Program Overview

The Master of Science in Financial Economics requires four semesters of full-time study (fall and spring) at Columbia Business School.

Students complete a minimum of 16 full graduate-level courses including a research seminar, in which they conduct a project on an industry-focused research question. Students are also required to complete a summer internship for at least six weeks, which involves working as an intern in a company or doing research assistance work for a faculty member. The internship will ideally be tied closely to a student's research seminar project.

Each semester, students will take a rigorous set of PhD-level courses, supplemented with MBA and other graduate level courses. In students 2nd, 3rd, and 4th terms, they will have at least one or two electives, either at the PhD or MBA level. MSFE students must take 10 PhD or PhD equivalent courses and may take no more than 6 MBA level courses.

One of the following two PhD-level course tracks are required, unless permission is obtained from the Finance and Economics Director of the MSFE Program:

Fall first year: Students will choose between Track A (academically oriented curriculum) or Track B (a more industry focused applied curriculum)

 Track A:

• Microeconomics sequence (fall first year)
  1. B9208 Microeconomic Analysis II (1/2 course)
  2. B9206 Microeconomic Analysis I (1/2 course)
• B9323 Introduction to Econometrics and Statistical Inference
• B9122 Computing  for Business Research (not required but highly recommended)
• B9302 Finance Theory I

Track B: 

• Continuous Time Sequence  (fall first year)

1.  B9336 Introduction to Continuous Time Finance (1/2 course)
2. B9337 Advanced Derivatives (1/2 course)

• B9323 Introduction to Econometrics and Statistical Inference
• B9122 Computing for Business Research (not required but highly recommended)
• B9302 Finance Theory I

Spring first year: 

Track A: 

• Microeconomics (fall first year)

1. B9209 Microeconomic Analysis III (1/2 course)
2. B9211 Microeconomic Analysis IV (1/2 course)

• Financial Econometrics

1. B9325 Financial Econometrics: Time Series (1/2 course
2. B9326: Financial Econometrics: Panel Data (1/2 course)

• Finance Theory  II

1. B9330 Microstructure Theory (1/2 course)

• Big Data

1. B9334 Big Data in Finance

• Elective (1/2 course)

Track B:

• Financial Econometrics 

1. B9325 Financial Econometrics: Time Series (1/2 course)
2. B9326: Financial Econometrics: Panel Data (1/2 course)

• Finance Theory  II

1. B9330 Microstructure Theory (1/2 course)

• Big Data

1. B9334 Big Data in Finance

• Electives  (1 1/2 courses)

1. Common electives include B8331 Real Estate Finance, B8308 Debt Markets, B8323 Asset Management, B9010 Valuation and Financial Statement Analysis, B9029 Research on Investing with Fundamental Analysis

Second Year: : no required courses, students must fulfill requirement of 10 PhD or PhD equivalent level courses. Common PhD electives

• B9311 Empirical Asset Pricing II
• B9319 Asset Pricing I
• B9310 Behavioral Finance
• B9317 Corporate Finance Theory
• B9333 Financial Intermediation (1/2 course)
• B9335 Information in Financial Markets (1/2 course)
• B9312 Thesis Seminar and MS Thesis (Spring, second year)

In the second year, student schedules will be highly variable due to course offerings and interests. Students need to complete their PhD course level requirements, but these courses need not be Finance Division courses, and it is common for students to take PhD or PhD equivalent level courses in other divisions of the Business School (e.g, Operations Research or Accounting), or in other departments/schools around the university (e.g., Computer Science, Statistics, the Law School, etc.). Most students also take advanced MBA level courses. ​​​​​​​