MSc in Risk Management

KNOW YOUR RISKS
Duration: 14 months/Evening classes
Application Deadline: Rolling admissions | 1st round: 31 January 2018
Start Date: September 2018
Fees: € 12,500

OVERVIEW

This program is designed to develop informed professionals who will be able to identify, measure and manage the risks latent in investments, business decisions or financial transactions.
The significant social costs paid by societies due to the recent financial crisis, highlight the importance of effective risk management.


Being a University Partner of PRMIA (Professional Risk Managers' International Association), our program will help you join the ranks of the globally growing profession of risk management and pursue a career dealing with some of the hottest challenges in business today:


• In pursuit of higher returns, reign in on growing market volatilities.
• Control the financial risks inherent in banking and insurance institutions.
• Identify operational risks in all areas of business.
• Design effective risk frameworks at portfolio, business division or enterprise level.

 

ALBA is PRMIA University Partner


The Professional Risk Managers' International Association (PRMIA is a global, non-profit association of risk professionals with 90,000 members worldwide and presence in 65 major cities. Through university partnerships, PRMIA seeks to set the international standards for graduate level education in risk management. Recognition of ALBA Graduate Business School as a PRMIA University Partner provides a signal to students and recruiters that the MSc in Risk program's curriculum is closely tied to professional practice and is well suited to preparing students to sit for the PRM exams.

All available partnerships can be found here.

Benefits to our MSc in Risk Students: Our MSc in Risk students will be offered access to the local risk community and networking opportunities through local PRMIA chapters. Students can also benefit from a 25% discount on PRMIA membership and have extra 20% discount on PRM and associate PRM products. PRM exam study material is available to our library for all students.

More information about PRMIA can be found at www.prmia.org

 

Key features of the program

  • Weekday classes between 18:00 – 22:00, twice a week on average
  • A 14-month program
  • 12 core modules and 4 workshops
  • Assessment: group reports/presentations, case study analysis, mid-term tests, final exams (18 – 21:00)
  • Dissertation or Internship or Coursework (3 courses)

 

The MSc in Risk Management is Designed for:

  • Graduates with a quantitative background in pursuit of a career in risk divisions of financial institutions, large corporations or investment companies.
  • Managers who engage in risk taking activities.
  • Professionals responsible for monitoring risk and reporting to senior management.
  • Management consultants specialized in risk solutions.
  • Compliance officers responsible for supervising business units, enterprises or financial system participants.

You may find here more information about the Program's Intended Learning Outcomes.

 

Current Student Profile

 

HIGHLIGHTS

International Recognition: Being accredited by the New England Association of Schools and Colleges (NEASC) and PRMIA University Partner, the program offers international and professional reputation and acceptance.


Hands-on: The specialization courses are tied to professional practice and aim to address pragmatic challenges faced by risk managers.


Integrated: The modular structure of the curriculum ensures that the program is well balanced around three themes: competency in analytical skills, knowledge of financial theory and ability to measure and control risk.


Aware: Studying risk dynamics allows for a deeper understanding of the contagion mechanisms that created the global financial crisis with significant impact on societies.


Innovative: The program offers the opportunity to master topics that differentiate from standard finance curricula, such as the challenges faced by financial institutions, the role of regulation in promoting financial stability and the application of quantitative processes that focus on tail risks.

CURRICULUM

MSc in Risk Management Program Total Year Schedule 2016 -2017

The School reserves the right to reexamine the structure of all academic programs and proceed to any necessary changes in the total year schedules.

6th Period: Internship (conditionally on availability)

