Asset Management

 

Get More Info
Request a Pre-assessment
Apply Now

Asset management forms a critical link in how individuals and organizations prepare for the future—from the mutual fund that underlies millions of retirement accounts to the endowment that sustains a major cultural institution to the sovereign wealth fund that benefits a whole nation. With new technologies, ever-expanding global markets, shifting regulatory requirements, and increasing competition, the demands and opportunities in the industry have grown exponentially more complex. To succeed, you need to master the technical skills of an investor. To be a leader, you also need an in-depth understanding of how markets and organizations function across economies, and the vision to see how global trends are going to affect your business. 

Yale’s first-rate business curriculum and depth of knowledge in finance provide a foundation for your aspirations. You’ll also draw on the full power of Yale University and our network of graduates in the field, as you gain the elevated perspective to see the big picture that enables you to be a leader.

"The business of asset management demands a whole set of MBA skills. For instance, any asset management company is exquisitely dependent upon selecting people of high integrity to handle investors’ money, and so their futures. How do you find and retain the right people? How do you identify and meet client’s needs? How should services be priced? You’re constantly dealing with innovations from your competitors, as well as the drumbeat of information technology and shifting regulatory requirements.”

William N. Goetzmann, Faculty Director, Asset Management, & Edwin J. Beinecke Professor of Finance and Management Studies

Progression

Alongside the integrated core curriculum, in your first year, you will increase your grasp of big ideas and trends in investments by participating in the Colloquium on Asset Management Leadership, a series of candid talks with leaders of major investment funds, heads of hedge funds, policymakers, and other people shaping the field. In addition, you will build your network and benefit from the perspectives and experiences of classmates from all facets of the industry.

In the second year, you deepen your expertise. You take a slate of advanced business and management courses, and a series of deep explorations of topics in asset management. These courses are taught by experts from the School of Management, drawing on the leading academic expertise of the International Center for Finance, and other parts of the university. A capstone course structured around major challenges in asset management will deepen your learning and link back to the essential business skills taught in the core. 

 

Asset Management Courses

  • Behavioral Finance

    The traditional framework for thinking about financial markets assumes that all market participants are fully rational. The past two decades have seen the emergence of an important new paradigm, behavioral finance, which argues that many financial phenomena are the result of less than fully rational thinking and which draws on psychology to understand the ways in which people are not fully rational. This course provides an introduction to the field. We revisit basic topics in finance from a behavioral finance perspective: topics related to markets (stock market fluctuations, popular investment strategies, bubbles); topics related to investor behavior (poor investment decisions by households); and topics related to corporate finance (security issuance, mergers and acquisitions). A running theme in the course is that knowledge of behavioral finance is essential for anyone who seeks a full understanding of modern financial markets.

  • Entrepreneurial Finance

    The course covers entrepreneurial finance from the perspective of the entrepreneur, including estimating capital needs, raising initial financing from angels, accelerators, venture capitalists or through crowd funding, negotiating terms, raising follow-on financing through debt or equity, and eventually managing an acquisition or public offering. The primary audience for this course is anyone who wants to understand better the financing of entrepreneurial ventures.

  • The Future of Global Finance

    Finance can be likened to the circulatory system of the global economy, and we will focus on the past, present and future of that system. The course is designed to deal with questions such as these: What is the global financial system and how does it work? What are the pressures on that system including market, regulatory, political and social dynamics? What are the key challenges to that system? How can the system be strengthened?

    In this course we are defining the global financial system (GFS) as encompassing central banks, commercial banks, and other financial institutions such as asset managers and private equity firms, financial regulators and international organizations. Thus we will encompass subjects such as the U.S. Federal Reserve and the European Central Bank, Goldman Sachs and the Hong Kong Shanghai Bank, the Carlyle Group and the BlackRock Investment Management Co., the Financial Stability Oversight Council and the Financial Stability Board, the Bank for International Settlements and the International Monetary Fund.

    We will take a broad view of the GFS including its history, its geopolitical framework, its economic foundations and its legal underpinnings. We will consider the GFS as a critical public good in the same way that clean air is a public good. We will look at a number of other key issues such as how the GFS deals with economic growth, economic and financial stability, distributional questions, employment issues, and long term investments in infrastructure. We will discuss how new technologies are affecting several of the biggest issues in global finance. We will examine the GFS as a large-scale complex network, thereby compelling us to see it in an interconnected and multidisciplinary way.  The emphasis will be on the practice of global finance more than the theory.

  • Investment Management

    This course provides a broad overview of investment management, focusing on the application of finance theory to the issues faced by portfolio managers and investors in general. Topics include asset allocation, asset pricing models such as the capital asset pricing model and arbitrage pricing theory, active portfolio management, and performance evaluation. These tools provide a disciplined way of thinking about investment decisions, while simultaneously framing how we think about the historical performance of markets. The course builds upon the materials and analytical sills developed in the Investor module.

  • Portfolio Management: Fixed Income

    This course is designed to provide an understanding of fixed income markets and products, and the techniques required for their valuation and risk management. It combines theory with practical exercises intended to demonstrate the complications that arise when applying theory to realistic situations.

  • Portfolio Management: Alternatives

    An in-depth course on the use of alternative investments in the institutional portfolio.  A succession of asset classes will be studied using current academic and practitioner research.  Students will develop portfolios in the spirit of the Yale Model and address the range of institutional issues raised by the use of illiquid, new or sophisticated investments.  These include formation of long term expectations, the relationship to modern portfolio theory models, accounting and valuation, benchmarking, client expectations and communications, and performance measurement.

  • Risk Perspective

    Risk management refers to the process of identifying, assessing, and prioritizing risks that can prevent achieving a preset objective. This course will teach you how to accurately assess the negative consequences of uncertain events on investment portfolios. The ultimate goal for risk managers is to reduce and control the likelihood of such occurrences.  To successfully understand the material, you should have a general understanding of US financial markets, trading and securities valuation, including stocks, bonds, futures and options. A developed knowledge of probability and statistics and an ability to use basic MS Excel functionality is also required.  This is not a technical course but it is aimed at those who will be working as risk managers or responsible for risk management teams and processes at asset management firms. Its primary aim is to train professional risk managers but also to educate traders, analysts, portfolio managers, senior executives, compliance officers, auditors, regulators, and anyone else who needs a broad introduction to the topic.

This list represents current and planned program content. Exact course lineup and/or titles may change.