Financial Risk Management

Programs & Courses › Specializations

Consistent with recent developments in the state of the art for financial risk management, the courses in this specialization will ground students in the foundational aspects related to finance theory, risk measurement and options theory and practice (the core and elective finance course requirements) as well as risk management and best practices from a broader perspective (the core and elective financial services courses).
Program Director, Master of Finance Program Director, Financial Engineering Professor of Finance

Specialization Details by Category

Career Opportunities

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Graduates of this specialization will be equipped to develop and value new financial instruments and implement risk management schemes. Career paths include derivatives trading and valuation, and risk management in banks, investment firms, brokerage houses and consulting firms.

The Schulich Centre for Career Design

Your career is top priority at Schulich. To make career decisions that are right for you, the CCD will help you identify strengths, determine career objectives, develop career plans, hone skills for career management and put your professional development plan into action.

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- Take advantage of a series of proven career-building modules, including up-to-date Job Search Techniques, Self-Assessment, Resume and Cover Letter Writing, and Interview Skills to help you stand out from the competition.

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Professional Designations

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Professional Designations

An MBA with a specialization in financial risk management will prepare students for
accreditation from professional risk management designations such as GARP and PRMIA.

Study Options

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Available delivery options

Full-time 36 months

Location(s)

Schulich School of Business - Keele Campus Toronto
York University - Keele Campus Toronto
Miles S. Nadal Management Centre Toronto

Graduation Requirements

Available delivery options

Full-time 48 months

Location(s)

Schulich School of Business - Keele Campus

Graduation Requirements

To graduate, a student must achieve an overall GPA of at least 4.40. Students must complete the following to be eligible to graduate from the program:

MGMT 5500 0.00
45.00 credits of Schulich School of Business courses
first year program at Osgoode Hall Law School
45 academic credits of upper year Osgoode Hall Law School courses, including:
- successful completion of the Joint MBA/JD Seminar in the final year of the Joint Program;
- 2nd and 3rd year legal research and writing requirement (Osgoode);
- Business Associations or the Fiduciary Relationships in Commercial Context module;
- Administrative Law or the Principles of Administrative Law lecture; and
- at least one course or program with an experiential practicum component (“Praxicum”)
40 hour Osgoode Public Interest Requirement (OPIR)

Additional promotion standards apply.

Available delivery options

Full-time 16-20 months

Location(s)

Schulich School of Business - India Campus Hyderabad, India
Schulich School of Business - Keele Campus Toronto, Canada
Miles S. Nadal Management Centre - Downtown Campus Downtown Toronto, Canada

Graduation Requirements

Available delivery options

Full-time 16 to 20 months
Part-time 36 to 40 months
Accelerated Full-time 8 to 12 months
Accelerated Part-time 16 to 20 months

Location(s)

Keele Campus Toronto, Canada
Miles S. Nadal Management Centre Downtown Toronto, Canada
India Campus Hyderabad, India

Graduation Requirements

Specialization Requirements

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Students must complete 12.00 credits total, consisting of:

9.00 credits of Required Courses
3.00 credits of Elective Courses

Required Courses:

FINE 6200 3.00 INVESTMENTS
The course begins with an overview of the investment environment in developed markets, followed by a more in-depth analysis of key investment topics. These topics include modern portfolio theory, asset pricing models, term structure of interest rates, stock and bond portfolio management, evaluation of portfolio performance, and behavioural finance. This course serves as a useful introduction to the Chartered Financial Analyst (CFA) curriculum.
Prerequisite: FINE 5200 3.00
FINE 6800 3.00 OPTIONS, FUTURES & OTHER DERIVATIVE SECURITIES
This course explains the way in which derivative securities such as options, futures contracts, forward contracts, swaps and interest rate caps can be valued. It discusses arbitrage relationships, risk neutral valuation, the creation of options synthetically, numerical procedures and the evaluation of credit risk.

