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Program Brochure for the Texas Master of Science in Finance
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The University of Texas at Austin McCombs School of Business
TEXAS MSF
Full-Time Master of Science in Finance
The Master of Science in Finance ProgramMcCombs School of Business
2
JAY HARTZELL, DEPARTMENT CHAIR
THOMAS GILLIGAN, DEAN
GREG HALLMAN,PROGRAM DIRECTOR
The Texas Master of Science in Finance (MSF) program at the McCombs
School of Business provides a unique opportunity for students to receive
graduate-level training in order to prepare for careers in finance, especially
those requiring analytic rigor and quantitative skills. The program is designed
for students from a wide variety of backgrounds, including liberal arts, natural
sciences, engineering and business. No previous work experience is required,
and the program can be completed in less than a calendar year.
The program seeks candidates who display mathematical
aptitude and demonstrate the ability to handle quantita-
tive material. Students with an undergraduate degree
from an accredited institution who are able to demon-
strate such skills through their undergraduate course-
work and GRE or GMAT scores are invited to apply.
Employment opportunities in the financial services
industries are projected to continue to grow at higher
than average rates and employers seek candidates with
the strong financial modeling skills, numerical computa-
tion abilities, and detailed understanding of the technical
areas of finance that the Master of Science in Finance
provides.
Housed in the McCombs School of Business at the
University of Texas, the Texas MSF program connects
its students with the unparalleled career resources
and alumni networks available to McCombs students.
Centrally located in Austin, Texas, the program provides
students with excellent access to employers at the
increasing number of investment management firms,
energy firms and major corporations in the capital city,
Dallas and Houston, as well as those located in major
financial centers such as New York, London, Chicago and
San Francisco.
Students in the MSF Program will also benefit from the
wealth of activities that stem from the McCombs Depart-
ment of Finance’s centers of excellence. These include
the Real Estate Finance and Investment Center; the Hicks,
Muse, Tate & Furst Center for Private Equity Finance; the
EDS Financial Trading & Technology Center and the Center
for Energy Finance Education and Research.
The Master of Science in Finance ProgramMcCombs School of Business
The University of Texas at Austin
WHAT STARTS HERE CHANGES THE WORLD
The University of Texas at Austin consists of 17 colleges
and schools and some 150 research units situated on 350
acres in the center of the state’s capital city. More than
51,000 students are enrolled in over 100 undergraduate
and 170 graduate programs. The students come from all
50 states and more than 100 countries around the world.
The university is a national leader in graduate degrees
awarded and boasts more than 450,000 living alumni. Here
students connect to a learning community of substantial
worldwide renown, and upon graduation, become part
of one of the largest and most powerful professional
networks in the world.
The university plays a vital role in providing human and
financial capital not only for Texas, but also for the rest of
the country and the world. Its 150 research units are funded
by over $640 million annually in federal, state and private
grants, fueling groundbreaking research programs that have
led to the filing of nearly 800 patents since the institution’s
founding. It is estimated that $5.8 billion in economic activity
is generated in Texas alone as a result of the university’s
presence. The University of Texas at Austin has truly come
a long way since its founding 130 years ago. Its 21st century
future promises to be just as spectacular as its rise to
preeminence in the last half of the 20th century.
4
The McCombs School of Business
The hallmarks of an education at the McCombs School of
Business include world-renowned faculty, exceptional
student culture and a powerful global network of corporate
and alumni contacts. Through rigorous coursework and a
vast array of hands on and experiential opportunities,
McCombs’ faculty prepare business leaders who can meet the
demanding and complex challenges of today’s business world.
One of the first established business schools in the nation,
the McCombs School graduated its first class of bachelor of
business administration degree students in 1922 and is among
the preeminent business schools in the world today. It awards
undergraduate, master’s and doctoral degrees and is actively
involved in executive education for professionals.
More than 200 McCombs faculty teach 6,000 students
each semester and engage in original research both
independently and through the school’s 15 research
centers. Many are also actively engaged in consulting
for major corporations in their fields of expertise.
The school has more than 68,000 graduates who reside in
all 50 states and in 118 countries. Alumni hold important
leadership positions in business and related fields and
together make up a diverse and influential business
network available to graduates.
Start your journey here, and your ensuing career opportunities will take you wherever you want to go.
5
The Texas MSF Program affords students the opportunity to work with and learn
from our world-class faculty. Renowned for their teaching at both the graduate
and undergraduate levels, the McCombs Finance Department consistently ranks
among the top finance departments in the world. In addition, the department has an
outstanding research reputation, utilizing many of the McCombs School centers of
excellence to support and disseminate their work.
