Master of financial risk ManageMent
Measure and manage financial risk
in the arenas of financial intermediation
asset management and trading.
MasTer of financial risk ManageMenT
The prograM WhaT you Will learn
the Master of financial risk Management the Master of financial risk Management
degree prepares financial risk managers for the is an intensive 12-month, full-time program
challenges of our changing world. the program delivered over three terms. elective courses
provides a unique blend of rigorous training in all allow candidates to specialize in either risk
aspects of financial risk management and real- management for financial intermediaries and
world experience. Visiting finance professionals trading concerns, or risk management and
contribute an invaluable practical component quantitative portfolio management within
to the program. students have an unparalleled an investment management context. the
opportunity to gain hands-on experience by first term is dedicated to developing sound
managing an investment portfolio with a market foundations in mathematical and computational
value in excess of $10 million. the program methods, foundations of financial theory and
meets the increasing global demand for skilled an introduction to the management of the
risk management professionals across the full investment fund. the second and third terms
spectrum of financial and regulatory institutions. introduce students to advanced theory of capital
markets and derivative securities, fixed income
WhaT We look for analysis, financial econometrics, law and
We seek numerate, critical thinkers eager to regulation of financial institutions, investment
develop their technical and analytical skills. management, enterprise risk management and
the program is best suited to candidates with market and credit risk management.
a bachelors degree in a quantitative discipline
(mathematics, sciences, engineering, economics
or business). some employment experience in
the financial services sector is a valuable asset.
We expect candidates to possess excellent
written and oral communication skills.
exTracurricular Value career Management services
the Beedie school of Business career
practical investment and risk
Management centre offers students a variety of
career services, including resume preparation
students have a unique opportunity to acquire
advice, career counseling and access to online
real world investment, risk management and
compliance experience through the student
investment advisory service (sias). students Where you Will Work
manage a $10 million endowment portfolio, in addition to careers in financial risk
funded by generous contributions from the lohn management, graduates of the MfrM program
foundation and HsBc Bank canada. senior can expect to build careers in any area of finance
representatives from the financial sector mentor that calls for a thorough understanding of
students in their sias activities. financial theory and well developed quantitative
Visiting industry professionals and analytical skills. typical career paths include:
guest speakers from financial institutions around • risk modeling and analysis at:
the globe share their knowledge and stimulate » Banks
interest in a wide variety of topics for research » Hedge funds
projects. We encourage visitors to work with » regulatory institutions
promising candidates on research projects. • fixed income analysis
successful research cooperation often leads to • compliance
an offer of employment. Visitors to the MfrM • Valuation validation
program include: • treasury positions at financial and
• Bank of america / Merrill lynch, new York, nY non-financial firms.
• Bank of Montreal financial group, toronto
• Deutsche Bank, new York, nY
• fincaD, Vancouver
• Quic, Vancouver
• royal Bank of scotland securities, greenwich, ct
• sgs asset Management, toronto
• standard chartered Bank, london
• swiss re, new York, nY
• Ze Powergroup inc., Vancouver
reVieW courses choose one of The folloWing TWo: seMesTer 2 - spring
MaTheMaTics reVieW accounTing for financial financial econoMics ii
probabiliTy and sTaTisTics reVieW insTruMenTs extends concepts in financial economics to
an introduction to essential accounting concepts. various estimation and empirical issues in capital
some comparison of fasB, iasB and acsB.
seMesTer 1 - fall accounting for derivatives. Hedge accounting.
markets. topics in behavioural finance and
performance measurement and attribution are
accounting for securitization. covered. asset allocation models will be studied
financial Modeling Tools
introduction to elements of mathematics and with reference to the theoretical literature as well
equiTy securiTy analysis and
computational techniques essential for risk as models actually used in practice.
management. introduction to programming tools the valuation of equity securities, including financial econoMeTrics
employed in financial institutions, e.g. Microsoft company and industry analysis, financial analysis, reviews econometric methods for testing asset
VBa, Matlab, and an object oriented programming and valuation models. pricing models and performance measurement.
language (e.g. c++).
