MASTER OF SCIENCE PROGRAM IN GLOBAL FINANCE
LAUNCHED AT THE NEW SCHOOL, NYC
Practical, Application-Oriented Program is Centered on a Fully-Equipped Trading Lab
The New School, a leading university in New York City, announces the launch of an innovative Master of Science program in Global Finance. The one-year program provides intensive application-oriented training in the state-of-the-art techniques and practices of financial engineering. Beyond giving students from around the world the tools to excel in this field in general, the program provides opportunities to gain specialized expertise in accounting, trading, regulatory frameworks, and back office operations. Geared towards real-world applications and building on teamwork, this master’s program prepares its graduates for work in trading, accounting, and the structure and regulation of financial markets. Applications are being accepted now for the fall 2007 semester. The program is open to both fulltime and part-time students, including those currently working in the field.
“Every program teaches the math and some financial engineering,” said Professor of Economics, Salih Neftci, who developed The New School’s Global Finance program. “At The New School, we go beyond that. The interconnectedness of the world’s financial markets has created a need for a new level of understanding of risk analysis, legal and regulatory frameworks, and back office practices. We’re training professionals in specialized areas to meet the needs of this new market demand.”
“One of the key challenges confronting new entrants to financial markets is the need to combine academic excellence with practical knowledge,” said Bob Kerrey, president of The New School. “The New School’s new MS program in Global Finance addresses this issue head on by centering training in a state-of-the art trading floor. This is a natural fit for The New School, which has always stayed on the cutting edge of education.” The New School Trading Lab—equipped with Bloomberg terminals and videoconferencing facilities—provides a permanent link with markets and permits daily interactions with international academics and professionals. In the heart of the financial capital of the world, students will gain a thorough understanding of international markets and instruments; learn the latest financial engineering solutions to improve risk-return trade-offs; and master the sources and techniques of financial information.
In recent years, students increasingly have turned away from traditional MBA programs and towards MS programs, which enable them to focus on specific skill sets to advance their careers. The New School’s MS program in Global Finance is a prime example of this trend. The New School anticipates that upon completing the one-year program, many of its graduates will choose positions as back office professionals, traders, and risk managers; others are likely to choose careers in regulatory agencies, central banks, and international organizations.
The New School’s MS in Global Finance is distinctive because it enables students to focus on one of these five specialized fields:
1) Tools and Information Sources
Introduces state-of-the-art information sources and quantitative tools and techniques for the modern financial professional. The New School Trading Lab provides an optimal learning environment to gain real-world experience. The program begins with an introduction to Bloomberg terminals. All students will take a course on financial software as well. In the required quantitative classes, emphasis will be placed on b asic math for finance, practical stochastic calculus, and financial econometrics. The New School’s approach is not theoretical; rather the program concentrates on the basic tools that will be used in practice.
2) Instruments and Markets
All major markets are discussed in detail and related regulatory background is introduced in the context of coursework on financial engineering and the theory of financial analysis. Student’s knowledge of instruments and markets will be enhanced through a comprehensive evaluation of case studies.
3) Financial Analysis and Engineering
Financial engineering is where all the issues of global finance come together. The pricing of various derivative products, and the construction and reverse engineering of complicated structured products, are the main topics in this program, with a focus on case study analysis. Participants will learn how to price structured and derivative products using spreadsheet pricing tools, and practical examples will be introduced for risk and scenario analysis. Because financial engineering is a highly participatory field, group work will be a core focus of this area of study.
4) Back Office and Risk Management
Risk management methodologies are becoming increasingly sophisticated. This area of study provides an overview of the most recent techniques used in risk management from the back office perspective. Participants will learn about the various risks faced by a financial institution (market risk, credit risk, operational risk, and liquidity risk) and the ways in which these risks can be managed. Examples taken from well-known cases will be used to underline the importance of an adequate risk management system. The leading risk management and book maintenance software available to financial institutions will be an essential discussion topic. The purpose of this area of study is to equip back office employees with the major aspects of risk management and related software; it is not intended as separate risk management training.
5) Accounting and Financial Derivatives
Financial derivatives have transformed finance by establishing new methods to understand, measure, and manage risks. However, the accounting treatment of derivatives is often underrepresented in other master’s programs. This area of study in the Global Finance program will give students the opportunity to explore this field with experienced market professionals, who balance mathematical understanding with a strong sense of real-world context.
Training Tomorrow’s Financial Leaders
The MS in Global Finance program requires a strong general academic background and solid quantitative skills. It is ideally suited for recent graduates with a economics, finance or engineering background. Backgrounds in math and physics are also encouraged. Familiarity with trading, accounting, or financial regulations will also be helpful towards admission. Depending on each student’s area of study, a command of the basic tools of accounting, financial software, and calculus may be required.
For more information, prospective students can visit www.newschool.edu/globalfinance.
About The New School
Located in the heart of New York’s Greenwich Village, The New School is a center of academic excellence where intellectual and artistic freedoms thrive. The 8,700 matriculated students and more than 13,000 continuing education students who attend the university’s eight schools enjoy a disciplined education supported by small class sizes, superior resources, and renowned working faculty who practice what they teach. Artists, scholars, and students from all walks of life attend its diverse programs and can earn everything from program certificates to bachelor’s, master’s, and doctoral degrees. When The New School was founded in 1919, its mission was to create a place where global peace and justice were more than theoretical ideals. New School students participate in programs that to this day strive for academic excellence, technical mastery, and engaged world citizenship.