Masters Degree Programs in Risk Management

Ken Abbott

Baruch College
December 2018

Introduction
The purpose of this paper is to provide a general overview of masters programs in risk
management in the United States. It provides a reasonably comprehensive inventory
while suggesting a working taxonomy for said programs. It also analyses the program
requirements, lengths and costs of these programs, providing graphical summaries to
represent program content. Finally, it provides a recommendation as to how Baruch
might best position itself in this market.

This paper is divided into four sections. The first provides and overview of risk
management, describes the overall dataset, and lists the challenges associated with the
analysis. The second section gives an overview of risk management programs using
metatdata extracted form program websites. From this macro perspective, exploratory
data analysis is performed on the overall program data. Frequency distributions with
respect to cost, course load, and program type are derived and explained, the purpose
of this is to show the general range of offerings across the country. This section is also
supported with a map showing the geographic distribution of these programs. The third
section offers a detailed analysis of all program curricula. For this assessment,
programs are grouped by focus. This assessment is supported by color-coded stacked
bar charts which reflect individual program course load as well as a breakdown of the
individual curricula by course type, based on a taxonomy derived from the overall set of
courses. The fifth section assesses avenues Baruch’s program might pursue.

Section 1: Overview

What is Risk Management?

Risk management here is defined broadly. In the insurance industry, risk management
always was confined to the measurement of risk associated with life contingencies as
well as that associated with property, casualty, and professional liability. Here, the
practice of risk management refers to the body of knowledge covered by the actuarial
exams and included the theory of interest, mathematics, probability theory, statistics,
finance, and computer science. While it utilizes many of the same basic tools used in
finance, it remains largely separate, with its own conferences, textbooks, degree
programs, and professional associations.

Risk management as a discipline outside of insurance has evolved considerably since

its birth as a separate function in the late 1980s. Until that time, risk management in
financial institutions was defined almost exclusively in terms of credit risk, and more
specifically to issuer credit risk, as opposed to counterparty and settlement risk. While
this type of risk was of great importance, the study of risk in this context was usually
limited to a) the traditional tools associated with financial statement analysis like ration
analysis and cash flow analysis, and b) the “Five Cs of Credit”: character, capacity,
capital, collateral and conditions1, which have been drilled into the heads of generations
of credit analysts since at least the 1910s2.

The growth of bank trading functions combined with the embracing of derivatives culture
after Fisher Black, Robert Merton and Myron Scholes developed their famous pricing
algorithm3 led to a need for a common set of metrics and forced the standardization of
both methodology and data structures required to measure and monitor market risk.
From a regulatory standpoint, this culminated in the Basel Market Risk Amendment,
which allowed banks (for better or for worse) to use their own models to measure risk
and calculate required risk-based capital. The adoption of Basel operational risk rules
with Basel II in 2004 led to the development of operational risk metrics and a common
taxonomy for those risks.

“Traditional” areas of risk are defined as follows:

Credit risk arises from the potential that a borrower or counterparty will fail to perform
on an obligation4. Prior to the rapid expansion of derivatives markets in the 1980s, this
was usually limited to the risks associated with loans and bonds. Since then, it has
expanded to include counterparty “potential exposure” which effectively gauges how
much a derivatives “bet” could move in one’s favor, exposing one to the risk that the
other party involved fails to pay because they are either unable or unwilling.

Market risk is the risk to a financial institution’s condition resulting from adverse
movements in market rates or prices, including, but not limited to, interest rates, foreign
exchange rates, commodity prices, or equity prices. Since then, the term has expanded
to embrace other areas5.

Operational Risk is the risk of loss resulting from inadequate or failed processes,
people and systems or from external events.6 . This definition was established by the
Basel Committee for Basel II and included a common risk taxonomy which has been
adopted across (and beyond) the financial industry. The areas specified are Internal
Fraud, External Fraud, Damage to Physical Assets, Employment Practices and
Workplace Safety, Clients, Products, and Business Practice, Business Disruption and
Systems Failures, and Execution, Delivery, and Process Management.

1
https://www.investopedia.com/terms/f/five-c-credit.asp
2
W Arahood, Dale Arnold, A Credit Scoring Approach to the Commercial Lending Credit Decision Process, The
Ohio State University, Ph.D. Dissertation, 1971
3
Black, Fischer; Myron Scholes (1973). The Pricing of Options and Corporate Liabilities. Journal of Political
Economy. 81 (3): 637–654.
4
Board of Governors of the Federal Reserve System, Bank Holding Company Supervision Manual, Section 4071.0.
5
Ibid.
6
S644, International Convergence of Capital Measurement and Capital Standards: A Revised Framework, Bank
for International Settlements (2004)
Liquidity Risk is concerned with a firm’s “ability to settle obligations with immediacy.”
Like solvency, funding liquidity is a binary concept at any point in time inasmuch as a
bank is either able to pay all of its bills or not. Like any other risk, it is forward looking
and measured over a specific horizon7. The Basel Committee on Banking Supervision
and well as the Fed have published numerous papers in this area, standardizing any
potential curriculum.

Other commonly studied areas include the following:

Reputational risk is the risk arising from negative perception on the part of customers,
counterparties, shareholders, investors, debt-holders, market analysts, other relevant
parties or regulators that can adversely affect a bank’s ability to maintain existing, or
establish new, business relationships and continued access to sources of funding.8” No
one contends that this is hard science, but clearly it requires an understanding of what
would in an engineering context be called the “modes of failure.” Accordingly, it can be
best addressed via case study.

Strategic risk is” (T)he risk of decline in net income, below a set limit, due to
unforeseeable changes in either revenues or fixed costs that are caused by external
trends in the banks’ competitive environment or the extent to which the organization
could timely adapt to these trends.” Analysis of strategic risk is usually carried out at the
Board or senior management level, but again, a good working knowledge of it is
possible via case study9.

Model risk “is the potential for adverse consequences from decisions based on
incorrect or misused model outputs and reports. Model risk can lead to financial loss,
poor business and strategic decision making, or damage to a bank's reputation.10” While
there are certainly many interesting cases on model risk, it a) a situation specific and b)
requires significant technical expertise to address fully. Standards for model risk have
largely been defined by Federal Reserve guidance. While it is designed to be US-
specific, many international banks had decided to hew to the Fed standards, making the
risk taxonomy reasonably consistent.

Compliance Risk is the risk of regulatory sanctions, fines, penalties or losses resulting
from failure to comply with laws, rules, regulations, or other supervisory requirements
applicable to a financial institution11. While this is usually considered to be a core part of
risk management, recent conduct issues as well as the growth of cyber, money-
laundering, and fraud risks emanating from the tech sphere have elevated its visiability.

