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Finance Major/Minor
Finance is an interesting and rewarding field but it is also very demanding both academically and professionally. It is divided into two areas—investments and corporate finance.
Investments involves managing the money of high net-worth individuals like successful tech entrepreneurs or athletes; institutions like pension plans, university endowments, and trust funds; or average people who just want to finance their children’s education and save enough to retire early. A financial advisor helps their clients attain their financial goals while minimizing the riskiness of their investment portfolios using different investment strategies. Potential investments include GICs, stocks, bonds, asset-backed securities, currency, futures, options, real estate, commodities such as gold, collectibles like hockey cards, private equity, or hedge funds to name a few. Some potential employers include banks, wealth management firms, insurance companies, pension funds, or mutual fund companies.
Corporate finance focuses on how organizations efficientlymanage their net working capital and fixed assets and fund them with an optimal mix of debt and equity financing. Net working capital are a firm’s short-term operating assets like cash, accounts receivable, inventory, and accounts payable while fixed assets include land, building, and equipment. Sources of funding may include lines of credit, commercial paper, factoring, securitization, term loans, mortgages, bridge loans, mezzanine debt, project financing, bonds, leases, crowdfunding, “love” money, angels, venture capital, initial or seasoned equity offerings, and retained earnings. Possible employers include major corporations, not-for-profits, government, or investment banking firms.
Upon graduation, an increasing number of students go on to complete a professional designation such as the Chartered Financial Analyst (CFA
) or Certified Financial Planner (CFP) or one of the many financial training programs offered by the Canadian Securities Institute. Pursuing a graduate degree is also a possibility for those with strong quantitative skills who are considering senior management positions or careers in teaching and research at the college or university level.
For those students wanting only an exposure to finance, a Finance Minor is also available.
CFA Chartered Financial Analyst
Gaglardi’s BBA Finance Major and Post-Baccalaureate Diploma in Finance have been accepted into the CFA Institute’s University Affiliation Program along with 38 other post-secondary institutions in Canada. This status is granted to universities whose programs incorporate a significant portion of the CFA Program Candidate Body of Knowledge (CBOK) including its Code of Ethics and Standards of Professional Conduct. Being affiliated demonstrates to students and potential employers that the program’s curriculum is closely tied to the investment management profession and will help students prepare for the CFA Program exams.
CFA® is a registered trademark owned by the CFA Institute.
Learning objectives
Upon completion of this program, students will be able to:
- Describe the role and operation of the financial markets and institutions that make up the domestic and global financial systems and how they are regulated.
- Value the different types of equity, fixed income and derivative securities.
- Analyze the different types of financial risk that are experienced by a global organization and how they can be effectively hedged.
- Manage a global organization's operating and fixed assets effectively and fund those assets with an optimal mix of debt and equity financing.
- Apply financial principles in a professional capacity.
CFP track
- Incorporate the taxation of employment, business, and property income including capital gains in business decision-making.
- Advise clients on the effective use of credit and the different personal lending vehicles available.
- Recommend actions to help clients meet their educational savings, retirement savings, insurance and estate planning needs.
- Design an investment portfolio for an individual or institution that allows them to attain their financial objectives.
CFA track
- Evaluate the performance of an organization using a variety of financial statement analysis tools.
- Value a business and recommend how to potentially restructure its operations through merger, divestiture, liquidation or reoanization.
- Design an investment portfolio for an individual or institution that allows them to attain their financial objectives.
- Discuss the asset/liability strategies employed by different financial institutions and the methods used to measure and control risk.
Commercial lending track
- Evaluate the performance of an organization using a variety of financial statement analysis tools.
- Incorporate the taxation of employment, business, and property income including capital gains in business decision-making.
- Determine the short-term and long-term debt financing needs of an organization, design and price appropriate commercial loans, and monitor the lending agreement.
- Value a business and recommend how to potentially restructure its operations through merger, divestiture, liquidation or reorganization.
