Chairperson: Matteo P. Arena, Ph.D.
Department of Finance website

Finance majors are trained to become financial professionals. 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
Introduction to Banking
Commercial Real Estate Finance
Financial Planning
International Finance
Introduction to Financial Derivatives
Fixed Income Securities
Investment Management, Ethics and Society
Entrepreneurial Finance
Investment Banking
Alternative Investments
Investment Management
Bank Leadership
Bank Risk Management
Applied Financial Modeling
Topics in Finance
Seminar in Finance
Finance Internship - Grading Period
Independent Study in Finance
Five Business electives15
Total Credit Hours30

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. Students 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 industry. The AIM Program has two concentrations: (a) Investment and (b) Private Equity & Investment Banking. The Investment concentration focuses on asset management while the Private Equity & Investment 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 participate in a summer internship and actively manage portfolios of global-fixed income and equity securities. These select international business students study the core body of knowledge covered in the CFA® Level I exam that prepares them to take the test upon graduation.

Students apply to the AIM and IAIM program during the spring term of their sophomore 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 begin after acceptance into the program.

Academic Expectations for AIM Students

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

INVESTMENTS 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 4320Financial Analysis and Valuation3
FINA 4330Portfolio Management and Current Investment Topics3
FINA 4370Sustainable Finance3
Two of the following:6
Introduction to Financial Derivatives
Investment Banking
Investment Management
Alternative Investments
Applied Financial Modeling
Topics in Finance (as required by AIM director)
Introduction to Econometrics
Advanced Accounting
Business Applications Development
Database Management Systems
One of the following:3
International Accounting
International Currency Markets
International Finance
Total Credit Hours39

PRIVATE EQUITY AND INVESTMENT 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
Three of the following:9
Introduction to Financial Derivatives
Investment Management
Alternative Investments
Fixed Income Securities
Financial Analysis and Valuation
Topics in Finance (as required by AIM director)
Entrepreneurial Finance
Introduction to Econometrics
Advanced Accounting
Business Applications Development
Database Management Systems
One of the following:3
International Accounting
International Currency Markets
International Finance
Total Credit Hours39

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 B- or better in the following courses in addition 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 either the (a) sophomore and junior year or (b) between their junior and senior year. 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 reviews 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  reviews 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 is final.

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

j.  Dual enrollment in any of the three programs (Investments, Private Equity & Investment Banking or Commercial Banking) is not permitted.

For more information, contact the AIM director, Dr. David Krause at (414) 288-1457 or david.krause@marquette.edu or the AIM website.

COMMERCIAL BANKING Program 

Marquette University has a new and exciting Commercial Banking Program for undergraduate students. Unique to the Midwest, the program takes the first steps towards the professionalization of Commercial Banking, on par with other professions, and is designed to complement other known industry programs and to build a foundation of professional discipline at the academic level. 

Recognizing that a gap exists in the industry, Marquette University understands that one of the greatest challenges, and opportunities, faced by society today is to bolster the economy. Investing in a program that can help to rejuvenate the banking industry, takes the steps necessary to embrace this challenge. The Banking Program at Marquette University is designed to fulfill the value proposition of providing excellent careers and jobs for students and provide talent and succession for banks. As part of a nationally ranked Finance department the Marquette Banking Program offers students a focused direction in their career aspirations. Rather than simply graduating with a degree in Finance, students graduate with a concentration in Commercial Banking, thus elevating the discipline to the stature of other notable professions. By educating Finance majors on the core tenets of banking, bank management and risk management, the goal is to deliver professional Marquette Bankers to the industry, armed with the knowledge to be fully productive from the day they enter the bank. With a total of eight courses in finance and banking, coupled with two summer internships, graduating students are well armed to grasp today’s challenges in banking and advance a fresh look at the issues, challenges and problems facing banks.

Students apply to the Commercial Banking Program in the early Spring term of their sophomore year.  Notification of acceptance occurs by the middle of the Spring term, with acceptance based upon:

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

a. Students accepted into the Banking program must earn a B- or better in the following required courses:

 COMMERCIAL BANKING CONCENTRATION

FINA 3001Introduction to Financial Management3
FINA 3002Introduction to Banking3
FINA 4001Advanced Financial Management3
FINA 4360Applied Financial Modeling3
FINA 4011Investment Analysis3
FINA 4210Bank Leadership3
FINA 4211Bank Risk Management3
REAL 3001Introduction to Commercial Real Estate 3
One of the following:3
International Accounting
Applied Business Learning Experience-Grading Period
The Legal and Regulatory Environment of International Business
International Economic Issues
International Currency Markets
International Finance
International Marketing
Three of the following:9
Intermediate Accounting
Advanced Accounting
Analysis of Corporate Financial Statements
Commercial Real Estate Finance
Fixed Income Securities
Investment Banking
Alternative Investments
Money, Banking and Monetary Policy
Business Applications Development
Project Management
Commercial Real Estate Development
Professional Selling
Total Credit Hours36

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

b. All students in the Banking program who participate in an internship must do so satisfactorily in accordance with the Student Summer Internship Form. One internship each must be completed in the summer between  the (a) sophomore and junior year and (b) between their junior and senior year. 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) in a term subsequent to the internship for the 3 credits to be applied to their academic transcript. 

