Triangle

Course overview

Risk management is key to an organisation's sustainability. It allows a business to plan for situations ranging from global pandemics to volatile marketplaces, and to put solutions in place that enable them to continue to thrive.

Our programme will give you a complete set of essential management skills and will also develop your potential to excel in global risk management positions. You will be able to directly contribute to the success of organisations in sectors as diverse as healthcare, aviation, law, energy, engineering and insurance.

On our MSc, you'll explore topics such as analysing and modelling risk, risk governance in different sectors and quantitative risk management. 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.

You have the option to take industry-recognised digital qualifications by Microsoft and SAP alongside your course, which will develop your digital skills.

Studying this course with us will enhance your CV and help to bring you to the notice of prestigious employers who are looking for the skillset you will have.

Why choose this course?

Recognised

by the world's leading professional body for insurance and financial services

Top 100

in the world and top 20 in the UK

Gain membership

to the leading international professional education and training body for risk management

Gain digital skills

We offer the opportunity to take industry-recognised Microsoft and SAP certifications at significant discounts from the open market rate

Triple accredited

Part of an elite group of business schools worldwide to gain ‘triple crown’ accreditation

EQUIS, AMBA and AACSB accredited

More than 19,000

Business School alumni connect you to a powerful global network of business contacts

Course content

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 dissertation over the summer, and will be allocated an appropriate dissertation supervisor who will oversee your progress.

Modules

Core modules

Semester one

Research Methods for Risk Management

This module is an introduction to research methods in risk management relating to literature review, asking research questions and objectives, research design, formulating research hypotheses, data collection, data analysis, presentation and discussion of findings.

  1. Introduction Qualitative Analysis: This part of the module will be concerned with the collection and analysis of qualitative data
  2. Introduction Quantitative Analysis: This part will be concerned with the collection and analysis of quantitative data
Risk Analysis

The module will include the following topics:

  • Introduction to risk (the meaning and nature of risk)
  • Risk and individuals (for example, risk perceptions, risk aversion)
  • Risk and organisations (for example, risk appetite, risk and incentives, internal controls, organisational failure)
  • Risk and markets (for example, market sources of risk, market pricing of risk)
  • Risk modelling (qualitative and quantitative)
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. 

Semester two

Corporate Risk

We hope that the module will enable you to make sense of some of the different perspectives that exist and understand their strengths and limitations when applied in the modern business environment. We will try to address various questions in this environment:

  • Can all risks be identified?
  • Can all risks be managed?
  • Should all risks be managed?
  • If not, how do we decide which should be ignored and which managed?
  • How can risk, in particular financial risk, be measured?
  • What techniques of risk management are available and what are their strengths and weaknesses?
  • How can the risk management process be structured and planned?
Quantitative Risk Management

The module covers:

  • Introduction and historical overview
  • Statistical underpinnings of quantitative risk management
  • Measures of financial risk
  • Risk measurement in practice: Parametric approaches, non-parametric approaches, Monte Carlo approaches, extreme value approaches
  • Liquidity risk
  • Backtesting
  • Credit risk
Theory of Risk and Applications

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.

Summer

Dissertation

The module aims to allow you to synthesise, apply and extend the knowledge you have gained in the taught component of the programme. The investigation of a current research topic will help to develop your theoretical and practical understanding of current problems in your area, as well as your research and communication skills.

Business Project

The Business Project requires students, working as groups, to undertake research in a topic which is relevant to business, management, marketing, finance, accounting, or information system. You must choose their research topic that is relevant to your named degree programme. The specific topic is subject to a formal approval process.

The module is intended for you to apply knowledge, concepts, skills, and techniques, acquired during the taught stage of your programme to real-world, business scenarios. You will be presented with real-word business problems for which you are required to review relevant literature, conduct research, analyse data, and formulate viable solutions.

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on Friday 20 May 2022.

Learning and assessment

How you will learn

  • Lectures
  • Seminars
  • Tutorials
  • Workshops

Digital professional skills certifications

We offer the opportunity for you to take industry-recognised Microsoft and SAP certifications alongside your degree programme at significant discounts from the open market rate. This will enhance your digital capability, differentiate your CV and help you stand out to future employers. Find out more on our digital professional skills website.

How you will be assessed

  • Dissertation
  • Examinations
  • Essay
  • Coursework

Assessment is by a mixture of methods such as independent and group coursework, take home exams, and a final dissertation.