Major requirements
FNCE 3150 Portfolio and Equity Analysis (3,0,0) FNCE 3150 Portfolio and Equity Analysis (3,0,0)Credits: 3 credits Students examine the different types of financial assets, the markets in which they trade, and how investors structure these assets into diversified portfolios to meet their financial objectives. Emphasis is placed on the valuation of equity securities. Topics include an introduction to risk and return; types of securities and the investment process; mutual funds; stock market and common stock valuation; stock price behaviour, market efficiency, and behavioral finance; technical analysis; fundamental analysis; return, risk and security market line; and portfolio management and performance evaluation.
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FNCE 3170 Fixed Income and Alternative Investments (3,0,0) FNCE 3170 Fixed Income and Alternative Investments (3,0,0)Credits: 3 credits Students learn to design and analyze fixed income securities and alternative investments. The importance of interestrates, credit risk and product features in the valuation of these assets is emphasized. Topics include an introduction tofixed income investments; fixed income markets; yield curves; bond pricing, valuation and volatility; credit analysisfor firms and individuals; asset backed securities; real estate; hedge funds and private equity.
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FNCE 3180 Derivative Securities (3,0,0) FNCE 3180 Derivative Securities (3,0,0)Credits: 3 credits Students learn to value the main types of derivative securities and how to effectively utilize them in risk management, asset speculation and financial engineering. Topics include an introduction to forward and futures markets and hedging; mechanics of future markets; hedging with future contracts; theoretical and forward prices; introduction to options; calculating option contract profits; put-call parity and arbitrage bounds; option pricing models; exotic options; and swaps.
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FNCE 4130 Advanced Financial Management (3,0,0) FNCE 4130 Advanced Financial Management (3,0,0)Credits: 3 credits Building on FNCE 2120: Financial Management, students further develop their knowledge and skills in business finance. Topics include corporate governance and executive/director compensation; dividends and dividend policy; matching the maturities of assets and liabilities; short-term and long-term financial planning; sustainable growth; working capital management and sources of temporary financing; sources of permanent financing; advanced capital budgeting under uncertainty; and optimal capital structure.
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FNCE 4180 International Financial Management (3,0,0) FNCE 4180 International Financial Management (3,0,0)Credits: 3 credits Students examine the international aspects of corporate finance and investing. Topics include the international monetary system, balance of payments, the market for foreign exchange, international parity relationships and forecasting foreign exchange rates, international banking and money markets, international bond and equity market, futures and options on foreign exchanges, interest rate and currency swaps, international portfolio investment, and management of exposure.
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FNCE 3140 Financial Statement Analysis (3,0,0) FNCE 3140 Financial Statement Analysis (3,0,0)Credits: 3 credits Students learn to read the complex financial statements of a major corporation and how to examine its performanceusing a variety of financial ratios and other assessment tools. Emphasis is placed on the quality of financial reportingand identifying the warning signs of financial manipulation. Topics include an overview of financial reporting;review of financial statement analysis techniques; complex income statements; complex cash flow statements;complex statements of financial position focusing on current assets and liabilities, long-term assets, income taxes,post-employment and share-based compensation, intercorporate investments; and multinational operations.
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ACCT 3260 Taxation for Decision Making (3,0,0) ACCT 3260 Taxation for Decision Making (3,0,0)Credits: 3 credits Students analyze the fundamental framework of the Canadian Income Taxation system and its effect on business decision making and financial planning. This course adopts a decision approach to taxation and focuses on the needs of non-accountants. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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FNCE 4120 Business Valuation and Restructuring (3,0,0) FNCE 4120 Business Valuation and Restructuring (3,0,0)Credits: 3 credits Students learn how to value a business using commonly applied industry techniques and to restructure its operations in order to optimize performance or cope with financial distress. Topics include professional designations in business valuation; advanced cost of capital; business valuation techniques, such as income, market multiples, and asset-based approaches; valuing private companies; mergers and acquisitions; financial distress, bankruptcy, reorganization, and liquidations; divestitures, spin-offs and other forms of corporate restructuring.
