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Department of Finance


All graduate programs in Finance are accredited by AACSB International—The Association to Advance Collegiate Schools of Business—and conform to recommended guidelines.

Master of Business Administration Degree – Finance Concentration

This concentration is designed to offer the opportunity for qualified graduate students to study business administration at the graduate level with an emphasis in finance. It particularly assists students in preparing for finance related careers in the business environment or for graduate study in finance at the doctoral level.

Students choosing to concentrate in finance must complete the 24 semester credit hours of courses containing the M.B.A. Core and 12 semester credit hours as follows:

FIN   5633   Investment Theory and Problems
9 semester credit hours of graduate finance elective courses


Master of Business Administration Degree – Real Estate Finance Concentration

This concentration is designed to offer the opportunity for qualified graduate students to study business administration at the graduate level with an emphasis in real estate finance. It assists students in preparing for real estate careers in the business environment or for graduate study in real estate at the doctoral level.

Students choosing to concentrate in real estate finance must complete the 24 semester credit hours of courses containing the M.B.A. Core and 12 semester credit hours as follows:

FIN   5413   Real Estate Finance
FIN   5433   Real Estate Investment
FIN   5453   Real Estate Development

3 semester credit hours of electives from the following courses, or as approved by the advisor:
MOT  5243   Essentials of Project and Program Management

Or any real estate related graduate course in ARC, CSM, PAD, or URP as approved by the Real Estate Finance and Development program director.


Master of Science Degree in Construction Science and Management

The Master of Science in Construction Science and Management (M.S.C.S.M.) is designed to offer the opportunity for intensive education in business administration and real estate finance and development to qualified graduate students.

Program Admission Requirements. For admission to the Master of Science in Construction Science and Management program, applicants must meet University-wide graduate admission requirements. Applicants are further considered on the basis of demonstrated potential for success in graduate study in construction science and management as indicated by a combination of prior academic achievement, Graduate Management Admission Test (GMAT) scores, personal statement, résumé (optional) and references (optional).

The M.S.C.S.M. Graduate Program Committee evaluates each applicant individually based on the complete package of submitted materials.

A complete application package will include:

  • a completed application form
  • transcripts from all universities attended
  • official Graduate Management Admission Test (GMAT) scores
  • a personal statement
  • a current résumé with employment or other experience (optional)
  • letters of reference (optional).

Students with non-construction science and management undergraduate degrees may be required to take additional undergraduate and graduate courses for removal of deficiencies, as determined by the Graduate Program Committee in Construction Science and Management. Such courses do not apply toward the degree.

Degree Requirements. Students must complete 33 semester credit hours and a comprehensive examination.

  1. 15 semester credit hours of foundations of knowledge courses:

    ACC   5023   Accounting Analysis for Decision Making
    FIN    5023   Financial Management
    MGT  5043   Management and Behavior in Organizations
    MKT  5023   Marketing Management
    MS    5023   Decision Analysis and Production Management

  2. 15 semester credit hours of required courses:

    CSM  5633   Advanced Construction Management
    FIN   5413   Real Estate Finance
    FIN   5433   Real Estate Investment
    FIN   5453   Real Estate Development
    FIN   6313   Modeling of Financial Decision Making

  3. 3 semester credit hours of elective coursework from the following list of courses, as approved by the Graduate Advisor of Record:

    ARC   5303   International Practice
    CSM   5133   Construction Practice in a Global Setting
    CSM   5413   Advanced Topics in Construction Systems
    MOT  5243   Essentials of Project and Program Management

  4. Comprehensive Examination. All candidates must pass a comprehensive examination administered by the Graduate Program Committee in Construction Science and Management.

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Master of Science Degree in Finance

The Master of Science degree in Finance (M.S.F.) provides an intensive education in various aspects of finance, including markets and institutions, corporate finance, international finance, financial modeling, and investments including derivative securities. Emphasis is on theoretical aspects of finance, developments in financial instruments and markets, and practical application tools and techniques. The program is designed to train students to be financial managers and analysts in corporations, banks, and investment institutions. It also provides the opportunity for students to prepare to undertake specialized certification examinations and doctoral studies in finance. The program, including admission, is supervised by the Graduate Program Committee in Finance, which includes the Graduate Advisor in Finance. General requirements for completion of the program consist of nonfinance foundations of knowledge requirements, required finance courses, elective work, and a comprehensive examination.

