Finance 1

Finance FIN:3100 Financial Information Technology 2 s.h.

Applications of commonly used financial software and data
systems reviewed by student teams. Corequisites: FIN:3000.
Chair FIN:3200 Investment Management 3 s.h.
Investment in marketable securities in domestic and
• Thomas A. Rietz international markets; financial markets, securities
Undergraduate major: finance (B.B.A.) trading, evaluation of risk/return trade-off, formulation and
Graduate degrees: M.S. in finance; finance subprogram for implementation of investment strategies, efficient portfolio
the Ph.D. in business administration formation. Prerequisites: FIN:3000. Corequisites: FIN:3100.
Faculty: https://tippie.uiowa.edu/people?departments=170 FIN:3300 Corporate Finance 3 s.h.
Website: https://tippie.uiowa.edu/finance Advanced managerial decision making; corporate
The Department of Finance is committed to delivering financial policy, dividend policy, agency theory, corporate
programs of study that integrate the technology and analytics restructuring, capital structure strategies, mergers and
of today's global financial community. The goal is to provide acquisitions, option pricing fundamentals, convertible debt,
students with the technical skills they need to enhance callable debt, warrants. Prerequisites: FIN:3000. Corequisites:
their managerial effectiveness, whether they work in large FIN:3100.
corporations, small organizations, or private consulting. FIN:3400 Principles of Risk Management and
Insurance 3  s.h.
The department offers the undergraduate major in finance,
Introduction to risk and insurance; risk identification and
the Master of Science program in finance, and the subprogram
evaluation, demand for insurance, effects of limited liability,
in finance that leads to the Ph.D. in business administration.
theory of moral hazard and adverse selection; business

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Additionally, they participate in the M.B.A. program; see the
and personal risk; insurance as a risk management tool.

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Master of Business Administration Program in the Catalog.
Prerequisites: ECON:1100 and ECON:1200.
The department also partners with the Emmett J. Vaughan

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Institute of Risk Management and Insurance to offer the FIN:3500 Hawkinson Scholar Seminar 1 s.h.

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undergraduate Certificate in Risk Management and Insurance. Advanced skill and understanding required for pursuit of
investment banking, management consulting careers;

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Programs specialized résumé and interview training, industry

Undergraduate Program of Study

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FIN:3510 Hawkinson Scholar Seminar: Topics in
Finance 0  s.h.
Major Subsectors in the financial services industry, including hedge
funds, investment banking, commercial banking; valuation
• Major in Finance (Bachelor of Business Administration) techniques used in real-world mergers, acquisitions, equity
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offerings, debt financing, and so forth.

Graduate Programs of Study
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FIN:4020 Topics in Finance 3 s.h.

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Majors Contemporary issues in finance. Prerequisites: FIN:3000 and

FIN:3100.
• Master of Science in Finance
FIN:4030 Securities Industry Essentials Exam
• Finance subprogram for the Doctor of Philosophy in
Prep 1  s.h.
Business Administration 
Preparatory program for passage of the Securities Industry
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Essentials (SIE) exam and includes a voucher to take the

Courses
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exam upon completion; much of the material is provided

online with additional meetings and review sessions; the SIE
Finance Courses exam is for any professional who needs a Series 6, Series 7, or
any other exam required by the Financial Industry Regulatory
FIN:1300 First-Year Seminar 1 s.h. Authority (FINRA). Prerequisites: FIN:3000 or MBA:8180.
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Small discussion class taught by a faculty member; topics

chosen by instructor; may include outside activities (e.g., FIN:4050 Directed Readings in Finance arr.
films, lectures, performances, readings, visits to research Individually guided readings in selected topics.
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facilities). FIN:4210 Futures and Options 3 s.h.

