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The Master of Science in Finance Program
(International Program)
Curriculum Amended in Academic Year 2007
1. Name of Curriculum
Master of Science Program in Finance (International Program)
2. Name of Degree
Master of Science (Finance)
M.Sc. (Finance)
3. Responsible Organization
The Office of Graduate Studies
Faculty of Commerce and Accountancy
Thammasat University
4. Rationale and Objectives
4.1 Rationale
The Master of Science Program in Finance (MIF) is designed to provide students with a rigorous training in
conceptual, analytical and empirical foundations of modern finance and investment. Through the applications of financial
theories, modeling and economics of financial markets, students are also instilled with knowledge of business practices of
financial management.
Since its inception, the program has produced graduates over the period of 8 years. In order to prepare graduates
for the fast-changing financial markets, the program discerns the need and has redesigned the curriculum based on the
following four elements (4S):
1. Scientific
Emphasis is placed on in-depth understanding of financial theories and analysis of financial problems utilizing
theoretical knowledge, specifically mathematics and statistics.
2. Sequential
Core courses are strategically set in a sequence without repetition.
3. Skills
The program tends to serve various needs of students who aim for one of the four different career paths as
follows:
Financial Analyst/ Fund Manager (FA)
Financial Engineer (FE)
Treasury/ CFO (FO)
Researcher (RE)
4. Superb
The program highlights excellence in financial theories and their applications to Thai financial markets.
From the aforementioned motivation, The Master of Science Program in Finance (MIF)’s curriculum redesign
then introduces twenty must-read academic articles for the program to assure the quality of graduates.
4.2 Objectives
1) To produce well-equipped finance graduates who are to keen but not limited to the following positions:
1.1 Financial Manager
1.2 Fund Manager
1.3 Securities Analyst
1.4 Financial Analyst
1.5 Financial Engineer
1.6 Financial Lecturer
1.7 Financial Controller
2) To produce finance graduates who can conduct and administer financial research
3) To produce graduates with strong ethic and social responsibility
5. Time Schedule
The amended curriculum for the Master of Science in Finance (International Program) has been in effect since
academic year 2007.
6. Qualifications of Applicants
6.1 Applicants must hold a bachelor’s degree in any field from an institute
accredited by Thammasat University Council.
6.2 Applicants should have at least one year of working experiences.
6.3 Applicants must have qualifications in compliance with Thammasat’s
University Regulations on Graduate Studies B.E. 2541.
7. Methods of Admission
Applicants must pass the entrance examinations which consist of Mathematics, Essay Writing, English, and
Interview.
8. Educational System
8.1 It is an international program where English is the medium of instruction.
8.2 It is an evening program with a trimester academic year.
8.3 There are two options available:
Plan A Plan A consists of 12 credits of Thesis and additional course work
not less than 33 credits.
Plan B Plan B consists of no less than 45 credits of course work, comprehensive examination, and
independent study in place of thesis.
8.4 Students lacked of basic knowledge in Finance from their bachelor’s degree are required to register the pre-
courses based on the program committee recommendations. The pre-courses are listed below:
MF501 Mathematics for Finance 1:Linear Algebra 1 credits
MF502 Mathematics for Finance 2:Calculus 1.5 credits
MF503 Basic Econometrics 2 credits
MF504 Basic Economics 1.5 credits
MF505 Fundamental Financial Accounting 1.5 credits
Only P (Pass) or N (No pass) will be assigned without grade point. Credits for pre-courses will not be
counted for graduation.
8.5 Comprehensive Exam (Plan B)
8.5.1 Students qualified to take a comprehensive examination must pass all the pre-courses and
earn all credits required for graduation with a GPA of at least 3.00. The comprehensive
examination will be offered to the students in the first semester when they have a potential to
graduate.
8.5.2 The comprehensive examination must be conducted in compliance with Thammasat
University’s Regulations on Graduate Studies B.E. 2541.
8.6 Thesis (Plan A)
8.6.1 Students can register for a thesis after they have completed at least 18 credits with a
minimum cumulative GPA of 3.00.
The thesis and its oral defense must be conducted in compliance with Thammasat
Univesity’s Regulations on Graduated Studies B.E. 2541.
8.7 Course Transfer
1) Students are allowed to participate in The Student Exchange Program under the approval of the Dean,
Faculty of Commerce and Accountancy and the Rector, Thammasat University. Students can spend
semesters studying at well-known partner universities around the world and transfer credits earned
while being abroad to the MIF program. Such exchange activities however must comply with
Thammasat University’s Regulations on Graduate Studies B.E. 2541.
2) Meanwhile, students from the partner universities may study at the MIF Program and pay the tuition
fee according to the University’s Rules and Regulations or stated otherwise.
3) Students who have studied the master’s degree courses that are equivalent to the courses the MIF
Program offers may ask to transfer those credit courses to the MIF Program without repetition. This
however must be approved by the office of Graduate Studies Committees as well as comply with the
followings.
3.1 Only credits of course work (except for thesis) can be transferred. The amount of credits
transferred must not exceed 25% of the overall credits.
3.2 Only master’s degree courses with the grade of at least “B” can be transferred. “ACC” will
be assigned without grade point for the transferred courses.
3.3 Other requirements must comply with Thammasat University’s Regulations on Graduate
Studies B.E. 2541.
