Some of the most powerful financial tools for fighting poverty are not found in banks, but in communities. This course explores how the world’s poorest people save, borrow, share risk, and build resilience through informal savings systems such as tandas in Mexico, susus in West Africa, dhikutis in Nepal, voluntary savings and lending groups largely in Africa, and self-help groups in India.
Students will compare community-based finance with cash transfers, remittances, microfinance, mobile banking, and fintech to ask what truly works, what falls short, and how financial inclusion can build on local wisdom rather than simply adapt Western financial models. Our motto is: “from our ideas to theirs.”
Through case examples, guest presentations, and hands-on project design, students will learn practical tools for creating initiatives that reach people at the bottom of the economic pyramid, including goal setting, methodology, selection, staffing, budgeting, monitoring, and evaluation. Working in small groups, students will design practical projects presented on the final day of class.
This course is ideal for students interested in development, social entrepreneurship, public policy, philanthropy, community finance, or poverty reduction. No technical or financial background is required—only curiosity and a willingness to question conventional assumptions about finance.
Taught by Jeffrey Ashe, a pioneer in microcredit—spreading solidarity group lending to more than thirty countries—and savings groups, whose work through the Saving for Change Initiative helped 850,000 poor village women gain access to savings groups. His current work focuses on promoting rotating savings and credit associations (ROSCAs) in immigrant communities through Grassroots Finance Action, which he directs. Students will have access to his books on savings groups and ROSCAs, as well as his earlier writing on microfinance
This seven-week Strategic Philanthropy course offers students an overview of the U.S. and global philanthropic landscape, with an eye toward the bespoke ability of philanthropy to fill gaps in public systems, mine for innovation to thorny problems, and drive targeted impacts. For reference: Philanthropic and foundation funding comprises roughly 20% of US charitable giving which totaled $103.5 billion in 2024; and global philanthropic giving reached approximately $2.3 trillion worldwide in 2024. Students will examine case studies, hear from guest speakers who are leaders in the field, and engage in class discussions to lay a foundation for understanding an array of complex approaches to philanthropy and how it interacts with the public and private sectors. Course topics will range from the crucial role of measurement in strategic philanthropy, the relationship of private philanthropy to the red tape and restrictions of public dollars, the potential impact of family wealth, and common grantmaking strategies. We will also explore and examine U.S. and international cases and best practices in philanthropy, including the differences in grantmaking in the U.S. and globally. By the end of the course, students will have a baseline understanding of the philanthropic sector and the critical role philanthropy plays in shaping pressing social, economic, environmental, and political challenges.
IFEP Concentration Registration Priority.
This course explores the intersection of financial risk management and public policy, focusing on the regulatory and institutional frameworks that have evolved since the global financial crisis. Students will learn to apply core risk management concepts—such as market, credit, counterparty, and liquidity risk—in assessing financial stability and regulatory policy. The course emphasizes intuition and applied techniques, using graphical and numerical methods rather than advanced math. Topics include Value-at-Risk, leverage, securitization, risk regulation, systemic crises, and macroprudential oversight. Students will engage with real-world cases and financial data, develop familiarity with regulatory reforms (e.g., Basel III), and understand the rationale behind central bank interventions and stress testing.
Columbia Business School is the academic home of Benjamin Graham and the birthplace of security analysis and value investing. Graham taught Advanced Security Analysis at Columbia from 1927 to 1956. Graham and David Dodd published their seminal work, Security Analysis, in 1934 and Graham published The Intelligent Investor in 1949. Roger Murray took over teaching the course upon Graham’s retirement and taught it until he retired in 1977. After a 16-year gap, value investing returned in the fall of 1993 under Professor Bruce Greenwald’s guidance and has been offered at the school ever since. Interestingly, the course was renamed Introduction to Value Investing, which was the first time the course referenced value investing in its name. Notable graduates from the program include Warren Buffett, Mario Gabelli, Leon Cooperman, Chuck Royce, Art Sandberg, Glenn Greenberg, William von Mueffling, and Todd Combs. This course introduces a framework for investing based on fundamental analysis and evaluates investment opportunities through the lens of an equity investor. Although much of the material in this course has a strong academic foundation, the goal is to develop practical tools that the student can use immediately to improve their investment process and decision making in the real world. The course will demonstrate how to determine a company’s fundamental value. Key inputs in the analysis will be the company’s level of profitability and financial returns, the duration of its competitive advantage, the value of its growth opportunity, the strength of its management team, and the risks inherent in the investment. These tools apply to public and private markets, and the course will show how to use the tools in each opportunity. The course material will be delivered through lectures, exercises, readings, in-class discussions, and homework assignments; the last day of the course will be devoted to student presentations of an investment recommendation using the tools from the course. This survey course is designed to introduce the fundamentals of the Graham and Dodd value approach to investment analysis. The basic analytical structure and its relationship to many elements from the MBA curriculum will be described through lectures, exercises, readings, in-class discussions, and homework assignments; the last day of the week will be devoted to student presentations of an investment recommendation.