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FNCE 4140 Personal Financial Management (3,0,0) FNCE 4140 Personal Financial Management (3,0,0)Credits: 3 credits Students acquire skills to identify, structure, and resolve financial planning problems. Multiple analytical tools and tax planning strategies are used in addressing various financial planning issues. Topics include an overview of a financial plan; applying time of money concepts; planning with personal financial instruments; banking services and money management; assessing, managing, and securing credit; personal loans; purchasing and financing a home; auto and homeowner's insurance; health and life insurance; investing fundamentals; investing in stocks, bonds, and mutual funds; retirement planning; and estate planning.
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FNCE 4160 Advanced Portfolio Management (3,0,0) FNCE 4160 Advanced Portfolio Management (3,0,0)Credits: 3 credits Students learn to design and implement an investment policy statement for an individual or institutional investor that establishes their financial objectives, risk tolerances, constraints, and investment and monitoring policies. Topics include setting investment objectives and policies; ethical standards and fiduciary duties; capital markets expectations; diversification and asset allocation; fixed-income, equity and alternative investment portfolio management; risk management; capital markets and securities trading; monitoring and rebalancing; and evaluating portfolio performance.
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FNCE 4190 Financial Institutions Management (3,0,0) FNCE 4190 Financial Institutions Management (3,0,0)Credits: 3 credits Students explore the different financial intermediaries in our economy, the financial risks they are exposed to, and how these risks are measured and managed. Topics include the types of financial institutions including deposit-taking institutions, insurance companies, securities firms, investment banks, mutual funds, hedge funds, pension funds, and finance companies; regulation of the financial industry; measuring risk including interest rate risk, market risk, credit risk, liquidity risk, off-balance sheet risk, foreign exchange risk, sovereign risk and technology and other operational risks; managing risk through the use of derivatives, loan sales and securitization; and managing risk through deposit insurance and other liability guarantees and capital adequacy standards.
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ECON 4330 Forecasting in Business and Economics (3,0,0) ECON 4330 Forecasting in Business and Economics (3,0,0)Credits: 3 credits Students apply a variety of forecasting methods to solve problems in business and economics. Topics include qualitative forecasting methods; the forecasting process, data considerations, and model selection; moving averages and exponential smoothing; multiple regression and time series decomposition; Box-Jenkins methodology to fit autoregressive conditional heteroscedasticity (ARCH); time-varying volatility and autoregressive integrated moving average (ARIMA) and vector autoregressive models; combining forecasting results; and implementing forecasting.
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ACCT 3260 Taxation for Decision Making (3,0,0) ACCT 3260 Taxation for Decision Making (3,0,0)Credits: 3 credits Students analyze the fundamental framework of the Canadian Income Taxation system and its effect on business decision making and financial planning. This course adopts a decision approach to taxation and focuses on the needs of non-accountants. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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FNCE 4140 Personal Financial Management (3,0,0) FNCE 4140 Personal Financial Management (3,0,0)Credits: 3 credits Students acquire skills to identify, structure, and resolve financial planning problems. Multiple analytical tools and tax planning strategies are used in addressing various financial planning issues. Topics include an overview of a financial plan; applying time of money concepts; planning with personal financial instruments; banking services and money management; assessing, managing, and securing credit; personal loans; purchasing and financing a home; auto and homeowner's insurance; health and life insurance; investing fundamentals; investing in stocks, bonds, and mutual funds; retirement planning; and estate planning.
