Program

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Practical Training Requirement

Practical Training and Career Development Training

FSRM Practical Training Requirement 

The FSRM program requires students to participate in extensive practical training as an essential component of the degree program. The program requires all full-time students to participate in ongoing practical training immediately following their initial enrollment. The requirement does not require registration for additional credit but does require registration by ALL students, regardless of citizenship or visa status, for the zero credit practical training course 16:958:690 for EACH semester .  Registration for 16:958:690 is also required for a summer session in which a student does an internship or coop. Practical training can be fulfilled by any one of the following methods with off-campus internships or coops being strongly recommended as the preferred mode of fulfilling the practical training requirement:

  1. Strongly Recommended: While not required, an off-campus Internship or Co-op position with an employer in the financial industry or finance related department of a non-financial company is STRONGLY RECOMMENDED as the most preferred component of Practical Training. The position should be related to Financial Statistics and Risk Management  curriculum and be at least four weeks in duration. The student is required to submit a written report after the internship ends. If approved by the program director, such an internship can be part of an elective course under 958:682 (independent study) and earn credits towards degree.

  2. Regular full-time or part-time position with an off-campus employer in the financial industry or finance related department of a non-financial company. The position should be related to financial statistics and risk management and be at least four weeks in duration. If approved by the program director, such employment can be part of an elective course under 958:682 (independent study) and earn credits towards degree

  3. On-campus research, or research project participation, where the research or project is related to financial statistics and risk management under the sponsorship of a financial services institution, an industry practitioner or a Rutgers faculty member. A detailed written report on the research or project participation has to be submitted to a faculty member for review and approval. If approved by the program director, such research or project participation  can be part of an elective course under 958:682 (independent study) and earn credits towards degree. 

  4. Participation in the FSRM practitioner’s seminar series and the FSRM career workshop series. Students must attend at least four practitioner seminars and complete the career workshop series, unless given explicit exemption. A written report should be submitted based on one of the practitioner seminars. The report should summarize the problems, ideas, approaches and results learned from the seminar, and provide additional information from further reading and research of the topic.

International students should be aware of the United States Citizenship and Immigration Services rules governing off-campus employment authorization in the United States for students with F-1 visas. Please consult staff members at the Rutgers Global - Intenational Student and Scholar Services for advice well in advance of internship search and employment. Also, international students should attend an Off--Campus Employment Workshop early in the semester prior to their beginning CPT employment. For more information on CPT, including the workshop schedule - check here for the schedule. In addition, depending on the availability of the FSRM Global Services Center advisor, a customized CPT workshop for FSRM students will be scheduled  in each semester.

Career Development Training (Career Workshop Series)

The FSRM program devotes considerable resources to  helping students enhance their communication skills, job search skills and job search strategies. These resources are currently included at no additional tuition charges.

On entering their first semester, students are assigned to small group workshops that cover resume writing, bios, cover letters, establishing a personal brand, interviewing and professional networking (LinkedIn).  Experts are hired to provide these workshops and industry HR practitioners participate in giving training. Students also receive one-to-one support in reviewing their particular outputs and competencies in these areas and can seek assistance in preparing for particular interviews.

The Business English language skills of all non-native English language speakers are assessed in their first semester and, unless they already have a high level of these skills, are assigned to one of a number of small group sections of an English as a Second Language course that meets weekly through the semester.

Program Assessment and Learning Goals

Graduate Program in Financial Statistics and Risk Management

Master’s Degree Learning Goals and Assessment

Adopted November 2011

The Graduate Program in Financial Statistics and Risk Management trains Master of Science students at an advanced level in the aspects of statistical applications in finance and risk management related to statistical science. The graduate program also meets the expectations and standards as outlined by the professional organization providing specialized accreditation for the discipline.

