Executive Education from the ICMA Centre

MSc Financial Risk Management

Date: 16 February, 2012  Page Author: André Mansi

This innovative course sets the standards for graduate programmes in financial risk management the world over. Over the last ten years the ICMA Centre has built a world-class reputation in risk management, we are the leaders in this field in the UK and our degree has been carefully structured to provide students with the specialised knowledge they need.

In addition, this course is also accredited by PRMIA (Professional Risk Managers Association) and students will be taking courses that are closely linked to the PRM handbook. Students of this course will be exempt from PRM Exams I and II, which form the majority of the PRM Certification Programme; the most broadly recognised designation for risk managers and is the only one to have received public endorsements from several leading firms.

There is a large and rapidly growing demand for properly qualified graduates in financial risk management. Our degree has been carefully structured to provide students with the specialised knowledge they need for this challenging profession.

Entry Requirements

Entry requirements

Undergraduate Degree
 Minimum 2:1 or the equivalent from an overseas institution*.
Degree Discipline
 Any degree discipline, but must have a satisfactory existing level of numeracy.
GMAT
 We may ask you to submit a GMAT score if we think it appropriate in your individual case. For example, if you have been out of education for more than a few years or have little evidence of any numerical ability.For information on the GMAT and the location of test centres worldwide, please visitwww.mba.com

* Please note that due to increasing competition for places on our Masters programmes our entry requirements may change.

We operate a rolling admissions system and you are therefore advised to apply early in order to be sure of your place on our programmes. We are experiencing high levels of demand for 2012 entry, and it is possible we will have to close applications to some programmes once places are filled.

English requirements

Proficiency required for International students enrolling in this degree for entry in September 2012 are:

TOEFL (Test of English as a foreign language): Overall score of 88 for the internet based test, with no less than 22 in Reading, 21 in Listening, 23 in Speaking and 21 in Writing.

IELTS (British Council International English Language Test): Score of 6.5 overall with no component in the test less than 6.0.

 

Proficiency required for international students enrolling in this degree for entry in September 2013 will be:

TOEFL (Test of English as a foreign language): Overall score of 100 for the internet based test, with no less than 22 in Reading, 21 in Listening, 23 in Speaking and 21 in Writing.

IELTS (British Council International English Language Test): Score of 7.0 overall with no component in the test less than 6.5.

 

Contact

For more details, contact Kim Mountford, Admissions Officer, at k.mountford@icmacentre.ac.uk

Fees

Fees 2012-13

Full-time Flexible Learning Distance Learning
MSc Financial Risk management £18,000 £17,000 £15,000

Fees are the same for both EU and overseas students.

Fee structure for the flexible and distance learning programmes is for the length of the entire programme (ie 18 months or 24 months respectively)

Living expenses are in addition to the above fees. Overseas full-time participants can expect to spend approximately £9,400 on additional living expenses during the course of their studies. Home/EU full-time participants can expect to spend approximately £8,000 on additional living expenses during the course of their studies. Flexible participants can expect to spend approximately £5,000 during their part 2 studies.

How to apply

Full-Time MSc Applications

Applications closed for 2011 entry:

Applications for 2012 entry are open for all programmes.

The ICMA Centre operates on a rolling admissions basis, meaning that prospective students can apply for our programmes throughout the year, however we do advise to apply early in the year. We aim to return a decision within 4-6 weeks of receiving your application.

Full-time applicants can apply online or download our application form and complete it by hand.

Flexible and Distance Learning Applications

We accept online applications only for flexible and distance learning.

Applications closed for all flexible and distance learning programmes for 2011 entry. Applications are open for 2012 entry.

Learning options

Learning Options

Full-time: 9 months
Flexible:   18 months
Distance:  24 months

FAQs

Do I need to take GMAT?

If you are unsure as to the need to take GMAT (Graduate Management Admissions Test), please apply without taking it. We will advise in the form of a conditional offer if we think that it is necessary for you to take it. Obtaining a good score of 600 or above and a good score in the quantitative section of the test can support your case at the Admissions Committee. The GMAT is not a mandatory requirement for applications to the MSc programme, but can enhance an application. More information about the GMAT can be obtained at www.mba.com.

When is the deadline for applications?

