FORM RR

UNIVERSITY OF MASSACHUSETTS AMHERST OFFICE OF THE SECRETARY

THE FACULTY SENATE

PROGRAM REVISION APPROVAL FORM

35 COPIES REQUIRED

PROGRAM TITLE: Master in Business Administration (MBA) with a Focus1 in Finance

PLEASE CHECK: GRADUATE XXX UNDERGRADUATE

DEPARTMENT: Graduate Programs HEAD/CHAIR: Alan G. Robinson, Associate Dean for Full-Time MBA

SCHOOL OR COLLEGE: Isenberg School of Management DEAN: Mark Fuller, Dean

Submission Date: 1/30/12 Proposed Starting Date 6/01/2012

I. PROPOSAL DEVELOPMENT

A. Describe the Proposal.

The proposed Full-Time MBA with a Focus in Finance entails the completion of 13 required courses (for a total of 42 credits), 4 credits of general electives and 9 credits of electives in the field of Finance resulting in a 55-credit degree. (See attached proposal for a more detailed description of the Full-Time MBA with a Focus in Finance.)

B. Provide a brief overview of the process for developing the Proposal.

The Graduate Programs Office in the Isenberg School of Management met with Sanjay Nawalkha, the Finance Area Head, for an initial discussion of what finance electives would be appropriate. Professor Nawalkha consulted with the other finance faculty to refine the specific courses involved and to ensure faculty buy-in. As part of this process, we prioritized selection of a significant number of electives that will be offered on an ongoing and consistent basis. Before submitting the proposal for Faculty Senate approval, it was sent to Professor Nawalkha and finance faculty for review.

II. PURPOSE AND GOALS

Describe the Proposals purpose and the particular knowledge and skills to be acquired.

The Full-Time MBA with a Focus in Finance is targeted toward anyone with an interest in the finance and financial services sectors. Students will acquire advance financial knowledge, skills and expertise that will allow them to understand and address key issues in finance. Specific knowledge and skills include (but are not limited to): Investments, Corporate Finance, Financial Modeling, and International Finance.

III. RESOURCES

If this proposal requires no additional resources, say so and briefly explain why. If this proposal requires additional resources, explain how they will be paid for. For proposals involving instruction, indicate how many new enrollments are expected and whether the courses have room to accommodate them.

The proposal requires no additional resources as all of the courses are already currently offered by the Finance Department within the Isenberg School of Management. As a result, we anticipate little or no additional teaching load on our faculty. Expected enrollment is difficult to predict as the MBA program is currently committed to growing its enrollment across the board; however, when surveyed regarded course interest, approximately 20 percent of the class indicated finance. Conservatively, we are expecting an initial enrollment of 5-8 students in 2012, but as overall program enrollment increases, so will the number of student electing to focus in finance.

1 In the interest of consistency, we would like to use the term Focus in lieu of Concentration as the Isenberg MBA program

already has three areas of Focus that we offer.

Curricular Comparison Chart: Full Time MBA vs. Full-Time MBA with a Focus in Finance

Full-Time MBA MBA with Focus in Finance Required Courses SCH-MGMT 797FR Financial Reporting for Decision Makers (4-Credits)

SCH-MGMT 797FR Financial Reporting for Decision Makers (4-Credits)

SCH-MGMT 632 Information Management (3-Credits) SCH-MGMT 632 Information Management (3-Credits) SCH-MGMT 640 Financial Analysis and Decisions (3-Credits)

SCH-MGMT 640 Financial Analysis and Decisions (3-Credits)

SCH-MGMT 650 Business Data Analysis (3-Credits) SCH-MGMT 650 Business Data Analysis (3-Credits) SCH-MGMT 660 Marketing Management (3-Credits) SCH-MGMT 660 Marketing Management (3-Credits) SCH-MGMT 670 Production Operations Management (3-Credits)

SCH-MGMT 670 Production Operations Management (3-Credits)

SCH-MGMT 697BB Managing Organizations and People (3-Credits)

SCH-MGMT 697BB Managing Organizations and People (3-Credits)

SCH-MGMT 689 Organizational Planning and Strategy (3-Credits)

SCH-MGMT 689 Organizational Planning and Strategy (3-Credits)

SCH-MGMT 770 Human Resource Management (3-Credits)

SCH-MGMT 770 Human Resource Management (3-Credits)

SCH-MGMT 783 Business and Its Environment (3-Credits)

SCH-MGMT 783 Business and Its Environment (3-Credits)

SCH-MGMT 640 Managerial Economics (3- Credits) SCH-MGMT 640 Managerial Economics (3- Credits) SCH-MGMT 698 Practicum (6- Credits) SCH-MGMT 698 Practicum (6- Credits) SCH-MGMT 691F Professional Development Seminar (2-Credits)

SCH-MGMT 691F Professional Development Seminar (2-Credits)

Electives 13 Additional Elective Credit Hours 4 Additional Elective Credit Hours 9 Finance Elective Credit Hours

Proposal: Full-Time MBA with a Focus in Finance

Note: Prepared for Faculty Senate Review

Overview

This proposal outlines a new focus in Finance that will be a part of the existing Full-Time Master in Business and Administration (MBA) degree offered through the Isenberg School of Management. This proposed concentration represents a new non-thesis concentration in our existing MBA program. The goal of the Finance Focus is to provide students with opportunity to acquire advanced knowledge, skills and expertise that will allow them to understand and address key issues in finance. Specific knowledge and skills include (but are not limited to): Investments, Corporate Finance, Financial Modeling, and International Finance.

