UCL's MSc Financial Risk Management provides students with advanced programming and computing skills in mathematics, statistics and computer modeling. Students will develop a clear understanding of the different types of risk in the industry, as well as the management issues associated with controlling risk.
british students international students
UK tuition fees (2023/24)
Tuition fees abroad (2023/24)
1 calendar year
All applicants: October 17, 2022 to March 31, 2023
At least a second class UK Bachelor's degree (or an international degree of equivalent standard) in a relevant subject with a strong quantitative component, demonstrated by good performance on tests in mathematics and statistics. Good performance is defined as a score of not less than UK second class or international equivalent in these subjects. There is not an exhaustive list of relevant subjects, but those with a background in mathematics, statistics, physics, computer science, engineering, business or finance are encouraged to apply.
The English levels for the program are:Level 2
UCL Pre-Masters and Pre-Sessional English courses are designed for international students who wish to pursue a postgraduate course at UCL. In these courses, you will develop the academic English and academic skills needed to succeed at the postgraduate level.International Preparatory Course
Visit our website for more information.English language requirementsbook page.
This course is suitable for international students on a student visa. The degree must be full-time and must begin in September.
For country-specific information, including details of UCL representatives visiting your area, please visitInternational student website.
International applicants can find their country's equivalent qualifications by selecting from the list below. Please note that equivalent qualifications correspond to the general British degree classifications described on this page (eg second class above). Where UK qualifications require specific overall percentages, the international equivalence will be higher than indicated below. If you need further advice, contact Graduate Admissions.
about this degree
As an MSc Financial Risk Management student, you will study the basics of risk analysis and develop high-level quantitative risk management skills.
Who is this course for?
The program is aimed at students with a bachelor's degree in mathematics, finance, economics, physics or computer science who wish to acquire the skills necessary to work in the field of quantitative risk management. Candidates should have knowledge of probability, statistics, differential equations and the use of computers to solve numerical problems.
Find out what you need for a master's degree at UCL
what this course will offer you
UCL ranked 8th in the world and 5th in Europe in 2023QS World University Rankings,We offer you the excellent opportunity to study at one of the best universities in the world.
UCL Computer Science is recognized as a world leader in teaching and research. In the latest UK Research Excellence Framework, the department is ranked No. 1 in England and No. 2 in the UK for computer science and computer science research strength.REF2021.) You will learn from leading experts with solid reputations in the field.
UCL Computer Science graduates are highly regarded due to the international reputation of the teaching staff, strong industry links and ideal location close to the City of London.
Project teams approach our topics in a data-driven manner, are happy with the challenges and opportunities of business partnerships, and attach great importance to our diverse industry cooperation.
Find out what to expect from your graduate program
The foundation of your career
Many program graduates have careers in accounting and financial services, as well as in banking and investment, IT, technology and telecommunications, publishing, journalism and translation, consulting, logistics and sales.
Os empregadores incluem Credit Suisse e Deutsche Bank, Bloomberg, China Development Bank, Deloitte, Ernst & Young, Google, JP Morgan, Moody's Analytics, People's Bank of China, PwC, Santander, Standard Chartered e Royal Bank of Scotland.
The program is designed to provide you with the mathematical, statistical and computational skills that are in high demand in the financial sector for risk assessment, quantification, modelling, simulation and hedging.
teaching and learning
Core courses in the program are typically delivered through a combination of lectures, tutorials, and lab sessions, as well as directed and self-directed learning, supported by instructional materials and resources provided through each module's online virtual learning environment. Each module uses teaching strategies that are aligned with and support the intended learning outcomes.
You will be assessed throughout the program using a variety of approaches that vary depending on your choice of optional or elective modules. The program's core courses are typically assessed through coursework, laboratory work, individual and group projects, class tests, written exams, oral assessments, and in any case culminate in a final research project/thesis.
Contact hours can take many forms, including lectures, seminars, tutorials, project guidance, presentations, hands-on sessions and seminars, visits, internships, office hours (where staff are available for advice), email, video conferencing, or other media such as context provide feedback on assessment work (individual or group).
For each module there is a credit value that represents the total theoretical study time that students spend on average to achieve the learning outcomes. One credit is typically described as 10 hours of conceptual study, which includes all contact hours, independent study, and assessment.
The contact hours for each 15-credit instructional module typically consist of 22-30 hours of instructional activity within the duration of its delivery, with the remainder being independent learning and assessment. Through each module's online discussion forum, which is typically used to discuss and clarify assessment concepts or questions, you are in constant contact with the speakers and have the opportunity to receive additional support from the module leader and program director during business hours.
Your research project/dissertation module is 60 credits and includes regular contact with the Program Director, who will guide and support you throughout the program. You will spend most of your time in this module conducting research relevant to your project and writing your final report.
