Chairperson: Anthony Pennington-Cross, Ph.D.
Department of Finance website

We train you to become a financial professional. Financial professionals analyze and maximize the value of investments for individual families, as well as multinational firms. Marquette finance majors typically go on to work for mutual funds, brokerage firms, banks, insurance companies and finance departments of Fortune 500 companies.

Finance Major

Specific Finance Course Requirements:

FINA 4001Advanced Financial Management3
FINA 4011Investment Analysis3
Three of the following courses:9
Commercial Real Estate Finance
Financial Planning
Bank Management
International Finance
Introduction to Financial Derivatives
Fixed Income Securities
Investment Management, Ethics and Society
Entrepreneurial Finance
Investment Banking
Alternative Investments
Investment Management
Applied Financial Modeling
Topics in Finance
Seminar in Finance
Finance Internship - Grading Period
Four Business electives12
Total Credit Hours27

Applied Investment Management (AIM) Program

Marquette is home to one of the nation's top undergraduate programs in applied investment management. The AIM program allows a select group of finance majors to get hands-on academic and security analysis experience, including summer internships and an opportunity to actively manage an equity and fixed-income portfolio throughout their senior year. Students will study the core body of knowledge covered in the Chartered Financial Analyst (CFA®) Level I exam — preparing them to take the test upon graduation — and begin a career in the investment management industry. AIM Program has two concentrations: (a) Investment and (b) Private Equity and Banking. The Investment concentration focuses on asset management while the Private Equity and Banking concentration focuses on private or transactional finance.

The International Applied Investment Management (IAIM) program combines an International Business major with the AIM program with a goal of producing proficient and ethical research analysts with a global focus. The IAIM program provides the opportunity for a select number of double majors in international business and finance or accounting to receive the academic and practical experience in financial analysis with an international concentration. Students will participate in a summer internship and actively manage a portfolio of global-fixed income and equity securities during their senior year. These select international business students will study the core body of knowledge covered in the CFA® Level I exam that will prepare them to take the test upon graduation.

Students apply to the AIM and IAIM program during the fall term of their junior year and notification of acceptance occurs prior to the end of the term. Acceptance into these programs is limited and based on:

  • Grades earned to date of application (GPA > 3.000)
  • Resume and references
  • Essay
  • Interview

Interviews for the summer internships will begin after acceptance into the program.

Academic Expectations for AIM Students

a. Students accepted into the AIM program must earn a BC or better in the following required courses:

INVESTMENT CONCENTRATION

ACCO 3001Intermediate Accounting3
ACCO 4080Analysis of Corporate Financial Statements3
FINA 3001Introduction to Financial Management3
FINA 4001Advanced Financial Management3
FINA 4011Investment Analysis3
FINA 4065Fixed Income Securities3
FINA 4310Introduction to Applied Investment Management3
FINA 4320Research and Financial Analysis3
FINA 4330Valuation and Portfolio Management3
FINA 4370Advanced Investment Management, Ethics and Society3
One of the following:3
Introduction to Financial Derivatives
Investment Banking
Investment Management
Alternative Investments
Introduction to Econometrics
Advanced Accounting
One of the following:3
International Accounting
International Currency Markets
International Finance
Total Credit Hours36

PRIVATE EQUITY AND BANKING CONCENTRATION

ACCO 3001Intermediate Accounting3
ACCO 4080Analysis of Corporate Financial Statements3
FINA 3001Introduction to Financial Management3
FINA 4001Advanced Financial Management3
FINA 4011Investment Analysis3
FINA 4310Introduction to Applied Investment Management3
FINA 4360Applied Financial Modeling3
FINA 4371Private Equity, Ethics and Society3
FINA 4081Investment Banking3
Two of the following:6
Introduction to Financial Derivatives
Investment Management
Alternative Investments
Fixed Income Securities
Entrepreneurial Finance
Introduction to Econometrics
Advanced Accounting
One of the following:3
International Accounting
International Currency Markets
International Finance
Total Credit Hours36