FACULTY
6
JAY HARTZELL
Research Areas: Corporate Finance, Real Estate Finance, Corporate Governance
Classes: Financial Management, Real Estate Capital Markets, Empirical Corporate Finance
“The MS Finance program will provide an opportunity for students to develop valuable skills in finance over a short period of time. By taking quantitatively skilled students and providing them with a rigorous academic program and exposure to current problems and solutions, we will be able to position our graduates for success in the immediate job market and ultimately, over the course of their careers.”
SHERIDAN TITMAN
Research Areas: Energy Finance, Corporate Finance, Investments
Classes: Energy and Corporate Finance
“With an ideal setting at a top research university in a vibrant city, the Finance Department of the McCombs School is uniquely positioned to deliver an outstanding graduate program. By leveraging our faculty’s capabilities in both corporate finance and investments, the MS Finance program provides students with the knowledge and training that is critical to competing in today’s global financial markets.”
LAURA STARKS
Research Areas: Corporate Governance, Mutual Funds, Financial Markets, and Environmental Social and Governance Investing
Classes: Empirical Methods, Portfolio Management, and Environmental, Social and Governance Investing
“What I enjoy about teaching McCombs students is that the combination of their curiosity, enthusiasm, and unique experiences make classroom discussions not only interesting and informative, but also fun.”
JOHN GRIFFIN
Research Areas: International Finance, Structured Finance/CDOs, Hedge Funds, Institutional Investors
Classes: Empirical Methods in Finance, Global Finance, International Finance
“Learning finance is not just memorizing formulas, but also learning how to think about the underlying economic forces at work in financial markets. Our goal is for students to have the tools both to understand the complexities of real-world financial issues, and the ability to think critically in order to reach meaningful solutions.”
7
PURVA PANCHAL
Undergraduate Institution: UT San Antonio
Undergraduate Major: Middle Grades Math Education
“After teaching for a few years, I decided to put my love of mathematics and problem solving to an alternative use by choosing to pursue an MSF degree from the McCombs School of Business. I know my decision will open the door to a world of opportunities at top companies and provide me a variety of career paths to choose from. My newly acquired knowledge and skill-set coupled with the reputation of McCombs will lead me to a promising career in finance.”
88
JARVIS UZOIJE
Undergraduate Institution: University of South Alabama
Undergraduate Major: Finance
“Not only does the program
offer students an opportunity
to gain an in-depth
understanding of finance,
but it also gives students a
chance to network with many
of the school’s prominent
on-campus recruiters. With
an amazing job placement
record, fantastic career
service advisors, and world
class faculty, choosing to be a
part of the McCombs School
of Business MSF program is a
simple choice.”
SIMEON BOCHEV
Undergraduate Institution: UT Austin
Undergraduate Major: Electrical and Computer Engineering
“The curriculum of the MSF
program provides me with
the opportunity to apply
my financial analysis skills
through a practicum that
will enable me to provide
targeted client investment
objectives, value creation
strategies and business
valuation decisions, which
are all essential knowledge
for a strategy consultant.”
9
The Finance Department and the McCombs School of Business host a variety of
finance-related centers of excellence, designed to promote cutting-edge research
and curriculum development and support the role of the McCombs School of
Business at The University of Texas at Austin as a leader across the nation and a
key player in the university’s push to address some of society’s most pressing problems.
of ExcellenceCENTERS
10
REAL ESTATE FINANCE AND
INVESTMENT CENTER
Our Real Estate Finance and Investment Center is the first
research center at a leading university to specialize in the
intersection of real estate and finance. With its home in the
Department of Finance, the center takes advantage of the
exceptional finance faculty in the department to cultivate
cutting-edge research on finance-related real estate issues
such as the valuation of mortgage-backed securities, the
financial structure of real estate investment trusts, the
agency issues associated with real estate financing agree-
ments and the efficiency of real estate investment markets.
ENERGY MANAGEMENT AND
INNOVATION CENTER
The McCombs School of Business established the
Energy Management & Innovation Center to serve
as a center of excellence to promote energy-related
research and instruction. EMIC takes an integrative
and multidisciplinary approach toward energy
problems. EMIC aims to educate students in energy
management and innovation, create intellectual capital
of use to industry and policy-makers, and link the
McCombs School’s activities to the university’s energy
initiatives.
HICKS, MUSE, TATE & FURST CENTER
FOR PRIVATE EQUITY FINANCE
The Hicks, Muse, Tate & Furst Center for Private Equity
Finance supports research on issues related to private
equity finance, capital markets, corporate finance,
investments, real estate, and other associated areas. The
finance faculty at the McCombs School includes a number
of highly accomplished researchers who study areas of
finance related to the private equity market. The center
supports research by faculty as well as by the students
who work with them. The objective of this research is
to better understand the private equity market and the
financial activities of the participants in this market.
of Excellence
AIM INVESTMENT CENTER
The AIM Investment Center is the nexus for integrating
financial research, investment education and practice at the
University of Texas at Austin, bringing together financial
support, information resources, and intellectual capital in
support of those who teach and learn, those who further
knowledge in the field through research and those who use
the efforts of both to enhance the practice of investment
management.
