Welcome to the Department of Finance in the Carlos Alvarez College of Business at UTSA. Our department offers B.B.A. degrees in Finance and in Real Estate Finance and Development.

Our graduate degree programs include a Master of Science in Finance and a Master of Science in Finance with a concentration in Real Estate Finance and Development. Our M.S. Finance programs are included on the U.S. Department of Homeland Security’s STEM Designated Degree Program list. We also have a decade-old Ph.D. program. 

Finance is an applied area that studies the ways in which individuals, business entities and organizations allocate resources over time and make decisions in the presence of uncertainty. This includes quantitative analysis of financial markets and financial decision making using mathematical, statistical and computational models. Techniques of financial engineering have become indispensable to a wide spectrum of business activities including investment banking, commercial banking, corporate finance, portfolio management, risk management and insurance and management and decision in the real estate industry.

 

 

CFA Institute University Affiliation Program LogoSTEM Designated Degree Program Logo

 

 

 

 

 

 

Department Office
Main Campus, Business Building (BB), 4.01.12
Monday thru Friday | 8 a.m. to 5 p.m.
210-458-6315

Karan Bhanot Headshot

Contact

Karan Bhanot, Ph.D.

Quincy Lee Chair in Real Estate and Finance, Department Chair and Professor in Finance

Finance

karan.bhanot@utsa.edu

Department Profile

1,042

Majors

44%

First Gen

35%

Female

Finance Faculty

Binay Adhikari

Binay Adhikari, Ph.D.

Lutcher Brown Fellowship, Associate Professor, Finance

Vipin Agrawal

Vipin Agrawal, Ph.D.

Professor of Practice, Finance

UTSA Silhouette

Syed Ali

Lecturer, Finance

Onur Bayar Headshot

Onur Bayar, Ph.D.

Professor, Ph.D. Advisor, Finance

Karan Bhanot Headshot

Karan Bhanot, Ph.D.

Quincy Lee Chair in Real Estate and Finance, Department Chair and Professor in Finance, Finance

Timothy Bryant

Timothy Bryant

Senior Lecturer, Finance

UTSA Silhouette

Natasha Burns, Ph.D.

Professor, Finance

UTSA Silhouette

Shahedur Chowdhury

Assistant Professor of Practice, Finance

Tony Ciochetti

Tony Ciochetti, Ph.D.

Elmo James Burke Jr. Chair in Real Estate Finance and Development, Executive Director Embrey Real Estate Finance and Development Program, Finance

Ronald Cooley

Ronald Cooley

Lecturer, Finance

UTSA Silhouette

John Garcia

Lecturer, Finance

Palani Rajan Kadapakkam

Palani-Rajan Kadapakkam, Ph.D.

Frost Finance Endowed Chair and Professor, Finance

Ivalina Kalcheva, Ph.D.

Ivalina Kalcheva, Ph.D.

Associate Professor, Finance

Will McIntosh

Willard McIntosh, Ph.D.

Professor of Practice, Finance

Michael Naquin

Michael Naquin

Lecturer, Finance

UTSA Silhouette

Michael Noll

Lecturer, Finance

Candy Sikes Headshot

Candy Sikes, Ph.D.

Associate Professor of Practice, Finance

Ron Sweet Headshot

Ron Sweet

Associate Professor of Practice, Finance

Raymond Teske

Raymond H. C. Teske III, JD

Professor of Practice, Assistant Director RFD Program, Finance

Thomas Thomson

Thomas A. Thomson, Ph.D.

Professor, Finance

John Toohey, CFA

John Toohey, CFA

Assistant Professor of Practice, Finance

John Wald Headshot

John Wald, Ph.D.

Professor, Finance

Zijun Wang Headshot

Zijun Wang, Ph.D.

Associate Professor, Finance

UTSA Silhouette

Robert Wehrmeyer, J.D.

Lecturer, Finance

Brain Wolfe Headshot

Brian Wolfe, Ph.D.

Assistant Professor, Finance

Tim Zhang Headshot

Tim Zhang, Ph.D.

Assistant Professor, Finance

Image of students in the financial studies center

Finance Assessment of Competency Test (FACT)

If you are planning to register for FIN 3023, FIN 4713, or Fin 4723 and have not yet taken the FACT exam, contact the Department of Finance to request access to the online FACT course in Canvas. 
Lecture in Financial Studies Center with Karan Bhanot

Research Seminar Series

Bringing talented academics to share their knowledge and research in the area of finance.

Financial Studies Center

Financial Studies Center

Providing hands-on financial training for business students using state-of-the-art technologies

Latest Finance News

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Alvarez Financial Studies Center

February 18, 2025

College Partners with Victory Capital to Promote Student Success

The Carlos Alvarez College of Business at UTSA has partnered with Victory Capital to expand programs that support student success for business students to better prepare them for careers in the investment and financial industries.

UTSA Investment Society students in Costa Rica, 2025

February 12, 2025

UTSA Alvarez Investment Society Empowers Costa Rican Entrepreneurs Through Financial Literacy

Ten students from the Carlos Alvarez College of Business at UTSA traveled to Costa Rica for an eight-day immersive learning experience that allowed them to use their financial education to empower a rural community of entrepreneurs.

Binay Adhikari, associate professor of finance

January 27, 2025

Binay Adhikari Recognized for Research Impact with UTSA’s Lutcher Brown Fellowship

Published by Alvarez College of Business

Binay Adhikari, associate professor of finance at the Carlos Alvarez College of Business at UTSA, has been named a Lutcher Brown Fellow for 2024-2025.