S.05-24
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SIMON FRASER UNIVERSITY
Senate Committee on University Priorities
?
Memorandum
TO:
Senate ?
FROM: ?
John Waterhoi/j,,j
Chair, SCUP
VicePresidenVZcademic
RE:
MBA in Global Asset and ?
DATE:
?
January 21,
Wealth Management
At its January
12,
2005 meeting the Senate Committee on University Priorities (SCUP)
recommended the following motion:
Motion
That Senate approve and recommend to the Board of Governors the proposal for an
MBA in Global Asset and Wealth Management in the Faculty of Business
Administration.
end.
C: J. Driver
E. Love
P. Klein
C. Nicholls
SIMON FRASER UNIVERSITY
?
DEAN OF GRADUATE STUDIES
?
MEMORANDUM
TO: ?
SCUP
FROM: ?
Jonathan Driver, Dean of Graduate Studies
SUBJECT: MBA (GAWM)
DATE:
?
7' December 2004
cc: ?
Dr. Ernie Love, Dean, Business Administration; Dr. Peter Klein, Business
Administration
At its 6' December 2004 meeting Senate Graduate Studies Committee unanimously
approved the enclosed proposal for an MBA in Global Asset and Wealth Management in
the Faculty of Business Administration, conditional on some concerns from the Library
being resolved. I am therefore forwarding this to SCUP, with the recommendation that it
be approved. In addition to the full proposal and course outlines, I also enclose copies of
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relevant correspondence and external reviews of the program.
I suggest that this item be placed on the SCUP agenda following receipt of a joint memo
from the Faculty of Business Administration and the Library concerning the arrangement
for funding the library requirements of the program.
.
I.
GS 2004.40
a
PROPOSAL FOR M.B.A.?
IN GLOBAL ASSET & WEALTH MANAGEMENT
07 January
2004 ?
Approved "in-principle" by Senate Committee on
University Priorities
10 March
2004 ?
Approved by Faculty of Business Administration
06 April
2004 ?
Received by Dean of Graduate Studies
18 May
2004 ?
To be reviewed by Assessment Committee for New
Graduate Programs
31 May
2004 ?
Received revised program proposal from Business
Administration
12 July
2004 ?
Sent proposal to three external reviewers by Dean of
Graduate Studies
20 August
2004 ?
Received three external reviewers' reports by Dean of
Graduate Studies
10 September 2004 ?
Sent external reviewers' reports to Business
Administration by Dean of Graduate Studies
4 October
2004
?
Received Business Administration's response to
external reviewers' reports
21 October
2004
?
Reviewed and approved by Assessment Committee
for New Graduate Programs, pending a revised
response
16 November
2004 ?
Submitted to Senate Graduate Studies Committee
06 December 2004
?
Reviewed and approved by SGSC
.
ASSESSMENT COMMITTEE FOR NEW GRADUATE PROGRAMMES ,
SIMON FRASER UNIVERSITY
?
COV-MBA-GAWM
12/08/04
SIMON FRASER UNIVERSITY
DEAN OF GRADUATE STUDIES
?
MEMORANDUM
TO: ?
Jon Driver, SGSC
?
FROM: ?
Trude Heift, ACNGP
SUBJECF:
Global Asset and Wealth
?
DATE: ?
November 16, 2004
Management MBA Program
At the ACNGP meeting of 21st October 2004 the committee unanimously recommended
that the proposed MBA Program in Global Asset and Wealth Management be
forwarded to SGSC, with the recommendation that it be approved, pending a revised
written response to the external reviewers' reports. These changes have now been made
and the revised written response addresses the concerns raised by ACNGP.
I
3.
EXTERNAL REVIEW FOR MASTER OF BUSINESS ADMINISTRATION
?
IN GLOBAL ASSET AND WEALTH MANAGEMENT
Response of the Faculty of Business Administration
S
S
Ic.
EXT-COV3.DOC 10/06/04
Simon Fraser University?
Faculty of Business Administration
?
MEMORANDUM
TO: ?
Trude Heift, Associate Dean
Faculty of Graduate Studies
FROM: ?
Peter Klein, Academic Director
Global Asset and Wealth Management MBA Program
SUBJECT: Amended Response to External Review
DATE: ?
November 10, 2004
CC:
?
Dr. Jon Driver, Dean, Faculty of Graduate Studies
Dr. Ernie Love, Dean, Faculty of Business Administration
As requested in your memo dated October 27, 2004, I am writing to clarify my response
of October 4 to the issues raised by the external reviewers of the Master of Business
Administration in Global Asset and Wealth Management.
In general, I believe the three reviews are quite positive, with a number of specific
concerns which I will address below.
