Departments | Finance

Graduate Program in Finance

For specific concentration inquiries regarding the Graduate Programs please contact the department's Academic Coordinating Committee member listed at the end of the page.

Currently the Department of Finance offers concentrations in the following areas:

  • Finance Concentration
  • Corporate Finance Concentration
  • Investment Management Concentration
  • Energy Finance Concentration
  • Real Estate Finance Concentration
  • Private Equity Finance Concentration

The objective of the program is to prepare MBA students for financial positions with non-financial corporations, the financial services industry, private equity firms, energy companies, and real estate firms. This program builds on the existing faculty expertise in the Department of Finance and the McCombs School of Business. Based on students' choices among a multidisciplinary set of courses in finance, accounting and other fields, students are able to develop concentrations in the areas of corporate finance, investments, and private equity as well as energy finance and real estate finance.

In recent years, finance has been the largest, single placement area in the MBA program with approximately 40% of all the job offers made to MBA students for positions in finance. A representative list of firms who recruited UT MBA students for finance-related positions over 2004-2005 can be found following the course requirements for each concentration. The Department has consulted with many of these firms, as well as other finance recruiters, in the development of the program.

One of the goals in designing the program is to provide students with the maximum flexibility possible in course selection, while insuring that students have sufficient exposure to the academic subjects necessary to certify them as prepared for finance-related careers. The Finance concentration (as well as each additional concentration area) has three required courses for all students beyond the introductory course BA 285T, Financial Management: FIN 286, Valuation, FIN 394.1, Advanced Topics in Corporate Finance and FIN 397.1, Investment Theory and Practice. Students then take 12 additional semester credit hours from two curriculum blocks. The two blocks are: (1) Finance and Real Estate, requiring a minimum of three courses selected by the student from the non-core, graduate electives offered by the Department of Finance; and, (2) Accounting, with a minimum of one graduate accounting course beyond the accounting core requirement. Students can freely select courses for each block to design a curriculum that best prepares them for their desired financial positions. Students planning to complete the Finance concentration should take FIN 394.1 and FIN 397.1 during the spring semester of their first year. Most of the remaining Finance electives have these 2 courses along with BA 285T and FIN 286 as pre-requisites.

Corporate Finance Concentration

 The Corporate Finance concentration (along with investment management) covers one of the largest employment areas for MBA students in finance: corporate finance and investment management. MBA students graduating with these concentrations typically work as financial analysts, or credit analysts in corporations, investment firms, or financial institutions.

MBA graduates commonly start either as financial analysts for corporations or as associates of corporate treasury departments. Students in this area are also often sought by management consulting firms. As financial analysts, they are often responsible for: conducting analysis and providing recommendations on capital investments and financing alternatives; analysis of new marketing and product programs; generation and analysis of division and corporate performance measures; preparation and coordination of annual budgets and financial forecasts; analyzing and reporting on product and customer profitability; and, the analysis of acquisition candidates. In a corporate treasury department, common duties include: financial planning for the corporation; structuring and arranging medium and long-term financing including bank loans and public securities issues; arranging funding for company capital projects; and assistance with the acquisition and disposition of corporate assets.

Curriculum Requirements

FIN 286 - Valuation (flexible core)
FIN 394.1 - Advanced Topics in Corporate Finance
FIN 397.1 - Investment Theory & Practice


It is advised that students take FIN 394.1 and FIN 397.1 during the spring semester of their first year in the MBA program.

Finance Block
Choose at least three courses from the following:

FIN 390.1 - Financial Markets and Institutions
FIN 394.2 - Financial Strategies
FIN 394.3 - Global Finance
FIN 397.2 - Portfolio Management and Security Analysis
FIN 397.4 - Financial Risk Management
FIN 397.5 - Fixed Income Analysis


Accounting Block
Choose one of the following accounting courses:


ACC 380D - Advanced Topics in Financial Reporting
ACC 380K.7 - Financial Statement Analysis

Total credit hours: 20

Energy Finance Concentration

MBA students entering the energy industry must be prepared to understand, quantify, monitor, and manage the financial risks created by volatile energy prices and to participate in the evaluation of energy projects and energy derivatives.

The academic cornerstone of the program is found in two courses: Financial Strategies - Energy Finance (FIN 394.2), and the specially designated energy finance section of Financial Risk Management (FIN 397.4). The combination of these two courses addresses three broad areas of study in an energy context: asset valuation, corporate finance, and risk management. The valuation portion covers the valuing of financial contracts and derivatives securities. The corporate finance section examines financing decisions, business valuation, and mergers/acquisitions. The risk management area considers hedging and risk management strategies. Students in this concentration also participate in professional seminars on the "physical" side of the energy business to provide background on topics such as energy exploration, production, and distribution. Energy professionals play an important role in student development as they assist with these seminars and participate in class sessions on major energy finance issues. The concentration is supported by the Center for Energy Finance Education and Research (CEFER) and more information can be obtained from CEFER’s website.