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FNCE 4160 Advanced Portfolio Management (3,0,0) FNCE 4160 Advanced Portfolio Management (3,0,0)Credits: 3 credits Students learn to design and implement an investment policy statement for an individual or institutional investor that establishes their financial objectives, risk tolerances, constraints, and investment and monitoring policies. Topics include setting investment objectives and policies; ethical standards and fiduciary duties; capital markets expectations; diversification and asset allocation; fixed-income, equity and alternative investment portfolio management; risk management; capital markets and securities trading; monitoring and rebalancing; and evaluating portfolio performance.
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FNCE 3140 Financial Statement Analysis (3,0,0) FNCE 3140 Financial Statement Analysis (3,0,0)Credits: 3 credits Students learn to read the complex financial statements of a major corporation and how to examine its performanceusing a variety of financial ratios and other assessment tools. Emphasis is placed on the quality of financial reportingand identifying the warning signs of financial manipulation. Topics include an overview of financial reporting;review of financial statement analysis techniques; complex income statements; complex cash flow statements;complex statements of financial position focusing on current assets and liabilities, long-term assets, income taxes,post-employment and share-based compensation, intercorporate investments; and multinational operations.
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FNCE 4120 Business Valuation and Restructuring (3,0,0) FNCE 4120 Business Valuation and Restructuring (3,0,0)Credits: 3 credits Students learn how to value a business using commonly applied industry techniques and to restructure its operations in order to optimize performance or cope with financial distress. Topics include professional designations in business valuation; advanced cost of capital; business valuation techniques, such as income, market multiples, and asset-based approaches; valuing private companies; mergers and acquisitions; financial distress, bankruptcy, reorganization, and liquidations; divestitures, spin-offs and other forms of corporate restructuring.
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FNCE 4160 Advanced Portfolio Management (3,0,0) FNCE 4160 Advanced Portfolio Management (3,0,0)Credits: 3 credits Students learn to design and implement an investment policy statement for an individual or institutional investor that establishes their financial objectives, risk tolerances, constraints, and investment and monitoring policies. Topics include setting investment objectives and policies; ethical standards and fiduciary duties; capital markets expectations; diversification and asset allocation; fixed-income, equity and alternative investment portfolio management; risk management; capital markets and securities trading; monitoring and rebalancing; and evaluating portfolio performance.
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FNCE 4190 Financial Institutions Management (3,0,0) FNCE 4190 Financial Institutions Management (3,0,0)Credits: 3 credits Students explore the different financial intermediaries in our economy, the financial risks they are exposed to, and how these risks are measured and managed. Topics include the types of financial institutions including deposit-taking institutions, insurance companies, securities firms, investment banks, mutual funds, hedge funds, pension funds, and finance companies; regulation of the financial industry; measuring risk including interest rate risk, market risk, credit risk, liquidity risk, off-balance sheet risk, foreign exchange risk, sovereign risk and technology and other operational risks; managing risk through the use of derivatives, loan sales and securitization; and managing risk through deposit insurance and other liability guarantees and capital adequacy standards.
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FNCE 3140 Financial Statement Analysis (3,0,0) FNCE 3140 Financial Statement Analysis (3,0,0)Credits: 3 credits Students learn to read the complex financial statements of a major corporation and how to examine its performanceusing a variety of financial ratios and other assessment tools. Emphasis is placed on the quality of financial reportingand identifying the warning signs of financial manipulation. Topics include an overview of financial reporting;review of financial statement analysis techniques; complex income statements; complex cash flow statements;complex statements of financial position focusing on current assets and liabilities, long-term assets, income taxes,post-employment and share-based compensation, intercorporate investments; and multinational operations.
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ACCT 3260 Taxation for Decision Making (3,0,0) ACCT 3260 Taxation for Decision Making (3,0,0)Credits: 3 credits Students analyze the fundamental framework of the Canadian Income Taxation system and its effect on business decision making and financial planning. This course adopts a decision approach to taxation and focuses on the needs of non-accountants. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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FNCE 4120 Business Valuation and Restructuring (3,0,0) FNCE 4120 Business Valuation and Restructuring (3,0,0)Credits: 3 credits Students learn how to value a business using commonly applied industry techniques and to restructure its operations in order to optimize performance or cope with financial distress. Topics include professional designations in business valuation; advanced cost of capital; business valuation techniques, such as income, market multiples, and asset-based approaches; valuing private companies; mergers and acquisitions; financial distress, bankruptcy, reorganization, and liquidations; divestitures, spin-offs and other forms of corporate restructuring.