1 credit = 3 ECTS

1st Period | September – October

Courses Hours | Credits
Business and Financial Ethics & Social Responsibility
14 | 1 Credits
The overall objective of the course is to help us develop business and financial ethics leadership praxis and actionable knowledge, i.e., action that creates wealth in such a way that makes ourselves, our organizations, and the world better. This course takes a management methods approach to business and financial ethics and social responsibility. The course focuses on methods managers can use individually and together in addressing ethics and social responsibility issues and in helping to build and maintain ethical and socially responsible organizations in various types of environments and realities. Methods considered include ethics leadership, change, reasoning, dialogue, persuasion, governance, due process, negotiating, incentive, training, social movement, alternative institution building, top-down and bottom-up compliance code and win-lose forcing methods, and ethics crisis management and turnaround methods. In addition to learning about the methods, students are invited to reflect upon what types of institutional citizens we would like to be and what types of ethical and socially responsible organizations we would like to help create in our various types of environments and realities. Case studies from Europe, Asia, and North America are considered.The CFA Institute Standards of Practice Handbook is one of the basic textbooks of the course. 
Quantitative Tools in Finance
28 | 2 Credits
This course teaches how mathematical techniques and econometrics are used in financial research and decision making, and prepares students for many of the core and elective courses that will be available in the program. The emphasis of the course will be on application rather than theory. EXCEL and the econometric package EVIEWS will be used extensively in the applied work. Topics covered include probability, matrix algebra, hypothesis testing, simple linear regression and multivariate regression.
Financial Fundamentals
7 | 0.5 Credits
This short course introduces the basic concepts and tools of Accounting and Finance to non-finance specialists enabling them to communicate effectively with departments of accounting and finance and also understand the financial implications of their decisions and actions. After the completion of this course participants should be able to understand what the objectives of the firm are, read and comprehend the basic financial statements produced by the firm, understand the difference between an expense and an investment, realize the importance of cash flows,  access the financial health of the company, understand how the financial markets operate and how the value of a company is calculated, learn about the basic sources of finance, the cost of capital, the working capital, and the economic value added of the firm.
Business Writing & Presentation Skills
14 | 1 Credits

2nd Period | November – December

Courses Hours | Credits
Corporate Finance & Valuation
28 | 2 Credits
This course covers the application of the net present value rule and other criteria for project appraisal, the use of discounted cash flow and other valuation models in making investment decisions, risk, return and capital budgeting under uncertainty, the cost of capital and capital structure, dividend policy and how firms issue securities.
Principles of Risk Theory
14 | 1 Credits
The main objective of this course is to introduce the fundamentals of risk theory. It will introduce the idea of risk and risk aversion and the theory of mean variance and capital allocation from a mathematical perspective. It will examine the role of risk in asset pricing and propose risk adjusted performance measures. Finally the course will present the concept of monetary measure of risk and discuss some alternative methods. Upon completion of the course, students will have an understanding of: •The concept of preferences and risk aversion•The mathematics of the mean variance criterion and capital allocation theory•The role of risk in asset pricing•Basic risk adjusted performance measures •Coherent monetary measures of risk.

3rd Period | January – February

Courses Hours | Credits
Portfolio Management & Investments
28 | 2 Credits
This course addresses topics in capital asset allocation, the history of risk and return, asset pricing theories (CAPM, APT, Consumption based asset pricing), market efficiency, the predictability of asset returns, the term structure of interest rates and bond portfolio management, futures and options, international portfolio management and performance measurement and evaluation.
Financial Modelling
28 | 2 Credits
This course aims to develop and sharpen students? financial modelling skills. It brings together statistical and decision analytic frameworks suck as regression analysis and optimisation with finance theory and information technology. It helps participants to deepen their understanding of finance concepts through the development of a wide range of financial models in areas such as cash flow modelling, risk analysis, portfolio optimisation, and option pricing. It is a practical course based on instructed computer workshops. These workshops focus on financial modelling with excel, including scenario and sensitivity analysis, risk analysis using @Risk, optimisation with Solver, and the development of VBA functions.

4th Period | March – April

Courses Hours | Credits
Project Risk Management
28 | 2 Credits
To meet the challenges of the globalized and rapidly changing business environment, companies are increasingly adopting flat, flexible and matrix-oriented organisation structures in which work is structured around cross-functional business processes and projects. The success of such companies crucially depends on effective project management. The key dimensions of projects are people, time, costs, and resources. This course introduces methodologies and practical tools that facilitate and support the management of these dimensions, throughout the project design, planning and implementation phases. It is widely acknowledged that most business projects either fail to achieve their objectives or are completed late and with cost overruns. One of the main reasons for this is the failure to understand and deal with the risks associated with projects. The, identification, assessment and mitigation of these risks is therefore critical. The course provides project risk management frameworks and modelling methodologies. Given the increasing complexity of projects, software-based tools are nowadays widely used for time planning, resource allocation and risk evaluation. Course participants are introduced to state-of-the-art decision support tools for project management. Overall, this is a practical course that through cases illustrates best management practice and through hands-on workshops provides an active learning environment that complements and reinforces lecture-based teaching.
Financial Risk Management
28 | 2 Credits
Financial risk management (FRM) has gone through enormous changes since its inception in the late 1970s.  From its origins as a cash flow matching technique, FRM has now instituted the use of advanced analytical techniques, quantitative finance tools as well as sophisticated pricing formulas and hedging strategies. The module focuses on the management of financial intermediaries, and aims to analyze financial risks such as interest rate risk, FOREX and market risk, choose appropriate hedging strategies and monitor their implementation.  The prime objective is to provide a) a thorough grounding in the way banks and insurance firms operate, b) the necessary theoretical knowledge and statistical tools to measure different kinds of risks, and c) a comprehensive examination of the techniques and instruments for managing those risks in the banking and insurance industry.