The international development landscape is being reshaped by skeptical policymakers at home and partner countries – both of whom increasingly see the need to adopt new approaches. This course examines several cases of successful innovation in development finance — not to recycle those models, but to identify patterns of what makes innovation work, so the next generation of policymakers can reshape the field as conditions demand.
Through looking at several case studies, notably the International Finance Facility for Immunization (IFFIm), the Advanced Market Commitment (AMC) and disaster risk insurance pools, we will identify some of the factors for success and failure. Students will experiment with developing new ideas through practical application.
The instructor will draw on personal experience in global health and education financing. Guest speakers will provide practitioner perspectives on what works, what doesn’t, and why.
By the end of the course, students will develop their own innovative proposal to address a current development challenge and present it as a pitch to a hypothetical CEO, applying lessons learned from historical cases to contemporary problems.
CEE Concentration Registration Priority.
This course examines global and national energy policies with international implications, focusing on the intersections of energy sustainability, energy security, and energy equity, commonly referred to as the "energy trilemma." Students will explore how national decisions shape global outcomes and how international frameworks influence domestic policies. Special attention is given to the political economy of the energy transition, with case studies on fossil fuels, renewables, subsidies, and critical mineral supply chains.
The first half of the course covers technical and market dimensions of high- and low-carbon energy sources, fiscal policies, and transition projections. The second half explores geopolitical drivers of energy policy, international trade and investment, and the financing of the low-carbon transition in developing economies. Students will assess real-world policy challenges through a data-driven and interdisciplinary lens, applying a political economy approach to sustainability and global energy governance.
HRGE Concentration Registration Priority.
This course examines the global legal and policy frameworks aimed at promoting gender equality and advancing women’s rights. Drawing on international human rights instruments, national policies, and multilateral commitments, students will explore both the moral case and the strategic rationale for closing gender gaps. The course investigates how law, policy, and evidence intersect in shaping outcomes across development, health, economic growth, political participation, peace and security, climate resilience, and social protections. Students will also evaluate backlash to gender equality, the evolving discourse on gender rights and identity, and the implications of intersecting factors such as class, race, religion, and sexual orientation. Students will develop policy recommendations and deepen their understanding of global trends and debates surrounding gender justice.
This is a two-day intensive course. Over the past decade, the number of civil wars globally has increased dramatically, driven by a proliferation of non-state armed groups, illicit transnational networks and regional actors. The rise of civil wars has meant conflicts are not only harder to resolve via traditional forms of diplomacy, but also more likely to relapse; in fact, 60 per cent of the civil wars that reached peace agreements in the early 2000s have since fallen back into conflict. As an organization created to prevent wars between states, the UN has struggled to meet the challenges of today’s conflicts, particularly when it comes to engaging non-state actors. At the same time, the UN is often uniquely positioned to make contact with armed groups that may be blacklisted by key member states, and it is often UN peace operations that are best placed to implement strategies to address the various threats they pose.
What are the origins of the growth of today’s form of non-state armed groups and why have they increased in relevance in recent years? How has the rise of rebel and so-called “terrorist” groups affected the character of war today, and what implications does this have for conflict prevention and management? What challenges (and opportunities) do non-state actors pose to traditional forms of conflict resolution, and what can be learned from the UN’s experiences in places like Afghanistan, the Democratic Republic of the Congo, and Mali?
Drawing on a mix of academic literature, case studies and first-hand accounts of those involved directly in UN-led operations in the field, students will explore these questions and grapple with the very real predicaments that face today’s mediators and peacekeepers around the world. By the end of this course, students will have a firm grasp of the core theories and concepts that drive UN engagement with non-state actors, how the UN and its partners have developed strategies in asymmetrical and complex environments, and a practical experience of the difficulties of applying principles to reality. This course will be of interest to those wishing to pursue academic research on the UN, scholars of critical studies of international relations, and those hoping to build a career in conflict resolution and management.
Effective communication is critical to the success of international organizations (IOs). Whether securing funding from member states, raising awareness of global challenges, or countering misinformation, IOs rely on strategic communications to fulfill their mandates. As noted by UN Secretary-General António Guterres, “strategic communications is central to the success of all our work.”
This course equips students with interdisciplinary tools to understand and support the communications work of IOs. Students will explore the unique structures and missions of IOs, the role of public and digital diplomacy, brand management, and communication for development (C4D). The course also addresses specialized practices such as peacekeeping communications and celebrity diplomacy.
By bridging theory and practice, students will gain the knowledge and skills needed to analyze, critique, and contribute to communications efforts in IOs. The course prepares students for careers in IO communications teams or for policy and academic analysis in this evolving field.
CEE Concentration Registration Priority.
Geopolitics is complicating the already difficult task of moving from a carbon-intensive energy system to one of net-zero emissions. Today’s geopolitical tensions risk slowing the pace of the urgently needed clean energy transition, while some dynamics within the transition itself are exacerbating existing geopolitical challenges. Competition between great powers—a defining feature of the emerging global order—now threatens progress through trade disputes and national security concerns. The uneven global transition is also deepening divides between developed and developing countries. War, conflict, and political backlash against transition costs further hinder coordinated climate action.