7
Mathias Drehmann and Kleopatra Nikolaou ,BIS Working Papers, No 316, Funding liquidity risk: definition and
measurement, July 2010
8
BCBS, Enhancements to the Basel II framework, Bank for International Settlements, p.19
9
Arun Chockalingam, Shaunak Dabadghao, Rene Soetekouw, (2018) "Strategic risk, banks, and Basel III:
estimating economic capital requirements", The Journal of Risk Finance, Vol. 19 Issue: 3, pp.225-246
10
Federal Reserve System, SR 11-7
11
Board of Governors of the Federal Reserve System, op. cit.
Legal Risk is the potential that actions against the institution that result in
unenforceable contracts, lawsuits, legal sanctions, or adverse judgments can disrupt or
otherwise negatively affect the operations or condition of a financial institution12. This
has generally been considered to be contained within operational risk, but given the
frequency and size of recent suit settlements with the Department of Justice, the New
York State Department of Financial Services and other plaintiffs, it often is treated
separately in terms of reporting.

Identifying the Universe of Programs

The landscape of business-oriented masters degree programs has been completely
transformed over the last quarter century. Historically, the Masters of Business
Administration (MBA) degree has been considered the standard for people seeking
advanced positions in organizations. As a formal field of study, however, it has been in
existence only a little over one hundred years, the first 50 of which generated very little
interest13. In the 1980 and well into the 1990s, business-oriented masters programs
generally came in two flavors – masters in accountancy and masters in business
administration. After the turn of the century, however, the availability of programs in
financial management grew rapidly. While numerous sources cite a decline in MBA
applications, the slack appears to have been taken up with numerous other masters
degree types.

A casual search of the internet using the terms “masters” and “risk management” yields
about 15,500,000 results. Dismissing completely unrelated findings as well as the items
clearly marked as advertisements and focusing on the first 20 pages of results leaves
about much more manageable number of websites which were mined for information
about programs. (NB: Actual schools stopped showing up after the 15th page of search
results. At this point, Google mainly showed essay services, job postings and other
items unrelated to risk management education.

The meaningful search results fell into two categories. First, there were many “hits” on
actual masters programs in risk management. The links provided here led directly to
the websites sponsored by schools offering programs. The information provided here
was the source for much of the material discussed later.

Second, many hits, particularly near the top of the search results were for aggregator
sites. Aggregator websites display to on-line “customers” selected products or servers
aggregated from several different sources. For example, in the airline industry, flights
from different airlines can be aggregated in a single website to give an online user a
choice between different carriers on the same route14. In this case, the aggregator
websites collected data on different types of masters programs. Presumably, fees are

12
Ibid.
13
J. Radford Herrington, MBA: Past, Present and Future, Academy of Educational Leadership Journal, Volume 14,
Number 1, 2010.
14
Gardner, Newton-le-Willows, O'Shaughnessy, United States Patent Application No.:US207/050201A1,
Information System With Propensity Modeling and Profiling Engine
involved here along with advertisements. The listings, however, proved quite useful in
rounding out the list of programs and providing a cross-reference. Among the key
aggregator sites visited were

• https://www.collegechoice.netx
• https://www.mastersportal.comx
• https://www.onlinecollege.orgx
• https://www.masterstudies.com
• https://financialcareeroptions.com
• https://www.onlinestudies.com
• https://www.distancelearningportal.com

The initial search yielded about 120 programs. This number was reduced based upon
several criterial. First, several programs were unrelated to broader matters of corporate
risk and governance, focusing on issues like health care risk, weather and climate risk,
and agribusiness risk. Fewer than ten exclusions were made on this basis. Second,
programs based outside the United States were excluded. The primary purpose of this
analysis is to explore the competitive landscape for Baruch, where the natural
advantages include access to New York and the relative price. Students interested in
foreign programs would not seem like natural candidates for Baruch. On this basis, a
further 57 programs were struck from the list.

This selection process left about 40 programs to be examined. Further searches, using
terms like “enterprise risk”, “cyber risk”, “risk and insurance” (all without “management”)
lead to about 20 more programs. There were numerous “false positives” to be
eliminated in this process since many universities have “risk management” departments
that serve corporate functions like minimizing legal risk and managing the insurance
process without providing instruction. Of these remaining programs, 10 were risk
specializations within MBA programs. These are included in the analysis because of
the obvious curricular overlaps. The list was further expanded when multiple risk-
related concentrations were found within a single program. The final result of the
querying and culling netted 60 risk programs for further review. 15

Interestingly, several law schools offer programs on risk management. While most offer
them via LLM, several offer M. Jur. Degrees not requiring any law degree as a
prerequisite. These programs are included in the analysis.

Two degree programs are offered as points of reference, but not as potential
competition or as potential role models. The Duke program is a true engineering
program. Its stated aim is concerned with “(m)itigating losses and human impacts to a
range of extreme events, including financial, public health, environmental, and
climatalogical crises.“ The Wisconsin MS in Risk Control is also engineering-oriented,
but with a focus upon employee, legal, environmental and property protection. It

15
See Appendix 1
purports to train one “to serve as a risk control/safety professional who can identify,
analyze and ultimately control the various employee safety and operations risks which
are inherent to manufacturing as well as service-based processes.” Its course structure
does not fit neatly into the taxonomy defined for the others but is presented as another
approach to risk.

Program Data Collection

Once the universe of programs was determined, a “master list” of programs was created
in a spreadsheet including metadata and links to the various program. websites Key
pieces of metadata collected include

• Name
• State
• Program type (MS, MBA, LLM, etc)
• Website link
• Course “unit” (credits, credit hours, units, etc)
• Number of “credits” required
• Cost
• Nominal program focus

This tab was used to parse and aggregate information for the creation of the various
charts and graphs seen here.

.A separate spreadsheet tab was then established for each program. The tab had the
various pieces of descriptive data, but also contained a description of the program
(usually several paragraphs) and a list of required and elective courses. Details on
program cost structure were also recorded here, like whether the program was priced
on a per-credit basis, with a fixed fee for semester or for the entire program. Links to
each program tab were established in the “master list” to facilitate navigation.

On the Completeness of the Survey

It is impossible to say whether the extent to which the program survey results are
comprehensive. There is always the possibility of new programs coming online or some
programs or programs simply not having a web presence. There is also the possibility
of a program covering the essentially the same material, but under a different category
of masters degree. One could conceive of much of the content of an “enterprise risk”
degree being covered in a Master of Public Policy or similar program. The results shown
here are the come form the scouring of several hundred google results. The individual
programs found were then cross-referenced with those of the aggregator sites listed
above. Finally, the Google results were compared with those of the Microsoft search
engine (“Bing”). The Bing search yielded four additional programs. Even if not
completely comprehensive, the list presented here represents the overwhelming bulk of
existing risk programs.
Notably, several programs were added after the initial analysis was underway. These
were generally programs which, for one reason or another, did not turn up in the initial
search.

