Master of Applied Finance and Economics
The Master of Applied Finance and Economics (MAFE) is a coursework-based masters degree that combines traditional postgraduate training in finance and economics with intensive, hands-on applications of tools and techniques relevant to the business, financial, banking, and public sectors.
International student applications for the 2017 MAFE intake must be received by no later than 1 October 2016. Domestic student applications must be received by no later than 1 December 2016.
Facts about MAFE
Applicants must have a completed undergraduate degree from a recognised tertiary institution. Other than that, the MAFE is designed to accommodate a variety of backgrounds. For students with an undergraduate degree in just one of finance and economics, it offers an ideal way of getting “up to speed” in the other discipline. For students who have little interest in the significant research component of traditional postgraduate degrees, it offers a wholly coursework-based alternative. And for students with only a limited background in economics and finance, it provides the opportunity to become professionally qualified in these areas.
What kind of Maths would I need in the MAFE?
Math in FIEC 601 (January) – Questions | Math in FIEC 601 (January) – Answers
Math in Sample First Semester Course (March-June) - Questions | Math in Sample First Semester Course (March-June) - Answers
For full-time students, the MAFE is intended to be completed in 12-13 months. Students enter in January or February (depending on background) and finish in February of the following year.
Admission to the MAFE is generally only possible in January or February. UC undergraduate students completing an economics or finance major may apply to begin in July, but permission to do so is not guaranteed.
The MAFE consists of a total of 10 courses. A capstone course that involves hands-on applications of advanced tools and techniques is compulsory for all students. In addition, most students will be required to take a preparatory course in January-February. The remaining eight (for students required to take the preparatory course) or nine (all other students) courses must be split evenly between offerings in finance and economics.
What’s it about?
The MAFE allows students to obtain in-depth knowledge and understanding of various areas in economics and finance, including asset pricing, behavioural and experimental economics, corporate finance, financial economics, international money and finance, microeconomic theory, monetary economics, quantitative methods and modelling, and risk management.
The MAFE is designed to produce graduates who are both ‘work-ready’ in the short run, and have the intellectual foundation to succeed in the long run. Graduates will be qualified to pursue careers in both private and public sectors; for example, in commercial and investment banks, corporate treasuries, government ministries and central banks, consultancies and think-tanks, and international organisations.
How much does it cost?
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Details about MAFE
- The minimum entry requirements to be eligible for admission to the MAFE are:
- At least one university course in microeconomic theory or applications at the intermediate (post-introductory) level.
- At least one university-level course in business finance or financial management.
- At least one university-level mathematics course containing calculus.
- At least one university-level statistics course containing estimation and hypothesis testing.
- Students are required to take 10 courses as follows
- FIEC 675 (Advanced Applications in Finance and Economics)
- Nine additional courses comprising
- At least four courses from ECON 601-669, including at least two courses from ECON 620-669 and
- At least four courses from FINC 601-669, including at least two courses from FINC 620-669.
- International students, and students with a limited background in finance, economics, or econometrics, will normally be required to take FIEC 601 (Quantitative Finance and Economics). Exemptions from this course will be determined, on an individual basis, by the MAFE Programme Co-ordinator.
- International students, and students without an undergraduate major in finance or economics will, in their first semester, normally be required to take some or all of Econ 610 (microeconomic theory), Econ 615 (econometrics), Finc 610 (investments), Finc 613 (financial economics).
- Sequence of Study:
- For those students who are required to take it, FIEC 601 (Quantitative Finance and Economics) is offered in January - February.
- In each of the following two semesters (beginning in February and July respectively), students take four courses (unless they are exempted from taking FIEC 601, in which case five courses must be taken in one semester and four in the other.)
In making up these eight (or nine) courses, students can take up to four of the following (subject to the approval of the Programme Co-ordinator):
ECON 610 Directed Readings in Economics I
ECON 613 Directed Readings in Economics II
ECON 615 Econometrics
FINC 610 Studies in Capital Markets
FINC 613 Studies in Capital Markets II
FINC 616 Financial Modelling
These courses are primarily designed to allow students to remedy any gaps in their knowledge of core topics in economics and finance. With the approval of the Programme Co-ordinator, students may also use these courses to undertake bridging study in elective topics (up to the maximum of four). Note that core topic coverage has priority and that electives will normally only be approved when the Programme Co-ordinator is satisfied that all core areas have been adequately covered.
In addition, students must take at least four of the following advanced courses:
- ECON 641 Monetary Economics: Theory (can also be taken as FINC641)
- ECON 642 Monetary Economics: Policy
- ECON 644 Microeconomics
- ECON 668 Experimental Economics
- FINC 621 Advanced Corporate Finance
- FINC 622 Advanced Financial Economics (can also be taken as ECON 622)
- FINC 623 Advanced Derivative Securities
- FINC 624 Asset Pricing
- FINC 629 Credit Risk Management
- FINC 643 International Finance (can also be taken as ECON 643)
While every effort will be made to accommodate student preferences, all course choices are subject to the approval of Programme Co-ordinator.
- The MAFE capstone course is:
FIEC 675 Advanced Applications in Finance and Economics
This course begins in November and continues through until early February. It provides intensive training in four project-based modules:
- forecasting in economics and finance
- cost-benefit analysis
- portfolio management
- corporate finance decision-making
The emphasis is on hands-on applications, with students undertaking a project in each of these four areas.