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Program Requirements
The B.Com. Honours Investment Management examines financial asset management, either on the buy side working with active portfolio allocation or on the sell side, working for brokerage firms. Rigorous training in accounting, statistics, and finance, including analyzing financial statements, performing company valuations, constructing efficient portfolios with appropriate risk profiles, and managing risk using dynamic trading strategies and derivative instruments.
The B.Com. Honours Investment Management is a limited enrolment program and is by application only for students entering their U2 year. A minimum CGPA of 3.3 is necessary for students to be eligible to apply. Additional information may be found at the BCom Student Affairs Office, or on our website. In order to graduate in Honours in Investment Management, students must maintain a minimum CGPA of 3.00 and maintain a minimum program GPA of 3.0. A grade of B- or better must be achieved in all courses counted toward this program. Students who do not satisfy all the requirements of the Honours program may still receive a Major in Finance, provided the major requirements have been met.
All B.Com. students take a Core curriculum in addition to the Honours program.
Required Courses (69 credits)
Management Core
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ECON 295 Macroeconomic Policy (3 credits)
Overview
Economics (Arts) : This applied macroeconomics course focuses on current and recurrent macroeconomic issues important in understanding the public policy environment in which firms make their decisions. Topics include national accounts; national income determination; economic growth and fluctuations; money, monetary policy and financial markets; international trade and finance.
Terms: Fall 2023, Winter 2024
Instructors: El-Attar Vilalta, Mayssun (Fall) El-Attar Vilalta, Mayssun (Winter)
Corequisite: MGCR 293
Restriction: For B.Com. students
Restriction: Not open to students who have taken or are taking ECON 209, ECON 330D1/D2 or ECON 352D1/D2.
Continuing Studies: requirement for CMA, CGA, I.C.B., the EA of AACI, and the CRA
Continuing Studies: not open to full-time day students
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MGCR 211 Introduction to Financial Accounting (3 credits)
Overview
Management Core : The role of financial accounting in the reporting of the financial performance of a business. The principles, components and uses of financial accounting and reporting from a user's perspective, including the recording of accounting transactions and events, the examination of the elements of financial statements, the preparation of financial statements and the analysis of financial results.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Roh, Yongoh; Zhang, Jingjing; Marginson, Melissa (Fall) Cecere, Ralph; Levy, Philippe (Winter) Matarasso, Robert (Summer)
Restriction: Not open to U0 students.
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MGCR 222 Introduction to Organizational Behaviour (3 credits)
Overview
Management Core : Individual motivation and communication style; group dynamics as related to problem solving and decision making, leadership style, work structuring and the larger environment. Interdependence of individual, group and organization task and structure.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Jaeger, Alfred M; Ody, Amandine; Blanchette, Simon; Gordon, Sarah (Fall) Dakhlallah, Diana; Galperin, Roman; Mackey, Jeraul (Winter) Broomes, Anna-Maria (Summer)
Restriction: Not open to U0 students.
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MGCR 250 Expressive Analysis for Management.
(3 credits)
Overview
Management Core : Focusing on skills with respect to analysis, writing and presentation in management.
Terms: Fall 2023, Winter 2024
Instructors: Allaster, John; Farmer, Emily; Hards, Ashley (Fall) Holmgren, Lindsay; Hards, Ashley; Farmer, Emily; Allaster, John (Winter)
Open to U0 and U1 B.Com. students. Not open to students who have taken BUSA 250.
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MGCR 271 Business Statistics (3 credits)
Overview
Management Core : Statistical concepts and methodology, their application to managerial decision-making, real-life data, problem-solving and spreadsheet modeling. Topics include: descriptive statistics; normal distributions, sampling distributions and estimation, hypothesis testing for one and two populations, goodness of fit, analysis of variance, simple and multiple regression.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Glew, Rob; Talla, Malleswara; Lima, Eduardo (Fall) Frieden, Gabriel; Talla, Malleswara (Winter) Bandi, Nymisha (Summer)
Restriction: Not open to U0 students. Not open to students who have taken or are taking ECON 227D1/D2, ECON 257D1/D2, MATH 203 at 91社区, MATH 204, MATH 324, PSYC 204; students with an exemption from High School or CEGEP for MATH 203 will NOT be exempt from MCGR 271.
