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You need a firm foundation to stay atop an ever-shifting global financial landscape. Our Master of Science in Finance (MSF) program will provide you with the understanding of financial principles and analytical skills to prepare you for a successful career.

Our program is ranked No. 36 in the nation according to U.S. News & World Report, 2022, as our curricula is closely linked to professional practice and vital industry connections. And industry leaders on our Financial Advisory Board ensure that our curriculum—and your MSF degree—remains relevant and cutting edge.

Program Highlights

 
  • Wide-ranging employment options: We'll prepare you for careers in risk management, asset management, and corporate finance and for joining corporate treasuries, investment banks, insurance companies, and large nonprofit organizations.
  • Top industry partnerships: We are one of the few MSF programs—either in Chicago or around the world—that has forged these key partnerships.
    • CFA Institute: We are the only Chicago-area MSF program recognized by the CFA Institute. This means you'll be better prepared for the Chartered Financial Analyst (CFA) exams.
    • CAIA Association: Quinlan's MSF program is an educational partner of the Chartered Alternative Investment Analyst (CAIA) Association, a globally recognized leader in alternative investment education. This means undergraduate and graduate finance majors have access to the CAIA Association's curriculum and events, and are eligible to apply for scholarships to earn the CAIA Charter.
    • Global Association of Risk Professionals (GARP): We are one of 35 graduate finance programs officially designated as an academic partner. This means our program is ideal preparation for the Financial Risk Manager (FRM) designation, the leading professional credential in the profession of risk management.
  • Analytical skills: You'll be ready to solve complex financial problems with our MSF.
  • Alumni network: Join an impressive network of successful alumni, many of whom live and work in the Chicago area.
  • STEM designation: With a national shortage of professionals trained in STEM related fields, employers are actively pursuing STEM degree holders. Distinguish yourself in business with a STEM-designated degree.

What You'll Learn

 

Our Master of Science in Finance program will provide you with specialized knowledge of:

  • Financial securities
  • Financial markets
  • Risk metrics
  • Investment criteria
  • Capital budgeting techniques
  • Hedging strategies
  • General modeling and analytical skills
  • Writing computer programs
  • Working with databases
  • Simulating outcomes
  • Performing regression analysis
  • Solving constrained optimization problems

Careers

 

Loyola's MSF graduates work as bankers, brokers, portfolio managers, analysts, traders, risk managers, and programmers at:

  • Investment and commercial banks
  • Investment funds (hedge funds, venture capital funds, mutual funds)
  • Insurance companies
  • Trading firms
  • Manufacturing and service companies
  • Consulting firms
  • Rating agencies

Our MSF graduates have been hired by top firms, such as Morningstar, Bank of America, Fifth Third Bank, Morgan Stanley, Merrill Lynch, Discover, GE Capital, Goldman Sachs, and more.

Because Loyola is a member of the Jesuit network of 27 colleges and universities nationwide, our graduates can receive career services at Quinlan's Business Career Services, as well as at career centers at U.S. Jesuit colleges and universities.

Program Structure

 

Graduate courses for the MSF program may be completed on a full-time or part-time basis. You can complete the degree in approximately 12—15 months of full-time study, depending on the pace you choose and the number of courses required.

Classes are held weekday evenings on Loyola's Water Tower Campus, which is conveniently located off the Red Line in downtown Chicago, as well as online. The MSF program is on a 10-week quarter system, and you can begin the program in any quarter.

Curriculum

Completion of the Master of Science in Finance degree requires 12 courses, with additional prerequisite courses depending on academic background.

The curriculum is divided into three sets of courses: prerequisites, required courses, and electives. The required courses are designed to develop strong analytical and modeling skills. The electives include three career tracks — corporate finance, risk management, and asset management — and are aligned with professional designations including CFA, FRM, and CAIA. Ethical decision-making is woven throughout the program, which will help position you as a responsible leader in your organization.

Prerequisites* (5)

 
  • Calculus: MATH 131, MATH 161, or equivalent
  • Principles of Micro/Macroeconomics: ECON 420, ECON 201, ECON 202, or equivalent 
  • Statistics: ISSCM 491, ISSCM 241, STAT 103, STAT 203, or equivalent
  • Introductory Accounting: ACCT 400, ACCT 201, or equivalent
  • Business Finance: FINC 450, FINC 334, or equivalent

Bloomberg Training is also required. Students should take this training either before starting the degree program or very early in the program.