FIN:3000 Introductory Financial Management 3 s.h. Use of options, futures, and other derivative securities in
Financial management goals and decision making; time financial management; understanding types of derivative
value of money; valuation of bonds and stocks, risk and securities, markets, trading technology; applications of
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return analysis, cost of capital, capital budgeting, cash risk management and speculation; pricing relations with
flow estimation; financial statement analysis and financial underlying securities. Prerequisites: FIN:3100 and FIN:3200.
planning. Prerequisites: ECON:1200 and ACCT:2100 and FIN:4220 Fixed Income Securities 3 s.h.
ECON:1100. Corequisites: for finance majors—FIN:3100. Theories of fixed income securities, term structure of interest
Requirements: 60 s.h. completed. rates; asset pricing models, valuation of fixed income
FIN:3020 Professional Finance Seminar 1 s.h. securities and contingent claims, fixed income portfolio
Seminar topics include finance careers, curriculum, management, immunization strategies, yield curve analysis.
understanding of current events, internships, professional Prerequisites: FIN:3000 and FIN:3100. Corequisites: FIN:3200.
designations, ethics, and general finance acumen.

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 2 Finance

FIN:4230 Real Estate Process 3 s.h. FIN:4350 Applied Wealth Management 3 s.h.
Fundamentals of real estate finance and investments; How wealth management relates to managing the financial
economic base analysis, asset analysis, market analysis, well-being of individuals; process of determining goals and
mortgage markets, underwriting, alternative mortgages, objectives for someone and assessing their risk tolerances;
mortgage-backed securities, real estate securitization, land development of a strong financial plan involving a variety
development, valuation principles, investment analysis, tax of steps and process including insurance needs, savings
consideration, portfolio management. Prerequisites: FIN:3000 requirements, estate planning, budgeting, asset allocation,
and FIN:3100. and portfolio development; experiential component where
FIN:4240 International Finance 3 s.h. students make recommendations for real clients or a pool of
International monetary systems, exchange rate funds. Prerequisites: FIN:3000 and FIN:3100.
determination, use of currency derivative in hedging and risk FIN:4410 Enterprise Risk Management 3 s.h.
management, currency swaps, foreign direct investment, Analysis and treatment of pure and financial risks faced by
international corporate finance, international capital business organizations; development and implementation
budgeting, international portfolio investment, Third World of the risk management process, application of varied
debt, privatization, joint ventures. Prerequisites: FIN:3000 and risk management techniques to identified exposures; how
FIN:3100 and FIN:3200. businesses manage risk and how insurance is used to manage
FIN:4250 Applied Equity Valuation 3 s.h. the cost of risk; case studies. Prerequisites: FIN:3400.
Equity valuation and portfolio management techniques by FIN:4420 Property and Liability Insurance 3 s.h.
investment professionals; economic forecasting, industry Fundamentals of commercial property and liability insurance;
analysis, financial statement analysis, spreadsheet modeling, commercial property and liability contracts, functions of
cost of capital estimation, equity valuation and portfolio property and liability insurers; regulation and financial

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construction; students manage the University of Iowa's Krause analysis of property and liability insurers; marketing,

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Fund (an endowed equity portfolio that blends academic underwriting, rate making, claim settlements. Prerequisites:
rigor with real-world portfolio management experience). FIN:3400.

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Prerequisites: FIN:3100 and FIN:3000. Requirements: UI

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FIN:4430 Life and Health Insurance 3 s.h.
cumulative g.p.a. of at least 2.80. Types of life insurance and annuity contracts and their

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FIN:4310 Advanced Corporate Finance 3 s.h. uses; regulation of life and health insurers; development of
Understanding and evaluating major corporate actions such financial plans using life insurance products; Social Security,
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as mergers and acquisitions, initial public offerings, spin offs, group, and individual health insurance products, including
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and debt and equity issuance; introduction to venture capital major medical, disability income, long-term care policies;
and leveraged buyouts; includes a substantial experiential marketplace analysis; contractual provisions, determination
learning component and attempts to nudge students away of human life values, mathematics of life contingencies and
from textbook-based learning towards acquiring practical pricing. Prerequisites: FIN:3400.
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skills needed to succeed in the corporate finance industry; FIN:4440 Employee Benefit Plans 3 s.h.
students will be required to collect and evaluate financial Management of employee benefit plans (e.g., group life
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information and be challenged to think beyond the lecture and health insurance, retirement programs); design,
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material presented in the classroom. Prerequisites: FIN:3100 administration, and financing of employee benefits;
and FIN:3300. federal administration of employee benefit plans; funding
FIN:4320 Commercial Banking 3 s.h. requirements, financial alternatives; funding and vesting
Management of commercial banks and financial service firms; of retirement annuities; design and management of health
asset and liability management, credit policy, capital risk, care plans, including "cafeteria" approach and nonqualified
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liquidity planning, use of swaps and derivatives to hedge deferred compensation arrangements; economic effects and
interest rate risk, global banking, investment strategies. financing employee benefits and retirement plans in private
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Prerequisites: FIN:3100 and FIN:3000. and public sectors. Prerequisites: FIN:3400.

