FNAN 303 Master Syllabus

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FNAN 303: Financial Management Master Syllabus

Professors
Name Email Zoom Office Office Hours
         
         
         
         
Lecture Sessions
Section Professor Class day(s) and time Location
       
       
       
* Special session for students in asynchronous sections 

Times  

All times noted in the syllabus and relevant for the class refer to the time in Fairfax, VA, which is in the Eastern Time Zone. 

Teaching Assistants
Name Email "Home" Sections for Email Drop-In Office Hours
       
       
       
All TA sessions are held on
TA Recitation Sessions
Name Day Time
     
     
     
All TA sessions are held on
* Special session for students in asynchronous sections 

Course Description, Objectives and Goals

FNAN 303 introduces you to the fundamental concepts, principles, and analytical tools in finance. Topics covered include time value of money, security valuation, capital budgeting, risk and return analysis, and cost of capital. Course objectives and learning goals can be found in Appendix 1 of this syllabus. 

You are expected to know and adhere to the George Mason University Academic Standards Code, which deals with actual and attempted acts of unauthorized assistance, fabrication, and plagiarism. Suspected, possible, or potential violations of the Academic Standards Code will be reported to the Office of Academic Integrity. See more details on academic integrity expectations can be found at the Academic Standards Code website and in Appendix 2 of this syllabus. 

The course is divided into 21 lessons and each lesson includes roughly 2 to 4 units. Tables are presented later in this syllabus (and in Canvas) that lay out when your section will cover each lesson and which slides, videos, problems, and sections of the textbook (available through Connect) correspond with each unit.  

Required Items

  1. Access to a computer that meets Costello College of Business Minimum Computing Requirements: Key elements of this policy relevant for FNAN 303 are that you 1) be able to access the Internet and 2) have a video camera that feeds or streams video in real time to or through the Internet, as you will be asked to activate the camera and during exams. Students in DL1 will also need working audio, both for speaking and listening (as would all students if exams wind up requiring Lockdown Browser and Respondus Monitor. 

    Chromebooks may not be compatible with the system used to administer exams. Phones of any sort are not acceptable in place of a computer, and a keyboard is also required. Desktop computers are permissible.

    For any technical assistance, you should contact IT support at support@gmu.edu or (703) 993-8870 or their website.
     
  2. Connect subscription: You must get Connect, which is offered by McGraw-Hill, as it will be used for all graded components of the course. 
     
  3. Financial calculator: Calculators with financial functions are used a great deal to help solve problems in this course. Support will be provided for the TI-83/TI-84/TI-89 series. You may use a different calculator if desired, but course instructors (which includes professors and teaching assistants) may not be able to help with any calculator other than the TI-83/TI84/TI-89 series. A physical financial calculator is required during exams. Appendix 2 describes some of the behaviors and actions involving calculators that are considered violations of the Academic Standards Code.  
     
  4. Canvas access: You must have access to Canvas, an on-line course management system that enables you to receive messages, observe grades, and access course material such as slides, lecture videos, exams, quizzes, problems, solutions, and other relevant material. Do not use the email feature associated with Canvas. 
     
  5. George Mason University email account: You are expected to have your George Mason email accounts activated, regularly check your inboxes, and keep adequate space available so that you can receive (and, of course, read) emails. Note that to help ensure privacy, instructors and students need to use our George Mason email accounts when corresponding with each other. See the Mason Email website for more information.

Special Resource – Free Private Tutoring

George Mason University has partnered with a company called Knack to provide free access to peer tutors who have previously taken and succeeded in this course. Tutoring is available at flexible hours, in person or online.

Free, private one-on-tutoring with a former student of this class is a very valuable resource that has the potential to be very helpful, as a tutor can help you get beyond trying to memorize the material by breaking it down, explaining it, etc. so that you can better understanding it. I encourage you to sign up for this program.

View available tutors and learn more about the program. I also encourage you to consider making an appointment with George Mason’s Learning Services department to learn ways to improve your study skills, note-taking, problem-solving, and/or time management. 

Other Important Resources

  1. Attending class (face-to-face and synchronous sections): Attending class is an effective contributor to learning course the material. In class, new material will be introduced and problems will be solved. It is a great opportunity to gain a deeper understanding, as you can benefit from your own and classmates’ questions. 
     
  2. Watching lecture videos: You have access to recorded lectures, which are posted in Canvas under the relevant lesson. The relevant topics for these videos can be found later in this syllabus. For many students (including all students in asynchronous sections), these videos are the primary way that they get introduced to material. 
     
  3. Attending TA recitation sessions and/or watching TA videos: TA recitation sessions are a great complement to attending class and/or watching videos. The TA will go over many problems and answer student questions. There will be several TA sessions throughout the week and you may attend as many or as few as you would like.

    With one exception, any student in any section of FNAN 303 can attend any TA recitation session. The one exception is that the TA session that is only for students in the asynchronous sections.

    All TA sessions (and TA office hours) are held on Zoom at  

    Videos from TA recitations will be posted in Canvas in the “TA session recordings” folder. These videos will primarily involve TAs solving problems. 
     
  4. Answering student questions: If you have a question related to course material, you can ask your question to someone either during office hours (listed at the beginning of this syllabus), at a TA recitation session, or through email.  

    With one exception, any student in any section of FNAN 303 can attend any instructor’s office hours. Therefore, there are roughly 10 hours throughout the week (outside of any class or recitation times) when you can see an instructor (which includes all professors and TAs) and ask questions. 

    The one exception is that Dr. Pilloff has office hours that are only for students in the asynchronous on-line sections.

