Finance, M.Fin.
I.H. Asper School of Business
Dean: Dr. Bruno Silvestre
Associate Dean(s): Dr. B. Biscontri, Dr. S. Gagnon, Dr. S. Sivaramakrishnan, Dr. N. Greidanus
Head: Dr. Nathan Greidanus
Campus Address/General Office: 501 Drake Centre
Telephone: 204-474-6732
Email Address: aspergradadvisor@umanitoba.ca
Website: umanitoba.ca/asper
Academic Staff: Please refer to the Asper website for academic staff information.
Asper M.Fin. Program Information
The Asper Master of Finance is a CFA Institute University Affiliation Program. It is a comprehensive one-year/three-term program that prepares students to write all three levels of exams needed to obtain a Chartered Financial Analyst (CFA) designation, with a focus on the Level 1 exam. The program has been mapped to align with the CFA Program Curriculum.
Admission Information
Admission to the Faculty of Graduate Studies
Application and Admission Procedures are found in the Academic Guide.
Admission requirements for Master’s students are found in the Master’s Degrees General Regulations section of the Guide.
Asper M.Fin. Admission Requirements
Admission to the Master of Finance program is based on the following criteria:
- At minimum, a three‐year Bachelor degree from a post-secondary recognized educational institution (in any discipline);
- At a minimum, a 3.0 admission GPA (on 4.5 scale) on the last 60 credit hours of university degree‐level study;
- Results of the Graduate Management Admissions Test (GMAT), with a minimum score of 550.
The GRE will be accepted with a percentile score across its components equivalent to the current acceptable percentile level of the GMAT. The percentile score on the quantitative section of the GMAT or GRE examinations must be at the 60th percentile or higher. GMAT and GRE scores must not be older than five years.
Note: GMAT/GRE scores are not required for applicants who have successfully passed the CFA Level 1 examination. GMAT/GRE scores are not required for those applicants who have successfully completed a bachelor degree from the University of Manitoba with a minimum 3.25 GPA and who have also:
Completed FIN 2200 (Corporate Finance) at the Asper School of Business with a minimum grade of B+, within the last five years (if FIN 2200 is completed beyond five years from the term of admission, it may be counted, if the applicant can demonstrate, to the satisfaction of the Admissions Committee, that they have been working in a professional role that makes substantial use of this knowledge; or,
Achieved an average 3.5 GPA across the four Asper finance courses counting toward the finance major requirements within the last five years (if courses are completed beyond five years from the term of admission, they may be counted, if the applicant can demonstrate, to the satisfaction of the Admissions Committee, that they have been working in a professional role that makes substantial use of this knowledge. - Language proficiency. Applicants holding secondary school diplomas and/or university degrees from Canada, or from one of the countries on the English Language Proficiency Test Exemption list are exempt from the English Language Proficiency Test requirement. If you do not qualify for an exemption, you must provide an official score from one of these accepted tests:
- IELTS 6.5 (speaking band minimum is 6)
- TOEFL 86 (internet) - Minimum score of 20 is required in each of reading, writing, listening, and speaking categories)
- MELAB 80
- CAEL 60 and 60 on each subject
- PTE (A) 61%
- AEPUCE 65%
- CanTEST - 4.5 in listening and reading; 4.0 in writing and oral interview
Scores older than two years are not acceptable.
- Two letters of recommendation from persons who are knowledgeable about the applicant's academic ability.
Note: Graduates of the Asper MBA program with a Finance concentration are not eligible to take this program.
Application Information
Students should complete and submit their online application with supporting documentation by the date indicated on the Asper MFin program of study page.
Applicants who are Canadian citizens/Permanent Residents of Canada with transcripts from universities or colleges in countries other than Canada and the United States are strongly advised to apply at least two months prior to the standard deadlines.
Degree Requirements
Boot Camps and Workshops
Mandatory preparatory boot camps and workshops help develop the necessary skills to succeed in the Asper MFin program. The Asper School of Business MFin has three regularly offered pass/fail auxiliary courses (X):
- MSCI 5110 (Math Boot Camp) – online number crunching primer (challenge exam option available).
- MIS 5120 (Information Technology Boot Camp) – online course that provides you with the basics of common productivity software packages used in the business world, with particular focus on Excel (challenge exam option available).
- IDM 5120 – develop the “soft skills” you need to advance your career, such as business etiquette, networking, resume-building and behaviour-based interview skills.
Program Core
To complete the Master of Finance degree, students must successfully complete 30 credit hours. Required courses will be taught over the Fall, Winter, and Summer terms, and the program will require 12 months of full‐time study to complete.