9. Duration of Study
To complete the program, students must fulfill all the program requirements within 16 semesters since the first
semester they are admitted.
10. Registration
Students must register course work and/or thesis at least 6 credits but not exceeding 9 credits in each semester.
The registration must be administered in compliance with Thammasat University’s Regulations on Graduate Studies B.E.
2541.
11. Grading System
11.1 Grading System
11.1.1 The academic performance may be evaluated in one of the following grades.
Grade A A- B+ B B- C+ C D F
Grade Point 4.00 3.67 3.33 3.00 2.67 2.33 2.00 1.00 0.00
Grade S U P N W I
Value Satisfactory Unsatisfactory Pass No pass Withdrawal Incomplete
11.1.2 Only credit courses with the grades of S (Satisfactory) or at least C will be counted for
graduation.
11.1.3 For the pre-courses and the comprehensive examination, only P (Pass) and N (No pass) will be
assigned without grade point.
11.1.4 For Plan A, a thesis is evaluated by the grades of S (Satisfactory) or U (Unsatisfactory) without
grade point. The thesis with S which equivalent to passing can only be counted for graduation.
11.1.5 For Plan B, an independent study is evaluated by the grades of S (Satisfactory) or U
(Unsatisfactory) without grade point. The Independent Study with S which equivalent to passing can only be counted for
graduation.
11.1.6 Other requirements must comply with Thammasat University’s Regulations on Graduated
Studies B.E. 2541.
11.2 Graduation
To graduate from the program, students must:
11.2.1 earn 45 credits from either Plan A or Plan B, and complete other requirements announced by
Thammasat University and Faculty of Commerce and Accountancy.
11.2.2 earn cumulative GPA (Grade Point Average) of not less than 3.00.
11.2.3 receive S for the thesis (Plan A). The thesis (may be partly) must have been accepted for
publication in journal or publication or presented in an academic conference (with proceeding).
11.2.4 receive S for Independent Study I and II (for Plan B).
11.2.5 receive P for comprehensive examination (for Plan B).
11.2.6 receive P for all pre-courses.
11.2.7 participate in the special lecture on “Financial Ethics Issues”, and
11.2.8 fulfill all requirements of Thammasat University’s Regulations on Graduate Studies B.E. 2541.
12. Faculty
The Master of Science Program in Finance is operated by a group of faculty, including Lecturers/ Curriculum
Supervisors/ Curriculum Committees.
Curriculum Supervisors
No. Name-Surname Academic Position Education
1 Dr. Seksak Jumreornvong Associate Professor Ph.D. (Finance)
Georgia State University
2 Dr. Arnat Leemakdej Assistant Professor D.B.A. (Finance)
Thammasat University
3 Dr. Suluck Pattarathammas Assistant Professor D.B.A. (Finance)
Thammasat University
Curriculum Committees
No. Name-Surname Academic Position Education
1 Dr. Seksak Jumreornvong Associate Professor Ph.D. (Finance)
Georgia State University
2 Panupa Tuvanimitgul Associate Professor M.B.A. (Finance)
Indiana University
3 Dr. Arnat Leemakdej Assistant Professor D.B.A. (Finance)
Thammasat University
4 Dr. Suluck Pattarathammas Assistant Professor D.B.A. (Finance)
Thammasat University
5 Dr. Thanapat Chaisantikulawat - Ph.D. (Econ)
Texas A&M University
13. Number of Students
Approximately 60 students are admitted to the Master of Science Program in Finance each academic year.
Academic Year
2550 2551 2552 2553 2554
Student
New class 60 60 60 60 60
Former class 45 45 45 45 45
Total 105 105 105 105 105
Graduates 45 45 45 45 45
14. Venue and Educational Facilities
Classroom and facilities are those available at the Faculty of Commerce and Accountancy and shared with other
programs under the Faculty of Commerce and Accountancy.
15. Library
Research can be done in 4 libraries below. They provide textbooks in monetary economics, public finance and
business finance, theses, journals and other academic related publications both national and international.
1) The library of the Faculty of Commerce and Accountancy = 25,000 items
2) The library of the Faculty of Economics = 60,000 items
3) The Main University Library (Pridi Banomyong Library) = 30,000 volumes
4) Puey Ungphakorn Library (Rungsit Campus) = 30,000 items
In addition, databases necessary for conducting financial researches are provided as follows:
1. SCIENCEDIRECT
2. BOL
3. Kasikorn Research Database
4. Datastream
5. OSIRIS & RATE.
16. Budget
Each student is required to pay approximately 390,000 Baht for the entire 2 years program. The program is self
financed.
17. Curriculum
17.1 The Mater of Science Program in Finance (International Program) is a 45 credits program.
17.2 The curriculum is structured into 2 plans.
17.2.1 Plan A : Thesis
The structure is shown below.
1) Core courses 33 credits
2) Thesis 12 credits
Total 45 credits
17.2.2 Plan B : Independent Study
The structure is shown below.
1) Core courses 33 credits
2) Elective courses 6 credits
3) Independent Study 6 credits
Total 45 credits
17.3 Course Identification Number
The course identification numbers shown in the curriculum consist of two alphabets and three numbers
subject to the following interpretation:
The first two alphabets (MF) represent Master’s Degree Program in Finance
The last digits represent core courses and electives
0-5 represent core courses (including pre-courses)
6-9 represent electives
The middle digits represent subject group
0 represents basic courses
1 represents accounting courses
2 represents economic courses
3 represents research courses
4-8 represent finance courses
9 represents Independent Study
The first digits represent the course level
5 represents pre-courses
6 represents master’s basic courses
7 represents master’s advanced courses
8 represents thesis
17.4 List of Courses
17.4.1 Pre-courses
The students lacked of basic knowledge in Finance must study
pre-courses based on the program committees recommendations. The pre-courses are listed below.