Dr. Ron Giammarino of UBC expressed some concern about "the ability of the faculty to
implement what it feels is academically appropriate" given the reliance on the Business
Council. I wish to assure the ACNGP that all academic decisions remain the
responsibility of the faculty and the university; the role of the Business Council is
advisory only. In general, the Business Council is made up of very senior people in the
financial services industry who have neither the time nor desire to be involved in the
micromanagement of this program. Their interest is in seeing well trained graduates
coming into their industry. To this end they have provided us considerable financial
support for start up and ongoing support in the form of internships. Their willingness to
provide the practical component supplied by such internships is our best guide in
ensuring that the program remains relevant and rigorous.
Dr. Gianimarino also expressed concern about faculty resources; I do not share this
concern, given our current staffing levels in the finance area as well as recruiting plans. I
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note that we currently have eleven finance faculty with two more being recruited in the
upcoming year. To be frank, we are very strong in finance which is the core of the
2
GAWM program. In addition we are able to round out our needs in other aspects of
wealth management by very strong faculty in other parts of the Business School as well
as external faculty for specialized needs. I direct you to our Dean for further discussion if
you wish.
Dr. Usha Mittoo of the University of Manitoba suggested a greater focus on derivative
securities might be appropriate. I do not agree, given the focus of this program is wealth
management and not derivatives trading.
Dr. Robert Elliott of the University of Calgary expressed concern about MBA programs
generally, claiming MBA courses are "rather low level and d[o] not have much academic
content". I do not believe this comment can be validly made with respect to the GAWM
program; we have deliberately specialized in order to allow a higher level of academic
content as compared to what would typically be offered in a standard MBA program. We
require that all students have the equivalent of the first year of a standard MBA program
before they enter our program. As a result, our GAWM program might properly be
viewed as an extended second year of a standard MBA program where the students
specialize for three terms instead of the two terms of specialization in standard MBA
programs. Some of the course titles, such as Fixed Income and Equity security analysis
would be common with course titles in standard MBA programs, and even undergraduate
BBA and B. Comm. programs, but the level of analysis is much more advanced in our
program. Other courses, such as Capital Markets and Investment Policy are not taught at
all at the undergraduate level, and are typically given a much more superficial treatment
in other graduate programs.
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You have also asked me to comment briefly on the uniqueness of the GAWM program.
As we discussed, the focus of this program is not only on the "financial engineering" of
an investment portfolio, but also on the overall "architectural design" of a given investor
portfolio. Thus we offer courses in tax and estate planning, investment policy and client
relationship management that are not typically offered in finance specializations at other
MBA programs (such as IJEC). This aspect of our curriculum, as well as the extensive
associated extra-curricular activities, truly makes this program unique.
Please do not hesitate to contact me if you require anything further.
PCK:
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SIMON FRASER UNIVERSITY
o ?
DEAN
OF GRADUATE STUDIES
MEMORANDUM
TO: ?
Dr. Peter Klein ?
FROM: ?
Trude Heift, ACNGP
SIJBJECF:
Program Proposal in Global
?
DATE: ?
October 27, 2004
Asset & Wealth Management
Dear Dr. Klein:
Thank you for your presentation at the ACNGP meeting on October 21. The committee
was very pleased with the explanations you provided at the meeting but it would like
to see them implemented in your response letter to the external reviews. Accordingly,
the committee recommends the following modifications of your response letter for the
graduate program proposal in Global Asset & Wealth to go forward to SGSC.
1)
Dr. Elliott's list of comments about the academic content and appropriateness of
the MBA courses (e.g., "most of the courses are what a B. Comm. student would
• ?
take")
The committee suggests to provide a comparison and a brief discussion of the
MBA and B. Comm. courses
2)
uniqueness of the MBA program (e.g., how does it differ from the MBA program
at UBC)
3)
faculty resources (e.g., what is the current staffing, etc.)
4) integrity of the program (high reliance on professional community
vs.
collaboration)
Please send us a copy of your revised response to the external reviews and I will
forward the recommendation to SGSC. Thank you for your hard work on the proposal.
Best regards,
ji
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NGP2004-1O
SIMON FRASER UNIVERSITY
DEAN OF GRADUATE STUDIES
MEMORANDUM
TO: ?
PETER KLEIN
BUSINESS ADMINISTRATION
FROM:
TRUDE HEIFT, ASSOCIATE DEAN
SUBJECT:
MASTER OF BUSINESS ADMINISTRATION IN GLOBAL ASSET AND
WEALTH MANAGEMENT
DATE: ?
SEPTEMBER 10, 2004
CC: ?
ACNGP MEMBERS
You will find enclosed reports of three external reviewers on the proposal for the
Master of
Business Administration in Global Asset and Wealth Management
Prior to meeting
with the Assessment Committee for New Graduate Programs, I would appreciate a written
response to issues raised by the external reviewers, if possible by
Monday, October 4, 2004.
For your information, the reviewers were asked to respond to the following points:
• The academic merit and structural integrity of the proposed program
• The adequacy of the faculty and other resources available to the proposed program for
achieving its intended goals
• The demand for the proposed program among prospective students
• The demand for graduates of the proposed program
A meeting will be scheduled for further discussion of the Master of Business Administration
in Global Asset and Wealth Management proposal. I will ask you or a representative of your
Faculty to attend the meeting in order to answer any questions which the committee may
have.
