FNAN 444: Socially Responsible Finance Master Syllabus
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Course Website: Canvas
Course Purpose
The course is an introductory resource for students who either plan to participate in the socially responsible finance industry – eg as financial planners, fund managers, investment analysts or corporate sustainability officers – or who simply want an understanding of the role of social finance in the larger finance industry, as well as in public discourse.
Summary Description
The course breaks down the global socially responsible finance industry and critically analyzes its central premise: that certain investment strategies can deliver social and environmental returns as well as financial ones.
The course shows how social finance has developed alongside capitalism generally, from the early 1800s to the present, including the current political debate over “woke capitalism.”
It also deconstructs the principal vehicle of socially responsible asset management – ESG (Environmental, Social and Governance) – and contrasts it with “impact investment,” which targets companies that have explicit social missions.
It culminates with an examination of a critically important use case for social finance – countering global warming – paying particular attention to the interaction of public and private sector participants.
Learning Goals
Upon successful completion of the course students will be able to:
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Demonstrate familiarity with the socially responsible investment industry and the roles of actors such as fund managers, rating agencies and regulators
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Critically assess sustainable investment strategies such as ESG, impact investing, negative screening and climate transition
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Analyze the arguments for and against the existence of a trade-off between financial and social investment returns
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Interpret controversies in the field such as skepticism over ESG ratings relevance and political opposition to corporate social activism
Readings
The principal resource is “Profit vs. Progress: Why Socially Responsible Investment Doesn’t Work and How to Fix It,” by Brad Swanson (MIT Press, 2026). Other readings, relatively brief, may be occasionally assigned.
Grades
Final grades will be a function of quizzes, midterm exam, final exam, attendance (mandatory) and class participation
Draft date: Nov. 2025
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