Code Course Credits
(Lecture-Laboratory-Self Study)
MF501 Mathematics for Finance I : Linear Algebra 1 (1-0-3)
MF502 Mathematics for Finance II : Calculus 1.5 (1.5-0-4.5)
MF503 Basic Econometrics 2 (2-0-6)
MF504 Basic Economics 1.5 (1.5-0-4.5)
MF505 Fundamental Financial Accounting 1.5 (1.5-0-4.5)
17.4.2 Core courses
The students who choose either Plan A or Plan B must earn up to 12 subjects of core courses
equivalent to 33 credits.
Code Course Credits
(Lecture-Laboratory-Self Study)
MF610 Financial Analysis I: Financial Reporting 2 (2-0-6)
MF620 Microeconomics Analysis 3 (3-0-9)
MF621 Financial Markets and Macroeconomic Policy 3 (3-0-9)
MF630 Research Methodology in Financial Studies 3 (3-0-9)
MF640 Financial Economics Theory 3 (3-0-9)
MF641 Corporate Financial Theory 3 (3-0-9)
MF642 International Finance 3 (3-0-9)
MF643 Financial Architecture 2 (2-0-6)
MF644 Equity Investment 3 (3-0-9)
MF645 Fixed-Income Security Investment 3 (3-0-9)
MF650 Financial Engineering I: Derivative Pricing 2(2-0-6)
MF651 Financial Econometrics 3 (3-0-9)
17.4.3 Elective Courses
The students who choose Plan B : Independent Study must earn up to 6 credits of Elective
courses listed in any one of the following groups. In case the students choose to study the elective courses from more than
one particular group, this must be done under the approval of their advisors.
Group 1 Financial Analyst (FA)/ Fund Manager
Code Course Credits
(Lecture-Laboratory-Self Study)
MF736 Computer Programming in Financial Research 1.5 (0-3-3)
MF746 Financial Analysis II: Corporate Valuation 1.5 (1.5-0-4.5)
MF757 Mergers and Acquisitions 1.5 (1.5-0-4.5)
MF758 Securitization 1.5 (1.5-0-4.5)
MF759 Financial Forecasting 1.5 (1.5-0-4.5)
MF766 Selected Topics in Finance 3 (3-0-9)
MF768 Special Topics in Finance I 1.5 (1.5-0-4.5)
MF769 Special Topics in Finance II 1.5 (1.5-0-4.5)
MF776 Advanced Portfolio Management 1.5 (1.5-0-4.5)
MF777 Financial Modelling with Excel VBA 1.5 (0-3-3)
MF789 Behavioral Finance 1.5 (1.5-0-4.5)
Group 2 Financial Engineering (FE)
Code Course Credits
(Lecture-Laboratory-Self Study)
MF736 Computer Programming in Financial Research 1.5 (0-3-3)
MF749 Econometrics for Finance 1.5 (1.5-0-4.5)
MF766 Selected Topics in Finance 3 (3-0-9)
MF767 Financial Engineering II: Risk Management 1.5 (1.5-0-4.5)
MF768 Special Topics in Finance I 1.5 (1.5-0-4.5)
MF769 Special Topics in Finance II 1.5 (1.5-0-4.5)
MF777 Financial Modelling with Excel VBA 1.5 (0-3-3)
MF778 Stochastic Process and PDE 1.5 (0-3-3)
MF779 Copula Finance 1.5 (1.5-0-4.5)
Group 3 Treasury CFO (FO)
Code Course Credits
(Lecture-Laboratory-Self Study)
MF736 Computer Programming in Financial Research 1.5 (0-3-3)
MF746 Financial Analysis II: Corporate Valuation 1.5 (1.5-0-4.5)
MF747 Treasury Management 1.5 (1.5-0-4.5)
MF748 Legal Environment of Financial Business 1.5 (1.5-0-4.5)
MF756 Management of Financial Institutions 1.5 (1.5-0-4.5)
MF757 Mergers and Acquisitions 1.5 (1.5-0-4.5)
MF758 Securitization 1.5 (1.5-0-4.5)
MF759 Financial Forecasting 1.5 (1.5-0-4.5)
MF766 Selected Topics in Finance 3 (3-0-9)
MF768 Special Topics in Finance I 1.5 (1.5-0-4.5)
MF769 Special Topics in Finance II 1.5 (1.5-0-4.5)
MF776 Advanced Portfolio Management 1.5 (1.5-0-4.5)
MF777 Financial Modelling with Excel VBA 1.5 (0-3-3)
MF786 Universal Banking 1.5 (1.5-0-4.5)
Group 4 Researcher (RE)
Code Course Credits
(Lecture-Laboratory-Self Study)
MF736 Computer Programming in Financial Research 1.5 (0-3-3)
MF749 Econometrics for Finance 1.5 (1.5-0-4.5)
MF766 Selected Topics in Finance 3 (3-0-9)
MF768 Special Topics in Finance I 1.5 (1.5-0-4.5)
MF769 Special Topics in Finance II 1.5 (1.5-0-4.5)
MF776 Advanced Portfolio Management 1.5 (1.5-0-4.5)
MF777 Financial Modelling with Excel VBA 1.5 (0-3-3)
MF778 Stochastic Process and PDE 1.5 (0-3-3)
MF779 Copula Finance 1.5 (1.5-0-4.5)
MF787 Game Theory 1.5 (1.5-0-4.5)
MF788 Market Microstructure 1.5 (1.5-0-4.5)
MF789 Behavioral Finance 1.5 (1.5-0-4.5)
17.4.4 Thesis (12 credits) : Plan A
MF800 Thesis 12 credits
17.4.5 Independent Study (6 credits) : Plan B
MF791 Independent Study I 6 credits
MF792 Independent Study II 6 credits
17.5 Study Plan
17.5.1 Plan A
The first year Credit
1st semester (8 credits)
MF610 Financial Analysis I: Financial Reporting 2
MF620 Microeconomics Analysis 3
MF641 Corporate Financial Theory 3
2nd semester (9 credits)
MF621 Financial Markets and Macroeconomics Policy 3
MF642 International Finance 3
MF651 Financial Econometrics 3
3rd semester (9 credits)
MF640 Financial Economics Theory 3