This course explores the complex entanglement of geopolitics with energy and climate change. Through lectures, guest speakers, and discussion of current developments, students will: Analyze how geopolitical tensions influence the pace and structure of the energy transition. Examine net-zero scenarios from institutions like the IEA and IPCC. Develop practical skills to communicate energy policy recommendations effectively. Participate in structured debates to sharpen critical thinking and strategic analysis.
CEE Concentration Registration Priority.
Despite growing pressure to decarbonize, oil and natural gas continue to shape global power and politics. This course examines how energy markets drive foreign policy, economic security, and international conflict. Students will explore the central role of oil and gas in geopolitical relations, from OPEC+ and the petrodollar to the wars in Ukraine and the Middle East.
The course is organized in three parts: the geopolitics of oil, the geopolitics of natural gas (with a focus on LNG), and shifting dynamics as the world transitions toward lower-carbon energy. Case studies include Russia’s energy leverage, US–Saudi relations, the rise of US LNG exports, and Venezuela’s paradox of poverty amid vast oil reserves.
Students will assess global energy trade patterns and analyze the political impact of price shifts, sanctions, and infrastructure development. Classwork emphasizes oral analysis, policy writing, and active debate.
This course is ideal for students interested in energy diplomacy, security studies, or climate and foreign policy intersections. No technical background is required.
This course introduces students to gender mainstreaming, gender analysis, and intersectionality as both theoretical frameworks and applied methodologies in global affairs. Students will examine how gender perspectives are integrated into international policymaking, development programming, and institutional change across diverse fields, including education, public health, economic development, international finance, peace and security, and sustainability. The course draws on feminist theory, empirical research, and case studies to analyze how power, identity, and inequality shape policy design and outcomes. Students will engage with foundational concepts and tools used by multilateral institutions, governments, and civil society to promote gender equity and inclusion. Through workshops and mini-research assignments, students will gain experience with applied methods such as interviewing, text analysis, and gender-based program evaluation. Emphasis is placed on participatory learning and collaborative inquiry. This course equips students with the critical skills and practical knowledge necessary to engage in gender-responsive policy work in global and local contexts.
The organization of care is an essential element of any society – and a fundamental determinant of gender relations. Who can and who must care for whom, when and on what terms? The answers to these questions are often regarded as “private matters;” they are, in fact, reflected in, and impacted by, public policies. In recent years, care policies have been a matter of intense debate. Remarkable social innovations in some contexts have been accompanied by attempts to mold care in ways that bolster more traditional family arrangements in others. Focusing on the care of young children in reference to countries in Europe and Latin America as well as to the United States, this 7-week course will explore the assumptions on which care systems rest, their interactions with labor markets and family structures, their implications for gender equality and social stratification, and how more equitable solutions might be structured. Students will engage with a broad range of materials, including data sets, legal texts, policy briefs, case studies and theoretical analyses.
All societies rest on the continuity of their populations. How – and if – that continuity is assured is deeply implicated in gender relations. Who has children? Rather, who can, who should, who must, have children – and who cannot or may not do so-- and at what conditions? Most fundamentally, who decides, how, with what consequences, for whom? Who, for example, is most at risk of dying of child-bearing, and where? Who can access ARTs and at what conditions? Have we moved past, or are we returning to, what was once thought of as compulsory motherhood, or is motherhood becoming more elusive, and for whom? Are similar trends affecting fathers? Or parents generally? And how do policies intended to encourage or discourage the physical reproduction differentiate among social groups, distinguishing, for example, on the basis of citizenship and residency, marital status, disability,race, ethnicity and class? Finally, what are the implications of assisted reproductive technologies – from IVF to womb transplants and gene editing – both for procreation and for how we understand sex and gender?
IFEP Concentration Registration Priority.
This course will outline the Global Payments System, both domestic and cross-border, emphasizing Large Value Transfers and the infrastructure of the global financial and monetary system. Payment system operators, by definition, pose systemic risks to the global financial system and the global economy, given their criticality and interconnections to businesses, financial institutions, and households worldwide. The course will also examine the digital transformation in payments, the implications of sanctions, and financial crimes such as fraud, Know Your Customer (KYC), Anti-Money Laundering (AML), and cybersecurity. Financial market Infrastructures (FMIs) and Payment Settlement Systems (RTGSs) like Fedwire, CHIPS, Target, DTCC, SWIFT, and CLS will be reviewed in the context of their economic functions, interconnectivity, governance, and regulation. There will be a particular focus on regulation, application of relevant law, and the risk environment for payment system operators and their customers. A review of relevant policy considerations will be undertaken. The impact of emerging technologies, including tokenization, Central Bank Digital Currencies (CBDC), Stablecoins, and AI, will be explored in a rapidly changing environment. No discussion on the Global Payments System is complete without discussing the geopolitical environment. This course will explore how these forces have played out in the past and the near future, including a student mock debate about how they might evolve in an increasingly divided world.