You may not be able to receive credit for this course and other statistic courses. Be sure to check the Course Overlap section under Faculty Degree Requirements in the Arts or Science section of the Calendar.
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MGCR 293 Managerial Economics (3 credits)
Overview
Management Core : The course focuses on the application of economic theory to management problems and the economic foundations of marketing, finance, and production. Attention is given to the following topics: price and cost analysis; demand and supply analysis, conditions of competition.
Terms: Fall 2023, Winter 2024
Instructors: Sidthidet, Taweewan; NIZAMI, TARIQ (Fall) Sidthidet, Taweewan (Winter)
Restriction: Not open to U0 students. Not open to students who have taken or are taking ECON 208, ECON 230D1/D2, or ECON 250D1/D2.
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MGCR 331 Information Technology Management
(3 credits)
Overview
Management Core : Introduction to principles and concepts of information systems in organizations. Topics include information technology, transaction processing systems, decision support systems, database and systems development. Students are required to have background preparation on basic micro computer skills including spreadsheet and word-processing.
Terms: Fall 2023, Winter 2024
Instructors: Havakhor, Taha; Tanguay, Sol; Park, Sejun (Fall) Tanguay, Sol; Havakhor, Taha (Winter)
Restriction: Not open to U0 students.
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MGCR 341 Introduction to Finance (3 credits)
Overview
Management Core : An introduction to the principles, issues, and institutions of Finance. Topics include valuation, risk, capital investment, financial structure, cost of capital, working capital management, financial markets, and securities.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: De Motta, Adolfo (Fall) Madan, Sujata; di Pietro, Vadim (Winter) di Pietro, Vadim (Summer)
Corequisite: MGCR 271 or equivalent
Restriction: Not open to U0 students.
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MGCR 352 Principles of Marketing (3 credits)
Overview
Management Core : Introduction to marketing principles, focusing on problem solving and decision making. Topics include: the marketing concept; marketing strategies; buyer behaviour; Canadian demographics; internal and external constraints; product; promotion; distribution; price. Lectures, text material and case studies.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Sarigollu, Emine; Han, DaHee; Haruvy, Ernan (Fall) Dor茅, Bruce; Etemad, Hamid; Zhao, Clarice (Winter) Cyrius, Fabienne (Summer)
Restrictions: Open to U1, U2, U3 students.
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MGCR 372 Operations
Management.
(3 credits)
Overview
Management Core : Design, planning, establishment, control, and improvement of the activities/processes that create a firm's final products and/or services. The interaction of operations with other business areas will also be discussed. Topics include forecasting, product and process design, waiting lines, capacity planning, inventory management and total quality management.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Ding, Yichuan Daniel; Glew, Rob (Fall) Hariss, Rim; Glew, Rob; Bai, Bing (Winter) Zhou, Quan (Summer)
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MGCR 382 International Business (3 credits)
Overview
Management Core : An introduction to the world of international business. Economic foundations of international trade and investment. The international trade, finance, and regulatory frameworks. Relations between international companies and nation-states, including costs and benefits of foreign investment and alternative controls and responses. Effects of local environmental characteristics on the operations of multi-national enterprises.
Terms: Fall 2023, Winter 2024
Instructors: Melville, Donald; Taherizadeh, Amir (Fall) Melville, Donald; Taherizadeh, Amir (Winter)
Restriction: Not open to U0 students.
