Master of Science in Finance (MSF)

Prerequisites

All applicants must complete the following four business foundation courses prior to enrollment in the MSF program:

• Financial Accounting (ACG 2021 or its equivalent)
• Financial Management (FIN 3403 or its equivalent; minimum grade of B- required)
• Investments (FIN 4504 or its equivalent)
• Problems in Financial Management (FIN 4424 or its equivalent)

The MSF program is intended primarily for students who have completed an undergraduate finance degree prior to entering the program. Students with undergraduate degrees in related areas such as mathematics, statistics, accounting, economics, actuarial science and other business disciplines will be considered for admission upon demonstrating a high level of competency in both their chosen field of study and in the prerequisites required for admission. A completed internship is strongly encouraged for all without prior business experience.

Any exception to the specified minimums must be approved by the MSF program director. Specific requests for exceptions or substitutions must be submitted in writing to the College of Business Graduate Programs Office.

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Program of Study

The MSF offers a three-semester lock-step program consisting of 32 credit hours: 10 courses (three credit hours each) plus a professional development course in the fall and a final program assessment in the spring (one credit hour each). Each year, the program starts in summer (late June) with two courses. This summer semester is accelerated and offers a fully online option allowing students to replace one of the required courses with an approved internship. In both the fall and spring semesters, students will take four in-person courses each across a variety of different finance fields.
Students will also manage the Student Investment Fund (SIF), which includes over $5 million in assets under management (AUM). Each year, a select group of students will be offered a position of Portfolio Manager (PM). There are a limited number of PM roles available. Selection will be based on an objective assessment given to admitted students prior to the start of the program. Any student not selected for the role of PM, will take on the role of Portfolio Analyst. Being admitted to the MSF program does not guarantee a PM position or the course schedule offered to the PMs.

STEM designation
The MSF qualifies as a Science, Technology, Engineering and Mathematics (STEM) degree, assuring graduates of employer demand and allowing eligible graduates on student visas to extend their U.S. work stay up to two years longer. 

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Program Schedule

The following program schedule will be effective for the MSF cohort admitted for summer 2025. Current MSF students needing assistance with their course schedule should contact their graduate program advisor.

* Indicates courses that combined pathway students may have taken as undergraduates
^ The MSF online course has different fees than an on-campus course
### Signifies planned courses that have not been assigned an official number yet.

Note: All courses above are three (3) credit hours except Professional Development and the Program Assessment, which are one (1) credit hour each.

The following items should be submitted through the Florida State Graduate Application portal, available exclusively online at admissions.fsu.edu/gradapp:

• Applicant Statement/Essay Question Responses
• An up-to-date resume, clearly indicating work experience including dates and positions held, as well as noting full-time or part-time employment
• Three (3) letters of recommendations: Two (2) recommendations from former college professors and one (1) recommendation from outside of the academic environment that speak specifically of the applicant's ability to successfully complete the MSF program
• Florida Residency Declaration
• Nonrefundable application fee of $30.00 (see University Application or go to fees.fsu.edu)

The following items should be sent to the Graduate Admissions Office, 222 S. Copeland St./314 Westcott Building, Florida State University, Tallahassee, FL 32306-1410 or to graduateadmissions@fsu.edu:

• One (1) official transcript from all colleges and universities attended (FSU transcripts are not necessary for FSU alumni, students)
• Official test scores, if applicable:
  • GMAT or GRE scores are optional and should be submitted if they will enhance the application. Any submitted test scores become part of the application. The code to send GMAT scores to Florida State is PN8K567, and the code to send GRE scores is 5219.

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International Applicants

International applicants should visit gradschool.fsu.edu/admissions/international-admissions concerning financial responsibilities, degree equivalency, etc. International applicants are responsible for submitting the below documents in addition to the checklist items in the previous section.

English Language Proficiency Exam
International applicants whose native language is not English and who have not completed an undergraduate or graduate degree in an English-speaking country are required to take an English Language Proficiency exam and submit official test results in order to be admitted to Florida State University. The College of Business accepts all of the following examinations taken within the past two (2) years:

• Test of English as a Foreign Language (TOEFL): a minimum score of 600 on the paper-based test and 100 on the internet-based test (FSU institution code 5219)
• International English Language Testing System (Academic IELTS): minimum score of 7
• Pearson Test of English (PTE): minimum score of 66
• Duolingo: minimum score of 120
• Cambridge C1 Advanced Level: minimum score of 180
• Michigan Language Assessment: minimum score of 55

Transcript Evaluation Requirement
The Office of Graduate Admissions requires all international students to submit an official course-by-course evaluation of all academic records from non-U.S. institutions prior to application review. This verifies degree equivalency and serves in place of additional official or unofficial transcripts. This evaluation must be done by a member of the National Association of Credential Evaluation Services (NACES): www.naces.org. FSU offers a partnership with The Evaluation Company (formerly SpanTran), our preferred credential evaluation service, which allows a streamlined process at a discounted rate. More information about this process is available after you submit the first part of your graduate application.

Many of our top applicants will earn assistantships and scholarships to pay for part of their expenses in the program. This financial support is awarded after admissions decisions are made and is based on the qualifications of the applicants, such as undergraduate GPA and entrance exam scores. Some awards are based on documented financial need (e,g, FAFSA report, Pell Grant, substantial financial aid debt).

ESTIMATED PROGRAM COSTS FOR THE 2024-2025 ACADEMIC YEAR

The MSF program requires 32 credit hours:

• Florida residents: $479.32 (tuition plus fees) per credit hour. Total estimate program cost is $15,338.24.
• Non-Florida Residents: $1,110.72 (tuition plus fees) per credit hour. Total estimate program cost is $35,543.04.