Over 25 years ago, the UN Security Council unanimously adopted resolution 1325 on women, peace, and security, and since then, it has adopted an additional 9 related resolutions. This agenda marks the first time in the UN’s 80-year history that women’s experiences, particularly their contributions to promoting peace and security in contexts of violent conflict, closed political spaces, and rising extremism, are acknowledged. It is also the first time that the need for women’s protection has been strongly noted. The resolution marks a clear watershed in the evolving efforts to promote human security as a normative framework for the international community. Although the primary focus is on women, the emerging discourse has drawn increasing attention to the need for gendered analysis – i.e., addressing the conditions/experiences of women and men with intersecting identities – in conflict and peacebuilding.
This intensive 2.5-day seminar will provide an overview of the evolving field of women, peace, and security. Drawing on empirical research and practice, the modules will address the following issues:
● Historical and geopolitical evolution and context in which the WPS field has arisen;
● Attaining UN Security Council Resolution 1325 and the expansion of the WPS policy agenda with attention to subsequent resolutions and key pillars of this agenda – notably women’s participation in peace and security, protection issues, peacekeeping and conflict prevention including conflict related sexual violence.
● Implications of ongoing conflicts, rising authoritarianism, and violent extremism on gender, peace and security issues.
● Gender analysis and the practical application of a gendered lens to key mediation, security, and peacebuilding processes.
● Experiences and lessons from women’s peace coalitions and women’s contributions to peacebuilding including countering/preventing violent extremism
● Efforts to prevent and address sexual violence in conflict.
● Women and peacekeeping, including issues of sexual exploitation and abuse.
Armed conflict and violent crisis situations are undergoing profound transformation. Interstate wars, alongside prolonged internal conflicts, seem more than ever before to have global effects, while artificial intelligence, drones, attacks on energy supplies and critical infrastructure, and the use of mercenaries are reshaping the conduct of hostilities. At the same time, the emerging international order increasingly departs from the long-established principles of International Humanitarian Law, which are intended to protect victims of war and to restrain the methods and means of warfare. Against this background, the course gives particular attention to the interaction between legal norms, political decision-making, military realities, and humanitarian action, enabling students to critically assess the role of international law in shaping and responding to the emerging international order.
Designed for students interested in understanding how the emerging new international order must be based on the legal protection of the individual in war and on the regulation of the use of force between and within states, the course equips participants with the conceptual and practical tools to identify, interpret, and apply international legal norms in complex, real-world conflict situations. In an era of rapidly advancing artificial intelligence, the course also emphasizes the enduring importance of human judgment, equipping students with the analytical and critical thinking skills needed to interpret legal norms, compare competing arguments, and make informed decisions in complex and often uncertain conflict situations.
Drawing on conflicts in the Middle East, Ukraine, Sudan, Myanmar and other areas the course addresses the protection of civilians and medical services, attacks on critical infrastructure, humanitarian access, displacement and detention, the use of drones and artificial intelligence, and accountability for serious violations of humanitarian law. Particular attention is also given to the role of international criminal law in addressing serious violations of international humanitarian law, including individual criminal responsibility, the prosecution of war crimes, crimes against humanity and genocide, and the contribution of international and national courts to accountability and justice.
This seminar combines short reading assignments with close-reading exercises, small-group scenario analyses, role-play simulations with decision memos, peer-teaching activities, and brief
The purpose of this half-semester course is to familiarize students with how the Internet and cybersecurity works; to provide a foundation of knowledge for later courses; and to familiarize students with the devices, protocols, and functions of computers, the Internet, industrial control systems, and cybersecurity. This course is not intended to be a computer science course, but to provide the students with the lexicon of cyberspace and the understanding of how hardware, software, and networks fit together to create the Internet experience. We will also illuminate some essential and current cybersecurity policy topics, including privacy and risks of emerging technology.
It is a broader course meant to complement Cyber Risks and Vulnerabilities and other coursework throughout SIPA.
This course equips students with the tools to critically evaluate empirical research through the lens of causal inference. Emphasizing real-world policy relevance over statistical correlation, it introduces students to identification strategies that approximate randomized trials using observational data. Students will explore advanced econometric methods, including instrumental variables, difference-in-differences, fixed effects, regression discontinuity, and synthetic controls, while examining their strengths and limitations in drawing causal conclusions.
Designed for students with prior coursework in quantitative methods (U6500 and U6501), this course stresses conceptual rigor and applied skills. Assignments include STATA-based replication exercises, a research design proposal, and seminar engagement. Readings and examples draw from policy-relevant domains such as health, education, and environmental economics. Students will leave the course with a deeper understanding of how to produce, assess, and apply causal evidence to inform public decision-making.
This interdisciplinary course explores how technology, policy, and law intersect in addressing complex cybersecurity challenges. Taught by experts in each field, the course examines how different disciplines approach problems such as cybercrime, national security threats, and corporate intrusions. Students will gain foundational knowledge in Internet architecture and computer security, legal frameworks governing cyber activity, and policy strategies for defense and resilience.