FIN:4330 Investment Banking 3 s.h. FIN:4450 Risk Modeling 3 s.h.
How investment banks fill critical roles in maintaining well- Theory used to solve real-life problems taken from a
functioning financial markets and provide access to capital diverse set of risk management applications; varied areas
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and strategic advice to companies and governments; recent where risk analysis has become important (i.e., finance,
global financial crisis; how banker's role as intermediary insurance, corporate risk management, personal financial
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between companies and markets adds value and creates planning); principles of probability theory, mathematical
conflicts and risk. Prerequisites: FIN:3100 and FIN:3300 and finance, and actuarial science developed for use
FIN:3000. in quantitative analysis of important risk management
FIN:4340 Wealth Management 3 s.h. problems; spreadsheet-based course. Prerequisites: FIN:3000.
Financial services for client wealth management; how to FIN:4460 Insurer Operations and Captive
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make personal investment decisions and build diversified, Management 3  s.h.

comprehensive investment portfolios; investment theory; Fundamentals of insurer and captive operations; regulation,
common behavioral biases that lead to investment pitfalls, accounting, finance, marketing, underwriting, reinsurance,
mistakes; wealth management objectives, portfolio risk ratemaking, and claims management; students set up and
and reward, asset allocation, portfolio diversification, tax manage a captive insurance company covering risk exposures
shield structures, retirement plans, wealth protection, risk of the University. Prerequisites: FIN:3400.
management, behavioral finance, psychology of investing.
Prerequisites: FIN:3000 and FIN:3100.

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 Finance 3

FIN:4999 Honors Thesis in Finance arr. FIN:9160 Quantitative Finance and Deep
Independent student project directed by faculty or staff Learning 0,3  s.h.
advisor; culminates in thesis that conforms to University Quantitative techniques in investment and trading with
of Iowa Honors Program guidelines; may include empirical focus on machine learning approaches; introduction to
research, library research, applied projects. Prerequisites: quantitative approaches already popular in investment
BUS:1999. and trading including quantitative security selection,
FIN:7110 Finance Theory I 3 s.h. portfolio construction, statistical arbitrage, and algorithm
Consumption-based models of asset pricing; arbitrage, trading; emerging machine learning techniques in financial
contingent claims; market efficiency and information industry including advanced regression methods, news
economics, behavioral models; emphasis on theory. sentiment analysis, and deep learning with applications in
Requirements: Ph.D. enrollment. price forecasting and high frequency trading. Corequisites:
BAIS:6060 or BAIS:6040, if not taken as a prerequisite.
FIN:7120 Seminar in Corporate Finance 3 s.h.
Valuation (DCF and CAPM); valuation under certainty, FIN:9200 Portfolio Management 2-3 s.h.
uncertainty; financial structure, cost of capital; dividend Introduction to fundamental elements of modern portfolio
policy; firm investment in perfect, imperfect capital markets. theory, application to investment analysis; investment
Requirements: Ph.D. enrollment. environment, instruments, types of investors; concepts of risk
and return, broad perspective on historical risk and return of
FIN:7130 Finance Theory II 3 s.h. various asset classes; asset allocation decision, risk and return
Continuous time theories of financial markets, including dynamics of a multiple securities portfolio; varied asset pricing
connection between an arbitrage-free pricing system and models, how capital markets work for investors and users of
martingales; pricing of contingent claims, general equilibrium capital. Prerequisites: MBA:8180.
and term structure theory. Requirements: Ph.D. enrollment.

