The MSGF program consists of 6 in-person class modules, totaling 12 courses. The program is cohort-based, meaning students follow a prescribed schedule and take all courses together as a cohort.

The curriculum begins by providing a bird's-eye view of global finance, covering topics such as Foundations of Corporate Finance, and Foundations of Investments. It progresses to more advanced courses in the subsequent modules, such as Derivatives Markets, Applied Corporate Finance and Valuation, and Risk Management in Financial Institutions.

In the final module, students are required to complete an Integrative Project, which allows them to apply the knowledge and skills acquired throughout the program to address real-world financial challenges.

All modules are delivered in-person at one of the following campuses: HKUST Business School in Hong Kong, NYU Stern’s campus in New York City, and a rotating global location.

For detailed information on the program schedule and time commitment, please refer to the Schedule & Locations page.

Workload and Assessment

In addition to attending the class sessions during the modules, students are required to complete the following:

Pre-class readings and/ or assignments
Post-class assignments, to be completed by the end of each course

The assessment for each course will vary, but may include a combination of the following:

Pre-module assignments
Post-module assignments
In-class group exercises
In-class participation

Textbooks and supplementary course materials will be provided to students. Many courses have teaching assistants who will be available before and during the courses to provide academic support and guidance.

Below is a list of courses and their descriptions for prospect applicants’ reference. Please note that course offering and content are subject to change.

MODULE 1

Foundations of Corporate Finance (2 credits)

Course Outline and Objectives

The aim of this course is to provide students with a comprehensive understanding of how the financing and investment decisions made by firms and their managers impact the overall value of the company. This foundational course lays the groundwork for more advanced corporate finance topics, such as the Applied Corporate Finance and Valuation course offered in Module 4.

Major Topics

Value measurement
Capital allocation and corporate strategy
Financial structure and corporate strategy
Basics of valuation
Security issuance and value creation

Foundations of Investments (2 credits)

Course Outline and Objectives

This course analyzes investments through the lens of risk, focusing on key concepts such as risk definition, diversification, hedging, leverage, and risk premium within the contexts of bonds, stocks, and derivatives. It serves as an introduction to capital markets, covering essential concepts that are crucial for anyone pursuing a career in finance, despite their complexity and the technical tools sometimes required. This course lays the groundwork for more advanced studies in the field.

Major Topics

Duration risk: hedge interest-rate risk
Volatility risk: diversification, Markowitz portfolio
Beta risk: CAPM, leverage
Delta risk: introduction to derivatives

MODULE 2

Derivatives Markets (2 credits)

Course Outline and Objectives

This course explores derivatives markets, focusing on their structure, valuation, and strategic applications. Building on concepts from Modules 1 and 2, it integrates theoretical frameworks, empirical research, and practical case studies. It covers the equities, foreign exchange and commodities markets. The key derivatives instruments discussed include Forwards, Futures, ETFs and Options. Readings, cases and examples include the 2008 financial crisis, the 1987 Crash, LTCM 1998 Crisis, Covid 19 turmoil, Metallgesellschaft, etc.

This course deals with the structure of derivatives markets, pricing of futures and option contracts and hedging with these instruments. It includes topics like: Short Selling, Value-at-Risk, Exotic Options, Bitcoin Futures, Volatility Derivatives (VIX) and Trading Volatility.

Major Topics

Overview of Derivatives Markets

Futures and Options
the Binomial Model
Implied Volatility
Options Markets
Black-Scholes-Merton model
Implied Correlation and Structured Products

AI in Finance (2 credits)

Course Outline and Objectives

The course delves into the applications of artificial intelligence in finance, covering key methodologies such as machine learning, natural language processing, and generative models. Topics include AI’s impact on investment strategies, financial management, and business analytics. Students will critically assess where these tools add value, their limitations, and the reasons behind them.

MODULE 3

Global Macro & Asian Markets (2 credits)

Course Outline and Objectives

This course introduces students to the macroeconomic forces that influence global financial markets. The course covers the basic theories of short-run macroeconomics, using the IS-LM equilibrium framework to analyze the major markets that impact the macroeconomy - labor, output, money, and foreign exchange. This framework is then applied to understand the effects of fiscal and monetary policies.

Major Topics

Macroeconomic concepts
The money market
Exchange rates
The IS-LM model
Open economy macroeconomics
Global macro issues

Climate Finance (2 credits)

Course Outline and Objectives

The course explores the profound impacts of climate change on financial markets and the broader economy. It examines the interplay between climate change, firms, financial markets, energy markets, regulators, and policy makers. Students will analyze these dynamics using economic frameworks to gain a systematic understanding of the relationship between climate change and the economy.

MODULE 4

Applied Corporate Finance and Valuation (2 credits)

Course Outline and Objectives

This course builds on concepts introduced in the Foundations of Corporate Finance course. It delves into complex financial transactions involving the restructuring of a company's operations and capital structure.

The focus will be on valuation techniques and the execution stages of various restructuring transactions. Additionally, we will examine the strategic rationales behind these transactions—such as initial public offerings, leveraged buyouts, mergers and acquisitions, spin-offs, dividends, and repurchases—emphasizing how they create value.

The course connects strategic management decisions to their effects on value creation, illustrating how firm-level decision-making should align with the goal of maximizing value.

