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MS in Financial Risk Management

Baruch College’s 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.
Financial Risk Management

Baruch College’s 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.

Program Highlights

  • Intensive in-depth program immerses students in all aspects of financial risk management.
  • Innovative scheduling allows students to earn a degree at their own pace on a part-time or full-time basis.
  • Courses are designed to provide comprehensive knowledge of risk management from basics to advanced topics in a carefully coordinated fashion.
  • Prepares students for professional certification exams in financial risk management.
  • Our faculty members have strong academic and professional reputations in financial risk management research.

Program Goals

  • To provide foundational and comprehensive knowledge of the current state of financial risk management issues, methodologies, and challenges.
  • To provide in-depth study of core areas of risk management, including:
    • Interest rate risks
    • Market risks
    • Credit risks
    • Operational risks
    • Liquidity risks
    • Foreign exchange risks
  • To equip students with knowledge of derivatives and how they can be used (or misused) for risk management:
    • Futures & forwards
    • Options
    • Swaps
    • Securitization
  • To provide analytical and quantitative competence in modern risk management models and methodologies, including Value at Risk (VaR) and RiskMetrics™, credit risk and CreditMetrics™, and others.
  • To equip students with knowledge of current issues and developing challenges in the field of risk management:
    • Regulatory issues and including the Dodd-Frank legislation in the US
    • The Basel capital adequacy standards
    • Methodologies for controlling operational risk
    • Counterparty valuation adjustments
    • Enterprise risk management


Students entering in Fall 2017 should seek advising before registering for courses.  Please email ZicklinMSPrograms@baruch.cuny.edu for assistance
.

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.

Course # Course Title Credits
ACC 9110 Financial Accounting, or equivalent 3.0
ECO 9730 Fundamentals of Microeconomics, or equivalent 1.5
ECO 9740 Fundamentals of Macroeconomics, or equivalent 1.5
FIN 9762 Introduction to Quantitative Tools for Finance, or equivalent 3.0
FIN 9770 Financial Decision Making, or equivalent 3.0

Typical Waiver Criteria for Preliminary Courses

Course # Undergraduate equivalent Graduate EquivalentMin Grade Time limit Accreditation of the School
ACC 9110 3 cr. financial accounting or financial statement analysis 3 cr. financial accounting or financial statement analysis B- 5 years Regional
ECO 9730 1.5 cr. micro or 3 cr. micro + macro 1.5 cr. micro or 3 cr. micro + macro B- 5 years Regional
ECO 9740 1.5 cr. macro or 3 cr. micro + macro 1.5 cr. macro or 3 cr. micro + macro B- 5 years Regional
FIN 9762 6 cr. statistics or econometrics 3 cr. statistics or econometrics B
3 years AACSB
FIN 9770 6 cr. financial management, corporate finance, or investments 3 cr. financial management or corporate finance
3 years AACSB

Note: Waiver criteria are subject to change.

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)

Course # Course Title Credits
BUS 9551 Business Communication I* 1.5
ECO 9723 Econometrics Theory and Applications I 3.0
FIN 9783 Investment Analysis 3.0
FIN 9795 Debt Instruments and Markets 3.0
FIN 9797 Options Markets 3.0
FIN 9852 Measurement and Management of Market Risk I 1.5
FIN 9853 Measurement and Management of Market Risk II 1.5
FIN 9854 Measurement and Management of Credit Risk I 1.5
FIN 9855 Measurement and Management of Credit Risk II 1.5
FIN 9856 Measurement and Management of Risks in Operations and Information Technology 1.5
FIN 9857 Measurement and Management of Risks in Investments 1.5

Elective Courses (7.5 credits from the following list)