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MGCR 423 Strategic Management (3 credits)
Overview
Management Core : An integrative and interdisciplinary introduction to strategy formation and execution. Concepts, tools, and practical application to understand how firms leverage resources and capabilities to gain competitive advantage in dynamic, contemporary industries. Strategic positioning, organizational design, and managerial action for the long-term success of businesses and positive social and ecological outcomes.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Zavosh, Ghahhar; Lyubman, Liliya; Banerjee, Mitali (Fall) An, Kwangjun; Zavosh, Ghahhar; Moore, Karl (Winter) Zavosh, Ghahhar (Summer)
Restriction: Open to U2, U3 students only
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MGCR 460 Social Context of Business.
(3 credits)
Overview
Management Core : Examination of how business interacts with the larger society. Exploration of the development of modern capitalist society, and the dilemmas that organizations face in acting in a socially responsible manner. Examination of these issues with reference to sustainable development, business ethics, globalization and developing countries, and political activity.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Holmgren, Lindsay; Horner, Herv茅 Robert; Fangwa Nantcho, Anicet (Fall) Mantere, Saku; Holmgren, Lindsay; Horner, Herv茅 Robert; Allaster, John (Winter) Horner, Herv茅 Robert (Summer)
Restrictions: Open to U2 and U3 students. Not open to students who have taken MGCR 360.
Honours Courses
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ACCT 354 Financial Statement Analysis (3 credits)
Overview
Accounting : Interpretative nature of the conceptual framework underlying a multitude of financial reporting standards, including the impact of alternative accounting methods, management biases and stakeholder interests in the analysis and valuation of the firm.
Terms: Fall 2023, Winter 2024
Instructors: Cote, Matthew (Fall) Cote, Matthew (Winter)
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FINE 342 Corporate Finance (3 credits)
Overview
Finance : In-depth study of corporate finance, risk, diversification, portfolio analysis, and capital market theory.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: di Pietro, Vadim; Hammami, Larbi (Fall) Rivera, Thomas; Beaumont, Paul (Winter) di Pietro, Vadim (Summer)
Prerequisite: MGCR 341
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FINE 440D1 Honours Investment Management Research Project 1 (1.5 credits)
Overview
Finance : Research work on company, industry, risk management, strategy and macro research reports, contemporary issues in finance presented by market practitioners.
Terms: Fall 2023
Instructors: di Pietro, Vadim; Kondo, Jiro (Fall)
Restriction: Restricted to U2 students in B.Com.; Honours in Investment Management program.
Students must also register for FINE 440D2
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FINE 440D2 Honours Investment Management Research Project 1 (1.5 credits)
Overview
Finance : Research work on company, industry, risk management, strategy and macro research reports, contemporary issues in finance presented by market practitioners.
Terms: Winter 2024
Instructors: di Pietro, Vadim; Kondo, Jiro (Winter)
No credit will be given for this course unless both FINE 440D1 and FINE 440D2 are successfully completed in consecutive term.
Prerequisite: FINE 440D1
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FINE 441 Investment Management (3 credits)
Overview
Finance : Application of investment principles and security analysis to the selection and comparison of equity and fixed income securities in the current economic and financial environment. Also covered are: determinants of stock prices, growth models and portfolio diversification.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Croitoru, Benjamin; Xu, Qing; Errunza, Vihang R (Fall) Goyenko, Ruslan; Hammami, Larbi (Winter) Qin, Wenyun (Summer)
Prerequisite: MGCR 341
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FINE 443 Applied Corporate Finance (3 credits)
Overview
Finance : Concepts and techniques are applied to problems faced by managers in Corporate Finance, such as working capital management, capital budgeting, capital structure, dividend policy, cost of capital, and mergers and acquisition. Application of theory and techniques through case studies.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Hammami, Larbi (Fall) Weitzner, Gregory; Hammami, Larbi (Winter) Cho, Sinhyeong (Summer)
Prerequisite: FINE 342
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FINE 448 Financial Derivatives (3 credits)
Overview
Finance : The course will concentrate on both the analytical and practical aspects of investments in options and futures. The first part of the course concentrates on option and futures valuation, considering both discrete and continuous time models. The second part of the course concentrates on the practical aspects of options and futures trading.