Program Categories
The presumption was that the programs would fall into three categories, insurance risk,
financial risk, and enterprise risk. A more thorough analysis suggested that eight
categories would be more appropriate. That categorization as well as the number of
programs in each is seen below

Compliance /Legal 6
Accounting & Audit 4
Insurance Risk 11
General Risk 12
Enterprise Risk 7
Cyber Risk 5
Quant Finance 12
MBA 13

Several programs offer combinations, but most focus upon on one or at most two of
these areas.

Assumptions, Limitations, and Weaknesses

The analysis presented here is not necessarily constructed in such a way as to pass
muster as a peer-reviewed piece ready for journal publication. To begin with, there is
no comprehensive source of masters program information. As a result, all information
obtained is done so on a “best-efforts” basis and limited to information available on the
web16. I have tried to be thorough, but I can say with metaphysical certainty that there
are programs I’ve missed. For example, there are likely to be programs that cover all
the elements of “risk management” or even “enterprise risk management” without
granting a masters in risk management. There are also several certificate programs
which I have chosen ignored. Finally, it is entirely conceivable that there are business-
related masters programs that cover the very similar material without having the term
“risk” applied to them. These may warrant further research.

I have also had to “normalize” several parameters for the analysis. Most programs are
defined in terms of credits or credit hours. Some however, have program length defined
in terms of courses or units. Most of these appear to be like-for-like. In some cases,
however, I’ve had to make assumptions. One program, for example, the NYU Master of
Science Risk Management for Executives, is broken into five “modules” whose core
content looks is very similar to that offered elsewhere.

16
There was some limited follow-up via phone and email, but this yielded very little additional information. The
issue here, of course is that information on the web may be incomplete, stale, or simply wrong.
Most courses (well over 90%) carry three credits. In cases where they carry two or four,
weights have been assigned so as not to distort conclusions. This is important when the
analysis switches from one based upon “credits” to one based upon “courses” (as it
does when examining curricular items). In certain cases, this is made difficult by the
use of non-standard semester length (e.g. eight weeks).

While “core” requirements are generally clear (they are required with no exceptions),
colleges vary widely in their definition of “electives.” In some cases, especially where
“risk management” is a “concentration” or “major” associated with the MS or MBA
degree, electives are not electives at all – they are required. Here the “concentration”
requirements consume the electives. In other cases, the elective offer choices among
dozens of different courses. Oddities and inconsistencies are highlighted throughout
the analysis. In general, courses are considered to be electives when the selection
appears to encourage students to broaden their horizons. In most cases, this is when
courses can be selected from more than two disciplines. If a program has ten elective
courses available and nine are quant-focused, those electives are considered to be
quant courses and not real electives. The allocation here has some very obvious
elements of subjectivity associated with it.

Another issue along these lines regards prerequisites. In these cases, program
required coursework might be recorded as 30-36 credits, with the extra six being for
intermediate mathematics and/or statistics. In these cases, I have assumed that the
students come to the program with the prerequisites already taken.

A key weakness is they lack of enrollment data. Total enrollment is readily available for
graduate schools. Enrollment by program is much harder to get. It might be possible to
make several dozen phone calls, but the likelihood that a consistent dataset seems
small. It also seems entirely likely that a school would offer a program (or number of
programs) despite low (or even non-existent) enrollment for purely marketing purposes.
It is hard to believe that St. John, for example, has robust enrollment figures for each of
six graduate programs in risk management (MS Risk, MS Enterprise Risk and
Insurance, MBA Risk, MBA Enterprise Risk, MS Risk and Financial Advisory, MS Risk
and Risk Analytics). Thus, the existence of these programs does not necessarily imply
demand or market preference.

Costs are difficult to compare when in-state vs. out-of-state programs are compared.
For the purposes of this analysis, I have chosen to view everything from the standpoint
of an out-of-state resident to make all numbers comparable. Since many, if not most of
possible candidate would be from within New York, a separate analysis of cost may be
warranted.

In addition, I have had to take some liberties with the data. Some programs quote
program costs including fees. Others cite total tuition, while still others quote a cost-per-
credit. Several programs were either very vague about costs or had no information at
all with respect to specific program costs. In these cases, estimates had to be made
from general graduate school tuition documents. Another issue regards the fact that
while most programs are two semesters, some are three. These longer programs are
more expensive. I believe that most students look at the overall cost, however, and do
not discount the relative course load. Thus longer, more expensive programs should
reflect the higher cost and not have that number discounted. I believe that the costs per
program are largely comparable. I am certain, however, that there are some
inconsistencies which warrant consideration.

The classification of courses into categories is not always straightforward. While in

most cases, courses fit into one of the 13 categories defined, many represent
combinations of disciplines. Categorization into the taxonomy then become context-
specific. For example, a “risk management technology” course in an IT heavy program
would be considered to be a risk management course, while it might be considered a
technology course in a financial risk management program. Anything concerning
communication is considered to be “management”, while non-quantitative (at least from
a nominal standpoint) markets courses are considered to be part of “finance/financial
management.

I have limited the analysis to programs in the United States. There are many
international programs, several of which cover material very similar to that of the U.S
programs. I don’t necessarily view them as potential competitors, however, since our
students seem to be almost entirely local and as a result we have a huge cost
advantage. Curriculum is also potentially an issue here, since risk practices vary
around the world, particularly outside the G8.

Many items I will present as factual will have little support and are the result of
anecdotal observations I have made over the years. While there is some general
information about the evolution of graduate education in business, there is very little
about degrees beyond the MBA and what there is appears to be of questionable quality.
As someone who was seeking a quantitative masters degree in the late 1980s, I found
myself looking at the MBA programs at Wharton and Chicago as well as a few non-MBA
actions, which at the time were limited to economics and statistics. The first “risk
management” masters degree of which I became aware was the University of
Connecticut program. There appears, however, to be no authoritative source in his
area. When making assertions I believe to be true but where I cannot present evidence
from (non self-published) books or peer-reviewed journals, I will make it clear that they
are anecdotal or subjective in nature.

Finally, and most obviously, course content is assumed to be homogeneous across

institutions. One can safely assume that professors teaching to the actuarial exams are
covering the same material. Similarly, the compliance topics in any risk program are
likely to be congruent with the taxonomy of either the specific laws involved (TILA, KYC,
AML, etc) or the ABA compliance exam. Beyond the pure quantitative aspects of risk
however, much of the curriculum is inherently subjective. The material covered in a risk
course is inevitably a function of the instructor’s experience (or lack thereof). For the
content grids (Figures X and Y), I have done cursory reviews of course descriptions and
tried to identify similarities. No doubt there are inconsistencies in the data there.
Section 2: Overview of Risk Programs
Type of Degree
While all of the degrees here are masters degrees, they come with different labels.
About half of the programs here confer “master of science in” or MS degrees. About a
quarter are MBAs. The “other masters” come in many forms with no fewer than thirteen
types of masters degrees offered. The table below lists the degree types.