MarkeT risk ManageMenT
financial econoMics i
includes a survey of value-at-risk methodologies
an introductory course in the theory of finance
and investor behaviour, it covers investor financial (assumptions, choice of models and the amount/
decision making under uncertainty as well as type of exposure) used by leading financial
capital market equilibrium. institutions worldwide: advanced market risk
models, statistical models, stress testing and
inVesTMenT ManageMenT for sias scenario analysis, and risk-adjusted performance
the sias investment policy statement. Practical measurement.
aspects of portfolio management and trading.
elements of compliance, attribution and risk fixed incoMe securiTy analysis
management. Principles of fixed income valuation theories of the term structure, measures of fixed
income return, yield-spread analysis and sources
and equity analysis.
of risk in fixed income securities.
deriVaTiVe securiTies i
an introductory course in derivative securities,
deriVaTiVe securiTies ii
extensions of advanced topics beyond those
it covers pricing as well as the use of derivative
covered in Derivative securities i.
securities in portfolio management and structured
seMesTer 3 - suMMer choose one of The folloWing TWo: crediT risk ManageMenT
examines techniques of credit risk management,
nuMerical MeThods enTerprise risk ManageMenT for with emphasis on portfolio models. Models
an introduction to the numerical mathematics financial insTiTuTions measuring probability of default and loss given
of financial models to provide an overview of an assessment of the risk management default are covered. the course also deals with
the basic computational tools and associated practices of financial institutions. a survey of credit portfolio management and portfolio models,
mathematics that are used by financial analysts, best practices within financial institutions with credit capital allocation in banks, and techniques
financial engineers and risk managers. respect to enterprise risk management, including of active portfolio management, such as credit
risk architecture and risk communication and derivatives and structured transactions.
laW and regulaTion of disclosure within the organization.
financial insTiTuTions sTraTegic asseT allocaTion research projecT
review of securities law in canada, Us and the final project requires students to research
assumptions underlying the capital asset Pricing
the eU. a survey of how and by whom financial a topic in risk management. this project may be
Model are relaxed to allow for specific views on
intermediaries are regulated. economic analysis based on ideas generated in previous academic
asset returns, and to allow for the expected future
of regulation. terms. Projects are supervised by faculty
consumption needs of a given investor to be
members. the format of this course consists of
considered at a strategic level.
in-class sessions as well as regular meetings on
an individual basis with the designated project
avi bick, phd (berkeley) Mikhail illiev, jd (ny law school) amir rubin, phd (british columbia)
associate Professor, finance instructor associate Professor, finance
Dr. Bick’s areas of specialization include the Mr. iliev is a corporate attorney in new York city. five years as an economist with the israeli
valuation of options and futures contracts, He specializes in securities laws, derivatives and security authority regulating mutual funds and
models of financial market equilibrium and secured finance. He is advises financial services designing risk analysis tools were the prelude
mathematical finance. His research has been companies. He held the titles of senior Vice to Dr. rubin’s academic research and teaching.
published in leading academic journals in finance, President at kBc financial Products, a subsidiary His research includes corporate finance and
management science and mathematics. He of kBc nV (Belgium), and associate attorney at governance, asset pricing and portfolio allocation,
teaches Derivative securities ii. Dewey & leBoeuf llP, a top 10 Us law firm. Mr. as well as corporate responsibility and its
illiev teaches law and regulation of financial interaction with financial decision making. He
phil goddard, phd (cambridge)
instructor institutions. teaches financial economics.
Dr. goddard develops advanced numerical peter klein, phd (Toronto) daniel smith, phd (british columbia)
analysis and simulation software. as the President Professor, finance associate Professor, finance
of goddard consulting he advises clients on Prior to joining the Beedie school of Business, Dr. Dr. smith teaches Market risk Management and
techniques for optimizing their critical decision klein held senior positions at ciBc/Wood gundy fixed income security analysis. His research,
making software. He teaches numerical Methods financial Products, including chief trader for published in leading finance, economics and
in risk Management. capital markets and vice-president of investment management science journals, focusses on
banking. Dr. klein’s research interests include econometric analysis of market risk, business
robert grauer, phd (berkeley)
return anomalies, taxation, credit risk, derivative cycle dynamics, bond returns and interest rate
endowed University Professor, finance
securities and corporate governance. He has modelling.
