Courses from Duisenberg school of finance:
Duisenberg school of finance
For future leaders in financeMSc, LLM, MPhil and PhD
Master Program: Master of Science in Risk Management
Learning purpose
The recent turmoil in financial markets has revealed an urgent need for experts in financial risk management. Duisenberg school of finance is uniquely positioned to offer students a challenging curriculum, leading to a career in a field where top expertise is scarce. The Duisenberg MSc programme in Risk Management combines the variety of theories and techniques that make up the risk management discipline: finance, mathematics, economics, and statistics. All of these require students to develop a thorough quantitative and analytical insight. The programme is taught in a hands-on philosophy, combining frontier academic methodology to real-life risk management problems. Successful applicants to the programme typically have a quantitative background and hold a BSc (or other MSc) in (quantitative) Economics & Business, Econometrics, Mathematics, Physics or equivalent.
Target audience
Risk management concerns the identification, understanding, modelling, and managing of different types of risks. These include, for example; financial risk, business risk, operational risk, political risk, longevity risk and many other sources of risk and uncertainty that affect day-to-day business processes. Within the Duisenberg school of finance's programme in Risk Management, the focus is on financial risk management. This is one of the main and most heavily regulated sources of risk in the different segments of the financial industry. Upon successful completion of the Risk Management programme, students will graduate with an MSc in Finance from the VU University Amsterdam.
Financial risk management draws upon a variety of theories and techniques, most of which require a thorough quantitative and analytical insight. Because of the required level of understanding of not just a single, but rather a mix of different disciplines, there is a considerable shortage of well-trained people with an explicit focus on risk management. The current programme in Risk Management therefore targets a select group of highly qualified students with a quantitative background, and who hold an MSc in (Quantitative) Economics or Business, a BSc in Econometrics, a BSc in Mathematics, or a BSc in Physics or equivalent. Students are recruited globally, and include a number of students with some years of professional experience in the financial sector.
Duisenberg school of finance expects to attract the brightest students from around the world. The quality of the programme is firmly anchored by the direct possibility of pursuing a PhD in Finance after graduation, thereby guaranteeing the programme's academic content. The programme draws on the Erasmus University Rotterdam, (the) VU University Amsterdam, and the University of Amsterdam's leading faculties in finance, econometrics, and mathematics, as well as their extensive international network managed by Duisenberg school of finance.
Programme
The programme is structured in a modular way, each module comprising of eight weeks. During the first seven weeks typically three modules will be taught in parallel, with the eighth week being reserved for the written exam. The structure facilitates participation of professionals (part-time students) as much as possible. Part-time students have the possibility to spread the modules over two years by opting not to participate in all modules offered during a specific period.
The programme can be split into three content areas:
· Methodology (mathematics, statistics, econometrics, actuarial techniques);
· Finance and Risk Management (pricing; products; risk management);
· Research and Implementation (programming; research projects; thesis; communication).
The programme starts by establishing a firm basis in the methodology. This basis is used extensively in the Finance and Risk Management oriented courses that compose the middle part of the programme. The later courses of the programme comprise the implementation of knowledge and skills developed in research. This is done in close collaboration with the financial sector and culminates in an applied research project and an individual MSc thesis. The close cooperation with Duisenberg school of finance's sponsors during the research phase allows students to get into contact with different sectors of the financial industry, thus enabling them a head start in planning their next career move after graduation.
All course work should be completed within 12 months for the full-time programme, or 24 months for the part-time programme. Enrollment for the full-time or part-time programmes must be indicated when applying for admission.
Please visit our website www.duisenbergschooloffinance.com for an up to date curriculum.
Entry Requirements
Prospective students for the Duisenberg school of finance Risk Management programme should have a solid quantitative background and hold a MSc degree in (Quantitative) Economics or Business, a BSc Econometrics, BSc Mathematics, BSc Physics or an equivalent degree. In particular, students should at least be familiar with the material in the following international standard texts (or equivalents):
- MATHEMATICS: Alpha C. Chiang and Kevin Wainwright, Fundamental Methods of Mathematical Economics.
- PROBABILITY THEORY: Sheldon M. Ross, A First Course in Probability.
- ECONOMETRICS: Christiaan Heij, Paul de Boer, Philip Hans Franses, Teun Kloek, and Herman K. van Dijk, Econometric Methods with Applications in Business and Economics.
- INVESTMENTS: Zvi Bodie, Alex Kane, and Alan J. Marcus, Investments.
Proficiency in basic Excel skills is also needed. A background in basic corporate finance (for example at the level of Brealey, Meyers, Allan, Principles of corporate finance) is an advantage.
Students should be able to demonstrate fluency in spoken and written English. Students whose native language is not English are therefore required to demonstrate English proficiency in one of two ways:
- By holding a degree from a Dutch university or an institution at which English is the language of instruction, or
- By scoring at least 600 on the paper-based Test of English as a Foreign Language (TOEFL ), 250 on the computer-based TOEFL, 100 on the internet-based TOEFL or 7 on the IELTS (International English Language Testing System) test. Scores that are more than two years old are not valid and will not be considered. Duisenberg school of finance's code number for the TOEFL is 3811. Note that Chinese nationals should meet the institute's IELTS requirement as this is a condition for obtaining a NESO Certificate. Chinese nationals are required to register with the Netherlands Education Support Office (NESO ) in Beijing to obtain a NESO Certificate. Students should also provide an adequate recent GRE (Graduate Record Examinations) test score. Successful applicants typically perform among the top-10% of test-takers on the quantitative part of the GRE. Test results should be sent directly to Duisenberg school of finance (GRE code 3811). Prospective students are also interviewed to assess their proficiency.
For incoming students a deficiency programme may be designed to facilitate prospective students to meet the programme's entry level
Professional perspective and employment market
The programme has two distinguishing key features.
The first key feature is the bonding between academic quality and the education for risk management. This means that the programme is different from risk management courses as offered in standard MBA curricula. In particular, compared to the typical MBA or executive course, the programme is more focused, research oriented, and analytically based. The programme is both content and skill oriented. This ensures that the students are able to actively contribute to new developments rather than only being consumers. The solid basis is evidenced by the substantial attention for methodology courses during the initial phase of the programme.
The second key feature is the attention in the programme for the application of the techniques to actual risk management problems. This includes research questions put forward by the programme's industry sponsors, questions that typically require creative thought and extensions of available methodology. This skill to innovate and transform more abstract techniques into their practical application makes our graduates particularly suited for a fast track career in risk management. The firm grounding in applications also ensures that our programme offers a broader content on risk management than a typical finance PhD would see during his or her training. The programme aims to cater 90% of its graduates to pursue a career in the financial industry. We expect 10% of our graduates to be interested in pursuing a PhD in finance and risk management.
Opleiding kerngegevens
Rajgopal Ravindranath is a student in the Risk Management programme and came to Duisenberg school of finance to be intellectually challenged. “No other institution in the world parallels this level in teaching Risk Management. Many other institutions are immediately very focused on practical applications. At Duisenberg school of finance we are also exposed to the theory behind risk management, which allows me to develop new ideas myself.” Due to recent economic developments. Risk management is has become a hot item. “I have no doubt I will be able to find a good position once I graduate.”