Areas of Concentration
Department of Finance and Business Economics
Training in business economics, finance or real estate offers students many attractive career opportunities and always attracts a substantial share of Marshall undergraduate students. The Marshall School's top-ranked Finance and Business Economics Department (FBE) consists of faculty members who are leading authorities in microeconomics, macroeconomics, corporate finance, investments, financial institutions, financial markets and real estate finance. These academic disciplines are important for business planning and consulting, evaluation of capital investments and corporate strategies, and securities investment analysis, advising and trading. Professors, augmented by leading practitioners in industry, offer a range of upper-level elective courses to prepare Marshall undergraduates for a variety of careers.
The Finance and Business Economics Department offers eight concentrations in three basic
areas: business economics, finance and real estate. Courses in each of these areas stress the development of analytical skills and practice with real-life and case applications providing an essential background to successful careers using finance and economics training. While all FBE concentrations have broad relevance for business and consulting, the individual concentrations described below are designed to prepare students with different career interests and goals.
Business Economics Concentration
The business economics concentration is appropriate for students interested in careers in consulting, banking, research for government or business, or those considering advanced professional degrees such as law or graduate study in economics, finance or other fields. Courses featuring a thorough exposure to issues in applied economics, international economics and law are relevant to those students who want a career in corporate planning or economic consulting. The concentration emphasizes the economic and legal underpinnings of today's businesses and the development and application of computer-based econometric and forecasting models.
| Select four of the following courses | Units |
|---|
| BUAD 350* | Macroeconomic Analysis for Business Decisions | 4 |
| BUAD 351* | Economic Analysis for Business Decisions | 4 |
| BUAD 403 | Legal Environment of Business | 4 |
| FBE 324 | The Financial System | 4 |
| FBE 402 | Government and Business | 4 |
| FBE 416 | Managerial Economics | 4 |
| FBE 421 | Financial Analysis and Valuation | 4 |
| FBE 443 | Introduction to Forecasting and Risk Analysis | 4 |
| FBE 445 | Topics in Economic Analysis of Business Strategy and Policy | 4 |
| FBE 462 | International Trade and Commercial Policy | 4 |
| FBE 464 | International Finance | 4 |
Finance Concentrations
Four finance concentrations offer a choice for students with specific career interests or who are at an earlier stage in a career choice in finance.
Corporate Finance Concentration
The corporate finance concentration prepares students for careers in financial management in the corporate treasury function or as corporate financial analysts, money managers and commercial and investment bankers. Required courses in the corporate finance concentration focus on the central principles of finance — net present value, market efficiency, agency costs, incremental cash flow, information asymmetries, adverse selection, arbitrage, modern portfolio theory, capital asset pricing, assessing and managing foreign exchange risk and sustainable growth. Theory and cases are used to understand the practice of finance in financial and non-financial firms.
Topics covered include the valuation of securities, portfolio management, the choice of debt versus equity, dividend policy, the analysis of investment projects, mergers and acquisitions, financial restructuring, management of working capital, international financial management and financial analysis.
| Select four courses | Units |
|---|
| ACCT 415x | Intermediate Financial Accounting for Non-Accounting Majors | 4 |
| FBE 421 | Financial Analysis and Valuation | 4 |
| FBE 425 | Management of Financial Institutions | 4 |
| FBE 431 | Financial Policies and Corporate Control | 4 |
| FBE 432 | Corporate Financial Strategy | 4 |
| FBE 433 | Compensation, Incentives, and Corporate Governance | 4 |
| FBE 436 | Financial Management ofMultinational Corporations | 4 |
| FBE 437 | Entrepreneurial Finance: Financial Management of Developing Firms | 4 |
| FBE 458 | Law and Finance | 4 |
| FBE 459 | Financial Derivatives | 4 |
Financial Analysis and Valuation Concentration
The financial analysis and valuation concentration will offer Marshall undergraduate students intensive instruction and training to prepare for careers in financial analysis and valuation, including positions in global financial institutions such as hedge funds and portfolio management firms and commercial and investment banks.
