University of Texas at Austin
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Financial Analyst Program

McCombs School of Business McCombs School of Business

Resp Base Content

The Department of Finance introduced a new undergraduate business curriculum in the fall semester of 1997:
The Financial Analyst Program (FAP). The Financial Analyst Program provides an opportunity for a select group of outstanding finance seniors to develop advanced quantitative and analytical skills and extensive practical experience as financial analysts.

The Financial Analyst Program, today under the direction of Professor Jonathan Cohn, combines rigorous academic training with applied investment experience. Students in the program complete courses in security analysis and advanced financial topics and acquire research and modeling skills in the Financial Education and Research Center. During the spring of their junior year and fall of their senior year, undergraduates in the program provide research support to the graduate students who manage the M.B.A. Investment Fund. Students apply in their junior year. We select students through a competitive process based on written applications and essays, recommendations, and interviews.

Student Applicants

There are a number of reasons why the Financial Analyst Program is a great fit for you:

  • Gain Experience
  • Expand Your Network
  • Learn Marketable Skills

Apply Now

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FAP Advisory Council

FAP Advisory Council

The purpose of the Financial Analyst Program Advisory Council is threefold. First, the FAP Advisory Council enhances communication between alumni, current students, faculty, and investment professionals affiliated with the Financial Analyst Program. FAP Advisory Council members have contact information available to current FAP students, and are accessible to provide students feedback regarding industry trends and practices in the field of investments. The FAP Advisory Council holds a formal, annual meeting at the University during the academic term. Advisory Council members also organize an informal meeting in the summer in their respective cities for FAP alumni, and current FAP students interning in the same city. 

Second, FAP Advisory Council members support the applied aspect of the curriculum by preparing and updating interview materials, investment models, and industry cases. Third, FAP Advisory Council members support the efforts of the finance department to foster involvement and donations by individuals and corporate partners.

The FAP Advisory Council Members assist the program on an uncompensated basis.

Council Members and Bios       



Hire a student equipped with intensive, hands-on experience applying the concepts of business analysis and valuation. Skills developed in the FAP program include:

  • measuring performance using financial statements, cash flows, and market data;
  • developing pro forma forecasts of sales, earnings, cash flows and financial statements;
  • estimating investment risk and quality; estimating the cost of capital;
  • valuing financial assets such as common stock and fixed income;
  • running various sensitivity analyses on discounted cash flow models;
  • becoming familiar with various trading multiples and their advantages and limitations;
  • advancing further one’s leadership, presentation, and decision-making skills.

Analysts Graduating in 2020 (Current)

  • Lea Chemaly
  • Evan Clary
  • Pranidhi Dadhaniya
  • Swetha Davuluru
  • Aneesh Desai
  • Liam Duggan
  • Michael Favrot
  • Emily Gex
  • Brandon Jodie
  • Young Seo Joo
  • Vibhav Joopelli
  • Brian Kim
  • Raghav Kotha
  • Jeffrey Kupp
  • Ashley Liu
  • Bob Liu
  • Conor McKinley
  • Juan Mogollon
  • Matt Movva 
  • Alt Nayani
  • Samika Parab
  • Akaash Parimeru
  • Neha Purandare
  • Ananya Rajesh
  • Klarence Remigio
  • Jenny Robinson
  • David Steinbrecher
  • Mary Lynne Steinmeyer
  • Maria Tangarova
  • David Thai
  • Alexander Wang
  • Annie Wang
  • Zach Wendell
  • Tom Yan
  • Kevin Yuan


View FAP Analysts from 1998-2019



The Financial Analyst Program curriculum is a year-long instructional program that includes courses in:

  • Security Analysis
  • Advanced Financial Topics
  • Workshops in the EDS Financial Technology and Trading Center.

During the course of the academic year, you'll master valuation theory and practice, acquire practical skills in financial analysis, and learn how to use complex financial software in the AIM trading room. Students in the Financial Analyst Program analyze current case studies in company performance and valuation to better integrate financial, accounting, and economic issues. There is also heavy emphasis on students’ writing and presentation abilities.

FAP undergraduates serve as research assistants to the MBA fund managers who direct the $17.1 million MBA Investment Fund. The student analysts are responsible for helping monitor stocks currently under investment. FAP students submit biweekly financial updates and analyses on stock holdings directly to the graduate Security Research Directors.

Graduates of the Financial Analyst Program typically pursue careers in investment banking, risk management, corporate consulting, and derivatives trading. Some of the companies where recent graduates have obtained positions include:

  • Bain & Co.
  • Goldman Sachs
  • Wells Fargo
  • Deloitte Consulting
  • JP Morgan Chase & Co.
  • BearingPoint Consulting
  • Raymond James
  • Boston Consulting Group
  • Lehman Brothers
  • McKinsey & Co.
  • USB
  • Bank of America
  • Morgan Stanley
  • Merrill Lynch
  • Citigroup
  • CSFB

Tools and Training

Tools and Training

The fund provides and trains each student analyst with the following tools to support the stock searching and analysis process:



 1. What is the Financial Analyst Program (FAP)?

The Financial Analyst Program permits undergraduates to combine a program of academic study with a hands-on experience of working as financial analysts to MBA students.  Undergraduates participate in the program for a year.  They complete the academic curriculum while undertaking stock research for MBA Fund Managers.

