Prereq: 15.433 or 15.437. Ideal for students pursuing careers in financial-services, banking, the public-sector (central banks, ministries of finance) and academics. Applies finance science and financial engineering tools and theory to the design and management of global financial institutions, markets, and the financial system to better understand the dynamics of institutional change and financial product/service design. Focuses on foundational analytical tools students will rely upon throughout their careers - derivative pricing and risk measurement; portfolio analysis and risk accounting; and performance measurement to analyze and implement concepts and new product ideas. Examines the needs of government as user, producer and overseer of the financial system, and how tools are applied to measure and manage risks in financial crises (e.g., 1973-1975 vs. 2007-2009). A high comfort level working through rigorous mathematical analyses is recommended. Preference to MBA and MFin students. Final examination.