    With emails, questions about finance material should first be sent to their “home” section’s TA (see table on page 1), as helping students with these types of issues is one of the primary duties of the TAs. If you still have questions after interacting with your “home” section’s TA, then step 2 is to email your professor. Note that the “home” section is only relevant for which TA students should email. Office hours and TA sessions are not relevant for the “home” TA. 

    If you have a question related to an administrative aspect of the course (such as a missed exam or Connect) that is not answered in the syllabus, address that question to Dr. Pilloff.  

    Instructors will attempt to respond to emails within 24 hours (and hopefully sooner, but possibly longer on weekends and holidays). 

Grading

Your overall numeric grade for the course is computed by multiplying scores on various components, which are all out of 100 points, by the relevant weights from the first table. Three different approaches are taken and your overall numeric grade is the highest of the 3. In short, the 3 approaches differ in that 12% of the grade is based on the highest of the following: your highest score from a part of test 1; your lowest score from tests 2, 3, & 4; or your lowest score from a part of the final exam. 

Course Component Weight of Numeric Grade for the Course Average
  Approach 1 Approach 2 Approach 3
Tech test 1% 1% 1%
Highest score on test 1 part 12% 0% 0%
Lowest score on test 1 part 0% 0% 0%
Highest score on test 2, 3, & 4 25% 25% 25%
Second highest score on test 2, 3, & 4 25% 25% 25%
Third highest score on test 2, 3, & 4 0% 12% 0%
Highest score on a final exam part 25% 25% 25%
Lowest score on a final exam part 0% 0% 0%
Graded assignments 12% 12% 12%

This overall numeric grade is then used to determine the letter grade for the course according to the ranges presented in the second table. 

Grade Range for Numeric Grade for the Course
A+ 97.5 or greater 
A 92.8 – 97.5
A- 90.0 – 92.7 
B+ 87.0 – 89.9 
B 83.0 – 86.9 
B- 79.0 – 82.9 
C+ 74.0 – 78.9 
C 69.0 – 73.9
D 60.0 – 68.9 
F 59.9 or less 

Numeric grades for the course are rounded up to the nearest tenth (1 decimal place) and final letter grades are based on the rounded figure. For example, 68.9001 would round up to 69.0, which would be a C, but 68.9000 would round up to 68.9, which would be a D. The Course Coordinator may modify the grading policy for the course if, in his opinion, events, conditions, etc. warrant modifications.

This course requires a grade of a C or higher to satisfy Costello College of Business degree requirements. Registration in this course is prohibited beyond three attempts that result in a grade lower than a C. If a student has questions about this policy, they should see an academic advisor in the Office of Student Success and Academic Services in Enterprise Hall 008. Students must earn a B-minus or higher in FNAN 303 in order to register for certain finance electives required by finance majors (FNAN courses numbered 311, 321, 341, and 401). Therefore, a grade of B-minus or higher in FNAN 303 is needed to major in finance. 

All Tests and Exams

All tests and exams require the use of Proctorio, a browser-locking and remote proctoring solution designed to protect the integrity of tests and exams. For more information, check out the Proctorio Student Guide, which is posted in the syllabus folder in Canvas. 

As noted, the Proctorio Student Guide, which is posted in the syllabus folder in Canvas, provides useful guidance on how to install Proctorio. I have been told that browsers other than Chrome (primarily Edge) may work as well. However, Safari is known to have issues with Proctorio and is not encouraged for use on tests and exams. 

Tech Test

There is a brief tech test you should take before the test window opens for test 1 to ensure that you’re familiar with the testing process and that Proctorio is working on your computer. The tech test is available in the “Graded Items” folder in Canvas (under the recitation section, 3D7) and can be started any time before the start of test 1. Note that Connect may auto-submit any open tests at the deadline. 

The purpose of this brief test is to help familiarize you with the tool that will be used during exams and minimize the likelihood of unanticipated developments. It is much better to discover any issues early, when adequate time exists to get help, than later, when it may be too late. 

Unlike the other tests and exams in this course, which can only be taken and submitted one time, the tech test may be taken as many times as you want, thereby providing many opportunities in the first few weeks of the term to get familiar with Proctorio. Your highest score on the tech test is the one that will be used to determine the course grade. There is a 5-minute limit on the test, which is substantially more time than should be needed. 

If you do not already have Proctorio on your computer, you can install it by following the step-by-step instructions provided in the Proctorio Student Guide, which is posted in the syllabus folder in Canvas. 

If you encounter technical issues installing or using Proctorio, you can contact Proctorio customer support by emailing them at support@proctorio.com or using the live chat feature at the Proctorio extension. McGraw-Hill, which administers Proctorio, can be reached at the McGraw-Hill Digital Technical Support website or (800) 331-5094. Lastly, George Mason ITS support may be helpful if the issue is a more general tech one. They can be reached at support@gmu.edu or (703) 993-8870 or the George Mason ITS website. 

Tests and the Final Exam

Basics 

There will be 4 tests and a final exam.

Once the relevant window ends, Proctorio will prevent any tests or exams from being started and may auto-submit any open tests. Therefore, tests opened near the end of the exam window may only remain open for a short time. Therefore, don’t wait until the last minute or when technical support is closed to attempt to start a test or part of the final. The risk-return trade-off isn’t worth it. 

Scores & Grades 

Various policies, instructions, and information regarding tests and the final exam will be provided via announcement and/or email. In addition, some relevant information, policies, and expectations are presented in appendix 3. 

If a student is determined according to the relevant procedures to have been in violation of using unauthorized assistance, fabrication, and plagiarism on any exam or part of an exam, then the score on that exam (reflecting any penalties) will be included in the course average. In other words, the score for an exam or part of an exam cannot be excluded or dropped if an academic integrity violation took place. 