Contact time and study hours

Each taught module will involve about 200 hours, including 160 study hours and 40 contact hours delivered through methods such as weekly two to four hour lectures and two hour seminars varying across each module.

Entry requirements

All candidates are considered on an individual basis and we accept a broad range of qualifications. The entrance requirements below apply to 2023 entry.

Undergraduate degree2:1 (or international equivalent) in business studies, economics or management

Applying

You are required to submit a personal statement and a list of modules being studied in the final year (for applicants who have not yet completed their undergraduate degree).

Our step-by-step guide covers everything you need to know about applying.

How to apply

Fees

UK fees are set in line with the national UKRI maximum fee limit. We expect fees for 2023 entry to be confirmed in August 2022.

Additional information for international students

If you are a student from the EU, EEA or Switzerland, you may be asked to complete a fee status questionnaire and your answers will be assessed using guidance issued by the UK Council for International Student Affairs (UKCISA) .

These fees are for full-time study. If you are studying part-time, you will be charged a proportion of this fee each year (subject to inflation).

Additional costs

All students will need at least one device to approve security access requests via Multi-Factor Authentication (MFA). We also recommend students have a suitable laptop to work both on and off-campus. For more information, please check the equipment advice.

As a student on this course, you should factor some additional costs into your budget, alongside your tuition fees and living expenses.

You should be able to access most of the books you'll need through our libraries, though you may wish to purchase your own copies or more specific titles.

Funding

Business School MSc scholarships

There are many ways to fund your postgraduate course, from scholarships to government loans.

We also offer a range of international masters scholarships for high-achieving international scholars who can put their Nottingham degree to great use in their careers.

Check our guide to find out more about funding your postgraduate degree.

Postgraduate funding

Careers

We offer individual careers support for all postgraduate students.

Expert staff can help you research career options and job vacancies, build your CV or résumé, develop your interview skills and meet employers.

Each year 1,100 employers advertise graduate jobs and internships through our online vacancy service. We host regular careers fairs, including specialist fairs for different sectors.

International students who complete an eligible degree programme in the UK on a student visa can apply to stay and work in the UK after their course under the Graduate immigration route. Eligible courses at the University of Nottingham include bachelors, masters and research degrees, and PGCE courses.

Graduate destinations

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

Our in-house Postgraduate Careers Team provides expert advice and guidance so that you can make an informed decision about the right career path for you.

Prior to commencing your course you can take part in pre-entry careers discussions and once on programme our MSc Accelerated Career Leader Programme is complemented by one to one career coaching.

Increasingly, graduates are required to be cloud and data-ready for the workplace with 66% of employers wanting to see graduates achieve professional qualifications as well as their main degree (CMI 21st Century leaders report). The school works with some of the world’s leading business software providers including SAP and Microsoft, offering the option to take their globally recognised professional digital qualifications alongside your course. Our Digital Centre of Excellence will support you so that you can develop the digital skills necessary to pursue your chosen career and stand out to future employers.

Our support continues throughout your time at Nottingham and after you graduate. Business School postgraduates also have access to events and resources provided by the Careers and Employability Service.

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
  • university researchers

Some MSc graduates have gone on to doctoral studies, others have become entrepreneurs. Our Ingenuity Lab has supported a number of our MSc graduates in starting their own company.

Career progression

86.2% of all postgraduates from Nottingham University Business School secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £36,668.*

* HESA Graduate Outcomes 2019/20 data published in 2022. The Graduate Outcomes % is derived using The Guardian University Guide methodology. The average annual salary is based on graduates working full-time within the UK.

Chartered Insurance Institute

This course is accredited by the Chartered Insurance Institute.

Two masters graduates proudly holding their certificates
" Not only is there a diverse set of modules in this course, but there are also a number of business engagement projects where we will be involved in real businesses, discussing with employees the problems that the company is experiencing, and trying to solve them. In this process, we can apply the theoretical knowledge we have learnt in real life and improve our communication and teamwork skills. "
Fuyuan Lu, MSc Risk Management

Related courses

This content was last updated on Friday 20 May 2022. Every effort has been made to ensure that this information is accurate, but changes are likely to occur given the interval between the date of publishing and course start date. It is therefore very important to check this website for any updates before you apply.