Required courses in the financial analysis and valuation concentration, offered jointly through the Finance and Business Economics Department and the Leventhal School of Accounting, focus on advanced principles in financial accounting, financial reporting, financial analysis and valuation and corporate financial strategy. Theory and cases are used to understand the practice of finance and accounting in financial and non-financial firms. Accounting topics include corporate financial reporting, financial statement analysis, information disclosures related to complex securities, mergers and acquisitions, off-balance sheet financing and stock options. Finance topics include the valuation of companies, management decision-making related to capital structure, capital raising, mergers and acquisitions, financial restructuring, management of working capital, and other strategic alternatives for companies in search of growth opportunities and shareholder value.
| Required courses | Units |
|---|
| ACCT 415x | Immediate Financial Accounting for Non- Accounting Majors | 4 |
| ACCT 416 | Financial Reporting and Analysis | 2 |
| ACCT 417x | Advanced Financial Accounting for Non- Accounting Majors | 2 |
| FBE 421 | Financial Analysis and Valuation | 4 |
| Select one of the following | Units |
|---|
| FBE 431 | Financial Policies and Corporate Control | 4 |
| FBE 432 | Corporate Financial Strategy | 4 |
General Financial Management Concentration
The general financial management concentration is designed for students who have not made a specific career choice but who are interested in finance. Students who complete the general financial management concentration will understand "real world" institutional details and finance principles applied by corporations and others operating in modern developed-economy financial markets. They will have had exposure to a wide range of financial problems and applications. This broad preparation is ideal for students interested in sampling a variety of applications of financial analysis. The courses in this concentration combine solid preparation in basic finance areas of financial analysis and investment strategies with the opportunity to pursue some application areas in greater depth.
| Select at least two of the following courses | Units |
|---|
| FBE 421 | Financial Analysis and Valuation | 4 |
| FBE 431 | Financial Policies and Corporate Control | 4 |
| FBE 432 | Corporate Financial Strategy | 4 |
| FBE 441 | Investments | 4 |
| FBE 446 | Advanced Topics in Portfolio Management and Investment Strategy | 4 |
| Select up to two of the following courses (FOR a total of four courses) | Units |
|---|
| ACCT 415x | Intermediate Financial Accounting for Non-Accounting Majors | 4 |
| FBE 324 | The Financial System | 4 |
| FBE 425 | Management of Financial Institutions | 4 |
| FBE 433 | Compensation, Incentives, and Corporate Governance | 4 |
| FBE 436 | Financial Management of Multinational Corporations | 4 |
| FBE 437 | Entrepreneurial Finance: Financial Management for Developing Firms | 4 |
| FBE 440 | Trading and Exchanges | 4 |
| FBE 458 | Law and Finance | 4 |
| FBE 459 | Financial Derivatives | 4 |
| FBE 462 | International Trade and Commercial Policy | 4 |
| FBE 464 | International Finance | 4 |
| FBE 470 | Advanced Real Estate Analysis | 4 |
| FBE 489 | Real Estate Capital Markets | 4 |
Investments and Financial Markets Concentration
The investments and financial markets concentration provides training for students interested in careers in portfolio management, securities trading, and institutional and retail securities sales (brokerage). Investments and financial markets courses develop specific skills for analyzing and implementing investment strategies and for analyzing specific classes of securities. This training establishes basic principles governing the performance of securities markets and is excellent background for all careers involving raising or investing corporate or government funds.
| Required course | Units |
|---|
| FBE 441 | Investments | 4 |
| Select three additional courses | Units |
|---|
| FBE 324 | The Financial System | 4 |
| FBE 421 | Financial Analysis and Valuation | 4 |
| FBE 425 | Management of Financial Institutions | 4 |
| FBE 440 | Trading and Exchanges | 4 |
| FBE 443 | Introduction to Forecasting and Risk Analysis | 4 |
| FBE 446 | Advanced Topics in Portfolio Management and Investment Strategy | 4 |
| FBE 459 | Financial Derivatives | 4 |
| FBE 464 | International Finance | 4 |
Program in Real Estate
The objective of the Program in Real Estate is to provide in-depth exposure to theoretical and practical issues in real estate markets for students already exposed to the core business discipline. The program provides students with a broad framework of business theory and practice necessary to develop good management skills along with the knowledge of real estate institutions, relevant urban economics theory and theories of real estate market behavior. Courses emphasize applying business decision-making skills to real estate problems. Application areas emphasized in the two real estate options include real estate financing, marketing, investment management and public policy or real estate development.