TH:vb
Enc.
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EXTERNAL REVIEW FOR MASTER OF BUSINESS ADMINISTRATION
?
IN GLOBAL ASSET AND WEALTH MANAGEMENT
. ?
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Dr. Robert J. Elliott?
Has kayne School of Business
?
University of Calgary?
2500 University Drive NW, Scurfield Hall?
Calgary, AB T2N 1N4
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EXT-COV
09/10/04
June 23, 2004
RBC Financial Group Professor of Finance
Jonathan Driver
Dean of Graduate Studios
Simon Fraser University
Telephone:
403.220.5540
?
Facsimile: 403.21 0.3327
?
retliott@ucalgary.ca
-
HASKAYNE
?
!JUN2E2P1
School of Business
?
DEAN OF GRADUATE
Proposed MBA in Global Asset and Wealth Management
• The course, like many MBA programs, is rather low level
and does not have much academic content. Assessing
clients' risk tolerance and building an appropriate
portfolio, as viewed by current industry standards, are
not skills which require deep intellectual abilities.
am puzzled why the word "Global" is included in the
title, other than for its effect. Most of the courses
are what a B.Comm. student would take. However, as a
whole the proposed program of courses does fit together
and makes a coherent whole.
• I have no doubt the faculty will be able to teach the
proposed courses effectively. I believe SFU has
appropriate facilities available.
• The course has already been greatly over subscribed,
with 6 students applying for each available position.
Certainly there is a wide demand for such a program.
• At the moment there appears to be a market for graduates
from the proposed program. My concern would be that, in
the longer term, a demand will arise for better
educated, more sophisticated graduates. This will
probably have to wait until such ideas have reached the
higher levels of management.
Robert J. Elliott
RBC Financial Group Professor of Finance
.
Scurfied Hall • 2500 University Drive N.W., Calgary, Alberta, Canada T2N 1N4 • www.haskayne.UCalSarY.Ca
EXTERNAL REVIEW FOR MASTER OF BUSINESS ADMINISTRATION
?
IN GLOBAL ASSET AND WEALTH MANAGEMENT
Dr. Ron Giammarino
?
Faculty of Commerce & Business Administration
?
University of British Columbia
?
2053 Main Mall, Henry Angus 855
?
Vancouver, BC V6T 1Z2
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.
EXT-COV 09/10/04
1/.
U B C
Commerce
FACULTY OF COMMERCE AND
BUSINESS ADMINISTRATION
?
Ron Giammarino ?
The University of British Columbia
?
PETER LUSZTIC
?
2053 Main Mall
PROFESSOR OF FINANCE
Vancouver, B.C. Canada V6T 1Z2
Tel: (604) 822 8357
Fax: (604) 822 0950
E-mail: ron.giammarino@commerce.ubc.ca
Sr:
o i
DEAN
Ur
GRADUATE
?
STUDIES OFFICE
August 4, 2004
Professor Jonathan C. Driver
Dean of Graduate Studies
Simon Fraser University
Bumaby, British Columbia
V5A 1S6
Dear Professor Driver:
I am writing in response to your request for a review of the proposed
Master of
Business Administration in Global Asset and Wealth Management.
I have organized
my review around the four specific points you asked me to address.
• The academic merit and structural integrity of the proposed program.
o The overall structure of the program seems fine to me. Indeed,
most (10 of the 15) course descriptions appear to be very similar to the
courses that would be found at many MBA programs including UBC. Hence,
I am comfortable with the coverage of the program. There is not enough detail
to determine the level at which these courses would be delivered but, based on
my knowledge of the faculty, 1 would expect high quality throughout. Of the
courses I do not recognize as typical only two (BUS 804 and 812) are within
my area of expertise. They seem to add appropriate coverage given the aims
of the program. Again, I would expect the quality of the content to be high.
o My one concern about the integrity of the program is with the high
degree of reliance on the professional community. In a professional school
such as ours it is always difficult to maintain high academic standards while at
the same time being and appearing to be relevant to the professional
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THE UNIVERSITY OF BRITISH COLUMBIA
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community we serve. This is difficult enough without having the professional
supporters directly involved in the governance of the programs. The Business
Council is a body described in the proposal as one that 'ensure relevance of
the program curriculum'. I am all for relevance and interaction with the
business community and think the Business Council is a great idea. At the
same time, however, I also feel that the ability of the faculty to implement
what it feels is academically appropriate is important and should be protected.
The adequacy of the faculty and other resources available to the proposed
program for achieving its intended goals.
o I do not believe I was given sufficient information to comment on
this. For instance, I do not know if there will be sufficient space, assistantship
and placement support for the students. As for faculty, it seems that there are
about 24 finance credits to be taught and five finance instructors to teach
them. That seems to be a bit tight given that there are likely to be other
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activities that will occupy them. I do not, however, know what other
responsibilities the instructors have or if their number will be supplemented.