There is no fixed deadline for full-time applications. However, you are advised to apply early, as the admission process can take up to 4-6 weeks to complete. Places become very limited from June onwards. You are encouraged to telephone the Centre after that date to clarify the situation.

Deadline for Flexible and Distance Learning applications: Friday 10 August 2012.

How long will it take to receive an answer to my application?

The admissions process will take up to 4-6 weeks from receipt of a completed application. We will endeavour to process your application sooner, however, the delay is normally due to outstanding supporting documents.

My referee has sent his reference direct, is this OK?

Yes. We keep all references and match them with applications when they are received.

Who decides on the suitability of an application?

Each application is considered by the Admissions Committee, made up of academic members of staff and the Admissions Officer.

How do I pay the £1000 deposit and when is the deadline?

By Sterling cheque payable to the University of Reading by credit card or bank transfer.

Applicants accepted on to an ICMA Centre MSc programme should pay their deposit by the deadline indicated in the  recommendation e-mail from the ICMA Centre.

Where do I send my information proving that I have fulfilled my conditions?

Send this information to the Postgraduate Admission Office, the ICMA Centre will be automatically updated. Their full address is:

Postgraduate Admissions Office
Henley Business School
University of Reading
Whiteknights
PO Box 218
Reading
RG6 6AA

Am I qualified to do this programme?

We can only give a considered answer to this question if we have received a completed application form and supporting documents. Without this information it is difficult to make any evaluation of your previous qualifications.

To whom should I address any queries about my application?

All queries should be addressed to the Admissions Team: admissions@icmacentre.ac.uk.

Does the ICMA Centre provide funding? If not, how do I fund the programme?

A range of scholarship awards are available. Please refer to the ICMA Centre Scholarships pages for further details.

How do I arrange accommodation?

All enquiries concerning accommodation should be directed to Student Services, telephone number +44 (0)118 378 5555.

Additional information

Careers

Careers in Risk Management

On completing the degree, you will be well prepared to follow a career in the challenging fields of risk  management, or risk analysis with banks, regulators, portfolio managers, corporate treasury, risk management software implementation, specialist financial boutiques and hedge funds.

The role of risk analyst will suit students with good mathematical or computational skills, who wish to utilise cutting-edge quantitative modelling techniques to develop advanced risk assessment and hedging tools. Less quantitative roles include: regulation; market, credit or operational risk  management; portfolio management; and enterprise-wide risk management.

Most of our FRM graduates are now working for large banks in London and abroad, hedge funds and regulators. Demand from employers continues to grow, despite the crisis in banks and associated financial institutions. Regulators, governments, advisors and commentators are unanimously endorsing the call for more, and better qualified risk managers and analysts to join the financial  industry.

There has never been a better time to pursue a career in financial risk management.

For more information regarding graduate destinations, please visit www.icmacentre.ac.uk/careers

Professional Development and Accreditation

PRM Exams I and II

Students who complete the appropriate modules within degree will be eligible for exemption from these exams which form a major part of the PRM Certificate.

ICMA International Fixed Income and Derivatives (IFID) Certificate

Students who successfully complete this degree including the module International Securities Markets will be granted this certificate.

CISI Diploma

Students are eligible for exemption from two Diploma modules:

  • Financial Derivatives
  • Bonds and Fixed Interest Securities

 

Further information is available regarding exemption criteria in MScs and Professional Qualifications.

Module listing and descriptions

NB. All our Masters degrees comprise a total of 180 credits: 80 credits at Part One and 100 credits at Part Two. Please note that module titles or content may vary each year.

Part 1 Modules

Part 1 Modules

Securities, Futures and Options

Module convenor: Professor Chris Brooks20 credits

Introduces techniques for analysing and valuing different classes of risky assets. It also develops ways of optimally selecting portfolios of such assets and develops models of how these portfolios may be priced in financial markets. The techniques introduced in this module are widely applied in other elements of the programme. Outline: Financial assets and investing in securities markets; Investors and their objectives; Risk and capital allocation; Optimal portfolio selection; Capital asset pricing model; Single index and multifactor models; Arbitrage pricing theory; Derivative securities and the no-arbitrage principle; Forwards and Futures contracts; Simple hedging; Options basic properties and trading strategies.

