Financial Planning (MSFP1-GC)

This course explores the application of basic financial concepts to family financial decision making over the life cycle. Throughout this course, students learn to build the three primary financial statements including income statement, balance sheet, and cash flow statement as a basis for financial and economic decision making. They also learn advanced techniques for present and future time value analysis from a financial planning perspective. The course includes the study of risk management concepts, tools, and strategies for individuals and families and the various insurance programs used to mitigate risk. 

This course provides an in-depth study of the capital markets which includes market regulations, investment theory, and modern portfolio theory. Students will engage in the analysis, development, selection, and performance measure of individual and a portfolio of securities. Students will be able to assess risk tolerance, liquidity needs, and tax implications of various investment vehicles.

This course provides in-depth information on how to apply the tax code, principles of income tax planning including regulations, and tax return preparation to achieve greater tax efficiency. It includes the application and analysis of tax information and the formulation and recommendation of appropriate tax strategies. Students learn about new and emerging issues that integrate changes in the tax code and the management of tax liability through proper financial planning.

This course examines personal and employer-sponsored retirement plans. Students learn to conduct retirement needs analysis, plan for retirement distributions, and the integration of social security into retirement planning. Students will distinguish between the characteristics of various qualified plans in order to make suitable recommendations for investing for retirement.

This course covers the fundamentals of the estate planning process, which includes property transfer, tax consequences, probate avoidance, powers of appointment, wills, and the various techniques of gifting and use of trusts to implement an effective estate plan. Students will learn the fundamentals of how to facilitate lifetime transfers, transfers at death, and the minimization of gift and estate taxes through proper estate planning that includes intergenerational wealth transfers, intrafamily and business succession techniques, and planning for nontraditional or special needs clients.

This course provides an overview of contemporary theories used in financial planning and household decision making studies. It also reviews financial planning literature, conceptual models, and empirical research designed to help students develop the background and skills necessary to evaluate research and practice from a theoretical perspective.

Applied Behavioral Finance integrates behavioral finance and financial planning and focuses on the application of behavioral finance theory and research to the practice of financial planning. The course investigates contemporary research in behavioral finance, neuroeconomics, and financial psychology and explores the effects of human emotions and cognitive errors on financial decision making and the financial planning process and underscores the role of the financial planner in improving client financial well-being.

This course introduces theory and research regarding the interactive process between the client and the practitioner. The course provides students with the tools and techniques to relate to clients on a more fundamental level by identifying body language, active listening, and interpreting linguistic signals. Students learn to build client relationships based on honesty and trust, master the art of active listening to help clients feel heard, and tailor communication to suit the individual client’s needs. The course is based on using academic theory to become more effective at getting goal-oriented results from client engagements.

This course explores the connection between money and family relationships surrounding money. The objective of the course is to help students understand the factors that impact how individuals, couples, and family systems think about and manage money. Students gain in-depth knowledge of current literature, research, and theory in the field and gain an understanding of their own relationship with money and how money impacts their relationships. The goal of the course is to prepare students to help and work with clients to improve their financial well-being.

This course addresses processes and methods that statisticians use to analyze business, financial, and financial planning issues. Students learn how to determine the types of data required to address specific financial planning problems and how to gather, analyze and report that information to suggest solutions to identified problems. The course evaluates the effectiveness of various statistical practices and processes and the techniques used to address specific financial planning issues.

This course addresses processes and methods of data analysis that are used to analyze business, financial, and financial planning issues. Students learn to find and manipulate available data sources to develop models for in depth financial investment analysis. In addition, they study portfolio theory and techniques to estimate the utility function of a portfolio of investments from the technological and data analysis perspective, using historical returns.

This course examines the theories, models, and frameworks of personal finance and addresses the various data and technologies available to develop predictive models to help improve financial decision making. Throughout the course, students identify, manipulate, and use data to help make decisions in a financial planning context.

Internships provide students with the opportunity to acquire professional experience and add a real-world perspective to their studies. The course consists of on-site work at a corporation, nonprofit or governmental organization, educational institution, or small and medium sized company that provides an educational experience for the student, under faculty supervision. Students apply the knowledge acquired through their coursework to industry practice and explore career options. This course has GPA and credit completion requirements.

This seminar enhances curriculum by identification, analysis and application of special topics pertinent to the Financial Planning degree. The specific titles and content of each seminar will change to reflect emerging areas of interest, which can only be determined at the time of offering. The course may be used to satisfy the elective degree requirement. Applicability to specific concentrations will be noted in the course schedule and is at the department’s discretion.

This course integrates each of the major aspects of financial planning in the context of a comprehensive financial plan using case studies that apply financial planning principles using an integrative holistic approach. It also provides an overview of software applications as well as data gathering, working with clients, creation of a comprehensive financial plan, presenting the plan, recommendations and implementation.