Note: Any waivers/transfers of course requirements must be approved by both the AIM director and the assistant dean for undergraduate programs.

b. Students in the IAIM program must earn a BC or better in the following courses beyond those listed in (a.):

  • ECON 4044 International Currency Markets (may also count for elective above)
  • Three International Business electives

c. All students in the AIM and IAIM program who participate in an internship must do so satisfactorily in accordance with the Student Summer Internship Form.  The internship must be completed in the summer between the junior and senior years. Each student must enroll in the appropriate 0 credit course FINA 3986 Internship Work Period or INBU 3986 Internship Work Period prior to the commencement of the summer internship.  Given the satisfactory completion of the summer internship experience, students may register for the appropriate internship course (FINA 4986 Finance Internship - Grading Period for AIM or INBU 4986 International Business Internship - Grading Period for IAIM) in a semester subsequent to the internship for the 3 credits to be applied to their academic transcript.  Students in the IAIM program must also meet the language proficiency and study abroad components of international business majors.

d. Maintain a minimum cumulative GPA of 3.0 during the entire program.

e. Carry a typical course load of 15-19 credit hours per term.

f. Failure to meet academic standards in any term may result in the student being dropped from AIM or IAIM programs. A review panel consisting of the AIM director, Finance chair and assistant dean for undergraduate programs will review records of students that fail to meet the academic criteria described above. Following the review, the decision to drop a student from the AIM or IAIM programs is at the discretion of the AIM director.

g. AIM students are required to sign and adhere to the Applied Investment Management Program Student Agreement.  Failure to meet the Student Agreement or the Marquette University Student Conduct Code may result in the student being dropped from the AIM or IAIM program.  A review panel consisting of the AIM director, Finance chair, and the assistant dean for undergraduate programs will review records of the students that fail to meet the criteria described in the AIM Student Agreement and /or Conduct Code.  Following the review, the decision to drop a student from the AIM or IAIM programs is at the discretion of the AIM director.

h. Any appeal of the decision to be dropped from the program must begin with the AIM director. The decision of the AIM director can be appealed in writing to the executive associate dean of the College of Business Administration. Finally, the student may appeal in writing the decision to the dean of the College of Business Administration. The dean’s decision will be final.

i. If at any time a student leaves or is dropped from AIM or IAIM programs, all credits earned at that point will be counted toward the finance and/or International Business majors.

For more information, including the specific curriculum and expectations for accounting majors in the AIM and IAIM programs, contact the AIM director, Dr. David Krause at (414) 288-1457 or david.krause@marquette.edu or the AIM website.

Courses

FINA 3001. Introduction to Financial Management. 3 cr. hrs.

Principles and methods of corporate finance, valuation, analysis and management. Evaluation of business projects (capital budgeting) using financial criteria and different financing choices (capital structure) for these projects will be reviewed. Introduction to the financial markets and both investment and financing instruments available to corporations and individuals. Emphasis placed on the framework and methodology involved in financial decision making. Prereq: ECON 1103; BUAD 1560 or MANA 2028; ACCO 1031 which, may be taken concurrently.

FINA 3986. Internship Work Period. 0 cr. hrs.

SNC/UNC grade assessment. Prereq: Jr. stndg., cons. of prog. dir. and cons. of Business Career Center.

FINA 4001. Advanced Financial Management. 3 cr. hrs.

Extension of the development of the theory of financial management, including an examination of the relevant literature. Concentration will be on applications of financial management theory. Topics include working capital, capital budgeting, dividend policy issues, cost of capital, and principles of valuation. Required for finance specialization. Prereq: ACCO 1031, FINA 3001, BUAD 1060.

FINA 4002. Commercial Real Estate Finance. 3 cr. hrs.

Provide the student with an in-depth knowledge of real estate finance, real estate investment, and the operation of the real estate capital markets. The objective of the course is to understand the many sources and uses of capital in commercial real estate industry. The course begins with the mechanics of mortgage finance, followed by a detailed presentation of mortgage underwriting, lender ratios and discounted cash flow analysis. Prereq: FINA 3001.