MS Master of Science
MLS Master of Legal Studies
MFRM Master of Finance and Risk Management
MPS Master of Professional Studies
MCRM Master in Cybersecurity Risk Management
MCPRM Master of Cybersecurity Policy and Risk Management
MBA Masters in Business Administration
MSF Master of Finance
JM Juris Masters
MBARM Masters in Business Analytics & Risk Management
MCRM Masters in Compliance & Risk Management
MEng Masters in Engineering
MAQRM Master of Actuarial and Quantitative Risk Management
M Jur Master of Jurisprudence
MBARM Master in Business Analytics and Risk Management
MDSR Master’s Degree in Systemic Risk

Degree Type

Other Masters,
MBA, 13
16

MS, 31

MBA MS Other Masters

Geographic Distribution
The map in Figure x shows the geographic distribution of the programs in terms of
presence. The table in Figure two shows the number of programs by state. Note that
half of the programs are along the eastern seaboard with 17 in New York. Thirteen of
the seventeen in New York are located in New York City. The other two are programs
at SUNY Buffalo, RPI and Utica.

1
17
4

1
2

3 1
1 1 2
3
2 2
3 1
1

1
2

State Programs State Programs

AZ 1 MI 1
CA 3 NB 1
CO 1 NC 2
CT 2 NH 1
DC 1 NJ 1
FL 3 NY 17
GA 2 OH 2
IA 1 OK 1
IL 4 PA 3
IN 2 TX 2
MA 2 WA 1
MD 2 WI 4
Total: 60 Programs
Number of Credits Required
As mentioned earlier, nearly all program were ultimately denominated in either “credits”
or “credit hours”. In all other cases (with one exception), a “credit equivalent” was easily
derived, usually by assuming that a full semester course is 3 credits. The distribution of
course load is seen below. The average is about 35, with a median of 33 and mode of
30. The outlier to the far left is Notre Dame of Maryland Master of Science in Risk
Management, which is Catholic women’s college in Baltimore, which requires eighteen
credits/six courses. Notably, the word “finance” does not appear on their web pages,
the program being one of the few to use the term “risk” in the most general sense.

At the other end of the spectrum are four programs requiring more than 50 credits, all
MBA programs. The University of Georgia MBA with a concentration in Risk
Management program requires 60 credits. The University of Wisconsin MBA Risk and
Insurance Specialization requires 59 credits. The Wharton program requires 19 “credit
units.” Assuming each is equivalent to a 3-credit course makes it the most demanding
at 57 equivalent credits. The University of Akron Risk Management and Insurance MBA
requires 51 credits. Five programs require between 40 and 50 credits, the MS programs
at Stanford, DePaul, Temple and Washington and the MBA programs at Loyola and
Oklahome State

Course Load
30 28

25
Number of Programs

20

15

8 9
10
4 5
5 2 3
1
0
<30 30-32 33-35 36-38 39-41 42-44 45-48 >48
Credits

Program Costs
Costs vary widely, raging from under $15k (Notre Dame of Maryland, with its 18-credit
program) to over $94k (Mercyhurst’s Cyber Risk Management Masters) The plurality of
the programs here are between $20k and $40k, with the high-cost (greater than $70k)
primarily the “big-name” private universities – Duke, BU, NYU, Columbia, Michigan and
Yale, in addition to Mercyhurst. A Frequency distribution is seen in Figure X below.
There is a relationship between number of credits required and cost, but it is looser than
one might expect. Figure Y shows a scatterplot of cost vs credit requirements. The
correlation coefficient, 0.42, is significantly different from zero. Interestingly, the two
lowest cost programs whose data points are on the far left suggest that they might be
what in statistics are referred to as “leverage points” or “influential points.” Notably,
removal of these still leave us with a correlation of 0.33, which is statistically significant
at the 95% confidence level.

Another interesting observation here is related to the costs of programs whose credit
loads are at the statistical “mode” of 30 credits. Note that the ratio of the highest cost
30 credit program, Duke’s Master of Risk Engineering at $81k to the lowest, SUNY
Buffalo at $22k is almost four.

Program Cost
$30

$25

$20
# Programs

$15

$10

$5

$-
10-19.9k 20-39.9k 40-59.9k 60-79.9k 80-99.9k
Cost ($)
 Program Cost vs Credits
r=0.50
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
18 23 28 33 38 43 48 53 58 63

Section 3: Program Curricula

Obviously, a primary focus of most of the programs is finance. Nearly all require “core”
courses in “financial management”, “financial markets” or “financial modeling”. Beyond
that, however, the list is perhaps more heterogeneous than one might expect. This
section will address what material is covered in the programs and how the foci differ
from one another. It will also attempt to distinguish between the nominal program
themes, as seen in the graph below.

Nominal Program Focus

MBA

Quant Finnce

Cyber Risk

Enterprise Risk

General Risk

Insurance Risk

Accounting & Audit

Compliance /Legal

0 2 4 6 8 10 12 14
There are many challenges associated with comparing programs, perhaps the biggest
being that courses with similar names and syllabi could treat the material very
differently. That said, it is possible to compare the degrees in terms of

a) the number of credits required

b) the size of the “core” curricula (I.e. number of required courses)
c) the content of the core

To facilitate comparison, core components were compared and color-coded and

stacked bar charts created. Close review of the courses across all programs permitted
classification of material into thirteen categories (color coded for use in graphs):

Category Typical Courses

1 Quantitative Analysis Math, statistics, econometrics, data science, modeling
2 Financial Management corporate finance, financial management, markets, derivatives
3 IT & Cybersecurity systems, architecture, information resources, security, cyber risk
4 Operations** operations management, supply chain
5 Risk Management market risk, credit risk, operational risk, enterprise risk
6 Marketing marketing management, consumer behavior, strategic marketing
7 BCP/Disaster Mgt* disaster recovery, business continuity management
8 Strategy** negotiating, strategic management, business strategy
9 Ethics/Compliance/Law/Culture Ethics in business, regulatory compliance, law, corporate culture
10 Accounting/Audit Financial and managerial accounting, financial statement analysis
11 Capstone/Practicum thesis, project, internship, practicum
12 Economics Micro and macroeconomics, industrial economics, managerial economics
13 Management/Org Behavior communication skills, managing people, leadership
*BCP seen only in Risk
**Operations and Strategy seen largely in MBA only

Most of the courses offered fit neatly into a single category. In some cases (e.g. “IT
Risks and Controls” at North Carolina State, the choice of a single category for
classification was easy. In others, like “The Global Consumer, Markets and Logistics” at
Utica, course descriptions had to be accessed. In still other cases, an allocation was
made based upon subjective judgment. The overwhelming bulk of the courses were
easily assigned. Subjective judgment tended to be needed where multiple disciplines
were involved and in “practicum” courses.