MF644 Equity Investment 3
MF645 Fixed-Income Security Investment 3
The Second Year Credit
1st semester (7 credits)
MF630 Research Methodology in Financial Studies 3
MF643 Financial Architecture 2
MF650 Financial Engineering I: Derivative Pricing 2
2nd semester (6 credits)
MF800 Thesis 6
3rd semester (6 credits)
MF800 Thesis 6
17.5.2 Plan B
The first year Credit
1st semester (8 credits)
MF610 Financial Analysis I: Financial Reporting 2
MF620 Microeconomics Analysis 3
MF641 Corporate Financial Theory 3
2nd semester (9 credits)
MF621 Financial Markets and Macroeconomics Policy 3
MF642 International Finance 3
MF651 Financial Econometrics 3
3rd semester (9 credits)
MF640 Financial Economics Theory 3
MF644 Equity Investment 3
MF645 Fixed-Income Security Investment 3
The Second Year Credit
1st semester (7 credits)
MF630 Research Methodology in Financial Studies 3
MF643 Financial Architecture 2
MF650 Financial Engineering I: Derivative Pricing 2
2nd semester (6 credits)
Elective 3
MF791 Independent Study I 3
3rd semester (6 credits)
Elective 3
MF792 Independent Study II 3
Course Descriptions
Pre-course
MF501 Mathematics for Finance I: Linear Algebra 1 credit
This course provides the mathematical background in linear algebra necessary to understand how mathematical
techniques are used in finance. The course includes relevant topics in linear algebra, such as matrix algebra, solving
equations and finding inverses, vector and vector spaces, Eigenvalues, Eigenvectors, and Eigensystems.
(Lecture 1 hr. per week)
MF502 Mathematics for Finance II: Calculus 1.5 credits
This course provides the mathematical background in calculus necessary to understand how mathematical
techniques are used in finance. The course includes relevant topics in calculus, such as functions, limits, and continuity, the
derivatives, analysis of functions, applications of derivatives, and integration and principles of integral evaluation, etc.
(Lecture 1.5 hrs. per week)
MF503 Basic Econometrics 2 credits
This course emphasizes on statistical concepts needed for study and understanding econometrics. Statistical
concepts include descriptive statistics, inferential statistics, and probability distribution theories. The course focuses on
basic concept in regression analysis including the Ordinary Least Squares (OLS) estimation method, hypothesis testing of
parameters, dummy variables regression model, and predicting of both simple and multiple regression models.
This course also focuses on the applications of econometrics software to estimate financial models. The
students will learn about the sources of economic and finance data, how to prepare the data for the econometrics software,
formulate the model and estimate the model using Ordinary Least Square method. The course enables the students to
interpret the estimation results generated by econometrics software.
(Lecture 2 hrs. per week)
MF504 Basic Economics 1.5 credits
This course provides the tools of basic economics analysis including the concepts of opportunity costs, choice,
and supply and demand. It also covers macroeconomics which looks at large issues such as economic growth, inflation,
unemployment, fiscal and monetary policies and issues affecting the entire economy.
(Lecture 1.5 hrs. per week)
MF505 Fundamental Financial Accounting 1.5 credits
This course explores foundations of financial accounting. These issues include the function of accounting in
identifying, recording and classifying, financial transaction; characteristics of various types of accounts, the accounting
principles and concepts for measuring these financial transactions; preparation of financial statements.
(Lecture 1.5 hrs. per week)
Core course
MF610 Financial Analysis I : Financial Reporting 2 credits
The objective of this course is to provide students with a solid conceptual and practical foundation of financial
accounting. Emphasis is placed on understanding the accounting equation, the principles and contents underlying financial
statements. Topics also include accounting for decision-making, planning and control, and financial analysis. This will
ensure that students understand the tools available for security valuation (other than equilibrium asset pricing models).
(Lecture 2 hrs. per week)
MF620 Microeconomics Analysis 3 credits
This course covers microeconomic issues confronting business decision-makers. These issues include the theory
of consumer behavior, the theory of firm, market equilibrium, perfect competition, monopoly, duopoly and oligopoly.