Formula & Notes Document 

For each test and the final exam, you are allowed to print a document (posted in Canvas under “Formula sheet”) with formulas and key notes about assumptions, conventions, and terminology used in the course. You are not allowed to write on or alter the printed-out formula sheet document before starting your exam (or a part of the final). Doing so is considered a violation of the Academic Standards Code. Once an exam (or part of the final) is started, you may write on your previously unedited and unaltered document. In other words, any page(s) from the formula document you start an exam with should look exactly like those pages in the document posted on Canvas. 

Scoring & Grading Notes 

If there is an error in a test or the final exam, all responses might be regraded using a revised answer key, not just those that were incorrectly given 0 points for a correct response. Obviously reassessing all answers could potentially lower a student’s grade if points were initially received for an incorrect response. We hope this doesn’t become an issue, but want to assert that correcting grading errors could result in lower scores for some students. 

Also, it’s possible that Connect may not recognize a correct answer as correct, due to formatting or some other issue. If that happens, the student could potentially earn credit for the answer and have their score revised. Also, if using Connect for exams is problematic, exams may be administered using Canvas with Lockdown Browser and Respondus Monitor. 

Exam Schedule & Coverage 

The following table presents relevant information on when each exam can be started and what material and problems will be relevant for each exam. Remember, the time limit may only be relevant if the exam is opened long enough before the end of the exam window. More detailed information about each exam will be shared with the class before each exam.

Exam Time Limit Exam Window Material Covered
Tech Test      
Test 1 (2 parts)      
Test 2      
Test 3      
Test 4      
Final (2 parts)      

Make-Up Tests & Exams

Tech Test

There are no make-up opportunities planned for the tech test.

Tests 1, 2, 3 and 4 

Because one score is dropped from tests 1, 2, 3, and 4 and because you have a window of several days to start a test, make-up tests for tests 2, 3, and 4 are very rare. The approach of dropping one of these tests is intended to address situations such as a health-related or other situation when a make-up might often be given. The addition of approaches 2 and 3 to the course grading polices do not change the way that make-ups for tests 2, 3, and 4 will be handled. 

If you miss 2 of these tests, then the lower score from the 2 parts of the final exam would serve as the make-up for one of the tests under certain circumstances. If both absences are determined to be due to excused reasons, then the lower score from the final exam would count as one of the test scores. If you miss 1 test for an unexcused reason and one for an excused reason, then the lower score from the final exam would count as one of the test scores, but with a 25-point deduction. If a you miss 2 tests for unexcused reasons, then the lower score from the final exam would not count as one of the test scores and both test scores of zero would stand.

If you miss all 3 of these tests for excused reasons, then a special make-up would be given for 1 of them and the lower score from the 2 parts of the final exam would serve as the second make-up. Note that missing all 3 tests may also result in a recommendation that withdrawal from the course be considered. 

Final Exam

If you miss the final exam for an excused reason, a make-up test would be given if permission is provided by both the Course Coordinator (Dr. Pilloff) and the College of Business.  

Graded Assignments

During the term there will be graded assignments.  

The following table notes when various assignments are due: 

Graded Assignment Number(s) Due by 11:59pm on... Relevant Lesson(s)
     
     
     
     
     
     

Assignments will be administered through Connect. If issues are discovered with a problem in an assignment (which will hopefully not happen, but could), the affected assignment could be replaced with a new version of the assignment. If a replacement assignment is created, your score would be the highest among all versions of a particular assignment. Given the way that Connect works, this may be the only way to address the issue, as a “deployed” assignment can’t be edited or revised once started by any students. 

Grades may be revised if Connect makes a grading error, but grades would not be revised if a question is marked wrong due to incorrect formatting, such as entering .1234 instead of 12.34 for a question that asks for a rate, where the answer is requested as ___ percent. 

Because you can earn a score of 100 for graded assignments by answering only some of the assignment questions correctly, there will be no extensions or make-ups for graded assignments except in extremely rare and/or unusual cases. A lot of flexibility is already built into the grading approach. One possible reason for an extension would be if a section winds up not covering relevant material before the due date.

To facilitate learning, you are allowed (and encouraged) to work together and/or seek help from an instructor (professor or TA) on assignments. Although you can work with classmates, you are prohibited from cheating, which includes, but is not limited to copying an answer from someone else, receiving an answer from someone else, supplying an answer to someone else, or using Chegg, Course Hero, an AI tool like ChatGPT or Copilot, or other similar resource in any way to solicit any sort of help. As noted, this list of possible ways to cheat is not exhaustive.

Practice Questions

Many practice questions (with associated solutions and answers) are available in Canvas.

  1. Test bank problems: A large set of questions and problems that extensively covers the material relevant for this course has been created. This set is referred to as “test bank problems” and incorporates everything that you are expected to learn in the course.  

    The term “test bank problems” refers to both the primary documents with all questions and a supplementary set of documents with true-false questions that capture many of the conceptual issues covered in the class.

    The term “test bank problems” refers to both the primary documents with all questions and a supplementary set of documents with true-false questions that capture many of the conceptual issues covered in the class.
     
  2. Practice questions in Connect: Sets of practice questions have been constructed in Connect that correspond to each lesson of the course. These sets include multiple versions of each test bank problem and all true-false questions where relevant. The questions are presented in the same order as they appear in the test bank problems. 

    If issues are discovered with a practice question in Connect (which will likely happen, as this is the first term we are using Connect and because Connect sometimes does weird things when questions are copied), the affected set of practice questions could be replaced with a new version of the assignment. 

Extra Credit

There are no plans for extra credit opportunities, and although unlikely, they may be offered during the semester. 

