Areas of Concentration
M.S. in Risk Management takes 30 credits to complete, if a student has met all prerequisites. Students choose one of four areas of concentration. Each concentration is designed to strengthen your core skill sets while broadening your reach across disciplines.
MS in Risk Management: Finance Concentration
Develops the finance practitioner’s knowledge of financial, statistical, and analytical tools to identify, quantify, and mitigate a variety of risk types, and an understanding of GAAP and IFRS accounting rules and the regulatory environment – excellent preparation for the series of CFA exams.
MS in Risk Management: Accounting Concentration
Strengthens the accountant’s ability to identify, measure, and manage risk across businesses, specific transactions, and assets and liabilities – satisfies the New York State CPA 150/30 credit requirement for CPA licensure.
MS in Risk Management: Environmental Risk Management
Designed for students with undergraduate degrees in environmental science or similar fields, this MS gives students a solid risk management foundation, including basic risk management skills in finance, math, insurance, and modeling. Course work also includes graduate coursework in environmental sciences relevant to economic risk management and to the environmental regulatory framework that might impinge on risk management decisions. For your Environmental Science elective, choose from: Environmental Risk Assessment, Managing Environmental Health Risks, or Environmental Financial Risk Assessment.
MS in Risk Management: Actuarial Studies Concentration
Prepares students to become actuaries and enhances the student’s financial, accounting, risk measurement, and financial modeling expertise. Curriculum is aligned with many of the industry’s core actuarial exams.
Advanced Certificate in Risk Management (12 credits)
Students who wish to pursue an Advanced Certificate in Risk Management may apply to this program. The advanced certificate gives students exposure to the growing field of risk management. It is also useful for students who have already earned an MBA or some other graduate degree, but wish to specialize in Risk Management. To complete the Advanced Certificate, the following three courses are required: RM701, RM704, and RM711. Additionally, one elective course must be chosen from the following: RM702, RM705, RM706, or RM707.
RM711 (Applied Financial Analysis) is a pre-requisite for all M.S. programs (unless you can show sufficient evidence of programming knowledge) and generally should be taken early in your program. RM711 takes a hands-on approach to financial modeling and makes extensive use of Microsoft Excel and VBA programming.
Required Courses in the M.S. in Risk Management
All courses are 3 credits. Students in all concentrations take a capstone course to complete the program (RM790 or GEOL788).
| Accounting Concentration | Finance Concentration | Environmental Risk Management Concentration | Actuarial Studies Concentration |
| RM701 Enterprise Risk Management (Fall) |
RM701 Enterprise Risk Management (Fall) | RM701 Enterprise Risk Management (Fall) | RM701 Enterprise Risk Management (Fall) |
| RM705 Risk Transfer to Financial Markets (Fall, Spring) |
RM705 Risk Transfer to Financial Markets (Fall, Spring) |
RM711 Applied Financial Analysis (Fall, Summer) | RM705 Risk Transfer to Financial Markets (Fall, Spring) |
| RM706 Risk Transfer to Insurance Markets (Fall, Spring, Summer) |
RM706 Risk Transfer to Insurance Markets (Fall, Spring, Summer) |
RM706 Risk Transfer to Insurance Markets (Fall, Spring, Summer) |
RM706 Risk Transfer to Insurance Markets (Fall, Spring, Summer) |
| ECON715 Advanced Corporate Finance (Fall, Spring) |
RM702 Accounting for Risk Management (Fall) | RM704 Risk Measurement (Fall) |
ECON715 Advanced Corporate Finance (Fall, Spring) |
| RM704 Risk Measurement (Fall) |
RM704 Risk Measurement (Fall) | RM708 Financial Econometrics (Spring) |
RM704 Risk Measurement (Fall) |
| ACC712 Advanced Financial Accounting Theory (Fall, Spring) |
RM707 Financial Statement Analysis & Credit Risk Management (Spring) (Prerequisite: RM702) | GEOL763 Geology Information Systems and Mapping (Semester?) | RM702 Accounting for Risk Management (Fall) |
| ACC723 Advanced Auditing Theory and Practice (Fall, Spring) |
RM708 Financial Econometrics (Spring) |
GEOL799 Environmental Impacts (Semester?) | MATH621 – New Course Code: MATH640 Probability (Fall) |
| ACC747 Communications and Accountants (Fall, Spring) |
RM709 Portfolio Management (Spring) | Choose one ENSCI Elective from several options (Semester?) |
RM708 Financial Econometrics (Spring) |
| ACC757 Taxation of Business Entities (Fall, Spring) |
RM710 Fixed Income Instruments (Fall) | ENSCI799 Environmental Impact Statements (Semester?) | RM710 Fixed Income Instruments (Fall) |
| RM790 Applied Dynamic Financial Analysis (capstone) (Spring) (Prerequisites: RM701, RM704) |
RM790 Applied Dynamic Financial Analysis (capstone) (Spring) (Prerequisites: RM701, RM704) |
GEOL788 Coop Ed Placement (Semester?) | RM790 Applied Dynamic Financial Analysis (capstone) (Spring) (Prerequisites: RM701, RM704) |
At the end of each semester, any student with less than a 3.0 will receive a warning and must bring the average back up to a 3.0 in the following semester or be dismissed from the program.
Program Electives
Students who have deemed by the program director to have covered sufficient material in their undergraduate program to be exempt from one or more of their required courses should substitute courses from one of the other concentrations or may choose from the additional electives listed below:
ACC 707 Contemporary Issues in Management Accounting (Fall, Spring)
ACC 748 Advanced Accounting Information Systems (Fall, Spring)
ACC 752 Business Law (Fall, Spring)
CSCI 780 Special Topics in Computer Science
MATH 621 Probability (Fall)
Prerequisite Math 201, Calculus, or equivalent and an introductory course in probability.
MATH 622 Operations Research
Prerequisite Math 241, Introduction to Probability and Mathematical Statistics, or equivalent.
MATH 633 Statistical Inference (Spring)
Prerequisite Math 201, Calculus or equivalent and Math 611, Introduction to Mathematical Probability, or 621, Probability, or an undergraduate probability course which includes mathematical derivations.
MATH 635 Stochastic Processes (Fall)
Prerequisite Math 611, Introduction to Mathematical Probability, or 621, Probability
MATH 650.3 Topics in Mathematical Finance (Spring)
RM 712 Macroeconomic Risk Management and Corporate Strategy
RM 714 Python for Financial Applications
RM 742 Machine Learning
RM 792 Special Topics in Risk Management
GEOL 799 Enviromental Risk Management
Note: Electives not on the list may be substituted with permission of the program director.
*** Also offered — Pending Enrollment ***
MS in Risk Management: Dynamic Financial Analysis Concentration
*** Pending Enrollment ***
Enhances the quantitative analyst’s financial tools by deepening an understanding of capital markets. Students will design models for a variety of risk management applications, such as risk monitoring, risk aggregation, actuarial models, hedging models, and asset-liability management. This MS degree requires the following courses to complete: RM701, RM704, RM705, RM706, ECON715, RM713, CSCI761, RM708, RM709, RM710 and RM791.