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Fixed Income and Equity Investments

Module convenors: Dr George Alexandridis  | John Evans  | 20 credits

Fixed Income and Equity Investments deals with the valuation of fixed income and equity securities. The module focuses on the basic characteristics of each security and the strategies used for approximating their fundamental value and assessing their risk. Its primary aim is to discuss how certain characteristics and relationships can affect the value of fixed income and equity securities and how can they be exploited to form optimal investment strategies. The analytical techniques introduced in this module are widely applied in other elements of the programme. Outline: An introduction to securities,  Applying time-value-of-money (TVM) and probability theory to value financial instruments,  Bond prices and yields, Introduction to default risk, Term Structure of Interest Rates, Interest rate risk, Active Bond Management,  Economic and Industry analysis, Financial Statement Analysis, Equity Valuation, Behavioural Finance and Technical analysis  

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Quantitative Methods for Finance

Module convenor: Professor Carol Alexander20 credits

The objective of the module is to give students a thorough grounding in the essential mathematical methods used in finance, including basic principles of calculus, linear algebra, statistics, probability and regression. Students apply these skills to the fundamental problems in finance, such as compounding interest, pricing and hedging options, portfolio volatility, portfolio beta and simulation. The theory is illustrated by numerous examples and Excel spreadsheets.. The very high practical content will make it accessible to all students, even those with little previous training in mathematics.

Outline Content

  • Foundation
  • Descriptive Statistic
  • Calculus
  • Linear Algebra
  • Probability Theory in Finance
  • Regression
  • Numerical Methods

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Financial Markets

Module convenor: Dr Alfonso Dufour20 credits

Provides knowledge of global financial markets, the importance of liquidity, the distinction between exchange versus OTC markets, primary and secondary markets and the role of intermediaries in their various forms. Participants will gain an understanding of: international stock and bond markets, repo markets (for borrowing/lending on a secured basis); an introduction to foreign exchange and money markets, and to futures markets (which are developed in more detail in optional Part 2 modules); finally specific markets for commodity and energy are studied in more detail.

Outline content

  • General introduction to world financial markets
  • Liquidity, the distinction between exchange versus OTC markets and the role of intermediaries in their various forms
  • Short-term debt securities issued by government and corporations
  • Classification of bonds according to issuer: government, agencies, corporate and municipa
  • Comparison of bond markets in major countries and a description of the main intermediaries and their role
  • Foreign exchange market, quotation conventions, types of brokers, central banks? policies
  • Primary and secondary stock markets
  • Futures markets
  • Commodities markets
  • Energy markets.

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Part 2 Modules (Compulsory)

Financial Instruments

Module convenor: Dr Konstantina Kappou20 credits

The Capital Markets are all about the intermediation of money from investors to users of capital (industrial and commercial corporations). This intermediation occurs in the Primary Markets, raising money through the issue of new investments (IPOs, Hedge Funds, Private Equity Funds etc); and in the Secondary Markets which provide a forum for the trading of both those investments and derivatives on them. The course will study the regulation of all of these market operations.

Outline content

  • Swaps
  • Review of basic instruments: futures, forwards, options, bonds, etc.
  • Credit Derivatives
  • Caps, Floors and Swaptions
  • Convertible Bonds
  • Structured Equity Products
  • Exotic Options

Credit Risk

Module convenor: Dr Simone Varotto20 credits

This course introduces students to a set of newly developed techniques to measure and manage credit risk in bank portfolios. In recent years financial institutions have been looking at ways to quantify risk in their corporate loan and mortgage books. The lack of market prices for these types of illiquid assets implies that standard risk assessment procedures can not be employed. The course focuses on (1) default and recovery risk, (2) credit ratings and credit scoring models (3) how to measure portfolio credit risk using contingent claim and credit rating based approaches (4) credit risk management tools and (5) credit risk capital regulation (Basel 2), (6) stress testings and (7) loan pricing. By the end of the module it is expected that students will:
  • Understand the relationship between capital and risk;
  • Be familiar with the latest credit risk capital regulation;
  • Be able to apply Value-at-Risk techniques to portfolios of credit risk sensitive instruments;
  • Be able to derive and use credit ratings and credit scores;
  • Know how to estimate a credit loss distribution and use it for risk management purposes;
  • Understand the main features and implementation of the following models:
  • JP MorganÂ’s CreditMetrics
  • MoodyÂ’s-KMV model
  • Be able to use risk management tools such as Component VaR and Best Hedge calculated with and without distributional assumptions
  • Be familiar with the concept and implementation of stress testing in credit risk portfolios
  • Be able to determine appropriare interest charges for bank loans
 