Office of Disability Services

If you have a disability or situation for which an instructor needs to be made aware, share this information with the relevant instructors in a timely manner. All academic accommodations must be arranged through the Office of Disability Services (ODS), which implements and coordinates reasonable accommodations and disability-related services that afford equal access to university programs and activities. ODS is in the Student Union Building 1, Room 222. Its phone number is (703) 993-2474.

Incompletes

A grade of incomplete may be given to students who are passing the course (with a C or higher) but who may be unable to complete scheduled coursework for a cause beyond reasonable control. An incomplete can only be given if you have completed at least half the work for the semester, are passing the course, and have a documented excusable reason (such as a serious illness) for being unable to complete the remainder of the work as scheduled. Poor time management or failure to deal with a situation earlier in the semester would not be accepted as a reason for an incomplete. 

Health and Safety

You are required to follow any required public health and safety precautions and procedures.

Campus Closure

If the campus closes or class is canceled due to weather or other concern, you should check Canvas, email, or other instructions as appropriate for updates on how to continue learning and information about any changes to assignments, projects, due dates, etc. 

Course Materials and Student Privacy 

Video recordings of class meetings that are shared only with the instructors and students officially enrolled in a class do not violate FERPA or any other privacy expectation. 

All course materials posted to Canvas or other course site are private; by federal law, any materials that identify specific students (via their name, voice, or image) must not be shared with anyone not enrolled in this class. Video recordings of class meetings that include audio or visual information from other students are private and must not be shared. Live Video Conference Meetings (e.g., Collaborate or Zoom) that include audio or visual information from other students must be viewed privately and not shared with others in your household. 

At least some of the synchronous meetings in this class may be recorded to provide necessary information for students in this class. Recordings will be stored in Canvas and any that include students will only be accessible to students taking this course during this semester. 

Other Resources

Appendix 4 provides a thorough list of resources available to students. 

Course Schedule (Lessons, Review, and Exams) for Each Section

                 
                 
                 
                 
                 

Lessons (slides, videos, & problems associated with each lesson) 

Lesson Slides & Videos Specific Topic (Unit) Problem Topic Problem Numbers
1 01.01 Overview of finance Overview Overview TF, 1
1 02.01 FV, 1 CF  TVM1 None
2 02.02 FV 1 CF, fin calc TVM1 TVM1, 1 – 2 
2 02.03 Timelines TVM1 None
2 02.04 FV 1 CF, misc  TVM1 TVM1, 3 (TF, 1)
2 02.05 PV 1 CF & fin calc  TVM1 TVM1, 4 – 8 (TF, 2) 
3 02.06 Implied rate, 1 CF  TVM1 TVM1, 9 – 10
3 02.07 Number of periods, 1 CF TVM1 TVM1, 11
3 02.08 Non-current reference, 1 CF TVM1 TVM1, 12 – 13 
3 03.01 PV multiple CFs TVM2 TVM2, 1 – 2 
4 03.02 PV annuities  TVM2 None
4 03.03 PV annuities, loans & extra CF TVM2 TVM2, 3
4 03.04 PV annuities, amt to fund withdrawals TVM2 TVM2, 4 – 6 
4 03.05 PV annuities due TVM2 TVM2, 7 – 10 
5 03.06 PV annuities & due CF TVM2 TVM2, 11 – 18
5 03.07 PV annuities & due N TVM2 TVM2, 19 – 24 
5 03.08 PV annuities & due R TVM2 TVM2, 25 – 30 
5 & 6 03.09 Fixed perpetuities  TVM2 TVM2, 31 – 37 
6 03.10 Growing perpetuities  TVM2 TVM2, 38 – 46 
6 & 7 03.11 Delayed annuities & perpetuities TVM2 TVM2, 47 – 49
7 04.01 FV multiple CFs  TVM3 TVM3, 1 – 2
7 04.02 FV annuities & due  TVM3 TVM3, 3 – 8 
8 04.03 Future withdrawal after FV annuity or due TVM3 TVM3, 9 – 20
8 04.04 FV annuities & due CF TVM3 TVM3, 21 – 24 
8 04.05 FV annuities & due N TVM3 TVM3, 25 – 26
8 04.06 FV annuities & due R TVM3 TVM3, 27 – 30 
9 04.07 FV annuity or due CF to meet future need TVM3 TVM3, 31 – 38 
9 04.08 Stated & effective annual rates  TVM3 TVM3, 39 – 45
10 05.01 Bonds, overview Bonds Bonds, 1 (TF, 1)
10 05.02 Bonds, valuing Bonds Bonds, 2 – 10
10 05.03 Bonds, YTM Bonds Bonds, 11 – 19
11 05.04 Bonds, misc Bonds Bonds, 20 (TF, 2) 
11 06.01 Stocks, overview Stocks  Stocks, 1 (TF, 1) 
11 06.02 Stocks, valuing 1 period Stocks  Stocks, 2 – 10 
11 06.03 Stocks, valuing N periods Stocks  Stocks, 11 – 18
12 06.04 Stocks, valuing fixed dividends Stocks  Stocks, 19 – 28 
12 06.05 Stocks, valuing constant growth  Stocks  Stocks, 29 – 40
12 06.06 Stocks, valuing nonconstant growth Stocks  Stocks, 41 
13 07.01 Criteria, NPV Criteria  Criteria, 1 – 4 (TF, 1) 
13 07.02 Criteria, IRR Criteria  Criteria, 5 – 8 (TF, 2) 
13 07.03 Criteria, payback Criteria  Criteria, 9 – 14 (TF, 3) 
14 08.01 Relevant CFs, overview  Relevant CFs None
14 08.02 OCF & net income  Relevant CFs Relevant CFs, 1 – 6
14 08.03 Sunk costs & side effects  Relevant CFs None
14 08.04 OCF example, sunk costs & side effects  Relevant CFs Relevant CFs, 7 – 13
15 08.05 OCF, depreciation Relevant CFs Relevant CFs, 14 – 27
15 08.06 Net working capital  Relevant CFs Relevant CFs, 28 
16 08.07 Capital spending  Relevant CFs Relevant CFs, 29 – 35
16 08.08 Analyzing projects, basic example  Relevant CFs Relevant CFs, 36 – 38
16 08.09 Analyzing projects, big example part 1  Relevant CFs None
17 08.10 Analyzing projects, big example part 2 Relevant CFs Relevant CFs, 39 – 44
17 08.11 Analyzing projects, efficiency example  Relevant CFs Relevant CFs, 45
17 09.01 Dollar & percentage returns  Risk & return  Risk & ret, 1 – 8 
18 09.02 Arithmetic average & compound, part 1 Risk & return  Risk & ret, 9 
18 09.03 Arithmetic average & compound, part 2 Risk & return  Risk & ret, 10 – 11
18 09.04 Nominal & real returns  Risk & return  Risk & ret, 12 – 17 
18 09.05 Sample variance & standard deviation Risk & return  Risk & ret, 18
19 09.06 Expected ret, var, & SD – individual assets  Risk & return  Risk & ret, 19 – 20 
19 09.07 Expected ret, var, & SD – portfolios  Risk & return  Risk & ret, 21 – 24 (TF, 1)
19 09.08 Risk premiums Risk & return  Risk & ret, 25 – 30
19 09.09 Market efficiency  Risk & return  Risk & ret, 31 – 33 (TF, 2– 4) 
20 09.10 Systematic & unsystematic risk Risk & return  Risk & ret, 34 – 36 (TF, 5– 7)
20 09.11 Beta & systematic risk  Risk & return  Risk & ret, 37 – 38
20 09.12 Capital asset pricing model (CAPM)  Risk & return  Risk & ret, 39 – 56
21 10.01 Computing WACC, part 1 Cost of capital  Cost of cap, 1
21 10.02 Computing WACC, part 2 Cost of capital  Cost of cap, 2 – 5 
21 10.03 Subjective & pure play approaches  Cost of capital  Cost of cap, 6 – 9 

