The Columbia University Master in Financial Economics is a brand new program that is for those looking for an almost PhD level education. It is two years long and research orientated, intended for those who want a doctorate level education, but in less time without a thesis.
Here are the notes from the initial meeting at Columbia. It describes this new program and the goals of the university. Really sheds some light on the thought process for the new masters program.
Here is a link to the Columbia University Master in Financial Economics program