FINA 4011. Investment Analysis. 3 cr. hrs.

A study of financial instruments such as stocks, bonds, convertibles, and options, and the markets in which they are traded. The primary concern of the course is with the decision process that evaluates the various investment opportunities. Prereq: ACCO 1031 and FINA 3001 and BUAD 1060.

FINA 4020. Financial Planning. 3 cr. hrs.

Introduction to the framework and tools for preparing personal financial plans as a career path in the financial services industry. Topics covered include major asset purchases, managing liabilities, determining insurance needs, developing investment portfolios, tax strategies, retirement plans, and estate planning. Course also covers professional ethical standards. Prereq: FINA 3001.

FINA 4030. Bank Management. 3 cr. hrs.

Study of banking on both an institutional and operating unit level. History, regulation and competitive environment of banking covered at institutional level. Development and application of specific tools and techniques dealing with the management of banks' deposit base and loan and securities portfolios, international banking and trust operations. Prereq: FINA 3001.

FINA 4040. International Finance. 3 cr. hrs.

This course looks at financial decision making in an international context. Global financial markets and foreign currency issues will be studied along with the international financing and capital investments. Prereq: FINA 3001.

FINA 4060. Introduction to Financial Derivatives. 3 cr. hrs.

This course will focus on the mechanics, pricing and use of financial derivatives, including futures contracts, options, swaps, collateralized securities, Treasury Bond, Eurodollar, and S&P 500 Index futures contracts will be discussed in detail. Stock options and index options also will be discussed. Important pricing models including Black-Scholes and the Binomial Option Pricing Model also will be discussed. Risk management using these instruments will be emphasized. Prereq: FINA 3001.

FINA 4065. Fixed Income Securities. 3 cr. hrs.

Focuses on the use of fixed income securities to fulfill investment requirements or accommodate corporate financing strategies. Coverage includes fixed income markets and the securities traded in those markets, techniques used to value fixed income securities, and derivative strategies using fixed income securities. Prereq: FINA 3001.

FINA 4070. Investment Management, Ethics and Society. 3 cr. hrs.

Examines the ethical and social responsible dilemmas that managers encounter in the investment management industry. Includes the professional standards for ethical behavior, corporate governance, accounting manipulation, and socially responsible investing. Prereq: FINA 3001.

FINA 4080. Entrepreneurial Finance. 3 cr. hrs.

Focuses on the financial aspects of entrepreneurship, from the first decision as to whether or not to undertake an activity, to projecting financial needs, reviewing the trade-offs between alternative financing choices, to harvesting. Topics will include but are not limited to: bootstrapping, the role of angel investors, private placements, venture capital, banking options, commercial financing, public offers (IPOs, PIPES), factoring, franchising, and joint ventures. Prereq: FINA 3001.

FINA 4081. Investment Banking. 3 cr. hrs.

Review of the common types of transactions that investment bankers work on and the different methods used to value those transactions. Some of these include IPOs, seasoned equity offerings, exchange offers, mergers, hostile tender offers, leverage buyouts, and going private transactions. Also exposes students to different methods used to value those transactions via applied projects, model building, cases, etc. Course may contain online teaching elements to supplement the in-class time. Prereq: FINA 3001 and FINA 4001.

FINA 4082. Alternative Investments. 3 cr. hrs.

Designed to help students understand the growing field of alternative investments. This course offers an in-depth study of the management of hedge funds and covers various alternative investments including commodities and managed futures, private equity, exchange traded funds (ETFs), real estate, and credit derivatives. Prereq: FINA 3001.

FINA 4112. Investment Management. 3 cr. hrs.

Extends the concepts introduced in FINA 4011. Topical coverage includes modern portfolio theory, options, futures and hedging techniques. Emphasis of course is on application of the concepts to investment strategies. Prereq: FINA 4011.