Multi-market equilibrium, welfare measurement, and basic concept of game theory are also discussed.
(Lecture 3 hrs. per week)
MF621 Financial Markets and Macroeconomic Policy 3 credits
The course introduces students with important macroeconomics theories, including the structure and growth of
the economy, the determinants and their behavior. The system at the macro level will be linked to the micro level such as
households, firms, capital, saving and investment information and their dynamic behavior. Financial markets and
institutions exist naturally to accommodate saving and investing as well as information dissemination and to improve
economic welfare.
(Lecture 3 hrs. per week)
MF630 Research Methodology in Financial Studies 3 credits
The course introduces the students on the development of research paper. Topics include research process,
research design, and research methodologies such as advanced econometrics. The course also emphasizes on setting
research questions and objective, analysis of related literature, selecting theoretical framework, hypotheses formulation,
and constructing research methodology. Students are expected to prepare research topic and research proposal for
independent study.
(Lecture 3 hrs. per week)
MF640 Financial Economics Theory 3 credits
Prerequisite: MF 620 Microeconomics Analysis
This course provides a rigorous introduction to theoretical foundation of modern financial economic theory.
Topics include decision making under uncertainty, single-period asset pricing models, Arrow-Debreu pricing theory,
multi-period pricing models, stochastic processes, basic options, numerical techniques, stochastic integrals and differential
equations, the Black-Scholes analysis. It is designed to develop an understanding of how to price financial assets,
conducting portfolio management and identifying investment opportunities.
(Lecture 3 hrs. per week)
MF641 Corporate Financial Theory 3 credits
This course explores theories, empirical evidence, and applications of corporate financial policy. Basic topics
covered include consumption, investment, and investment decision. The early part of the course lectures will also cover
capital budgeting under certainty and uncertainty, and in single-and multi-period cases. The emphasis will be on topics of
capital structure, cost of capital, dividend policy, moral hazard, designs of contracts and securities, signalling, and
asymmetric information. Other topics covered include mergers, acquisitions, corporate control, and related theoretical and
applied issues in corporate finance.
(Lecture 3 hrs. per week)
MF642 International Finance 3 credits
Prerequisite : MF641 Corporate Financial Theory
This course explores international financial environment including the international monetary system, the
balance of payments, and the international parity conditions. Considerable emphasis is placed on the foreign exchange
exposure. Topics also include the global integration of money and capital markets, foreign direct investment, political risk,
and international capital budgeting. A main goal of the course is to prepare students for analysis of the international
aspects of financial management.
(Lecture 3 hrs. per week)
MF643 Financial Architecture 2 credits
Prerequisite: MF641 Corporate Financial Theory
This course intends to equip students with approaches to valuation based on financial grounds for strategic
formulation and implementation of a firm. Topics include valuation of single-business to multi-business companies, value
creation, value-based management, evaluating, restructuring, and other pricing models to value strategies. Real option
pricing also discussed during the course. Discussions will also center on how to utilize valuation in business decision
making.
(Lecture 2 hrs. per week)
MF644 Equity Investment 3 credits
Prerequisite: MF641 Corporate Financial Theory
This course acquaints students with financial theories and practices needed for equity market investment. Topics
include efficient market theory, risk and return measurement, determination of security value, formation of efficient
portfolios, Capital Asset Pricing Model, Arbitrage Pricing Model, and portfolio performance measurement. Current
relevant issues may be also discussed at the discretion of the instructor.
(Lecture 3 hrs. per week)
MF645 Fixed-income Security Investment 3 credits
Prerequisite : MF641 Corporate Financial Theory
This course discusses the functions of domestic and international fixed-income securities markets. It also
introduces fundamental concepts for fixed-income securities analyses including pricing, yields, duration and convexity,
and term structure. Advanced analytical tools such as Binomial, Monte Carlo, and options-theoretic approaches are
applied toward bonds with special features. Various types of fixed income portfolio strategies are explained. In addition,
the topics of public debt management, interest rate modelling, credit derivatives and risk management are briefly
introduced in this course.
(Lecture 3 hrs. per week)
MF650 Financial Engineering I : Derivative Pricing 2 credits
Prerequisite : MF644 Equity Investment
This course focuses on the design, development, implementation of innovative financial instruments and
processes, and formulation of creative solutions to problems in finance. This course will cover specific tools such as
options, forward, futures and swap. The primary objective is to examine the creative thinking and problem solving
processes. The course includes advanced trading strategies and risk management to both option holders and option
writers.
(Lecture 2 hrs. per week)
MF651 Financial Econometrics 3 credits
This course emphasizes on estimation methods used in current financial market research including least square
methods of estimation, maximum likelihood estimation method, and generalized method of moments (GMM). The topics
in least square methods include estimation method any assumptions is violated, how to perform diagnostic testing on
multicollinearity, heteroscedasticity, and autocorrelation, specification error, and how to solve the problems. The
advanced estimation methods focuses on advanced econometric models including time-series models, panel data models,
and models with discrete and limited dependent variables. The student will also learn how to use Econometrics software
in estimating the models and interpreting the estimated results.
