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 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, statement of purpose, résumé, and reference letters.
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.
- Statement of Purpose: The statement of purpose gives you a chance to describe your academic and professional goals in finance. Given your life, academic, and professional experiences, explain why the degree is desired and how obtaining the degree helps accomplish your career goals and objectives. Optionally, explain your past academic performance beyond that conveyed by the submitted material, and include anything else that might contribute to a favorable recommendation on your application. Statements are generally one to two double-spaced typed pages and can be addressed to the M.S.F. Admissions Committee.
- A current résumé.
- Letters of reference from people who are familiar with your academic/professional experience. Submit at least one letter of reference and up to a maximum of three letters of reference.
- Interview (optional).
Graduate admission test scores are no longer required. However, please note that competitive GMAT/GRE scores may help your chances of admission because, in addition to your GPA, the GMAT or GRE provides a quantitative metric for the M.S.F. Programs Committee to evaluate you as a candidate.
Students with nonfinance undergraduate degrees or other deficiencies may be required to take additional undergraduate and graduate remedial courses, 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 and Development 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. Incoming students without a math background (committee discretion) may be required to take additional preparatory work. Students without a business background will be required to take MBA 5113 Business Foundations (no credit for this course will count toward the degree requirements).
Course List Code | Title | Credit Hours |
| Management Science with Data Analytics | |
| Financial Accounting Concepts | |
| Financial Management | |
| Investment Theory and Problems | |
| Modeling of Financial Decision Making | |
| |
| |
| |
| Banking and the Financial Services Industry | |
| Corporate Valuation | |
| Financial Statement Analysis | |
| Credit Analysis | |
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| Fixed Income Analysis | |
| Corporate Restructuring | |
| International Financial Management | |
| Entrepreneurial Financial Management | |
| Sustainable Finance | |
| Derivatives Markets and Instruments | |
| Corporate Risk Management | |
| Finance Internship | |
| Independent Study | |
| Special Problems | |
| Applied Econometrics I | |
| Applied Econometrics II | |
| |
| |
| Applied Econometrics I | |
| Applied Econometrics II | |
| Data Analytics with Python | |
| Financial Data Analytics and FinTech Lab | |
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| Fixed Income Analysis | |
| Banking and the Financial Services Industry | |
| Corporate Valuation | |
| Corporate Restructuring | |
| International Financial Management | |
| Entrepreneurial Financial Management | |
| Financial Statement Analysis | |
| Sustainable Finance | |
| Derivatives Markets and Instruments | |
| Corporate Risk Management | |
| Credit Analysis | |
| Finance Internship | |
| Independent Study | |
| Special Problems | |
| Data Foundations | |
| |
| |
| Real Estate Finance and Investment | |
| Fixed Income Analysis | |
| Banking and the Financial Services Industry | |
| Credit Analysis | |
| |
| Corporate Valuation | |
| Corporate Restructuring | |
| International Financial Management | |
| Entrepreneurial Financial Management | |
| Financial Statement Analysis | |
| Sustainable Finance | |
| Derivatives Markets and Instruments | |
| Corporate Risk Management | |
| Finance Internship | |
| Financial Data Analytics and FinTech Lab | |
| Independent Study | |
| Special Problems | |
| Applied Econometrics I | |
| |
Total Credit Hours | 33 |
Master of Science Degree in Finance – Real Estate Finance and Development 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 and development. 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 6 semester credit hours containing the M.S.F. foundations of knowledge courses, 21 semester credit hours of required courses, and 6 semester credit hours of electives.
Course List Code | Title | Credit Hours |
| Business Foundations | |
| Financial Accounting Concepts | |
| Financial Management | |
| Real Estate Principles | |
| Real Estate Finance and Investment | |
| Real Estate Construction | |
| Real Estate Development | |
| Investment Theory and Problems | |
| Modeling of Financial Decision Making | |
| Advanced Topics in Financial Management | |
| Fixed Income Analysis | |
| Banking and the Financial Services Industry | |
| Corporate Valuation | |
| Corporate Restructuring | |
| International Financial Management | |
| Entrepreneurial Financial Management | |
| Financial Statement Analysis | |
| Derivatives Markets and Instruments | |
| Corporate Risk Management | |
| Financial Data Analytics and FinTech Lab | |
| Finance Internship | |
| Independent Study | |
| Essentials of Project 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.) | |
| |
Total Credit Hours | 33 |
Accelerated Master of Science in Finance Program
The Department of Finance offers an Accelerated Program in Finance tailored for UT San Antonio students demonstrating exceptional motivation and qualifications. Designed to facilitate a seamless transition into a master’s program, as well as to provide an expedited admission process, this program allows participants to initiate their graduate studies as early as the junior year of their undergraduate education.