The required courses are:
| Course | Title | Hours |
|---|---|---|
| ACC 7010 | Accounting Fundamentals | 3 |
| FIN 7000 | Managerial Economics | 1.5 |
| FIN 7020 | Corporate Finance | 3 |
| FIN 7130 | Alternative Markets and Instruments | 1.5 |
| FIN 7140 | Financial Modeling | 3 |
| FIN 7180 | Behavioural Finance | 3 |
| FIN 7152 | Investment Policy | 3 |
| FIN 7080 | International Finance | 3 |
| FIN 7010 | Professional Financial Ethics | 3 |
| FIN 7192 | Portfolio Management | 3 |
| FIN 7190 | Fixed Income Securities | 3 |
| Total Hours | 30 | |
No thesis option available. A part-time option is also available.
MFin Co-op Program
MFin students have an option to enrol in the MFin Co-op Program and complete a co-op work term as an additional elective in their program (IDM 7140 – 3 credit hours). The course consists of a work term assignment of a minimum of 420 hours in business, industry, or government.
To apply for a co-op work term, MFin students must have a degree GPA of at least 3.00 and normally would have completed all 30 credit hours of MFin core courses; at a minimum, students must have completed at least 27 of their program credit hours, including successful completion of IDM 5120. An interview with the Graduate Co-op Office personnel will be required for admission to the Asper MFin Co-op Program and applicants for the MFin Co-op Program will be evaluated based on a complete application.
Expected Time to Graduate: 1 year
Progression Chart
| Year 1 | ||
|---|---|---|
| Fall | Hours | |
| MIS 5120 | Spreadsheet Skills for Management | 1 |
| MSCI 5110 | Basic Quantitative Analysis for Management | 1 |
| IDM 5120 | Career Development Seminar | 1 |
| FIN 7000 | Managerial Economics | 1.5 |
| FIN 7020 | Corporate Finance | 3 |
| FIN 7010 | Professional Financial Ethics | 3 |
| GRAD 7300 | Research Integrity Tutorial | 0 |
| GRAD 7500 | Academic Integrity Tutorial | 0 |
| Hours | 10.5 | |
| Winter | ||
| ACC 7010 | Accounting Fundamentals | 3 |
| FIN 7130 | Alternative Markets and Instruments | 1.5 |
| FIN 7080 | International Finance | 3 |
| FIN 7152 | Investment Policy | 3 |
| Hours | 10.5 | |
| Summer | ||
| FIN 7140 | Financial Modeling | 3 |
| FIN 7190 | Fixed Income Securities | 3 |
| FIN 7192 | Portfolio Management | 3 |
| FIN 7180 | Behavioural Finance | 3 |
| Hours | 12 | |
| Year 2 | ||
| Fall | ||
| IDM 7140 | Co-op for Professional Graduate Programs 1 | 3 |
| Hours | 3 | |
| Total Hours | 36 | |
- 1
Students can complete a co-op work term as an additional elective in their program.
Registration Information
Students should familiarize themselves with the Faculty of Graduate Studies ‘GRAD’ courses applicable to their program. If you have questions about which GRAD course(s) to register in, please consult your home department/unit.
Regulations
Students must meet the requirements as outlined in both Supplementary Regulation and BFAR documents as approved by Senate.
Supplementary Regulations
Individual units may require specific requirements above and beyond those of the Faculty of Graduate Studies, and students should consult unit supplementary regulations for these specific regulations.
Bona Fide Academic Requirements (BFAR)
Bona Fide Academic Requirements (BFAR) represent the core academic requirements a graduate student must acquire in order to gain, and demonstrate acquisition of, essential knowledge and skills.
All students must successfully complete:
- GRAD 7300 prior to applying to any ethics boards which are appropriate to the student’s research or within the student’s first year, whichever comes first; and
- GRAD 7500 within the first term of registration;
unless these courses have been completed previously, as per Mandatory Academic Integrity Course and Mandatory Research Integrity Online Course.
Students must also meet additional BFAR requirements that may be specified for their program.
General Regulations
All students must:
- maintain a minimum degree grade point average of 3.0 with no grade below C+,
- meet the minimum and not exceed the maximum course requirements, and
- meet the minimum and not exceed the maximum time requirements (in terms of time in program and lapse or expiration of credit of courses).
Courses
Finance
Supply, demand, elasticity, perfect competition, monopoly, revenue and cost functions, and determinants of competitive advantage are considered in this course. Economic profit, accounting profit and value creation are compared so they are used properly in the context of optimal business strategy. Not to be held with either IDM 7720 or FIN 7120.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisites: MSCI 5110 and MIS 5120 (or the former MIS 5110).
Equiv To: FIN 7120, IDM 7720
This course focuses on the required code of ethics handbook of practice for the Chartered Financial Analyst Program within a broader ethics in finance perspective, and compliance with the legal and regulatory frameworks governing financial markets in both Canada and the United States. Not to be held with FIN 7240 when the subtitle is equivalent.
Mutually Exclusive: FIN 7240
The financial management of businesses including agency problems, valuation, capital budgeting, risk/return relationships, the term structure of interest rates, market efficiency, long-term financing, capital structure, and the use of options and futures for risk management. Not to be held with either of FIN 6070 or FIN 6072.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Pre-requisite: MSCI 5110, FIN 7000 and MIS 5120 (or the former MIS 5110).