Dr. grauer’s research interests include asset
published in a number of leading academic
allocation, portfolio selection, asset pricing, anton Theunissen, phd (sfu)
journals in finance and economics. adjunct Professor, finance
performance measurement, and efficient markets.
His publications have appeared in leading andrey pavlov, phd (ucla) Dr. theunissen is a financial consultant based in
associate Professor, finance; academic chair new York. His professional experience includes
academic and practitioners journals in finance,
economics, and management science. He teaches Dr. Pavlov’s research interests include mortgage- positions at chubb financial solutions, american
financial economics ii. backed securities pricing and commercial and international group and Wells fargo Bank. at
residential market risk management. He has chubb financial solutions he managed a UsD 40
john heaney, phd (sfu)
also worked on the modelling of aggressive billion structured finance portfolio. He teaches
associate Professor, finance
lending practices, risk management for publicly credit risk Management and fixed income
Dr. Heaney teaches financial economics. His
traded real estate companies, mortgage and security analysis.
research interests include corporate investment
equity securitization, and mortgage default risk
policy, equilibrium valuation and mathematical derek yee, phd (british columbia)
modelling using non-parametric methods and adjunct Professor, finance
modelling of financial time series. His research
spatial statistics. He consults for both the public
has been published in leading academic journals Dr. Yee is a chartered financial analyst and a
and private sectors. He teaches the Math review
in finance and economics. certified general accountant. He teaches equity
and financial econometrics.
security analysis and Portfolio Management. Dr.
Yee is faculty liason for the sias.
MfrM aT a glance
the Master of financial risk Management all classes take place at the segal graduate ready To apply?
is an intensive 12-month, full-time program school of Business, 500 granville street, in the
delivered over three terms. elective courses heart of Vancouver’s business district, easily enTry qualificaTions
allow candidates to specialize in either risk accessible by skytrain, seabus and public transit • applicants must have an undergraduate
management for financial intermediaries and from most places in the lower Mainland. degree in a quantitative discipline
trading concerns or risk management within an (mathematics, sciences, engineering,
investment management context. economics or business)
the Phillips, Hager & north investment
• related professional work experience in
Who Management sias room features the latest
the financial services sector is an asset
in computing power and a variety of software
successful candidates have a bachelors degree in
applications used in the financial services • gMat score (minimum 550) average 630.
a quantitative discipline (mathematics, sciences,
industry, including Bloomberg and thompson • three reference letters from supervisors,
engineering, economics or business), and have
some experience working in the financial services reuters. a laptop computer is recommended. former professors or significant clients
sector. in addition to being numerically astute,
TuiTion • english language proficiency
candidates possess excellent written and oral (if your first language is not english,
communication skills. tuition for the year is $26,600. tuition includes
or if you obtained your degree from
career and professional development resources.
an institution where the language of
When additional costs for textbooks and related
instruction was not english, you are
the MfrM program is a full-time program which materials are approximately $2,500.
required to take either the ielts or
begins in september each year. the application
financing your fuTure toefl/tWe)
deadlines are february 15th (for early admission)
and april 1st for september start. applicants are scholarships, fellowships, and private awards are
available to students with a high cumulative grade
encouraged to apply early.
point average (cgPa). Qualified students may be those wanting priority consideration are
considered for a teaching assistantship. encouraged to submit applications early
(early application deadline is february 15th).
the deadline for applications is april 1st. late
applications will be reviewed based on space
see the website beedie.sfu.ca/mfrm for availability.
upcoming information sessions. hoW To apply
apply online at:
MasTer of financial risk ManageMenT
Beedie school of Business tel 778.782.7962
simon fraser University fax 778.782.5122
segal graduate school e-mail email@example.com sfU’s Beedie school of Business is accredited by both
aacsB (association to advance collegiate schools of
500 granville street
Business) and eQUis (european Quality improvement
Vancouver, Bc, canada beedie.sfu.ca/MfrM system). only 50 business schools worldwide carry both
eQUis and aacsB accreditation. the Beedie school of
Business is signatory to the Principles for responsible
Management education (PrMe).
for the most current program information, please check our website. MfrM0311