(Lecture 3 hrs. per week)
Elective course
MF736 Computer Programming in Financial Research 1.5 credits
Pre-requisite: MF644 Equity Investment MF650 Financial Engineering I: Derivative Pricing
This course emphasizes on basic programming necessary to do advanced research in finance. The students will
learn a programming language from the package such as GAUSS or Matlab to solve the problem in finance. Applications
include the estimation of an interest rate model, GARCH model. The application in market microstructure is also
included.
(Workshop 3 hrs. per week)
MF746 Financial Analysis II: Corporate Valuation 1.5 credits
Prerequisite : MF610 Financial Analysis I: Financial Reporting MF641 Corporate Financial Theory
The objective of this course is to take the accounting concepts and techniques developed in MF610 and to apply
them to the valuation of equities in major industrial sectors. This involves developing and appraising a set of competing
models of corporate valuation. These are applied in a variety of geographic, industrial and specialized circumstances
requiring careful selection of appropriate valuation methods. Students will be able to produce equity research reports
required by major securities firms.
(Lecture 1.5 hrs. per week)
MF747 Treasury Management 1.5 credits
Prerequisite : MF643 Financial Architecture MF644 Equity Investment MF645 Fixed-Income
Security Investment
This course focuses on the short-term management of treasury functions in corporations and financial
institutions. Topics include major tasks in treasury management such as risk and return analysis in the environment of
volatile interest rate and exchange rate, short-term asset and liability management, and risk management and hedging
using derivative securities.
(Lecture 1.5 hrs. per week)
MF748 Legal Environment of Financial Business 1.5 credits
This course is designed to provide the prospective financial executives with a study of the dynamic
interrelationship of legal requirements and business finance. The course focuses on legal concerns and consequences of
financial intermediation, restructuring, and risk management. It also includes tax consideration of such financial activities.
(Lecture 1.5 hrs. per week)
MF749 Econometrics for Finance 1.5 credits
Prerequisite: MF640 Financial Economics Theory
This course extends the econometrics knowledge of the students to advanced estimation techniques employed in
recent financial studies. The course covers event studies, Maximum Likelihood Estimation, GARCH model.
(Lecture 1.5 hrs. per week)
MF756 Management of Financial Institutions 1.5 credits
This course focuses on financial management in the competitive international capital market of major financial
intermediaries such as commercial banks, insurance companies, finance companies, and in less degree investment banks.
Asset and liability management, syndicated lending, trade finance and project financing are included. The course also
emphasizes the influence of regulatory environment on the management of financial institutions.
(Lecture 1.5 hrs. per week)
MF757 Mergers and Acquisitions 1.5 credits
This course emphasizes merger valuation, financing considerations, accounting procedures, tax consideration, and
legal issues. Case studies of real-world M&A will be used throughout the course.
(Lecture 1.5 hrs. per week)
MF758 Securitization 1.5 credits
Prerequisite: MF645 Fixed-Income Security Investment
This course is devoted to a study of process of distributing risk of financial intermediaries through asset backed
securities. The course includes the concept and creation of pass through securities such as CMOs (Collateralized
Mortgage Obligations) and CARs (Certificates for Automobile Receivables). The economic, institutional, accounting, and
legal concerns of securitization will be studied.
(Lecture 1.5 hrs. per week)
MF759 Financial Forecasting 1.5 credits
Prerequisite: MF749 Econometrics for Finance
This course integrates forecasting, business planning, and investment in practice. It begins by developing
fundamentals of quantitative forecasting. It then introduces topics on time-series econometrics and applies these tools to
make forecasts for business planning and portfolio investment.
(Lecture 1.5 hrs. per week)
MF766 Selected Topics in Finance 3 credits
To pursue studies in some current of interest in Finance.
(Lecture 3 hrs. per week)
MF767 Financial Engineering II: Risk Management 1.5 credits
Prerequisite: MF650 Financial Engineering I: Derivative Pricing
Risk management is the main concern of financial institutions in all countries. It gains importance and
popularity from strong international competition, volatile business environment, and recent failure of financial systems in
certain countries--including Thailand. Risk management involves risk identification, risk measurement, risk reduction,
risk reporting, and risk allocation. Financial institutions must manage their risks in such a successful way that they can
incorporate risks into their pricing, their business strategies and their regulatory compliance. Risk management is the
foundation of the modern management of financial institutions. Having a risk management system in place does not
ensure successful and profitable operations. But having no risk management system most definitely leads those
institutions to a failure.
(Lecture 1.5 hrs. per week)
MF768 Special Topics in Finance (I) 1.5 credits
This course focuses on current issues or special topics of interests in finance.
(Lecture 1.5 hrs. per week)
MF769 Special Topics in Finance (II) 1.5 credits
This course focuses on current issues or special topics related to Finance.
(Lecture 1.5 hrs. per week)
MF776 Advanced Portfolio Management 1.5 credits
This course extends the basic portfolio management concept initiated by Markowitz in 1952 to the latest
techniques. The scope is extended to the global and multi-period investment horizon. Advanced techniques in inputs
estimation such as Stein Estimators are also discussed. The students will be guided on the concept through hands-on
experience by the computer simulation and the actual data from the market.
(Lecture 1.5 hrs. per week)
MF777 Financial Modelling with Excel VBA 1.5 credits
This course develops practical skills in numerical and computational mathematics to solve problems that have
no analytic solution. The course also focuses on various numerical techniques, such as Newton’s iteration method and
finite difference, for solving algebraic as well as differential equations. Methods that are particularly of interest for finance
problems such as the Monte Carlo method and the binomial method are also studied. The course will be based on the
programming language VBA which is an extension of Excel.
