Welcome to Financial Statistics & Risk Management (FSRM)
The Financial Statistics and Risk Management Program (FSRM) at Rutgers University offers a 30-credit Master’s degree in Statistics focused on the analysis of financial data, instruments, markets and risk management. Students in the program receive core training in probability theory, statistical inference and advanced statistical and computational methods tailored to financial applications and risk management. They also receive supportive education in related financial concepts and market structure, operations, trading instruments and risk-related regulation.
Courses are taught by a faculty of experts in the mathematics of uncertainty and in statistical modeling . Industry practitioners also contribute to class instruction. Students benefit from a dynamic learning environment featuring internships, projects and case study assignments using real financial data, as well as attendance at practitioner seminars, industry events, career workshops and mentorship opportunities. By bringing together a world-class faculty, Advisory Board and university located close to New York City, the FSRM program prepares students for a wide range of careers in the financial industry.
A UNIQUE PROPOSITION
Traditional quantitative finance programs focus primarily on mathematical modeling for developing and pricing complex derivative products. Indeed, fundamental financial engineering concepts, such as no-arbitrage pricing and risk neutral probabilities, are a component of the FSRM Program. However, we are unique in emphasizing statistical and data analytics tools for measuring, monitoring, managing and mitigating uncertainty, risk and volatility. Students will do an in-depth study of important topics such as advanced applied parametric and non-parametric statistical methods in finance; advanced time series analysis applied to financial and economic data and forecasting; multivariable regression analysis, data mining, data visualization and predictive analytics; simulation of default probabilities, losses given default and exposures at default; stochastic scenario analysis and stress testing; event driven loss distributions for operational risk management and many other statistically driven topics as applied to financial data.
Our commitment is to ensure students are equipped to solve the complex problems financial institutions face today. We recognize that the standard assumptions or “stylized facts” of finance do not always apply in a real world situation. Students are taught to statistically examine and analyze the data for deviations from expected behavior and to use robust methods to mitigate and manage their impact.
Through the FSRM Center of Excellence, students have an opportunity to interact and engage with industry professionals. Additionally, they can seek globally recognized risk management certifications.
Our Advisory Board
Our Advisory Board comprises senior executives from major financial institutions as well as academicians. Through semi-annual meetings and reviews, these leading practitioners and academics provide valuable feedback, ensuring the content of the FSRM program reflects the industry’s changing needs.
Practitioner Seminar and Practitioner as Instructor
The FSRM Practitioner’s Seminar brings experienced professionals in finance and risk management to the campus to give practical talks on the quantitative and statistical aspects of their work. Students are required to attend the seminars as part of the practical training component of the program, and they benefit by connecting what they learn in the series with the course content. Past and current semester speakers are from Morgan Stanley, Bank of America, Deutsche Bank, the Global Association of Risk Professionals (GARP), AIG, Jefferies and Nomura and many other “lighthouse” names.
In addition, the Practitioner as Instructor initiative brings practitioners into the classroom to teach selected topics.
Financial Risk Manager (FRM) Certification
The FSRM program has an established Academic "Partner Plus" relationship with GARP, a not-for-profit organization and the only globally recognized membership association for risk managers. GARP provides the FSRM Master’s Program with consultation and support in aligning its risk management offerings with global industry needs and best practices. Moreover, the FSRM coursework incorporates preparation and testing for the Level-1 and the Level-2 Financial Risk Manager (FRM) Certification examinations.
FSRM graduates and students from our first graduating classes in January and May, 2013 have all accepted positions at Capital One, Deutsche Bank, Cantor Fitzgerald, Global Risk Management Advisors and other financial institutions.
Want to Know More? Prospective Students click here or the main menu iterm "Prospective Students". Prospective Employers or Recruiters, see the "Student Gallery" in the main menu or click here for access to student bios, resumes and web pages.
MEDIA NEWS ANNOUNCEMENTS
1) November 7 "Statistics in Financial Risk Management" Conference: click here
2) Rutgers to Inaugurate Center of Excellence for Financial Risk Managment at Upcoming Conference: click here
3) Rutgers Financial Statistics and Risk Management Program joins GARP Partnership for Risk Education: click here
4) Revolution Sponsors Rutgers Center of Excellence For Financial Statistics and Risk Management: click here
5) CFA Institute Magazine: A Flak Jacket for Markets: click here
6) Risk-Technology.net: Rutgers Sponsors Statistics in Risk Management Conference: click here
7) FSRM Slide Overview: click here
8) FSRM FAQS: click here
9) FSRM Brochure: click here
10) FSRM Faculty bios: click here