The height of the bars reflects the number of required credits. The white section reflects
electives. The colored sections reflect the classification above. Note that several
programs offer choices with respect to required courses. Sometimes those choices
were in a single subject area. For example, Oklahoma State University offers a choice
of 3 xxxxx courses, “The Legal Environment of Business”, OR “The External
Environment of Business” OR “Ethics” to fulfill a concentration requirement. Other times,
the courses spanned categories. An example of this can be seen at Cal State Fullerton
MBA program, where a single requirement can be fulfilled by taking “Macro Perspective
for Managers,” “Info Resources and IT Project Management, or Management of
Information in Corporate Environment. The latter two are clearly IT courses, whereas
the former is considered a management course. Cross-hatching is used to reflect this.

What is not reflected here is the scope of elective courses offered. Some programs (e.g.
St John’s) offer dozens of courses from which to choose. Others offer relatively few. It is
notable that several programs offer little or no choice, with all or nearly all courses listed
as “required.” At the same time, a few programs have a very limited set of course
requirements and allow students to structure their own degrees. Wharton, for example,
has 3.25 courses required in its “fixed core” and an additional 6.25 required for its
“flexible core”, which has about 20 courses form which to choose. These “flexible core”
courses are in addition to their “electives.” For the purposes of this analysis, all non-
fixed core courses are treated as electives, given the wide variety of choices available.

To facilitate comparison, programs are grouped by nominal focus. For MBA programs,
this is especially important since they generally require more courses and are more
general in their offerings and requirements. In the cases where schools offer several
programs (like St. John’s, which offers five separate risk-related masters degrees) these
are also compared.

Multiple programs allowed for different concentrations within their curricula. When they
are listed on separate web pages, they are treated as distinct degrees. When they are
described on the same page with little or no fanfare, they are not separated.
Capstone projects show up in many curricula. In some cases, they are written projects.
In other cases, they are practicums, usually in some kind of “apprenticeship” setting. In
several other cases, both are required.

Quantitative analysis also represents a challenge. Most non-quants classify data

analysis, statistics, mathematics and pricing into a single category. This is tantamount to
grouping poets, sportswriters, novelists and the writer of cheap romances together
simply because they all use words. There are important distinctions between fields.

In general, quantitative analysis in can be classified into:

a) actuarial science, which looks at the probability of events (like death,

accidents, or hurricanes) and used these to price insurance appropriately
b) econometrics, which uses statistics to examine market pricing and economics
data to study elements of human decision-making, and
c) contingent claims pricing, which relies on partial differential equations to
assign values to complex securities (usually derivatives).

Many quants have some combination of those three skills, but actuaries, who study
interest rate calculation closely, tend to work in the insurance industry while PDE
enthusiasts are usually found on trading desks. Risk tends to leverage econometricians
the most, but many risk people know PDEs as well. (Notably, anecdotal empirical
evidence suggests that it is easier to teach a PDE expert econometrics and statistics
than it is to teach a statistician partial differential equations).

What is important to all is the understanding that some of the phenomena being
modeled are deterministic while others are stochastic. Bond prices, for example, are
deterministic, given input parameters. Once its parameters are identified, the price of
bond is known, for example. Option pricing, on the other hand, relies on strong
assumptions about how markets behave. Many pricing algorithms are ultimately based
on physics models, where the underlying properties are unchanged as long as one is
not traveling at or near the speed of light. Processes observed in the financial realm,
however, while analogous to those seen in the natural world, have some troubling
differences.

MBA Programs
The notion of risk management is embedded into most MBA programs, at least to some
degree. The ones mentioned here are those with specific concentrations in risk
management. For five of these thirteen programs, “risk management” is paired with
insurance. Others are much more general. Again, these programs are included in the
sample to provide additional points of comparison.

The course loads of these programs varies widely, from 30 credits (Utica) to 60 credits
(University of Georgia), with a median course load of 39 and an average of 43. While
several programs are highly focused, most involve required courses in accounting,
management, marketing and economics with the intended purpose of providing a
general business education.

As one might expect, the distribution of course requirements across disciples is quite
diverse. All have course requirements across at least six areas. Some programs in
addition offer significant flexibility among their “core” courses. Loyola, for example,
allows students to waive several core courses, given evidence of significant
undergraduate work, offers a variety of “advanced core” and “global perspectives”
areas, and even numerous options within its “risk management” concentration. The bar
representing Loyola displays one of many possible configurations for their MBA.
 MBA Programs
25
Quant financial management
IT & Cyber Operations
Risk Management Marketing
20

15

10

0
Fullerton Georgia Nebraska Akron Penn Concordia USF Loyola St. John's RM St. John's Oklahoma Wisconsin Utica
ERM State

Insurance Focus
Insurance-based programs focus on both actuarial science and upon the business of
insurance more generally. Actuarial science is the discipline that applies mathematical
and statistical methods to assess risk in insurance, finance and related industries.
Actuaries are professionals qualified in this field who are required to pass a rigorous set
of examinations. Actuarial science includes a number of interrelated subjects, including
mathematics, probability theory, statistics, finance, economics, and computer science.
Historically, actuarial science used deterministic models in the construction of tables
and premiums. The science has gone through revolutionary changes over the last 30
years due to the proliferation of high speed computers and the union of actuarial models
with modern financial theory17.

Often, these programs are designed as conduits through which one can prepare for the
actuarial exams, which are administered through the Society of Actuaries for life
insurance and the Casualty Actuarial Society for property and casualty insurance. To
sign certain statements of actuarial opinion American actuaries must be members of the
American Academy of Actuaries. Membership requirements include membership in one
of the aforementioned actuarial societies, at least three years of full-time experience in
actuarial work, and certain US residency requirements.18 Continuing education is
required after certification for all actuaries who sign statements of actuarial opinion19.

17
Frees, Edward W. (January 1990). "Stochastic Life Contingencies with Solvency Considerations" (PDF).
Transactions of the Society of Actuaries. XLII: 91–148.
18
Membership requirements". Washington, D.C.: American Academy of Actuaries. 2010.
19
Ibid.
Exam topics are as follows for the “Preliminary Exams”

• Probability • Life Contingencies

• Financial Mathematics • Statistics and Probabilistic Models
• Models for Financial Economic • Actuarial Models

Both the CAS and SOA also require additional exams and assessments.

Baruch currently offers a bachelors degree in this area through the Mathematics
Department. There are several related master programs involving statistics and data
science, but none in actuarial science, per se.

