Financial Economics


Master of Arts in Financial Economics

Financial Economics is concerned with the allocation and deployment of economic resources in an uncertain environment. The field focuses on applying economics principles onto the various domains of finance such as making investment decisions, identifying risk, and valuing securities and financial assets. It offers a theoretical framework for analyzing the decisions by individuals and managers of firms and also the interplay of these decisions on the prices of financial assets. 

The Master of Arts in Financial Economics at University of Detroit Mercy provides rigorous coverage aimed at assisting master’s level students to better understand the theoretical implications and practical applications of financial economics theory with a consideration of moral and ethical issues relevant to the forces at play in financial markets and the globalization process. It centers on decision making under uncertainty in the context of the financial markets and the resultant economic and financial models and principles. The program applies sampling and econometric techniques and numerical models suggested by financial economics theory on deriving testable implications from reasonable assumptions. The emphasis is mathematical consistency and implications of decision making under uncertainty in practice. The program offers students practicalities of applying their economics and statistical training. It provides opportunities of obtaining proficiency on theoretical and practical financial economics theory pertaining/relevant to the workings of the U.S. and international financial institutions and systems.

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;
  • The employment of economic theory to evaluate how time, risk, opportunity costs and information influence decisions made by individuals and firms;
  • Financial economics theory;
  • Quantitative and qualitative research methods;
  • Financial assets and derivatives pricing;
  • International finance and its significance in an economy; and
  • The U.S. system of money, banking, money and capital markets.

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    Degree Requirements - Master of Arts in Financial Economics (30 credits)

    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.)


    Students will complete the following courses:

    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 Financial Economics II (3 credits)
    • ECN 5660 International Monetary Analysis (3 credits)
    • ECN 5850 Seminar in Monetary and Fiscal Policy (3 credits)

    Program Electives (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 Economic Modeling for Data Analysis (3 credits)
    • ECN 5810 Advanced Money and Capital Markets (3 credits)
    • ECN 5950 Individual Readings and Research (3 credits)

    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.


    Course Delivery

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

    • Traditional day and evening in-classroom format is offered at the McNichols Campus.
    • This program can be taken completely online.*

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

Program Contact Information

Raphael Shen, S.J., Ph.D.
Professor and Chair
Department of Economics
Briggs Building, Room 315
McNichols Campus

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