Official Master's Degree in Financial Risk Management

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From 15/11/2021 to 30/09/2022

30 places available

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Information Sessions

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Informative Session

Online Event

September 15
6:00 pm.

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1 year / 60 ECTS

Face to face



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Timetables and y exams

Official status of the Degree

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“A rigorous education and training with permanent and personalized professorial support”

What is the Official Master's Degree in Financial Risk Management?

The Official Master's Degree in Financial Risk Management is offered by the Faculty of Economics and Business Administration at Comillas Pontifical University (ICADE), through ICADE Business School.

Its main aim is to provide specialized training oriented to professional roles in the field of risks.

This Master's program is taught on a full-time basis and structured into four modules.

The first one encompasses core training aimed at gaining a thorough understanding of the theoretical background necessary to work as a financial risk manager.
The second one provides the students with specialized knowledge that is specific to the field.
The third and fourth modules cover the Master's dissertation and the in-company internship in the sector, respectively.

Job placement is close to 100% just 6 months after completing the Master´s Degree.

The current changes in the sector -especially in regulatory compliance- due to factors such as digitalisation and ESG (Environmental, Social and Governance) criteria, leads to the high demand for professionals in Financial Risks, who are highly sought after by companies, reaching an employability of almost 100% just 6 months after completion of the Master's Degree.

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Students, teachers and companies, what do they think about this Master´s Degree?

Many people like you are already making the most of their Master´s Degree. Learn about their experiences.

What makes us different?

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Professional Internships

Percentage of students who carry out paid internships.

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Percentage of graduates holding this Degree who are currently employed.

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Alumni network

Number of former students enrolled in the Comillas Alumni Association

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Members of the Professorial Staff

Percentage of Postgraduate Professors who Combine Teaching Classes with their Profession



Rankings and Awards

Ranked as the Number One (#1) University in Europe in Terms of Commitment to its Students (Ranking by The Times Higher Education).

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Success Rate

Percentage of Credits Passed during the Academic Year by Students Enrolled in the Degree.

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Advance your professional career with this Master’s Degree

Luis Garvía VegaDirector of the Program

Our partner companies

The Official Master's Degree in Financial Risk Management has the participation of the BME Institute, GARP, Alastria and the CFA Institute, in addition ICADE is a protective member of the Risk Management Club of Spain

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Learning is achieved not only by studying

  • Professional Internships
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David Angulo Banco Santander

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All you need to know


Admissions Process


Visit the Faculty at our Open Days. Attendance is not mandatory, but potential candidates are encouraged to learn about the Faculty, see the facilities, and obtain additional information.

Applying for Admission. Admission to this Official Master's Degree in Financial Risk Management is granted by the Dean of the School of Business and Economics, at the proposal of the Deputy Sub Committee on Admissions, formed by the Director of ICADE Business School and the Director of the Master's Degree in Financial Risk Management.

Admissions must be submitted within the time frame stated, in a standard format and accompanied by all of the documents which certify the fulfilment of the entry requirements.

Admission process:
- Excel exercise and a written.
- Certification of a level of proficiency in Spanish that is equivalent to or higher than European Level C (common European framework).
-Any other test intended to verify and analyze oral comprehension, learning capacity or previous knowledge of candidate's analytical skills, their speech understanding, their learning capacity or their previous knowledge.
Assessment of the request for admission to the Official Master's Degree in Financial Risk Assessment shall be obtained from joint assessment of the different requirements. Final admission is established in function of the position of the candidate with regard of global assessment of their academic record with respect to the other candidates and with the number of places available.

The weighting of different admission criteria and requirements are:
-Academic record and complementary tests. 70%
-Personal interview. 20%
-Level of English. 10%

Support Program for Students with Disabilities

Finalizing Registration. Once admitted, students must finalize the registration process. This procedure is initiated on the web page, but it is necessary to present the registration form and the additional documentation at the General Registrar´s Office at the University.


Important Dates


Admission application filing period:
The period begins on November 15, 2022 and September 30, 2022

Informative Session:
Online Event: September 15, 2022 (6:00 pm.)

