Master of Science In Finance (MSc Finance)

The Master of Science in Finance Program (MSc) is a thesis based program that provides students with a theoretical background in contemporary finance issues and a strong foundation in empirical research methods. The first year of the two-year curriculum is devoted to course work while the thesis is the second year focus.

Due to the research intensive nature of the program and individual student supervision at the thesis stage, applicants are carefully adjudicated and enrolment is limited. Only a handful of universities across North American offer programs that have a similar research focus at the Master’s level. 

The degree can be used as a platform for students who wish to pursue a PhD and it equips students with a competitive advantage in jobs that have a significant research component.

The ideal candidate will have completed an undergraduate degree in finance with excellent grades. The applicant must also supply a Statement of Intent, GMAT or GRE, and appropriate English test (where applicable) scores, three letters of reference, and a resume or curriculum vitae. In special cases we consider applicants with a strong quantitative background and a more limited exposure to finance and economics.

Course Details:

• Core Courses
• *For the most up-to-date program information visit the USask Course and Program Catalogue.
• ECON 808 Econometrics
• The fundamentals of estimation and inference in the classical regression model, with applied laboratory sessions using actual economic data. Topics covered typically include: multiple linear and non-linear regression models; least squares; maximum likelihood; instrumental variables; statistical properties of estimators; asymptotic theory; restrictions; measurement error; serial correlation; heteroskedasticity; systems of equations.
• FIN 801 Advanced Corporate Finance
• Provides students with a fundamental understanding of the current issues of interest in research in the modern theory of corporate finance. It provides students with a theoretical background in areas such as firm theory, security issuance, capital raising, capital structure, and corporate governance. Presentation and discussion of articles from academic journals are used as tools to enhance student learning.
• FIN 802 Advanced Investment Theory
• Develops investment theory through the financial economics framework of Von-Neumann Morgenstern utility. This allows exploration of risk aversion, stochastic dominance, and portfolio optimization. MPT and CAPM are derived. Arrow-Debreu contingent claims and option pricing theory are addressed. Additional topics include risk-neutral valuation, stochastic discount factors, and the consumption CAPM.
• FIN 803 Empirical Methods in Finance
• Presents a critical look at current financial models and gives the student experience in the systematic analysis of financial data. Students are exposed to a suite of analytical tools that allow rigorous assessment of the characteristics of financial data and models.  
• FIN 805 Fixed Income Securities
• This course considers the financial concepts required to invest in fixed income securities. Topics include the mathematics required to evaluate fixed income cash flows, measuring and hedging fixed income portfolio risk, the yield curve in theory and practice, repurchase agreements, interest rate forward agreements, futures contracts, swaps, and mortgage-backed securities.
• FIN 990 Seminar in Finance
• A forum in which faculty members, visiting professors, and MSc students will present research papers.  All students participate in FIN 990.  Beginning in year two of their program, students are required to do a minimum of two presentations per academic year.
• FIN 994 Research in Finance
• Students undertaking research must register in this course each year until completion of the program.
• GSR 960 Introduction to Ethics and Integrity
• GSR 960 is an online course that you complete through Course Tools (Blackboard). This is a required course for all first year Graduate Studies students at the U of S. The purpose of this course is to discuss ethical issues that graduate students may face during their time at the University. You will complete modules dealing with integrity and scholarship, graduate student-supervisor relationships, conflict of interest, conflict resolution and intellectual property and credit.  This course must be completed in the student’s first term as a graduate student.
• Electives
• *For the most up-to-date program information visit the USask Course and Program Catalogue.
• ECON 804 Research in Econometrics
• A research project serves as the primary tool to learn econometric techniques, but is augmented by a consideration of the theoretical aspects of econometrics.
• FIN 819 Advanced Derivative Securities
• Deals selectively with the theories, strategies, and applications of derivative securities. Topics include futures and forward contracts, swaps, standard options, exotic options and other derivative securities on different underlying assets; valuation techniques; empirical studies; governance and regulation of derivative securities trading and exposure; and management of financial risks.
• FIN 861 Advanced Theory of Finance
• Starts out with the classic Miller-Modigliani irrelevance theorem, which describes a frictionless financial markets set-up. Various deviations from this set-up, particularly with respect to agency costs, information asymmetries, and taxes, are then introduced. Students will also study how these market imperfections affect firms’ dividend policies and capital structures.
• FIN 866 Advanced International Corporate Finance
• Involves analysis of the problems, opportunities and questions confronting the financial management of multinational enterprises. Consideration is given to macro aspects of international finance including the problems of international liquidity and related institutional developments as inputs to the financial decision making of multinational enterprises. Students work closely with the instructor and review several academic journal articles in the area of global legal institutions, global corporate governance, global ownership structures, global cost of capital and capital structure.
• FIN 867 Advanced Portfolio Theory and Management
• Access to timely and relevant data provides a firm foundation for critical decisions in portfolio theory and management. Bloomberg and Wharton Research Data Services (WRDS) are integrated into the learning experiences of this course. Graduates can get credit towards their Bloomberg Markets Concept Certificate, an important boost to any finance resume, while learning how to extract key data and firm information, ranging from betas to Corporate Social Responsibility scores. Students gain hands on experience in choosing appropriate data sources for specific goals. Finally, Behavioural Finance is also explored in addition to the more traditional portfolio management topics, including but not limited to, portfolio selection, diversification, efficient frontier analysis and asset pricing. Graduates of this course will have a firm practical and theoretical foundation for business or academic finance careers.
• FIN 869 Advanced Management of Financial Institutions
• It is geared towards students who intend to broaden their knowledge in Financial Institutions beyond the knowledge of undergraduate studies and who may intend to work in the area of financial institutions in their thesis. This course will introduce papers which uses specialized methods used in this area of research in addition to papers that cover the current interesting area of research.
• FIN 871 Advanced Investment Practicum
• Gives students practical experience in the acquisition, managing, and monitoring of investment securities and entry and exit decisions with an application to managing the funds held in the Investment Account of the Student Managed Portfolio Trust (SMPT). Students will develop skills related to managing a group of financial analysts to compare and contrast the relative merits of investment opportunities among different industries and asset classes. The legal and ethical considerations of investing will be emphasized throughout.
• GSR 961 Ethics and Integrity in Human Research
• GSR 961 is an online course that you complete through Course Tools (Blackboard). This is a required course for students interested in doing research on human subjects.  Introduces students to the ethics of research with human subjects. Students will complete the Tri-Council Policy Statement: Ethics Conduct for Research involving Humans (TCPS) Tutorial and become familiar with the human ethics processes at the University of Saskatchewan.
• Other Electives
• The electives listed above are what a typical student takes but is not an exhaustive list. Under the discretion of the program director and/or your thesis supervisor, alternative electives can be taken from other departments such as Economics, Law, Math and Psychology.