The course distribution as seen below is a bit more dispersed than might be expected,
suggesting that there is no consensus of what academic background would be most
beneficial to insurance professionals. Ohio State and Wisconsin clearly favor
quantitative methods while Illinois focuses upon finance. Notably sveral programs offer
multiple electives while others offer none at all. Several (Utica, Butler, FSU) are risk-
heavy.
Insurance Programs
20
Quant financial management IT & Cyber
18 Operations Risk Management Marketing
Strategy Ethics/Compliance/Law/Culture Accounting/Audit
Capstone/Practicum Econ Management/Org Behanior
16

14

12

10

0
Fullerton FSU Illinois Butler Utica Ohio State Akron Penn Wisconsin Wisconsin
MS MBA

General Risk Management

General risk management programs typically focus on issues commonly seen in the
finance realm, especially those in investment and commercial banks, asset managers,
wealth managers, and fund managers. These also prepare students for professional
exams, specifically those for the Financial Risk Manager (FRM) designation sponsored
by the Global Association of Risk Managers (GARP) or the Professional Risk Manager
title sponsored by the Professional Risk Manages Association (PRMIA).
The GARP FRM exam covers the following subjects20:
• Foundations of Risk Management
• Quantitative Analysis
• Financial Markets and Products
• Valuation and Risk Models
• Market Risk Measurement and Management
• Credit Risk Measurement and Management
• Operational and Integrated Risk Management
• Risk Management and Investment Management

The PRMIA PRM exam is centered around the following areas21:

• the classic finance theory underpinning risk management
• the foundations of risk measurement
• the foundation of option theory
• financial instruments and their associated risks and uses
• the daily form and function of trading markets
• risk management best practices
• lessons learned from failed systems and practices and major risk events
• best practices of governance, conduct and ethics

The program landscape (with a few exceptions) is risk-heavy. The Colorado program
offers numerous risk electives. Interestingly, the St. Johns Risk and Financial Advisory
program offers risk courses among its electives as well, but most electives in that
program are accounting-based. The NYU and Wisconsin programs are almost entirely
devoted to risk.

20
https://www.garp.org/#!/frm/study-materials
21
https://www.prmia.org/Public/PRM/What_is_PRM/Public/PRM/What_is_the_PRM_Designation.aspx
 General Risk Programs
14
Risk Management Quant
financial management IT & Cyber
12 Operations Marketing

10

0
U Queens U Conn Yale N Illinois Notre St. John's St. John's Pace Baruch NYU Wisconsin
Colorado RM Fin Dame of RRA RFA
Denver MD

Enterprise Risk Management

Enterprise risk management (ERM) is usually considered to be a plan-based business
strategy that aiming to identify, assess and prepare for dangers, hazards and other
potentials for disaster – both physical and figurative – that may interfere with an
organization's operations and objectives. The discipline calls for corporations to identify
all the risks they face and to decide which to manage them actively and involves making
action plans for stakeholders, shareholders and potential investors, as part of their
annual reports22. Accordingly, Enterprise Risk Management programs are kind of a
hybrid of actuarial and financial programs. ERM programs generally provide a broader
curriculum, often offering additional courses in things like business continuity and
disaster planning.

22
https://www.investopedia.com/terms/e/enterprise-risk-management.asp
 ERM Programs
14
Risk Management Quant financial management
IT & Cyber Operations Marketing
Strategy Ethics/Compliance/Law/Culture Accounting/Audit
12

10

0
Yeshiva NCSU DePaul BU St Johns MS ERM
St Johns MBA ERM Columbia

Audit / Accounting
Audit and Accounting are among the more traditional areas associated with risk, but the
technical demands put upon these functions teams have increased greatly. Two of the
programs have an explicit focus on Audit, the Bentley MS in Audit Analytics, and the
SUNY Buffalo MS in Accounting / Internal Audit and Risk Management Track. Both are
10 course, 30-credit programs. The SUNY program at $22k is much less expensive
that Bentley’s program at $56k. Both have courses in analytics, fraud/forensic
accounting and IT audit practice. The SUNY program, however, is much more rigid in
its structure with fewer electives. It requires two tax and two “accounting practice”
courses, while the Bentley program offers more options in policy, statistics,
communications, and policy. Of the other programs, only three offer courses focused
on financial auditing, suggesting that that Bentley and SUNY-Buffalo are aiming at a
highly specialized niche. The two accounting programs are at Queens and North
Carolina State, with the latter requiring a very wide distribution of class types.
 Audit and Accounting Programs
12
Accounting/Audit Quant
financial management IT & Cyber
Operations Risk Management
10

0
SUNY Buffalo Bentley Queens NCSU

Quantitative Finance
Quant finance as a discipline became very popular with the ascent of “particle finance”
in the late 80s. The programs now number in the hundreds. The ones considered here
are those with a nominal emphasis on “risk.” The distinction is important. Many (if not
most) quant finance programs offer risk management courses only as electives. One
can certainly argue that quant finance necessarily includes risk, but this presupposes
that those involved do not need to know its institutional and regulatory aspects, which
from a practitioner’s standpoint, are paramount.

While nearly all the programs have some required course in data analytics or
quantitative methods, these hardly qualify as true “quant finance” degrees. These
courses tend to cover basic probability and inference, elementary regression analysis,
and perhaps some time series analysis or bond math.

The twelve programs nominally quantitative in nature, while all requiring some degree of
advanced math, vary widely. All require calculus and statistics as prerequisites, with
several offering them explicitly as part of the curriculum23. The Stanford and Duke
programs appear to have more of an engineering bent, with many courses in
optimization and stochastic modeling. Most others are much more general, with course
offerings in general data analysis, “big data”, general simulation, financial mathematics,
basic actuarial science, regression, and data mining. The Queens College, UT Dallas
and the Hopkins degrees, interestingly have course requirements that read much more
like those to be expected from an MBA program, albeit a quant-oriented ones.

Insurance
23
In these cases, the program requirements usually read like “30-36 credits” with the incremental load representing
the prerequisites.
Insurance is another traditional focus of risk programs. The programs aimed at the
insurance business come fall into two general categories. Two programs, those at Ohio
State and Wisconsin, focus on actual Actuarial Science. The remaining programs,
(including five MBA programs) cover basic quantitative methods, accounting, policy,
insurance as a business more generally. These programs look towards career
outcomes like public policy, insurance brokerage and underwriting, as opposed to the
actual quantitative assessment of risk.

