b'MESSAGE FROM THE DIRECTORDear friends and supporters of the Bendheim Center,The academic year 2022/23 brought big changes for the Bendheim Center.This past year, the university agreed to increase our Master in Finance (MFin)program. In three steps, we aim to increase our program to 80 MFin students,almost doubling its size. In addition to this significant increase in cohort size,we will also be able to offer more tuition support to some of our students,which will further strengthen our program and broaden our applicant pool.Another noteworthy change for BCF is that our current UndergraduateCertificate in Finance (UCF) will be converted into a Minor in Finance for theClass of 2025 and beyond. Some of our requirements will become morechallenging, leading to a class that is dedicated to issues in finance.Both our current Master in Finance and Undergraduate Certificate in Finance (UCF) did well during the 2022/23academic year. Our MFIN program continues to be one of the top programs in the world. As always, theuniqueness of our program in supporting our students in their post-graduate career placement was a success,and Lindsay Bracken successfully placed all 29 (12 female, 17 male) of our graduating students in jobopportunities. This fall, our incoming class is 37 students (19 female, 18 male).The number of UCF students receiving a Certificate in Finance increased from 79 in the Class of 2022 to 98 in theClass of 2023. This years class only dropped in enrollment by 32 students from 129 enrolled at the start of theyear. The Class of 2024 will be the last class to receive a Certificate in Finance, and we currently have 86students enrolled (including 30 females). Due to the tightening of requirements and new university rules, it islikely that we will see a drop in our enrollment numbers as the program transitions to a minor; however, ourteam is working on ways to further engage the undergraduate students with the Center.For our Ph.D. students and research visitors, we offered a BCF mini-course on deep learning and neuralnetworks. We also uploaded the course content on the internet to reach the broader research community.Furthermore, we organized a new online (flipped classroom) summer school for Ph.D. students across theworld in the area of macro-finance. The course garnered high interest, and over 130 students were admitted. We continued our webinar series, which significantly enhanced the visibility of Princetons BCF. This yearsthemes included Artificial Intelligence, ChatGPT, the global hydrogen market, and the LDI gilt crisis in the UnitedKingdom. I try to provide a platform of ideas where new concepts are presented, which shapes policymakersthinking. To date, we have hosted over 115 webinars since the series started in the Spring of 2020. Improving our outreach to the Centers alumni base and the public continues to be a priority for us. Our monthlynewsletter has started highlighting alumni achievements, and we will host some reunions in the US, Europe, andAsia in the Summer and Fall of 2023.Supporting our students continues to be our main focus, and no matter what course the year takes, that meansremaining agile, adaptive, and committed.At BCF, we continue to emphasize the Princeton Difference of using a scientific approach to serve our globalsociety and are very grateful for your ongoing support.Markus BrunnermeierEdwards S. Sanford ProfessorDirector, Bendheim Center for Finance1'