The course is structured around four major cyber incidents—SolarWinds, NotPetya, Colonial Pipeline, and Sony Pictures—which serve as case studies to analyze vulnerabilities, responses, and policy implications. A team-based group project will link these “great hacks” to themes in the U.S. National Cybersecurity Strategy, encouraging students to develop interdisciplinary mitigation proposals.
Designed for students with prior cyber-related experience, this course strengthens the ability to think and communicate across technical, legal, and policy domains, preparing students to work effectively on cybersecurity in any professional context.
IFEP Concentration Registration Priority.
This course explores sovereign risk through the lens of credit rating agency methodologies, historical debt crises, and contemporary developments in sovereign debt markets. Students will examine the interplay of fiscal, institutional, political, financial, and geopolitical dynamics that shape sovereign creditworthiness. Students will gain fluency in rating criteria, peer comparisons, and debt sustainability analyses, with a focus on Moody’s sovereign bond rating methodology. The course culminates in a mock credit rating committee exercise. Students will emerge with practical skills in sovereign risk assessment and a deeper understanding of global debt trends.
In many parts of the world, humanitarian actors cannot successfully alleviate and prevent the suffering of people living in areas affected by armed conflict without engaging with armed groups. The International Committee of the Red Cross (ICRC) estimates that there are over 450 armed groups of humanitarian concern worldwide, over 130 of which are parties to a non-international armed conflict. Africa accounts for over 40% of these groups, with about 20% in each of the Near and Middle East (NAME), the Americas, and in the Asia and Pacific. In 2024, the global population living in areas fully controlled or contested by armed groups is estimated by the ICRC to have increased to 210 million people, with 83 million living in areas fully controlled by armed groups, up by 19 million from 2023.
Many armed groups that control territory provide a degree of services and governance structures in areas they control, including health care, education, taxation, public utilities, justice/dispute resolution, security and taxation. However, the basic needs of the population in areas controlled by many armed groups are often not fully met. Humanitarian access, and dialogue on protection and assistance matters with such armed groups is an important part of humanitarian action worldwide.
The last 30 years, however, have made these aspirations more difficult, as a multiplicity of armed conflicts and different types of non-state actors have emerged, posing significant challenges on the ability of humanitarian workers to effectively engage with belligerents, and hindering their access to these individuals. The lack of separation between those actively participating in conflict and those who do not have particularly made it difficult for external actors to identify who, when and how to engage on humanitarian issues, together with the level of engagement and the timing of such interactions. Additional existing inquiries relate to the strategies set in place for effective engagement: who should be in the lead of humanitarian engagements on the ground? And how can the humanitarian community best assist and increase the protection of civilians in areas controlled by entities designated as terrorist, or in fragile States?
This class will examine these inquiries, together with the parameters of engagement with a range of actors- from peacekeepers to formal armies to paramilitary groups and designated entities to community and religious leaders to determine what legal and moral bases exist for en
The purpose of this course is to familiarize SIPA students with the function of the internet while focusing on the flaws and vulnerabilities that can be exploited in attacks or impact user privacy. This course will approach each session in the following manner: discussion of recent cyber events, discussion topic(s) to be covered, and the ramifications when used in the real world.
This course is intended to build on the Basics of Cybersecurity with a tighter focus on specific vulnerabilities and information transmission and how these can be exploited by hackers, criminals, spies, militaries, or business interests.
This course is intended to be an introduction to cyber risk and vulnerabilities and is thus suitable for complete newcomers to the area. It is a big field, with a lot to cover; however, this should get students familiar with all of the basics. The class is divided into weekly topics; the first five iteratively build on each other, and the others either addressing recent technologies or hosting relevant guest speakers.
Many cyber jobs are opening up with companies that need international affairs analysts who, while not cybersecurity experts, understand the topic well enough to write policy recommendations or intelligence briefs. Even if you don’t intend your career to focus on cyber issues, having some exposure will deepen your understanding of the dynamics of many other international, privacy, and public policy issues.
This course develops the skills necessary to prepare, analyze, and present data for policy analysis and program evaluation using R. Building on the foundations from Quant I and II—probability, statistics, regression analysis, and causal inference—this course emphasizes the practical application of microeconometric methods to real-world policy questions. (Note: macroeconomic topics and forecasting methods are not covered.)
The central objective is to train students to be effective analysts and policy researchers. Key questions include: Given the available data, what analysis best informs the policy question? How should we design research, prepare data, and implement statistical methods using R? How can we assess causal effects of policies rather than mere correlations? What ethical considerations arise when working with data on marginalized populations?
Students will learn through hands-on analysis of datasets tied to a range of policy issues, including: caste-based expenditure gaps in India, racial disparities in NYPD fare evasion enforcement, water shutoffs in Detroit, Village Fund grants in Indonesia, public health insurance and child mortality, and Stand Your Ground laws and gun violence. The course culminates in a student-led project on a policy topic of their choosing.
CEE Concentration Registration Priority.