.
The demand for the proposed program among prospective students.
o The proposal speaks of the uniqueness of the program. I believe
this is a bit overstated. As mentioned above, most of the courses are similar to
courses offered by many institutions including ours. The particular blend of
non finance courses will provide some differentiation from other programs.
Nevertheless, there seems to be strong demand for finance programs and I
expect this to continue.
• The demand for graduates of the proposed program.
o I believe there will be solid demand for graduates of this program.
Overall, I think this is a fine initiative and wish SFU good luck with it.
• ?
Sincerely
EXTERNAL REVIEW FOR MASTER OF BUSINESS ADMINISTRATION
?
IN GLOBAL ASSET AND WEALTH MANAGEMENT
Dr. Usha Mittoo
?
Asper School of Business?
University of Manitoba?
660 Drake Ctr?
Winnipeg, MB 113T 2N2
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EXT-COV
09/10/04
Review of Program proposal of Master of Business
I
minis
Global Asset and Wealth Management offered by the F
Administration
Simon Fraser University
Reviewer: Dr. Usha R. Mittoo
A: The academic merit and structural integrity of the
proposed
program
The curriculum consists of 40 credit hours over three academic terms and covers the
following components of investment theory and practice:
1.
Foundations in financial theory (16 credit hours)
2.
Advanced courses in investment management (14 credit hours)
3.
Courses in client relationship and leadership effectiveness
.
(6 credits), and
4.
A capstone course in Investment Policy (4 credit hours)
The advanced courses are designed to build on the foundation courses that cover both
financial theory and empirical analysis and also cover specialized topics such as real
estate, tax planning and the architectural sides of investment management. The capstone
course is a research project related to investment analysis which will be supervised by a
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Faculty member.
The breadth and depth of the investment courses in the proposed program is comparable
to that in a standard MBA Program with a specialization in finance. The unique features
of the proposed program are the following:
1.
More emphasis on the practice of investment management.
The linkage between theory and practice is the central part of this program. This linkage
is provided through five different types of activities: speaker series, student participation
in the SFU Student Investment Advisory Service, experience in client counseling, and
application in practical world through internships. In addition, the students are also
encouraged to write one level of Chartered Financial Analysts program.
2.
More comprehensive coverage of specialized topics.
These include courses related to investments such as real estate and tax planning and
courses such as client level relationship that prepare students for work in the actual
business environment.
One area that could be strengthened is the derivatives area, which is proposed to be
covered in a two credit hours course compared to a three credit hour offering that is
made in a standard MBA program.
0
Is,
Overall, the program offers a good balance between theory and practice of wealth
management. The curriculum is largely consistent with the goals of the program in
providing both technical and operational skills for working in the finance industry.
B:
The adequacy of the Faculty and other resources available to the proposed
program for achieving its intended goals
The Faculty to teach in the program is drawn from different disciplines including
Finance, Accounting, Marketing, Management and Ethics. This is consistent with the
objectives of the program since curriculum involves specialized courses that draw upon
other management disciplines. All faculty members appear to be active researchers. I am
familiar with the research of three Faculty members: Drs. Robert Grauer, Peter Klien, and
Chris Veld. All three have expertise in different areas of finance and have published in
top finance journals. Dr. Robert Grauer is well known for his studies in Asset Pricing, has
published in top journals such as
Journal of Finance
and
Journal of Banking and Finance
and has supervised many graduate dissertations. Dr. Peter Klien's main research is in
derivative area and his work is also published in top finance journals including
Journal of
Financial Economics
and
Journal of Banking and Finance.
Dr. Chris Veld's has
examined several corporate finance and investments issues in the international and
European markets. He has also published in top journals including
Journal of Finance
and
Journal of
Financial and Quantitative analysis.
Overall, all
faculty members bring
different and complementary strengths to the program and have capability of offering a
quality program
C:
The demand for the proposed program among prospective students
The main pool of applicants for this program is likely to be from the investment industry
because the admission criteria require two to three years of experience in finance
industry. With the rapid globalization of capital markets in recent years, the investment
wealth management has become more complex as well as highly competitive. The
investment managers need to understand new financial techniques and tools to better and
manage risk and reward of investments in different countries. The proposed program
offers a comprehensive coverage in asset and wealth management which should be in
high demand among prospective students. This is supported by the number of
applications in the current program (6 per spot).
D:
The demand for graduates of the proposed program
Investment management has been a very high growth industry in recent years. The
demand for graduate students for positions in the financial institutions and industry level
should be high, especially since the program has been launched with strong support of
local business community.
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SSummary:
The proposed MBA program is well-designed and provides a good balance between
theory and practice of wealth management as well as a comprehensive knowledge from
supporting disciplines such as law, accounting, and marketing. The strong
recommendation by the Business council is a plus factor. The program is likely to be in
high demand and the graduates are likely to have good employment prospects.