Prerequisite: MFIN 5600 3.00 (MF students)
Co-requisite: FINE 6200 3.00 (MBA and IMBA students)
Course credit exclusion: SB/FNEN 6810.030 (either SB/FINE 6800 3.00 or SB/FNEN 6810 3.00, but not both, may be taken for credit)
FINE 6720 3.00 MANAGEMENT OF RISK IN FINANCIAL INSTITUTIONS
Risk is the fundamental element that influences the behaviour of financial institutions. FINE 6720 provides a comprehensive introduction to risk management. Presented within the framework of financial institutions, the course covers the design and operation of a risk-management system, modeling and the interplay between internal oversight and external regulation. The theory of risk management (market, credit and operational risk) comes alive through practical case evaluation and presentations from the senior executives in the risk management field. The course provides the essential analytical foundations of risk management in a way appropriate for those who do not have a mathematical background.

Prerequisite: SB/FINE 5200 3.00

Elective Courses:

FINE 6310 3.00 APPLICATIONS OF DATA SCIENCE IN FINANCE
The focus is on using modern programming to perform statistical analysis as used in finance. Applications include assessing properties of asset returns, testing asset pricing models, conducting event studies, understanding simulation methods and panel data analysis, and modelling volatility, value-at-risk, and time-varying correlations. Students will learn about empirical methods in finance by performing statistical analysis on financial data.

Co-requisite: FINE 6200 3.00
FINE 6850 3.00 FIXED INCOME SECURITIES
Provides an opportunity to learn the various features and unique characteristics of fixed income securities and markets, analyze and evaluate fixed income securities, and develop tools for managing interest rate risk and other applications. Computer assisted (e.g., Excel and VBA) applications are used throughout the course to enhance student learning experience, with both hands-on in-class exercises and assigned homework problems.

MBA Prerequisite: FINE 6200 3.00
MFIN Prerequisite: MFIN 5600 3.00
MFIN Co-requisite: FINE 6800 3.00
FNEN 6820 3.00 ADVANCED DERIVATIVE SECURITIES
This course covers a list of advanced topics in derivative securities with a focus on pricing and hedging. Students are assumed to have taken an introductory course in derivatives. The objective of this course is to develop modelling skills needed to value the full range of derivative securities: from exchange-traded options to over-the-counter products including exotic options, embedded options and credit derivatives. The fundamental theory is the Equivalent Martingale Pricing Principle or the Risk-neutral valuation by no-arbitrage. Analytical models and various numerical methods will be discussed in detail. It is assumed that students are familiar with the Black-Scholes and binomial pricing models.

^{NOTE: Not all courses required to fulfill a specialization are offered each term. Course offerings are based on factors such as student demand and instructor availability. The office of Student Services & International Relations is available to provide advising on course sequencing and the fulfillment of program and specialization requirements within a student’s period of study. For current course offerings and details, please view the Schulich Course Offerings Database.}

Faculty

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Selected faculty members

Mark J. Kamstra
Professor of Finance
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Student Clubs

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Schulich Finance Association (SFA)

The SFA provides an opportunity for students to learn more about careers in a variety of Finance areas (Investment Banking, Sales and Trading, Research, Corporate, Commercial and Retail Banking), to serve as a forum to network with Finance professionals, and to reinforce Schulich’s image in the corporate world.

Through a number of events, including the panel discussion and speaker series, round table discussions and the Day on Bay, students can meet and learn first-hand from experienced industry professionals.

Email: sfa@schulich.yorku.ca

Schulich Investment Management Club (SIBC)

The SIBC was created to provide assistance to students in obtaining internships and full-time positions within investment banks and capital markets by developing its members’ skills in the areas required by the investment banking industry; mentoring students with current practicing professionals; educating students in the rigors of the hiring process; and building networks with the industry.

The SIBC also provides leading investment banks with priority access to Schulich’s top prospective investment banking recruits.

Email: investmentbanking@schulich.yorku.ca

Portfolio Management Club (PMC)

The PMC mission is to enhance the investment and portfolio management skills of its members and invest members’ periodic financial contributions in securities, options and bonds for the purposes of charitable benefit.

The club organizes guest lectures by industry experts and portfolio managers to facilitate the learning of its members. Moreover, members can practice their investment strategies during the stock challenge organized by the club.

Finally, the club provides frequent opportunities to network with industry professionals and access to employment opportunities in the portfolio management area.

Email: pmc@schulich.yorku.ca