The Master of Finance requires the completion of 18 fully online courses in Finance made up of 11 core courses and seven electives.
You will also be able to sample open courses of the Quantitative Finance specialization online in Spring 2021, which comprises:
- Quantitative Methods in Finance
- Financial Modeling
If you later decide to apply for the Master of Finance, your assignments completed in open courses may count toward the application assessment.
The CFA Institute University Affiliation Program
The Chartered Financial Analyst Institute (CFA Institute) has recognised the HSE online Master of Finance as part of its University Affiliation Program. The status was assigned this year based on the long-standing cooperation between the CFA Institute and the HSE Banking Institute and the confidence international experts have in the quality of education at HSE.
The program’s curriculum consists of three parts: foundation, specialization, and elective components.
3 foundation courses:
- Macroeconomics: This course focuses on selected topics, which are central to modern macroeconomics, like the short-run economic fluctuations, fiscal and monetary policies, macroeconomics of financial markets, and open macroeconomics.
- Econometrics: This course is a prerequisite for some specialization courses of the curriculum. The course provides essential instruments for students to master skills in classical econometrics. You will understand main ideas of univariate and multivariable time-series analysis, including Box-Jenkins approach, ARIMA (p, d, q) models, non-stationary time-series, unit root tests, co-integration, VAR, and VECM.
- Theory of Finance: This course is an in-depth study of what the fundamental properties of key financial instruments are and what techniques are based on these properties for appropriate pricing and/or detecting mispricing have been suggested. In addition to a thorough insight into fundamental theoretical concepts, the course covers some areas of related applied/quantitative research. Two key types of financial instruments are studied throughout the course: bonds and equities. The course focuses on fundamental and advanced concepts as well as applications in asset pricing in bond and equity markets. It investigates approaches to asset pricing when pay-offs are certain (fixed claims) and when pay-offs are uncertain (state contingent claims).
8 specialization courses
- Financial Reporting and Analysis: This course consists of three main blocks: financial accounting, reporting, and analysis. Within ‘Financial accounting’ stage, you will become acquainted with the conceptual framework and main principles of accounting. ‘Reporting’, you learn financial report types and structure. The ‘Analysis’ stage provides the opportunity for you to perform a comprehensive analysis of a company’s financial standing.
- Quantitative Methods in Finance: This course presents the fundamentals of some quantitative techniques essential in financial analysis. The first part of the course covers the time value of money concepts and quantitative techniques applied in decision-making processes in corporate finance and valuation of various financial instruments (stocks, bonds, etc.), as well as probability approach to financial data analysis (risk, return etc.). The second part introduces the statistical approach to financial analysis and decision-making, including estimation of investment risk and returns, testing-related hypotheses, and economic interpretation of the test results.
- Market Instruments: FX, Equity and Debt Market The foreign exchange market (“FX”) is the biggest part of the financial market, and the first stage of this course. On a daily basis. the turnover exceeds several trillion USD. It is very important to predict exchange rates, to hedge FX exposure, and to develop strategy for hedging and arbitrage. The “Equity & Debt market” stage provides a foundation in the main concepts of the equity market as well as introducing fundamental questions of modern finance theory. The course devotes attention to behavioral finance and other studies of financial markets’ inefficiencies that gain appreciation in US and European finance programs.
- Corporate Finance: The course introduces you to a theoretical framework for understanding and analyzing major financial problems of modern firms in the market environment. The course covers basic models of corporate capital valuation, including pricing models for primary financial assets, real assets valuation and investment projects analysis, and capital structure. The course is focused on developing skills in analyzing corporate behavior in capital markets and the relationship of agent and principal in raising funds, allocating capital, and distributing returns. It provides necessary knowledge in evaluating different management decisions and their influence on corporate performance and value.
- Portfolio Management: The course is targeted on the development of theoretical knowledge and practical skills in the field of securities’ analysis and portfolio management. The course starts with standard “Modern Portfolio Theory (MPT)”, discussing the historical background of theory development and consecutive efforts in testing its concepts and statements. A number of potential attempts to improve theory and fix market anomalies that contradict it are also discussed in consecutive parts of this course. At the end, several contemporary portfolio theories are presented, including behavioral prospect theory and adaptive market hypothesis.
- CFA Ethic & Professional Standards: The course is focused on the development of practical knowledge and recognition of standards of professional conduct that is conventional in the financial industry.
- Alternative Investments: Asset management industry is undergoing a major transition: institutional and individual investors have suffered from massive capital loss in classic investment products, such as long-only mutual funds and pension funds during financial market turmoil in 2008–09. Now, they are allocating more assets into alternative investment (AI) strategies managed under absolute return objectives and less correlated with the direction of major asset classes. The hedge funds industry, as well as private equity, venture capital, credit derivatives, commodities trading, and real estate industries are booming. This Alternative Investments (AI) course makes a quick hands-on introduction into alternative investments products and strategies, risk-return comparative analysis with classic investment funds, and the role of AI in the diversified investment portfolio. The AI course is focused on major hedge funds strategies and their risk/return profiles along with risk management techniques. The course has a strong bias toward real life applications of econometric models (via Microsoft Excel Data Analysis Toolpak), where you will train for a financial advisor's day-to-day skills. The course structure and content are derived from well-known Chartered Alternative Investment Analyst (CAIA) and Chartered Financial Analyst (CFA) programs.
- Derivatives and Financial Engineering: This course covers equity, commodity, foreign exchange, and interest rate markets, together with their associated forwards, futures, swaps, and options. Gaining skills for independent and deeper immersion into the subject and development of advanced methods for the management of financial derivatives, you will learn to evaluate structured transactions and hedging risks in the interests of trading and treasury operations.
Seven elective courses
The MF online degree offers a wide range of elective courses. You can even choose to study an applied course on advanced data analysis and machine learning in finance.
NEW! Specialization & Open Courses
The Specialization, Quantitative Finance, is now open for enrollment on Coursera. There are three courses in this Specialization:
If you are admitted to the full program, any progress you make in these courses will count towards your degree learning.
The program is 100% online. The online format of the degree also allows you to interact with instructors and teaching assistants regularly through live chats and video conferences.
Coursera on Mobile
Access all course materials anywhere with the mobile app, used by over 80 percent of degree students on Coursera. Available on iOS and Android.
Using the mobile app, learners can:
- Save a week’s worth of content for offline access with one click
- Save and submit quizzes offline
- View text transcripts of lecture videos
- Take notes directly in the app
- Set reminder alerts to help you make progress
Download Coursera's mobile app
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We encourage you to investigate whether this degree meets your academic and/or professional needs before applying.