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ECON 4330 Forecasting in Business and Economics (3,0,0)recommended ECON 4330 Forecasting in Business and Economics (3,0,0)Credits: 3 credits Students apply a variety of forecasting methods to solve problems in business and economics. Topics include qualitative forecasting methods; the forecasting process, data considerations, and model selection; moving averages and exponential smoothing; multiple regression and time series decomposition; Box-Jenkins methodology to fit autoregressive conditional heteroscedasticity (ARCH); time-varying volatility and autoregressive integrated moving average (ARIMA) and vector autoregressive models; combining forecasting results; and implementing forecasting.
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Minor requirements
FNCE 3150 Portfolio and Equity Analysis (3,0,0) FNCE 3150 Portfolio and Equity Analysis (3,0,0)Credits: 3 credits Students examine the different types of financial assets, the markets in which they trade, and how investors structure these assets into diversified portfolios to meet their financial objectives. Emphasis is placed on the valuation of equity securities. Topics include an introduction to risk and return; types of securities and the investment process; mutual funds; stock market and common stock valuation; stock price behaviour, market efficiency, and behavioral finance; technical analysis; fundamental analysis; return, risk and security market line; and portfolio management and performance evaluation.
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| Plus at least three of: |
FNCE 3140 Financial Statement Analysis (3,0,0) FNCE 3140 Financial Statement Analysis (3,0,0)Credits: 3 credits Students learn to read the complex financial statements of a major corporation and how to examine its performanceusing a variety of financial ratios and other assessment tools. Emphasis is placed on the quality of financial reportingand identifying the warning signs of financial manipulation. Topics include an overview of financial reporting;review of financial statement analysis techniques; complex income statements; complex cash flow statements;complex statements of financial position focusing on current assets and liabilities, long-term assets, income taxes,post-employment and share-based compensation, intercorporate investments; and multinational operations.
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FNCE 3170 Fixed Income and Alternative Investments (3,0,0) FNCE 3170 Fixed Income and Alternative Investments (3,0,0)Credits: 3 credits Students learn to design and analyze fixed income securities and alternative investments. The importance of interestrates, credit risk and product features in the valuation of these assets is emphasized. Topics include an introduction tofixed income investments; fixed income markets; yield curves; bond pricing, valuation and volatility; credit analysisfor firms and individuals; asset backed securities; real estate; hedge funds and private equity.
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FNCE 3180 Derivative Securities (3,0,0) FNCE 3180 Derivative Securities (3,0,0)Credits: 3 credits Students learn to value the main types of derivative securities and how to effectively utilize them in risk management, asset speculation and financial engineering. Topics include an introduction to forward and futures markets and hedging; mechanics of future markets; hedging with future contracts; theoretical and forward prices; introduction to options; calculating option contract profits; put-call parity and arbitrage bounds; option pricing models; exotic options; and swaps.
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ACCT 3260 Taxation for Decision Making (3,0,0) ACCT 3260 Taxation for Decision Making (3,0,0)Credits: 3 credits Students analyze the fundamental framework of the Canadian Income Taxation system and its effect on business decision making and financial planning. This course adopts a decision approach to taxation and focuses on the needs of non-accountants. Topics include an introduction to federal taxation; procedures and administration; income or loss from office, employment, business, or property; capital cost allowances and cumulative eligible capital; capital gains and losses; other income and deductions; and calculation of taxable income and tax payable for individuals.
