Duke in New York – Financial Markets & Institutions
An immersive learning experience in the global financial services industryApply Now
Duke in New York Financial Markets and Institutions is a liberal arts-based, one-semester program in New York City for Duke undergraduates interested in gaining a deeper understanding of the financial services industry and global financial markets.
The program incorporates four full-credit courses taught by Duke faculty, guest lectures and panels, visits to trading floors, and socials hosted by banks and other institutions. The courses feature a broad-based liberal arts approach to issues of international finance, financial markets, and associated institutions. This includes regulation, government-business relations, supporting institutions, and value and ethical issues.
It is not necessary for students to have prior experience or coursework in finance, nor is it necessary to have the intention of working in the financial field after graduation to participate in the program. Duke in New York Financial Markets and Institutions should be seen as an opportunity for students to become more familiar with the full scope of career opportunities in financial services or regulatory agencies involved in financial markets.
Students leave the program with a more complete understanding of the functioning of global capital markets and regulatory issues involved in these markets. They also leave with a strong sense of community created with the many Duke alumni who have eagerly volunteered to participate in the program.
Duke in New York Financial Markets and Institutions is not a placement program for internships. In previous years, many Duke in New York students have been successful in securing summer internships. Furthermore, the academic director works with the Duke Career Center and many New York-based finance companies to arrange internship interviews at their New York offices or by phone. However, applicants should be aware that obtaining summer internships in finance is neither the goal nor the purpose of the program.
If you are an international Duke student on a visa (such as F-1) and are considering an internship during the summer following this program, then you should contact the Duke Visa Services Office for important information about obtaining the required OPT/CPT authorization to be compliant with Duke and federal law.
We actively welcome sophomores to apply to this program.
PROGRAM FAST FACTS
Location: New York, New York, USA
Dates: January 8 to April 26, 2018
Application Deadline: May 15, 2017; Second round deadline August 15, 2017; Final deadline September 15, 2017
Academic Theme(s): Finance
Credit Type: Duke Credit
Eligibility: 3.4 minimum GPA. Open to Duke sophomores from any major. Must have completed ECON 101, MATH 202 and STAT 111. Non-Duke students are not eligible for this program.
Duke Affiliation: Duke Economics Department
Housing: Residence Hall
GEO Advisor: Carolyn Covalt
Students will enroll in four courses, each offering one Duke credit. No pass/fail option or auditing is permitted. All classes are held at NYU's Kimmel Center.
Global Capital Markets
(SS, W) 1.0 Credit
Pre-requisite: ECON 101
Financial markets and the role of investment banks as intermediaries. Divisions and functions within investment banks: sales and trading, corporate finance, research and wealth management. Aspects of asset pricing and corporate valuation. Impact of current events on financial markets. Intended primarily for sophomores interested in a career in financial markets. Instructor: John Caccavale
Understanding Financial Bubbles and Crises
(SS) 1.0 Credit
Pre-requisite: ECON 101
This course examines the similarities/differences of historical financial crises from “Tulipmania” through the Great Recession to better understand our current economic environment. Explores the regulatory changes that are enacted post-crisis and determines factors that might prevent future economic bubbles/crises. Class includes guest speakers from the NY financial community who experienced recent crises from 1987 Black Monday Crash through Credit Crisis of 2008 to provide an inside view and feel of the markets during those periods. Instructor: John Caccavale
The Economics of Financial Derivatives and Financial Engineering
(QS, SS) 1.0 Credit
Pre-requisites: ECON 101, MATH 202, and STATS 111
This course is a basic introduction to derivatives with a focus on their economic functions as tools for hedging and risk management. Topics include forwards, futures, swaps, options, parity conditions, binomial options pricing, Black-Scholes formula, financial engineering for risk management Value at Risk (VAR). Emphasis on intuition and common sense implementation of technical material. Instructor: George Tauchen
ART HISTORY 390A
Architecture and Urbanism in New York City
ALP 1.0 Credit
This course will explore the history of architecture and urbanism in New York City from the colonial period through the present day. We will study well-known monuments along with lesser-known but important works, and consider the political, cultural, and economic factors that fueled the development of New York’s built environment. Classroom lectures will be regularly supplemented with site visits across the city. Instructor: Andrew Weinstein
This course has been chosen as a different educational experience than the three economics courses and takes advantage of the Duke in New York program's unique and important location.
HOUSING & MEALS
Duke in New York students live at the St. George in Brooklyn Heights, one of the safest and nicest premier neighborhoods in the city. This residence includes three towers: St. George Studio, St. George Weller, and St. George Clark. All are connected by a lobby and student community center. Duke in New York students live in the St. George Studio and St. George Weller towers.
Each room has a refrigerator with a freezer, and a microwave. A central, shared kitchen is available for residents.
The St. George is managed by Educational Housing Services (EHS), a non-profit company that provides student housing in several areas of New York City. All residents of the St. George are students enrolled at accredited colleges and universities. EHS staff members also live in the building and are on hand at all times to assist student residents.