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I.
Full Program Proposal?
for a
?
Masters of Business Administration
?
in
?
Global Asset and Wealth Management
To be offered by the
Faculty of Business Administration
Simon Fraser University
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Draft of lvfa
y
31. 2004
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MBA in Global Asset and Wealth Management
Executive Summary
The Faculty of Business Administration at Simon Fraser University is currently offering a
specialized MBA in Global Asset and Wealth Management ("GAWM") under cohort special
arrangements. This full program proposal seeks to regularize this offering pursuant to current
university and ministry requirements.
The development of this program is in response to current trends in the investment
management industry. Technical skills relating to financial engineering are still required in
the industry, but broader, less technically oriented skills in client relationship management
and estate planning are becoming increasingly important. This program is designed to
provide a high level of expertise in both of these areas.
The development of this program has greatly benefited from the guidance of a strong
Business Council.
The formal part of the program is 40 credit hours over three academic terms. In addition to
the formal curriculum, there are extensive extra-curricular activities, including a work term at
one of the Business Council firms, that will provide important grounding for our students.
The GAWM program has been offered entirely at our Harbour Centre campus.
This program is currently run as a single cohort of approximately 20 to
25
students. Class
size is not expected to exceed 30 students.
Admissions are based on undergraduate grades, GMAT, letters of reference, work
experience, written essays as part of our application form, and an in-person or telephone
interview. For our frst two intakes, we received approximately 6 applications for each
available spot in the incoming class.
0
Draft ofMav 3!. 2004
Background
The Faculty of Business Administration at Simon Fraser University is currently offering a
specialized MBA in Global Asset and Wealth Management ("GAWM") under cohort special
arrangements. This full program proposal seeks to regularize this offering pursuant to current
university and ministry requirements.
The development of this program is in response to current trends in the investment
management industry. Rapid advancements in information technology and the globalization
of financial markets have dramatically increased the level of technical expertise among
successful financial professionals. New employees in investment management must master
the fundamentals of finance, asset allocation and security selection for portfolio management.
Acquiring the skills to properly engineer an investment portfolio is a minimum requirement
to contribute effectively in investment management.
Effective wealth management also requires broader, less technically oriented skills.
Identifying and adapting investors' attitudes towards various types of risks and rewards, with
due consideration of taxation and estate planning, are important elements in investment
management. Investing ethically, or for a charitable purpose, are clearly important
considerations. These architectural aspects of investment management can significantly
influence the correct portfolio design for many clients, yet are too often overlooked in MBA
programs because of the increasing emphasis on technical ability.
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The mission of SFU's MBA program in Global Asset and Wealth Management is to provide
a high level of expertise in both the engineering and architectural sides of investment
management. Students will obtain top-notch technical skills through courses in financial
theory and the science of asset allocation and security selection. They will also develop skills
in the architectural aspects of investment management through courses in investment
counseling, estate planning and related topics, and through extensive interface with industry
speakers and advisors.
The GAWM program initiative is consistent with SFU's teaching mandate to provide high
quality graduate programs that advance the education of the citizens of BC and Canada. The
research that will be associated with this program is also consistent with our research
mandate, particularly in finance and investments.
Wealth management is the fastest growing segment in the investment management industry.
We believe the GAWM program provides students a unique opportunity to obtain
employment in this community, given the contacts to potential employers that our extensive
extra-curricular activities provide. The strong interest in our program has also been
evidenced by the willingness for the organizations listed in Appendix A to be members of our
Business Council.
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Draft of Ma y
31, 2004
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Curriculum
The formal part of the program is 40 credit hours over three academic terms. This new total
will consist of four full courses (each of 4 credits), ten half courses (each of 2 credits) and a
Project equivalent to an additional full course. The first term is designed to provide
foundations in financial economics, client relationship management and business strategy.
The courses in the second and third terms supplement and extend these foundations to
various topics in the engineering as well as the architectural sides of investment management,
and lead naturally to a capstone course in Investment Policy in the third term. The Project
will represent successful original research regarding some practical problem related to the
broad range of the program curriculum.
In addition to the formal curriculum, there are five complementary activities that will provide
important grounding for our students. First, a Speaker's Series will provide opportunities to
bring in outside speakers as well as to utilize members of the faculty with particular
contributions on selected topics. Second, students will participate in the SFU Student
Investment Advisory Service, which will provide them with direct, "hands-on" experience in
managing one of the university's endowments. Third, the Wealth Management Practicum
will provide students with experience in client counseling by working with faculty
volunteers, under the guidance of professionally- licensed mentors, on their retirement and
financial planning issues. (Note that the practicum is not an academic requirement; it is a
. complementary activity.) Fourth, students will have an opportunity to apply curriculum
theory to real world situations through Internships at Business Council member
organizations. Fifth, students will be encouraged to write one of the levels of the Chartered
Financial Analysts program while enrolled in the program.