Outline content

  • Economic and Regulatory capital
  • Credit scoring models: Altman Z-score and refinements
  • Credit ratings: designing and implementing effective internal credit rating systems.
  • Recovery risk: estimating "loss given default"
  • Credit Loss Distribution: Expected and Unexpected Loss
  • A Rating-based Credit Risk Model: CreditMetrics
  • An Equity-based Credit Risk Model: KMV
  • Credit Risk Management Tools
  • Stress Testing
  • Loan Pricing

Market Risk

Module convenor: Dr Emese Lazar20 credits

This module provides an understanding of the Value-at-Risk (VaR) framework for market risk assessment and control. The module has a significant practical component with computer-based workshops that are designed to support the lecture material. By the end of the module, it is expected that students will:
  • Understand the latest developments in banking regulations that are the main driving force behind changes in our approaches to risk measurement
  • Outline the foundations of market risk analysis and the basic models for assessing market risk
  • Describe the market risk measurement techniques that are used daily in the front and middle offices of banks; particular emphasis is placed on the appraisal of the covariance matrices that are used to measure the market risk of portfolios
  • Be able to build various Value-at-Risk (VaR) models for market risk for international portfolios of equities, FX, interest rate products, commodities, derivatives etc.

Outline content

  • The characteristics of markets and market risk
  • Capital requirements & RAPM
  • Value at Risk models
  • Advanced VaR models
  • Applications to Equities
  • Applications to Foreign exchange
  • Applications to Interest rate products
  • Applications to Derivatives
  • Applications to Fund management, banking & non-financial firms

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Part 2 Modules (Optional)

Choice of 90 credits from:

Bond Market Pricing and Trading Strategies

Module convenor: Dr Andy Bevan20 credits

The main aims of the module are to identify the fundamental determinants of short- and long-term interest rates, learn how to monitor developments in interest rate markets and employ commonly used trading strategies. The course will be based around the work of a research department in an investment bank when formulating strategy for its proprietary trading desk and hedge fund customers. Each lecture will provide: (1) a concise outline of economic theory, (2) practical examples of events in markets from recent years, and (3) identification of trading strategies. Seminars will focus on market pricing conventions and worked examples. By the end of the module it is expected that students will:
  • Be aware of the main aspects of the economic theories of the determination of interest rates and corporate credit spreads
  • Be capable of analyzing economic situations to determine the likely implication for various assets in the interest rate markets
  • Be familiar with the principal strategies used in trading short rates, long rates and credit spreads

Outline content

  • Flow of Funds and the Economics of Interest Rates
  • Monitoring Central Banks and the Determination of Short Rates
  • Pricing and Trading of Short Rate Instruments
  • Fundamentals of Bond Pricing, Duration and Convexity
  • Fitting the Yield Curve and Theories of the Term Structure
  • Trading of Bonds, Bond Forwards and Futures
  • Pricing and Trading of Interest Rate Swaps
  • Default Risk and Corporate Bond Spreads
  • Corporate Bond Spreads Through the Business Cycle
  • Pricing and Trading of Credit Default Swaps

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Commodity Derivatives

Module convenor: Dr Konstantina Kappou10 credits

This module aims to provide students with a detailed knowledge of the Commodity Derivatives Markets. It examines the aspects of pricing and trading physical derivatives, with emphasis on the Energy and Shipping (Freight) sectors. The course is designed using real trading examples, stimulating students, who want to follow a Sales and Trading Career in Investment Banking, to approach derivatives pricing from first principles.

