The Master of Science in Financial Economics is a STEM eligible degree that requires four semesters (fall and spring) of full-time study at Columbia Business School.
Overview
The program begins in early September. To graduate, students complete a minimum of 16 full-term, graduate-level courses (48 credits), including a thesis seminar, in which they conduct a project on an industry-focused research question. Students also typically complete a summer internship for at least six weeks which involves working as an intern in a company or doing research assistance work for a faculty member. The internship will ideally be tied closely to a student's thesis.
Expected Coursework
MSFE students take a rigorous set of PhD-level courses, supplemented with MBA- and other graduate-level courses. In students’ first year, they take mainly required PhD-level courses. In their second year, they enroll in a mixture of PhD and MBA electives, ensuring that they complete a total of at least 30 credits of PhD-equivalent courses in the program.
Students must select into one of two tracks: the Academia Track or the Industry Track.
Fall of First Year
- Introduction to Econometrics and Statistical Inference II (B9324)
- Finance Theory I (B9302)
- Computing for Business Research (B9122)
- Introduction to Continuous Time Finance (B9336; half-term)
- Advanced Derivatives (B9337; half-term)
Academia Track: Microeconomic Analysis I (B9206; half-term) and Microeconomic Analysis II (B9208; half-term) instead of B9336/B9337, which would then be taken in the fall semester of the second year.
Industry Track: Capital Markets & Investments (B8306) can be taken in the fall semester of the second year or in the fall semester of the first year instead of B9336/B9337, which would then be taken in the fall semester of the second year.
Spring of First Year
- Financial Accounting (B8031*; January block week)
- Corporate Valuation and Financial Modeling (B8418*; January block week)
- Financial Econometrics: Time Series (B9325; half-term)
- Financial Econometrics: Panel Data (B9326; half-term)
- Microstructure Theory (B9330; half-term)
- Big Data in Finance (B9334)
- Empirical Asset Pricing (B9331; half-term)
Academia Track: Microeconomic Analysis III (B9209; half-term), Microeconomic Analysis IV (B9211; half-term).
Typical Electives: Real Estate Finance (B8331), Debt Markets (B8308), Asset Management (B8323), Valuation and Financial Statement Analysis (B9010), Research on Investing with Fundamental Analysis (B9029).
*Note that Financial Accounting (B8031) and Corporate Valuation and Financial Modeling (B8418) do not count as PhD-equivalent courses, but are nevertheless required for completing the MSFE program.
Second Year
There are typically no required courses in the second year of enrollment in the MSFE program, though students will need to take additional PhD-level courses to fulfill the 10 PhD-level degree requirement. Most of the eligible courses will be offered from the Finance Division, and it is common for students to take PhD-level courses in other divisions of the Business School (e.g., Operations Research, Accounting), or in other departments/schools at the University (e.g., Computer Science, Statistics, IEOR, etc.). Most students also take advanced-level MBA courses.
Typical PhD Electives: Text Data in Finance (B9342), Empirical Asset Pricing II (B9320), Behavioral Finance (B9310), Corporate Finance Theory (B9317), Financial Intermediation (B9333; half-term); Information in Financial Markets (B9335; half-term)
Typical MS Electives: Real Estate Analytics (B8474), Quantitative Hedge Fund Strategies (B9339)
Thesis Seminar (B9398) and MS Thesis
Thesis Seminar (B9398) and MS Thesis
All MSFE students complete a substantial research project in the Thesis Seminar in the spring term of their second year. The goal of this course is to gain experience producing research in quantitative finance. Students will design, execute, write, and present a thesis that involves original research on a topic approved by the course instructor. The expectation is that students will complete the Thesis Seminar and the MSFE program by the end of the fourth term.
Faculty
The MSFE 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.
The Masters of Science in Financial Economics program is led by Professor Harry Mamaysky, Faculty Director. Faculty members throughout the division participate in the program through application review, teaching, and thesis supervision.
