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.

ACC 9110*

Financial Reporting3 credits

ECO 9730**

Firms in the Global Economy1.5 credits

ECO 9740

Fundamentals of Macroeconomics, or equivalent1.5 credits

FIN 9762

Introduction to Quantitative Tools for Finance, or equivalent3 credits

FIN 9770***

Corporate Finance3 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)

BUS 9551+

Business Communication I1.5 credits

ECO 9723

Econometrics - Theory and Applications I3 credits

FIN 9783

Investment Analysis3 credits

FIN 9795

Debt Instruments and Markets3 credits

FIN 9797

 Options Markets3 credits

FIN 9852

Measurement and Management of Market Risk I1.5 credits

FIN 9853

Measurement and Management of Market Risk II1.5 credits

FIN 9854

Measurement and Management of Credit Risk I1.5 credits

FIN 9855

Measurement and Management of Credit Risk II1.5 credits

FIN 9856

Measurement and Management of Risks in Operations and Information Technology1.5 credits

FIN 9857

Measurement and Management of Risks in Investments1.5 credits
Elective Courses (7.5 credits from the following list)

FIN 9713

Money, Banking, and Monetary Policy3 credits

FIN 9724

Econometrics: Theory and Applications II3 credits

FIN 9740

Technical Analysis3 credits

FIN 9759

Mergers and Acquisitions3 credits

FIN 9774

Venture Capital and Entrepreneurial Finance3 credits

FIN 9781

Managerial Finance3 credits

FIN 9782

Futures and Forwards Markets3 credits

FIN 9784

Management of Financial Institutions3 credits

FIN 9785

Financial Markets and Intermediaries3 credits

FIN 9786

International Financial Markets3 credits

FIN 9788

International Corporate Finance3 credits

FIN 9789

Equity Markets: Trading and Structure 

FIN 9790

Seminar in Finance3 credits

FIN 9792

Advanced Managerial Finance3 credits

FIN 9793

Advanced Investment Analysis3 credits

FIN 9851

Classical Foundations of Financial Risk Management1.5 credits

FIN 9858

Implications of Corporate Governance, Regulation, and Ethics of Risk Management1.5 credits

FIN 9880

International Finance Markets1.5 credits

FIN 9881

Debt Securities1.5 credits

FIN 9882

Futures and Forwards1.5 credits

FIN 9883

Options1.5 credits

FIN 9884

Venture Capital1.5 credits

FIN 9890

Special Topics in Investments1 credit

FIN 9891

Special Topics in Investments1.5 credits

FIN 9892

Special Topics in Investments2 credits

FIN 9893

Special Topics in Investments3 credits

FIN 9894

Special Topics in Corporate Finance1 credit

FIN 9895

Special Topics in Corporate Finance1.5 credits

FIN 9896

Special Topics in Corporate Finance2 credits

FIN 9897

Special Topics in Corporate Finance3 credits

FIN 9985

Risk Management in Financial Institutions3 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.