Curriculum

Finance in a global economy

Taught by the world's foremost authorities on global business and cross-cultural interaction, the courses in Thunderbird's MS in Global Finance program deliver insight into the intricacies of fiscal activity on an international scale – and how financial matters may be driven by cultural nuance. Study global finance as it relates to actual businesses across the world, including in leading and emerging markets like Canada, France, Denmark, Indonesia, the UK, China, Argentina and Puerto Rico. The program features core curriculum in global finance, including general management and global affairs, with a breadth of additional global finance electives for specialization. 

Your studies begin with Foundations Week, an interactive and engaging course covering key aspects of leadership, team-building, motivation, ethics, cross-cultural communication, self-assessment, professional development and career management strategies. You will also have the opportunity to participate in Global Professional Development Seminars presented by our Career Management Center – completing coursework in topics such as business presentations, public speaking, cross-cultural teambuilding and networking, business report writing and business etiquette in global settings.  

Economics bootcamps

Depending on your undergraduate background, you may be required to take an online economics bootcamp prior to beginning the program. Read more.

English proficiency

Depending on your TOEFL, IELTS or PTE score (if applicable), you may be required to take “Business English Communications” course(s) prior to beginning the program. 

Sample course descriptions

Note: Not all courses shown here are taught at all times. This listing represents a sample of the courses available at Thunderbird, but is not meant to be all-inclusive. Please speak with an admissions representative to discuss the specific classes being offered in the next term.

  • Course Number: ST-4433
    Credit Hours: 1.50

    Emerging Market Women Entrepreneurs Consulting is a course designed for students who want to get more involved in Thunderbird?s women entrepreneurs programs and in social business. Students will work with the professor to provide consulting for some of the women entrepreneurs? business plans that need further work in order to qualify for higher-level funding, like from USAID and other large funding sources. Thunderbird students will apply classroom knowledge and experiences and learn how to write and review business plans and work in multicultural student teams.

  • Course Number: XM-1005
    Credit Hours: 0.00

    The goal of this seminar is to challenge future global leaders, whether headed to business, government or the social sector, to reflect critically about their role in creating a more just, inclusive and sustainable world economy. The seminar will encourage participants to question their fundamental assumptions about the human condition, their personal values, and their understanding of leadership.

  • Course Number: ES-4004
    Credit Hours: 3.00

    This course is designed to strengthen the linguistic
    skills of the non-native speaker of English. It focuses on both speaking and writing. Grammar, pronunciation, and presentation
    are emphasized in the oral exercises, while grammar,
    style, and organization are emphasized in the written. The course requires regular homework assignments, which are introduced and reinforced in the classes.

  • Course Number: GF-5450
    Credit Hours: 3.00

    This course provides an understanding of, and appreciation for, the development and implementation of entrepreneurial strategies and policy development from the perspective of the CEO/Founder of the entrepreneurial enterprise. Students will follow, from a ?been there-done that? point of view, the ?story? behind entrepreneurial ventures, and learn first hand both success and failure factors faced by the entrepreneur/CEO along the way.

  • Course Number: GF-5425
    Credit Hours: 3.00

    This course focuses on finance concepts as applied in the real world by entrepreneurs. From the firm perspective, the course covers topics relevant to entrepreneurial finance, including financial statements, forecasting of key financial variables, funding plans and venture capital. The course will prepare prospective general managers of entrepreneurial companies on how to make the financial decisions involved with building high-risk, high-growth enterprises. It prepares business-minded students for careers focused on entrepreneurship and intrapreneurship.

  • Course Number: GF-5451
    Credit Hours: 3.00

    The Entrepreneurial CEO/Founder Seminar provides an understanding of, and appreciation for, the development and implementation of entrepreneurial strategies and policy development from the perspective of the CEO/Founder of the entrepreneurial enterprise.

    In this course, students will follow, from a "been there-done that" point of view, the "story" behind entrepreneurial ventures, and importantly, learn first hand both success and failure factors faced by the entrepreneur CEO along the way.

  • Course Number: GF-4430
    Credit Hours: 3.00

    This course focuses on entrepreneurship and new venture creation in transition economies. It will focus on doing business and business opportunities in Hungary and Slovenia exemplifying doing business in transition economies. Students will have seminars from faculty members at the Budapest University of Economics and the University of Ljubljana, executives and managers of business organizations from various industrial sections, government officials of the two countries, and capital providers in each country. Company visits and cultural activities will also occur.

  • Course Number: MGT-4405
    Credit Hours: 1.50

    In recent years, the business world has become increasingly sensitized to the presence of institutional governance and defining the culture of a corporation and its core values. Stated explicitly or not, these issues not only impact the reputation of the venture or corporation, but also its sustainability and financial bottom line.

