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Texas State University

MS in Quantitative Finance and Economics

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The McCoy College of Business at Texas State University offers a 30-hour master of science in quantitative finance and economics program designed to equip students with the skills needed to succeed in an increasingly technical and data-drive job market.

Students in the MSQFE program will focus on the application of mathematics and statistics in the finance industry, while developing theoretical and quantitative skills in economic theory, financial analysis, and quantitative methods. Because economists research and analyze data using a wide range of technologies and software, the MS in quantitative finance and economics will also help you obtain skills in programming languages such as Python and MATLAB. 

This program is intended for students and working professionals who are interested in obtaining applicable industry-oriented abilities. Learn the tools you need for a successful career in finance, investment, banking, financial consultation and other related industries. 

STEM designation

Flexible Schedule

Renowned Faculty

Growing Field

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  • Degree Concentration Hours Thesis Option Minor Option

    M.S.Q.F.E

    No concentration

    30

    Non-Thesis

    No minor

    M.S.Q.F.E

    No concentration

    30

    Thesis

    No minor

  • QFE 5310 - MICROECONOMIC THEORY AND APPLICATIONS
    This course provides a rigorous introduction to the methods of microeconomic theory and quantitative applications. Topics covered include consumer and producer theory, decision-making under uncertainty, markets and competition, general equilibrium, and game theory. Along with each topic, applications to empirical work are conducted by discussing and re-producing the quantitative results of journal articles.

    QFE 5315 - MACROECONOMIC THEORY AND APPLICATIONS
    This course explores macroeconomic policy arguments at an advanced level. Topics include traditional and modern theories of income, price, employment, long-run economic growth, business cycle models, role of monetary and fiscal policy in promoting economic stability, and empirical applications of macroeconomic theories.

    QFE 5320 - ECONOMETRICS
    This course combines the theoretical framework of regression models with empirical applications in economics, finance, and public policy. Topics include different modeling techniques, assessment tools, and application of computer-assisted regression analysis to business and economic problems.

    QFE 5330 - FIN THEORY AND CORP POLICY
    This course provides an introduction to theories fundamental to the field of finance, with specific emphasis on corporate finance applications. Topics covered include theories of utility, state-preference, mean-variance optimization, asset pricing, and capital structure, as well as an introduction to option pricing theories applied to corporate finance.

    QFE 5335 - FINANCIAL ANALYTICS
    This course explores open-source software in a Finance context. This is a hands-on practical programming course with a step-by-step source code. Students learn major financial models related to investments and corporate finance and how to write their own code to implement models in real-world scenarios as well as visualize and analyze financial data.

    QFE 5340 - FINANCIAL ECONOMETRICS
    This course explores corporate finance and asset pricing models in the application of economic and financial data. Topics include estimation and inferences of financial models, principle component/factor analysis, capital asset pricing, volatility modeling, risk management, derivative pricing, portfolio allocation/optimizations, simulating financial systems, among others. Analytical software will be used to estimate models. 

    QFE 5353 - FIXED INCOME ANALYSIS
    This course covers the valuation of a wide variety of fixed income securities and their derivatives, including money-market instruments, government bonds, repurchase agreements, interest-rate swaps, mortgage-backed securities, and corporate bonds. It focuses on analytic tools used in bond portfolio management and interest rate risk management. 

    QFE 5369 - INTERNSHIP
    This course is based on experiential learning. Students will integrate both professional and academic experiences through an internship with an external employer. Prerequisite: Must have completed 12 graduate hours and other prerequisites may be specified by the employer with the consent of Program Director and department chair and instructor approval.

    QFE 5390A - INTERNATIONAL ECONOMICS
    This course examines open economy macroeconomics and monetary issues of international economics. Topics include international financial markets, exchange rates, trade policies, international monetary systems, international financial crises and contagions, and applications of theory with data on international macroeconomic & financial behavior.

    QFE 5392A - FINANCIAL MARKETS AND INST
    This course focuses on US financial markets and institutions, with a lesser focus on their international counterparts. Topics covered include the characteristics and roles of the various financial markets including money and capital markets, equity and debt markets; relationships between the financial markets and financial institutions; interest rate fundamentals; and the impact of regulators and central banking on financial markets and institutions.

