Online Graduate Degree Programs

Master of Financial Economics

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Build career equity.

Today’s employers seek finance professionals who understand the links between the economy and financial markets; professionals who are adept at forecasting potential impacts and timing investments for maximum return. This is the level of expertise you can acquire with the Ohio University online master’s in financial economics.

Why Choose the Ohio University Online Master’s in Financial Economics?

Our specialized program is a member of the CFA® Institute University Affiliation Program. That’s why students who complete our MFE program perform well above the national average when it comes to passing the Chartered Financial Analyst exams. It’s an important distinction when you’re deciding which online Master of Financial Economics degree is right for you.

The MFE is offered jointly by Ohio University’s Economics Department and the College of Business, one of the nation’s top 50 business schools, according to Businessweek. Our program plan is also based on conversations with executives from Merrill Lynch, Investment Management & Research Inc., Franklin Advisors, and National City Corp.


Ohio University’s College of Business is AACSB accredited, an esteemed designation held by only 5% of business schools worldwide.


University Affiliation Program CFA Institute

Learn Specialized CFA® Coursework.

More than 70% of the curriculum is based on the Candidate Body of Knowledge (CBOK™) developed by the CFA® Institute. Unlike an online master’s in finance, our MFE program places emphasis on the CFA® Institute Code of Ethics and Standard Practices, with a focus on the concepts and skills covered by the Chartered Financial Analyst examination.

Foundation Courses

Providing the basis for future coursework, with an emphasis on understanding the dynamic relationship between the economy and financial markets.

MFE 6000 Quantitative Analysis for Financial Markets

MFE 6010 Macroeconomics and Business Fluctuations

MFE 6100 Managerial Accounting

MFE 6110 Financial Statement Analysis

Core Courses

Cementing knowledge gained by applying complex financial concepts and theories to business, trade, and investment scenarios.

MFE 6050 Managerial Economics

MFE 6200 Corporate Finance

MFE 6230 Portfolio Theory

MFE 6390 Statistics & Econometrics: Theory and Applications

MFE 6400 International Trade and Financial Economics

MFE 6500 Fixed Income Analysis

Advanced Coursework

Comprising the pinnacle of MFE study, including a research topic of your choice related to financial economics under the supervision of a faculty member.

MFE 6220 Quantitative Analysis in Equity Markets

MFE 6440 Financial Derivatives

MFE 6940 Financial Economics Report


Be guided by passionate professors who are experts in their fields. Committed to sharing their breadth of relevant knowledge and industry experience, our faculty fuels our dynamic online learning environment.

Read more about their research and work below.

  • Dr. Joshua Austin, Ph.D.
  • Dr. Olga Belskaya, Ph.D.
  • Dr. Bolong Cao, Ph.D.
  • Dr. Travis Davidson, Ph.D.
  • Dr. Khosrow Doroodian, Ph.D.
  • Dr. Shamila A. Jayasuriya, Ph.D.
  • Dr. William Shambora, Ph.D.
  • Dr. Jennifer Stevens, Ph.D.
  • Dr. David Stott, Ph.D.
  • Dr. David Stowe, Ph.D.
  • Dr. John Stowe, Ph.D.

Dr. Joshua Austin, Ph.D.

Dr. Joshua Austin, Ph.D.

Dr. Joshua Austin earned a bachelor’s degree from Brown University in 2008 and a doctorate from Purdue University in 2014. His primary field of research is empirical industrial organization. He has also researched franchise versus integrated firm structures and the impact of merger activity on corporate stock prices. He joined the faculty at Ohio University in 2014 and has primarily taught Managerial Economics as well as Econometrics.

Dr. Olga Belskaya, Ph.D.

Dr. Olga Belskaya earned her Ph.D. in Economics from the University of North Carolina at Chapel Hill in 2015. Her research spans two areas: labor economics and health economics. The first involves labor economics and labor market outcomes of college-educated workers. This work studies how the expansion of college education affects the return to college for marginal individuals as well as the changes in return to college quality. The second area studies the effects of shocks in early childhood on health, education, and labor market outcomes in adulthood. Dr. Belskaya uses a variety of econometric techniques in her research, including panel data and instrumental variable estimation, decomposition methods, and marginal treatment effect estimation.

Dr. Bolong Cao, Ph.D.

Dr. Bolong Cao, Ph.D., CFA, is an associate professor of economics at Ohio University, where he has taught courses in Fixed Income Analysis, Alternative Investments, Financial Derivatives, Macroeconomics, and Money and Banking, among others, since 2006. He has been an author and reviewer for the CFA curriculum and on a team of professionals that develops the end of reading questions for the CFA curriculum at the CFA Institute. His research interests include developing econometric methods for analyzing financial data, evaluating portfolio performances, and examining portfolio management techniques. He has published and presented research papers in these areas. He is a member of several economics and finance associations and regularly serves as a referee for various finance journals. He received his Ph.D. in Economics from University of California, San Diego in 2006 and his B.A. degree in International Economics and Trade from Peking University in 1999. He earned the right to use the Chartered Financial Analyst designation in 2006. Before coming to the United States, he also worked as an auditor in Beijing at PricewaterhouseCoopers.

