Overview
The MS in Accounting and Fundamental Analysis (MSAFA) is a full-time three-semester STEM-designated program. It focuses on active, fundamental investing with an emphasis of handling accounting information in investment analysis. Students are exposed to up-to-date research to give them an edge as investors. Research insights and quantitative skills are developed at the PhD level, followed by practical application to equity analysis, credit analysis and investment advisor.
Expected Coursework
Students must complete a minimum of 10 full-term courses (30 credits) and a thesis (3 credits). They take 21 credits of core courses and 9 credits of elective coursework from Columbia Business School or other Schools at the University.
Students can take an additional three credits at no extra tuition charge under the School's flat rate tuition program. Every MSAFA student is required to pay University tuition and fees for three semesters and is charged a flat rate of tuition. Students are allowed to take up to a maximum of 36 credits.
Core Courses (21 credits)
- Introduction to Econometrics and Statistical Inference (B9323)
- Computing for Business Research (B9122)
- Capital Markets and Investments (B8306)
- Fundamental Analysis for Investors, Managers, and Entrepreneurs (B8010)
- Valuation and Financial Statement Analysis (B9010)
- Earnings Quality and Fundamental Analysis (B8008)
- Research on Investing with Fundamental Analysis (B9020)
Electives (9 credits)
Students take electives in Accounting or allied disciplines such as Finance, Economics or the school's Decision, Risk, and Operations division, it’s also possible for students to take related elective credits in other departments/schools at the University (e.g., Computer Science, Statistics, Mathematics, the Law School, etc.) Electives with priority access for MSAFA students include:z
Course Number | Course | Credits |
8213 | Global Macroeconomic Investing | 1.5 |
8308 | Debt Markets | 3 |
8384 | Derivatives | 3 |
8389 | Hedge Funds | 3 |
8609 | Generative AI for Business | 1.5 |
9206 | (PhD) Economic Analysis | 1.5 |
9208 | (PHD) Economic Analysis II | 1.5 |
9153 | Generative AI: Technical and Social | 3 |
9339 | Systematic Investment Strategies | 3 |
Spring*
Course Number | Course | Credits |
8029 | Mergers and Acquisitions Transactions | 1.5 |
8030 | LBO & Bankruptcy Transactions | 1.5 |
8307 | Corporate Financial Management | 3 |
8308 | Debt Markets | 3 |
8309 | Derivatives | 1.5 |
8323 | Asset Management | 3 |
8377 | Value Investing | 1.5 |
8474 | Real Estate Analytics | 3 |
8500 | Lead: People, Teams, Organizations | 1.5 |
8502 | Strategy Formulation | 1.5 |
8609 | Generative AI for Business | 1.5 |
9653 | MS Machine Learning | 1.5 |
9654 | MS Artificial Intelligence | 1.5 |
*This list is based on course offerings for this academic year (2025-2026) and could differ in future years.
Together, these courses prepare MS candidates for careers in financial services and consulting firms who seek professionals with deep accounting knowledge and understanding as well as quantitative skills and training in academic research.
Thesis (3 credits)
All MSAFA students must complete a substantial group research project in the Thesis Seminar course under the supervision of a faculty member. Students will work in teams to design, execute, write, and present a thesis that involves original research on an accounting topic, a company, an industry, or an academic question approved by the course instructor.
Students typically submit their thesis and complete the program in the fall semester of their second year, after participating in a summer internship.
Faculty
The Program offers an opportunity to learn alongside faculty who are at the forefront of their disciplines. They are international influencers on business practices and strategies, continuing Columbia Business School’s legacy of developing the world’s top business leaders and strategists. Our faculty are exceptionally invested in student success and help create a collaborative culture that challenges students to push the boundaries of their expertise so they can contribute to today’s most innovative organizations.
