Pu Liu
Department Chair
302A Business Building
pliu@walton.uark.edu

Wayne Y. Lee
Ph.D. Program Director
M.S. in Finance Program Coordinator
473 Business Building
wlee@walton.uark.edu

Degrees Conferred:
M.S. in Finance (FINN)
Ph.D. in Business Administration (BADM)

Master's Program Description: The Master of Science in Finance is designed for early- to mid-career students who seek advanced education in Finance. Effective financial management requires cross-functional expertise and focus. In addition to the core, the program includes courses from related disciplines that allow students to specialize in one of four concentrations: Business Analytics; Digital Technology; Energy Finance and Risk Management; and Supply Chain Management.

Ph.D. Program Description: The Ph.D. program in Business Administration with an area of study in Finance prepares students for faculty positions at academic institutions or for professional careers in private industry and government. During their course of study, students receive specialized instruction in the areas of corporate finance, investments, and financial institutions. The conceptual knowledge and methodological skills necessary to conduct independent research are acquired through courses and individual apprenticeships with faculty.

Requirements for M.S. in Finance with Business Analytics Concentration

Master of Science in Finance Website

Admission Requirements: The Master of Science in Finance program is open to students who earned a bachelor’s or master’s degree from an accredited institution and can present evidence of their ability to do graduate work, including significant GPA, GMAT or GRE test scores, and recommendations. International students must submit an acceptable TOEFL or IELTS scores or complete the Intensive English Language Program (Spring International Language Center) and demonstrate English proficiency. The  degree program does not require a thesis or comprehensive exam.  Successful completion of a Master of Science in Finance from the University of Arkansas will qualify a student to take relevant professional examinations.

Core Courses (21 hours)
FINN 5223Financial Markets & Valuation3
FINN 5303Advanced Corporate Financial Management3
FINN 5313Advanced Commercial Banking3
FINN 5333Investment Theory and Management3
FINN 541VShollmier Investment Project3
ACCT 5223MBA Accounting Analysis3
Choose one of the following: 3
Financial Statement Analysis
Advanced Accounting Information Systems
Managerial Economics
Data Analytics Fundamentals
Areas of Concentration9
Total Hours30

With the approval of the Master of Science in Finance Program Director, any senior-level (4000+) course may be taken for graduate credit. After admission, the student must maintain a 3.0 grade-point average on all finance and graduate coursework with a grade of "B" or better in 75% of courses attempted. Proposed changes in elective coursework can be made by students in consultation with and subject to the approval of the Master of Science in Finance Director.

Master of Science in Finance (Part-Time): The Walton College also provides an opportunity for professionals in the workplace to complete the program by taking 6 hours per semester over 5 semesters. Approval of the Master of Science in Finance Program Director is required to enroll in more than six credit hours per semester.

Finance and Business Analytics Concentration
Choose three courses from the following:9
Data Analytics Fundamentals 1
Blockchain and E Business Development
Blockchain Fundamentals
Blockchain and Enterprise Data

Requirements for M.S. in Finance with Digital Technology Concentration

Master of Science in Finance Website

Admission Requirements: The Master of Science in Finance program is open to students who earned a bachelor’s or master’s degree from an accredited institution and can present evidence of their ability to do graduate work, including significant GPA, GMAT or GRE test scores, and recommendations. International students must submit an acceptable TOEFL or IELTS scores or complete the Intensive English Language Program (Spring International Language Center) and demonstrate English proficiency. The  degree program does not require a thesis or comprehensive exam.  Successful completion of a Master of Science in Finance from the University of Arkansas will qualify a student to take relevant professional examinations.

Core Courses (21 hours)
FINN 5223Financial Markets & Valuation3
FINN 5303Advanced Corporate Financial Management3
FINN 5313Advanced Commercial Banking3
FINN 5333Investment Theory and Management3
FINN 541VShollmier Investment Project3
ACCT 5223MBA Accounting Analysis3
Choose one of the following: 3
Financial Statement Analysis
Advanced Accounting Information Systems
Managerial Economics
Data Analytics Fundamentals
Areas of Concentration9
Total Hours30

With the approval of the Master of Science in Finance Program Director, any senior-level (4000+) course may be taken for graduate credit. After admission, the student must maintain a 3.0 grade-point average on all finance and graduate coursework with a grade of "B" or better in 75% of courses attempted. Proposed changes in elective coursework can be made by students in consultation with and subject to the approval of the Master of Science in Finance Director.

Master of Science in Finance (Part-Time): The Walton College also provides an opportunity for professionals in the workplace to complete the program by taking 6 hours per semester over 5 semesters. Approval of the Master of Science in Finance Program Director is required to enroll in more than six credit hours per semester.