Course # Course Title Credits
ECO 9713 Money, Banking, and Monetary Policy 3.0
ECO 9724 Econometrics: Theory and Applications II 3.0
FIN 9740 Technical Analysis 3.0
FIN 9759 Mergers and Acquisitions 3.0
FIN 9774 Venture Capital and Entrepreneurial Finance 3.0
FIN 9781 Managerial Finance 3.0
FIN 9782 Futures and Forward Markets 3.0
FIN 9784 Management of Financial Institutions 3.0
FIN 9785 Financial Markets and Intermediaries 3.0
FIN 9786 International Financial Markets 3.0
FIN 9788 International Corporate Finance 3.0
FIN 9789 Equity Markets: Trading and Structure 3.0
FIN 9790 Seminar in Finance 3.0
FIN 9792 Advanced Managerial Finance 3.0
FIN 9793 Advanced Investment Analysis 3.0
FIN 9851 Classical Foundations of Financial Risk Management 1.5
FIN 9858 Implications of Corporate Governance, Regulation, and Ethics for Risk Management 1.5
FIN 9880 International Financial Markets 1.5
FIN 9881 Debt Securities 1.5
FIN 9882 Futures and Forwards 1.5
FIN 9883 Options 1.5
FIN 9884 Venture Capital 1.5
FIN 9890 Special Topics in Investments 1.0
FIN 9891 Special Topics in Investments 1.5
FIN 9892 Special Topics in Investments 2.0
FIN 9893 Special Topics in Investments 3.0
FIN 9894 Special Topics in Corporate Finance 1.0
FIN 9895 Special Topics in Corporate Finance 1.5
FIN 9896 Special Topics in Corporate Finance 2.0
FIN 9897 Special Topics in Corporate Finance 3.0
FIN 9985 Risk Management in Financial Institutions 3.0
*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.
Sample Program of Study: Fast Track (with preliminary courses waived)

The students can start the main 30-credit program in fall or spring semesters. The preliminary courses, if required, will have to be taken prior to the main program.

Fall Semester
10.5
BUS 9551 Business Communication I 1.5
ECO 9723 Econometrics: Theory and Applications I 3.0
FIN 9783 Investment Analysis 3.0
FIN 9797 Options Markets 3.0
Spring Semester
9
FIN 9795 Debt Instruments and Markets 3.0
FIN 9852 Measurement and Management of Market Risk I 1.5
FIN 9853 Measurement and Management of Market Risk II 1.5
FIN 9XXX Elective 3.0
Summer Session 1.5
FIN 9XXX Elective 1.5
Fall Semester 3 9
FIN 9854 Measurement and Management of Credit Risk I 1.5
FIN 9855 Measurement and Management of Credit Risk II 1.5
FIN 9856 Measurement and Management of Risks in Operations and Information Technology 1.5
FIN 9857 Measurement and Management of Risks in Investments 1.5
FIN 9XXX Elective 3.0
Total Required Courses 30

Note: This schedule is for illustration purposes only. The actual programs of study will vary across students, may include different courses, and may take a different number of semesters to complete. The Department reserves the right to amend, modify, or change the courses offered and/or the sequence of courses.

Admissions

Incoming students can start their programs in either Fall or Spring semesters.

Applications are processed on a year-around basis. Please see the details of the application process and the requirements.

Contacts:

Office of Graduate Admissions

Visitors: 151 E. 25th St. Room 820 (between Lexington and 3rd Avenues)
Mail: One Bernard Baruch Way, Box H-820, New York, NY 10010
Phone: (646) 312-1300
Fax: (646) 312-1301
Website: Zicklin Graduate Admissions

International Student Service Center

151 East 25th Street, 7th Floor, Room 730
New York, NY 10010
Phone: (646) 312-2050
Fax: (646) 312-2051
Email: issc@baruch.cuny.edu
Website: http://www.baruch.cuny.edu/issc/

Office of Graduate Programs

Visitors: Newman Vertical Campus (25th St., between Lexington and 3rd Avenues), Room 13-221.
Mail: One Bernard Baruch Way, Box B13-221, New York, NY 10010
Phone: (646) 312-3140
Fax: (646) 312-3141
Email: ZicklinMSPrograms@baruch.cuny.edu
Website: Graduate Academic Services

Bert W. Wasserman Department of Economics and Finance

One Bernard Baruch Way, Box B10-225, New York, NY 10010
Phone: (646) 312-3450
Fax: (646) 312-3451
Email: ecofin@baruch.cuny.edu

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