5th Period | May – June

Courses Hours | Credits
Financial Econometrics & Forecasting
28 | 2 Credits
The aim of this course is to provide the student with a thorough knowledge of modern econometric and time series techniques in forecasting asset returns (equities, bonds and currencies) and risk (volatility). The course covers the topics of multiple regression, maximum likelihood, heteroscedasticity and autocorrelation, the method of moments, dummy variables, specification analysis, bayesian estimation, nonlinear regression models, models that use both time series and cross-sectional data, the seemingly unrelated regression model, co-integration and error correction, ARCH and GARCH models and the use of simulations in finance and financial data analysis.
Derivatives & Risk Management
28 | 2 Credits
This course is designed to introduce the theoretical concepts and the practical aspects of financial futures, options and other derivatives. Derivatives have become one of the most important tools of modern finance, both from the academic and the practitioners standpoint. The course will present the main characteristics of these products and discuss how they can be used for hedging financial risks. The course will also present mechanisms for pricing derivative contracts.
Topics in Risk Management: Credit Scoring using SAS
7 | 0.5 Credits

6th Period | September – October

Courses Hours | Credits
Financial Regulation
7 | 0.5 Credits
The course aims to provide an overview of the structure, operations and impact of financial regulation. The main focus will be on banking regulation and particularly on the three pillars of Basel II with emphasis on capital requirements. The course will present the recent advancements in regulation of financial institutions (Basel III) in response to the global financial crisis. It will discuss the role of central banks as regulators and their role as “lender of last resort”. Finally, it will provide an overview of capital markets regulatory framework.
Corporate Risk Management
21 | 1.5 Credits
The course will introduce the concept of risk management in the context of an organization’s structure, policies and operations. It will focus on the nature of risks, the costs and benefits of risk management and it will highlight the role of structure and corporate governance, methodologies and infrastructure, operational processes, and internal auditing. Upon completion of the course, students will be able to: •Recognize the importance of the enterprise risk management approach •Create a risk profile for a corporation•Distinguish between upside the downside risk •Identify appropriate risk governance structure and policies•Understand the key principles of an effective operational risk management process.
Credit Risk Modelling & Management
28 | 2 Credits
The main objective of this course is to provide an insight to credit risk and strengthen the analytical skills required in credit risk modelling. The course is structured to cover issues of credit risk measurement distinguishing between obligor and instrument at the individual as well as at the portfolio level. It will introduce industry’s popular credit models as well as other econometric methods for default risk modelling. It will also present the methods and tools for effective credit risk management. Upon completion of the course, students will be able to: •Perform a credit analysis and assign a credit rating to a counterparty•Apply analytical methods for measurement of obligors credit risk•Develop a credit scoring system•Aggregate risk at a portfolio level•Derive implied credit risk from market prices•Compute an estimate for loss given default•Understand credit risk mitigation techniques •Calculate credit risk-adjusted performance measures•Price credit derivatives for hedging.
OR
Dissertation
- | - Credits
OR
Internship
- | - Credits
An Internship brings together the academic with the business world, providing benefits both to students and to companies.  It has the status of a course, hence it is an obligatory requirement for the fulfilment of the M.Sc. Degree, it carries credits and it is graded.  The expected duration is three (3) months, from beginning May to end July.  The benefits for students include the opportunity for the blending of academic and on-the-job learning; the use of the explicit knowledge gained during the program, the attainment of tacit knowledge, the development and diversification of skills, the acquisition of work experience, the identification and/or refinement of career goals, the creation and/or development of a professional network.  The benefits for companies include the opportunity to meet some company needs with highly qualified and motivated students, the identification of talent for potential future employment, the enrichment of current perspectives and practices with the intern’s novel ideas, the enhancement of social responsibility activities.

FACULTY

The Professors

Academic Director
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Panagiotis Avramidis Assistant Professor of Finance and Quantitave Methods

Panagiotis Avramidis is assistant professor and academic director of the MSc in Risk Management program. He teaches financial engineering and risk management, credit risk measurement and management, quantitative tools in finance and banking regulation.

