Risk Management MSc

 
  

Fact file

Qualification
MSc Risk Management
Duration
1 year full-time
Entry requirements
2.1 (or international equivalent) in business studies, economics or managment
Other requirements
Personal statement and a list of modules being studied in the final year (for applicants who have not yet completed their undergraduate degree)
IELTS
6.5 (no less than 6.0 in any element)

If these grades are not met, English preparatory courses are available
Start date
September
Campus
Jubilee Campus
School/department
Tuition fees
You can find fee information on our fees table.
 

Overview

On this course, we will help you develop understanding and knowledge in the areas of risk analysis, risk and society, corporate risk, quantitative risk management, and the strategic use of insurance in risk management.
Read full overview

You will undertake research methods and a dissertation tailored towards risk management. This course provides you with all you need to establish your career path to a Chief Risk Officer position in the areas of healthcare, aviation, law, engineering, oil and gas, health and safety, and insurance.

It is recognised by the Chartered Insurance Institute, the world’s leading professional body for insurance and financial services. In addition, graduates automatically become affiliate members of the Institute of Risk Management.

Contrary to popular belief, risk management is not just for large multinationals but also for SMEs and entrepreneurs. For my dissertation, I am conducting an exploratory study on the risks involved in using crowd funding for technology start-ups, which I would not have been able to do without the background knowledge I gained through this course.
 

Sebastian Pigge, MSc Risk Management

Academic English preparation and support

Accredited by the British Council for the teaching of English in the UK, the University's Centre for English Language Education provides high-quality preparation and support. Our presessional courses take your English language and academic skills to the level you need to progress to postgraduate study without taking IELTS again.

Specialist five and 10-week business and management courses are available and you could be eligible for a joint offer, which means you will only need to apply for your visa once. Students who enter via the CELE route are exempt from paying the school's £1,000 reservation fee. For more details, please contact us.

Key facts

  • This course is recognised by the Chartered Insurance Institute, the world's leading professional body for insurance and financial services
  • Graduates automatically become affiliate members of the Institute of Risk Management
  • Part of an elite group of EQUIS and AMBA accredited business schools
  • 6th in the UK for research power in the latest Research Excellence Framework, with teaching informed by the latest developments
 

Course details

Across the autumn and spring semesters, you will take 120 credits of taught modules. Each module typically consists of 10 two to three hour sessions.

You will complete a 60-credit 12-15,000-word dissertation over the summer, and will be allocated an appropriate dissertation supervisor who will oversee your progress.

Assessment

You will be assessed through a combination of individual essays or group projects and written exams.

 
 

Modules

Core

Corporate Risk

The module covers concept of risk in large organisations; risk management as a process; the tools and techniques of corporate risk management; and the practical issues in managing risk in large organisations.

 
Further Quantitative Research Methods

The module includes matrix algebra, differential calculus, multiple regressions, time series, qualitative response and panel data models.

 
Introduction to Research Methods

Part 1: Introduction Quantitative Analysis (compulsory) - Survey design and measurement, Introduction to statistics; hypothesis testing, t-tests, ANOVA, Regression Analysis and Factor Analysis.

Part 2: Introduction Qualitative Analysis (compulsory) - This part of the module will be concerned with epistemological issues as well as the collection and analysis of qualitative data.

 
Risk Analysis

The module will include the following topics:

  • Risk (the meaning and nature of risk)
  • Risk and individuals (eg risk perceptions, risk aversion)
  • Risk and organisations (eg risk appetite, risk and incentives, internal controls, organisational failure)
  • Risk and society (eg societal risks, how safe is safe enough?, risk and regulation, role of government in risk)
  • Risk analysis (measuring and modelling)
  • Risk and markets (eg market sources of risk, market pricing of risk)

The module gives a broad introduction to the conceptualisation and theory of risk, highlighting how risk affects stakeholders and society.

 
Theory of Risk and Insurance

This module introduces you to individual risk theory. Decision-making under certainty is covered and the standard theory of subjective expected utility is developed as a special case, along with problems of information asymmetry. Applications to gambling and insurance markets are reviewed. Empirical studies of these theories, based on laboratory or field data, are reviewed.

 

Optional

Behavioural Economics and Decision Making

The module is split into two parts. The first part focuses upon the methods and models associated with behaviour. These sessions will introduce key concepts in bounded rational behaviour and apply these to specific economics models and financial markets. 

The second part of the module concentrates on designing your own experiment and interpreting empirical results. You will analyse studies of bounded rational behaviour, labour markets, asset markets, experimental behavioural finance, social dilemmas, preferences, public goods, reciprocity, bargaining and contests.

The module will be interactive, you will undertake experiments and analyse results.

 
Corporate Governance

The module covers the following:

  • Perspectives on corporate governance
  • Instruments of governance; active shareholders, board of directors, organisational and financial structure, executive remuneration
  • The market for corporate control
  • Government and governance
  • Comparison of national approaches to governance
 
Corporate Strategy

The module covers:

  • strategic analysis
  • industry analysis
  • positioning
  • creating and sustaining competitive advantage
  • diversification
  • strategic decision making
  • strategy practice and implementation
  • strategy and organisation
  • strategic leadership
 
Financial Econometrics

The module will provide an introduction to modern econometric techniques for modelling financial data. It covers relatively advanced econometric techniques such as dynamic panel data modelling, generalised methods of moments, multinomial models, selection models GARCH, risk measurement and continuous time models.

 
Industrial Economics

The module uses a game-theoretic approach to analyse strategic firm-behaviour. It intends to cover topics like static and dynamic models of imperfect competition, product differentiantion, market entry, merger and acquisition, and privatisation.