* The prerequisite requirement is met if you have completed a minimum of one undergraduate course (3 credit hours) of comparable content in the prerequisite subject area within the last seven years with a grade of B (or equivalent) or higher

Required Courses (9)

FINC 452: Investment Management
This course includes the topics of asset pricing models; risk and return analysis of stocks, bonds and cash equivalents; portfolio theory; bond pricing, the term structure of interest and immunization strategies in managing fixed income securities.
Outcome: Students will be able to demonstrate the analytical tools and finance theory necessary for making good investment decisions and for understanding the pricing of financial securities.

FINC 620: Financial Mathematics and Modeling I
This course focuses on how to effectively use Microsoft Excel and its built-in programming language, Visual Basic for Applications (VBA) to build financial models. It has a prerequisite of Finance 450 and presumes familiarity with basic Excel operations and functions. The course will model investment, derivative, corporate finance, and risk management problems. The course is a combination of both lecture and lab.

FINC 621: Financial Mathematics and Modeling II
Financial mathematics and modeling II is the second in a sequence of two courses. It is a combination of lecture and lab and will focus on the core mathematical, computational and practical modeling aspects encountered in modern financial applications. The programming languages of choice will be R and Excel/VBA. This course has a prerequisite of FINC 450, FINC 452, FINC 620, and ISOM 400. No prior R programming experience is required but familiarity with Excel/VBA is a pre-requisite.

FINC 622: Derivative Securities
This course is an introduction to options, futures, forwards and swaps as derivative securities. After an overview of these securities, a detailed examination of the methods of valuing options will be presented. Binomial trees and a discussion of the Black-Scholes option pricing model will be emphasized, followed by insights into option contracts as useful risk management instruments. A brief introduction to stochastic calculus is also given. Stock, index, debt, commodity, foreign currency and futures options are reviewed, and option strategies are analyzed as managerial tools in financial decision-making. Skills developed in this course include analytical and decision-making, creative thinking and communication. Throughout the course the notion of risk both as potential loss and opportunity for gain and its management will be highlighted. Ethical and social dimensions of risk management and the use and abuse of derivative securities will be emphasized to help students become responsible financial managers. The recent credit crisis and its origin in subprime mortgages will be reviewed. Students are encouraged to form teams and work jointly on five sets of homework problems and to also develop trading strategies. The course integrates functional areas in finance, accounting, economics, business ethics and quantitative methods.

FINC 624: Interest Rate Risk Management
Students are introduced to a plethora of financial derivatives, including both exchange-traded and OTC products, and then learn to use these products to hedge interest rate and other risks largely through the study of cases and detailed examples emphasizing the formation and use of synthetic positions.
Outcome: Students will be able to demonstrate an understanding of a wide variety of derivative products, as well as be able to use these products to manage interest rate and other risks.

FINC 625: Applied Econometrics
The purpose of this course is to help students understand feasible econometric techniques in order to mine information to understand economic and financial patterns and to forecast. A rigorous exposition of the theory behind econometric techniques will help students understand the issues raised in different published papers. Topics of econometric techniques covered in this course include panel data analysis, time-series models, discrete choice models, and methods to identify causality between variables. Practical applications will prepare students to use these methods in their own projects.

FINC 626: Credit Risk Management and Structured Finance
We study credit risk and credit risk management. We examine a suite of financial securities which can be used to reduce (or magnify) credit risks, especially credit default swaps (CDS), asset-backed securities (ABS) and collateralized debt obligations (CDOs). We consider the role of these structured credit products in the global financial crisis.

FINC 630: Finance Capstone Course
This course integrates theory, analytics, and modeling skills acquired in advanced finance courses. Subject matter will include topics and techniques in corporate finance, international financial management, risk management, and investments. It is intended for Master of Science in Finance (MSF) students and select MBAs concentrating in finance and who have satisfied the necessary prerequisites.

Learning Objectives:

  • Students will be able to perform a complicated valuation analysis of a public or private company
  • Students will understand different short and long-term financing techniques and their impact on a firm's cost of capital, capital structure, financial risk, credit, and business strategy
  • Students will be able to perform a complicated international capital budgeting analysis
  • Students will be able to evaluate public and private investments and assess their place in a portfolio

MGMT 441: Business Ethics, or MGMT 446: International Business Ethics, or MGMT 448: Ethics in Finance*
*Choose one