Major Topics

Raising capital
Acquiring firms
Navigating distress
Returning to shareholders
Improving corporate governance and unlocking value
Managing uncertainties

Asset Allocation (1 credit)

Course Outline and Objectives

This course builds on the Foundations of Investments course by delving into advanced asset allocation concepts and methodologies. Students will explore both theoretical frameworks and practical applications, enhancing their ability to make informed investment decisions across various classes and time horizons.

Major Topics

Asset Allocation Across Securities
* Growing Popularity of the Single-Factor Model
* Using the Single Factor Model for Past Portfolio Performance Evaluation and Future Asset Allocation
* APT
* Multi-Factor Models
* Portfolio Performance Evaluation Using Multi-Factor Models
Asset Allocation Across Time
* Institutional Investors (with a focus on Hedge Funds)
* Measuring Market Timing

Behavioral Finance (1 credit)

Course Outline and Objectives

Extensive observational studies and several recent Nobel Prizes indicate that the traditional economic model, which assumes rational investors in efficient markets, fails to explain the complexities of financial market dynamics.

Behavioral finance aims to integrate insights from behavioral and cognitive psychology with core principles of traditional economics and finance, offering alternative explanations for investor behavior.

This course will explore how the psychology of decision-making under risk and uncertainty challenges conventional investment paradigms, while also examining the practical implications for portfolio management and investment strategies.

Major Topics

The rational benchmark: rational expectations, efficient markets, the CAPM benchmark
Taking advantage of the failure of asset-pricing models to design trading strategies: CAPM as an example
Psychology: Biases, preferences and their applications in finance
Behavioral tools I: Quantitative investment strategies
Behavioral tools II: For corporate finance and other applications

MODULE 5

Fixed Income Instruments and Markets (2 credits)

Course Outline and Objectives

This course is divided into three parts. The first part provides an overview of U.S. fixed income markets, market participants, and current issues. The second part teaches the analytic tools required for pricing, hedging, and investing in fixed income securities. The third part dives into selected securities and markets, namely, repo; forwards and futures; swaps; corporate bonds, loans, and credit default swaps; and mortgages and mortgage-backed securities.

Major Topics

Debt Markets
Core Bond Math, Bond Portfolio Management, Repos, Floaters, and Swaps
Bonds with Embedded Options, Mortgage-Backed Securities, Caps, Floors, Collars

Risk Management in Financial Institutions: Credit Risk, Bankruptcy, Sovereign, and Financial Sector Risks (1 credit)

Course Outline and Objectives

As the final module before the integrative project, Module 5 offers students an opportunity to take their learnings from the year and culminate them in a course that focuses on a variety of key topics in global finance. Students attend sessions with multiple faculty members who cover areas of risk management ranging from credit risk and market risk to geopolitical risk.

The course begins with a session on an integrated approach to risk management. Starting with an overview of enterprise risk management, integrating credit, operational, and geopolitical risk. It discusses the interplay among these risks, the data and new tools needed to assess them, and uncover the broader policy implications related to these risks.

The second portion of the course focuses on credit risk management. It covers the current conditions and outlook in global corporate and sovereign credit markets. The Z-Score model and its applications in financial and managerial markets will be discussed.

Major Topics

Current Conditions and Outlook for Global Credit Markets; Distressed Debt, global Zombies and Corporate Resiliency; Corporate Credit Risk; Z-Score
Credit (and equity) markets
Operational Risks; Geopolitical Risks;

FinTech, Digital Currency, and Decentralized Finance (DeFi) (1 credit)

Course Outline and Objectives

The course will introduce the current state of FinTech and discuss how financial institutions and their stakeholders are being affected by new technologies. The course will focus on the basics of blockchains and digital currency and will investigate the origins of the blockchain technology and study how it works through the process of decentralized mining and governance. The course will discuss smart contracts and how they represent an advanced application of blockchain technology using platforms such as Ethereum.

Major Topics

Digital Currency and Blockchains
Bitcoin
Smart Contracts and Decentralized Finance
ICOs, NFTs, and DAOs
Central Bank Digital Currency

MODULE 6

Integrative Project Presentation (4 credits)

Course Outline and Objectives

The Integrative Project is the program’s capstone. The key objectives are to enable students to work in teams to apply the financial skills assimilated throughout the program, to cultivate critical thinking skills, particularly in the process of selecting a suitable project topic, to apply effective communication and teamwork skills through group work, and to provide an opportunity for students to showcase their presentation skills in communicating the findings of their project efficiently.

Students Will:

Apply critical thinking to identify and analyze a suitable topic
Use relevant financial knowledge and skills assimilated throughout the program to evaluate or propose solutions to real-life finance issues
Conduct research, perform analysis and recommend solutions/proposals to contemporary finance issues using scientific research methods
Collaborate and communicate effectively with team members of diverse backgrounds
Present findings and proposal on current finance issues in the form of written report and verbal presentation
Global macro issues

Past Project Topics include:

Asset Allocation/Portfolio Optimization in Real Estate in Hong Kong
Forming an Investment Strategy Based on Alt-data
Decarbonization and Social Care in Steelmaking Project
Paymost Company Block Valuation
An Apple and Tesla Merger: Value Creation or Destruction for the Future?

The most up-to-date curriculum information can be found exclusively in the University Bulletin on this page. All other content, including this page, is for informational purposes only.

CURRICULUM

Workload and Assessment

MODULE 1

Course Outline and Objectives

Major Topics

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MODULE 2

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MODULE 3

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MODULE 4

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MODULE 5

Course Outline and Objectives

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Major Topics

MODULE 6

Course Outline and Objectives

Students Will:

Past Project Topics include: