Catalog Version

Summer/Autumn 2013
Catalog update:
May 15, 2013

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Students are required to follow the Academic Handbook and Code of Student Responsibility

The Wealth Manangement Boot Camp (FIN 570) and 12 courses are required to complete the Master of Science in Wealth Management.  

FIN 570

WEALTH MANAGEMENT BOOT CAMP

This zero credit course is designed to familiarize the student with the depth and breadth of topics covered throughout the curriculum. The overriding theme of this boot camp is two-fold: (1) to instill and emphasize the importance of ethical conduct in a field best characterized by the element of trust. Entering students will receive a preview of the standards of practice and the importance of ethical conduct to their long-term success. (2) to provide the students a means of an in-depth evaluation of his/her decision to pursue the degree. The student will be provided the opportunity to evaluate suitability of the field and the degree for his/her future career goals. The course will be delivered over a Friday-Saturday period (9:00A.M. - 5:00P.M.) immediately prior to the start of the Fall and Spring quarters. It will be taught by the team of academic and industry directors of the program. Where appropriate, industry guest speakers will also be utilized.

ACC 592

OVERVIEW OF FEDERAL INCOME TAX

This course introduces students to an overview of the Federal income tax system from a financial planning perspective. This course covers a review of the inclusions and exclusions from gross income, deductions therefrom in arriving at taxable income, and the characterization of transactions as capital or ordinary. The course will focus primarily on the taxation on individuals, with an emphasis on the impact of investments in the financial planning process.
Prerequisites:
ACC 500 is a prerequisite for this class.

ACC 593

OVERVIEW OF TRANSFER PLANNING FOR WEALTH MANAGEMENT

This course introduces students to an overview of the transfer tax system from a financial planning perspective. The course will be divided into four areas of concentration: (1) transfer tax, (2) property law, (3) estate planning, and (4) insurance, charitable and retirement topics. The objective of the course is to analyze how each of the above areas of concentration impact the financial planning process. Student evaluations will be based primarily on a comprehensive planning problem at the end of the course (80%), with two minor exercises during the course.
Prerequisites:
ACC 500 is a prerequisite for this class.

A&S 491

ADMINISTRATIVE THEORY AND BEHAVIOR

This course concerns theoretical concepts and empirical research relating to administrative behavior in organizations with special reference to educational organizations. Concepts are examined within the typical decisional framework of supervisors, chief school business officers, principles, and superintendents, and similar positions in the helping professions. Assignments are individualized.
Prerequisites:
Status as an Advanced Masters Education student is a prerequisite for this class.

ACC 594

MULTIGENERATIONAL ADVANCED PLANNING STRUCTURES

This course will involve a survey of the planning and structuring issues that high net worth families address when managing wealth for multiple generations. The course will be facilitated by one or two instructors who will direct eight different expert guest lecturers in the wealth management field. The topics include: - Introduction and review of federal wealth transfer tax concepts - Generation-skipping transfer tax and structuring dynastic entities - Charitable gifts and foundations utilized in large families - Management and dispositions of family business and closely held entities - Asset protection planning: domestic and international - International estate planning: offshore trusts and entities - Creating and administering a family office - Family governance, wealth education and private trust companies
Prerequisites:
ACC 592 and ACC 593 is a prerequisite for this class.

FIN 501

ETHICS IN FINANCIAL MARKETS

This seminar course will examine both ethical issues and conflicts of interest that face financial decision makers in today's business world. The class will feature case studies and guest speakers as the key teaching tools, supplemented by short lectures and student simulations/exercises. Each class period will be devoted to a different contest in which to consider topical isssues. We will look at and discuss ethical issues facing financial services companies, corporates (both public and private), as well as not for profits. We will examine these issues, where applicable and relevant, from multiple perspectives: Board of Directors, Executive Management, Shareholders, Regulators, Suppliers and Customers, Competitors, Employees and Communities. Some of the discussion will purposefully consider the additional realities of differing culture and values in the international context.
Prerequisites:
FIN 523 is a prerequisite for this class.

FIN 555

FINANCIAL MANAGEMENT

This course provides an introduction to concepts and techniques required to analyze and implement optimal financial decisions by firms and serves as the core course in the corporate finance sequence. The course focuses on the effect of time and uncertainty on investment and financing decisions. It develops a framework for corporate financial decision-making. Topics covered include basic discounting techniques, stock and bond valuation, capital budgeting, portfolio theory, asset pricing, and capital structure. The course uses several case studies to illustrate the application of finance theory to practical problems. Prerequisite: GSB 420, ACC 500, ECO 555
Prerequisites:
ACC 500 and (ECO 555 or equivalents) and GSB 420 are a prerequisite for this class.

FIN 528

ALTERNATIVE INVESTMENTS

Alternative investments are the fastest growing sector of the financial industry, and probably the least understood, including by many market professionals. Although the range of sophistication in people associated with alternative investments varies, it is more and more common to use them in investment strategies, either as direct investments, through funds of funds or structured products. The purpose of this course is to give students a good understanding and workable knowledge of the techniques that should be part of the toolkit of anyone investing in, analyzing and/or advising private and institutional clients on the inclusion of alternative investments in their portfolios. Because this course is geared for students wishing to pursue careers in Wealth Management or related fields, it will largely be taught from a practitioner's point of view. Throughout the course we will pay special attention to capital market trends as they relate to the various investment vehicles we discuss. We will also turn our attention to corporate governance issues as they pertain to alternative investment strategies.
Prerequisites:
FIN 523 is a prerequisite for this class.