Terms: Fall 2023, Winter 2024
Instructors: Ericsson, Jan Edvard (Fall) Andrei, Daniel (Winter)
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FINE 450D1 Honours Investment Management Research Project 2 (1.5 credits)
Overview
Finance : Continuation of research work on company, industry, risk management, strategy and macro research reports, contemporary issues in finance presented by market practitioners.
Terms: Fall 2023
Instructors: di Pietro, Vadim; Kondo, Jiro (Fall)
Prerequisite: FINE 440 or FINE 440D1/D2
Restriction: Restricted to U3 students in B.Com.; Honours in Investment Management program.
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FINE 450D2 Honours Investment Management Research Project 2 (1.5 credits)
Overview
Finance : See full course description in FINE 450D1.
Terms: Winter 2024
Instructors: di Pietro, Vadim; Kondo, Jiro (Winter)
Restriction: Restricted to U3 students in B.Com.; Honours in Investment Management program.
Prerequisite: FINE 440 or 440D1/D2 and FINE 450D1.
No credit will be given for this course unless both FINE 450D1 and FINE 450D2 are successfully completed in consecutive terms
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FINE 451 Fixed Income Analysis (3 credits)
Overview
Finance : Fixed income financial instruments and their uses for both financial engineering and risk management (at the trading desk and aggregate firm level). This will involve coverage of fixed income mathematics, risk management concepts, term structure modeling, derivatives valuation and credit risk analysis.
Terms: Fall 2023
Instructors: Zhang, Chengyu (Fall)
Prerequisite: FINE 441
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FINE 482 International Finance 1 (3 credits)
Overview
Finance : The international financial environment as it affects the multinational manager. Balance of payments concepts, adjustment process of the external imbalances and the international monetary system. In depth study of the institutional and theoretical aspects of foreign exchange markets; international capital markets, including Eurobonds and eurocredit markets.
Terms: Fall 2023, Winter 2024
Instructors: Sarkissian, Sergei (Fall) Carrieri, Francesca (Winter)
Prerequisite: MGCR 341
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MGSC 372 Advanced Business Statistics (3 credits)
Overview
Management Science : A practical managerial approach to advanced simple and multiple regression analysis, with application in finance, economics and business, including a review of probability theory, an introduction to methods of least squares and maximum likelihood estimation, autoregressive forecasting models and analysis of variance.
Terms: Fall 2023, Winter 2024
Instructors: Frieden, Gabriel (Fall) Frieden, Gabriel (Winter)
Prerequisite: MGCR 271 or equivalent.
Restriction(s): Not open to students who have taken or are taking ECON 257D1/D2, MATH 324, MATH 423, MATH 357 or equivalent.
1. You may not be able to receive credit for this course and other statistics courses. Be sure to check the Course Overlap section of the Desautels Faculty of Management in the eCalendar.
Complementary Courses (15 credits)
Quantitative Courses
6-9 credits from the following:
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ACCT 451 Data Analytics in Capital Market (3 credits)
Overview
Accounting : Exploration of how financial and non-financial metrics can be linked to business performance through experiential learning, with a focus on financial statement analysis, earnings and return predictability, textural analysis, earnings management and fraud detection. Introduction to SAS software and financial accounting databases such as CRSP, Compustat, and I/B/E/S, and alternative data sources such as SEC Edgar that enables work across different database to make better financial statement analysis and decisions.
Terms: Winter 2024
Instructors: Wang, Ximi (Winter)
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ACCT 452 Financial Reporting Valuation (3 credits)
Overview
Accounting : Models to determine firm value from accounting information and a broader perspective on key sources of information, key value drivers, in a setting where evaluating firm value is the ultimate purpose.
Terms: This course is not scheduled for the 2023-2024 academic year.