Program Admission Requirements. For admission to the Master of Science degree in Finance program, applicants must meet University-wide graduate admission requirements. Applicants are further considered on the basis of demonstrated potential for success in graduate study in finance as indicated by a combination of prior academic achievement, Graduate Management Admission Test (GMAT) scores, personal statement, résumé (optional), and references (optional).

The M.S.F. Graduate Program Committee evaluates each applicant individually based on the complete package of submitted materials.
A complete application package will include:

  • a completed application form
  • transcripts from all universities attended
  • official Graduate Management Admission Test (GMAT) scores
  • a personal statement
  • a current résumé with employment or other experience (optional)
  • letters of reference (optional).

Students with nonfinance undergraduate degrees may be required to take additional undergraduate and graduate courses for removal of deficiencies, as determined by the Graduate Program Committee in Finance. Such courses do not apply toward the degree.

Degree Requirements. Students must complete 33 semester credit hours and a comprehensive examination.

Degree Options. Students seeking the M.S.F. degree may elect one of two options to complete the required 33 semester credit hours; M.S.F. General Option, or M.S.F. Real Estate Finance Concentration.


Master of Science Degree in Finance – General Option

Under M.S.F. General Option, students are required to complete 6 hours of M.S.F. foundations of knowledge courses, 9 hours of finance courses and 18 hours of elective courses as outlined below.

  1. 6 semester credit hours of foundations of knowledge courses:

    ACC   5023   Accounting Analysis for Decision Making
    MS    5023   Decision Analysis and Production Management

  2. 9 semester credit hours of Finance courses:

    FIN   5023   Financial Management
    FIN   5633   Investment Theory and Problems
    FIN   6313   Modeling of Financial Decision Making

  3. 18 semester credit hours of electives, at least 15 of which must be from the set of courses shown below. The Graduate Advisor in Finance must approve any electives chosen outside this set. The electives include:

    ECO  5023   Managerial Economics
    FIN   5033   Cases in Financial Management
    FIN   5413   Real Estate Finance
    FIN   5433   Real Estate Investment
    FIN   5453   Real Estate Development
    FIN   5713   Financial Markets
    FIN   5723   Fixed Income Analysis
    FIN   5733   Banking and the Financial Services Industry
    FIN   5813   Corporate Valuation
    FIN   5833   International Financial Management
    FIN   5853   Entrepreneurial Financial Management
    FIN   5943   Financial Statement Analysis
    FIN   6213   Speculative Markets and Securities
    FIN   6223   Corporate Risk Management
    FIN   6943   Finance Internship
    FIN   6951-3   Independent Study
    FIN   6973   Special Problems

  4. Comprehensive Examination. All candidates must pass a comprehensive examination administered by the Graduate Program Committee in Finance.

Master of Science Degree in Finance – Real Estate Finance Concentration

This concentration is designed to offer the opportunity for qualified graduate students to study finance at the graduate level with an emphasis in real estate finance. It assists students in preparing for real estate careers in the field of finance or for graduate study in real estate at the doctoral level.

Students choosing to concentrate in real estate finance must complete the 6 semester credit hours containing the M.S.F. foundations of knowledge courses, the 21 semester credit hours of required courses, and 6 semester credit hours of electives.

  1. 6 semester credit hours of foundations of knowledge courses:

    ACC   5023   Accounting Analysis for Decision Making
    MS    5023   Decision Analysis and Production Management

  2. 18 semester credit hours of required courses:

    FIN   5023   Financial Management
    FIN   5413   Real Estate Finance
    FIN   5433   Real Estate Investment
    FIN   5453   Real Estate Development
    FIN   5633   Investment Theory and Problems
    FIN   6313   Modeling of Financial Decision Making

  3. 6 semester credit hours of electives from the following set of courses or as approved by the advisor:

    ECO  5023   Managerial Economics
    FIN   5033   Cases in Financial Management
    FIN   5713   Financial Markets
    FIN   5723   Fixed Income Analysis
    FIN   5733   Banking and the Financial Services Industry
    FIN   5813   Corporate Valuation
    FIN   5833   International Financial Management
    FIN   5853   Entrepreneurial Financial Management
    FIN   5943   Financial Statement Analysis
    FIN   6213   Speculative Markets and Securities
    FIN   6223   Corporate Risk Management
    FIN   6943   Finance Internship
    FIN   6951-3   Independent Study
    FIN   6973   Special Problems

  4. 3 semester credit hours of electives from the following courses or as approved by the advisor:

    MOT  5243   Essentials of Project and Program Management

    Or any real estate related graduate course in ARC, CSM, PAD or URP as approved by the Real Estate Finance and Development program director.