Leave your contact information here.

Classes begin on: October 03, 2022


Applicant Profile/Requirements and Documentation


Applicant Profile

This Master´s degree is aimed at university graduates who wish to focus their career on the financial sector, gaining specialized and up-to-date training in financial risk management. This training will provide high added value to those who go on to work in financial institutions, consultancy firms, in the insurance sector and the most regulated sectors, such as energy or telecommunications.

It is both suitable for students who have recently finished their studies and those who have professional experience and wish to add this specialist training to their CV.

The abilities largely required by the student are maturity and analytical skills. The attitudes required are motivation, a commitment to work and an appreciation of ethical values.
The Master´s program is particulary suited for those with degrees in economics, business administration or studies that provide solid quantitative training (engineers, technical engineers, those with degrees in mathematics, physics and statistics).
The program is taught in Spanish and therefore an advanced level is required in this language. At the same time, an intermediate level of English is required in order to consult documentary sources and to responde to the requirements stated by companies, both for the course internship and professional opportunities.


The applicant should be in possession of an Official University Undergraduate Degree, Bachelor´s or Licenciate Degree, Degree in Architecture or Engineering, or a Degree issued by a an Institution of Higher Education in the European Higher Education Area that allows access to Master's Degrees.

In the case of students with Degrees from countries outside the European Higher Education Area, which have not been validated in Spain, the interested party must submit a request for admission to the Rector, who will make a decision on admission once informed by the Delegated Sub-Commission on Admissions to Master's Degree Programs. Admission to the Program in this way will not imply Official State Validation or Recognition of the Degree prior to other effects than those of enrolling in the Master´s Degree Program.

Information notice on the documents to be submitted


Information on Fees, Payments, Grants and Scholarships


The total fee for the Master's program is €17,562 Enrollment: €2,293.20 plus eight monthly installments of €1,908.60 each. If you are an alumni, you are entitled to 10% discount.

Study grants


Contact Information


ICADE Business School
Rey Francisco, 4 - 28008 Madrid
Tel.: +34 91 559 20 00

Person Responsible for the Program:

Director: Prof. Dr. Luis Garvía Vega
( )

Coordinator: Susana de Corral Canals


Apply for Admission


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Who are you going to study with and what are you going to learn?

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1st Term
Compulsory Subjects
Time series analysis 3.0 ECTS ICO/DESCARGA
Multivariate analysis 4.0 ECTS ICO/DESCARGA
Corporate Governance and Ethics 3.0 ECTS ICO/DESCARGA
IT tools applied to risk management 5.0 ECTS ICO/DESCARGA
Financial markets and products 3.0 ECTS ICO/DESCARGA
Quantitative risk assessment methods 4.0 ECTS ICO/DESCARGA
Principles of risk identification and management 4.0 ECTS ICO/DESCARGA
Financial Valuation 3.0 ECTS ICO/DESCARGA
2nd Term
Compulsory Subjects
Credit risk management and analysis 4.0 ECTS ICO/DESCARGA
Market and liquidity risk management and analysis 4.0 ECTS ICO/DESCARGA
Operational, strategic and legal risk management and analysis 4.0 ECTS ICO/DESCARGA
Strategic risk management within a business 3.0 ECTS ICO/DESCARGA
Company Internships 6.0 ECTS ICO/DESCARGA
Final Master´s Degree Project 6.0 ECTS ICO/DESCARGA
Electives Subjects
Managerial Skills 4.0 ECTS ICO/DESCARGA
Preparing for the FRM examination 4.0 ECTS ICO/DESCARGA
Principles of insurance identification and management 4.0 ECTS ICO/DESCARGA
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Your future teachers

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ICADE Business School

Calle Rey Francisco, 4.

ICADE Business School, as an integral part of the Faculty of Economic Sciences and Business Administration, at the Universidad Pontificia Comillas, is the beneficiary of, and heir to, a long-standing tradition and experience in the education and training of business professionals. It represents a strategic commitment for the future, combining the best of the past with innovation in teaching, research and the transmission of knowledge in the area of Business.



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