The MSc Financial Risk Management is a one-year programme.
In the first semester, you study topics that introduce applied mathematical and computational aspects of quantitative finance, probability theory, stochastic processes and their applications, as well as key asset pricing concepts and models, portfolio theory, and risk measurement. You can choose from a range of optional topics, including numerical methods, market microstructure, operational risk management, financial institutions and markets, and digital finance.
In the second semester, you will deal with topics that will familiarize you with tools for analysis, characterization, validation, parameterization and modeling of complex financial data sets. You can choose from a variety of optional topics, including algorithmic trading, applied computer finance, machine learning applications for financial, cyber and systems risk, quantitative modeling for operational risk, and analysis of insurance and blockchain technology. You will also begin to prepare for your final research/dissertation project.
In the third semester, you focus mainly on your thesis/dissertation and the exams that are taken in the main exam period.
Modeling based on data from financial markets
Probability theory and stochastic processes
Master's Program in Financial Risk Management
Market risk and portfolio theory
Applied IT Finance
Numerical methods in finance
Machine learning applications in finance
Financial market modeling and analysis
financial institutions and markets
Quantitative modeling for analysis of operational and insurance risks
Measurement of the operational risk of financial institutions
Cyber and systemic risk
Please note that the list of modules provided here is a guide. This information is published well in advance of registration and module content and availability are subject to change. For more information, see the modules used this school year. If there is no link, no further information is available.
Students study modules worth 180 credits. Upon successful completion of 180 credits, you will be awarded the MSc Financial Risk Management.
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Fees and Financing
Fees for this course
british students international students
|Fee Description||total time|
|Enrollment Fees (2023/24)||29.000 £|
|Enrollment Fees (2023/24)||41.500 £|
Fees shown are for the years listed above. Fees for subsequent years may increase or change. Where courses are offered on a flexible/modular basis, fees will be prorated in proportion to the corresponding full-time Masters fees in the academic program. For more information on fee status, fee increases, and fee schedules, seeUCL-Studentenwebsite: ucl.ac.uk/students/fees.
All full-time students must payDeposit£2,000 for the programme. All part-time students must pay a £1,000 deposit.
Students need a modern computer (PC or Mac) with at least 8GB of RAM and 500GB of SSD storage. A computer with the specified specs is estimated to cost £500 or more.
For more information on additional costs for potential students, see our cost estimate for base costsaccommodation and living expenses.
Financing your studies
More information on funding opportunities for graduate programs in the Department of Computer Science can be found on the department's scholarship page.
For a full list of funding opportunities available at UCL, including funding opportunities relevant to your nationality, seeScholarship and Funding Pages.
Brown Family Scholarship
Closing date: June 8, 2023
Wert:£ 15.000 (1 more)
StandardBased on academic performance and financial needs
Due to competition for places, students are advised to apply early. Anyone applying for a scholarship (especially foreign applicants) must respect the application deadlines.
The application processing fee for the program is £90 for online applications and £115 for paper applications. For more information please visitregistration fee.
When we review your application, we want to know the following:
- Why You Want to Study Financial Risk Management at Graduate Level
- Why you want to study Financial Risk Management at UCL
- What particularly attracts you to this project?
- How your academic and professional background matches the program requirements
- What programming experience do you have?
- Where do you want to train?
In addition to basic study requirements, the personal statement gives you the opportunity to explain whether your reasons for enrolling match the course offering.
Due to intense competition for places in this program, late applications will not be considered. Students who require a visa or who are applying for a scholarship should apply as early as possible.
Please note that you may submit a maximum of two graduate program applications (or one Law LLM application) in each application cycle.
This program requires two references. More information about references can be found hereChoose your referencebook page.
There's a problem? keep in touch
regulated UCLstudent secretary.
A master's degree in risk management can lead to a lucrative career. According to the U.S. Bureau of Labor Statistics, the median pay for a Financial Manager is $125,080 per year. Actuaries have a median pay of $101,560 per year. For operations research analysts, that number is $81,390 per year.Is risk management a hard course? ›
Risk management is a very complex and comprehensive skill. It is not a soft skill. There are many types of risk, including compliance, security, operational and financial. Compliance is a key factor, because there can be few greater risks than falling afoul of government regulatory agencies.Is there a lot of math in risk management? ›
The process of managing risk is highly mathematical and quantitative. The insurance, pension and social insurance industry employs certified professionals called actuaries with the specific skills required to address risk management.How do you study financial risk management? ›
- 1.1 Financial Risk Management Certification.
- 1.2 Diploma in Treasury Investment and Risk Management.
- 1.3 Post-Graduate Diploma in Financial Risk Management.
- 1.4 Diploma in Financial Risk Management.
- 1.5 BBA in Risk Management.
- 1.6 M.A. Financial Risk Management.
