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The Master of Science program in Quantitative Risk Analysis and Management (QRAM) is designed for students who want a quantitative degree with career possibilities in the financial world or other industries where these skills can be used. Examples include analytical and technical positions within financial institutions, risk management advisory organizations, and the treasury departments of non-financial corporations.
The mission of the Master of Science in program is to provide students with a solid understanding of the application of mathematics and statistics in economics and finance to address contemporary risk management issues. Particular emphasis is placed on the diagnosis, analysis, pricing and customization of solutions to risk management problems. The program is well suited for students with undergraduate or graduate degrees in mathematics, statistics or similar technical disciplines. Students with an MBA or undergraduate degree in economics, finance or actuarial science, who can demonstrate the necessary skills in mathematics, also make excellent candidates.
It is important to appreciate that QRAM is not an alternative to a MBA with mjaor differences in the careers, skills and education of the two programs. To highlight some of the differences, QRAM is a significantly more quantitative degree than an MBA. Second, while the QRAM degree covers some finance, those are in very specific areas that match the quantitative curriculum and types of jobs where this skill is valued. The finance areas covered are for the most part in risk management, derivatives and financial modeling. While an MBA is a degree where several areas are covered in a general sense, the QRAM degree is quite focused. The majority of the QRAM classes fall under three different areas: risk management and derivatives (finance), econometrics, and data sceince complemented with electives to ensure students have a broader learning.
The MS in Quantitative Risk Analysis and Management can be completed in 16 months over three semesters. The core courses are designed in a lockstep format, students should be prepared to begin their core sequence during the fall semester. Students who have not completed the foundational requirements for the degree should apply for admission during either the spring or summer semester so they can complete the prerequisites before the core sequence begins in the fall. Students should contact the QRAM program director for advice about the appropriate time when you should apply to enter the program.
Two dual-degree options are available: one in which students will earn both the Master of Actuarial Science degree and the Master of Science in Quantitative Risk Analysis and Management (MAS/QRAM); and one in which students will earn both the Master of Science in Analytics degree and the Master of Science in Quantitative Risk Analysis and Management (MSA/QRAM). The programs provide students with increased career opportunities in the financial services industries specializing in the application of quantitative methods to solve complex business problems in an era of financial services and capital markets convergence.
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