statistics, and econometrics. The actual courses will depend on the student's background and proposed thesis research. The major field in finance consists of at least 16 credit hours in graduate course work in finance including financial theory, corporate finance, and seminars in empirical methods, market micro structure, and special topics. Students may elect to have one "strong" minor (16 credit hours), two "weak" minors (8 credit hours each), or a supporting field which is not declared as a minor. If a supporting field is chosen, at least 16 hours of course work acceptable to the student's supervisory committee must be taken. The supporting field option is selected when a student wishes to take courses across a number of departments. The breadth requirement applies only to students with no prior course work in business and consists of financial and managerial accounting or their equivalents, plus two courses out of the following areas: managerial economics, production operations management, or problems and methods in marketing management. Other requirements are listed in the General Information section of this catalog. Master of Science Degree in Finance, Nonthesis Option - This M.S. program option consists of at least 32 credits in letter-graded courses. It is designed to ensure that each student acquires a basic knowledge of the major financial economics subject areas: corporate finance, derivatives, fixed income securities, investments, international finance, and real estate. The program is designed to prepare students with an undergradu- ate background in finance for positions in commercial banking, money management, investment banking, and securities markets. Master of Science Degree in Finance/Juris Doctorate Joint Degree Program This joint degree program culminates in the M.S. and J.D. degrees. Applicants must meet the entrance requirements for both the Warrington College of Business Administration and the Levin College of Law. Admission to the second degree program is required no later than the end of the second consecutive semester after beginning one degree in the joint program. Real Estate The research foundations are identical to those listed above for finance. The major field, minor, and supporting field require- ments have the same credit stipulation as those outlined above for finance, except that the major work is in real estate. The breadth requirement, as in all concentrations for the business administration program, applies only to students entering without prior course work in business. It consists of at least three courses from the following list (two or more fields must be represented): managers and legal environment of business, finance, money and capital markets, problems and methods of marketing management, consumer behavior, and financial and managerial accounting. Master of Science Degree in Real Estate, Nonthesis Option - This M.S. option consists of at least 34 credits of letter-graded courses. It is designed to ensure that each student acquires a basic knowledge of the various functional areas in real estate, real estate finance and investment, real estate development, real estate law and institutions, real estate asset management, inter- national real estate, and advanced training in specialized areas. The capstone course (REE 6948) involves actual projects in which students work in teams to undertake a real estate problem for real clients. This two-tiered program of study provides both a firm theoretical foundation for later professional effectiveness and an applied bridge to professional practice. FINANCE, INSURANCE, AND REAL ESTATE 139 Master of Science Degree in Real Estate/Juris Doctorate Joint Program This joint degree program culminates in the M.S. and J.D. degrees. Applicants must meet the entrance requirements for both the Warrington College of Business Administration and the Levin College of Law. Admission to the second degree program is required no later than the end of the second consecutive semester after beginning one degree of the joint program. Entrepreneurship Master of Science Degree in Business Administration with a Concentration in Entrepreneurship, Nonthesis Option - This M.S. program option consists of at least 30 credits in letter-graded courses. It is designed to provide students with the entrepreneurial and innovation skills needed for the cultivation and development of entrepreneurial practice and innovation management. Development of skills in idea generation, feasibility analysis, business plan creation, and management of early-stage and high-growth ventures are an integral part of the program. Students are not required to have an undergraduate degree in business. FIN 5405: Business Financial Management (3) Prereq: ACG 5065. Required of all MBA degree candidates who have had no basic business finance course. Analysis of business financing and investing decisions. FIN 5437: Finance I: Asset Valuation, Risk, and Return (2) Prereq: must be M.B.A. student. Required of all M.B.A. students who lack basic business finance course. Analysis of business financing and investing decisions. Selected financial tools and concepts. Risk analysis and capital budgeting. FIN 5439: Finance II: Capital Structure and Risk Management Issues (2) Prereq: FIN 5437. Required of all M.B.A. students. Continuation of FIN 5437. Focus on corporate financial decision making. FIN 6246: Money and Capital Markets (3) Prereq: FIN5405, I 'mathematics, and statistics. Financial markets, with emphasis on flow of funds, interest rate determination, and allocation of resources. FIN 6306: Investment Banking (2) Prereq: FIN 5439. Designed for M.B.A. students. Hands-on approach to various aspects of investment banking industry. Lectures and guest speakers from investment banking firms. FIN 6419: International Cash Flow Management (2) Working capital management and cash management with emphasis on international applications. FIN 6425: Corporation Finance (3) Prereq: FIN 5405 or consent of instructor. Designed for MBA students. The application of business finance problems. Students prepare written solutions to case problems. FIN 6427: Measuring and Managing Value (2) Prereq: FIN 5439 or Master of Science-Finance students. Application of basic financial theory to valuing companies and creating value through sound financial decision making. FIN 6429: Financial Decision Making (2) Prereq: FIN 5439 or or Master of Science-Finance students. Application of basic financial theory to assist managers in determining how to finance their businesses. Optimal debt policy, distribution of firm cash flow policies, equity issuance strategies, risk management, and use of hybrid securities in financing business. FIN 6434: Private Equity (2) Prereq: FIN5439 or finance master's students. Overview of the private equity market and the role of intermediaries. How intermediaries add value in the private equity market.