Dr. Travis Davidson, Ph.D.

Dr. Travis Davidson, Ph.D.

Dr. Travis Davidson is an assistant professor in the Finance Department at Ohio University. He has taught at Ohio University since obtaining his Ph.D. in Finance from Oklahoma State University in 2012. He also earned an M.S. in Quantitative Financial Economics from Oklahoma State University and a bachelor’s degree in MIS with a minor in Accounting from Southern Illinois University. He has experience teaching a variety of courses, including Corporate Finance, Bank Management, Risk and Insurance, and Markets and Institutions. His primary area of research is banks, but he is also interested in studying other financial institutions, corporate governance, and a variety other financial topics. Dr. Davidson has published peer-reviewed research on the Federal Home Loan Bank, bank-owned life insurance, board of director busyness, tracking stocks, and corporate social responsibility.

Dr. Khosrow Doroodian, Ph.D.

Dr. Khosrow Doroodian, Ph.D.

Dr. Khosrow Doroodian received his bachelor’s degree in 1975 and master’s degree in 1977 from Shiraz University. He obtained his Ph.D. from the University of Oregon in 1981. All three degrees are in Economics. His area of specialization is international macroeconomics. After earning his Ph.D., he taught economic courses at Portland State University as an adjunct professor for one year. He then joined Ohio University in 1982 and has been there since. Dr. Doroodian has taught courses at both undergraduate and graduate levels. The courses that he has taught include mathematics and statistics, macroeconomics and business fluctuations, managerial economics, international economics and financial markets, among others. He has been nominated two times for the Presidential Teaching Award.

In addition, he has published numerous scholarly articles in professional journals, including Review of Economics and Statistics, IMF Staff Paper, Review of Industrial Organization, Economics Letters, and Economic Development and Cultural Change, and has made numerous presentations in various professional conferences. Dr. Doroodian has also been an advisor to students working on their master’s paper to complete their graduate studies. Since 1991, he has been the director of graduate programs at Ohio University, while meeting his teaching and research responsibilities. He is the founder of the Master of Financial Economics (MFE), a CFA-based curriculum. The program is offered both in the U.S. and in other countries and has gained international renown.

Dr. Shamila A. Jayasuriya, Ph.D.

Dr. Shamila Jayasuriya is an associate professor of economics at Ohio University. She received her Ph.D. in Economics from Georgetown University in Washington, D.C., in 2003 and has been at Ohio University since then. Her fields of specialization are in international finance and development economics. Her research is in financial economics with a focus on equity markets in emerging market economies. In particular, she has studied several stylized facts on market volatility including asymmetry, volatility clustering, value at risk, and long memory. She has also examined the effect of market liberalization policy on various aspects of the domestic economy. More recently, her research has examined efficient portfolio frontiers and diversification benefits in developing stock markets.

Dr. Jayasuriya’s teaching interests are mainly in the fields of macroeconomics, international economics, and statistics and econometrics. She primarily teaches students in the Master of Financial Economics (MFE) program at Ohio University, but she has offered these courses for undergraduate students as well.

Dr. William Shambora, Ph.D.

Dr. William Shambora has served as the chair of the Economics Department at Ohio University since 2015. He earned his Ph.D. in Economics from the University of Kentucky in 2000, after earning his M.S. in Economics and B.A. in Sociology. He also currently teaches as associate professor of economics at Ohio University, and has since 2006. His fields of interest include financial economics, money and financial institutions, asset pricing, and derivatives, and his research has been published in refereed journals. These include Economics Bulletin, Applied Economics, Journal of Emerging Markets, and many others. His research has also been presented at conferences in Washington, D.C., Florida, and Ohio. His distinguished academic reputation spans nearly two decades and is bolstered by an additional 13 years of professional experience in the financial industry.

Dr. Jennifer Stevens, Ph.D.

Dr. Jennifer Stevens, Ph.D.

Jennifer Sustersic Stevens, Ph.D., CPA, is an assistant professor of accountancy in the Ohio University School of Accountancy. Her primary research interests include financial reporting and corporate governance. Specifically, her recent work explores the use of accounting information in the presence of a market for credit default swaps (CDSs), as well as the impact of a new fair value accounting standard on private equity fund reporting. Dr. Stevens joined Ohio University after spending four years on the faculty at the University of Notre Dame, where she won the James R. Dincolo Outstanding Undergraduate Professor Award. She holds a Ph.D. in Accounting and MIS from the Ohio State University, as well as an undergraduate and master’s degree in Accountancy from Miami University (OH). Prior to entering the Ph.D. program, she worked in fraud and forensic accounting for Ernst & Young in Chicago, followed by a boutique consulting firm. She also briefly worked for a company providing research services to investment managers, hedge funds, and private equity firms. Dr. Stevens is a CPA who is licensed in Illinois and a member of the American Accounting Association.

Dr. David Stott, Ph.D.

Dr. David Stott, Ph.D.