Instructors: There are no professors associated with this course for the 2023-2024 academic year.
Prerequisite: ACCT 354.
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FINE 434 Topics in Finance 1 (3 credits) *
Overview
Finance : Topics will be selected from current issues in the Finance Area.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Barrett, Alex; Kondo, Jiro (Fall) Augustin, Patrick; Kondo, Jiro (Winter) Rubineau, Brian (Summer)
Prerequisite: MGCR 341
- FINE 435 Advanced Topics in Finance (3 credits) *
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FINE 449 Risk Management in Finance (3 credits)
Overview
Finance : Understanding, quantifying, and managing different types of financial risks. A broad overview of the tools required of someone pursuing a career in risk management, whether it is at a bank, an asset management fund, or a non-financial business. Topics include corporate hedging with derivatives, volatility and correlation modelling, non-normal distributions, Monte Carlo and historical simulations, liquidity risk, and capital requirements.
Terms: Fall 2023, Winter 2024
Instructors: di Pietro, Vadim (Fall) di Pietro, Vadim (Winter)
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FINE 452 Applied Quantitative Finance (3 credits)
Overview
Finance : The course is built around a series of practical applications (backtesting trading strategies, yield curve modelling, derivatives hedging) and consists of lab sessions where lectures are mixed with time and support for solving the tasks in Matlab. No programming experience is required, but a willingness to learn is.
Terms: Fall 2023
Instructors: Ericsson, Jan Edvard (Fall)
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FINE 460 Financial Analytics (3 credits)
Overview
Finance : An extensive study of the empirical methods casually used in the different subfields of finance. Examination of the most popular statistics models used in finance, both from a theoretical and practical point of view. An important emphasis will be put on the distinction between models of financial mechanisms, and those motivated purely by efficacy.
Terms: This course is not scheduled for the 2023-2024 academic year.
Instructors: There are no professors associated with this course for the 2023-2024 academic year.
Prerequisites: MGCR 341
* FINE 434 and FINE 435 can count as a complementary course with approval of the Academic Director.
Industry Specialization Courses
6-9 credits from the following:
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FINE 434 Topics in Finance 1 (3 credits) *
Overview
Finance : Topics will be selected from current issues in the Finance Area.
Terms: Fall 2023, Winter 2024, Summer 2024
Instructors: Barrett, Alex; Kondo, Jiro (Fall) Augustin, Patrick; Kondo, Jiro (Winter) Rubineau, Brian (Summer)
Prerequisite: MGCR 341
- FINE 435 Advanced Topics in Finance (3 credits) *
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FINE 442 Capital Markets and Institutions (3 credits)
Overview
Finance : Functions of the capital market through flow of funds analysis and an examination of portfolio activities of financial intermediaries. Also covered are: securities regulations and ethical considerations, the term structure of interest rates and risk and rates of return in debt and equity markets.
Terms: Fall 2023, Winter 2024
Instructors: Hammami, Larbi (Fall) Hammami, Larbi (Winter)
Prerequisite: MGCR 341
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FINE 444 Security Trading and Market Making (3 credits)
Overview
Finance : Half theory and half practical exercises using Rotman Interactive Trader software in the trading lab. Theory: principles of trading in different asset classes. Software simulated cases: the actual market environment is simulated where class participants trade in real time. As the market is running, students, given previously prepared strategies, start affecting market prices and see their profit and losses, given the strategies they implement.
Terms: Winter 2024
Instructors: Goyenko, Ruslan (Winter)
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FINE 445 Real Estate Finance (3 credits)
Overview
Finance : Fundamentals of mortgages from the viewpoint of both consumer and the firm. Emphasis on legal, mathematical and financial structure, provides a micro basis for analysis of the functions and performance of the mortgage market, in conjunction with the housing market.