Insurance Programs
20
Quant financial management IT & Cyber
18 Operations Risk Management Marketing
Strategy Ethics/Compliance/Law/Culture Accounting/Audit
Capstone/Practicum Econ Management/Org Behanior
16

14

12

10

0
Fullerton FSU Illinois Butler Utica Ohio State Akron Penn Wisconsin Wisconsin
MBA MBA MBA MBA MS MBA

Legal/Compliance
Regulatory requirements in the financial services business exploded after the crisis and
firms have had to increase the size of their compliance departments. There are six
programs that emphasize compliance, Texas A&M Law School, University of Arizona
Law School, Thomas Jefferson School of Law, Florida State University College of Law,
University of South Florida and Drake University. Interestingly, they offer five different
degree types Master of Legal Studies, Master of Science in Law, Juris Master, Master
of Business Administration, Masters in Compliance and Risk Management. The three
law school programs here focus on those who do not already have law degrees,
although they obviously offer programs for practicing attorneys These programs are
designed to enable working professionals to acquire legal skills in order to advance their
careers in areas related to compliance. The USF MBA program is offered through the
College of Business and focuses more on “legal compliance” as opposed to the law, as
the other four do.
 Legal Programs
14
Ethics/Compliance/Law/Culture Quant financial management
IT & Cyber Operations Risk Management
Marketing Strategy Accounting/Audit
12 Capstone/Practicum Econ Management/Org Behanior

10

0
Arizona Thom Jefferson FSU Texas A&M USF Drake

Cyber Risk
This area is rapidly evolving. As recently as eight years ago, there was little focus on
this and its analysis was largely confined to operational risk. The rise of central
counterparties (exchanges, clearinghouses, etc.) in combination with some highly-
publicized (and expensive) hacks brought this area to the fore. There are five programs
that focus on cyber risk: Georgetown, IU, UNH, Utica, and Mercyhurst. These all have
offerings in areas like policy, security measures, and organizational leadership. There
are also courses in computing, ethics and law available.

Cyber Programs
15
IT & Cyber Quant financial management Operations
Risk Management Marketing Strategy Ethics/Compliance/Law/Culture
Accounting/Audit Capstone/Practicum Econ Management/Org Behanior
BCP Electives
12

0
Georgetown IU UNH Utica Mercyhurst
Section 4: The Baruch Risk Program in Context

Baruch’s Master of Science in Financial Risk Management offers “a comprehensive,

foundational knowledge of current risk management issues, methodologies, and challenges
that position you for successful career in risk management at a variety of financial institutions.”
It is designed as a 30-credit, three semester program24. Like several other (but not all)
programs, it prepares students for the professional risk management certification exams
offered by GARP and PRMIA described earlier25. It conforms to the U.S. Department of
Homeland Security’s STEM program requirements that qualifies eligible international graduates
on student visas for an optional practical training extension of 24-months. The program
currently has N students enrolled and costs about $18,000 for New York state residents and
$30,000 for non-residents26. At 30 credits, it is typical in terms of course load, but at $24,900
(30*$830 per credit for non-New York residents), it is well under the average of $41,145.

Graphical representations of Baruch’s cost and course load can be seen in the graphs below:

Baruch Courseload Comparison

80
60
40
20
0
Queens RMF

Wisconsin MS
Bentley
Yale

Pace

Temple

OK State
Georgia State

Ohio State

JHU
RPI

WI RMI
Rutgers

StJ MS RMA
StJ MS RFA

UT Dallas
Queens RMA
Queens RMDFA

Utica MBA

WI MBA
Arizona

Colorado

Indiana

Buffalo

Yeshiva

UNH
FSU Law

Baruch

U Conn

Nebraska
Georgetown

Michigan

Colombia
Mercyhurst

Concordia

Washington

Stanford
Loyola

Arkron
Penn

Georgia
ND of MD

StJ FSRM

Texas A&M

Cal Fullerton

StJ MBA ERM

StJ MBA RM
TJSL

DePaul
Utica MPS

USF
Duke

FSU

NCSU

BU
Butler
N Illinois

Illinois
Drake Law

Baruch Cost Comparison

$100,000

$80,000

$60,000

$40,000

$20,000

$-
Texas A&M
Queens RMF

Wisconsin MS

Bentley
Pace

Temple
OK State

JHU
Georgia State

Ohio State

Yale
NYU
WI RMI

RPI
UT Dallas

Rutgers

Illinois
Utica MBA

Queens RMDFA

StJ MS RMA
StJ MS RFA

WI MBA
Buffalo
UNH

Queens RMA

Arizona
Concordia

Nebraska
Yeshiva
Baruch

Colorado
Indiana

Georgetown
U Conn

Georgia

Loyola

Michigan

Colombia

Penn

Stanford
Cal Fullerton

FSU Law
Arkron
Washington

StJ MBA ERM

StJ MBA RM
ND of MD

StJ FSRM

TJSL

DePaul
Utica MPS

USF
FSU

NCSU

BU
Duke
Butler
N Illinois
Drake Law

24
There is conflicting information about the course load on the Baruch website. The site
https://zicklin.baruch.cuny.edu/academic-programs/graduate/ms/financial-risk-management/ describes the program
as being 30 credits while the Zicklin Graduate Admissions site, https://zicklin.baruch.cuny.edu/academic-
programs/graduate/admissions/financing-your-education/tuition-fees/ suggests that Masters of Science programs are
31.5 – 40 credits. The cost information I cite is consistent with the 30 credit requirement.
25
I have been on the Board of Trustees for the Global Association of Risk Professionals (GARP) since 2002.
26
These amounts assume that all prerequisites have been taken.
This program is grouped among the “general risk programs.” Other programs in this cohort are
Yale, Wisconsin, Northern Illinois, Colorado, Connecticut, Queens, Pace, NYU and two of St
John’s programs.

The set of requirements is reasonably a well-balanced and includes:

• Business Communication
• Econometrics Theory and Applications
• Investment Analysis
• Debt Instruments and Markets
• Options Markets
• Market Risk
• Credit Risk
• Operations and Information Technology Risk
• Investment Risk

The program allows for 9 credits of electives, putting it among the more flexible programs.
Those electives can be selected from a list of 31 courses shown on the website. The elective
courses are not uniform in length, carrying between one and three credits.

The layout of the program as seen on the website is seen in Appendix 2.

With the exception of Business Communication, which is labelled as a “Business” course and
Econometrics, listed as “Economics,” all of the courses offered are through the Finance
Department. A similar emphasis on finance courses can be seen in the programs at the
University of Connecticut, the University of Northern Illinois, St John’s Risk and Financial
Advisory program and Pace University. Others, like those at the University of Colorado and
Queens College list math and accounting among electives while Yale and St John’s allow courses
in many disciplines27.

Thus, while the Baruch program is certainly not alone in focusing primarily upon finance,
possibilities may exist to expand its appeal.

An advantage that CUNY offers over most of the programs in this cohort is the scope of courses
available at CUNY as well as the depth of knowledge available in key areas. For example:

• The Math Department has a great deal of expertise in quantitative finance.

