Risk Management MSc

 
  

Fact file

Qualification:MSc
Qualification name:Risk Management
Duration:12 months full-time
Entry requirements:2.1 (Upper 2nd class hons degree from British University or international equivalent)
Including:Management or economics or business studies
Other requirements:Personal statement and a list of modules being studied in the final year (for applicants who have not yet completed their bachelor degree).
IELTS:6.5 (no less than 6.0 in any element)
Start date:September
Campus:Jubilee Campus

Course Overview

Our MSc Risk Management provides you with a clear career path in a growing area of importance to major corporations that are looking for people with risk management knowledge. The course combines academic expertise with practical relevance to prepare you for your career. We will help you develop your understanding and knowledge in the areas of risk theory, risk processes, corporate risk, business continuity, project management, and the strategic use of insurance in risk management.

The course will prepare you for a career in risk management in a wide variety of sectors including health care, aviation, law, engineering, oil and gas, health and safety, and insurance. 

The course is delivered by staff from our renowned Centre for Risk, Banking and Financial Services which have been leaders in risk research for over two decades. They are widely regarded as thought leaders in the field of risk and we work closely with colleagues in industry and advise governments in key policy development.

The course is endorsed by The Chartered Insurance Institute (CII), the world's premier professional body for insurance and financial services. In addition, graduates from this course automatically become affiliate members of the Institute of Risk Management

Presessional English for Academic Purposes

The Centre for English Language Education (CELE) runs 10-week and 5-week Business and Management English language and study skills courses. These courses are designed in collaboration with Nottingham University Business School and prepare students going on to programmes in business and management.

If you are close to the English language level you need to go on to the Business School's MSc course and you meet the entry requirements for the relevant CELE course, you may be eligible for a joint offer. This means that:

  • you only need one TIER 4 visa and CAS
  • you take a 10 or 5-week English Language and Academic Skills preparation course, and then go onto your MSc course
  • you have a guaranteed place on the MSc course
  • your progression to the MSc is automatic, provided you attend and complete all the coursework

For more details, please visit the CELE website

Students who enter via the CELE route are exempt from paying the school's £1,000 reservation fee. For more details, please contact wendy.bull@nottingham.ac.uk

Key facts

  • The course is endorsed by The Chartered Insurance Institute (CII)
  • Graduates from this course automatically become affiliate members of the Institute of Risk Management
  • The Business School, across all three campuses (UK, China and Malaysia), is EQUIS accredited by the European Foundation for Management Development (EFMD) - one of the world's leading accrediting bodies for business schools
  • In the Research Excellence Framework (REF) 2014 we rank 6th for 'research power' out of 101 UK business and management institutions
  • We are ranked 12th in the UK in the QS World University Rankings 2015 (76th worldwide)

Course Details

The MSc Risk Management is taught on a full-time basis over one year.

During this time, you must accumulate 180 credits to qualify for the award of MSc. 120 credits come from modules taught and examined during two 15-week semesters.

Each taught module typically consists of ten two or three hour sessions. Assessment is a combination of individual essay or group project and written examination.

The remaining 60 credits of this course are allocated to an independent dissertation, which is completed over the summer period for submission in September.

Modules

Semester one

Core modules

Further Quantitative Research Methods

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

The modules aims to provide a good training in basic matrix algebra and applied econometrics.

 
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.

The module aims to:

  • instil familiarity with and understanding of key techniques of quantitative and qualitative analysis
  • improve accessibility of research material such as journal articles
  • provide basic skills in support of both other modules taught on the MA Programme and dissertation research involving quantitative and qualitative analysis
 
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.

 

Choose one module from:

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.

The aim of this module is to introduce key concepts and tools that are used in the economic analysis of organisations. Particular emphasis will be given to the ways in which organisations co-ordinate activities and motivate economic agents. It is intended that the concepts and models covered, including principal-agent models, transaction costs, moral hazard and adverse selection issues, should be particularly useful to students planning careers in finance or consulting.

 
Managing People and Organisations

Classic management topics and critical reflections on management knowledge: I. People in organisations - theories of motivation and of team development, and their contemporary relevance; II. Organisational processes - theories and models for managing organisational culture, strategic change, across cultures and diversity, and learning and leadership; and, III. 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.