Terms: Fall 2023
Instructors: Chaudhury, Mo (Fall)
Prerequisite: MGCR 341
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FINE 446 Behavioural Finance (3 credits)
Overview
Finance : This course will focus on how, why and to what extent our "humanness" affects decision making pertaining to financial issues. Until Kahneman and Tversky came out with their landmark work, known as prospect theory, economics was based on the notion that individuals, companies, and even countries make decisions based on their financial self-interest. In fact this is one of the tenets of modern portfolio theory. Topics covered in the course include loss aversion, the disposition effect, the framing effect, and the endowment effect.
Terms: Fall 2023, Winter 2024
Instructors: Tory, Jeffrey (Fall) Kaczor, Joel (Winter)
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FINE 447 Venture Capital and Entrepreneurial Finance (3 credits)
Overview
Finance : This course is designed to provide an introduction to the startup production process with an emphasis on the institutions, processes, and problem solving approaches used in the financing of startup activity. The primary focus of the course is the venture capital industry though classroom discussions will also touch upon alternative funding channels like angel investors, accelerators and incubators, crowdfunding platforms, etc.
Terms: Winter 2024
Instructors: Kondo, Jiro (Winter)
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FINE 455 Alternative Investments (3 credits)
Overview
Finance : Alternative asset classes and analysis of the expected risk and return on alternative investment strategies including long-short equity, convertible arbitrage, managed futures, and quantitative trading strategies. Alternative investment strategies include commodities, derivatives, hedged strategies, real estate, private equity and venture capital.
Terms: This course is not scheduled for the 2023-2024 academic year.
Instructors: There are no professors associated with this course for the 2023-2024 academic year.
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FINE 456 Hedge Fund Strategies and Trading (3 credits)
Overview
Finance : Introduction to hedge fund investment strategies that seek to generate alpha and alternative beta by using securities selection, market timing, position sizing, and risk management. Execution of these strategies in a cross-asset context that includes fixed income, commodities, equities, and foreign exchange.
Terms: Fall 2023, Winter 2024
Instructors: Gerov, Matey (Fall) Gerov, Matey (Winter)
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FINE 464 Pension Funds and Retirement Systems (3 credits)
Overview
Finance : Challenges that pension fund managers currently face. Principles of asset-liability management, the common risks to retirement income, long-term investment strategies, the design of retirement systems around the world, and the current retirement savings shortfall.
Terms: Winter 2024
Instructors: Betermier, Sebastien (Winter)
Prerequisite: FINE 441
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FINE 465 Sustainable Finance
(3 credits)
Overview
Finance : Exploration of the financial implications associated with climate change and the transition to a low carbon economy. Topics covered include the integration of environmental, social and governance (ESG) considerations into the decision-making process of investment managers and corporate financial managers, including conducting a sustainability analysis for a company in an investment context.
Terms: Winter 2024
Instructors: Yavuz, Begum Ipek (Winter)
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FINE 477 Fintech for Business and Finance (3 credits)
Overview
Finance : Digital technologies and their strategic impact on businesses. FinTech as source of financing, means to learn/engage the market, wider financial inclusion, vehicles for individual investment in innovation. Securities/reward-based crowdfunding, digital payments/transfers, blockchain, crypto-tokens and smart contracts. Theoretical tools from game theory, strategy, corporate finance and economics. Connections to technology firms, platform businesses, traditional banking and venture capital.
Terms: Winter 2024
Instructors: Tinn, Katrin (Winter)
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FINE 490 Mergers and Corporate Reorganizations (3 credits)
Overview
Finance : Mergers, acquisitions, and leveraged buyouts or restructurings in bankruptcy in relation to corporate governance. Conceptual aspects of these transactions (their purposes, executions, and structures), as well as applied aspects such as their valuations and implications on firm value.
Terms: Winter 2024
Instructors: Schumacher, David (Winter)
* FINE 434 and FINE 435 can count as a complementary course with approval of the Academic Director.
Desautels Faculty of Management—2023-2024 (last updated Sep. 12, 2023) (disclaimer)