Parts of the Textbook Associated with Each Lesson

Lesson Slides & Videos Specific Topic (Unit) Helpful Sections in the Textbook
1 01.01 Overview of finance Chapter 1, sections 1.1, 1.2, 1.4, & 1.5
1 02.01 FV, 1 CF  Chapter 5, section 5.1, pp. 131 – 136
2 02.02 FV 1 CF, fin calc Chapter 5, section 5.1, pp. 136 - 137
2 02.03 Timelines Nothing specific in textbook
2 02.04 FV 1 CF, misc  Chapter 5, section 5.1
2 02.05 PV 1 CF & fin calc  Chapter 5, section 5.2
3 02.06 Implied rate, 1 CF  Chapter 5, section 5.3, pp. 143 – 146
3 02.07 Number of periods, 1 CF Chapter 5, section 5.3, pp. 146 – 148
3 02.08 Non-current reference, 1 CF Nothing specific in textbook
3 03.01 PV multiple CFs Chapter 6, section 6.1, pp. 159 – 164
4 03.02 PV annuities  Chapter 6, section 6.2, pp. 164 – 166
4 03.03 PV annuities, loans & extra CF Nothing specific in textbook 
4 03.04 PV annuities, amt to fund withdrawals Nothing specific in textbook 
4 03.05 PV annuities due Chap 6, sec 6.2, pp. 164 – 166 & 171 – 172
5 03.06 PV annuities & due CF Chapter 6, section 6.2, pp. 167 – 168
5 03.07 PV annuities & due N Chapter 6, section 6.2, pp. 168 
5 03.08 PV annuities & due R Chapter 6, section 6.2, pp. 168 – 170
5 & 6 03.09 Fixed perpetuities  Chapter 6, section 6.2, pp. 172 
6 03.10 Growing perpetuities  Chapter 6, section 6.2, pp. 174
6 & 7 03.11 Delayed annuities & perpetuities Nothing specific in textbook
7 04.01 FV multiple CFs  Chapter 6, section 6.1, pp. 157 – 159 
7 04.02 FV annuities & due  Chapter 6, section 6.1, pp. 170 – 172 
8 04.03 Future withdrawal after FV annuity or due Nothing specific in textbook
8 04.04 FV annuities & due CF Nothing specific in textbook
8 04.05 FV annuities & due N Nothing specific in textbook
8 04.06 FV annuities & due R Nothing specific in textbook
9 04.07 FV annuity or due CF to meet future need Nothing specific in textbook
9 04.08 Stated & effective annual rates  Chapter 6, section 6.3, pp. 174-176 
10 05.01 Bonds, overview Ch 7, sec 7.1, p. 202;  Ch 1, sec 1.6, p. 19
10 05.02 Bonds, valuing Chapter 7, section 7.1, pp. 202 – 205
10 05.03 Bonds, YTM Chapter 7, section 7.1, pp. 207 – 210
11 05.04 Bonds, misc Ch 7, sec 7.2, 206 – 207 & sec 7.7, 232 – 236
11 06.01 Stocks, overview Chap 8, sec 8.2, 257 – 261 & sec 8.3, 261
11 06.02 Stocks, valuing 1 period Chapter 8, section 8.1, pp. 246
11 06.03 Stocks, valuing N periods Chapter 8, section 8.1, pp. 246 – 247
12 06.04 Stocks, valuing fixed dividends Chapter 8, section 8.1, pp. 247 – 248 
12 06.05 Stocks, valuing constant growth  Chapter 8, section 8.1, pp. 248 – 251
12 06.06 Stocks, valuing nonconstant growth Chapter 8, section 8.1, pp. 251 – 253
13 07.01 Criteria, NPV Ch 9, 9.1, 279 – 282; Ch 11, 11.1, 357 – 359
13 07.02 Criteria, IRR Chapter 9, section 9.5, pp. 291 – 297
13 07.03 Criteria, payback Chapter 9, section 9.2, pp. 283 – 285
14 08.01 Relevant CFs, overview  Ch 10, sec 10.1, 319; Ch 10, sec 10.3, 323
14 08.02 OCF & net income  Ch 10, 10.2, 321; Ch 10, 10.3, 323 – 324 
14 08.03 Sunk costs & side effects  Chapter 10, section 10.2, pp. 320 – 321
14 08.04 OCF example, sunk costs & side effects  Nothing specific in textbook
15 08.05 OCF, depreciation Chap 2, 31; Chap 10, 322 – 324 & 328 – 334 
15 08.06 Net working capital  Chap 10, 10.2, 321 & 10.4, 325 – 328, 333 
16 08.07 Capital spending  Chapter 10, section 10.4, 324, 329 – 334
16 08.08 Analyzing projects, basic example  Chapter 10, section 10.4, pp. 331 – 334
16 08.09 Analyzing projects, big example part 1  Chapter 10, section 10.4, pp. 331 – 334
17 08.10 Analyzing projects, big example part 2 Chapter 10, section 10.4, pp. 331 – 334
17 08.11 Analyzing projects, efficiency example  Chapter 10, section 10.6, pp. 337 – 339 
17 09.01 Dollar & percentage returns  Chapter 12, section 12.1, pp. 389 – 393
18 09.02 Arithmetic average & compound, part 1 Chapter 12, section 12.5, pp. 411 – 413 
18 09.03 Arithmetic average & compound, part 2 Chapter 12, section 12.5, pp. 411 – 413 
18 09.04 Nominal & real returns  Chapter 7, section 7.6, pp. 229 – 232 
18 09.05 Sample variance & standard deviation Chapter 12, section 12.4, pp. 403 – 404 
19 09.06 Expected ret, var, & SD – individual assets  Chapter 13, section 13.1, pp. 428 – 431
19 09.07 Expected ret, var, & SD – portfolios  Chapter 13, section 13.2, pp. 431 – 433 
19 09.08 Risk premiums Chapter 12, section 12.3, pp. 401
19 09.09 Market efficiency  Chapter 12, section 12.6, pp. 415 – 419 
20 09.10 Systematic & unsystematic risk 13.4, 437 – 438; 13.5, 438 – 441; 13.6, 442 
20 09.11 Beta & systematic risk  Chapter 13, section 13.6, pp. 442 – 445 
20 09.12 Capital asset pricing model (CAPM)  Chapter 13, section 13.7, pp. 450 – 452 
21 10.01 Computing WACC, part 1 Ch 14, sec 14.1, 466 – 467 & 14.4, 472 – 479 
21 10.02 Computing WACC, part 2 Ch 14, sec 14.2, 467 – 470 & 14.3, 470 – 472
21 10.03 Subjective & pure play approaches  Chapter 14, section 14.5, pp. 484 – 486 