    QFE 5392B - SECURITIES LAW
    This course explores the role of U.S. federal securities laws that enable market participants to make legal, ethical, and strategic business decisions. Topics covered include the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley, Dodd Frank, and other topical legislation, as well as global regulatory, judicial, and litigation trends.

    QFE 5395 - INDEPENDENT STUDY
    This course focuses on individual in-depth study. Students, in consultation with a faculty member, choose a selected area of study in Quantitative Finance or Economics on a specialized project. 

    FIN 5322 - INVESTMENT ANALYSIS
    This course cover the application of finance theory to investment analysis. Topics include modern investment theories, asset pricing models and derivative pricing models, with a focus on application of derivatives to manage risk exposure.

    QFE 5199B - THESIS
    This course represents a student's continuing thesis enrollment. The student continues to enroll in this course until the thesis is completed. Graded on a credit (CR), progress (PR), no-credit (F) basis.

    QFE 5299B - THESIS
    This course represents a student's continuing thesis enrollment. The student continues to enroll in this course until the thesis is completed. Graded on a credit (CR), progress (PR), no-credit (F) basis.

    QFE 5399A - THESIS
    This course represents a student’s initial thesis enrollment. No thesis credit is awarded until student has completed the thesis in Quantitative Finance & Economics. Graded on a credit (CR), progress (PR), no-credit (F) basis.

    QFE 5399B - THESIS
    This course represents a student's continuing thesis enrollment. The student continues to enroll in this course until the thesis is completed. Graded on a credit (CR), progress (PR), no-credit (F) basis.

    QFE 5599B - THESIS
    This course represents a student's continuing thesis enrollment. The student continues to enroll in this course until the thesis is completed. Graded on a credit (CR), progress (PR), no-credit (F) basis.

    QFE 5999B - THESIS
    This course represents a student's continuing thesis enrollment. The student continues to enroll in this course until the thesis is completed. Graded on a credit (CR), progress (PR), no-credit (F) basis

    FIN 5322 - INVESTMENT ANALYSIS
    This course cover the application of finance theory to investment analysis. Topics include modern investment theories, asset pricing models and derivative pricing models, with a focus on application of derivatives to manage risk exposure. 

    CIS 5357 - COMPUTING FOR DATA ANALYTICS
    This course focuses on fundamentals of programming. Students will learn to design and implement applications, and programmatically handle a variety of data management functionalities.

    CIS 5355 - DATABASE MANAGEMENT SYSTEMS
    Explores the concepts, principles, issues and techniques for managing corporate data resources using database management systems. The course includes techniques for analysis, design and development of database systems, creating and using logical data models, database query languages, and procedures for evaluating database management software. Students will use a relational database management system to develop a management information system.

    QMST 5336 - ANALYTICS
    This course introduces analytics which refers to the process of transforming data into information for making decisions. The topics include the introduction to analytics, visualization, analytics applications, and challenges related to business data. Students will learn how to use software, conduct data analysis and communicate their results.

    QMST 5335 - FORECAST & SIMULATION
    This course introduces the concepts and principles of forecasting and simulation techniques as applies to plan and decision making in organizations. Topical coverage includes time series forecasting, casual forecasting, discrete event simulation, and continues-event simulation techniques.

    QMST 5342 - PROBABILITY & STATISTICAL MODEL
    This course introduces the concept of probability and probability distributions. It includes general and generalized linear models, inflated and mixture models, and hierarchical models. Model validity and choice will also be discussed. 

    QMST 5343 - DATA MINING
    This course covers data mining concepts and applications of data mining techniques to solve business problems. It emphasizes algorithms such as classification, clustering, association, and text mining. Model selection and assessment are also emphasized. 

    QMST 5390A - STATISTICAL COMPUTING
    This course covers programming and statistical computing concepts. Programming concepts include data manipulation, data structures, control structures, functions, basic algorithms, and matrix manipulations. Statistical computing topics include numerical linear algebra, Monte Carlo methods, and numerical optimization.

  • APPLICATION DEADLINE

    This program has a flexible deadline, which means applications received after the posted deadline may be reviewed on a first-come, first-served basis, with no guarantees for admission consideration.