Note: Effective summer 2025, the MSF curriculum includes one required online course (3 credit hours) that will have different fees than its on-campus courses.

Above costs do not include required books and supplies for courses and are subject to change. Fees in table do not include some per-term flat fees for FSUCard and facilities use. For a breakdown of on-campus student fees and their explanations, visit the university’s Tuition Rates page.

Learn more about why our graduate programs are considered A Smart Choice in Value.

Read more about the college’s financial assistance options for graduate students.

You may also visit Florida State's financial aid website for more information on types of financial aid.

FIN 5455 Financial Data Analytics
This course provides an introduction and understanding of how financial data analytics are used in business, specifically through the use of Python. Students develop data analysis skills that enable them to implement financial modeling across a variety of topics while utilizing a variety of common financial and economic data sources. 3 credit hours

FIN 5515 Investment Management and Analysis
This course analyzes different financial assets with emphasis on the securities market, the valuation of individual securities, and portfolio management. As part of this course, students, under the supervision of a faculty advisor, will also actively manage the Student Investment Fund as either a Portfolio Manager or Portfolio Analyst. 3 credit hours

FIN 5545 Fixed Income Securities
This course describes important fixed income securities and markets and develops tools for valuing fixed income securities and managing interest rate risk. The course covers traditional bonds and term structure concepts as well as fixed income derivatives and interest rate modeling. 3 credit hours

FIN 5537 Financial Derivatives and Risk Management
This course covers issues related to the pricing and application of futures, swaps, and options. Emphasis is placed on different methods used to value derivative securities and how derivatives are used to hedge macroeconomic and firm specific risks. Real-world examples of derivative use are examined in the context of how they impact on firm value. As part of this course, students, under the supervision of a faculty advisor, will also actively manage the Student Investment Fund as either a Portfolio Manager or Portfolio Analyst. 3 credit hours

FIN 5840 Applied Econometrics in Finance
This course focuses on providing students with an in depth understanding of statistical techniques commonly employed in financial studies. Actual applications within a variety of financial studies are examined to help students learn how to conduct statistical tests, as well as to interpret the results. Students are familiarized with WRDS and a variety of data bases to facilitate their future research efforts. 3 credit hours

FIN 5917 Student Investment Fund/Program Assessment
Students, under the supervision of a faculty advisor, are responsible for actively managing an investment fund currently valued well in excess of $5 million. The management of the student investment fund is integrated into the Investment Management and Analysis course in the fall and the Financial Derivatives and Risk Management course in the spring and provides students with a wealth of hands-on experience in investing. 1 credit hour

FIN 5### Decentralized Finance and Technology
This course provides a discussion of the actively evolving field of financial technology (FinTech), focusing on critical areas such as blockchain technology, cryptocurrency, artificial intelligence (AI), and the impact of government regulations on digital innovations. 3 credit hours

FIN 5### Equity Valuation
This course is designed to equip students with a comprehensive understanding of both theoretical principles and practical applications in equity valuation. Topics covered include various valuation methodologies such as dividend discount models, cash flow models, and multiples-based valuation approaches. Through the course, students will develop the skills to analyze financial statements effectively, extracting pertinent cash flow information. 3 credit hours

FIN 5### Ethics in Investment Management
This course explores the ethical foundations and challenges within the financial industry, with a specific focus on the ethical principles and standards outlined by the Chartered Financial Analyst (CFA) Institute. Students will explore the CFA Institute's Code of Ethics and Standards of Professional Conduct, understanding their application in real-world financial scenarios. 3 credit hours

FIN 5### Investment Banking and Corporate Finance Modeling 
The course is designed to provide a practical application of corporate finance skills to a variety of analyses commonly performed by investment banks and commercial bank financial analysts. The topics include financial statement analysis, ratio analysis, forecasting, benchmark valuation using comparable company and comparable transaction analysis, discounted cash flow analysis, initial public offerings, private equity placement, capital structure decisions, and leveraged buyouts. 3 credit hours, online

FIN 5### Portfolio Management and Wealth Planning
This course provides an advanced exploration of portfolio management techniques, wealth planning strategies, and their practical application. This course will equip students with the knowledge and skills necessary to excel in the fields of portfolio management, wealth advisory, and financial analysis. 3 credit hours

GEB 5932 Professional Development Series
This series addresses various aspects of professional development such as networking, interviewing skills, business ethics, communication skills, professional dress, etc.  It also involves participating in a variety of speaker series, several of which are designed exclusively for MSF students. 1 credit hour

MAN 5716 Business Conditions Analysis
A study of external variables (to the firm) that can have significant impact on performance. They include economic, financial, political, social, and government policy variables. While these variables are external to the firm, their potential impact on the firm can be substantial and must be understood and managed. 3 credit hours

REE 5205 Real Estate Finance
This course provides an advanced treatment of topics fundamental to real estate finance. The course topics are presented in units that range from pricing mortgages to the lending process to the secondary mortgage. Topics include a discussion of primary and secondary mortgage markets, mortgage market operations, mortgage instruments and mortgage-related securities. Emerging topics of special interest are also discussed. 3 credit hours

REE 5209 Advanced Real Estate Finance and Investment
Prerequisite: REE 5305. This course provides advanced treatment of the commercial mortgage and real estate equity markets. Topics include in-depth discussion of financing income-producing properties; commercial mortgage underwriting; real estate investment trusts; and the decisions faced by institutions regarding their property and mortgage portfolios. Emerging topics of special interest also are discussed. (Available for Real Estate specialization) 3 credit hours

REE 5305 Real Estate Investment
Introduces students to the procedures and analytical methods used to evaluate real estate markets and project-specific investments. The course focuses on the topic of real estate investment analysis primarily from the private (equity) investor’s perspective. (Available for Real Estate specialization) 3 credit hours