The FRM designation is a professional certification offered by the Global Association of Risk Professionals (GARP). The designation is viewed as the globally recognized gold standard for risk professionals.Can you make a lot of money in risk management? ›
Not only can risk management represent a rewarding career, but the chances of earning a significant salary will improve over time. Given that this sector is growing at a breakneck pace, you can also enjoy more job security when compared to some other positions.Is financial risk management stressful? ›
Risk management & compliance
Market risk and credit risk management roles are particularly stressful, said Khan. It's not just the stress. It can also be the feeling of disempowerment. “You're there to escalate issues, but when you do, nothing is done about them.
Being a Risk Manager in the finance field can be an incredibly stressful job, however, it's a job that will always be needed in the field. At the end of the day, you have to decide for yourself if it's a career you're willing to put the work into.Is risk management in demand? ›
Possible career opportunities for Risk Managers
The growth in business and technological advancement means that the demand for Chief Risk Officers is also increasing.
|Risk Manager Years||Percentages|
A bachelor's degree is typically a minimum educational requirement for many employers who hire risk management specialists. Many professionals pursuing these types of positions earn their undergraduate degrees in business, business administration, accounting or finance.Does risk management involve accounting? ›
Accounting helps you identify these risks by visualizing how different events, products, and other resources affect your financial health. These numbers also give you concrete data you can use. Financial analysis unveils risk management solutions in that you can identify risks faster and navigate around them.Is financial risk management same as CFA? ›
CFA covers a wide range of topics of finance such as portfolio, derivatives, equity, investment, finance etc. On the other hand, FRM is a super-specialised certification in risk management. It focuses on credit risk, operational risk, liquidity risk etc.How many years does it take to study risk management? ›
To become an actual risk manager, however, you will likely need at least five years of experience, often in related fields, such as insurance or loss control consulting, according to MyPath. More entry-level positions may only require a few years of experience.Do you need CFA for risk management? ›
CFA training makes financial professionals qualified to manage financial risks for businesses and companies. However, FRMs specialize primarily in risk management, which makes them more suited for such roles.What is the salary of FRM in USA? ›
Frm Salary. $98,500 is the 25th percentile. Salaries below this are outliers. $108,500 is the 75th percentile.Is FRM harder than CFA? ›
DIFFICULTY COMPARISON OF FRM AND CFA
The CFA curriculum is bulkier and it is much more comprehensive. This is one reason why certain portions of FRM may seem a bit dry. Based on the difficulty level of the questions, both FRM Part 1 and Part 2 exams are considered a notch tougher than the CFA level 1 exam.
Disadvantages: Inflexibility: Both your interest rate and mortgage term are fixed. If market rates go down, you are stuck with your fixed, higher interest rate. If you want to amortize or refinance your mortgage before the end of the mortgage term, you may have to pay penalties.What is the highest salary of financial risk manager? ›
Highest salary that a Risk Manager can earn is ₹25.8 Lakhs per year (₹2.2L per month).What is the highest salary of risk manager? ›
Risk manager salaries typically range between $84,000 and $160,000 a year. The average hourly rate for risk managers is $55.8 per hour.
Risk management specialists rated their personality fit with their work an average of 3.6/5. The majority of risk management specialists find their personalities quite well suited to their work, with relatively few having complaints about their fit.What is the hardest job in finance? ›
Most stressful job in finance : Investment Banker (M&A or capital markets professional) Jobs in the investment banking division (IBD) were the runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot.What is the most stressful career? ›
- Special Education Teachers, Middle School.
- Oral and Maxillofacial Surgeons.
- Healthcare Social Workers.
- First-Line Supervisors of Police and Detectives.
- Correctional Officers and Jailers.
- Clinical and Counseling Psychologists.
- Chief Executives.
- Financial Consultant.
- Financial Analyst.
- Portfolio Manager.
- Personal Financial Advisor.
- Internal Auditor.
- Financial Planning & Analysis Manager.
- Insurance Advisor (Risk Manager)
Regardless of industry, most risk managers spend their time working in an office setting.Do risk managers work long hours? ›
They are also held accountable for developing various processes and strategies for risk management that's beneficial for the organization. They tend to work 9-5, but senior-level managers may put some additional hours in the nights or weekends.What jobs are most at risk of burnout? ›
- Social work. Social workers typically operate in emotionally stressful environments and often experience secondary traumatic stress. ...
- Emergency response. ...
- Design. ...
- Business development and sales. ...
- Retail. ...
- Medicine. ...
- Law and other careers with large workloads.
