Master of Science in Financial Risk Management will provide students with comprehensive, foundational knowledge of modern risk management. Students who complete this degree will be well positioned to accept financial risk management responsibilities and implement effective financial risk management programs in their firms. They will also be able to identify and develop appropriate risk management strategies as new challenges, opportunities, and needs arise in the future.
This degree program is designed so that students have the academic background needed for the professional certification tests of the leading professional financial risk management associations. These are the Financial Risk Manager (FRM) certification of the Global Association of Risk Professionals (GARP) and the Professional Risk Manager (PRM) certification of the Professional Risk Managers International Association (PRMIA). Our program is an academic program that, while it covers the material needed for the FRM and PRM certifications, is not primarily an exam preparatory course.
Preliminary Courses (0-12 Credits)
Based on their academic background, the admitted applicants may be required to take preliminary courses from the following list. These courses are not part of the 30-credit MSFRM curriculum and the students who take them will incur additional cost.
|Financial Reporting||3 credits|
|Firms in the Global Economy||1.5 credits|
|Fundamentals of Macroeconomics, or equivalent||1.5 credits|
|Introduction to Quantitative Tools for Finance, or equivalent||3 credits|
|Corporate Finance||3 credits|
|The program is changing from 100% required curriculum to a more flexible curriculum as described below, effective fall 2016. Students admitted prior to fall 2016 may also pursue this curriculum.|
|Required Courses (22.5 credits)|
|Business Communication I||1.5 credits|
|Econometrics - Theory and Applications I||3 credits|
|Investment Analysis||3 credits|
|Debt Instruments and Markets||3 credits|
| Options Markets||3 credits|
|Measurement and Management of Market Risk I||1.5 credits|
|Measurement and Management of Market Risk II||1.5 credits|
|Measurement and Management of Credit Risk I||1.5 credits|
|Measurement and Management of Credit Risk II||1.5 credits|
|Measurement and Management of Risks in Operations and Information Technology||1.5 credits|
|Measurement and Management of Risks in Investments||1.5 credits|
|Elective Courses (7.5 credits from the following list)|
|Money, Banking, and Monetary Policy||3 credits|
|Econometrics: Theory and Applications II||3 credits|
|Technical Analysis||3 credits|
|Mergers and Acquisitions||3 credits|
|Venture Capital and Entrepreneurial Finance||3 credits|
|Managerial Finance||3 credits|
|Futures and Forwards Markets||3 credits|
|Management of Financial Institutions||3 credits|
|Financial Markets and Intermediaries||3 credits|
|International Financial Markets||3 credits|
|International Corporate Finance||3 credits|
|Equity Markets: Trading and Structure|| |
|Seminar in Finance||3 credits|
|Advanced Managerial Finance||3 credits|
|Advanced Investment Analysis||3 credits|
|Classical Foundations of Financial Risk Management||1.5 credits|
|Implications of Corporate Governance, Regulation, and Ethics of Risk Management||1.5 credits|
|International Finance Markets||1.5 credits|
|Debt Securities||1.5 credits|
|Futures and Forwards||1.5 credits|
|Venture Capital||1.5 credits|
|Special Topics in Investments||1 credit|
|Special Topics in Investments||1.5 credits|
|Special Topics in Investments||2 credits|
|Special Topics in Investments||3 credits|
|Special Topics in Corporate Finance||1 credit|
|Special Topics in Corporate Finance||1.5 credits|
|Special Topics in Corporate Finance||2 credits|
|Special Topics in Corporate Finance||3 credits|
|Risk Management in Financial Institutions||3 credits|
+Effective for all MS-Financial Risk Management students admitted in spring 2016 or later. Students admitted prior to spring 2016 should consult their preliminary course evaluation and/or waiver exam results, since other requirements and conditions may apply.
*Formerly ACC 9110 Financial Accounting; new course title effective Spring 2017.
**Formerly ECO 9730 Fundamentals of Microeconomics; new course title effective Spring 2017.
***Formerly FIN 9770 Financial Decision Making; new course title effective Spring 2017.