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FIN:9210 Derivatives 2-3 s.h.

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FIN:7140 Advanced Empirical Finance 3 s.h. Examination of the wide range of derivative securities that
Market efficiency and term structure theory tests; tests of cover the financial landscape; the market place, trading,

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asset pricing models, dividend policy and financial structure and investors; different derivative securities in existence,

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issues. Requirements: Ph.D. enrollment. their relationship with the underlying securities, and pricing;
FIN:7850 Seminar in Finance 1 s.h. applications of derivative securities to risk management

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Requirements: Ph.D. enrollment. and speculation; application of principles to fixed income,

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FIN:7950 Directed Reading in Finance - Ph.D. arr.
international finance, real estate, and securitization.
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Prerequisites: MBA:8180.
Requirements: Ph.D. enrollment.
FIN:9220 Fixed Income Securities 2-3 s.h.
FIN:7975 Thesis in Business arr. Conceptual framework and tools to undertake the valuation of
FIN:9000 Directed Readings in Finance - M.B.A. arr. fixed income securities and the management of fixed income
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FIN:9001 Directed Readings in Finance - Master of portfolios; varied fixed income instruments and the markets in
Science in Finance arr. which they trade; introduction to basic building blocks of fixed
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Coursework and topics negotiated between student and income analysis, including concepts of duration, convexity,
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instructor on a case-by-case basis. Prerequisites: MBA:8180. and term structure of interest rates; application of concepts
in bond portfolio immunization strategies; use of interest rate
FIN:9010 Contemporary Topics in Finance arr. derivatives in portfolio hedging applications. Prerequisites:
FIN:9140 Enterprise Risk Management 2-3 s.h. MBA:8180.
Analysis and treatment of risks faced by businesses; how FIN:9225 Applied Fixed Income Analysis - Hart
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risk management creates value in corporations, includes Fund 3  s.h.

development and implementation of the risk management Management of fixed income fund portfolio; legal environment
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process, and explores the application of various risk in which the fund operates; students analyze and
management techniques to identified exposures; use of recommend fixed income investments, implement controls
case studies to study how businesses manage risk, and how to monitor fund's performance; decisions and investment
insurance and other risk management tools help reduce the recommendations are made by students; each student is
cost of risk. Prerequisites: MBA:8180.
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assigned a specific fixed income asset class (i.e., high-yield

FIN:9150 Financial Modeling and Firm Valuation 2-3 s.h. debt) to monitor, analyze, and predict future investment
returns; employment of historical and predictive analytics to
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How to model firm value from a discounted cash flow

perspective; identify a company’s key value drivers, create estimate short term and long term returns for asset classes;
spreadsheet valuation models; projected financial valuation and collectively determine the mean variance portfolio.
integrates projected pro forma accounting statements; Prerequisites: MBA:8180 and FIN:9220.
forecasting, free cash flow estimation, industry competitive FIN:9230 Real Estate Finance and Investments 2-3 s.h.
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analysis. Prerequisites: MBA:8180. In-depth understanding of concepts and techniques of real

estate financial analysis, equity investment decision making;
real estate investing from analysis of developments through
the securitization of mortgages; mortgage markets and
pricing, real estate finance and investments, mortgage-
backed securities, development process, real estate
valuation, tax effects, securitized real estate, real estate
cycles, application of derivative instruments, strategic asset
allocation. Prerequisites: MBA:8180.

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 4 Finance

FIN:9240 International Finance 2-3 s.h. FIN:9330 Investment Banking 3 s.h.

