securities, Sales & Trading Associate StoneCap Securities, Investment Banking Analyst University of Toronto Asset Management, Research Analyst Toronto Dominion Securities, Sales & Trading Associate University of Toronto, Economics Dept., Research /Teaching Assistant Employers of MFE Students ADVISORY CAPITAL GROUP AMERICAN EXPRESS AVIVA BALLOCH GROUP BANK OF AMERICA MERRILL LYNCH BANK OF CANADA BLAIR FRANKLIN CAPITAL PARTNERS BMO CAPITAL MARKETS BROOKFIELD ASSET MANAGEMENT CANADIAN PENSION PLAN INVESTMENT BOARD CATALYST CAPITAL GROUP CANACCORD GENUITY CHARLES RIVER ASSOCIATES CHINA MERCHANT BANK CITIGROUP CIBC CANADIAN PENSION PLAN INSURANCE BOARD CONNOR CLARK AND LUNN CORMARK SECURITIES CQS CMC MARKETS CREDIT SUISSE DELOITTE DESJARDINS SECURITIES DEUTSCHE BANK DUNDEE CAPITAL MARKTS EASTERN CARRIBEAN CENTRAL BANK ERESEARCH ENDURIAN ERNST & YOUNG FC CAPITAL FINANCE CANADA GARY BEAN SECURITIES GOLDMAN SACHS GMP SECURITIES INSTITUTE OF COMPETITIVENESS & PROSPERITY JPMORGAN CHASE KINGSDALE CAPITAL MARKETS LAZARD LAURENTIAN LUSIGHT RESEARCH MACQUARIE MANULIFE FINANCIAL ONTARIO HEALTH RESEARCH ONTARIO MUNICIPAL EMPLOYEES RETIREMENT SYSTEM ONTARIO SECURITIES COMMISSION MARRET ASSET MANAGEMENT MERCER MILLER GROUP MINISTRY OF INFRASTRUCTURE MIZUHO SECURITIES MOODY S MORGAN STANLEY MORGUARD INVESTMENTS NATIONAL BANK FINANCIAL OMERS ONTARIO TEACHERS PENSION PLAN ONTARIO FINANCING AUTHORITY OXFORD PROPERTIES PSP INVESTMENTS RBC CAPITAL MARKETS RIVER PLATE HOUSE CAPITAL MANAGEMENT SCOTIA CAPITAL SCOTIABANK SEARS CANADA STONECAP SECURITIES SUN LIFE FINANCIAL TD ASSET MANAGEMENT TD SECURITIES THOMAS WEISEL PARTNERS TRANSPORT CANADA RAYAN PHARMA RICH ROTSTEIN UBS UNIVERSITY OF TORONTO ASSET MANAGEMENT VIGILANT GLOBAL VISTAAR CAPITAL WELLINGTON WEST CAPITAL MANAGEMENT WISE CAPITAL MANAGEMENT Over the Last 10 years Skills and Professional Development During the first year, we supplement students university-level education by offering non-credit courses on Excel, financial accounting, and financial modeling. Semester-long projects in, for instance, econometrics or financial economics, require that students acquire further software skills, for example in Matlab, Stata, R, or, C++, and that students familiarize themselves with financial applications and databases, such as Bloomberg, Reuters, Capital IQ, CRSP, COMPUSTAT, or Datastream. Students have access to these tools through our in-house Financial Research and Trading Lab at the Rotman School. Finally, over the first term students attend a number of professional development sessions to learn about career options in the financial industry and to facilitate their transition to the workforce. The program also provides advice and assistance on the preparation of cover letters, resumes, interview coaching, and facilitates introductions to key industry professionals and alumni via networking events or the professional development course. Master of Financial Economics Program, University of Toronto Page 5

6 For additional Information on the Master of Financial Economics (MFE) Program at the University of Toronto: Please visit our website at or contact Ayesha Alli, our Program Coordinator. CONTACT US Master of Financial Economics Program University of Toronto Department of Economics, Max Gluskin House (GE) 150 St. George Street, Toronto, ON M5S 3G7 Tel: Master of Financial Economics Program, University of Toronto Page 6