EDS FINANCIAL TRADING AND
TECHNOLOGY CENTER
The EDS Financial Trading and Technology Center is a
state-of-the-art trading, research and teaching facility in
the McCombs School of Business. Its mission includes
assisting students, faculty, executives and the community
to better understand the growing flow of financial data and
to manage the impact of that flow on financial markets;
enabling center users to participate in the development of
new applications of information technology to finance; and
providing technology resources and technical support for
the AIM Investment Center, the Center for Energy Finance,
Education and Research, The Hicks, Muse, Tate & Furst
Center for Private Equity Finance, and the Real Estate
Finance and Investment Center. Success in our mission
depends on providing state-of-the-art facilities, access to
current financial data, and accessibility and support for
those who use the center.
CENTER FOR ENERGY FINANCE
EDUCATION AND RESEARCH
The Department of Finance has identified energy finance
and financial risk management as key areas for innovative
research and curriculum development. Energy and capital
markets are undergoing fundamental transformations that
require the creation of new curriculum and research. More-
over, there is a critical need to better prepare managers to
understand, quantify, monitor, and manage the financial
risks created by volatile energy prices, foreign exchange
rates, and interest rates. The University of Texas established
the Center for Energy Finance Education and Research
(CEFER) in the Department of Finance at the McCombs
School of Business in order to meet the need for a
preeminent academic program in energy finance.
11
The MSF program builds on a wide variety of backgrounds,
providing students with the technical skills required to be
successful in many areas of finance. Typical employment
opportunities include:
CORPORATE FINANCIAL ANALYST
Employing strong analytical skills, accounting knowledge,
and interpersonal skills, corporate financial analysts work
with companies like Frito-Lay, Wal-Mart, and Dell, providing
acquisition analysis and financial assessment of target
companies, performing industry and peer group analysis,
and preparing budgets. They also engage in corporate finan-
cial forecasting, long-range financial planning, and expendi-
ture analysis.
INVESTMENT BANKING ANALYST
Graduates employed as investment banking analysts work
for companies like Goldman Sachs, JPMorgan Chase or
Citigroup where they construct financial models, analyze
financial statements, and conduct due diligence investiga-
tions. Investment banking analysts are expected to generate
prospectuses and are proficient at research, both of market
trends and of potential investors or buyers. These jobs
require excellent interpersonal skills and the ability to work
as a team member, as well as technical proficiencies like
utilizing Excel and writing macros in Visual Basic for
Applications (VBA).
ENERGY FINANCE ANALYST
Energy companies, such as Exxon Mobil, BP, and
ConocoPhillips, employ financial analysts in a wide range
of roles. These include positions that are similar to other
corporate finance jobs, but often place special emphasis
on the understanding and valuation of natural resource
investments, as well as assessing risks and sources of
information from the commodities markets. Similarly, the
top consulting firms, investment banks, and commercial
banks all hire analysts that are dedicated to the energy
industry.
FINANCIAL CONSULTANT
Whether working for large corporations, small consulting
firms, or individual investors, financial consultants are
tasked with analyzing and evaluating a client’s financial
situation, identifying investment objectives, and providing
recommendations on investment services and opportunities.
Financial consultants also advise clients on value creation
strategies, economic forecasting, and business valuation.
Employers include consulting firms like McKinsey, Deloitte,
BC, and Charles River Associates.
PORTFOLIO ANALYST
Portfolio analysts work to monitor and manage investment
portfolios, either for the clients of an investment or finan-
cial services firm, or for the corporation at which they are
employed. Using optimization techniques and risk models,
portfolio analysts manage portfolios, research investment
strategies, develop and implement analyses for portfolios
under management, and analyze and report on portfolio
trends, performance vs. expectation, and strategy validation
and forecasting. Portfolio analysts are employed by compa-
nies like GE, Citigroup, and Fidelity.
CAREERS The McCombs School of Business and the Finance Department have relationships
with a number of prominent employers in investment management, banking, and
corporate sectors who are seeking to hire students who have strong financial
modeling and numerical computation skills, a detailed understanding of the
technical areas of finance, and strong written and verbal communication skills.
12
The Practicum in FinanceThe Practicum is an intensive program spanning the
last half of the fall semester and the first half of the
spring semester during which students work directly
with sponsoring companies on a wide variety of finance
problems.
Students may indicate an area of interest for their
Practicum project in early fall. Students work in small
groups under the supervision of the MSF program
director to complete the project, earning practical
experience and developing a strong relationship with
corporations and potential employers.
The MSF program director and Finance Department
faculty work with various finance-related organizations
to design projects that are valuable to MSF students and
benefit the sponsoring group. Projects are designed to
be accomplished within the Practicum time frame and
culminate in a written report and presentation of work to
the sponsoring company and program faculty.