The MBA program has a long-standing history of attracting students with an interest in finance, as the Isenberg finance faculty is particularly strong. The recruiting efforts of the MBA program will be strengthened by offering students an opportunity to focus, which will help increase revenue for the University.

Program Details

Admission: A minimum of a bachelors degree.

Format: Courses are offered in either in person, online or both.

Required Curriculum: To satisfy the requirements for earning a Full-Time MBA with a Focus in Finance, students must take the required Full-Time MBA curriculum (42 credit hours), including SCH-MGMT 640- Financial Analysis and Decisions,2 as well as 4 credit hours of general electives and 9 credit hours of Finance electives for a total of 55 credit hours.

Finance Focus Electives3 (9 Credit Hours Required)

SCH-MGMT 591S ~ Business Strategy and Stock Analysis: Brings together concepts from Business Strategy and Investments in order to develop the thinking and techniques behind value investing. Broadly, the course develops concepts about how and why stock prices fluctuate, and how careful individuals and companies can navigate through wildly unpredictable financial markets. (3-credits)

SCH-MGMT 641 ~ Financial Management: Includes examination of internal financial problems of firms, such as: capital budgeting, cost of capital, dividend policy, rate of return, and financial aspects of growth. Prerequisite: SCH-MGMT 640. (3-credits)

SCH-MGMT 740 ~ Money, Capital, Markets and Institutions: Examines the impact of financial intermediaries on U.S. capital and money markets, and analysis of market efficiency, structure and performance, and the role of monetary, fiscal, and debt-management policies. (3-credits)

2 SCH-MGMT 640- Financial Analysis and Decisions: Course entails the basic concepts, principles, and practices involved in

financing businesses and in maintaining efficient operations. 3 This is not an exhaustive list of electives. Any courses offered by the Finance Department within the Isenberg School of

Management with an appropriate focus finance would be eligible to count as elective credit towards a Full-Time MBA with a Focus in Finance. These electives will of course change over time as the field continues to develop.

SCH-MGMT 741 ~ Investments: Develops general theory of investment management and its application to individual and institutional investors. Prerequisite: SCH-MGMT 640. (3-credits)

SCH-MGMT 742 ~ Growth, Mergers, and Acquisitions: Includes analysis of financial problems and implications of corporate growth, with a focus on mergers and acquisitions as instruments for achieving growth. Prerequisite: SCH-MGMT 640. (3-credits)

SCH-MGMT 743 ~ International Finance: Provides an introduction to foreign money and capital markets and international financial institutions, including: financial planning for corporations with overseas operations, analysis of sources and uses of corporate funds abroad, and criteria for choice among alternative foreign investments. Prerequisite: SCH-MGMT 640. (3-credits)

SCH-MGMT 745 ~ Financial Models: Offers an analytical approach to financial management. Emphasizes theoretical topics of financial decision making. Provides instruction in constructing financial decision making models through the use of mathematical, statistical, and computer simulation methods. Prerequisite: SCH-MGMT 640. (3-credits)

SCH-MGMT 797A1 ~ Alternative Investments: Offers an overview of alternative investment strategies, arbitrage theory, limits to arbitrage, options theory, risk management, real-life examples, hands-on modeling, the use of financial data, and in-depth business applications projects with real business clients. (3-credits)

SCH-MGMT 797GG ~ Real Estate Investment: Introduces a broad overview of real estate investments. Also addresses some of the concepts and techniques involved in analyzing these kinds of financial decisions. Topics include valuation of real property, investment performance measurements and ratios, cash flow analysis, and financing strategies. (2-credits)

SCH-MGMT 797S ~ Financing Strategies for Corporations: Examines the capital-raising and financing strategies of firm at different stages in their life cycles. Covers a wide range of capital market transactions ranging from simple to complex instruments, including initial public offerings by young firms to bank debt, public debt, public debt issues, and financing instruments that combine financing with an element of risk management strategy. (3-credits)

SCH-MGMT 797PW ~ Private Wealth Management: Examines various issues encompassing Private Wealth Management. These include the wealth management process, asset allocation including investing in alternative investments, using options and risk strategies, investor psychology and understanding tax efficiency. (1-credit)

Faculty: For information on our finance faculty, please visit http://www.isenberg.umass.edu/faculty/Faculty_Profiles/facultydept/.

Degree Requirements: The Full-Time MBA degree is awarded to students completing the required courses and credit requirements with an average grade of a "B" or better. All courses must be taken through UMass Amherst and/or Continuing & Professional Education.

Degree Process: Upon meeting the degree requirements, the student must submit a degree eligibility form to have their transcript audited by the Graduate Programs office in the Isenberg School of Management.

For more information:

Dedicated Advisor for MBA with a Focus in Finance: Bobbi Hopkins, Student Support Coordinator Phone: 413-577-3305 Email: bhopkins@isenberg.umass.edu