Learning Goal 1 for Students: Attain mastery of the essential aspects of practice and research in the field of financial statistics and risk management

Assessment of student achievement of Goal 1:  

·   Grades in graduate courses

·   Review by faculty of student progress with close advising and mentoring

·   Comprehensive examinations assessing depth and breadth of knowledge or a capstone paper or project or a research thesis

o   Assessment of student’s performance by committee of graduate faculty members

·   Continuation of graduate studies or placement in a professional position that requires an understanding of the norms and practices of financial statistics and risk management, as well as competency in the technical aspects of performing the work associated the field. .

Roles of the program in helping students to achieve Goal 1:

·   Close advising to assure that students are being prepared in a coherent and academically rigorous way

·   Effective monitoring of student progress

·   Evaluations of teaching effectiveness of instructors in graduate courses

o   If effectiveness is below expectations, work with instructors to improve effectiveness

·   Periodic review of curricular offerings, degree requirements and assessment tools

o   By program faculty

o   In consultation with the office of the dean of the graduate school and/or the unit dean

Learning Goal 2 for Students: Prepare to be professionals in financial statistics and risk management

Assessment of graduate student achievement of Goal 2:

·   Participation in internships and other work tailored to career goals, assessed accordingly

·   Collection of data on professional placement data or continuation of graduate studies

·   Review by external advisory committees, both inside of and external to the academy.

Role of the program in helping students achieve Goal 3:

·   Host professional development and career exploration activities

·   Develop internship opportunities

·   Host external advisory committees

The leadership of the financial statistics and risk management graduate program will regularly review the structure and content of the program and the feedback received from assessments and surveys. These reviews will be used to provide the best possible education to students that meet current needs for professionals in funereal sciences.  

Program Requirements

Formal credit requirements

 Students may choose one of two tracks in the program: Financial Statistics or Financial Risk Management . The requirements for each track include completing 10 courses for a total of 30 course credits plus a final Master's project. It is reasonable for full time students to complete the requirements in three semesters, although some take one semester longer. The courses for each track are listed below - eight need to be taken from among courses listed as "required" for the track and two can be approved electives offered either by the FSRM or other programs. Most students enter the program in the Fall semester because the core required courses offered in that semester are not repeated in the Spring semester. In addition, all students are required to register for the 16:958:690 Practical Training course (zero credit) in all semesters while in the program. 

 

Final Project: The degree requires the submission of a technical paper on some topic in FSRM. Ordinarily, this will be satisfied by the submission of an acceptable paper based on a course project.  

 

Academic Standing

The minimum cumulative grade-point average required for graduation is 3.0 for all courses taken at Rutgers after admission to the FSRM program. In addition, no more than 6 of the required 30 semester-hours of approved graduate credits, and no more than 2 of the 10 required courses,  may be graded as  "C" or lower. If a student takes a course a second time, both the original grade and the repeated grade contribute to the grade-point average in the standard way (that is a poor course grade cannot be replaced in the calculation of cumulative GPA by a better grade if the course is retaken)

 

Transfer of Credits

Up to 9 credits of acceptable graduate credits not used to satisfy the requirements of another graduate degree may be permitted to be applied towards meeting the requirements of the FSRM degree. This is subject to individual consideration and approval.



Required courses for Financial Statistics track (course descriptions):

FSRM 16:954:581 Methods and Theory of Probability and Statistical Inference with Financial Applications (offered in Fall)
FSRM 16:958:563 Regression Analysis in Finance (offered in Fall)
FSRM 16:958:565 Financial Time Series Analysis (offered in Spring)
FSRM 16:958:590 Foundations of Financial Statistics & Risk Management (offered in Fall)
FSRM 16:958:535 Advanced Statistical Methods in Finance (offered in Spring)
FSRM 16:958:587 Advanced Simulation Methods for Finance (offered in Fall)
FSRM 16:958:588 Financial Data Mining (offered in Fall)
FSRM 16:958:694 Asset Allocation and Portfolio Management (offered in Fall)

Students selecting the Financial Statistics track must complete all of the above courses unless they receive formal waivers from either the Program or the Associate Program Director.