The Lusk Center for Real Estate, a campus-wide real estate research unit, is a co-venture of the Marshall School of Business and the School of Policy, Planning, and Development. The center facilitates real estate research and coordinates conferences and programs involving industry outreach and student-industry interaction. Specifically, the Lusk Center plays a significant role in placement and mentoring of both graduate and undergraduate students with interests in real estate careers. The Marshall School Program in Real Estate works hand in hand with the Lusk Center and the School of Policy, Planning, and Development to offer real estate students an integrated and current real estate education.
Real Estate Finance Concentration
The study of real estate involves the application of business decision-making tools in the real estate industry. Emphasis is placed on economic and financial analysis of issues in real estate markets including those related to investment and development. Securing real estate debt and equity as well as entity level decision making are key parts of the curriculum.
| Real estate finance (16 units) | Units |
|---|
| Required: |
| FBE 391 | Real Estate Finance and Investment | 4 |
| Two from: | |
| FBE 427 | Real Estate Law | 4 |
| FBE 466 | Management of Real Estate Development: Feasibility Studies | 4 |
| FBE 470 | Advanced Real Estate Analysis | 4 |
| FBE 489 | Real Estate Capital Markets | 4 |
| At least one from: | |
| FBE 324 | The Financial System | 4 |
| FBE 421 | Financial Analysis and Valuation | 4 |
| FBE 425 | Management of Financial Institutions | 4 |
| FBE 441 | Investments | 4 |
| FBE 459 | Financial Derivatives | 4 |
| PPD 435 | Analyzing Real Estate Markets for Planning and Development | 4 |
Real Estate and Construction Management
Designed for students interested in construction and project management aspects of the real estate development process. Course work includes upper division courses in construction engineering and management from the Civil Engineering Department.
| real estate and construction management (20-22 units) | Units |
|---|
| Required: |
| CE 460 | Construction Engineering | 3 |
| FBE 391 | Real Estate Finance and Investment | 4 |
| FBE 466 | Management of Real Estate Development: Feasibility Studies | 4 |
| FBE 470 | Advanced Real Estate Analysis | 4 |
| Two from: | |
| FBE 427 | Real Estate Law, orCE 412 Construction Law and the Development Process | 3 |
| CE 461 | General Construction Estimating | 3 |
| CE 462 | Construction Methods and Equipment | 3 |
| CE 472 | Construction Labor Management | 3 |
Real Estate Development
Designed for students interested in working at the nexus of real estate, architecture and urban planning. Course work includes upper division courses or courses for non-majors in the School of Policy, Planning, and Development and the School of Architecture.
| real estate development (17-20 units) | Units |
|---|
| FBE 391 | Real Estate Finance |
| and Investment | 4 |
| FBE 466 | Management of Real Estate Development: Feasibility Studies | 4 |
| FBE 470 | Advanced Real Estate Analysis | 4 |
| One from: | |
| ARCH 106x | Workshop in Architecture | 2 |
| ARCH 304x | Intensive Survey: Prehistory to the Present | 4 |
| GEOG 281L | Environmental Geographic Information Systems | 4 |
| PPD 417 | History of Planning and Development | 4 |
| PPD 435 | Analyzing Real Estate Markets for Planning and Development | 4 |
| PPD 470 | History and Development of Cities | 4 |
| One from: | |
| CE 460 | Construction Engineering | 3 |
| FBE 427 | Real Estate Law | 4 |
| FBE 489 | Real Estate Capital Markets | 4 |
The Real Estate and Construction Management and Real Estate Development concentrations permit the student to focus on the real estate development process from site acquisition through market analysis, site planning, building massing and concept preparation, cost estimation, entitlement, financing and project and construction management. Understanding this process prepares students for entry level positions with lenders, homebuilders, commercial developers, consultants and asset managers.
Students opting for either of these two concentrations are urged to register with the real estate program director by January of the student's junior year. Usually this would coincide with the student's registration in FBE 391 during the fall semester of their junior year. Due to the number of units required in either of these concentrations, beginning real estate course work during the student's junior year is encouraged. Registration with the program director will facilitate placement of interested students in meaningful internships between their junior and senior years.
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