Master of Science in Accountancy-Financial Markets & Transactions

The Financial Transaction Services (FMT) track of Wake Forest’s Master of Science in Accountancy dives deep into capital management, corporate acquisitions, and valuation.

Exclusive to Wake Forest University, the FMT track builds analytical skills necessary to make value-maximizing decisions in areas such as capital budgeting, dividend policy, capital structure, capital acquisition, and financial modeling. 

What You Will Learn

Through the FMT track in the Master of Science in Accountancy program, students build in-demand expertise in topics that affect the heavily regulated financial services industry.

Students learn how to utilize financial architecture to enhance corporate strategy and performance in the transaction services and investment banking arena. This includes a thorough understanding of the roles of the various stakeholders in a typical transaction.

In this track, students develop an in-depth understanding of financial markets and the role that transactions play in these markets. This includes a refined understanding of loan & debt capital markets, equity capital markets, mergers & acquisitions markets, and how to analyze these markets to create value for any organization.

To grasp these concepts in a “real-world” context, we rely heavily on our partners in the accounting and investment banking communities and integrate these partners into the classroom experience for maximum retention of course material.

Furthermore, MSA graduates earn enough credits to sit for the CPA examination, for which Wake Forest touts pass rates over 30 percentage points higher than the national average. This history of student success reflects our relentless commitment to academic and career support throughout the duration of the degree program.


Courses in the Financial Transaction Services track include:

  • Introduction to Financial Markets & Transactions
  • Forecasting & Valuation
  • Introduction to the Financial System
  • FinTech & The Future of Financial Services
  • Capstone in Financial Markets & Transactions

Review the full MSA degree curriculum, including foundational courses. 

Why pursue the FMT track?

The FMT track of the Master of Science in Accountancy degree is a launching pad for well-paying careers in both the financial services and accounting industries. Working in this specialization is exciting, non-cyclical, and ever-changing, as no two transactional deals are the same. This provides a variety of professional responsibilities that can further expand one’s skill set.

Accountants that are well-versed in the complexity of modern financial markets are highly sought after by public and private organizations. As the Financial Transaction Services track is exclusive to Wake Forest University, this means MSA graduates in this specialization enter into the workforce with a unique set of skills and knowledge that make them highly marketable to future employers.

Program Structure

The Financial Transaction Services track of coursework is delivered through both synchronous and asynchronous classes, seamlessly fitting within busy schedules while maximizing cohort community engagement and active application of course materials. 

Synchronous Classes

Students solve problems together in class, review current events in accounting, and complete quizzes on the material.

Asynchronous Materials

Class materials are also available online for asynchronous work and study.

World-Class MSA Faculty

FMT students work closely alongside Wake Forest’s expert faculty who have extensive experience in this unique field of accounting. Accordingly, students are immersed in cutting-edge financial accounting practices that can be immediately applied in the marketplace.

Dr. Ajay Patel

Professor, Thomas S. Goho Chair in Finance, Area Chair
336-758-5575 | email

Dr. Ajay Patel is the Thomas S. Goho Chair in Finance. Dr. Patel earned his undergraduate degree from St. Joseph’s University, his MBA from University of Baltimore, and his PhD in Finance from University of Georgia. 

While at Wake Forest, he has served as Associate Dean for Faculty and Alumni Affairs (2002 – 2004) and Interim Dean and Dean (2003 – 2008) of the Babcock Graduate School of Management. He served as the Director of the Center for Enterprise Research and Education between 2010 and 2015. He served as Faculty Director for Global Business Outreach between 2008 and 2014.

Since 2016, he has served as the Area Chair for the Accounting and Finance areas and is also the Chair of the Board of Trusties of Financial Management Association International. Dr. Patel’s research work has been widely published in scholarly journals and has won eight awards from academic associations and two from practitioner associations. 

He has received the Educator of the Year Award thirteen times across all the school’s MBA programs. Dr. Patel teaches Intermediate Financial Management and Advanced Financial Management for the MSA program.

Dr. Jon Duchac

Delmer P. Hylton Professor in Accountancy
336-758-4458 | email

Dr. Jonathan Duchac is the Wayne Calloway Professor of Accounting in the Wake Forest University Schools of Business. Dr. Duchac earned his Ph.D. in accounting from the University of Georgia. He has received a number of awards during his career, including the Wake Forest University Outstanding Graduate Professor Award, the T.B. Rose Award for Instructional Innovation, the University of Georgia Outstanding Teaching Assistant Award, and the 2008 Fulbright Distinguished Chair in Business at the Vienna University of Business and Economics.

He has been a retained speaker by the CFA Institute, where he is invited to speak around the world on financial accounting and risk management issues. Dr. Duchac has served as Accounting Advisor to Merrill Lynch Equity Research, where he worked with research analysts in reviewing and evaluating the financial reporting practices of public companies. 

He also works extensively with Wells Fargo Securities and the Janus Capital Group. Dr. Duchac has testified before the U.S. House of Representatives, the Financial Accounting Standards Board, and the Securities and Exchange Commission on a variety of financial accounting topics, and has worked with major public companies on financial reporting, risk management, and accounting policy issues.

In addition to his professional interests Dr. Duchac is an avid runner and mountain biker. He teaches Introduction to Transaction Services and Capstone to Transaction services in the MSA program.

Build Expertise in the Accounting of Financial Markets & Transactions

Students in the Financial Transaction Services track of the MSA degree receive an elite education that builds expertise in the complexities of the financial services industry.

Get started at Wake Forest by requesting more information.