The historic Brooklyn Heights location of the St. George has much to offer, including close proximity to the Brooklyn Promenade, a popular walkway on the East River with great views of the Statue of Liberty, lower Manhattan, and the Brooklyn Bridge. Brooklyn Bridge Park, one of the city’s newest and largest park areas, is also accessible near the St. George.
The area around the St. George has everything to meet students' day-to-day needs, including restaurants, cafés, pharmacies, grocery stores, and banks. Multiple subway lines (2, 3, 4, 5, N, R, A, C, E) are within walking distance, so getting anywhere in the city is easy.
Please see Costs for a breakdown of the room types that are available and their costs.
Where will classes be held?
Classes are held in the Kimmel Center at NYU. The exact address is 60 Washington Square South, New York, NY 10012.
Do I need a letter of recommendation?
When you first apply for the program, you do not need to submit a letter of recommendation. We may ask you to provide one later in the process. If we ask you for a letter of recommendation, it should discuss not only your academic and intellectual abilities, but also your maturity, reliability, ability to work with others, etc. You will be representing not only yourself, but also Duke University; and, hence, these aspects are extremely important.
Do I need to inform the Registrar of my participation in this program?
You will be enrolled at Duke while participating in this program, so it is not necessary to notify the Registrar or apply for a leave of absence from Duke. Since this is a Duke program, your grades will appear on your transcript and will count toward your overall GPA.
Estimates are based on previous years' programs and the current exchange rate. All costs are subject to change.
|Housing Fee||See below|
|Other Costs||Other Costs|
The program fee for this program includes:
- Local transportation (monthly metro cards for duration of semester)
- Program-sponsored activities and excursions
- Orientation program
- Access to educational facilities at NYU
- Membership to Fitness Center next to student housing in Brooklyn
The program fee does not include:
- Airport transportation to/from program site
- Meal Plan
- On-site accident and health insurance policy
- Out-of-pocket medical expenses
- Textbooks and class materials
- Mobile phone
- Independent travel and entertainment
- Items of a personal nature
Double room: $8,350 per semester per student
Please note that only a select number of single rooms are available for any year. Singles are offered on a first-come, first served basis and are subject to a higher rate.
Personal expenses can fluctuate greatly depending upon habits and preferences of the individual. It’s also wise to budget for unexpected expenses such as medical emergencies. On average, previous students suggest the amount between $1,000 - $1,200 for personal spending.
Step 1: Within 3 weeks of acceptance to the program, confirm your enrollment by submitting the non-refundable $1,000 deposit ($1,040 for non-Duke students). Deposits are payable by check or Student Account E-Check. If you receive Duke financial aid, submit the Deposit Waiver Form in lieu of the deposit. Log in to MyGlobalEd for remittance instructions or waiver form.
NOTE: If you withdraw after committing to the program, your deposit will be retained or $1,000 will be charged to your Bursar account. See: Refunds for Voluntary Withdrawal
Step 2: Complete all post-acceptance items listed on your MyGlobalEd application, including the Participation Agreement, Pre-Departure Orientation, International Travel Registry, and any program-specific forms.
Step 3: Semester invoices will be sent via email to your Duke email address and to your home email address. Remit payment to the Bursar per due date and address indicated on your online statement. Consult the Duke Bursar's office billing schedule for payment due dates.
Duke students receiving institutional need-based grant aid are eligible for aid for this program; work-study funds are converted to grants. Students are individually responsible for making the necessary arrangements with the Karsh Office of Undergraduate Financial Support and the Duke Bursar’s Office.
Non-Duke students are not eligible to receive financial aid at Duke and should contact their home institutions for financial aid information.
Attendance is required at all classes, excursions, and group events. Late arrival and/or early departure is not permitted.
Arrival: Monday, January 8
Departure: Thursday, April 26
You will need to make your own housing arrangements if you will be arriving before the program start date. If you wish to stay beyond the program departure date, the accommodations at the St. George are available until May 18, independent of the program. Contact the GEO program manager for more details.
PROGRAM FACULTY & STAFF
Program faculty director(s) can assist with questions related to program academics, admissions, on-site needs, etc. For all other inquiries, please contact the GEO representative listed.
GEO Program Manager
Deadline: First-round application deadline: May 15, 2017
Second-round application deadline: August 15, 2017
NOTE: After the second-round deadline, qualified applicants will only be considered on a space-available basis.
This program has rolling admission. Applications will be considered on a first-come, first-served basis until the program fills; after that, qualified students are added to a waitlist and notified of openings. Applications must be received by the deadline to be considered.
Priority: Priority will be given to applicants who apply early and meet the prerequisites.
Minimum GPA: The minimum cumulative grade point average (GPA) required for this program is 3.4
All applicants will be considered without regard to race, color, national or ethnic origin, handicap, sexual orientation or preference, gender or age.
Start your application early to ensure that it is complete by the deadline! Incomplete applications will not be forwarded to the program directors for consideration.
Submit the following items using MyGlobalEd:
- Online application
- Duke in New York questionnaire (online)
- Official transcript(s) from all colleges and universities attended
- Personal statement, no longer than one page, explaining why you would like to participate on this program