Financial Economics (MAF)


Master of Arts in Financial Economics

The Master of Arts in Financial Economics focuses on the study of economic theories and financial principles pertaining/relevant to the workings of the U.S. and international financial institutions and systems. The program also provides a deeper knowledge and understanding of the history, institutions, and evolution of the world’s financial interactions. As a liberal arts degree, the program also addresses moral and ethical issues relevant to the forces at play in the financial markets and the globalization process.

Upon completion of the coursework in this program, the degree candidate is expected to be knowledgeable in:

  • how the principles of financial economics are invariably knitted into the fabrics of the development of financial institutions, industry, and government;
  • international finance and its relationship to the U.S. economy;
  • a variety of economic models as well as the moral and ethical implications of economic decisions and options;
  • the U.S. system of money, banking, capital markets and other business-decisions related institutions;
  • investments and U.S. government policy and financial systems; and
  • the relationship between the public and private sectors.

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    Career Options

    Careers in the financial economics area have become increasingly sophisticated in both the private and public sectors and government institutions. A Master of Arts in Financial Economics prepares a student to meet the more demanding career challenges in the increasingly complex financial institutions of a global economy comprising of central banks and agencies, commercial and investment banks and research organizations. The degree also provides preparation for careers in law, government, business, and finance as well as a well-rounded foundation for doctoral studies in economics and financial economics.

    Given the ever-evolving needs of financial institutions with complex products and processes, there is a growing job market in the field of financial economics. According to the U.S. Department of Labor’s Bureau of Labor Statistics, "employment of financial analysts is projected to grow 11 percent from 2016 to 2026, faster than the average for all occupations. A growing range of financial products and the need for in-depth knowledge of geographic regions are expected to lead to strong employment growth."


    Course Delivery

    To provide greater convenience and flexibility, courses will be available in different delivery options:

    • traditional day and evening in-classroom format at the McNichols Campus
    • evening classes at Macomb University Center (UC)
    • completely online program**

    Note: Students who take courses across delivery options may be charged tuition at the highest rate.

    Program curriculum adheres to University of Detroit Mercy's standards of academic integrity and intellectual merit.

    **Where is this online program available?
    University of Detroit Mercy welcomes online students from around the world. If you are English-fluent, and you have a reliable internet connection, you can enroll in our online programs.

    As a potential student, it is your responsibility to confirm our program meets specific licensure requirements in your state or locale of residence.

    Health professions applicants should contact the applicable licensing board.


    Admission Requirements

    Prerequisites and Admission Requirements

    In order to be admitted to the Master of Arts in Financial Economics program, an applicant must meet entrance requirements of Detroit Mercy. The applicant must also have completed a baccalaureate or advanced degree from a regionally accredited college or university with a minimum cumulative GPA of 3.0 or better. In certain cases, additional prerequisites may be required.


    Degree Requirements

    To obtain a Master of Arts in Financial Economics, the candidate must successfully complete a minimum of 30-credit-hours of required graduate-level economics courses. (A student completing a Bachelor of Arts with a major in Economics or Financial Economics from Detroit Mercy may not repeat an equivalent graduate course without the consent of the advisor or chairperson.)


    Required Courses (24 credits):

    • ECN 5100 Economic Analysis of Enterprises (3 credits)
    • ECN 5120 Analysis of Economic Conditions (3 credits)
    • ECN 5150 Quantitative Foundations of Economic Analysis (3 credits)
    • ECN 5400 Financial Economics (3 credits)
    • ECN 5460 Money and Capital Markets (3 credits)
    • ECN 5640 Practical Issues in Financial Economics (3 credits)
    • ECN 5660 International Monetary Analysis (3 credits)
    • ECN 5850 Seminar in Monetary and Fiscal Policy (3 credits)

    Elective Courses (6 credits):

    Two additional economics electives from the following:

    • ECN 5200 Economic Policy (3 credits)
    • ECN 5300 Economic Ideas in Perspective (3 credits)
    • ECN 5350 Comparative Economic Systems (3 credits)
    • ECN 5450 Economics of the Public Sector (3 credits)
    • ECN 5650 Theory of International Trade (3 credits)
    • ECN 5700 Economic Development (3 credits)
    • ECN 5800 Introduction to Econometrics (3 credits)
    • ECN 5810 Advanced Money and Capital Markets (3 credits)
    • ECN 5950 Individual Readings and Research (3 credits)

    Data Analytics

    Understanding Big Data — the vast amount of information generated, stored, and mined for insights — is the new competitive advantage in today’s marketplace. Detroit Mercy's courses in this field will provide you with the foundations of understanding data analytics, teach you the essentials of business forecasting and give you exposure to the use and application of industry software in data mining. These courses are open to all majors and are available at the undergraduate and graduate levels.  A complete degree program in Data Analytics is currently being developed.

    Upon successful completion of the course, the student will receive a badge representing the skills learned.  Note, badges are not University conferred degrees.

    • DATA 5150  Quantitative Foundations of Economic Analysis (3 credits)
    • DATA 5480  Business Forecasting (3 credits)
    • DATA 5310  Introduction to Data Mining (3 credits)


    University of Detroit Mercy's Department of Economics faculty have significant academic as well as practical experiences in the world of finance, economics, and business. Specific areas of expertise include international and development economics, financial institutions, public policy, and economic theory.

Program Contact Information

Department Chair: Raphael Shen, S.J., Ph.D.
Briggs Building, Room 315
McNichols Campus

Telephone: 313-993-1738
Fax: 313-993-1166

Department Website