Origin of the Program
Yale SOM’s Unique Master’s in Asset Management Program
This early-career, quantitatively intense nine-month program was developed by the late David Swensen '80 PhD, Yale's former chief investments officer and the pioneer of the “Yale Model” and Tobias Moskowitz, Dean Takahashi '80 B.A., '83 M.P.P.M. Professor of Finance and a principal at AQR Capital Management. Focusing on ethical and responsible investing, the two of them saw a real need and demand for a finance program devoted to asset management that combines the best of academic theory and practice. Their vision was to merge the perspectives and expertise of top finance scholars with leading investment managers, resulting in a truly unique program.
Curriculum Overview
Classes are divided into a core curriculum and elective classes.
Most core courses are taught by top-ranked SOM finance faculty who are pursuing cutting edge research across a wide variety of topics.
Most electives are taught by leading investment managers who are in the field, navigating real life market conditions and challenges in their day jobs. You also have access to the elective MBA courses offered at SOM, as well as courses available elsewhere within Yale University.
Because of Yale’s unique in-house expertise, external connections to industry, and access to the broader university, we’re in a position to offer an extensive, unique slate of course offerings developed specifically for the program, like alternative asset classes, behavioral finance, ESG investing, legal and regulatory landscape, machine learning, quantitative investing, venture capital & private equity.
You’ll build on the knowledge you gain in the classroom through participation in our Colloquium in Asset Management and completion of a hands-on practical experience. These components of the program help you develop deeper understanding of asset management practice and further connections with professionals in the industry.
With the rapid pace of change in asset management, I was attracted to the asset management program because it offers structured exposure to cutting-edge approaches. I believe there is no substitute for a solid foundation in the principles of asset management, learned directly from researchers and practitioners at the heart of this research.
Course Schedule
Students will take a variety of required fundamental subjects and elective classes, most of which were developed specifically for the asset management program. This is an example of what your journey through the Master’s in Asset Management program could look like (courses subject to change):
| Fall 1 (7 weeks) | Fall 2 (7 weeks) | Spring 1 (7 weeks) | Spring 2 (7 weeks) |
|---|---|---|---|
| Required | Required | Required | Required |
| Quantitative Investing | Quantitative Investing (continued) | Machine Learning | Behavioral Finance |
| Asset Pricing Theory | Business Ethics | ||
| Statistical Foundations | Financial Econometrics | ||
| Colloquium | Colloquium (continued) | Colloquium (continued) | Colloquium (continued) |
| Practical Experience Requirement | Practical Experience (continued) | ||
| Electives (choose 1+) | Electives (choose 1+) | Electives (choose 3+) | Electives (choose 3+) |
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** Selected SOM / Yale electives (approximately 50 in total)
Mgt 523 Monetary Policy
Mgt 540 Personal Finance
Mgt 541 Corporate Finance
Mgt 548 Real Estate Finance
Mgt 628 Central Banking
Mgt 649 World Financial History
Mgt 683 Renewable Energy Project Finance
Mgt 806 Private Equity: Value Creation
Mgt 811 Taxes, Business, and Strategy
Mgt 812 Financial Statement Analysis
Mgt 842 Financing Green Technologies
Mgt 843 Digitalization of Money
Mgt 848 History of Financial Market Fraud
Mgt 871 Financial Reporting
Mgt 890 Global Financial Crisis
Mgt 897 Entrepreneurial Finance
Mgt 947 Capital Markets
Mgt 948 Security Analysis and Valuation
Econ 251 Financial Theory
Econ 252 Financial Markets
Econ 350 Mathematical Economics
In addition, students may substitute a suitable graduate course in Computer Science, Economics, Mathematics, or Statistics & Data Science with prior approval from the faculty director.
Practical Experience
You’ll also complete a practical experience requirement of a minimum of 40 hours in the spring semester, which gives you the opportunity to begin your pivot into industry and put some of your recently acquired skills to work. It can be fulfilled in a variety of ways, such as interning with an asset management firm, assisting an SOM finance professor with research related to the study of asset management, or participating in an investment-focused case competition. Students on Yale’s visa sponsorship must abide by the employment regulations of their visa type, including any limitations on hours per week. At this time, international students are eligible for Curricular Practical Training (CPT) if completing an internship or project at external organizations.
Colloquium in Asset Management
A highlight of the program is the Colloquium in Asset Management, which brings leading executives, investors, and practitioners to campus for candid discussions about the industry. The Colloquium gives you unparalleled access to industry leaders across a range of relevant fields, who come to Yale in an intimate setting to speak directly to the students of this program.
Selected List of Colloquium Speakers:
Nicole Arnaboldi
Oak Hill Capital
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Partner at Oak Hill Capital and Independent Board Member at NextEra Energy, Inc., Manulife Financial Corporation, Commonfund and Merit Hill Capital. Nicole's background includes building a leading global alternative investment business, as well as making direct investments in a variety of industries including financial services, business services, technology and retail.
Cliff Asness
AQR Capital Management
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Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co.
Mark Carhart
Kepos Capital
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Chief Investment Officer of New York quantitative hedge fund, Kepos Capital. Recently started The Carbon Evolution Fund, trading securities such as California Carbon Allowances and derivatives tied to the Regional Greenhouse Gas Initiative and European Union Allowances for emissions.
Nick Kirchner
AQR Capital Management
Bob Litterman
Kepos Capital
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Founding partner of Kepos Capital; a New York City based systematic global macro firm, and the Chairman of the Kepos Capital Risk Committee. Prior to joining Kepos Capital in 2010, Litterman enjoyed a 23-year career at Goldman Sachs & Co., where he served in research, risk management, investments and thought leadership roles. He oversaw the Quantitative Investment Strategies Group in the Asset Management division.
Osman Nalbantoglu
Bridgewater Associates
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Osman Nalbantoglu joined Bridgewater in 2008 as the Senior Manager for Account Management. He currently serves on the Management/Operating Committee with particular oversight of Account Management and Trading functions. Osman is responsible for the day -to-day portfolio implementation that involves ensuring portfolio construction and trade execution is in -line with Bridgewater investment principles. Prior to joining Bridgewater, Osman was a partner with McKinsey and Company where he last led their North American Corporate and Investment Banking Practice. Osman received a Ph.D. in corporate finance from Harvard University and a B.A. in Mathematics and Economics from Yale University.
Xinchen Wang
Yale Investments Office
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Director, Yale Investments Office. Xinchen joined the Yale Investments Office in August 2009 and focuses on the Endowment’s developed equities and emerging equities portfolios. She graduated from Yale College in 2009 with a Bachelor of Arts in Economics and Mathematics.
STEM Classification
Our STEM-eligible Master’s Degree in Asset Management will train future generations of asset managers to find data-driven solutions to real-world problems while maintaining high ethical and moral standards in the exercise of their fiduciary responsibility.
As a STEM designated degree program, the Master’s in Asset Management program qualifies for the 24-month STEM Optional Practical Training (OPT) extension.
Enrollment in a STEM field is the first qualification in a series of eligibility criteria for STEM OPT extension. Further information about eligibility and requirements for the STEM OPT extension is available on the Department of Homeland Security website and through Yale’s Office of International Students and Scholars.