Outline: Introduction to Commodity Markets (History and Evolution, Energy Products, Base Metals, Soft Commodities), Main Market Players and the Forward Curve (Basis Risk, Commodity Futures and Options, Exchanges and OTC markets), Pricing of Commodity Derivatives (Swaps, Options and Structured Trades), The Oil Market and its Mechanisms (OPEC and DOE, Crude Supply and Demand, Inventories, Crude Products and Crack Spreads, Refineries and Margins, Main Energy Derivatives strategies), The Freight Market and its Mechanisms (The Baltic Exchange and the Shipping Industry, Forward Freight Agreements, Trading Freight Derivatives)

Available learning modes:

  • Full time

Hedging

Module convenor: Dr Jacques Pezier20 credits

This course is designed for students seeking a career in ?front office? risk management whether in banks, fund management or corporate treasury. Hedging is financial risk management in action; it is often cited as the raison d?etre of derivatives markets - trading and arbitrage playing the supporting roles of providing liquidity and keeping prices fair and thus facilitating hedging. Corporates can reduce uncertainty by hedging away financial risks that fall beyond their areas of competence; fund managers can design hedge strategies that provide risk/reward profiles tailored to their clients; but it is in banking, which core activity is financial risk management, that efficient hedging makes the difference between success and failure. This course examines the rationale for hedging and the methods for doing it efficiently in a variety of circumstances. We review the wide range of market risks (currency, interest rate, equity and commodity) and credit risks for which there is a growing derivatives market. Particular attention is given to the thorny issue of optimal dynamic hedging with transaction costs. A basic understanding of stochastic processes and risk analysis methods is indispensable to address these issues as well as a basic knowledge of financial instruments and trading mechanisms. Only students with good quantitative skills and a basic knowledge of derivative products should take this course.

Outline Content

 
  • Financial risks and hedging principles
  • Market Risk: Static Hedging
  • Hedging with forwards, futures and swaps
  • Dynamic delta hedging; risk attitude
  • Gamma and volatility hedging; portfolio insurance
  • Credit Risks: Credit derivatives and other credit risk mitigants
  • Multifactor hedging: Forex and interest rate risks
  • Hedge accounting; regulatory and economic capital
  • Performance measures and risk aggregation in firms
  • Hedging programmes and case studies

Available learning modes:

  • Full time

Liquidity Risk

Module convenor: Dr Alfonso Dufour10 credits

The evolution of algorithmic trading, the proliferation of alternative trading platforms for trading the same security and the development of new products and assets with limited liquidity have contributed to raising the awareness of academics and traders on the importance of understanding and properly managing liquidity and execution risks. The objective of this course is to give students an introduction to liquidity and execution risks and an overview of the methods for managing these risks. The issues discussed in this course are important when developing trading strategies, valuing portfolios, liquidating large positions and transitioning assets to new investments. By the end of the module, it is expected that the student will be able to
  • Explain the concepts of high frequency trading and algorithmic trading.
  • Identify the characteristic elements of alternative algorithmic trade execution strategies
  • Explain how to measure and manage trade execution risk and compute liquidity adjusted VaRs
  • Solve simple trade execution problems and develop optimal execution strategies
  • Understand the impact of recent regulatory changes on the market and market players

Outline content

  • Introduction to the Security trading industry. Algorithmic Trading. Liquidity and liquidity risk. Liquidity suppliers.
  • An example of algorithmic execution strategy: VWAP
  • Transaction Cost Analysis (TCA). A framework for measuring and managing trade execution costs.
  • Optimal execution strategies and liquidity adjusted value at risk of asset holdings
  • Understanding, modeling and predicting execution risk
  • MiFID and Reg-NMS. Recent regulatory trends and expected impacts on markets (competition, transparency and best execution)
 

Available learning modes:

  • Full time

Managing Securities Operations

Module convenor: TBC10 credits

Managing Securities Operations is learning about and applying the concept of Operations Management to a financial institution. The course combines teaching about both the technical aspects of securities operations management and theoretical aspects of managing the risks inherent in such as business. It also serves as a base for those interested in further study in operational risk management. The analytics techniques taught in this course serve to synthesise much of the material being taught in the first term core topics of products, markets and institutions by learning how to apply them with regard to management theory. By the end of the module, the student will be able to: Understand how the various securities and derivatives taught in first term courses are traded and operationally managed in a financial institution; they will be introduced to Operations Management theory and how it is applied in a financial institution; they will learn and understand about the many operational market intermediaries that are essential for the investment and trading of securities; they will learn to create and manage securities databases; they will reinforce their knowledge about securities pricing and the various legal and market practices that impact settlement prices; they will understand the full “life cycle of a trade” and how it is managed at a senior management level. They will be introduced to the many and varied new regulatory frameworks being incorporated into the market (Basle II, etc.).