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

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

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

f. Any appeal of the decision to be dropped from the program must begin with the Banking director. The decision of the Banking 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 is final.

g. If at any time a student leaves or is dropped from the Banking program, all credits earned at that point are counted toward the finance major.

h. Dual enrollment in any of the three programs (Investments, Private Equity & Investment Banking or Commercial Banking) is not permitted.

For more information, contact the Banking director, Dr. Kent Belasco at (414) 288-6882 or Kent.Belasco@marquette.edu.

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 are 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 3002. Introduction to Banking. 3 cr. hrs.

Introductory course in banking to help understand the basic foundations and nature of banking, how banks make money, the regulatory structure, current issues in bankin, and overall value creation. Exposed to the various metrics and tools used to measure success in banking, as well as the current issues bankers face today. Structured to build a foundation for future study in banking leading towards internships. Prereq: ACCO 1030 and ECON 1103; FINA 3001, which may be taken concurrently.

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

SNC/UNC grade assessment. Prereq: FINA 3001; 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 4040. International Finance. 3 cr. hrs.

Financial decision making in an international context. Global financial markets and foreign currency issues are 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.

Stresses the development of skills essential to succeed in the investment banking and private equity fields. Emphasis is placed on activities such as merger and acquisition advisory and capital market offerings. Students learn and apply frequently used corporate finance theories and advanced analytical techniques, such as trading multiples, precedent transactions, discounted cash flow, leveraged buyout analysis and accretion/dilution analysis; and apply them to various investment scenarios such as leveraged buyouts, take-private transactions, dividend recaps, tender offers, hostile take-overs, initial public offerings, seasoned equity offerings and fairness opinions. 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 4210. Bank Leadership. 3 cr. hrs.

Overview of the primary leadership functions within a bank today. Exposed to primary decision-making committees within banks as well as the overall structure. Develops a working knowledge of all bank functions and the primary managerial roles which occur within a bank. Prereq: FINA 3002 and MANA 3001; Admitted to the Commercial Banking program.

FINA 4211. Bank Risk Management. 3 cr. hrs.

Designed to focus on risk management and risk evaluation process that banks face in executing the duties of banking. Exposed to the overall corporate governance structure that is used by financial institutions to determine the risks the institution faces, the magnitude of these risks and the appropriate actions taken to remediate risks and build the necessary controls. External organizations that are a party to the risk process are discussed, as well as, internal committees and structures recommended for the survivability of banks. Prereq: FINA 3002 and FINA 4210; Admitted to the Commercial Banking program.

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

The first required Applied Investment Management program course. Students study securities law, regulatory issues and the basic elements of the investment research process. Students learn how to access and utilize a variety of information sources to support investment research, including the Securities and Exchange Commission's EDGAR database, Bloomberg, FactSet and other sources. Intended to prepare students for their full-time summer investment internship. Class laboratory required. Prereq: FINA 3001; FINA 4011; ACCO 3001; accepted into the AIM program.

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

Provides an in-depth knowledge of the various approaches to investment research and valuation, including exposure to different investment strategies and styles. Students learn to apply key investment tools, quantitative research methods, economic relationships and financial statement analysis. Students also begin managing the AIM equity and fixed income portfolios. A lecture series is included where investment practitioners discuss their investment philosophies, strategies and experiences. Prereq: FINA 4310; and FINA 4001, which may be taken concurrently; and acceptence into the AIM program.

FINA 4330. Portfolio Management and Current Investment Topics. 3 cr. hrs.

Focuses on the evaluation of financial assets from the portfolio manager’s perspective. Performance measurement, asset allocation and the elements of the portfolio management process are included. Students manage the AIM portfolios and prepare professional performance reports. Current investment topics include advances in behavioral finance, data analytics and blockchain technology. A lecture series is included where practitioners discuss current topics. Prereq: FINA 4011 and FINA 4320, which may be taken concurrently; and acceptance 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. Sustainable Finance. 3 cr. hrs.

Objectives are to make students aware of the role and importance of making ethical and socially responsible decisions. 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. Environmental, Social and Governance (ESG) factors and investor activism are explored. Involves team-based research projects and outside practitioners. Prereq: FINA 4065 and FINA 4330, both of which maybe be taken concurrently; acceptance 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. Due diligence, valuation, capital structure, deal construction and exit strategies are evaluated through rigorous case studies within the context of the moral and societal implications. Issues important to private equity firm management, such as fund raising, risk/return analysis, portfolio management, globalization of the industry and the impact of private equity on society are also included. Prereq: FINA 4310 and FINA 4081; acceptance into the AIM program.

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

Topics 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.