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MFE Courses

MFE Program Structure

The MFE is 16 months with 4 core courses from the Economics Department, and 3 from the Rotman School of Management, with an internship in the summer (May-August). Students take an additional 5 electives – 3 (or more) from Economics, and 2 (or less) from Rotman.

Session Course
Late Summer: Aug/early Sep ECO 1010: Mathematics & Statistics Review
Fall 1:September-December ECO 2061: Macroeconomics
  ECO 2503: Financial Economics
  RSM 2300: Corporate Financing
  RSM 2306: Options & Futures
Spring/Winter: January-April ECO 2060: Microeconomics
  ECO 2408: Econometrics
  Elective (ECO or ROT)
  Elective (ECO or ROT)
Summer: May-August FEC 1000Y: Internship (ECO)
Fall 2: September-December RSM 2302: Security Analysis & Portfolio Management
  Elective (ECO or ROT)
  Elective (ECO or ROT)
  Elective (ECO or ROT)
Summer 2: early June Graduation - MFE degree conferred

With Director's permission: (1) RSM 2300: Corporate Financing & RSM 2302: Security Analysis & Portfolio Management may be taken in either the 1st or 2nd fall term; (2) Opting out of RSM 2300: Corporate Financing and RSM 2306: Options & Futures may be permitted given equivalent undergraduate courses; (3) Opting out of RSM 2302: Security Analysis & Portfolio Management may be permitted given an equivalent "case-based" undergrad course + relevant experience or CFA Level II. Admitted students will be asked to supply course materials if requesting exemptions.

Core Courses - Economics & Rotman

ECO 2060 – Microeconomics Theories and techniques of decision-making by households, and firms examining the problem of measuring economic welfare, merits and shortcomings of the market mechanism in promoting it, although a basic element of the course is the precise analysis of quantitative relationships.
ECO 2061 – Macroeconomics Analysis of macroeconomics at the graduate level, with attention to the role of credibility and other current developments emphasizing applied issues, such as the potential role for stabilization policy.
ECO 2408 – Econometrics Development and application of statistical techniques in testing economic theory focusing on parameter estimation and hypothesis testing within the framework of the classical linear regression model, and on the analysis of the problems which arise when the basic assumptions are violated. Considerable attention is devoted to applications of the techniques.
ECO 2503 – Financial Economics I Fundamentals of financial markets and theories of asset pricing. Begins with an examination of asset pricing under certainty which forms the basis for determining the prices of fixed income securities. Examines individual decision-making under uncertainty which provides the foundation for modern portfolio theory and determining the prices of risky assets. Alternative asset pricing theories investigated include CAPM, APT, CCAPM, and state preference theory.
RSM 2300 – Corporate Financing Forwards, futures, swaps, and options contracts: how the contracts work, how they are used, how they are valued, and how financial institutions hedge their positions in the contracts. Topics include Black-Scholes pricing, the use of binomial trees, and delta-gamma-vega hedging.
RSM 2302 – Security Analysis & Portfolio Management Framework underlying corporate financing decisions: capital structure of firms, maturity structure of debts, dividend policies, share valuation models, alternative financing strategies and instruments.
RSM 2306 – Options & Futures Examination of investment policies of individuals and institutions. Topics: security valuation models, utility theory, efficiency of capital markets, portfolio construction, performance measurement.

Suggested ECO and ROT Electives

Below are some electives popular with MFE students. Please see the full ECO and ROT schedules for the complete list of course offerings.

ECO Electives – see here for full descriptions Rotman Electives – see here for full descriptions
ECO 2104H Quantitative Macroeconomics RSM 2011H International Strategy
ECO 2300H International Trade Theory RSM 2129H Forecasting Models and Econometric Methods
ECO 2301H International Monetary Theory RSM 2130H Real Estate Investment
ECO 2302H Networks in Trade and Macroeconomics RSM 2209H Financial Statement Analysis
ECO 2303H International Macroeconomics RSM 2212H Business Analysis and Valuation
ECO 2304H International Trade II RSM 2301H Financial Management
ECO 2404H Empirical Applications of Economic Theory RSM 2303H Risk Modeling & Financial Trading Strategies
ECO 2410H Applied Econometrics RSM 2307H Advanced Derivatives
ECO 2411H Financial Econometrics RSM 2308H Financial Risk Management
ECO 2504H Financial Economics II RSM 2309H Mergers and Acquisitions
ECO 2506H Economics of Risk Management RSM 2310H Analysis and Management of Fixed Income Securities
ECO 2507H International Financial Markets RSM 2312H Value Investing
ECO 2508H Topics in Risk Management RSM 2314H Private Equity and Entrepreneurial Finance
ECO 2511H Empirical Financial Economics RSM 2315H Special Topics in Finance
ECO 2738H Economic Development of China RSM 2318H FinTech
ECO 2803H Methods for Empirical Microeconomics RSM 2408H The Art of Modeling with Spreadsheets
ECO 2900H Industrial Organization I  
ECO 2901H Industrial Organization II  
ECO 2908H Industrial Organization and Competition Policy  
ECO 3140H Special Topics in Econ./Behavioural Economics  
ECO 3501H Economics Analysis of Law  
ECO 3504H International Trade Regulation