    FUNDING INFORMATION

    Applications must be complete by the priority deadline to be considered for certain types of funding.

    DECISION TIMELINE

    This program reviews applications on a rolling basis.

    Deadlines U.S. Citizen International

    Fall - Priority

    February 1

    February 1

    Fall - Standard

    July 1

    June 1

    Spring

    No Admission

    No Admission

    Summer I

    No Admission

    No Admission

    Summer II

    No Admission

    No Admission

  • Application

    Application Fee

    • $55 nonrefundable application fee
      OR
    • $90 nonrefundable application fee for applications with international credentials
    • Review important information about application fees.

    Transcripts & GPA

    • baccalaureate degree from a regionally accredited university
    • a copy of an official transcript from each institution where course credit was granted
    • a competitive GPA in your last 60 hours of undergraduate course work (plus any completed graduate courses)
    • background course work
      • minimum grade of B in the following:
        • Principles of Microeconomics and Macroeconomics (ECO 2314, ECO 2315 or equivalent)
        • Quantitative Methods and Statistics (QMST 2333 or equivalent)
        • Business Calculus (MATH 1329 or equivalent)
        • Business Finance (FIN 3312 or equivalent)
    • Review important information about transcripts. Official transcripts, sent directly from your institution, will be required if admission is granted. 

    GRE or GMAT Scores*

    • Official GRE (general test only) or GMAT required with competitive scores

    *Due to COVID-19 and testing center closures, GRE or GMAT not required for Fall 2020 applicants.

    Effective Spring 2021:

    • official GMAT/GRE (general test only) not required for applicants with a last-60-hours GPA of 3.5 or higher. If the last-60-hours GPA falls below the minimum requirement of 3.5, the official GMAT or GRE (general test only) with competitive scores will be required in order to be considered. The Graduate College will notify applicants via email should this occur.
    • Review important information about official test scores.

    Documents

    • responses to specific essay questions (two essays are required):
      • Why have you chosen to pursue a graduate business degree at Texas State University? What do you hope to accomplish during your time in the program?
      • Tell us about your three most significant accomplishments. Why do you view them as such? What lessons did you learn from them?
      • optional personal statement: In cover-letter format, you may address the admissions committee about anything related to your background, application, and/or desire to attend graduate school at Texas State University.
    • resume/CV detailing work experience, extracurricular and community activities, an honors and achievements
    • three letters of recommendation from persons best able to assess the student's ability to to succeed in graduate school
    • Review important information about documents.

    TOEFL or IELTS Scores

    Applicants are required to submit TOEFL or IELTS scores that meet the minimum program requirements below unless they have earned a bachelor’s degree or higher from a regionally accredited U.S. institution or the equivalent from a country on our exempt countries list.

    • official TOEFL iBT scores required with a 80 overall and minimum individual module scores of:
      • 19 listenting
      • 19 reading
      • 19 speaking
      • 18 writing
    • official IELTS (academic) scores required with a 6.5 overall and
      • minimum individual module scores of 6.0
    • This program does not offer admission if the scores above are not met.
    • Review important information about official test scores.

Courses

MSQFE courses prepare you for financial and economic analysis, utilizing specialized software for reporting, programming, use of risk management and analytical tools, communicating effectively using data visualization techniques and problem-solving strategies, among other skills. Courses include: 

  • econometrics
  • financial theory and corporate policy
  • financial econometrics
  • investment analysis
  • financial analytics
  • fixed income analysis
  • securities law

Career Perspectives

Graduates of Texas States master of science in quantitative finance and economics leave the program possessing valuable marketable skills and face exceptional career prospects. The Texas Workforce Commission (TWC) projects faster than average job growth for economists (19%), financial analysts (18%), and financial managers (30%) over the next ten years.

Graduates obtain careers such as: 

  • economist
  • quantitative risk analyst
  • business analyst
  • financial analyst
  • financial manager

Fund Your Studies

While the cost of a graduate degree may seem overwhelming, there are plenty of financial resources available to you at Texas State. From scholarships to assistantships, there is help available so that you can focus on your studies instead of worrying about your finances.

Ready to Appy?

Start the graduate school admissions application process.

Do You Have Questions?

Get information about this program.