• The Law Department has experts in cyber risk, compliance, and ethics
• The Management Department offers courses in organizational behavior

27
Yale’s electives are offered as “management” courses and span a variety of areas.
 • The Information Systems and Statistics Department offers courses in Artificial
Intelligence and Machine Learning-related areas
• The Accounting Department has a full suite of accounting courses, including several in
actuarial science related areas.

In addition, there are several risk-related subjects not seen outside of the MBA programs
discussed here, including Governance (clearly risk-oriented) and Strategy which could be
offered.

Another set of possibilities exists in areas that do not appear to be particularly well-covered by
existing programs. These include

• Recovery and Resolution

• Regulation and Compliance
• Treasury Risk Management (liquidity and capital for banks and non-banks)
• Model Risk Management
• Operational Risk (as defined by Basel, as opposed to operations risk, which is quite
different)
APPENDIX 1: LIST OF PROGRAMS REVIEWED
State University Degree Program Credits Cost
AZ University of Arizona MLS MLS Compliance and Legal Risk Management Concentration 30 $ 26,010
CA Stanford University MS Master of Science - Major (Financial Analytics) 45 $ 87,549
CA Cal State Fullerton MBA Risk Management and Insurance Concentration, MBA 33 $ 14,352
CA Thomas Jefferson School of Law MS Master of Science of Law /Financial Compliance and Risk Management 30 $ 47,100
CO University of Colorado Denver - MF Master in Finance and Risk Management 30 $ 41,340
CT University of Connecticut MS Master of Science Financial Risk Management 33 $ 44,550
CT Yale MDSF Master’s Degree in Systemic Risk 28 $ 71,620
DC Georgetown MPS Master of Professional Studies in Cybersecurity Risk Management 33 $ 44,385
FL Florida State University MS Master of Science in Risk Management and Insurance (MS-RMI) 33 $ 19,800
FL Florida State University College of Law JM JM Legal Risk Management and HR Compliance Concentration 30 $ 40,655
FL University of South Florita MBA MBA with a concentration in Compliance, Risk Management & AML 35 $ 31,500
GA Georgia State University MS Master of Science in Mathematical Risk Management 32 $ 45,794
GA University Of Georgia MBA MBA with a concentration in Risk Management 60 $ 64,224
IL DePaul University MS Master of Science in Enterprise Risk Management 48 $ 50,880
IL Northern Illinois University MS Master of Science in Financial Risk Management 30 $ 26,881
IL University of Illinois - Gies College of Business MF Master in Finance - Major (Risk Management and Insurance) 40 $ 66,648
IL Loyola MBA MBA with a risk management concentration 45 $ 67,320
IN Indiana University Bloomington MCRM Master in Cybersecurity Risk Management 30 $ 43,000
IN Butler University MS Master of Science in Risk and Insurance 30 $ 28,500
IA Drake University Law school MCRM Masters in Compliance & Risk Management 24 $ 20,400
MD Johns Hopkins University MBAn Master in Business Analytics and Risk Management 36 $ 68,900
MD Notre Dame of Maryland MS Master of Science in Risk Management 18 $ 14,160
MA Boston University MS Master of Science in Enterprise Risk Management 40 $ 79,224
MI University of Michigan - Ann Arbor MS Master of Science in Quantitative Finance and Risk Management 36 $ 70,017
NB University of Nebraska Omaha MBA MBA Concentration in Risk Management 33 $ 33,677
NH University of New Hampshire MCPRM Master of Cybersecurity Policy and Risk Management 36 $ 22,500
NJ Rutgers University MS Master of Science in Financial Statistics and Risk Management (FSRM) 30 $ 61,488
NY St. John's University MS Master of Science in Enterprise Risk Management 30 $ 37,350
NY St. John's University MBA MBA Concentration in Enterprise Risk Management 36 $ 44,820
NY St. John's University MS Master of Science Risk Management and Risk Analytics 30 $ 37,350
NY St. John's University MBA MBA Concentration in Risk Management 36 $ 44,820
NY St. John's University MS Master of Science Risk and Financial Advisory 30 $ 37,350
NY Pace University MS Master of Science in Financial Risk Management 30 $ 38,010
NY SUNY Buffalo MS MS in Accounting Internal Audit and Risk Management Track 30 $ 22,210
NY Columbia University MS Master of Science in Enterprise Risk Management 36 $ 76,248
NY Queens College MS Master of Science (MS) in Risk Management, Finance/ 30 $ 24,900
NY Queens College MS Master of Science (MS) in Risk Management, Accounting 30 $ 24,900
NY Queens College MS Master of Science (MS) in Risk Management Dynamic Financial Analysis 30 $ 24,900
NY CUNY Baruch College MS Master of Science Financial Risk Management 30 $ 29,684
NY New York University MS Master of Science Risk Management for Executives $ 73,750
NY Yeshiva University MS Master of Science in Enterprise Risk Management 30 $ 36,000
NY Rensselaer Lally School of Management MS Master of Science in Quantitative Finance and Risk Analytics 30 $ 52,550
NY Utica College MBA MBA – Insurance and Risk Management i 30 $ 23,250
NY Utica College MPS MPS - Cyber Policy and Risk Analysis 30 $ 23,250
NC Duke University MEng Master of Engineering (MEng) in Risk Engineering 30 $ 80,670
NC NCSU MAC Master of Accounting (MAC) Program Enterprise Risk Management 33 $ 20,491
OH The Ohio State University MAQRM Master of Actuarial and Quantitative Risk Management 33 $ 69,858
OH University of Akron MBA Risk Management and Insurance MBA 51 $ 40,919
OK Oklahoma State University MBA MBA with Risk Management Concentration 45 $ 49,460
PA University Of Pennsylvania MBA MBA in - Major (Insurance And Risk Management) 57 $ 78,948
PA Temple University MS Master of Science in Financial Analysis and Risk Management 43 $ 47,902
PA Mercyhurst University MCRM Master of Science in Cyber Risk Management 36 $ 94,500
TX University of Texas At Dallas MS Master of Science in Financial Engineering and Risk Management 36 $ 44,000
TX Texas A&M M Jur LL.M. & M.Jur. Curriculum in Risk Management 30 $ 38,100
MA Bentley University MS Bentley MS in Audit Analytics 30 $ 56,235
WA University of Washington MS MS Computational Finance and Risk Management 42 $ 40,950
WI University of Wisconsin - Madison MS Master in Business: Risk Management and Insurance 30 $ 25,336
WI University of Wisconsin - Madison MBA MBA Risk and Insurance Specialization 59 $ 77,554
WI University of Wisconsin MS M.S. Risk Control 39 $ 32,690
WI Concordia University MBA MBA in Risk Assessment and Management 39 $ 26,598
APPENDIX 2: BARUCH MS IN RISK REQUIREMENTS28

28
https://zicklin.baruch.cuny.edu/academic-programs/graduate/ms/financial-risk-management/