  5. Comprehensive Examination. All candidates must pass a comprehensive examination administered by the Graduate Program Committee in Finance.

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Doctor of Philosophy Degree in Business Administration with an Emphasis in Finance

The College of Business offers opportunities for advanced study and research leading to the Doctor of Philosophy degree in Business Administration with an emphasis in Finance. See page xx of this catalog for a detailed description of the general requirements for the Doctoral degree. The Doctoral Studies Committee of the Department of Finance will advise students admitted to the program who pursue a Ph.D. in Business Administration with an emphasis in Finance.

To satisfy the Major Area Coursework for the finance emphasis, a student must complete:

  1. 12 semester credit hours from the following courses:

    FIN   7013   Financial Theory
    FIN   7023   Corporate Finance
    FIN   7033   Valuation
    FIN   7043   Empirical Finance
    FIN   7113   International Financial Markets

  2. Two directed electives:

    FIN   7053   Topics in Financial Research
    FIN elective

Graduate Certificate in Real Estate Finance and Development

The Graduate Certificate in Real Estate Finance and Development is a 12-semester-credit-hour graduate option that will benefit professionals in the real estate and construction community who desire knowledge in real estate finance and development. The program is designed for students who have earned a bachelor’s degree and wish to obtain a foundation for a career in real estate and development. It is also designed for those who hold a graduate degree but seek to obtain more education or specialization within the industry without committing to further graduate degrees. This certificate is also available to graduate students in Architecture, Urban and Regional Planning, or Public Administration who wish to gain related expertise in Real Estate Finance and Development.

To earn a Graduate Certificate in Real Estate Finance and Development, students must earn 12 semester credit hours as follows:
FIN   5013   Foundations of Finance for Entrepreneurs
FIN   5413   Real Estate Finance
FIN   5433   Real Estate Investment
FIN   5453   Real Estate Development

Applicants who are currently enrolled in a graduate degree program at UTSA have already met University requirements for admission. In this case, no formal application process is necessary. The applicant should contact the Certificate Program Advisor and complete a form requesting permission to enter and complete the certificate program. If the request is approved, this form will be signed by the Certificate Program Advisor and the Dean of the College or Director of the Center in which the certificate program is housed. A copy of this form will be sent to the Graduate Advisor of Record for the student’s degree program, the department in which the applicant’s program is housed, and the Graduate School.

Applicants who are not currently enrolled in a graduate degree program at UTSA will be required to apply for admission to UTSA as a special (non-degree-seeking) graduate student and to indicate their intent to seek admission into a certificate program. Applicants will be required to meet University admission requirements for special graduate students. If admitted as a special graduate student, the applicant should contact the Certificate Program Advisor and complete a form requesting permission to enter and complete the certificate program. The form will be signed by the Certificate Program Advisor and the Dean of the College or Director of the Center in which the certificate program is housed. A copy of this form will be sent to the Graduate School.

If it is determined by the Certificate Program Advisor that an applicant requires prerequisite background courses to adequately prepare for the courses included in the certificate program, this will be noted in the applicant’s file. The applicant will be notified that the prerequisite courses must be taken before enrolling in certificate program coursework.

Any applicant who is admitted into a certificate program without being currently enrolled in a graduate degree program is considered to be a special graduate student. If the applicant wishes to be admitted into a degree program, they will be required to apply to that program as a degree-seeking student. Admittance into or completion of a certificate program is not considered to be qualification for entry into a graduate degree program.

Applicants who are pursuing a certificate as special graduate students will not be eligible for financial aid.

Applicants who are admitted into a certificate program while also pursuing a graduate degree will be classified as degree-seeking students.

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