The benefit of the accelerated program is it allows students to complete some graduate courses while still earning their undergraduate degree. In addition, students have the potential to reduce their time until graduation (e.g., students can start completing their graduate-level coursework during their junior year) and save money (e.g., students are not charged an application fee and potentially could double count one course). The accelerated program creates an easier transition into graduate school (i.e., a known admission into graduate school while still an undergraduate and a constant connection with UT San Antonio faculty and staff).
Program Admission Requirements
Students applying to the Accelerated Program in Finance must meet the following criteria1: 1) a current UT San Antonio student, 2) completion of 60 semester credit hours in the semester of application, 3) a minimum grade point average of 3.0, and 4) earn a B.B.A. degree in Finance or other relevant STEM or business domains. Applicants need to apply online2 for the accelerated program in Finance and will be provided additional information upon receipt of their submission.
This program is tailored to cater to two distinct groups of individuals:
- UT San Antonio students who aspire to pursue a Bachelor of Business Administration (B.B.A.) in Finance or other relevant business domains and a Master of Science (M.S.) in Finance. After appropriate consultation and approval from the program advisor, these students would be able to replace some of the required M.S. courses with graduate electives. This would remove unnecessary repetition across the courses and allow students to customize the program to better serve their professional needs.
- UT San Antonio students from non-Finance STEM disciplines with a strong foundation in quantitative coursework, including but not limited to fields such as statistics, engineering, and other relevant STEM or business domains (e.g., management science, accounting, cyber-security/information systems, economics).
Degree Requirements
Bachelor's Degree Requirement
Students accepted into the Accelerated Program in Finance are required to complete all the degree requirements associated with their bachelor's degree as outlined in the Undergraduate Catalog.
M.S. Degree Requirement
Students accepted into the Accelerated Program in Finance are required to complete the standard degree requirement of the M.S. in Finance.
Bachelor's/M.S. Classification
Upon acceptance into the Accelerated Program in Finance, students are granted permission to enroll in graduate-level courses while still classified as undergraduates. Upon successful completion of their Bachelor's degree, students will receive a Keep Running with Us (KRWU) application to transition them from undergraduate to graduate student status.
Doctor of Philosophy Degree in Finance
The Carlos Alvarez College of Business offers opportunities for advanced study and research leading to the Doctor of Philosophy degree in Finance. The Ph.D. in Finance is awarded to candidates who have displayed an in-depth understanding of the subject matter and demonstrated the ability to make an original contribution to knowledge in their field of specialty.
The regulations for this degree comply with the general University regulations (refer to Student Policies, General Academic Regulations, and the Graduate Catalog, Doctoral Degree Regulations).
Admission Requirements
Applicants must have a bachelor’s degree from an accredited university. The Ph.D. Program Committee in the major areas will evaluate applicants to the Ph.D. program based on several factors, including academic achievement, standardized test scores, employment history, a personal statement, letters of recommendation, and possibly an interview. All applicants must submit the following material for evaluation:
- Official transcripts of all undergraduate and graduate coursework completed.
- Graduate Management Admission Test (GMAT) scores or Graduate Record Examination (GRE) scores from a recent (no more than five years old) administration of the examination.
- Three letters of recommendation from academic or professional sources familiar with the applicant’s background.
- A résumé or curriculum vitae and a statement of academic interests and goals.
- International students must also submit a score of at least 79 on the Test of English as a Foreign Language (TOEFL) iBT. TOEFL scores may not be more than two years old.
Candidates who do not possess a master’s degree in a business or business-related discipline with sufficient quantitative rigor are required to complete a program consisting of a minimum of 75 semester credit hours. The Ph.D. Program Committee for the major area discipline will determine a degree program for each candidate based upon that candidate’s particular background. Candidates whose backgrounds are determined to be insufficient may be directed to take additional background or leveling courses (see sections A, B, and C of the Program of Study below) before proceeding to the program’s required courses. Some or all of the background requirements (sections A, B, and C) may be waived for candidates who enter the program with the appropriate prior graduate coursework.
Admission may include an appointment to a teaching assistantship, research assistantship, or research fellowship. The Ph.D. Program Committee, comprised of members selected from the graduate faculty, is responsible for advising students.