Appendix 1: Course Objectives and Learning Goals

Course Objectives

After completing FNAN 303, students should understand financial concepts and be able to conduct financial analysis. Specific goals are that students will be able to: 

Goal 1: Value any stream of cash flows, including those associated with assets, financial securities, and capital investment projects 

Goal 2: Understand the key concepts of financial analysis and theory and be able to apply them in financial decision-making 

Goal 3: Apply financial management techniques using a financial calculator

Costello College of Business Undergraduate Learning Goals

Goal 1:  Our students will demonstrate an understanding of the social, global, ethical, and legal contexts of business and will be able to reflect on the role of the individual in business. 

Goal 2:  Our students will demonstrate an understanding of and the ability to apply knowledge of professional skills necessary for success in business including effective business writing. 

Goal 3:  Our students will demonstrate technical and analytic skills appropriate for success in business. 

Goal 4:  Our students will demonstrate an understanding of and the ability to apply knowledge of core business disciplines including accounting, finance, information systems, management, marketing, and operations management. 

Goal 5:  Our students will demonstrate knowledge and skills appropriate for specialization in their majors. 

Goal 6:  Our students will demonstrate an understanding of how research in the business disciplines contributes to knowledge and how such research is conducted. 

Costello College of Business Finance Concentration Learning Goals 

Goal 1:  Finance students will be able to demonstrate, evaluate, and explain the risk-return tradeoffs in finance

Goal 2:  Conduct and effectively present financial analysis and research valuing complex projects, assets, securities, and firms  

Goal 3:  Understand the relationships among investors, firms, financial institutions, financial markets, and regulators. 

Appendix 2: Academic Integrity, Privacy, & Professionalism 

Cheating Policy

Students are expected to know and adhere to the George Mason Academic Standards Code, which deals with actual and attempted acts of using unauthorized assistance, fabrication, and plagiarism. Suspected, possible, or potential violations of the Academic Standards Code will be reported to the Office of Academic Integrity. More detail on the Academic Standards Code, academic integrity expectations, and classroom behavior standards can be found at the George Mason Academic Standards Code website. 

The term “cheating” includes, but is not limited to, the following: reviewing others’ exam papers, using or having access to any resources that are not allowed, not following exam instructions, collaborating with another student during an individual assignment. Accessing a site like Chegg, Course Hero, etc. in an effort or with the apparent intent of viewing, obtaining, or providing an answer to any question related to this course is considered cheating. Using an AI tool like ChatGPT or Copilot to help on a graded element of the course is considered cheating. 

