While the core focus of the FSRM degree is statistics and data analysis, there are some students who want to embark on professional careers that involve substantially deepening their technical data analysis skills and others who want to use those skills as support for a career in professional risk management. The program is embedding two track options for students to take after the first fall semester: vis a "Financial Statistics" track for those who want to focus on advanced data analysis skills and a "Risk Management" for others who want to become professional risk managers.
In the first semester, all students take the "Foundation of Financial Statistics and Risk Management" course which develops core quantitative finance concepts covering financial markets and products, discrete and continuous return distributions, risk neutral valuation, derivative pricing for both fixed income and equities, securitization, structured finance products, CAPM and portfolio theory and the like.. For students who opt for the Risk Management track after their first semester, a new course "Advanced Statistics for Risk Management Practice" is being added in their second semester starting in Spring 2017. This course covers the core domains of risk management like market risk, credit risk and counterparty credit risk, liquidity risk, operational risk, asset liability management, economic and regulatory capital requirement modeling and validation and banking regulation. In their final third semester, students in the risk management track take "Financial Risk Management and Evaluation" which is a series of workshops in applied risk management practice which is taught by industry practitioners in risk advisories and use redacted client data for case studies and projects.