FIN 564

RISK MANAGEMENT FOR INDIVIDUALS, FAMILIES AND ENTITIES

This course develops an analytical framework that employs the tools and techniques for managing risks that affect total wealth throughout the lifetime of an investor or throughout an extended period defined by a family's or entity's objectives. The course starts with insurance markets and insurance products. After the discussion on insurance as a risk management tool, the discussion shifts to topics in financial risk management, including risk tolerance and asset allocation in a mean-variance framework. The remainder of the course adopts an integrative framework for managing other risk factors; such as those generated by uncertain earnings, mortality and longevity - that are not present in an institutional investment setting and discusses the role of financial risk management and insurance products for hedging those risk factors. At the level of the individual, the course views total wealth as a combination of financial assets and human capital and develops portfolio allocations and strategies for risk management accordingly. For families and entities, the focus is on asset-liability management as a tool for portfolio allocation and risk management.
Prerequisites:
FIN 528 is a prerequisite for this class.

FIN 523

INVESTMENT ANALYSIS

This course provides an introduction to capital markets and financial instruments and emphasizes on security valuation. It is not a course on personal investing. The course builds on Fin 555 and covers relevant aspects of fixed-income markets, asset pricing, portfolio management, equity markets, and derivatives markets. The course provides background material for both Fin 662 (Derivatives Valuation) and Fin 675 (Cases in Investments and Financial Engineering). Prerequisite: FIN 555
Prerequisites:
FIN 555 and GSB 420 are prerequisites for this class.

FIN 581

THE PSYCHOLOGY OF FINANCIAL DECISION MAKING

This course studies the various behavioral strategies that people rely upon to make financial decisions. The course starts with a review of psychological research on intuitive judgment, belief formation, learning, memory, utility theory, risk attitudes, and choice over time. The course introduces concepts such as framing, heuristics, self-control, and conformity. These ideas are illustrated with practical applications to saving decisions, entrepreneurship, trust between financial advisors and their clients, and decision-making in groups. Class discussions are based on academic research. Prerequisite: At least one graduate level finance course.
Prerequisites:
FIN 555 is a prerequisite for this class

FIN 572

FINANCIAL PLANNING, CAPSTONE I

This course serves as a capstone course for the multifaceted task of providing wealth management services to high net worth families. Wealth management encompasses assessing the changing financial needs of a family over time, providing financial services to help them achieve their goals, assisting in the implementation of the plans, the monitoring of the changing environment and family circumstances, and the periodic review of the financial plan. The course will review the general principles of financial planning, address the need for wealth management services, the objectives of the planning process and the analysis of personal financial statements. In addition, the marketing of wealth management services will be woven into the course, since knowledge of the subject matter is most valuable when it can be applied to actual families. Development of a strategy, utilizing the tools and techniques for managing risk, requires the use of many different components, which must be considered on a consolidated basis. The basic components can be broken down into: 1. General Principles of Financial Planning 2. Insurance Planning and Risk Management 3. Employee Benefits Planning 4. Investment Planning 5. Income Tax Planning 6. Retirement Planning 7. Estate Planning The course will emphasize the ethical and legal issues involved in maintaining and growing a wealth management services business. The course will be focused on a case study, in which financial plans, marketing plans, and revisions to those plans will be developed based on the changing needs of the family. Both written and oral presentations will be required. Can only be taken during the last quarter of study.

FIN 573

FINANCIAL PLANNING, CAPSTONE II

This course serves as a capstone course for the multifaceted task of providing wealth management services to high net worth families. Wealth management encompasses assessing the changing financial needs of a family over time, providing financial services to help them achieve their goals, assisting in the implementation of the plans, the monitoring of the changing environment and family circumstances, and the periodic review of the financial plan. The course will review the general principles of financial planning, address the need for wealth management services, the objectives of the planning process and the analysis of personal financial statements. In addition, the marketing of wealth management services will be woven into the course, since knowledge of the subject matter is most valuable when it can be applied to actual families. Development of a strategy, utilizing the tools and techniques for managing risk, requires the use of many different components, which must be considered on a consolidated basis. The basic components can be broken down into: 1. General Principles of Financial Planning 2. Insurance Planning and Risk Management 3. Employee Benefits Planning 4. Investment Planning 5. Income Tax Planning 6. Retirement Planning 7. Estate Planning The course will emphasize the ethical and legal issues involved in maintaining and growing a wealth management services business. The course will be focused on a case study, in which financial plans, marketing plans, and revisions to those plans will be developed based on the changing needs of the family. Both written and oral presentations will be required. Can only be taken during the last quarter of study.
Prerequisites:
FIN 572 is a prerequisite for this class.

RE 530

REAL ESTATE INVESTMENT AND FINANCE

This course is designed to develop the vocabulary, concepts, and skills for rational real estate investment decisions. It will consider both the debt and equity side of private market real estate decision making. Topics include risk analysis, regional and sub-market economics, and property specific analysis. Case analysis is an integral part of the course.
Prerequisites:
FIN 555 is a prerequisite for this class.