Curriculum Requirements

FIN 286 - Valuation (flexible-core)
FIN 394.1 - Advanced Topics in Corporate Finance
FIN 397.1 - Investment Theory & Practice

Finance Block
The following two finance courses should be taken during the 2nd year fall semester:

FIN 394.2 - Financial Strategies - Energy Finance
FIN 397.4 - Financial Risk Management - Energy Finance

Accounting Block
Choose one of the following accounting courses:

ACC 380K.8 - Topics in Accounting/Tax for Mineral Industries
ACC 380D - Advanced Topics in Financial Reporting
ACC 380K.7 - Financial Statement Analysis

Other Recommended Electives

LEB 380.32 - Energy Law
FIN 394.15 - Energy Finance Practicum

Total credit hours:17

Finance Concentration

The Finance concentration (as well as each additional concentration area) has three required courses for all students beyond the introductory course BA 285T, Financial Management: FIN 286, Valuation, FIN 394.1, Advanced Topics in Corporate Finance and FIN 397.1, Investment Theory and Practice. Students then take 12 additional semester credit hours from two curriculum blocks. The two blocks are: (1) Finance and Real Estate, requiring a minimum of three courses selected by the student from the non-core, graduate electives offered by the Department of Finance; and, (2) Accounting, with a minimum of one graduate accounting course beyond the accounting core requirement. Students can freely select courses for each block to design a curriculum that best prepares them for their desired financial positions. Students planning to complete the Finance concentration should take FIN 394.1 and FIN 397.1 during the spring semester of their first year. Most of the remaining Finance electives have these 2 courses along with BA 285T and FIN 286 as pre-requisites.  

Curriculum Requirements

FIN 286 - Valuation (flexible core)
FIN 394.1 - Advanced Topics in Corporate Finance
FIN 397.1 - Investment Theory & Practice

It is advised that students take FIN 394.1 and FIN 397.1 during the spring semester of their first year in the MBA program.

Finance and Real Estate Block

Students take any three non-core graduate courses with the prefix of FIN or RE.

Accounting Block

Students take any non-core, graduate course with the prefix of ACC.

Total credit hours: 20

Investment Management Concentration

The field of investment management involves the analysis of various types of financial securities and the management of investment portfolios. Students graduating with this background commonly start their careers as financial analysts for investment funds, investment bankers, or other financial institutions. In these positions they are responsible for analyzing complex financial instruments including common stocks, fixed-income securities, futures, options, and different forms of derivative securities. As investment bankers, they may become involved in the trading of financial instruments, in the analysis of mergers and acquisition decisions, and in helping corporations with their equity and debt financing. This concentration is supported by an academic center in the Department, the AIM Investment Center.

The MBA Investment Fund, L.L.C. is a student-managed, private investment company created to enable MBA students at The University of Texas to obtain a real-world experience in the construction and on-going management of an investment portfolio. Students in the Finance concentration are selected to participate in a course of study that includes the management of the Fund as part of its curriculum. The student portfolio managers are assigned to separate asset-class portfolios within the Fund and manage their positions under the guidance of a professional investment counselor. The students also report to an Advisory Committee made up of faculty from the Department of Finance and leading professionals from the investment industry. The Fund has its research home in the EDS Financial Trading and Technology Center (FTTC).

The Fund is a registered limited liability company organized under the laws of the State of Texas. The assets of the Fund consist of money invested in the Fund by alumni and business supporters who are recognized as accredited investors under the securities laws.

The student portfolio managers of the Fund are selected by the Finance faculty from the applications of MBA students enrolled in the Finance Program. Student managers are selected during the first semester in the MBA program. Part way through the second semester, they are then responsible for portfolio management and for making specific purchase and sale recommendations. More information about the Fund as well as applications for student manager positions can be obtained from the MBA Investment Fund's website.

Curriculum Requirements

FIN 286 - Valuation (flexible core)
FIN 394.1 - Advanced Topics in Corporate Finance
FIN 397.1 - Investment Theory & Practice

It is advised that students take FIN 394.1 and FIN 397.1 during the spring semester of their first year in the MBA program.