Finance and Digital Technology Concentration
Students should select 9 hours from the following list of courses:9
Data Analytics Fundamentals 1
Blockchain and E Business Development
Blockchain Fundamentals
Blockchain and Enterprise Data
Total Hours9

Requirements for M.S. in Finance with Energy Finance and Risk Management Concentration

Master of Science in Finance Website

Admission Requirements: The Master of Science in Finance program is open to students who earned a bachelor’s or master’s degree from an accredited institution and can present evidence of their ability to do graduate work, including significant GPA, GMAT or GRE test scores, and recommendations. International students must submit an acceptable TOEFL or IELTS scores or complete the Intensive English Language Program (Spring International Language Center) and demonstrate English proficiency. The  degree program does not require a thesis or comprehensive exam.  Successful completion of a Master of Science in Finance from the University of Arkansas will qualify a student to take relevant professional examinations.

Core Courses (21 hours)
FINN 5223Financial Markets & Valuation3
FINN 5303Advanced Corporate Financial Management3
FINN 5313Advanced Commercial Banking3
FINN 5333Investment Theory and Management3
FINN 541VShollmier Investment Project3
ACCT 5223MBA Accounting Analysis3
Choose one of the following: 3
Financial Statement Analysis
Advanced Accounting Information Systems
Managerial Economics
Data Analytics Fundamentals
Areas of Concentration9
Total Hours30

With the approval of the Master of Science in Finance Program Director, any senior-level (4000+) course may be taken for graduate credit. After admission, the student must maintain a 3.0 grade-point average on all finance and graduate coursework with a grade of "B" or better in 75% of courses attempted. Proposed changes in elective coursework can be made by students in consultation with and subject to the approval of the Master of Science in Finance Director.

Master of Science in Finance (Part-Time): The Walton College also provides an opportunity for professionals in the workplace to complete the program by taking 6 hours per semester over 5 semesters. Approval of the Master of Science in Finance Program Director is required to enroll in more than six credit hours per semester.

Energy Finance and Risk Management Concentration
ACCT 5993Energy Accounting3
FINN 5173Energy Finance and Risk Management3
FINN 510VSpecial Topics in Finance3
Total Hours9

 Students are encouraged to take GARP’s Energy Risk Professional (ERP) certification program.

Requirements for M.S. in Finance with Supply Chain Management Concentration

Master of Science in Finance Website

Admission Requirements: The Master of Science in Finance program is open to students who earned a bachelor’s or master’s degree from an accredited institution and can present evidence of their ability to do graduate work, including significant GPA, GMAT or GRE test scores, and recommendations. International students must submit an acceptable TOEFL or IELTS scores or complete the Intensive English Language Program (Spring International Language Center) and demonstrate English proficiency. The  degree program does not require a thesis or comprehensive exam.  Successful completion of a Master of Science in Finance from the University of Arkansas will qualify a student to take relevant professional examinations.

Core Courses (21 hours)
FINN 5223Financial Markets & Valuation3
FINN 5303Advanced Corporate Financial Management3
FINN 5313Advanced Commercial Banking3
FINN 5333Investment Theory and Management3
FINN 541VShollmier Investment Project3
ACCT 5223MBA Accounting Analysis3
Choose one of the following: 3
Financial Statement Analysis
Advanced Accounting Information Systems
Managerial Economics
Data Analytics Fundamentals
Areas of Concentration9
Total Hours30

With the approval of the Master of Science in Finance Program Director, any senior-level (4000+) course may be taken for graduate credit. After admission, the student must maintain a 3.0 grade-point average on all finance and graduate coursework with a grade of "B" or better in 75% of courses attempted. Proposed changes in elective coursework can be made by students in consultation with and subject to the approval of the Master of Science in Finance Director.

Master of Science in Finance (Part-Time): The Walton College also provides an opportunity for professionals in the workplace to complete the program by taking 6 hours per semester over 5 semesters. Approval of the Master of Science in Finance Program Director is required to enroll in more than six credit hours per semester.

Finance and Supply Chain Management Concentration
Students should select 9 hours from the following list of courses:9
Supply Chain Innovation and Technology
Introduction to Supply Chain Management
Retail and CPG Supply Chain Management
Supply Chain Management in Global Business 1
Predictive Supply Chain Analytics

Ph.D. in Business Administration (Finance)

Program Requirements:
The Ph.D. program in Finance requires 43 credit hours of coursework. Five seminars (15 credit hours) in financial theory and research are required in addition to 1 hour of WCOB 6111 Seminar in Business Administration Teaching I. The remaining credit hours, distributed across two supporting areas, economics and research, are customized in consultation with the department doctoral program adviser along with 18 hours of dissertation. In addition, students must complete a research paper requirement, pass a written and an oral comprehensive exam, as well as successfully defend a dissertation.
 