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Course Faculty
Panagiotis Avramidis Academic Director of the MSc in Risk Management
Assistant Professor of Finance and Quantitave Methods view more
Evangelia Baralou Academic Director of the MSc in Tourism Management
Senior Lecturer in Organisation Studies, Open University, UK view more
Assistant Professor of Financial Economics, University of St Andrews view more
Finance Professional view more
Director Career and Alumni office view more
Professor, Boston College view more
Professor of Economics, Le Bow College of Business, Drexel University view more
Senior Lecturer in Finance, Cass Business School view more
Adjunct Associate Professor of Decision Sciences view more
Stefanos Zarkos Academic Director of the MSc Programs: MSc in Finance; MSc in International Business & Management; MSc in Business for Lawyers; MSc in Entrepreneurship
Associate Professor in the Practice of Finance view more

CAREER

  • Develop an appreciation of financial & operational risks faced by financial institutions, corporations and market investors.
  • Strengthen quantitative skills required for measuring the impact of extreme events.
  • Learn to utilize the tools, methods and processes for managing risks.
  • Understand financial theory and market dynamics.
  • Become up to date with the latest trends and practices in risk regulation.
  • Embrace values for sustainable and socially responsible decision making.

SCHOLARSHIPS

Scholarships Scheme

You can secure pre-approval of your scholarship, before you apply for admission to the MBA or MSc program of your choice.

Apply for scholarship

GMAT Scholarships

 Those candidates who bring GMAT score from 700 and above, will be granted a scholarship of 60% of the total tuition fees for all MBA and MSc's (Excluding the Executive MBA, Double Masters for Lawyers and the MSc in ISF Programs). Candidates with high GMAT bellow 700 are also eligible for smaller scholarships.

AHEAD Scholarships for Micro Enterprises

The ALBA Hub for Entrepreneurship and Development (AHEAD) offers one partial scholarship for any of the Academic Programs at ALBA aimed at prospective students from competitive micro enterprises. (Executive MBA, MSc in ISF and Double Masters for Lawyers candidates are not included). Scholarship is  open to entrepreneurs, involved family members and managers from micro businesses with less than 10 employees.

Next Generation Family Business Scholarship

ALBA Graduate Business School offers two partial scholarship  for any of the Academic Programs at ALBA (Executive MBA, MSc in ISF and Double Masters for Lawyers candidates are not included) to a member of the next generation of a family business. It aims to encourage growth and succession in Greek family businesses, and support upcoming business leaders so that they can excel in such a demanding role.

SEV (Hellenic Federation of Enterprises) Scholarships

SEV (Hellenic Federation of Enterprises) offers five (5) partial scholarships for graduate studies at ALBA.

Scholarships are open only for the academic year 2017 – 2018, will cover 40% of total fees and are addressed exclusively to Small and Medium Enterprises – members of SEV, offered as rewarding services to the members of the Federation.

Applications can be submitted online at https://applications.alba.edu.gr/ with the indication “SEV scholarship” noted at the field Scholarship-Financial Aid.

Note that the evaluation of applications and the final selection will be made from ALBA Graduate Business School at The American College of Greece.

All applicants need to meet the eligibility criteria of the program they apply for and to go through the standard admission procedure and personal interview.

For any additional information applicants can contact Ms. Antonina Kalkavoura at 210 8964531 (ext. 2253) or through e-mail at akakalvo@alba.edu.gr.

ADMISSION REQUIREMENTS

To be considered for admission, candidates must:

  • Hold a bachelor’s degree; - Provide evidence of excellent command of the English language;
  • Need to be currently employed or self-employed (valid for the part time mode only) GMAT tests are optional unless the Academic Committee requires the applicant to take them: in any case, scores of 550 or more (GRE >155) can strengthen your application and help you secure a scholarship.

Candidates must submit:

  • The completed application form, including one recent photograph in jpeg format;
  • Two letters of recommendation in Greek or in English language.
  • Official Academic Transcripts as well as Certified copies of degrees from each undergraduate, graduate or professional degree earned;
  • Proof of competence in the English language (unless schooled in English), e.g. Proficiency or TOEFL or IELTS.
  • Three Essays, as indicated in the Application form;
  • Receipt of the non-refundable application fee's [€60] deposit

Click here to download the details for admission.

To learn more about academic policy, course credit policy, fees policy and rules for student conduct read the Academic Regulations.

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Vicky Moscopoulou Program Manager

We urge applicants to request further information or to come for a meeting at our downtown campus, in order to better understand their profile and motivations.

Just fill out and submit the form below and we will respond to you as quickly as possible.

Tel.: +30 210 89.64.531-8

Fax: +30 210 89.63.302

e-mail: msrisk@alba.edu.gr 

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