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The Financial Economics Certificate prepares you for a career in financial services and consulting, as well as doctoral/professional programs in law, business and other fields. Building on Northwestern’s liberal arts framework, this certificate teaches you skills related to corporate finance, capital markets, and securities pricing.

Graduates of the certificate will be prepared for business responsibilities that include:

  • Cash-flow analysis and building financial models
  • Devising financing and capital structure strategies
  • Analysis of mergers and acquisitions
  • Researching capital budgets and other investment decisions
  • Analyzing portfolio investments and asset management choices
  • Developing and evaluating risk-management strategies
  • Generating cash flow forecasts and valuation estimates
  • Facilitating and preparing for client meetings

Course schedule

The Financial Economics Certificate curriculum consists of four courses, as detailed below. FE Students must take Principles of Finance, Section 20, during spring quarter and may take subsequent courses in any order.

Time and location

KELLG_FE 312-0: Investments

This course covers key investment concepts from the perspective of a portfolio manager. You will learn about passive and active investment strategies for large portfolios. The class will cover topics at the frontier of academic research, including performance evaluation, risk management, liquidity, and models of risk and return.

Course prerequisite/co-requisite: ECON 381-1. Econ 381-1, MATH 386-1, IEMS 304-0, or STAT 350-0 must be take before or concurrently with KELLG_FE 312-0

Fall '23
Viktor Todorov
T/Th 11 a.m. – 12:20 p.m.
Room B01

No discussion section

KELLG_FE 314-0: Derivatives

This course focuses on the use and pricing of forwards, futures, swaps and options. Strategies for speculation and risk management, no-arbitrage pricing for forward contracts, the binomial and Black-Scholes option pricing models and applications of pricing models in other contexts are discussed in depth.

Course prerequisite/co-requisite: The Kellogg CPU Probability Co-requisite (MATH 314-0, MATH 310-1, MATH 311-1, STAT 320-1, STAT 383-0 (ISP), MATH 385-0 (MMSS), IEMS 202-0, ELEC_ENG 302-0, EECS 302-0, BMD_ENG 220-0, or CHEM_ENG 312-0) must be completed before or concurrently with KELLG_FE 314-0.

Spring '24
Costis Skiadas
T/Th 11:00 –12:20 p.m.
Room B01

F 4–4:50 p.m.

KELLG_FE 316-0: Topics in Financial Economics: Real Estate

Each year, this course changes topics to better reflect the current nature of the industry.


Course Prerequisite:

Winter '24
Charles Nathanson
T/Th 11 a.m.–12:20 p.m.

Discussion Section: TBA

KELLG_FE 310-0: Principles of Finance, Section 20

This foundation course, taken by all FE students during spring quarter, provides an overview of financial principles. You will learn about the impact of time and uncertainty on value; discounted cash flows; equity and debt valuation; the term structure of interest rates; portfolio theory; asset pricing; and efficient market theory. The course also explores firms’ financing decisions, including capital budgeting, capital structure and payout policy. (This course is also featured in the Managerial Analytics Certificate program.)

Course prerequisites: Experience with linear regressions is required. If possible, you should complete ECON 381-1, MATH 386-1, IEMS 304-0, STAT 350-0, or an equivalent course that covers linear regressions prior to FE 310. Students who are not familiar with linear regressions will be provided with a free online course that they should complete prior to FE 310 (over spring break).

Spring '24
Robert McDonald

T/Th 9:30–10:50 a.m.

Room B03

No discussion section

Please note: The CPU course schedule can change from year to year, including quarter offered, day, and time.

Related courses

Interested students may consider taking these complementary courses at Northwestern University:

  • BUS INST 260-0: Accounting and Business Finance
  • ECON 311-0: Macroeconomics
  • ECON 349-0: Industrial Economics
  • ECON 380-1, 2: Introduction to Mathematical Economics
  • ECON 331-0: Economics of Risk and Uncertainty

Contact us about the Certificate Program for undergraduate students

Certificate Program for Undergraduates
Kellogg School of Management
Amanda Stasinski
Program Director, Certificate Program for Undergraduates
Kellogg School of Management
Kellogg School of Management
555 Clark Street, Lower Level
Evanston, IL 60208-2800