Emerging and developing economies are expected to account for the bulk of the energy demand and carbon emissions growth in the coming decades. Drastic changes are necessary to their current energy systems and future energy infrastructure so that it is in line with global climate goals—an effort that will require significant amounts of capital. This course will look at the formidable task of financing the energy transition in emerging market and developing economies (EMDEs). We will start by studying what the energy transition is, how it relates to climate goals, and what needs to be financed. The course will look at the different estimates of how much will the energy transition cost, particularly for emerging markets. The class will also survey the current financial energy landscape to assess what is working, what is missing, and the potential governance structures that are needed to mobilize the necessary financing. The existing sources of financing from the private sector, development agencies, and international financial institutions will be discussed to understand the specific challenges and opportunities of each source of financing for emerging markets. The course will look at the broad financing toolkit available, from blended finance vehicles, de-risking instruments, and the new ones that are being deployed like ESG investing and thematic bonds. Students will also be introduced to carbon markets and the role they can play in financing the energy transition in emerging markets. Lastly, the course will cover the financing of transition assets to understand how and when capital should be deployed for these assets, including the capital needed to retire or retrofit existing fossil fuel assets.
This course offers students a strategic and applied framework for understanding the global financial services industry, spanning commercial and investment banking, asset and wealth management, central banking, and financial regulation. Students will examine the sector’s evolution, current challenges, and future direction. Topics include risk management, regulatory change, financial technology, global competitive positioning, and the strategic dilemmas faced by CEOs in a post-2008 financial landscape. The course emphasizes leadership and critical thinking over technical specialization, and culminates in a team-based final project presented to industry executives. The course is intended for students preparing for leadership roles in global finance and policy.
A surge in violent conflict since 2010 has led to historically high levels of forced displacement. More recently, the war in Ukraine has caused the fastest-growing refugee crisis in Europe since the end of World War II. Globally, there are
more than 100 million forcibly displaced people
including refugees, internally displaced persons and asylum seekers who have fled their homes to escape violence, conflict and persecution.
The majority of the world's refugees come from just a handful of countries, with Syria, Venezuela, Afghanistan, South Sudan, Ukraine and Myanmar being among the top countries of origin. These refugees often seek safety in neighboring countries, but many also attempt to make the dangerous journey to Europe or other parts of the world. In recent years, an upsurge of mixed migration has posed enormous practical, but also ethical and legal questions to host governments and aid organizations: in today’s world, what distinguishes a refugee from a migrant? And how does their ensuing treatment differ? Climate displacement, which is growing exponentially outside any normative framework, adds to the complexity of how to address the needs and rights of the displaced globally.
Internal displacement is also a major issue, with people being forced to flee their homes due to conflict, violence, natural disasters, and other factors. IDPs often face similar challenges to refugees, such as lack of access to basic needs like food, water, and healthcare, as well as limited opportunities for education and employment.
The course will allow students to examine the history, norms, principles, actors and governance related to forced displacement to assess with a critical lens whether the system is set up to respond to what forced displacement is today, with all its complexities. Through a combination of thematic sessions and case studies, it will provide an overview of the typologies of displacement, the different initiatives and durable solutions pursued, as well as the remaining questions the international normative and assistance system has to answer.
This course examines Latin American law through a socio-legal lens, analyzing how formal legal texts are actually practiced, adapted, or resisted by various social actors. Drawing on Law and Society scholarship, legal realism, and critical legal traditions, the course investigates different factors shaping law's effectiveness and its potential for social transformation. The first section explores foundational questions about legal obedience, judicial power, legal pluralism, and the gap between law in the books and law in action, while the second section applies these frameworks to specific Latin American problems, including access to justice and legal mobilization around social rights. Students will engage with theoretical and empirical texts, films, and podcasts while developing their own socio-legal research projects on topics such as health rights, anti-discrimination movements, anti-corruption initiatives, or accountability for atrocity crimes. By combining interdisciplinary perspectives from law and the social sciences with practical illustrations, the course explores the challenges and possibilities of using law as an instrument for social change in Latin America.
IFEP Concentration Registration Priority.
This advanced course equips students with foundational knowledge in portfolio management, with a particular emphasis on the intersection of investment theory and public policy. Students will explore core concepts from Modern Portfolio Theory (MPT) and evaluate its practical limitations and real-world applications. Topics include asset allocation, portfolio construction, risk metrics, factor investing, ESG integration, and key performance indicators such as Sharpe and Sortino ratios. The course also critically examines the impact of public policies, such as monetary, tax, pension, trade, and climate policy, on institutional investment strategies. The course prepares students for professional roles in asset management, multilateral institutions, or regulatory bodies by combining theoretical frameworks with applied investment decision-making in a policy context.
This course is designed to introduce the student to the role of the nurse practitioner as a provider of community centered family primary care. The focus will be on health maintenance and illness prevention.
What does it take to spark real environmental change? This course invites students to explore how advocacy influences environmental outcomes at the local, national, and global levels. From climate protests and community campaigns to policy negotiations and court rulings, students will examine how activists, scientists, and grassroots groups shape public discourse and government action.
Using case studies and comparative examples, including from the United States and China, the course looks at how environmental advocacy works across different political systems. Topics include environmental justice, the politics of science, institutional dynamics, and how visions for the future of nature are contested and advanced.