Required Courses (34 hours)
WCOB 6111Seminar in Business Administration Teaching I 1
Finance
FINN 6043Finance Theory3
FINN 6133Seminar in Investment Theory3
FINN 6233Seminar in Financial Management3
FINN 6333Empirical Research in Finance3
FINN 6733Seminar in Financial Markets and Institutions3
Economics
ECON 6133Mathematics for Economic Analysis
ECON 6213Microeconomic Theory I
ECON 6223Microeconomic Theory II
ECON 6613Econometrics I
ECON 6623Econometrics II3
ECON 6633Econometrics III3
Research Requirements (9 hours)
Students may take up to one research tool course approved by the department doctoral program adviser when the research tool course is not listed above.
FINN 683VContemporary Issues in Doctoral Colloquium 3
Select two of the following: 6
Introduction to Probability Theory
Statistical Inference
Methods of Multivariate Analysis
Analysis of Categorical Responses
Time Series Analysis
Spatial Statistics
Dissertation18
Total Hours49

Candidacy Exam

The comprehensive exam has written and oral elements. The written segment consists of two questions from each of the five doctoral seminars. Students must answer a total of seven questions with at least one question from each of the five doctoral seminars. Contingent on satisfactory performance on the written exam, students progress to the oral segment. In the oral segment, students are asked to clarify and/or expand on their answers to questions on the written exam. Students can also be asked to address questions on the written exam which were not selected. Students who successfully pass the comprehensive exam advance to the dissertation stage. 

Students must complete a minimum of 72 graduate credit hours beyond the bachelor’s degree and 42 graduate credit hours beyond the master’s degree. For students who apply to the degree program without a master’s degree, a minimum of 11 additional credit hours in consultation with the department doctoral program adviser will be required to fulfill the full degree requirements to include approved graduate courses or a Master of Arts in Economics. Additional hours may be assessed in individual cases to meet specific coursework deficiencies.  

Go to a complete list of the university's Graduate School degree requirements.

Graduate Faculty

Acrey, Cash, Ph.D., M.B.A. (University of Arkansas), B.A. (University of Arkansas at Little Rock), Clinical Assistant Professor, 2013.
Dominick, John Andrew, Ph.D., M.S. (University of Alabama), B.S.B.A. (Louisiana Polytechnic Institute), Professor, 1970.
Hsu, Hung-Chia Scott, Ph.D. (University of North Carolina-Chapel Hill), M.A. (University of Southern California), B.A. (National Taiwan University), Assistant Professor, 2015.
Jandik, Tomas, Ph.D. (University of Pittsburgh), M.S., B.S. (Czech Technical University), Professor, 2000.
Lee, Wayne Y., Ph.D. (University of California-Los Angeles), M.B.A. (Santa Clara University), B.S.M.E. (De La Salle College, Philippines), Professor, 1998.
Liu, Pu, Ph.D., M.B.A. (Indiana University at Bloomington), B.S. (National Cheng Kung University), Professor, 1984.
Malakhov, Alexey, Ph.D. (Northwestern University), Ph.D. (University of North Carolina at Charlotte), M.S. (Moscow State University), Associate Professor, 2006.
Rennie, Craig, Ph.D. (University of Oregon), M.B.A. (Dalhousie University), B.A. (University of Toronto), Associate Professor, 2001.
Riley, Timothy B., Ph.D., M.B.A., B.S.S. (University of Kentucky), Assistant Professor, 2016.
Risk, Mark E., M.B.A., B.S.B.A. (University of Arkansas), Instructor, 1981.
Sirmans, Corbitt Stace, Ph.D., B.S. (Florida State University), Assistant Professor, 2014.
Yeager, Timothy J., Ph.D., M.A. (Washington University in St. Louis), Professor, 2006.

Courses

FINN 510V. Special Topics in Finance. 1-3 Hour.

This course focuses on advanced energy risk management strategies and tactics commonly applied by regional, national, and multi-national energy firms, including upstream, midstream, and downstream oil and gas companies, and by firms and other participants in the electricity industry. Contemporary issues related to energy, fracking, conflict, technological innovation, and the future of the energy industry will be covered. Topics include financial statement analysis and valuation of energy companies, commodity trading and risk management, forwards, futures, options, and swaps, and hedging. Fundamental credit risk analysis and risk exposure, counterparty risk, risk mitigation techniques, and country risk are also covered.Prerequisite: Graduate standing. (Typically offered: Fall and Spring)

FINN 5113. Corporate Financial Management. 3 Hours.

Financial analysis, planning and control; decision making and modeling for financial managers; and financial policies for management. (Typically offered: Spring)

FINN 5133. Advanced Investments. 3 Hours.

(Formerly FINN 4133.) Sound training in the principles of security analysis and portfolio management and certain advanced techniques of financial management. Modern portfolio theory and its application to portfolio management practices will be emphasized. Graduate degree credit will not be given for both FINN 4133 and FINN 5133. Prerequisite: FINN 3063. (Typically offered: Fall and Spring)

FINN 5173. Energy Finance and Risk Management. 3 Hours.