(Workshop 3 hrs. per week)
MF778 Stochastic Process and PDE 1.5 credits
Prerequisite: MF650 Financial Engineering I: Derivative Pricing
This is an introductory course for stochastic process and partial differential equation. The student will learn how
to derive the famous Black-Scholes option pricing model. The equivalent martingales process is introduced as alternative
approach to value risky asset. Other applications in finance include portfolio management and risk measurement.
(Workshop 3 hrs. per week)
MF779 Copula Finance 1.5 credits
Prerequisite: MF650 Financial Engineering I: Derivative Pricing
Copula Finance is new quantitative tool to deal with non-normal distribution of variables in capital market.
Dealing with "fat tails" and "smile effects", as well as the typical asymmetric shape of default risk has rapidly made obsolete
the traditional linear correlation tools. This course will apply copula functions to pricing derivative and credit risk analysis.
Other applications include the pricing of asset-backed securities and basket credit derivative products and the evaluation of
counterparty risk in derivative transactions.
(Lecture 1.5 hrs. per week)
MF786 Universal Banking 1.5 credits
This course provides the students with the scope of the universal banking business. Topics include retail banking,
commercial banking, private banking, investment banking and asset management. The course also focuses on the nature
of different customer group and how to treat them. It also introduces students to the potential conflict of interest that may
arise between each banking business and may cause externalities to overall bank performance.
(Lecture 1.5 hrs. per week)
MF787 Game Theory 1.5 credits
This course focuses on the basic theory, encompassing static and dynamic games with complete and incomplete
information. Specific topics include Nash equilibrium, existence of an equilibrium, mixed and correlated equilibria,
rationalizability and dominance solvability, learning and evolution, strategic complements and substitutes, backwards
induction, Stackelberg games, subgame perfection, dynamic bargaining games, repeated games, Markov-perfect
equilibrium, auctions, mechanism design, signaling games.
(Lecture 1.5 hrs. per week)
MF788 Market Microstructure 1.5 credits
Pre-requisite : MF787 Game Theory
This course focuses on background in corporate finance necessary to understand market microstructure,
including, asymmetric information, optimal debt levels and debt markets, bankruptcy models, security design. The course
emphasizes on survey of microfoundations, inventory models, strategic traders, noise, and risk neutral specialists (Kyle
models), social welfare and market performance with insider trading, bid-ask spread and supply schedules, liquidity and
returns, tick size, competitive models, information disclosure, trading mechanisms, and delegated management.
(Lecture 1.5 hrs. per week)
MF789 Behavioral Finance 1.5 credits
Pre-requisite: MF644 Equity Investment
This course introduces how the psychology effect affects the investment decisions. The course surveys famous
anomalies found in capital market. These anomalies will be explained by the new paradigm of behavioral finance that is
more close to reality. The market where less than fully rational investors trade against arbitrageurs whose resources are
limited by risk aversion, short horizons, and agency problems. The course covers recommendations to formulate trading
strategy.
(Lecture 1.5 hrs. per week)
Thesis
MF800 Thesis 12 credits
Prerequisite: (1) Students must earn at least 18 credits. and
(2) Students must have a cumulative GPA of at least 3.00.
Students who choose Plan A conduct and defend a research project. For each thesis, an advisor will be assigned.
Depending on the advisor’s recommendation, the approval of the proposal and completion of thesis will be made by the
thesis committee appointed by the MIF program.
Independent Study
MF791 Independent Study I 3 credits
Prerequisite: MF630 Research Methodology in Financial Studies
MF640 Financial Economics Theory
MF641 Corporate Financial Theory
This course will be a self-study course that allows students to explore the individual quest of knowledge in the
area of finance. The advisor assigned by the program will supervise the study. A project is required and will be graded by
the advisor. The project, with the advisor’s approval, may be a case study or empirical study, and will be the basis for the
comprehensive examination of Plan B.
MF792 Independent Study II 3 credits
Prerequisite: MF791 Independent Study I
This course provides opportunity for students to continue research from MF791 under advised supervision.
18. Curriculum Quality Assurance
Guides on Curriculum Quality Assurance for Master of Science in Finance (International Program)
Curriculum Management
The Master of Science in Finance (International Program) is operated under the supervision of the program
committees who are the faculty members of the Department of Finance. They are responsible for all activities aim to
improve the program’s academic excellence.
Learning Resources
Learning resources such as financial database ie. Datastream, Worldscope, OSIRIS and RATE are currently
available as the research tools for both faculty members and students.
Supports and Advisory
The program provides scholarships to encourage the students to conduct researches. Each year the program
grants scholarships for the students whom their Thesis or Independent Studies are accepted to be presented at both
national and international academic conferences.
Job Placement/Employer Satisfactions
Each year the Faculty of Commerce and Accountancy send a questionnaire to its graduates’ employers to
appraise their satisfactions on the graduates. The results will then be analyzed and used to improve both the graduates and
the program quality.
19. Curriculum Improvement
Keys Performances Indicator which prove the program’s quality are identified as follows:
1. The curriculum is reviewed every 2 years to suit the current financial market situations.
2. At least 70% of graduates each year complete the entire program within 2 years.
3. Each year at least 3 students are accepted to present their Theses/ Independent Studies at the national/
International academic conferences.