Plagiarism and the Internet 

Copyright rules also apply to users of the Internet who cite from Internet sources. Information and graphics accessed electronically must also be cited, giving credit to the sources. This material includes but is not limited to e-mail (don't cite or forward someone else's e-mail without permission), newsgroup material, information from Web sites, including graphics. Even if you give credit, you must get permission from the original source to put any graphic that you did not create on your web page. Shareware graphics are not free. Freeware clipart is available for you to freely use. If the material does not say "free," assume it is not.  

Putting someone else's Internet material on your web page is stealing intellectual property. Making links to a site is, at this time, okay, but getting permission is strongly advised, since many Web sites have their own requirements for linking to their material.  

Academic Integrity and Inclusivity 

This course embodies the perspective that we all have differing perspectives and ideas and we each deserve the opportunity to share our thoughts. Therefore, we will conduct our discussions with respect for those differences. That means, we each have the freedom to express our ideas, but we should also do so keeping in mind that our colleagues deserve to hear differing thoughts in a respectful manner, i.e. we may disagree without being disagreeable. See Academic Standards website. 

Academic Integrity and Diversity Statement 

The mission of the Costello College of Business at George Mason University is to create and deliver high quality educational programs and research. Students, faculty, staff, and alumni that participate in these educational programs contribute to the well-being of society. High quality educational programs require an environment of trust and mutual respect, free expression and inquiry, and a commitment to truth, excellence, and lifelong learning. Students, program participants, faculty, staff, and alumni accept these principles when they join the Costello College of Business community. In doing so, they agree to abide by the following Community Standards of Behavior:

  • Respect for the rights, differences, and dignity of others 
  • Honesty and integrity in dealing with all members of the community 
  • Accountability for personal behavior 

Integrity is an essential ingredient of a successful learning community. Ethical standards of behavior help promote a safe and productive community environment, and ensure every member the opportunity to pursue excellence. 

The Costello College of Business can and should be a living model of these behavioral standards. To this end, community members have a personal responsibility to integrate these standards into every aspect of their experience at the Costello College of Business. Through our personal commitment to these Community Standards of Behavior, we can create an environment in which all can achieve their full potential. 

Students should not cheat or engage in any form of academic dishonesty. Suspected, possible, or potential violations of the Academic Stards Code will be reported to the Office of Academc Integrity.

Academic Integrity 

Violations of the Academic Standards Code include, but are not limited to, submitting work completed by another person and representing it as one’s own; communicating about an exam with another person other than a proctor during the exam; having or using an impermissible aid (on an exam) such as unauthorized notes, stored information in a calculator, an AI tool like ChatGPT or Copilot, or a website like Course Hero or Chegg looking at or copying another student’s exam work or answers; providing another student with assistance with exam questions during an exam; impersonating a student in the class in order to get credit for that student; asking another person for an impersonation of oneself in order to get credit for oneself; removing an exam from the classroom; obtaining or providing access to all or part of an exam prior to the exam time, and sharing information about exams with others, especially students that have not yet taken the exam, before given permission. 

On exams (tests and the final exam), the following calculator-related behaviors and actions are among those considered violations of the Academic Standards Code: using programs in a programmable calculator that have not been reviewed or used in class without the knowledge and consent of the professor; using a programmable calculator to store any information related to an exam for one’s own or another’s benefit; and failing to clear the calculator of all displayed and stored information when a calculator is shared with a student.

Students should read this entire syllabus to make sure that they understand course policies with regard to the Academic Standards Code. 

George Mason University Diversity Statement

George Mason University promotes a living and learning environment for outstanding growth and productivity among its students, faculty and staff. Through its curriculum, programs, policies, procedures, services and resources, George Mason strives to maintain a quality environment for work, study and personal growth. 

An emphasis upon diversity and inclusion throughout the campus community is essential to achieve these goals. Diversity is broadly defined to include such characteristics as, but not limited to, race, ethnicity, gender, religion, age, disability, and sexual orientation. Diversity also entails different viewpoints, philosophies, and perspectives. Attention to these aspects of diversity will help promote a culture of inclusion and belonging, and an environment where diverse opinions, backgrounds and practices have the opportunity to be voiced, heard and respected.

The reflection of Mason’s commitment to diversity and inclusion goes beyond policies and procedures to focus on behavior at the individual, group and organizational level. The implementation of this commitment to diversity and inclusion is found in all settings, including individual work units and groups, student organizations and groups, and classroom settings; it is also found with the delivery of services and activities, including, but not limited to, curriculum, teaching, events, advising, research, service, and community outreach. 

Acknowledging that the attainment of diversity and inclusion are dynamic and continuous processes, and that the larger societal setting has an evolving socio-cultural understanding of diversity and inclusion, Mason seeks to continuously improve its environment. To this end, the University promotes continuous monitoring and self-assessment regarding diversity. The aim is to incorporate diversity and inclusion within the philosophies and actions of the individual, group and organization, and to make improvements as needed.

Course Materials and Student Privacy Policy

George Mason University strives to fully comply with FERPA by protecting the privacy of student records and judiciously evaluating requests for release of information from those records. Please see George Mason University’s student privacy policy.

All course materials posted to Canvas or other course site are private; by federal law, any materials that identify specific students (via their name, voice, or image) must not be shared with anyone not enrolled in this class.  