Finance Block
Choose at least three courses from the following:

FIN 390.1 - Financial Markets and Institutions
FIN 394.2 - Financial Strategies
FIN 394.3 - Global Finance
FIN 397.2 - Portfolio Management and Security Analysis
FIN 397.4 - Financial Risk Management
FIN 397.5 - Fixed Income Analysis
FIN 397.6 - Special Topics in Investments

Accounting Block
Choose one of the following accounting courses:

ACC 380D - Advanced Topics in Financial Reporting
ACC 380K.7 - Financial Statement Analysis

Total credit hours: 20

Private Equity Finance Concentration

 The Department of Finance has developed a multi-disciplinary curriculum in the area of private equity finance. This curriculum covers the broad spectrum of private equity investments, including early-and-later stage venture investing, investing in established private firms, buyouts, financial restructuring of distressed firms, and private equity financing by public firms. This concentration prepares students for careers with investors in private equity funds, private equity fund managers, issuers of private equity securities, and other important participants in the private equity market such as commercial banks, investment banks, and other investment advisors. The concentration is supported by the Hicks, Muse, Tate & Furst Center for Private Equity Finance. For more information about the private equity finance concentration and the Hicks, Muse, Tate & Furst Center for Private Equity Finance (HMTF) go to the HMTF website.

Curriculum Requirements

FIN 286 - Valuation (flexible-core)
ACC 287 - Performance Management and Control (flexible-core)
FIN 394.1 - Advanced Topics in Corporate Finance
FIN 397.1 - Investment Theory and Practice

It is advised that students take FIN 394.1 and FIN 397.1 during the spring semester of their first year in the MBA program.

Finance Block

FIN 394.2 - Financial Strategies
FIN 394.4 - Financial Management of Small Business
FIN 390.1 - Financial Markets and Institutions

Other Recommended Electives

ACC 380K.7 - Financial Statement Analysis
MAN 385 - Entrepreneurial Management
MAN 383 - Managing People and Organizations
MAN 383 - Art and Science of Negotiation

Total credit hours: 19

Real Estate Finance Concentration

Students in this concentration receive training in urban land markets, real estate investment and finance, and urban development to accompany their general MBA education. Upon completion of this concentration, graduates are ready to assume responsible positions in areas such as development, real estate lending, real estate consulting, institutional real estate investment, and corporate asset management.

Students interested in real estate finance should enroll in RE 386.2, Real Estate Investment Decisions, during the spring semester of their first year in the MBA program. This course prepares students for a summer internship with a real estate company during the summer between their first and second year in the MBA program. RE 386.2 would be the third elective available in the second semester and would be taken simultaneously with FIN 394.1 and FIN 397.1.

The Real Estate concentration is supported by a center in the Department of Finance, the Real Estate Finance and Investment Center. With the support of individuals and firms from the real estate and financial services industry, this center serves as the focal point for the development of the curriculum and research in the real estate finance field. For more information about REFIC and the Real Estate concentration, see the REFIC website.

Curriculum Requirements

FIN 286 - Valuation (flexible-core)
FIN 394.1 - Advanced Topics in Corporate Finance
FIN 397.1 - Investment Theory & Practice

Notes: Students must complete the above curriculum during their first year in the MBA program. Most remaining Finance electives have these three courses as pre-requisites.

Real Estate Block

RE 386.1 - Real Estate Markets

Any two (2) courses chosen from the list below:

RE 386.7 - Real Estate Decision Making – Fall II only
RE 386.3 - Real Estate Analysis – Practicum – Fall II only
RE 388 - Seminar in Real Estate Finance – Spring II only
FIN 397.6 - Special Topics in Investment – REIT

Accounting Block
Choose one of the following accounting courses:

ACC 380D - Advanced Topics in Financial Reporting (recommended)
ACC 380K.7 - Financial Statement Analysis

Total credit hours: 20

Recommended MBA Electives 

FIN 394.5 - Fixed Income Analysis
LEB 380 - Law of Commercial Real Estate Finance and Development

Recommended Community & Regional Planning Electives

CRP 389C - Planning for Land Development
CRP 385C - Sustainable Urban Economic Development Planning
CRP 385C - Urban Design Theory and Practice
CRP 386 - Urban Land Institute Workshop

Academic Coordinating Committee

The following Finance Department faculty serves as the Academic Coordinating Committee for the program. Students are encouraged to contact them for advice.

 Faculty Member  Program E-mail Office Phone
 Robert Parrino Corporate Finance robert.parrino@mccombs.utexas.edu  CBA 6.238  471-5788
 Keith Brown Investment Mgt. keith.brown@mccombs.utexas.edu  CBA 6.256  471-6520
 Robert Parrino Private Equity Finance robert.parrino@mccombs.utexas.edu  CBA 6.238  471-5788
 Ehud Ronn Energy Finance ehud.ronn@mccombs.utexas.edu  CBA 6.270  471-5853
 Sheridan Titman Real Estate Finance sheridan.titman@mcombs.utexas.edu  CBA 6.266  232-2787

Page last updated: 8/20/2014