4. The employer satisfaction appraisal indicates that at least 60% of the employers are satisfied with the
graduates.
5. At least a students’ thesis (may be partly) is accepted for publication in a Journal or publication or present in a
academic conference.
20. Other requirements
Other requirements not stated in the curriculum must therefore comply with Thammasat University’s
Regulations on the Graduate Studies B.E. 2541.
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Faculty
Fulltime Faculty :
No. Name – Surname Academic Position Education
1 Dr. Anya Khanthavit Professor Ph.D. (International Business)
New York University
2 Dr.Pornchai Chunhachinda Professor Ph.D. (Finance)
Florida International University
3 Dr. Kulpatra Sirodom Associate Professor Ph.D. (Finance)
University of Pittsburgh
4 Dr. Seksak Jumreornvong Associate Professor Ph.D. (Finance)
Georgia State Univesity
5 Panupa Tuvanimitgul Associate Professor M.B.A. (Finance)
Indiana University
6 Dr. Pantisa Pavabutr Associate Professor Ph.D. (Finance)
University of Texas at Austin
7 Dr.Arnat Leemakdej Assistant Professor D.B.A. (Finance)
Thammasat University
8 Dr. Suluck Pattarathammas Assistant Professor D.B.A. (Finance)
Chulalongkorn University
9 Dr. Somchai Supattarakul Assistant Professor Ph.D. (Accounting)
University of Texas at Austin
10 Dr. Thanapat Chaisantikulawat - Ph.D. (Econ)
Texas A&M University
11 Orapan Yolrabil - MPA (Financial Reporting and
Auditing Major)
University of Texas at Austin
12 Lisa Sawatyanon - M.P.A. (Professional Accounting)
University of Texas at Austin
Adjunct Faculty :
No. Name-Surname Academic Position Education
1 Dr. Angkarat Priebjrivat Associate Professor Ph.D. (Accounting)
New York University
2 Dr.Vimut Vanitcharearnthum Associate Professor Ph.D. (Economics)
University of Chicago
3 Dr. Chaiyuth Punyasavatsut Associate Professor Ph.D.
(Agricultural and Applied Economics)
University of Wisconsin-Madison
4 Dr. Tatre Jantarakolica Associate Professor Ph.D. (Quantitative Economics)
University of Notre Dame
5 Dr. Veeravat Kanchanadul - Ph.D.(Business)
University of Illinois at Urbana-
Champaign
6 Dr. Anant Chiarawongse - Ph.D. (Economics)
University of Chicago
7 Dr. Nantaphol Pongpaibool - Ph.D.(Finance & Banking)
University of North Texas
8 Dr. Piman Limpaphayom - Ph.D.(Finance)
University of Rhode Island
9 Dr. Somjin Sornpaisarn - D.B.A. (Finance)
Thammasat University
10 Dr. Supakorn Soontornkit - D.B.A. (Finance)
Thammasat University
11 Dr. Popon Kangpenkae - Ph.D.(Economics and Finance)
Queen’s University
12 Dr. Prakit Narongtanupon - Ph.D.(Finance)
Kelley School of Business,
Indiana University (Bloomington)
13 Dr. Wetang Phnangsup - Ph.D. (Economics)
Cornell University
14 Dr. Yunyong Thaicharoen - Ph.D. (Economic)
Massachusetts Institute of Technology
15 Dr. Sutee Mokkhavesa - Ph.D. (Mathematical Finance)
Imperial College
16 Dr. Thanomsak Suwannoi - D.B.A. (Finance)
Louisiana Tech University
17 Pakhawat Kovithvathanaphong - M.B.A.(Finance)
University of Pennsylvania
18 Chatri Chandrangam - M.Sc. (Finance)
Imperial College of Science,
Technology & Medicine, University
of London
19 Kitipong Urapeepatanapong - LL.M., University of British Columbia
20 Thinawat Bukkamana - LL.M. (International and Comparative
Laws, Southern Methodist University)
21 Mongkol Lerssrisuriya - MBA (Concentration in Finance)
Graduate School of Business
Administration
University of Rochester
22 Paritat Lerngutai - M.B.A. (Finance)
Columbia Business School
M.A. (Financial Economics)
Yale University
23 Sarayuth Saengchan - M.M. in Management Policy
Managerial Economics and Operations,
Northwestern University
24 Dr. Claude Henin Professor Ph.D. (Industrial Administration)
Carnegie – Mellon University
25 Dr. David Grant Dickinson Professor Ph.D. (Economics)
Birmingham University
26 Dr. Erik Theissen Professor Ph.D. (Finance)
University of Frankfurt
27 Dr. Geoffrey Poitras Professor Ph.D. (Economics)
Columbia University
28 Dr. Gunter Meissner Professor Ph.D. (Economic)
Christian Albrechts -University Kiel
29 Dr. Peter Michael Guenthe Professor Ph.D. (Economic)
University of Ulm
30 Dr. Rajiv Kalra Professor Ph.D. (Finance)
University of Cincinnati
31 Dr. Roberto J. Sallgado Professor Ph.D.
Instituto Technologico de Estudios
uperiorese de Monterrey
University of Texas at Austin
32 Dr. Thomas William Sager Professor Ph.D. (Statistics)
University of Iowa
33 Dr. Lars Norden Associate Professor Ph.D. (Economic and Statistic)
Lund University
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