  • MGMT 441:
    This course examines the ethical aspects of individual and corporate decision making in business and provides resources for making ethical decisions within the context of managerial practice.
    Outcome: Students will be acquainted with the concepts and principles of ethical reasoning that have been developed in ethical theory; be aware of the specific ethical issues that arise in management and of the ways in which these issues are commonly analyzed; and be able to make sound ethical and managerial decisions and to implement those decisions within the context of an organization in a competitive marketplace.
  • MGMT 446:
    This is an advanced business ethics course that addresses the ethical issues that arise in the global business environment, including the standards for the operation of multinational corporations and the ethical perspectives of managers in different countries.
    Outcome: Students will understand the specific ethical problems of international business and of different ethical perspectives; develop skills for personal decision making and for developing and implementing ethical corporate policies in international business; and learn how to work toward more effective background institutions and forms of international business regulation.
  • MGMT 448:
    This is an advanced business ethics course that addresses the ethical challenges in finance, which includes financial markets, financial services, financial management, and finance theory. The aim of this course is to understand the ethical issues that arise in the various areas of finance and to develop an ability to resolve these issues effectively and responsibly. Topics include: fairness in financial markets, the rationale for market regulation, duties of agents, fiduciaries, and professionals, conflict of interest, insider trading, manipulation and fraud, marketing and sales, consumer privacy, abusive credit practices, financial management, financial reporting, bankruptcy, acquisitions and mergers, and building an ethical corporate culture.

Electives (choose 3)

Choose three elective courses from one of the following three career tracks: corporate finance, asset management, and risk management.

Corporate Finance (CFA)

ACCT 404: Financial Statement Analysis
This course evaluates the information contained in the financial statements, footnotes, and management discussion and analysis for its usefulness in making investment and credit decisions.
Outcome: Students will be able to assess the appropriateness of asset valuation, liability measurement, and equity values for judging the performance of an enterprise. Students will synthesize these assessments via a comprehensive financial statement analysis project.

FINC 453: Topics in Advanced Financial Management
This is an advanced course in corporate finance where students are given a thorough grounding in firm valuation and exposed to various financial decisions including raising capital, mergers and acquisitions, leveraged buyouts, spin-offs, and carve-outs, all in the context of their impact on firm value.
Outcome: Students will be able to demonstrate an understanding of firm valuation, as well as the impact of various corporate decisions on firm value.

FINC 457: Cases in Corporate Finance
This course uses Harvard Business School cases and focuses on the practical aspects of corporate finance topics, by examining how firms formulate and execute their financial
decisions.
Outcome: Students develop an understanding of how firms use the theoretical topics of corporate finance in real life settings. Most cases involve actual firms and real life events these firms faced in the past. The real-life flavor of the firms and the topics enable students to learn and use the necessary financial tools in evaluating various corporate investments and financing decisions. Students apply these tools in solving the cases that involve various topics such as capital budgeting, cost of capital, the capital structure decisions, and mergers &acquisitions.

FINC 556: Investment Banking
This course provides a broad overview of the activities of investment banks, including venture capital fundraising, stock and bond underwriting, mergers and acquisitions, trading, asset securitization and money management.
Outcome: Students will understand how investment banks enhance capital markets by providing financing and investment services to companies, governments and individuals.

FINC 628: Valuation
This is an advanced course in valuation where students are given a thorough grounding in traditional valuation models (DCF and relative valuation) and also introduced to real option methods and ideas; a certain emphasis is placed on the valuation of start-ups and students are introduced to the venture capital markets.
Outcome: Students will be able to demonstrate an understanding of traditional valuation models as well as real options methods and ideas.

Asset Management (CFA/CAIA)

FINC 455: International Financial Management
This course examines the international dimensions of financial management. It introduces potential opportunities/challenges faced by multinational corporations as they expand their business overseas.
Outcome: Students will be able to demonstrate understanding of foreign exchange markets, fundamental international parity relationships, foreign exchange risk management strategies, and capital budgeting for multinational corporations.

FINC 559a: Special Topics in Finance, Fixed Income
Scheduled classes are offered on an ad hoc basis. Specific titles, prerequisites and content will vary.
Outcome: Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings

FINC 599b: Special Topics in FINC: Venture Capital/ Private Equity
Scheduled classes are offered on an ad hoc basis. Specific titles, prerequisites and content will vary.
Outcome: Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings

FINC 628: Valuation
This is an advanced course in valuation where students are given a thorough grounding in traditional valuation models (DCF and relative valuation) and also introduced to real option methods and ideas; a certain emphasis is placed on the valuation of start-ups and students are introduced to the venture capital markets.
Outcome: Students will be able to demonstrate an understanding of traditional valuation models as well as real options methods and ideas.

Risk Management (FRM/CAIA)

FINC 455: International Financial Management
This course examines the international dimensions of financial management. It introduces potential opportunities/challenges faced by multinational corporations as they expand their business overseas.
Outcome: Students will be able to demonstrate understanding of foreign exchange markets, fundamental international parity relationships, foreign exchange risk management strategies, and capital budgeting for multinational corporations.

FINC 456: Management of Financial Institutions
The course analyzes the importance played by financial institutions. This is a survey course that analyzes the present financial institutional structure with a special focus on managing risk.
Outcome: Students will demonstrate an understanding of the following topics: the role of financial intermediaries in managing interest rate, credit, market and international banking risks. Special attention will be given to procedures for measuring and managing these risks.