  • Video recordings of class meetings that include audio or visual information from other students are private and must not be shared with others in your household.
  • Live Video Conference Meetings (e.g., Collaborate or Zoom) that include audio or visual information from other students must be viewed privately and not shared

Appendix 3: Exam Information, Policies, and Expectations

  • Exams will be administered through Connect with Proctorio. Therefore, a webcam is needed. The webcam can be built into your computer (internal webcam) or can be the type of webcam that plugs in with a USB cable (external webcam).  
  • Exam sessions will be recorded with video, and recordings may be reviewed by an instructor or graduate assistant. 
  • You may use no aids other than the exam, the formula sheet printed out from Canvas, (initially) blank scratch paper, your calculator, and your writing instrument(s).  
  • Students are not allowed to write on, annotate, or modify the printed-out formula sheet document before the exam starts. The document is posted in Canvas under “Formula sheet”. Also, students may not print out or access a formula sheet during the exam. It must be obtained beforehand. 
  • Clear your desk of all external materials not permitted — books, papers, phones, other devices. Your entire desk should be shown to the webcam before starting the exam during the environment check. You must show your photo ID, desk, environment, allowed (unaltered) formula sheet, scratch paper, calculator, drink, and anything else with you at each examination. Students not showing such items may be assigned a deduction or a zero for the exam.  
  • Watches are not permitted to be worn (or on the desk) during the exam. Earbuds, headphones, etc. are not permitted to be worn either. 
  • If you do not follow the exam instructions laid out in the environment check, a deduction may be applied. The deduction may increase if such issues occur in subsequent exams.  
  • You may use a traditional or financial calculator to help you answer exam questions. However, your calculator must be a calculator-only device. Computers and other electronic gadgets like cell phones that have calculator features may not be used to help answer exam questions. Calculators must be calculator-only devices. Permissible calculators include the following: members of the TI-83, TI-84, and TI-89 series; TI BAII Plus (regular or professional) and TI-30X series; HP 10B, HP 12C, HP 17BII, HP 19BII, and HP 20b; Casio fx-991ES series and Casio fx-115ES series; and Sharp EL-733A. One calculator that is not allowed is the TI-Nspire CX. The aforementioned lists (of either permissible or impermissible devices) are not necessarily complete and students should contact the professor (Dr. Pilloff) if they have questions about a specific device. In general, a calculator with a keyboard is likely to not be permissible and most without one should be permissible. Students are responsible for having a functioning calculator and are encouraged to have a back-up calculator and/or extra batteries during all exams.  
  • The use of cell phone during an exam for any purpose is prohibited and may be considered a violation of the Academic Standards Code. Students who use the cell phone in any form during the exam may be referred to the Office of Academic Integrity.  
  • Taking pictures of exam questions is considered an act of academic dishonesty and a violation of the Academic Standards Code that will result in the student being reported to the Office of Academic Integrity.  
  • All cell phones, cameras, smartwatches, and other non-calculator-only devices should be turned off while taking the exam (Cell phones can only be turned on to document a technical incident by taking a picture or video) and should not be placed on the student’s desk or in their work area. 
  • Do not communicate in any way with another person (or AI) during the exam. 
  • Whenever avoidable, no other person should be in the same room as you. Take exams in a location where you’re unlikely to be interrupted. 
  • Unless unavoidable, you should remain at your computer until you submit your exam. 
  • Make sure that your computer is plugged into a power source and/or that the battery is fully charged. Also, make sure your laptop or desktop is not in “auto sleep” mode. 
  • If you face any technical problems while taking the exam for reasons such as auto-sleep mode, laptop not charged, etc. that shuts down your computer or interrupts your ability to continue with the exam, Connect may allow you to continue the exam. Policies regarding this issue could be modified mid-semester if exam “re-entry” becomes a substantial issue. If Connect doesn’t allow you to continue or the issue isn’t resolved before the exam ends, the exam would be considered submitted as of the time of the issue. Even if the issue is due to circumstances outside your control, the exam would still be considered submitted as of the time of the issue. We recognize that this policy potentially provides little flexibility, but it is difficult-to-impossible to determine and assess the causes of issues. In some situations, an alternative might be possible, but these exceptions are unlikely (especially with tests 2, 3, and 4, and the final exam).  
  • If you encounter any technical issues with Proctorio while taking an exam, take a picture or a video documenting the incident and contact Dr. Pilloff immediately. If you fail to provide such proof, your case likely will not be considered. For support visit the McGraw-Hill Customer support website or call (800) 331-5094. 
  • For any technical assistance, you can contact the IT support at support@gmu.edu, (703) 993-8870, or at the ITS Support Center website. 
  • Scratch paper must be destroyed at the end of the exam. This does not need to be done on camera. 
  • Do not discuss the exam content with anyone other than a course professor until given permission to do so. 

Appendix 4: Various Help, Services, and Resources

Sexual Misconduct and Interpersonal Violence

George Mason University is committed to providing a safe learning, living and working environment free from discrimination. The university’s environment is meant to be experienced as vibrant and dynamic, and one that includes ample opportunities for exploration of self, identity and independence. Sexual misconduct and incidents of interpersonal violence deeply interrupt that experience, and GMU is committed to a campus that is free of these types of incidents in order to promote community wellbeing and student success. 

George Mason encourages individuals who believe that they have been sexually harassed, assaulted or subjected to sexual misconduct to seek assistance and support. 

Confidential resources are available on campus at Counseling and Psychological Services, Student Health Services, the University Ombudsperson, and the Student Support and Advocacy Center. All other members of the University community (except those noted above) are not considered confidential resources and are required to report incidents of sexual misconduct to the University Title IX Coordinator. For a full list of resources, support opportunities, and reporting options, contact the University Title IX Coordinator at the Office of Access, Compliance, and Community website and/or at (703) 993-8730. The university’s goal is to create awareness of the range of options available to you and provide access to resources. 

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