Equiv To: FIN 6070, FIN 6072
The theory and practice of financial management in an international context. Includes foreign currency markets, exchange rates, measurement and management of foreign currency risk, international financing, and foreign direct investment.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7020 (or FIN 6070 or FIN 6072).
This course will provide an overview of alternative investments pricing and roles in portfolio construction. Topics will include real estate, private equity, commodities, managed futures, hedge funds, and distresses debt.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7020 (or former FIN 6072).
This course will cover spreadsheet implementation of practitioner-oriented financial models. May not be held with FIN 4240 (cross listed undergrad course).
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7152.
Equiv To: FIN 4240
The theory and practice of investment management. Topics include: portfolio theory and management, market efficiency, options and futures. This course cannot be held with FIN 7150.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7020 (or FIN 6070 or FIN 6072).
Equiv To: FIN 7150
This course will explore how human biases impact the financial decisions of market participants and their practical implications. Topics will include prospect theory, heuristics, market anomalies, and behavioural corporate finance. May not be held with FIN 4250 (cross listed undergrad course).
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7020 (or former FIN 6072).
Equiv To: FIN 4250
This course introduces students to a wide variety of fixed income securities and their markets, and prepares students for the fixed income area in CFA examinations. Topics covered include: debt securities, risks or investing in bonds, the pricing of fixed income securities, the measurement of interest rate risk, the term structure and volatility of interest rates, mortgage-backed and asset-backed securities, the valuation of mortgage-backed and asset-backed securities, credit analysis and interest rate derivatives, among other topics. Prerequisite FIN 7020.
Mutually Exclusive: FIN 7260
This course explores the theory and practice of portfolio management: Topics include asset allocation, currency management, fixed income portfolio management, equity portfolio management, risk management and application of derivatives, execution of portfolio decisions, monitoring and rebalancing, and performance evaluation. Students targeting the professional asset management career or planning to take the CFA exam may find this course useful. Prerequisite FIN 7020.
Mutually Exclusive: FIN 7260
A case-oriented course that will require extensive preparation and presentation of selected cases in corporate financial management; emphasis on the application of theoretical models of finance to real problems.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7020 (or FIN 6070 or FIN 6072) or consent of instructor.
Topics include: the major participants in the capital markets and their functions, the demand and supply of money and the structure of interest rates, non- money financial instruments, recent developments and international factors in the capital markets and capital market risk issues. This course cannot be held with FIN 7230.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite or co-requisite: FIN 7020 (or FIN 6070 or FIN 6072).
Equiv To: FIN 7230
Supervised readings in one of the areas of accounting and finance.
Mutually Exclusive: FIN 7010
A study of selected topics in finance relating to advanced issues in theory and practice. Topics considered will depend on the interests and needs of the participants.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: FIN 7020 (or FIN 6070 or FIN 6072) plus others if specified by the professor.
Course provides students with a broad theoretical understanding of financial economics required for advanced study of theoretical finance. It covers a variety of topics and discusses the application in different areas of finance. Good knowledge of microeconomics, probability and statistics, and calculus is required.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: admission to the M.Sc. or Ph.D. program in Management (Finance), or approval by instructor. Cannot be held with the former FIN 7100.
Equiv To: FIN 7100
Critical evaluation of latest empirical research in finance with focus on equity and bond markets. Tests of intertemporal, multifactor, conditional, and unconditional asset pricing models. Special emphasis on developing econometric skills for the analysis of financial data.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: admission to the M.Sc. or Ph.D. program in Management (Finance) and FIN 7700, or approval by instructor. Cannot be held with FIN 7110.
Equiv To: FIN 7110
This is an advanced course in corporate finance. It provides a theoretical and empirical overview of major topics in corporate finance. The course will survey classic theoretical papers, empirical papers, as well as papers that represent some of the most recent developments in the field. The objective is to prepare students to critically evaluate and conduct research in corporate finance.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: admission to the M.Sc. or Ph.D. program in Management (Finance) and FIN 7700, or approval by instructor. Cannot be held with the former FIN 7520.
Equiv To: FIN 7520
Seminar emphasizing the mathematical tools necessary for financial decision malting including no-arbitrage-based asset pricing, optimal consumption and portfolio choice, general equilibrium/asset pricing theory, and dynamic corporate finance theory. Applications in derivative markets, investment theory, and corporate finance.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: admission to the M.Sc. or Ph.D. program in Management (Finance) and FIN 7700, or approval by instructor. Cannot be held with FIN 7530.
Equiv To: FIN 7530
An examination of timely issues in finance research.
PR/CR: A minimum grade of C is required unless otherwise indicated.
Prerequisite: admission to the M.Sc. or Ph.D. program in Management (Finance) and FIN 7700, or approval by instructor. Students can earn multiple credits for this course only when the topic subtitle is different.