FINC 559a: Special Topics in Finance
Scheduled classes are offered on an ad hoc basis. Specific titles, prerequisites and content will vary.
Outcome: Students will be able to demonstrate understanding of specialized topics not otherwise covered by department regular course offerings

FINC 628: Valuation
This is an advanced course in valuation where students are given a thorough grounding in traditional valuation models (DCF and relative valuation) and also introduced to real option methods and ideas; a certain emphasis is placed on the valuation of start-ups and students are introduced to the venture capital markets.
Outcome: Students will be able to demonstrate an understanding of traditional valuation models as well as real options methods and ideas.

Admission

All graduate programs in the Quinlan School of Business are on the quarter system, and new students begin during all quarters.

Application Deadlines

All graduate programs in the Quinlan School of Business are on the quarter system. For the Next Generation MBA, flexible and one-year students can start in fall or spring. Students on the flexible, two-year track can begin in any quarter.

QUARTERAPPLICATION DEADLINEQUARTER START
Fall July 15 Late August
Winter October 1 Early November
Spring January 15 Late February
Summer April 1 Late May
      1. Application Form

        Use our free online application system to get started.
        When applying, choose the year and "Business".
        Please note, you will need to complete the “Biographical Information” section of the application first. Once that section is completed, you will be able to choose your program in the “Application Information” section.

      2. Official Transcripts

        Applicants must submit official transcripts for all undergraduate and any graduate work. To be eligible for admission, your transcript must show an earned bachelor's degree or a bachelor's degree in progress. Certified copies of transcripts are acceptable; faxed copies of transcripts are not considered official. If you attended Loyola University Chicago previously, you do not need to request transcripts; we have them on record.

      3. Professional Resume

        A professional resume may be uploaded via the online application form or you may email it to us at gradapp@luc.edu.

      4. Letter of Recommendation

        Letters of recommendation are optional. No more than one letter should be submitted.
        For applicants who may feel that one or more parts of their application are weak, letters of recommendation are strongly encouraged. If you wish to submit a letter, include your recommender's email address as part as your online application form and we will send them a personalized link to upload the letter.

      5. Statement of Purpose

        The Statement of Purpose is optional.
        For applicants who believe one or more parts of their application is weak, a personal statement is highly recommended. The statement should provide context for area(s) of weakness, accomplishments to date, and how Loyola's Quinlan School of Business graduate degree program will prepare you to achieve your career goals. Limit personal essay to 2-3 pages, double-space.

      6. Test Scores (GMAT or GRE)

        Due to the unprecedented circumstances of the COVID-19 outbreak, we are waiving the GMAT/GRE requirement for 2020 and 2021 applicants.

For International Applicants

Language Test Requirements

An official TOEFL, IELTS or PTE score report is required for international applicants whose native language is not English. Copies and faxes are not accepted as official documents; we must receive test scores directly from the testing service. The minimum acceptable total score on the Internet-Based Test (IBT) of the TOEFL exam is 90. The minimum acceptable total score on the IELTS exam is 6.5. The minimum acceptable score on the PTE exam is 61.

This requirement is waived for those who have completed a four-year U.S. bachelor's degree program or those who are citizens of or have completed a bachelor's degree at a recognized institution at which the language of instruction is English in these countries: Canada, the United Kingdom, Ireland, Australia, or New Zealand.

Transcript Eval

If you have non-U.S. educational credentials, you are required to submit your official education credentials (e.g., transcripts, mark sheets, degree certificates, graduation diplomas) and evaluation fee directly to any NACES member companies including:

Please request a course-by-course evaluation report and have the official report sent to:

Graduate & Professional Enrollment Management
Loyola University Chicago
820 N. Michigan Ave., Suite 1200
Chicago, IL 60611

Please direct any questions about required credentials to the evaluation company you have selected and not to Loyola University Chicago.

Tuition and Financial Aid

The Quinlan School of Business and Loyola's Financial Aid Office are committed to helping students secure the necessary financial resources to make their graduate business education at Loyola affordable.

Outcomes

"A diverse program with numerous opportunities for professional exposure."

—Juan Solis, MBA '08, MSF '10, Senior Manager, Risk & Compliance Practice at Protiviti


"Once I decided to earn a finance degree in the United States, I decided to do so in Chicago. I knew Quinlan had a great reputation."

—Rosmini Sukardi, SMSF ’11


"Quinlan opened career doors that surpassed my wildest expectations."

—Erik Larson, MS '14, Senior Analyst, Executive Compensation, Willis Towers Watson