This course provides an advanced introduction to energy finance, defined as the application of finance principles to energy, energy service, and related industries, concerning all aspects of the energy value chain. Topics include: (1) physical fossil fuel markets; (2) physical electricity markets; (3) financially traded energy products; and (4) credit, counterpart, country, and enterprise risk. It also introduces students to business valuation and investment banking applications in the energy industry vertical. Prerequisite: FINN 5113 or FINN 5223. (Typically offered: Fall)

FINN 5223. Financial Markets & Valuation. 3 Hours.

Analysis of financial information by capital markets in the determination of security values with specific applications to retail and logistics companies. This course views these and other companies from the point of view of the capital markets. (Typically offered: Spring) May be repeated for degree credit.

FINN 5233. Advanced Corporate Finance. 3 Hours.

(Formerly FINN 4233.) Addresses complex and multifaceted issues and problems in financial decision-making. Graduate degree credit will not be given for both FINN 4233 and FINN 5233. Prerequisite: FINN 3603. (Typically offered: Irregular)

FINN 5303. Advanced Corporate Financial Management. 3 Hours.

Focus on financial policy issues using real situational cases. Topics include cost of capital, capital budgeting and long-term planning, value-based management, real options, as well as project financing and valuation. Prerequisite: FINN 5223. (Typically offered: Irregular)

FINN 5313. Advanced Commercial Banking. 3 Hours.

This course focuses on advanced risk management strategies commonly implemented at regional and large commercial banks. Topics include financial statement analysis of banks and holding companies, credit analysis of global cash flow, Basel III capital requirements and stress testing, interest rate risk measurement and management, and interest rate hedging with derivatives. (Typically offered: Fall and Spring)

FINN 5333. Investment Theory and Management. 3 Hours.

Integration of theory, practice of investments with solution of individual and institutional portfolio management problems; Institute of Chartered Financial Analysts' Problems; variable annuity in estate planning. Prerequisite: FINN 5223. (Typically offered: Fall)

FINN 541V. Shollmier Investment Project. 1-3 Hour.

Provide students with the opportunity to design and apply complex investment strategies used in institutional portfolio management on the Shollmier MBA Fund that can involve fixed income and equity securities as well as derivatives. Students will use top down asset allocation models, bottom up security selection, and hedge fund strategies. Prerequisite: FINN 5223 and FINN 5333. (Typically offered: Fall and Spring) May be repeated for up to 9 hours of degree credit.

FINN 5433. Real Estate Finance and Investment. 3 Hours.

(Formerly FINN 4433.) Consideration of professional aspects of the real estate field. Emphasis is placed upon finance techniques and investment analysis. The focus is on commercial real estate. Brokerage, property management, appraisal, property development and current problems are also addressed. Students prepare a feasibly study on a commercial development project. Graduate degree credit will not be given for both FINN 4433 and FINN 5433. Prerequisite: FINN 3933. (Typically offered: Spring)

FINN 550V. Independent Study. 1-3 Hour.

(Formerly FINN 450V.) Permits students on an individual basis to explore selected topics in finance, with the consent of instructor. Graduate degree credit will not be given for both FINN 450V and FINN 550V. (Typically offered: Irregular)

FINN 6043. Finance Theory. 3 Hours.

Provides a conceptual understanding of key theoretical developments in the field of financial economics, including firm decisions under risk within a world of uncertainty. (Typically offered: Irregular)

FINN 6133. Seminar in Investment Theory. 3 Hours.

Study advanced literature in field investments, with special reference to theory of random walks, stock valuation models, portfolio management. (Typically offered: Spring)

FINN 6233. Seminar in Financial Management. 3 Hours.

Financial management of firm with emphasis on financial theory or firm, quantitative methods used in financial analysis, planning. (Typically offered: Irregular)

FINN 6333. Empirical Research in Finance. 3 Hours.

A study of recent empirically based research in finance. (Typically offered: Irregular)

FINN 6733. Seminar in Financial Markets and Institutions. 3 Hours.

Recent developments in the literature of financial markets and institutions. Participants will be involved in the extensive study of existing theories and empirical tests of the theories. (Typically offered: Irregular)

FINN 683V. Contemporary Issues in Doctoral Colloquium. 1-3 Hour.

To explore and evaluate contemporary research issues in finance. Course content to reflect the most recent developments in theory and empirical research methodologies. Prerequisite: Doctoral student status and instructor consent. (Typically offered: Fall, Spring and Summer) May be repeated for up to 18 hours of degree credit.

FINN 700V. Doctoral Dissertation. 1-18 Hour.

Doctoral Dissertation. Prerequisite: Candidacy. (Typically offered: Fall and Spring) May be repeated for degree credit.