Required courses for Financial Risk Management track (course descriptions): 

FSRM 16:958:534 Advanced Methods/Statistics for Risk Management Practice (offered in Spring)
FSRM 16:954:581 Methods and Theory of Probability and Statistical Inference with Financial Applications (offered in Fall)
FSRM 16:958:563 Regression Analysis in Finance (offered in Fall)
FSRM 16:958:565 Financial Time Series Analysis (offered in Spring)
FSRM 16:958:590 Foundations of Financial Statistics & Risk Management (offered in Fall)
FSRM 16:958:535 Advanced Statistical Methods in Finance (offered in Spring)
FSRM 16:958:587 Advanced Simulation Methods for Finance (offered in Fall)
FSRM 16:958:536 Advanced Risk Evaluation and Management (offered in Fall)

 Students selecting the Risk Management track must complete all of the above courses unless they receive formal waivers from either the Program or the Associate Program Director.

Elective Courses (course descriptions): 

FSRM Electives Available For Students taking the Risk Management Track
FSRM 16:958:589: Advanced Programming for Financial Statistics & Risk Management
FSRM 16:958:694 Asset Allocation and Portfolio Management (elective for students taking the Risk Management track, required for students taking the Financial Statistics track)
FSRM 16:958:588 Financial Data Mining (elective for students taking the Risk Management track, required for students taking the Financial Statistics track)

FSRM Electives Available For Students taking the Financial Statistics Track
FSRM 16:958:589: Advanced Programming for Financial Statistics & Risk Management
FSRM 16:958:534 Advanced Methods for Risk Management Practice (elective for students taking the Financial Statistics track, required for students taking the Risk Management track)
FSRM 16:958:536 Advanced Risk Evaluation and Management(elective for students taking the Financial Statistics track, required for students taking the Risk Management track)

Non- FSRM Electives available to students in both tracks
Stat 16:960:542 Life Data Analysis
Stat 16:960:554 Applied Stochastic Processes
Stat 16:960:567 Applied Multivariate Analysis
CS 16:198:513 Design and Analysis of Data Structures and Algorithms I
CS 16:198:514 Design and Analysis of Data Structures and Algorithms II
CS 16:198:515 Programming Languages and Compilers I
CS 16:198:516 Programming Languages and Compilers II
CS 16:198:527 Computer Methods for Partial Differential Equations
Math 16:642:623 Computational Finance
Math 16:642:624 Credit Risk Modeling
Math 16:642:625 Portfolio Theory and Applications
Econ 16:220:501 Microeconomics I
Econ 16:220:502 Microeconomics II
Econ 16:220:504 Macroeconomics I
Econ 16:220:505 Macroeconomics II

Students may also select courses from the MSDS, MQF and Math Finance program course catalogs as electives if they satisfy the pre-requisites and get approval from the program offering the course


Example Course Schedule:

(Financial Statistics Track)

Fall (First Semester)

Spring (Second Semester)

Fall (Third Semester)

FSRM 16:958:581 (required) FSRM 16:958:565 (required) FSRM 16:958:588 (required)
FSRM 16:958:563 (required) FSRM 16:958:535 (required) FSRM 16:958:587 (required)
FSRM 16:958:590 (required) FSRM 16:958:589 (FSRM elective) FSRM 16:958:694 (required)
  Non-FSRM elective  

(Risk Management Track)

Fall (First Semester) Spring (Second Semester) Fall (Third Semester)
 FSRM 16:958:581 (required)  FSRM 16:958:565 (required)  FSRM 16:958:536 (required)
 FSRM 16:958:563 (required)  FSRM 16:958:535 (required)  FSRM 16:958:587 (required)
 FSRM 16:958:590 (required)  FSRM 16:958:534 (required)  Non-FSRM elective
   FSRM 16:958:589 (FSRM elective)  
   
     
     
     

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