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This website is where you apply for the four core courses in the Benjamin Graham Value Investing Program:

  • ECON 168: Value Investing (Fall 2020)
  • ECON 167: History of Financial Crises (Fall 2020)
  • ECON 169: Applied Value Investing (Winter 2021)
  • ECON 187: Field Projects in Investing (Spring 2021)

 If your application is accepted, we will enroll you in Econ 167/168 (Fall 2020), Econ 168 (Winter 2021) and Econ 187 (Spring 2021) directly with the Registrar.

Please visit the following link for a full description of the concentration.

 Please visit the following link for an outreach video featuring Prof. Bill Simon

The Benjamin Graham Value Investing Program and the application procedure is described below. Please direct all questions to our Value Investing Program Managers, Humberto Merino-Hernandez (hmhernandez@econ.ucla.edu) or Tony Winston (twinston@econ.ucla.edu)

In order to further strengthen our finance curriculum, the Economics Department is excited to announce the Benjamin Graham Value Investing Program:!

What is Value Investing?
 Value investing is a time-tested and proven investment methodology that is fundamentally different from conventional security analysis. Founded by super-investors Benjamin Graham and Warren Buffett, Value Investing focuses on determining the intrinsic value of a company based on its current and historical financial statements. An investment is worthwhile only if there is a strong set of competitive advantages within the business and if a significant margin of safety exists between the company’s intrinsic value and its market price.

How will this concentration help my investment career?
 A student graduating from this program will understand the full set of fundamental economic and strategic forces that favor or disfavor a particular investment opportunity. Thus, students will be prepared for a wide range of careers within private equity, distressed debt firms, and actively managed mutual funds. Courses are taught by our “Investors in Residence,” a series of guest lecturers including C-suite executives from some of the nation’s largest endowments, hedge funds, mutual funds, and private equity firms. Additionally, the core courses include “Financial Modeling Academies” where students hone their accounting, finance, and Excel skills through interactive modeling workshops.

What are the concentration requirements?
Students admitted into the Benjamin Graham Value Investing Program will be expected to complete the following:

Value Investing Concentration Pre-Requisites: In addition to the full set of lower division requirements for the Economics or Business Economics Major, Benjamin Graham Value Investing Program applicants must also satisfy the following before commencing the program. Students who intend to enroll in these courses concurrently with the program will also be considered:

 - ECON 101: Microeconomic Theory
 - MGMT 1A: Principles of Accounting I
 - MGMT 1B: Principles of Accounting II

Value Investing Concentration Core Courses (students accepted into the concentration will be automatically enrolled into the following four core courses):

  • ECON 168: Value Investing (Fall 2020)
  • ECON 167: History of Financial Crises (Fall 2020)
  • ECON 169: Applied Value Investing (Winter 2021)
  • ECON 187: Special Projects in Investing (Spring 2021)

Value Investing Concentration Electives –  Students must complete Two Courses from this list before graduating:

 - ECON 106F: Corporate Finance
 - ECON 106P: Pricing and Strategy
 - ECON 106V: Investments
 - MGMT 180: Real Estate Finance and Investment
 - MGMT 126: Financial Statement Analysis
 - ECON 165: History of Capitalism in the American Economy
 - ECON 181: Development of Economic Institutions in Western Europe

Financial Modeling Academies

Benjamin Graham Value Investing Program participants will also be required to attend three Saturday intensive Financial Modeling Academies covering critical valuation techniques used in the investments industry. Each academy below lasts approximately 8 hours and is taught by “Investors in Residence” through real world examples/case studies:

 - Modeling 1: Discounted Cash Flow Analysis
 - Modeling 2: Merger Consequences Analysis
 - Modeling 3: Leveraged Buyout Analysis/Special Situations

How To Apply – Value Investing Concentration
Application Requirements:

 · Online Application Form (Submittable)
 · Cover Letter (1-Page)
 · Resume (1-Page)
 · Unofficial Transcript
 · Essay Response (1-2 Pages): Describe your academic and career interests, and explain how and why the Value Investing Program would help you explore these areas.

Application Timeline:
 - Wednesday, April 22rd, 2020 at 7:00PM - Application Live

  - Wednesday, June 3rd, 2020 at 11:59PM - Application Due

Application Review:
 · Student applications will be reviewed by the Value Investing Program admissions committee.
 · At the admissions committee discretion, phone/in-person interviews may also be scheduled.
 · Students will be notified of their acceptance on Friday, June 26, 2020 by 5:00 p.m. via email. All decisions are final.


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