Dr. David M. Stott joined the Ohio University faculty in the summer of 2016 and serves as the director of the School of Accountancy and the O’Bleness Professor of Accountancy. He previously served as the director of graduate programs in accounting and chair of the Department of Accounting and MIS at Bowling Green State University, where he held the Maurer Family Distinguished Professorship in Accounting.

Dr. Stott received his undergraduate degree in Accounting from Texas State University and both his Master of Accountancy and Ph.D. degrees from Washington State University. He initially received his CPA certificate in Texas and is certified and licensed to practice in Ohio. Dr. Stott’s research and teaching interests are primarily in financial accounting and reporting, auditing, and the conceptual framework. His research has appeared in Accounting Horizons, the Journal of Accounting, Ethics and Public Policy, Management Accounting Quarterly, the Journal of Accounting Education, and the Mid-American Journal of Business. He has also presented papers at several regional and national accounting conferences.

Dr. Stott is active in both academic and professional organizations. He is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Ohio Society of Certified Public Accountants. Dr. Stott has also been involved in teaching several continuing professional education seminars. Before returning to academia, he spent several years working for Arthur Andersen & Co. in Houston (leaving well before the Enron debacle).

Dr. David Stowe, Ph.D.

Dr. David L. Stowe is an assistant professor of finance and director of applied investment management programs at Ohio University. He joined the OU College of Business in August 2013. Prior to pursuing a doctorate, he spent eight years in the institutional investment management business performing quantitative investment analysis and portfolio management. Dr. Stowe has a Ph.D. in Finance from the University of Missouri, an M.S. in Applied Mathematics from Ohio University, and an M.S. in Finance from the University of Colorado, Denver. He has published research papers in the Financial Analysts Journal, the Journal of Business Finance & Accounting, and the Journal of Financial and Economic Practice. He is also a CFA charterholder. His research interests are in the area of investment theory, delegated portfolio management, and mathematical/quantitative methods.

Dr. John Stowe, Ph.D.

Dr. John Stowe is a professor of Finance at Ohio University. He joined the OU College of Business faculty in June 2008. For the prior five years, he served as director of exam development and head of curriculum development for the Chartered Financial Analyst Program at CFA Institute. From 1980-2003, he was a faculty member at University of Missouri-Columbia (associate professor of finance, professor of finance, finance department chair, and associate dean). From 1976-1980 he was assistant professor of finance at the University of Oklahoma, and from 1972-1976 he was assistant professor of finance at Florida International University.

Dr. Stowe received his Ph.D. in Economics from the University of Houston in 1974. He is a co-author of Corporate Financial Management (2010, fourth edition) and co-author of Equity Asset Valuation (2016, third edition). He has published research papers in journals including the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Financial Analysts Journal, Financial Management, Journal of Risk and Insurance, Journal of Investing, Journal of Financial Research, Journal of Applied Finance, Journal of Portfolio Management, Financial Review, Journal of Business Finance and Accounting, and others. He is a CFA charterholder. His teaching interests include corporate finance, equities, and investment management, and his research projects usually are empirical studies of issues in these same areas.

Increase Your Value and Your Worth.

What can you do with your online master’s in financial economics? On average, a Chartered Financial Analyst can earn 25% more than an MBA graduate with the same number of years of experience.

There is considerable demand for CFAs to serve a growing customer base at banks, insurance companies, and brokerage firms. Each day 10,000 baby boomers retire, and they depend on investment advisors and managers to help ensure their financial health. That’s almost 4 million potential new clients every year.

The OHIO MFE offers a high placement rate, with entry-level, CFA-credentialed graduates earning starting salaries ranging from $60,000 to $90,000. MFE graduates with experience often earn more than six figures.

Potential Employers for MFE Graduates
Banks (Trust Departments)
Brokerage Firms
Hedge Funds
Insurance Companies
Investment Banks
Money Management Firms
Mutual Funds
Pension Funds
Private Corporations
Industry Job Titles and Salary Ranges

Equity Analyst
PayScale reports median salary of $69,518, with earnings ranging from $47,000 to $198,000.

Financial Analyst
The Bureau of Labor Statistics reports median pay of $78,620 (2014), with the highest 10% earning more than $154,680. The profession has an estimated 12% growth rate through 2024.

Financial Manager
The Bureau of Labor Statistics reports median pay of $115,320 (2014), with an estimated 7% growth rate through 2024.

Investment Strategist
PayScale reports median pay of $92,432 (2016).

Portfolio Manager
CNN/PayScale report median pay of $123,000, with top pay of $209,000. Portfolio Manager also ranks 12th on CNN/PayScale’s Best Jobs in America, with a 10-year growth rate of 27%.

Chief Financial Officer
The pinnacle of achievement for a financial professional is reaching chief financial officer status. PayScale reports median CFO pay of $121,942 (2016), with earnings ranging from $67,000 to $252,000. CFOs are also likely to receive significant bonuses and profit sharing in addition to base pay. In fact, rates median CFO salaries for 2016 at $304,596.

The Best Future to Invest in Is Your Own.