Introduction to structure and functioning of global financial How investment banks fill critical roles in maintaining well-
markets; currency market, international equity markets; use functioning financial markets and provide access to capital
of derivatives in currency risk management for corporate and strategic advice to companies and governments; recent
and investment needs; corporate investment decisions in an global financial crisis; how banker's role as intermediary
international context. Prerequisites: MBA:8180. between companies and markets adds value and creates
FIN:9250 Applied Securities Analysis - Henry Fund conflicts and risk. Prerequisites: MBA:8180.
I 3  s.h. FIN:9350 Wealth Management 2-3 s.h.
Manage Henry Fund portfolio, learn legal environment in Rapid growth of the field of wealth management over several
which the fund operates, analyze potential investments, decades, driven by general increase in personal wealth and
implement controls to monitor the fund's performance; increased responsibility for individuals to manage their own
decisions and investment recommendations made by wealth; knowledge and tools to enter the financial services
students; each student analyzes an economic sector and industry; financial planning industry, client characteristics,
geographic region (i.e., utilities analyst and specialist in South tax shield structures, insurance, asset allocation plans, estate
East Asia); while the fund cannot currently invest directly in planning, behavioral finance. Prerequisites: MBA:8180.
foreign listed stocks, it holds U.S. listed stocks with significant FIN:9390 Applied Financial Analysis: Industry
overseas interests and students are able to invest in a number Project 3  s.h.
of ADRs. Prerequisites: MBA:8180. Hands-on practical experience in corporate finance or
FIN:9260 Applied Securities Analysis - Henry Fund investments; work in teams on a corporate finance project
II 3  s.h. or an investment project for a corporate or institutional
Continuation of FIN:9250. Prerequisites: FIN:9250 and client; partner companies identify financial issues, challenges,

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MBA:8180. and opportunities for students to help solve; students work

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FIN:9270 Security Analysis 3 s.h. with the companies and a faculty member to provide an
analysis of the situation and proposals of actions to be taken.

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Valuation of financial securities (primarily equities) using
Prerequisites: MBA:8180.

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discounted cash flow model; industry, regulatory analysis;
financial statement analysis; active portfolio management; FIN:9391 Thesis in Finance - Master of Science in

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value-based management techniques; valuation of firms Finance arr.
outside the United States. Prerequisites: MBA:8180. Students conduct original research in finance, supervised
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FIN:9290 Alternative Investments and Portfolio by a Department of Finance faculty member. Prerequisites:
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Strategies 2-3  s.h. MBA:8180.
Alternative investments including hedge funds, private equity FIN:9400 Professional Development and Business
funds, and venture capital vehicles; purpose of alternative Acumen 0-3  s.h.
investment, including the risk/return profile of alternatives Preparation for postgraduate careers and exposure to relevant
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and correlations with traditional asset classes; specific information that does not fit cleanly into academic work; how
hedge fund styles, strategies, risk profiles; portfolio strategy to grow a professional network and build depth of knowledge
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topics including diversification benefits, management of and breadth of business acumen; focus on helping students
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downside risk, international diversification, behavioral finance, investigate various finance roles, land the all-important
performance measures, and performance attribution analysis. summer and postgraduate employment, and demonstrate
Prerequisites: MBA:8180. professionalism in business; informational input on current
FIN:9300 Corporate Investment and Financing trends/topics from outside business professionals, along with
Decisions 2-3  s.h. shared student experiences, are important cornerstones and
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Underpinnings and optimization of corporations’ investment require student preparation and participation. Requirements:
admission to M.S. in finance.
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and financing decisions; firm-wide and project-specific

cost of capital, optimal capital structure decisions; in-
depth capital budgeting methods, including real options
techniques; corporate investment module of the class includes
simulation analysis using Crystal Ball; cost of capital, valuation
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techniques, advanced capital budgeting, capital structure and

dividend policy, option pricing models applied to corporate
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finance. Prerequisites: MBA:8180.

FIN:9310 Corporate Financial Strategy 2-3 s.h.
Major strategic decisions within the corporate form; risk
management, including why firms engage in it, their
methods for doing so, and exercises in the simulation of
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uncertainty; dividends and repurchases under the payout

policy decision; corporate governance topics, including
executive compensation, board structure, and institutional
monitoring; merger and acquisitions analysis, including
regulation, valuation, anti-takeover devices, payment
method, and LBOs; divestitures and other restructuring topics,
including corporate diversification, spin-offs, carve-outs,
private workouts, and Chapter 11. Prerequisites: MBA:8180.

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