2. Who is eligible for the FAP? 

Candidates must be finance undergraduates registered in the McCombs School of Business at the University of Texas. Due to limited positions, the program is not open to any other business major (i.e., PPA). One must already have been admitted to the McCombs School of Business at University of Texas.  Also, to be eligible a student must be a finance major and be on target to complete the pre-requisites.  The program is not offered to anyone outside the university.

 3. What steps do I take to apply?       

An electronic application and interview is required for admittance to the program. Currently, applications are submitted around the mid point of the fall term when finance majors are in their third year.  Students should complete the year and a half program the term they plan to graduate.  Early applications are not accepted.  Please note prerequisites and requirements prior to applying.

4. What are the benefits of the program?

The projects and presentations involved offer hands-on knowledge of financial markets, modeling, and analysis. Students graduating with the program have a wide array of career opportunities, including professions in investment banking, commercial banking, alternative investments, corporate finance, and consulting. Members of the FAP have the advantage of intensive training and practical know-how, and receive the benefit of learning from MBA Managers.

 5. What kinds of projects do we participate in while in the program?

The FAP is a two-semester program, and projects are assigned for each respective term. Projects are team-intensive. During the first term of the program, there are two major projects.  The first is a report analyzing the growth and value portfolios.  The second project that term is an investment report and stock pitch to the MBA fund managers. During the second semester of the program, students write and present either an industry report or a stock pitch to the MBA Managers. FAP students also write individual papers and continue working with their peers that term.  In the spring of the year in which they graduate, senior FAP students may serve as mentors to junior FAP students and run a training day for incoming program members. 

6. What is the estimated time commitment for the program? 

The FAP is formally a two-semester program.  In the first term of the program, students take a course in security analysis.  In the second semester, students take a course titled the FAP Practicum.  In their final term prior to graduation, senior FAP students volunteer to train and mentor incoming juniors.  The program is group-oriented and thus requires students to dedicate a good amount of time outside of class in order to work with peers and present to MBA managers. The time commitment is somewhat difficult to estimate and may vary from week to week.  A December graduate may be able to participate in the program so long as he or she is in residence for at least two semesters—the spring before and the fall of the graduation year.

7. What kinds of experience do I need to be considered for the FAP? 

Required knowledge prior to beginning the program is obtained in part through the pre-requisites of FIN357, ACC311, and ACC312.  If a student has not completed FIN367 prior to the start of the FAP program, then he or she shall take FIN367 concurrently with the required course in security analysis.   Applicants should be well versed in the basics of economics, finance, and accounting.  Applicants are students who are interested in following developments in financial markets.  Students may have had a finance internship or participated in a case competition or investment challenge prior to commencing the program.  Once accepted, FAP members shall advance their academic background in the area of equity analysis.  FAP students shall gain additional “hands on experience” by working with MBA’s and through summer internships.

8. Which finance tracks are considered for the Financial Analyst Program? 

Students in the Financial Analyst Program have declared various tracks within the finance major.  All finance tracks are considered for admittance to the FAP.

9. What Factors are considered in the Admittance Process? 

The Financial Analyst Selection Committee considers various items in the selection process for the FAP.  Students are assessed on the basis of: academic performance; difficulty level of the academic curriculum taken to date; leadership, activities, and / or honors; work experience; writing ability; and strength of financial analysis.  For students advancing to the interview round, additional considerations are the oral interview and the professor recommendation. 

10. What is the interview like? 

Students who advance to the interview round will meet with one of several interviewers selected by the Financial Analyst Selection Committee.  The interviewer is a member of the finance faculty.  The interview will last about twenty minutes.  During the meeting the interviewer may solicit information such as experiences listed on your resume, interests and goals, and your reasons for being interested in the Financial Analyst Program.  In addition, the interviewer may ask questions regarding your knowledge of finance, economics, and accounting.

11. Who shall I ask to serve as my reference? 

Because the Financial Analyst Program is offered by the department of finance, it is required that you ask a member of the University of Texas finance faculty to serve as your reference.  You need not ask the faculty member to write a letter of recommendation; instead the Selection Committee will solicit feedback from the reference at the appropriate time.  The faculty member may be a professor with whom you are currently taking a class as he or she will have time to get to know the quality of your work by the time the reference is requested.  Only one reference is necessary.  If you wish to ask someone other than a professor, list that person as an extra reference.

12. Can I study abroad while in the Financial Analyst Program? 

No, it is not possible to study abroad once admitted to the FAP.  Once admitted to the FAP, students can only fulfill the program requirements by being in residence at the University of Texas at Austin.  Students who are abroad the fall of the junior year are able to apply to the program so long as they will be back in residence at UT Austin by the time the program starts.

13. When will I find out if I have been admitted? 

Due to the time involved in evaluating the applications, the initial decision regarding which students will receive interviews is not made until mid to end November.  Next, interviews are conducted, references are contacted by the Selection Committee, and the current semester performance is reviewed to ensure the pre-requisites have been completed.  This means that the final decision cannot be made and released until the middle of January just before the start of classes.  We regret that we cannot inform you sooner but the timeline involved requires notice just as the program is starting.