  • Course Number: GF-4701
    Credit Hours: 1.50

    This course covers in detail the techniques and procedures involved in successfully carrying out export and import transactions. Topics include the language of international trade, INCO terms, payment terms, trade barriers, export licensing, pricing, order handling, insurance, international collections, and international transportation. Documentation requirements of export and import operations are examined in detail. Import and customs clearance procedures are studied along with their relation to foreign product sourcing and international purchasing.

  • Course Number: GM-1210
    Credit Hours: 0.00

    All entering students begin their degree program with this mandatory, one-week course. Foundations Week introduces tools and insights necessary for success and career effectiveness on a global scale. The course presents key aspects of leadership, team building, motivation, ethics, and cross-cultural communication. It also offers self-assessment tools and opportunities to explore career management and job search strategies. The program?s action-learning approach includes case discussions, exercises, simulations, group discussions, presentations, lectures and videos.

  • Course Number: FIN-4001
    Credit Hours: 1.50

    The second module of finance picks up where the Fundamentals course leaves off. Topics addressed include: Portfolio theory and the Capital Asset Pricing Model (CAPM); Weighted Average Cost of Capital; capital structure theories (including agency/signaling theories and dividend policy); financial market efficiency and its implications

  • Course Number: FIN-4002
    Credit Hours: 1.50

    The third module of finance examines corporate finance issues from managerial and strategic perspectives, and extends the concepts covered in the previous two modules to cross-border settings. Topics addressed include: financial and real options; risk management; corporate valuation (domestic and cross-border).

  • Course Number: GM-4101
    Credit Hours: 1.50

    This course covers the application of accounting models to the measurement of assets, liabilities, and stockholders? equity. Topics covered include, marketable securities, receivable and inventory valuation, fixed and intangible assets, bonds, leases, dividends, stock buybacks, stock splits and foreign currency translation. The emphasis of the course is on the evaluation of corporate financial reporting policy and the usefulness of financial reports for decision making. U.S. and international accounting standards are covered.

  • Course Number: GF-5260
    Credit Hours: 3.00

    This course provides the foundation for derivative
    products used throughout finance. The first part introduces the basics of value and risk used throughout the course.Topics covered include futures, forwards, swaps, options,
    introductory bond pricing concepts, such as yield-curve, duration,
    immunization and hedge ratios. The concepts are
    applied to problems in asset, liability and portfolio management.
    Students also manage the risk management function of
    a computer-simulated multinational corporation. This course is highly mathematical.

  • Course Number: GF-5112
    Credit Hours: 1.50

    This course focuses on analyzing financial statement
    information in a variety of global decision contexts
    including security valuation, credit decisions, strategy and competitive analysis, mergers & acquisitions, and litigation
    support. Financial analysis uses cash flows and ratio measures of a company's operating, financing and investing performance
    for comparison to past historical performance or with competitors. Accounting analysis uses an understanding of

  • Course Number: GF-5278
    Credit Hours: 3.00

    This highly quantitative course includes analyzing
    risk and return for bonds, mortgage-backed securities, assetbacked
    securities and fixed income derivatives - e.g. futures,
    options, and swaps. Yield curve analysis emphasizing the relationships
    among forward, spot and par curves, and their usage
    in fixed income portfolio management, will be emphasized. The course largely takes the view of a fixed income portfolio
    manager. However, participants also will have an enhanced understanding how fixed income fits into a corporation's capital

  • Course Number: GL-2001
    Credit Hours: 0.00

    All entering students begin their degree program with this mandatory, one-week course. Foundations Week introduces tools and insights necessary for success and career effectiveness on a global scale. The course presents key aspects of leadership, team building, motivation, ethics, and cross-cultural communication. It also offers self-assessment tools and opportunities to explore career management and job search strategies. Presentation and computer skills are also a part of Foundations Week.

  • Course Number: FR-4100
    Credit Hours: 3.00

    This course emphasizes the use of the target language in context, especially the lexicon of business. Readings from newspapers, journals, and books (although to a restricted degree in non-Latin alphabet languages) familiarize future international managers with issues in the areas of the world where the target language is spoken. Activities include small group discussions, oral and written projects, and grammar review.

  • Course Number: FR-4025
    Credit Hours: 3.00

    Fundamentals I is intensive and emphasizes interactive activities that develop oral proficiency. Participants study the four communicative skills (listening, speaking, reading, and writing)with emphasis on the development of oral interaction. The use
    of a cassette player may be required. Classes meet four times a week.

  • Course Number: FR-4026
    Credit Hours: 3.00

    In Fundamentals II major emphasis continues to be on the development of speaking and listening proficiency, but increased attention is also given to reading and writing. Authentic materials in the target languager reflect situations relevant to the international manager, except for non-Latin
    based languages or Asian languages. The use of a cassette player may be required.

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