Ideal for students interested in sustainability, public policy, or civic engagement, the course emphasizes practical skills and critical thinking. Students will complete short writing assignments and a final project focused on a real-world advocacy effort of their choice. No prior experience with environmental policy is required--just a curiosity about how ideas become action.
This course examines the sources, substance, and enduring themes of American foreign policy. Part I reviews the rise of American power in world affairs from the 18th Century through the end of the Cold War. Part II provides an overview of the process and politics of American foreign policy making. Part III applies the theory and history of Part I, and the process of Part II, to examine a number of contemporary U.S. foreign policy issues and debates, including America’s two wars with Iraq; its responses to the threat of global terrorism and proliferation of weapons of mass destruction; what role the United States should play in the world economy, global and regional institutions, and the developing world; and how best to manage a rising China and other emergent challenges.
This course is designed to provide beginning familiarity with Dialectical Behavior Therapy (DBT), an evidence based psychosocial treatment initially developed for suicidal individuals with borderline personality disorder (BPD). Students will be taught the primary theories, principles, and strategies that inform DBT. Students will also become familiar with the latest research on DBT for BPD. Lecture, demonstration, multimedia applications, and group discussion will be used as the primary teaching methods. DBT is a complex treatment with multiple facets. It is therefore not expected that a student will have full competence to deliver the treatment as a result of just this one course. However, this course will provide sufficient background and serve as a necessary prerequisite before using DBT in an applied setting.
Dialectical Behavior Therapy (DBT) is an evidence-based treatment that was originally developed for chronically suicidal individuals and is now the gold standard treatment for Borderline Personality Disorder. The treatment and its adaptations have since been proven through research to be effective across a wide range of disorders and behavioral problems which have at their core the issue of Pervasive Emotion Dysregulation. Students will be introduced to key theoretical concepts that inform the “spirit” of DBT, along with an overview of core treatment strategies as used within a DBT skills group. This course is focused on DBT skills, and will provide students with a basic understanding of the four DBT skills modules (Core Mindfulness, Interpersonal Effectiveness, Emotional Regulation, Distress Tolerance). The focus will be on the revised and expanded DBT Skills Manual released in late 2014. Through course assignments and in-class activities, students will have an opportunity to learn the content of the skills, as well as how to structure and conduct a DBT skills group. Students will develop a beginning understanding of standard comprehensive DBT, the particular function of each treatment component, (e.g., individual, group, consultation team, coaching) and how DBT skills relate to the other program components. The basic format of this course will include the Instructor's presentation of concepts and principles, group discussion, modeling, role-plays, and technique coaching. As a practice elective, the major focus is on skill development. As such, students are expected participate fully in in-class practice exercises and be receptive to feedback from their classmates.
Open to MPA-DP Students Only.
DP-Lab II builds on the foundations of the Development Practitioner’s Lab I and equips students with practical skills for effective and inclusive organizational leadership and management. Drawing on students’ summer field experiences, the course introduces core competencies in three interconnected units: strategy development, systems management, and leadership. The course emphasizes systems thinking, real-world application, and iterative learning.
Through applied assignments, students will act as strategy advisors for real or simulated organizations, developing mission-driven recommendations grounded in organizational analysis, management design, and leadership frameworks.
This course examines diplomacy as a tool in crisis response, and in particular how African states use the Security Council, the architecture of the AU Peace and Security system, bilateral relationships, and ad hoc mechanisms as leverage. The cases are the Ethiopian civil war in Tigray, the displacement of African nationals due to Russia's invasion of Ukraine, and the disruption of African food and fertilizer supply lines during the Ukraine and Strait of Hormuz crises. Practitioners with direct experience of these crises will join the class to offer firsthand accounts of how events unfolded and decisions were made from multiple vantage points. The course treats crisis diplomacy as a bargaining process over agenda control, legitimacy, and operational access, rather than as a sequence of formal decisions. Having examined how diplomacy operates across existing institutional channels, the course questions what Africa's agency and its exposure in these crises reveal about the continent's readiness for a more central role in global security, and whether Security Council reform as demanded in the Ezulwini Consensus would meaningfully change the outcomes.
This seminar will explore the origins, nature, and trajectory of the post-WWII liberal international order. What is it and how did it come to be? How does it differ from previous world orders? How long will it last, and what might follow it? The class will analyze the subject from various perspectives, blending history, theory, and policy. Over the course of the semester, students will conduct independent yet related empirical research projects to determine how the order has shaped national behavior and forecast what consequences may flow from its erosion. The seminar will thus be both an individual and a collective intellectual enterprise.
(Note: This course is open to SIPA students and Columbia and Barnard undergraduates intending to major in public policy. As a prerequisite for admission, students must have taken at least one of these courses at SIPA, Columbia, or Barnard: Foundations of International Security Policy, Current Debates in Global Affairs and Public Policy, or Introduction to International Relations.)