MSF students have an exclusive career services adviser
to help formulate a strategy that incorporates leadership,
teamwork, and effective communications skills. Employ-
ers have provided direct feedback and input into the
program in order to prepare graduates to enter into the
business world and become leaders within the business
community.
CAREER SERVICES COURSES
Recruitment for MSF students begins very early in the pro-
gram. Therefore, Career Services has integrated a career
course into student orientation that focuses on creating
strong resumes and cover letters as well as familiarizing
the students with the extensive on-campus recruiting tools
that are available. The curriculum continues after the
summer intensive with a career strategies course designed
to improve professional correspondence writing and net-
working skills as well as company research and interview-
ing abilities. These skills are further practiced and utilized
during the semester through career services events, includ-
ing mock interviews and company treks.
CAREER ADVISING AND RESOURCES
MSF Career Services staff is dedicated to the needs of MSF
students and is available to assist you in navigating all the
phases of your future, including career choices, resume
development, interviewing techniques, job search strategies
and offer evaluation.
The Career Services office offers several online resources
for students, including company research portals, resume
templates and literature on interviewing techniques.
MOCK INTERVIEWS
The mock interview process is an opportunity for intensive
practice through simulations in which potential employers
or professional staff members serve as interviewers and
critique the interviewee. These interviews provide valuable
feedback regarding verbal and non-verbal behavior, allow
students to become comfortable with answering spon-
taneous questions, and improve self-presentation skills.
Students also have several opportunities to practice case
interview skills with potential employers.
CAREER WEEK
Career Week occurs during the fall semester and in-
cludes several recruitment-oriented services. The Career
Expo is the largest career fair for the McCombs busi-
ness school with more than 100 recruiters on campus
each year. Additionally, there are several networking
events available to interact with potential employers
across several industries.
ON-CAMPUS RECRUITING
The on-campus recruiting program is a major focus of
Career Services. More than 400 organizations recruit
business students on campus each year using pre-
screen and open sign-up procedures. The on-campus
recruiting system utilized by McCombs is very sophis-
ticated and frequently assessed to maintain McCombs’
standards and integrity among employers and students.
Students also have the opportunity to meet employers
through informational sessions, which are hosted by the
individual companies, to inform students about the job
opportunities, growth potentials and corporate culture
offered by their firm.
Career Services in the MSF Program
13
Tuition and Financial Aid InformationUp-to-date tuition and fee information can be found
on our website. Merit-based fee waivers are available
for outstanding applicants. These waivers do not
require a separate application; all students will be
considered for these.
The MSF program does not offer need-based aid to
any of its students. However, students who need ad-
ditional tuition assistance are encouraged to apply for
financial aid through the University of Texas Office of
Student Financial Services. All financial aid applica-
tions require completion of the Free Application for
Federal Student Aid (FAFSA), and students are urged
to begin this application process as early as possible.
Most aid is in the form of federal or private student
loans.
ADMISSIONS The Admissions ProcessAdmission into the MSF program is competitive. Details
on average GRE and GMAT scores and GPA, as well as
admissions percentages, can be found on our website.
A complete class profile can be found at the back of this
brochure.
A complete application consists of all of the following:
• A completed online application at www.applytexas.org,
including unofficial transcripts,
• Your application fee,
• A Statement of Purpose essay (and 2 optional essays),
• Three letters of recommendation,
• Your resume or CV,
• GRE or GMAT scores, and
• TOEFL scores for international applicants.
These documents are submitted online; directions for upload-
ing them are emailed to each candidate once the ApplyTexas
application is complete and the application fee has been paid.
Deadlines for admission can be found on our website. Only
applications that are complete by each deadline, including
official test scores from the testing agency, will be considered
in each round of admissions.
Qualified candidates will be invited to interview once an
online application and resume are received.
Accepted applicants will be required to submit official
transcripts.
14
OUR WEBSITE
The most up-to-date program information is always available on our website, which can be found at
www.mccombs.utexas.edu/msf.
OUR FAQ
Answers to our most common questions can be found on the Frequently Asked Questions page of our website.
EMAIL NEWSLETTERS
Program updates, including admissions announcements, information session dates, and other important news,
are emailed periodically to members of our contact list. To add your name to our list, please check our website.
Program staff is happy to answer direct inquiries via email. Please send your questions and requests to
PHONE
Our program staff can be reached during normal business hours at 512-471-2012.
INFORMATION SESSIONS
Our staff holds frequent information sessions, both in Austin and at various locations around Texas and the
country. Details about these events, including registration deadlines, can be found on the website.
CAMPUS VISITS
If you plan to be in Austin, please contact us at 512-471-2012 or [email protected] to arrange
a visit with program staff and a classroom visit.
For More InformationMore information about our program is available from a variety of sources.