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
Tuition fees
You can find fee information on our fees table.
 

Overview

This course is endorsed by The Chartered Insurance Institute (CII) and will develop your understanding in the areas of risk theory, risk processes, corporate risk, business continuity, project management, and the strategic use of insurance in risk management.
Read full overview

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

You will be taught by staff from our renowned Centre for Risk, Banking and Financial Services who 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 us.

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 latest Research Excellence Framework (REF) we ranked 6th for research power out of 101 UK business and management institutions
  • We are ranked 12th in the UK for business and management studies in the QS World University Rankings by Subject 2016 (top 100 worldwide)
 

Course details

You must accumulate 180 credits to qualify for the award of MSc; 120 from modules taught and examined during two 15-week semesters.

Each taught module typically consists of ten 2-3 hour sessions. Assessment is a combination of individual essays or group projects and written exams.

The remaining 60 credits of this course are allocated to a 12,000-15,000-word individual dissertation on an approved, relevant subject, which is completed over the summer period for submission in September.

 
 

Modules

Semester one

Core

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.

 

Optional

Choose one module from the following list:

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
 

Semester two

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.

 
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

Choose two modules from the following list:

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.

 
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.

 

Any other module options are subject to approval, pre-requisites and timetabling constraints.

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 may be available through the Business School. 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 2017 entry scholarships will open in late 2016. 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 team

As a postgraduate student in Nottingham University Business School you will have access to our specialist in-house postgraduate careers team 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 2015, 97% 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 £29,221 with the highest being £55,700.*

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.

* Known destinations of full-time home higher degree postgraduates 2014/15. Salaries are calculated based on those in full-time paid employment within the UK.

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.

 
 
 
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+44 (0)115 951 5559

Contact

Nottingham University Business School
Jubilee Campus
Nottingham
NG8 1BB
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