The Degree of Master of Science in Financial Risk Management
(MS FRM)


The Master of Science is a specialized degree. It aims at providing students with a specialization in the field of Financial Risk Management. With adequate effort, our graduates will be well prepared to sit for the Financial Risk Manager (FRM ®) professional certificate and to pursue education in doctoral programs.

The MS FRM is designed to attract:

  • Financiers, bankers, investors, auditors and other finance/ accounting/insurance professionals, preparing themselves for the next stage in their careers.
  • Fresh business and economics graduates preparing themselves to jump-start a career in financial risk management.
  • Professionals and business or economics graduates aspiring to pursue doctoral studies in financial risk management or any other subject allied to finance.
  • Professionals and graduates of other scientific disciplines, in particular, engineering and hard sciences, contemplating a move into the world of finance and risk management.

Mission

The MS in Financial Risk Management (denoted MS FRM) at Notre Dame University  aims at providing aspiring candidates with a set of professional and technical skills allowing them to identify and manage various types of financial risk and solidly advance in their chosen pathway, whether that is further academic or professional studies, or employment.

Program Learning Goals and Outcomes

Goal 1: General skills

Our graduates will demonstrate leadership and socially responsible professionalism. 
Outcomes: by the end of the program graduates will be able to:
1.1: Identify and assess ethical dilemmas and propose appropriate courses of action
1.2: Behave pragmatically and in an informed manner
1.3: Demonstrate leadership traits
1.4: Perform effectively as a team member toward the achievement of a common goal
1.5:  consider socio-environmental concerns in the decision making process.

Goal 2:Program Specific Skills
Our graduates will demonstrate ability to identify and manage various types of financial and operational risk.
Outcomes: by the end of the program graduates will be able to:
2.1: use derivative instruments in trading and hedging
2.2: build, evaluate and manage investment portfolios
2.3: assess the impact of macro environmental factors and policies on financial markets and systems 
2.4: apply a variety of techniques to examine operational and liquidity risks
2.5: use information technology to identify relevant scholarly works and theories and empirically assess their implications for financial risk management
2.6: calculate and manipulate value at risk
2.7: assess and manage credit risk

Goal 3: Research Capacity
Our graduates will demonstrate ability to engage in business research.
Outcomes: by the end of the program graduates will be able to:
3.1: Relate existing theories to research propositions.
3.2: Understand and use the scientific method in social research.
3.3: Plan, develop and write academic research and professional reports.

Admission Procedures and Requirements

The requirements for entry into the MS FRM program are:

  • BUSINESS AND ECONOMICS GRADUATES
    - An application form duly completed;
    - Two recommendation letters, one of which is from a university professor;
    - A cumulative average of 80% or 3.0/4.0.
  • OTHER SCIENTIFIC DISCIPLINES GRADUATES
    -
    Same admissions requirements as indicated above in addition to up to 18 credits of relevant undergraduate business courses.

For applicants from institutions where English is not the language of instruction, a minimum score of 600 in the English Entrance Test is required.

Credit Transfer

Up to 6 relevant master’s level credits can be transferred from other relevant master’s programs. Relevant programs include (list not exhaustive):

  • MS, MA, MPhil or MRes programs in Business/Management
  • MS, MA, MPhil or MRes programs in Economics or Financial Economics
  • MBA (with or without concentration)

Graduation Requirements

Students seeking the degree of MS FRM must complete a total of 30 credits on full-time or part-time basis with an overall average of at least 3.0/4.0.

Time schedule

All the graduate courses are offered starting 5:30 p.m.

Course Load

The maximum course load is 12 credits per semester.

Academic Advisor

Each graduate student shall be assigned an academic advisor to assist him/her in the preparation of the plan of study and in selecting a supervisor for his/her thesis or research project. The advisor's name will be mentioned on the acceptance letter.

The Structure

The MS program is predominantly composed of structured learning opportunities (taught elements) and discipline-related research components.

The MS program consists of a total of 30 Credits of courses; it comprises:

Major Core Courses

There are a total of 6 major core courses that equip students with a solid base in the MS program. These courses are:

FRM 610 Derivatives (3 cr.)
FRM 620 Advanced Investment (3 cr.)
FRM 630 Economics of Financial Markets (3 cr.)
FRM 640 Operational and Liquidity Risk Management (3 cr.)
FRM 650 Credit Risk Management (3 cr.)
FRM 660 Advanced Value Risk Management (3 cr.)

Core Support Courses

The two support courses aim at:

  • Increasing the MS candidates’ awareness of the main theories in the disciplines of Finance and Financial Risk Management.
  • Equipping the MS candidates with the latest statistical and financial econometrics techniques.
  • Providing the relevant training in finance research design, thus allowing them to write robust research proposals and conduct research at the forefront of the discipline.
These courses are:

FRM 665 Quantitative Methods for Finance (3 cr.)
FRM 680 Finance Research Methods (3 cr.)

Research Project

The final phase of the MS program consists of writing a structured Master’s research thesis in the areas of finance, financial risk management, operational risk management, or allied disciplines (financial economics, econometrics, internal controls, etc.) based on an approved research proposal. Rules governing the procedures and the management of the MS Thesis are provided by the Graduate Division.

FRM 690 MS Thesis (6 cr.)