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FNCE 4120 Business Valuation and Restructuring (3,0,0) FNCE 4120 Business Valuation and Restructuring (3,0,0)Credits: 3 credits Students learn how to value a business using commonly applied industry techniques and to restructure its operations in order to optimize performance or cope with financial distress. Topics include professional designations in business valuation; advanced cost of capital; business valuation techniques, such as income, market multiples, and asset-based approaches; valuing private companies; mergers and acquisitions; financial distress, bankruptcy, reorganization, and liquidations; divestitures, spin-offs and other forms of corporate restructuring.
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FNCE 4130 Advanced Financial Management (3,0,0) FNCE 4130 Advanced Financial Management (3,0,0)Credits: 3 credits Building on FNCE 2120: Financial Management, students further develop their knowledge and skills in business finance. Topics include corporate governance and executive/director compensation; dividends and dividend policy; matching the maturities of assets and liabilities; short-term and long-term financial planning; sustainable growth; working capital management and sources of temporary financing; sources of permanent financing; advanced capital budgeting under uncertainty; and optimal capital structure.
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FNCE 4140 Personal Financial Management (3,0,0) FNCE 4140 Personal Financial Management (3,0,0)Credits: 3 credits Students acquire skills to identify, structure, and resolve financial planning problems. Multiple analytical tools and tax planning strategies are used in addressing various financial planning issues. Topics include an overview of a financial plan; applying time of money concepts; planning with personal financial instruments; banking services and money management; assessing, managing, and securing credit; personal loans; purchasing and financing a home; auto and homeowner's insurance; health and life insurance; investing fundamentals; investing in stocks, bonds, and mutual funds; retirement planning; and estate planning.
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FNCE 4160 Advanced Portfolio Management (3,0,0) FNCE 4160 Advanced Portfolio Management (3,0,0)Credits: 3 credits Students learn to design and implement an investment policy statement for an individual or institutional investor that establishes their financial objectives, risk tolerances, constraints, and investment and monitoring policies. Topics include setting investment objectives and policies; ethical standards and fiduciary duties; capital markets expectations; diversification and asset allocation; fixed-income, equity and alternative investment portfolio management; risk management; capital markets and securities trading; monitoring and rebalancing; and evaluating portfolio performance.
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FNCE 4180 International Financial Management (3,0,0) FNCE 4180 International Financial Management (3,0,0)Credits: 3 credits Students examine the international aspects of corporate finance and investing. Topics include the international monetary system, balance of payments, the market for foreign exchange, international parity relationships and forecasting foreign exchange rates, international banking and money markets, international bond and equity market, futures and options on foreign exchanges, interest rate and currency swaps, international portfolio investment, and management of exposure.
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FNCE 4190 Financial Institutions Management (3,0,0) FNCE 4190 Financial Institutions Management (3,0,0)Credits: 3 credits Students explore the different financial intermediaries in our economy, the financial risks they are exposed to, and how these risks are measured and managed. Topics include the types of financial institutions including deposit-taking institutions, insurance companies, securities firms, investment banks, mutual funds, hedge funds, pension funds, and finance companies; regulation of the financial industry; measuring risk including interest rate risk, market risk, credit risk, liquidity risk, off-balance sheet risk, foreign exchange risk, sovereign risk and technology and other operational risks; managing risk through the use of derivatives, loan sales and securitization; and managing risk through deposit insurance and other liability guarantees and capital adequacy standards.
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ECON 4330 Forecasting in Business and Economics (3,0,0) ECON 4330 Forecasting in Business and Economics (3,0,0)Credits: 3 credits Students apply a variety of forecasting methods to solve problems in business and economics. Topics include qualitative forecasting methods; the forecasting process, data considerations, and model selection; moving averages and exponential smoothing; multiple regression and time series decomposition; Box-Jenkins methodology to fit autoregressive conditional heteroscedasticity (ARCH); time-varying volatility and autoregressive integrated moving average (ARIMA) and vector autoregressive models; combining forecasting results; and implementing forecasting.
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