 
Managerial Economics

The module covers the nature of organisational economics - applying economics to understand business organisation: the transaction cost approach; principal-agent models, pre-contractual opportunism, post-contractual opportunism and applications to corporate governance; executive pay; the wage premium; internal job markets; the horizontal boundaries of the firm and the "make versus buy decision"; Economic Foundations of Corporate Governance; and Economic Foundations of Corporate Strategy.

 
Managing People and Organisations

Classic management topics and critical reflections on management knowledge:

  1. People in organisations - theories of motivation and of team development, and their contemporary relevance
  2. Organisational processes - theories and models for managing organisational culture, strategic change, across cultures and diversity, and learning and leadership
  3. Critical perspectives on management knowledge - from disciplinary knowledge to the meaning of work, comparative management and its prospects, and from application of classic theory to emerging dialogues in a global age
 
Project Management

The module covers the following:

  • Definitions and classifications of projects
  • Objectives in project management - time, costs, quality
  • Activity identification
  • Resources and resource management
  • Critical Path Method, programme evaluation and review technique, and resource scheduling
  • Performance measurement and costs
  • Project lifecycles and models
  • Project teams and leadership in project management
  • Managing risk in projects
  • Critical Chain Planning Method
  • Analysis of project success and failure
  • Monte Carlo Simulation
  • Project management software
 
Quantitative Risk Management

The module covers the following:

  • The development of quantitative risk management and its use by firms to measure and manage their risk
  • Measures of risk: value at risk, expected shortfall, and other risk measures
  • Uses of quantitative risk measures: Estimating risk measures: historical simulation approaches, parametric approaches and Monte Carlo simulation approaches
  • Volatility forecasting
  • Estimating liquidity risks
  • Backtesting risk models
  • Risk measurement using Extreme Value Theory
  • Model and parameter risk
 
Risk and Society

The module will provide critical foundations in societal aspects of risk. You will develop conceptual and practical understanding of risk problems in context, including the emergence and development of risk concepts, the character and diversity of risk governance and regulatory regimes, and varieties of public risk management and communication practices across different sectors and public and institutional settings.

You will gain knowledge of social science and public management theories, concepts, techniques, and different critical approaches to explaining and addressing societal risk issues. 

 
Risk Management in Financial Institutions

The module covers risks specific to financial institutions (including liquidity, credit, market, and operational); techniques for managing such risks; the organisation of the risk management process in financial institutions. Financial institutions include banks, other deposit-taking institutions, life and general insurance companies.

Content complements that covered in modules such as Corporate Risk and Quantitative Risk Management.

 
Service Operations Management

The module covers the following:

  • The role of operations management in services
  • Comparative analysis of similarities and dissimilarities and manufacturing and service operations
  • Unique features of services
  • The development and delivery of a service package
  • Design of service operations
  • Strategies for balancing capacity and demand
  • Strategies for structuring and managing queues in services
  • Understanding and managing customer expectations and perceptions in services and their implications on quality of service provision
  • Tools and techniques for service quality management
  • Strategies for creating, developing and expanding services nationally and globally
  • The role of ICT in enhancing strategic and operational efficiencies of services
  • Service supply chain management

The ideas and concepts will be illustrated and delivered through examples and case studies.

 

 

The modules we offer are inspired by the research interests of our staff and as a result may change for reasons of, for example, research developments or legislation changes. This list is an example of typical modules we offer, not a definitive list.

 
 

Funding

Funding information is available on the school website and can also be found on the Graduate School website.

International and EU students

The University of Nottingham offers a range of masters scholarships for international and EU students from a wide variety of countries and areas of study.

Applicants must receive an offer of study before applying for our scholarships. Please note the closing dates of any scholarships you are interested in and make sure you submit your masters course application in good time so that you have the opportunity to apply for them.

The International Office also provides information and advice for international and EU students on financing your degree, living costs, external sources of funding and working during your studies.

Find out more on our scholarships, fees and finance webpages for international applicants.

 
 

Careers

Professional accreditation

Chartered Insurance Institute

This course is recognised by the Chartered Insurance Institute, the world's leading professional body for insurance and financial services.

Graduates automatically become affiliate members of the Institute of Risk Management.

 

Career destinations

Career destinations for our postgraduates include accountants, finance and investment analysts, higher education teaching professionals, investment bankers, IT business analysts, management consultants, marketing professionals, public relations professionals and university researchers.

Postgraduate careers team

Taught students benefit from the support of our postgraduate careers team who will help you to explore your career options and develop your career management skills. Our weekly MSc Advanced Career Leaders Programme is complemented by individual careers consultations, networking events and access to a wide range of employer presentations, volunteering activities and work experience opportunities.

Through a combination of your academic studies and the careers support on offer, you will be in an excellent position to enhance your career prospects and move onto the next stage of your career.

Employability and average starting salary

82.1% of postgraduates from Nottingham University Business School who were available for employment secured work or further study within six months of graduation. £28,500 was the average starting salary, with the highest being £50,000.*

* Known destinations of full-time home postgraduates 2015/16. Salaries are calculated based on the median of those in full-time paid employment within the UK.

Career and professional development

Whether you are looking to enhance your career prospects or develop your knowledge, a postgraduate degree from the University of Nottingham can help take you where you want to be.

Our award-winning Careers and Employability Service offers specialist support and guidance while you study and for life after you graduate. They will help you explore and plan your next career move, through regular events, employer-led skills sessions, placement opportunities and one-to-one discussions.

 
 
 
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Disclaimer
This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.

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Nottingham University Business School
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Nottingham
NG8 1BB
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