Outline content

  • Essential operational management concepts
  • The operational structure of a securities trading organisation
  • The many types of securities transactions
  • Understanding the trade life cycle - post trade
  • Understanding the trade life cycles - funding
  • Operational risks and how to manage them.

Available learning modes:

  • Full time

Portfolio Management

Module convenor: Dr Jacques Pezier20 credits

The module aims to build on the techniques for portfolio selection that will have been introduced in the Valuation of Securities module. The module will address both the theory and practice of portfolio management.
  • The theoretical part will examine the issues involved in constructing an investment portfolio, evaluating the performance of that portfolio, and adjusting its composition through time to ensure that its performance remains optimal. It will also consider the use of derivatives in managing risk.
  • The practical part will provide students with hands-on experience of constructing and managing an equity portfolio.

Outline content

  • Diversification
  • Financial instruments and markets
  • Passive asset allocation
  • Active portfolio management
  • Equity analysis
  • Bond analysis
  • Derivatives for fund management (forwards/futures/swaps/options)
  • Hedging/ portfolio insurance
  • Investment strategies/ Performance measurement
  • Fund management in practice

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts

Module convenor: INCEIF Faculty10 credits

Provides students with the opportunity to study the juristic basis of Islamic finance, and the nominate contracts that are set out in Islamic commercial jurisprudence (the Fiqh al Muamalat). Students will develop an understanding of the principles of Islamic jurisprudence and its nominate contracts, and how these are applied in Shari’ah compliant financial products and services.

Outline Content

  • The origins of Islamic commercial jurisprudence
  • Prohibitions to be respected in order for Islamic contracts to be valid:
  • Avoidance of riba (pure return on money), maysir (speculation), and gharar (uncertainty or ambiguity of subject       matter)
  • The frequently used nominate contracts
  • Overview of Islamic financial products and their basis in nominate contracts (see Module 255)
  • ShariÂ’ah governance of Islamic financial institutions
  • The IFSB Guidelines on ShariÂ’ah governance

Research Project

Module convenor: Professor Charles Sutcliffe20 credits

The aim of the research project is to allow students to define and execute a piece of research in finance on a topic of their choice, with direction from an academic supervisor and with assistance from a doctoral student support supervisor. The Learning Outcomes of this module are:
  • Successful completion of the research project requires students to define and execute a piece of research in finance.
  • They will be required to seek out and to critically evaluate published literature in a particular field.
  • Students will improve their report-writing skills, learning how to structure their study, and how to place their findings in the wider context
 

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Volatility Analysis

Module convenor: Professor Carol Alexander20 credits

Provides an in depth understanding of the different approaches to modelling financial market volatility in discrete and continuous time. The module will focus on GARCH statistical models and the local and stochastic volatility models that are now in standard use by leading industry practitioners, and which have been the subject of extensive academic research. It is has a high quantitative content and a significant practical component with computer-based workshops (face-to-face and distance) designed to support the material.

Outline content

  • Statistical models of Volatility and Correlation
  • Normal mixture models
  • Normal and normal mixture GARCH
  • Principal Component Analysis: Applications to building covariance matrices
  • Modelling Implied Volatilities and their dynamics
  • Local Volatility models
  • Stochastic Volatility Models
  • Hedging

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

International Securities Markets

Module convenor: John Evans10 credits

International Securities Markets applies general valuation risk assessment methods to: fixed income securities, derivatives and markets. It describes the basic characteristics of each fixed-income security, cash and underlying, and develops practical strategies for finding its value and assessing its risk. It also considers how the markets for these securities are related and begins the task of showing how these relationships can be exploited for trading or investment. The analytical techniques introduced in this module are very applied to allow the successful candidate to apply directly to industry the more theoretical market valuation and risk models learned in other core modules taken in the first term. Outline: FIxed income Analysis, Rates Trading and Hedging I, Rates Trading and Hedging II, Credit Analysis and Products I, Credit Analysis and Products II

Available learning modes:

  • Full time
  • Flexible learning
  • Distance learning

Come and see us

Why not make an appointment to come and visit. You can chat with our Admissions and Careers teams and a member of academic staff. Email admissions@icmacentre.ac.uk or call +44 (0)118 378 8239.

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