If international politics is governed by states as rational as our traditional theories assume, why does it appear so unpredictable in practice? Does this instability reflect the irrationality of decision-makers, or does it suggest that conventional theories have misunderstood the nature of rationality itself? This course begins from a simple but consequential premise: like all forms of politics, international politics is ultimately shaped by human beings. Although this observation may seem self-evident, its implications have often been overlooked because the state, rather than the individual, has traditionally served as the primary unit of analysis in international relations. The course therefore asks how a deeper understanding of the workings of the human mind can enrich our explanations of international conflict, cooperation, war, and peace.
The course explores the growing field of psychological approaches to international relations, examining how insights from psychology can refine existing theories and generate new explanations of international politics. Rather than surveying the field as a series of discrete topics, it is organized around a sequence of interconnected questions, with each week building on the problems raised in the previous one.
Key principles of this course are resilience, neurobiology, a cultural & ecological approach to development, and self and community care. The course will begin with foundational principles and then move into assessment, developmental stages and special issues in child and adolescent trauma. The course will end with a focus o Evidence-Based Interventions with children and adolescents recovering from trauma. The course will prioritize self-reflection through assignments and live session experiential exercises. Material will be applied through the use of clinical cases.
tests
IFEP Concentration Registration Priority.
The course examines the dynamics at play during financial crises, integrating theoretical underpinnings of financial stability with a review of key historical financial crises and. Drawing from historical financial crisis episodes - including the Great Financial Crisis, Asian Financial Crisis and the European Sovereign Debt Crisis - students will learn about how financial shocks transmit via different markets, institutions and global channels and will analyze the role of systemic vulnerabilities.
IFEP Concentration Registration Priority.
The course explores how advanced analytical tools are applied in financial stability analysis, with a focus on the frameworks used by central banks and regulatory authorities. Students will engage in both conceptual and practical exercises to design monitoring systems, analyze vulnerabilities, and apply data-driven methods to the OTC derivatives and hedge fund sectors.
This course explores how contemporary conflict is changing and how conflict prevention and resolution strategies must evolve in response. Through case studies and practitioner insights, students examine shifting conflict dynamics, the role of international institutions, and a range of peacebuilding tools—from mediation and state-building to justice and sanctions. Emphasis is placed on ethical dilemmas and operational challenges in real-world contexts. No prerequisites are required, though prior exposure to conflict studies is beneficial.
This course explores how Environmental, Social, and Governance (ESG) objectives and data are integrated into investment decision-making. Through a combination of academic theory, real-world case studies, and hands-on exercises, students examine how ESG considerations affect risk, return, and portfolio design. Key topics include ESG portfolio theory, impact investing, fixed income and labeled bonds, engagement and proxy voting, and climate-aware investing. The course also addresses the limits and potential of ESG data, governance structures, and the role of investors in influencing corporate behavior and public outcomes. Designed for students preparing for careers in sustainable finance, the course emphasizes practical applications and critical thinking.
Impact Investing I: Foundations introduces students to the core principles, tools, and actors shaping the field of impact investing. The course provides a foundational understanding of how capital markets can be leveraged to address global challenges such as climate change, biodiversity loss, inequality, and poverty, while also generating financial returns.
Students learn how to evaluate impact-driven transactions, assess risk and return across impact portfolios, and measure both financial and non-financial outcomes. The course includes modules on the history and evolution of the field, stakeholder roles, project evaluation using NPV and other techniques, portfolio construction, and impact measurement. The course culminates in a final team project and expert panel presentation, with a focus on real-world applications and career exploration.
As impact investing further embeds into the mainstream, Impact Measurement and Management (IMM) is its key differentiator, helping impact investors understand a company’s intention to create positive outcomes and impacts and the evidence it uses to demonstrate whether (“if”) the impact, value, or benefit is indeed being created, and importantly, in what ways (“how”) it is improving the lives of concerned stakeholders and the environment. This course reflects decades of progress by hundreds of organizations, agencies, institutions, thought leaders, and companies in every sector across the globe leading to the convergence and harmonization of key IMM tools and frameworks. Levering SIPA’s vast network, students will hear from many of these pioneers throughout the course. Understanding how to identify what to measure and how to measure and manage impact across space and time is critical to ensuring businesses and investors achieve their goals and make decisions that address the world’s most pressing social and environmental challenges. We will approach IMM through the entrepreneur/business perspective while understanding that understanding the investor perspective is key to harness impact finance. The goal of this course is to equip students with knowledge of the most valuable and widely accepted methods, tools, and best practices in the field and through applied practice, develop these skills as IMM practitioners with a critical lens and a systems-level understanding of impact measurement for ventures seeking investment and investors seeking opportunities.
The Sustainability Reporting course explores the ever-evolving global Sustainability and ESG reporting environment and the standards and frameworks that are being used by companies to report on their sustainability related performance. Environmental, Social, and Governance Reporting (“ESG”) also referred to in parts as Corporate Responsibility /Accountability Reporting. The course explores the market drivers that generate the demand for sustainability reporting by companies, key areas of focus for investors and other capital providers, regulatory activities and the intersection of sustainability reporting with traditional corporate financial reporting.