FINA 4310. Introduction to Applied Investment Management. 3 cr. hrs.

In this introductory course, the first of four required Applied Investment Management program classes, students will study securities law, regulatory issues, and the basic mechanics of investment research analysis. Students will learn how to access and utilize a variety of sources of corporate and securities information, including the Securities and Exchange Commission's database (EDGAR) of disclosure documents that public companies are required to file. The course is also intended to prepare students for their full time summer investment internship. Class laboratory required. Prereq: FINA 3001; FINA 4011, ACCO 3001, and ACCO 4080, which may be taken concurrently. Only open to students accepted into the AIM program.

FINA 4320. Research and Financial Analysis. 3 cr. hrs.

This course provides students an understanding of various portfolio objectives and policies, as well as an appreciation of different investment strategies and styles. Building on the concepts learned in FINA 4011, students will apply their understanding of key investment tools-quantitative research methods, economic relationships, and financial statement analysis. During this course students will analyze and manage an equity and fixed income portfolio. Class laboratory required. Prereq: FINA 4310; and FINA 4001, which may be taken concurrently. Only open to students accepted into the AIM program.

FINA 4330. Valuation and Portfolio Management. 3 cr. hrs.

This third required course in the AIM program includes the common approaches to valuing assets, the basic measurements of risk and return, and the key elements of the portfolio management process. Students will continue to manage an investment portfolio, evaluate performance, and prepare reports on the results at the end of the semester. The course will also include a professional lecture series, where investment practitioners discuss their own investment philosophies, strategies, and experiences. Class laboratory required. Prereq: FINA 4320 and FINA 4112, which may be taken concurrently. Only open to students accepted into the AIM program.

FINA 4360. Applied Financial Modeling. 3 cr. hrs.

Provides the Excel modeling skills to apply the theories, concepts, and tools for effective financial analysis and decision-making. Students learn how to build their own interactive financial model “from scratch” to practice blending finance, accounting, and spreadsheet skills. Applications include In financial statement analysis, forecasting, stock and bond valuation, target capital structure estimation and capital budgeting. Emphasis is placed on the discounted cash-flow analysis as well as sensitivity analysis. Prereq: FINA 3001.

FINA 4370. Advanced Investment Management, Ethics and Society. 3 cr. hrs.

As the final course in the AIM program, students learn how to manage investments in a manner that is both ethical and socially responsible. Students acquire a thorough understanding of the Chartered Financial Analyst® professional standards of conduct in the application of ethics to the moral dimensions of money management. Students are also exposed to the strategies and performance of investment funds that are socially responsible. In doing so, students consider such issues as discrimination and affirmative action in the workplace, economic justice, and environmental impact, among others, in the evaluation of companies for inclusion in a socially responsible fund. Course may contain online teaching elements to supplement the in-class time. Prereq: FINA 4065 and FINA 4330, both of which maybe be taken concurrently; only open to students accepted into the AIM program.

FINA 4371. Private Equity, Ethics and Society. 3 cr. hrs.

Connects basic financial concepts with analytical skills in the evaluation of private equity opportunities. Valuation, capital structure and deal construction are evaluated through rigorous case study within the context of the moral and societal implications. Examines topics such as the United Nations-supported Principles for Responsible Investment, the potential implications on society of the leveraged buyout model, fairness of management compensation and the future of private equity in the domestic and international economy. Prereq: FINA 4310 and FINA 4081; enrollment in AIM program.

FINA 4931. Topics in Finance. 2-3 cr. hrs.

Topics will vary.

FINA 4953. Seminar in Finance. 3 cr. hrs.

Prereq: FINA 3001.

FINA 4986. Finance Internship - Grading Period. 3 cr. hrs.

S/U grade assessment. Prereq: FINA 3986; Jr. stndg., cons. of prog. dir. and cons. of Business Career Center.

FINA 4995. Independent Study in Finance. 1-4 cr. hrs.

Prereq: Cons. of dept. ch.