Organizations have to apply risk management across their entire operations, but HR should focus on the risks it's uniquely responsible for. Risk management in HR means assessing and dealing with the potential risks that come with having a workforce.How much do you make in risk management? ›
How much does a Risk Manager make in the United States? The average Risk Manager salary in the United States is $121,126 as of May 25, 2023, but the range typically falls between $108,218 and $135,744.Can you be a manager at 30? ›
Be the best leader you can be, at any age
Many people need the earlier years of their careers to learn and hone the skills needed to be effective leaders. However, there's no specific age (or age range) that's perfect for becoming a boss. It's more about making sure you've mastered key leadership skills.
Risk management professionals seek to identify, analyze and document the risks associated with a company's business operations, as well as monitor the effectiveness of risk management processes and implement needed changes.Can I become a hedge fund manager with a risk management degree? ›
Most risk management positions require a minimum of a bachelor's degree in risk management, insurance, accounting, finance, economics, or business. Some hedge fund managers prefer to hire those with a master's of business administration or a master's in risk management for upper-level positions.
Risk management is an essential piece of banking operations.Who can do financial risk management? ›
To earn the FRM certification, candidates must pass two rigorous exams and also work two years in the field of risk management. FRMs possess specialized knowledge in assessing risk and typically work for major banks, insurance companies, accounting firms, regulatory agencies, and asset management firms.Is risk management considered finance? ›
Risk management occurs everywhere in the realm of finance. It occurs when an investor buys U.S. Treasury bonds over corporate bonds, when a fund manager hedges his currency exposure with currency derivatives, and when a bank performs a credit check on an individual before issuing a personal line of credit.Which is better CFA or FRM? ›
Both designations are equally respected all over the world and neither one is better than the other. They are simply different. While the CFA® designation is broader in scope and focused heavily on investments, the FRM specializes in assessing and managing the risk of an organization.Should I do both CFA and FRM? ›
Globally, many candidates aspiring to make a career in finance contemplate if CFA and FRM can be pursued simultaneously. The answer is yes; you can pursue both the CFA and the FRM simultaneously. A CFA and FRM combination can be an excellent choice as the competitive finance world demands you to have varied skill sets.Should I use a CFP or CFA? ›
CFPs mainly give advice to individuals, but some advise small business owners as well. CFPs also help with retirement planning, investing, and other financial planning. On the other hand, CFAs give advice to various institutions, such as banks, mutual funds, pension funds, insurance companies, and securities firms.Do most portfolio managers have a CFA? ›
Most employers require portfolio managers to hold financial analyst certifications. The most prominent certification in the field and in demand by employers is the Chartered Financial Analyst (CFA) designation awarded by the CFA Institute.What is better than CFA? ›
Compared to the Chartered Financial Analyst (CFA), a Master of Business Administration (MBA) provides a broader overview of business principles. An MBA teaches students valuable analytical and leadership skills that prepare them for opportunities across a number of sectors and careers in finance.
Fund managers may need to acquire additional FINRA licensing depending on the size of the fund and type of assets invested in. Additionally, professional and educational credentials, such as a CFA charter or graduate degree in a relevant field, will come in handy.What can I do with a master in risk management? ›
Career prospects include titles such as financial business risk analyst, risk manager, director of corporate risk management, market risk quantitative analyst, etc.Are financial risk managers in demand? ›
It might not sound as a 'top job', but Covid-19 and the increasingly complex regulatory landscape has made the risk management job market growing significantly.Is risk management a good degree? ›
Provides more job opportunities: Getting a risk management and insurance degree might help you access a more diverse range of job opportunities. If an employer sees you possess this qualification, they may hire you because it indicates a fundamental knowledge of the field.Is risk management a stem major? ›
The Master of Science in Risk Management and Risk Analytics is a science, technology, engineering or mathematics (STEM) field of study.What are the benefits of a master risks list? ›
The master risks list identifies the condition causing each risk, the potential adverse effect (consequence), outcome (frequently called the downstream effect), and the criterion or information used for ranking, such as probability, impact, and exposure.What degree is best for risk analyst? ›
Most risk analysts complete a bachelor's degree in finance or another quantitative business field such as economics, statistics, accounting or mathematics. Courses in risk management, data analysis and investment provide information that can help you excel once you secure a job.What is the difference between a risk manager and a risk analyst? ›
While risk analysts provide data that can help risk managers explore all possible solutions to minimize risk, risk managers have a greater degree of responsibility and accountability in how an organization moves forward with a risk management strategy.What is the salary of FRM in the US? ›
Frm Salary. $98,500 is the 25th percentile. Salaries below this are outliers. $108,500 is the 75th percentile.Should I do CFA or FRM? ›
In short, FRM is highly specialized and has a stronger focus on risk management, whereas the CFA designation covers a broader scope of financial analysis and investment topics.
Both designations are equally respected all over the world and neither one is better than the other. They are simply different. While the CFA® designation is broader in scope and focused heavily on investments, the FRM specializes in assessing and managing the risk of an organization.