Further information on the curriculum as well as brief course descriptions is contained in
Appendix B. The sequencing of these courses is listed in Appendix C. All of these courses
are currently offered at the university since this program is already operating under cohort
special arrangements.
This program is currently run as a single cohort of approximately 20 to 25 students. Class
size is not expected to exceed 30 students.
The curriculum in this program is consistent with the research capabilities of the Faculty of
Business Administration, in particular, the Finance area. It is expected that student projects
may lead to joint publications from time to time.
Learning Methodologies
The GAWM program has been offered entirely at our Harbour Centre campus.
Administrative offices for the program are at Harbour Centre as well. We have full and flex
time versions of the program; in order to accommodate the latter, most courses are scheduled
in the afternoon, evening or on weekends. The learning methodology is primarily through
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Draft of Mar 31. 2004
lectures, seminars and tutorials. The extra-curricular activities associated with this program
are more experiential, as described above.
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Faculty
A list of faculty members teaching or supervising in this program is attached as Appendix D.
We also employ visitors, adjuncts and external lectures for some of the courses.
Program Consultations and Evaluation
A key feature of our program is the financial and advisory support of the Global Asset and
Wealth Management Business Council. This council consists of a select group of senior
investment industry professionals as listed in Appendix A. The Business Council creates
strong links between faculty and students in the MBA in Global Asset and Wealth
Management at Simon Fraser University and the investment community, and ensures
relevance of the program curriculum and the speaker's series. Endorsements from some of
the Business Council members are provided in Appendix E.
We regularly discuss the curriculum and the extra-curricular activities at our Business
Council meetings. Each summer, the GAWM program committee reviews the curriculum
and discusses what changes may be appropriate.
We expect to continue to enjoy the advisory support of the Business Council for the
foreseeable future.
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9
Admission and Residency requirements
We have experienced strong demand for this program, and there continues to be strong
demand for other programs which specialize in the investment industry. For example, the
number of students being tested in Vancouver as part of the Chartered Financial Analysts
program has increased by 46% per year over the past four years, and currently numbers over
1,000 students. We expect this pool of individuals to provide strong demand for our MBA
program as talented individuals seek to move beyond the fundamental financial credentials
provided by the CFA into this higher-end career opportunity. Further, this program is unique
in Canada.' Other graduate programs specializing in finance or investments emphasize only
the engineering side of investment management and ignore the growing need for expertise in
the architectural aspects as well.
The GAWM program is a natural step for students who have completed undergraduate
programs specializing in the technical and engineering aspects of investment management,
such as our own BBA degree as well as the B.Comm. degree from UBC and its related
Portfolio Management Foundation program.
l The sole program somewhat similar to the GAWM MBA is a part-time EMBA taught in five 3-week periods over 19 months offered
jointly by Carnegie Mellon and anumber of Swiss universities. See website http:!/v'r.iCrnha.Ch for further information. Note fees
for this program are approximately $70,000.
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Draft of Ma
y 31, 2004
For our first two intakes, we received approximately 6 applications for each available spot in
the incoming class.
Admissions will be based on:
two to three years of work experience in the financial services;
a Graduate Management Admission Test (GMAT) Score Report;
• an undergraduate degree in business, commerce or economics, a professional
designation such as a CFA, or successful completion of the Graduate Diploma
in Business Administration offered by Simon Fraser University;
• three letters of reference from colleagues, supervisors or significant clients;
demonstrated proficiency in English may be required if an applicant has not
graduated from an English speaking university or if an applicant's first
language is not English;
an in-person or telephone interview by the Admissions Committee.
The Admissions Committee will reserve the right to waive certain qualifications in
• ?
exceptional circumstances.
Students must be resident in Vancouver for each of the three academic terms in this program.
During the internship, many students relocate to other financial centres. (Note that the
internship is not an academic requirement of the program).
Other
None.
Additional material required by SFU
1.
List of possible reviewers is attached
2.
New course forms are attached but have been previously approved by Senate
3.
Existing Calendar entry is attached
4.
Budget is attached
0
•
/ 0.
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of
tvfav
3/.
2004
Appendix A
?
7^
Business Council for
?
MBA
in Global Asset and Wealth Management
Organization
RBC Global Private Banking
Beutel, Goodman & Company Ltd.
Scotiabank
Phillips, Hager & North Investment Management Ltd.
Connor, Clark and Lunn Investment Management Ltd.