The module aims to:

  • introduce key concepts in managing organisations
  • investigate how organisations adapt to their environments
  • facilitate a critical understanding of the core issues in contemporary organisations
  • provide a framework for understanding the systems and management role in organisations, and a guide for exploring management issues in a global context
  • develop the ability to diagnose and solve organisational problems
 
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

The module introduces fundamental concepts in project management. Students will gain understanding of the scope and variety of project types, understand key variables in project management and learn methods, techniques and approaches that are important in successfully managing projects to meet objectives in a wide range of contexts.

 

Semester two

Core modules

Corporate Risk

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

The module aims to provide students with a conceptual introduction to the principles and processes relevant to the practice of risk management in large organisations.

 
Theory of Risk and Insurance

This module introduces students 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.

The module aims to provide a conceptual framework necessary for an understanding of decision-taking under risk and uncertainty, to use this framework to explore issues in markets such as those for gambling and insurance, and to appreciate the related empirical literature.

 

Choose two modules from:

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.

In this module, the aim is to provide students with:

  • an understanding of behaviour in an economic context
  • an understanding of behavioural methods
  • knowledge of theoretical models of behavioural economics
  • knowledge of applicable behavioural tools
  • the ability to interpret results
  • knowledge of how to design an experiment and collect data
 
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

The module aims to:

  • develop an awareness and understanding of the main themes, perspectives and issues in the area of corporate governance
  • examine strengths and weaknesses of alternative processes and mechanisms in contributing to robust governance regimes
 
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

The module aims to provide an integrated perspective on strategic behaviour and aims to highlight the evolution of strategic thinking over time and how this has affected business over time.

 
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.

The module aims to introduce students to modern theory and practice of financial econometrics.

 
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, verticle relations, privatisation and foreign direct investment.

The module aims to provide students with a background for analysing various forms of strategic interactions in imperfectly competitive markets, and to establish knowledge abouth the field that may motivate students to pursue further research in the field of Industrial Economics.

 
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

The module aims to provide students with a conceptual introduction to the basic principles and practices of modern quantitative financial risk management, and to give them experience of carrying out the calculations involved using appropriate software.

 
Risk Management in Financial Institutions

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.

The module aims to develop students' knowledge and understanding of the risks faced by financial institutions, the techniques used to manage such risks, and the problems and issues faced in this process.

 
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 module aims to:

  • illustrate the growing importance of services in today's economy and the role of operations management in improving strategic and operational efficiencies
  • provide an in-depth coverage of the issues involved in designing, planning and managing inter and intra-organisational service operations
 

Any other module at the discretion of the MSc course director, and subject to meeting any pre-requisites and timetabling constraints.

Summer

12,000-15,000 word individual dissertation on an approved subject relevant to the MSc Risk Management.

For more details on our modules, please see the module catalogue.

Funding

Funding may be available through the Business School.

UK/EU students

Funding information 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. Applications for 2016 entry scholarships will open in late 2015. 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

Postgraduate careers service

As a postgraduate student at Nottingham University Business School you will have access to our specialist in-house Postgraduate Careers Service to help you develop your career management skills and explore your career options. 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.

Average starting salary and career progression

In 2014, 87% of postgraduates in the Nottingham University Business School who were available for employment had secured work or further study within six months of graduation. The average starting salary was £26,611 with the highest being £34,000.*

* Known destinations of full-time home and EU postgraduates, 2013/14.

Career destinations for our graduates 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.

Career prospects and employability

The acquisition of a masters degree demonstrates a high level of knowledge in a specific field. Whether you are using it to enhance your employability, as preparation for further academic research or as a means of vocational training, you may benefit from careers advice as to how you can use your new found skills to their full potential.

Our Careers and Employability Service will help you do this, working with you to explore your options and inviting you to attend recruitment events where you can meet potential employers, as well as suggesting further development opportunities, such as relevant work experience placements and skills workshops.  

Make an enquiry

Contact

Jane Flint/Ruth Evans
Nottingham University Business School
Jubilee Campus
Nottingham
NG8 1BB

t:   +44 (0)115 951 5614
  or +44 (0)115 846 6979
 
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