Degree Requirements for Students who have Obtained a Bachelor's Degree
The degree requires a minimum of 75 semester credit hours beyond the bachelor’s degree.
No course for which a grade of less than “C” was earned can be applied to the doctoral degree program, and no more than two courses with a grade of “C” may be applied to the program.
Program of Study
Course List Code | Title | Credit Hours |
* | |
| Doctoral Teaching Seminar | |
| |
| Microeconomic Theory | |
| Applied Econometrics I | |
| Mathematical Methods for Economic Analysis | |
| Research Methods I | |
| Research Methods II | |
| Applications in Causal Structural Modeling | |
| Introduction to Statistical Learning | |
| Applied Linear Statistical Models | |
| |
| Corporate Finance | |
| Valuation | |
| Empirical Finance | |
| International Financial Markets | |
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| Topics in Financial Research | |
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Total Credit Hours | 75 |
Degree Requirements for Students who have Obtained a Master's Degree
The degree requires a minimum of 66 semester credit hours beyond the master’s degree.
No course for which a grade of less than “C” was earned can be applied to the doctoral degree program, and no more than two courses with a grade of “C” may be applied to the program.
Program of Study
Course List Code | Title | Credit Hours |
| Doctoral Teaching Seminar | |
| |
| Microeconomic Theory | |
| Applied Econometrics I | |
| Mathematical Methods for Economic Analysis | |
| Research Methods I | |
| Research Methods II | |
| Applications in Causal Structural Modeling | |
| Introduction to Statistical Learning | |
| Applied Linear Statistical Models | |
| |
| Corporate Finance | |
| Valuation | |
| Empirical Finance | |
| International Financial Markets | |
| |
| Topics in Financial Research | |
| |
| |
| |
| |
Total Credit Hours | 66 |
Advancement to Candidacy
Advancement to candidacy requires a student to complete University and program requirements and to pass a written qualifying examination following completion of course requirements in the candidate’s major field of study. The examination is administered by the Ph.D. Program Committee. No more than two attempts to pass qualifying examinations are allowed. Results of the written and oral examinations must be reported to the Ph.D. Program Committee, the Dean of the College, and the Dean of the Graduate School. Admission into the doctoral program does not guarantee advancement to candidacy.
Dissertation
Candidates must demonstrate the ability to conduct independent research by completing and defending an original dissertation. The research topic is determined by the student in consultation with his or her supervising professor. A Dissertation Committee, selected by the student and supervising professor, guides and critiques the candidate’s research. The completed dissertation must be formally presented to and approved by the Dissertation Committee.
Following an open presentation of the dissertation findings, the Dissertation Committee conducts a closed meeting to determine the adequacy of the research and any further requirements for completion of the dissertation. Results of the meeting must be reported to the Dean of the College and to the Dean of the Graduate School.
Awarding of the degree is based on the approval of the Dissertation Committee, approved by the Dean. The UT San Antonio Dean of the Graduate School certifies the completion of all University-wide requirements.
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 working in the real estate community and desiring 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.
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.
Admission Requirements
The following departmental requirements are applicable to the Graduate Certificate in Real Estate Finance and Development:
- A statement of purpose
- One letter of recommendation
- A current résumé.
Certificate Program Requirements
To earn a Graduate Certificate in Real Estate Finance and Development, students must earn 12 semester credit hours as follows:
Course List Code | Title | Credit Hours |
| 12 |
| Real Estate Principles | |
| Real Estate Finance and Investment | |
| Real Estate Construction | |
| Real Estate Development | |
Total Credit Hours | 12 |
Refer to the course descriptions for course prerequisites.
All Applicants, including those enrolled in a graduate degree program at UT San Antonio, must obtain written approval from the certificate program admissions committee. All applicants must have a minimum of one to two years of continuous work experience in the field of real estate or related discipline as approved in writing by the program advisor. 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 admitted into a certificate program while also pursuing a graduate degree will be classified as degree-seeking students. Applicants who are not currently enrolled in a graduate degree program at UT San Antonio will be required to apply for admission to UT San Antonio as a special (non-degree-seeking) graduate student and to indicate their intent to seek admission into a certificate program. If a non-degree-seeking applicant wishes to be admitted into a degree program, they will be required to apply to that program as a degree-seeking student.
Applicants who are pursuing a certificate as special graduate students will not be eligible for financial aid.