Sun Life Financial
Sceptre Investment Counsel Limited
British Columbia Securities Commission
HSBC Asset Management (Canada) Limited
BC Investment Management Corporation
Industrial Alliance Group
TSX Venture Exchange
VanCity Savings Credit Union
Norshield Financial Group
Citigroup Private Bank
BMO Harris Private Banking
Individual Representative
Doce Tomic, Head of Canadian Wealth
Management
William W. Ashby, President
Dieter W. Jentsch, Managing Director and Head,
Scotia Private Client Group
Rick J. Brooks-Hill, Vice President
Larry
Lunn, President
Randy Colwell, Regional Vice President,
Western Canada
Richard L. Knowles, President and COO
Steve Wilson, Executive Director
Marc Cevey, CEO
Doug Pearce, CEO & CIO
John B. Gill, President
Linda Hohol, President
Karen Hoffman, Vice President,
Wealth Management
John Xanthoudakis, Chairman and
Chief Investment Officer
W. Alston Beinhorn, Vice President and
?
Global Market Manager
Terry
Jenkins, Senior Vice President,
Private Banking Canada
.
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pgfi
of Mal' 31 2004
Appendix B
Proposed Curriculum for
MBA in Global Asset and Wealth Mana
g
ft
ement
Foundations
The foundations courses consist of two new 800-level finance courses, a new 800-
level course in econometrics, an 800-level course in business strategy and three new
half courses in client relationship management.
1.1
BUS 802
?
Foundations
of
Financial Economics
(4
credits)
for GAWM students in the theory of finance and investor
An introductory course
behavior. ?
It covers investor financial decision making under uncertainty as well as
capital market equilibrium.
1.2
BUS 803
?
Financial Econometrics
(4
credits)
in ?
for the GAWM program.
?
Reviews econometric
The foundations
?
econometrics
methods for testing asset pricing models and for performance measurement.
1.3
BUS 804
?
Strategic Analysis for Wealth Management
(4
credits)
for a given industry as well
Will teach students to analyze the competitive prospects
specific companies within that industry.
?
It will also include analysis of strategic
as
choices in the financial services industry.
•
1.4
BUS 805
?
Capital Markets
(4
credits)
and empirical issues in capital
Extends concepts in BUS 802 to various estimation
that are important for wealth and asset management.
?
Topics in behavioral
markets
finance as well as performance measurement and attribution will also be covered.
with reference to the theoretical
Asset allocation models will be studied covered
literature as well as models actually used in practice.
1.5
BUS 806
?
Client Relationship and Leadership Effectiveness
1(2
credits)
effective investment counselor.
?
Topics covered will
Emphasizes how to become an
include ?
leadership
?
styles, ?
client ?
relationship
?
development,
?
interpersonal
communication,
?
coaching/counseling ?
strategies ?
and ?
skills, ?
conflict ?
and ?
team
Information systems for effective client
management, and performance measurement.
relationship management will also be covered.
1.6
BUS 807
?
Client Relationship and Leadership EffectivensS
11(2
credits)
A continuation of the concepts in BUS 806.
1.7
BUS 808
?
Client Relationship and Leadership Effectiveness Practice
(2
credits)
Assists students in developing self-awareness and the ability to evaluate their
leadership ?
effective leadership practices and
leadership.
?
Covers personal
?
plans,
reflection- in-action and life- long learning practices.
10?,
Draft of Mai'31. 2004
2.
?
Additional Topics
These seven courses are designed to build on the Foundations Courses to extend
coverage of the engineering and architectural aspects of asset and wealth
management.
2.1
?
BUS
809 ?
Equity Security Analysis and Portfolio Management
(2
credits)
Extends concepts covered in the financial economics course sequence to the valuation
of equity securities. Topics include the components of fundamental and technical
analysis for individual stocks, as well as an analysis of different investment strategies
and styles. Students will be required to produce a research report on a given equity
security analyzing the prospects for the industry in which it operates, the company's
competitive position within its industry and whether the current market price fairly
represents these prospects. This course will also introduce students to alternative
investment classes, such as private equity, hedge funds and real estate investment
vehicles.
2.2 BUS 810
?
Fixed Income Security Analysis and Portfolio Management
(2
credits)
Covers theories of the term structure, measures of fixed income return, yield-spread
analysis and sources of risk in fixed income securities. Specific fixed income
securities analyzed will include option-free bonds as well as bonds with embedded
options. This course will also study fixed income portfolio strategies, such as active,
passive, hybrid and derivative strategies.
?
-
2.3 BUS 811
?
International Investing and Portfolio Management (2 credits)
Extends equilibrium asset pricing models to an international context and analyses the
implications on equity and fixed income security analysis and portfolio management.
Students will be introduced to various international market indices and the role of
international securities in investment portfolios. Currency hedging will also be
covered.
2.4 BUS 812
?
Tax and Estate Planning
(2
credits)
Provides students with an understanding of the implications of taxes and
intergenerational wealth transfer on portfolio management. It will review basic
elements of the tax system, tax-efficient investment vehicles and estate planning.
Specific examples of the effect of these factors on investors' portfolios will be
considered. This course will be taught in the context of Canadian tax law, but will
also contain selected coverage of the tax codes of other countries, including the U.S.
Mechanisms for implementing investors' charitable concerns will also be considered.
2.5 BUS 813
?
Ethics, Wealth Management and the Securities Industry
(2
credits)
Reviews the regulatory framework for investment managers and analyses the types of
ethical considerations that might arise. Specific topics will include the importance of
knowing the client, the nature of fiduciary obligations, suitability, standards of care
(i.e., the prudent person and produce expert rules) and the identification and proper
management of conflicts of interest.
.
.
Draft
of
Ma y
31, 2004
?
2.6 ?
BUS 814
?
Derivative Securities and Structured Transactions (2 credits)
An introductory course for GAWM students in derivative securities. It covers pricing
as well as the use of derivative securities in portfolio management and structured
transactions.
?
2.7 ?
BUS 816
?
Investment
Policy (2
credits)
A capstone course that focuses on the development of effective investment policy for
high net worth as well as institutional investors. It integrates topics in previous
courses and is closely linked to BUS 809 Client Relationship Management III, as
well as the Wealth Management Practicum.
?
3. ?
BUS 819
?
Final
Project for GA W2W
Students
(4 credits)
Students will be required to complete a written project equivalent to one full course (4
credits). A project will generally represent successful research on a topic in asset and
wealth management. The project will be supervised by faculty members, but
members of the broad investment management community may also participate in the
supervisory committee as second readers when appropriate. We hope that topics
proposed by members of the Business Council may be suitable from time to time.
.
1]
SIAS;
Speaker's Series;
CFA Exam.
3—Internship None.
Draft of Ma
y
31. 2004
I
Appendix
C
Schedule for the
?
MBA in Global Asset and Wealth Management
TERM ?
COURSES (credit hours)
?
OTHER
1—Study ?
BUS
802: Foundations of Financial Economics (4);
?
Speaker's Series.
BUS
803: Financial Econometrics (4);
BUS
804: Strategic Analysis for Wealth Management (4);
BUS
806: Client Relationship and Leadership Effectiveness 1 (2);
(full course equivalents = 3.5 or 14 credits).
2—Study ?
BUS
805: Capital Markets (4);
?
SIAS;
BUS
807: Client Relationship and Leadership Effectiveness 11(2);
?
Speaker's Series.
BUS
809: Equity Security Analysis and Portfolio Management (2);
BUS
811: International Investing and Portfolio Management(2);
BUS
812: Tax and Estate Planning (2);
BUS
813: Fixed Income Security Analysis and Portfolio Management (2);
(full course equivalents = 3.5 or 14 credits).
4—Study
?
BUS 808: Client Relationship and Leadership Effectiveness
?
SIAS;
Practice (2);
?
WMP;
BUS
810: Ethics, Wealth Management and the Securities Industry (2); Speaker's Series.
BUS
814: Derivative Securities (2);
BUS
816: Investment Policy (2);
BUS 819: Final Project (4);
(full course equivalents = 3.0 or 12 credits).
I
/ a?
Draft of Ma y
31. 2004
^1
-
?
Appendix D
Faculty Members Teaching or?
Supervising in the?
MBA in Global Asset and Wealth Management
George Blazenko
Alec Gelardi
Robert Grauer
Peter Klein
Andrey Pavlov
Leyland Pitt
Chris Veld
Gary Wagenheim
Mark Wexler
Associate Professor
Associate Professor
Professor
Associate Professor
Assistant Professor
Professor
Professor
Adjunct Professor
Professor
Finance
Accounting
Finance
Finance
Finance
Marketing
Finance
Management & Org. Studies
Ethics
LI
i C21 -
Draft of Ma
y
31
2004
Appendix E
?
- -
?
.,
Endorsements
We have received strong endorsements of our plans from a number of the members of the
Business Council, an example of which is as follows.
"We are extremely pleased to play a role in the evolution of this program as it is long
overdue in the Canadian marketplace. It is a shame to see virtually all of the academic
research for this important segment of the market being produced south of the border. To
have an institution of the calibre of Simon Fraser University leading the way in changing this
situation gives one great confidence. . . . We applaud the far-sightedness of SFU in
identifying and addressing this gap in the academic regime in Canada."
Mr. Gary Brent
Formerly Chairman and CEO
RBC Global Private Banking
Executive in Residence
GAWM MBA Program
"As one of the largest investment firms in Canada, we recognize the growing need for
managing the wealth of individuals. The GAWM curriculum provides a well-rounded and
balanced set of skills for students to apply in the real world. It certainly distinguishes your
program from most other investment courses currently available."
Richard Durrans
Vice President and Principal
Phillips Hager and North
Investment Management
Limited
r
Draft of7vfay3f. 2004
0 ?
Appendix
F
Sample of Faculty Curriculum Vitae
Publications, Grants, Awards,
?
and Graduate Supervision
1998 to 2003
DETAILED INFORMATION AVAILABLE FOR REVIEW BY CONTACTING BOBBIE
GRANT, SENATE ASSISTANT, 604 291-3168 OR EMAIL bgrant@sfu.ca
.
'3J.
