This degree is especially adapted for graduates in Economics, Business Administration or studies that facilitate a solid quantitative training. Dates/
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 3 months after completing the Master´s Degree.
The current changes in the sector, especially in regulatory compliance, make assets of 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.
Many people like you are already making the most of their Master's Degree. Here are their experiences.
"These studies will allow you to develop your talents to the fullest and respond perfectly to the needs of the market, given their international perspective."
"This degree provides an excellent education and training, which provide the foundation to develop a successful professional career in an area in high demand at companies."
"It has allowed me to specialize in a booming sector with many job opportunities."
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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).
Advance your professional career with this Master’s Degree
Aurora García Professor at Comillas ICADE
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Visit the Faculty.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.
Carrying out a Personal Interview.With the purpose of stating whether a candidate is eligible for the Official Master's Degree in Financial Risk Management, the following assessment criteria shall be considered:
-The results of a personal interview with the programme Director or the person appointed by them. These two tests shall have the status of admission test.
-Certification of a level of proficiency in English that is equivalent or higher then B1 (common European framework).
-Certification of a level of proficiency in Spanish that is equivalent or higher then C (common European framework).
-Any other test intended to verify the 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%
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.
Applicant Profile/Requirements and Documentation
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
|Time series analysis||3.0 ECTS|
|Multivariate analysis||4.0 ECTS|
|Corporate Governance and Ethics||3.0 ECTS|
|IT tools applied to risk management||5.0 ECTS|
|Financial markets and products||3.0 ECTS|
|Quantitative risk assessment methods||4.0 ECTS|
|Principles of risk identification and management||4.0 ECTS|
|Financial Valuation||3.0 ECTS|
|Credit risk management and analysis||4.0 ECTS|
|Market and liquidity risk management and analysis||4.0 ECTS|
|Operational, strategic and legal risk management and analysis||4.0 ECTS|
|Strategic risk management within a business||3.0 ECTS|
|Company Internships||6.0 ECTS|
|Final Master´s Degree Project||6.0 ECTS|
|Managerial Skills||4.0 ECTS|
|Risk lab||4.0 ECTS|
|Preparing for the FRM examination||4.0 ECTS|
|Principles of insurance identification and management||4.0 ECTS|
Analysis and synthesis capacity.
Ability to manage information from several sources.
Problem-solving and decision-making.
Organization, planning and time management capacity.
Advanced computer skills applied to the relevant field of study.
Interpersonal skills: listening, arguing, discussing.
Leadership and team working capacity
Critical and self-critical capacity.
Capacity to adapt to changes
Initiative and entrepreneurship.
In-depth understanding of the concept and type of risks from a business approach.
Awareness of the importance of risk management functions within a company.
Deep knowledge and understanding of complex financial products and specific products used in risk management, as well as the particular characteristics of markets where such instruments are negotiated.
Knowledge in advanced statistical models related to risk analysis.
Familiarity with the most used risk measurements and their properties.
Knowledge and application of main advanced statistical tools for data analysis.
Knowledge and application of linear regression analysis statistical models.
Knowledge of classic models for valuation of equity financial assets.
Knowledge and correct application of principles for valuation and management of equity portfolios.
Knowledge and correct application of principles for valuation and management of derivative assets.
Knowledge of the concepts and tools for time series analysis and models for stochastic volatility models.
In-depth study of the concept of market risk and proficiency on calculation methods most used in professional practice.
In-depth study of the concept of liquidity risk and proficiency on calculation methods most used in professional practice.
In-depth study of the concept of credit risk and proficiency on calculation methods most used in professional practice.
In-depth study of the concept of operational, strategic and legal risk and proficiency on calculation methods most used in professional practice.
Ability to reconcile a company's global strategy with its particular risk management strategy, being aware of its impact on the different operational areas.
Knowledge and management of advanced specific software for analysing the necessary information to carry out a professional management of risk.
Identification of any possible ethical issue generated in the corporate environment and justification that the best possible solution has been chosen.
Awareness and knowledge of basic concepts regarding insurance and insurance market.
Use and application of the development of an actual business practice of the different practical and theoretical knowledge acquired on the course of this programme.
This Official Master's Degree in Financial risk management provides the student with the necessary skills to carry out their activities in the following financial-related functions.
- Functions in risk department of financial companies (credit entities, investment services companies, management companies for collective investment institutions, and venture capital firms) and highly regulated non-financial companies (such as engineering and energy companies and telcos).
- Risk management functions in venture capital firms, rating agencies, securitisation companies, advisory services companies and consultancy companies.
- Functions linked to departments for development of financial products.
- Positions in planning and control departments.
- Consulting positions in Public Administrations and Regulatory Institutions.
Likewise the Official Master's Degree in Financial Risk Management is a pathway onto the official doctorate programme, in line with the provisions in Royal Decree 99/2011 of 28 January which regulates official doctorate teachings.
The Official Master's Degree in Financial Risk Management has a programme including 60 ECTS credits distributed in the following manner:
29 ECTS credits distributed along the first semester, and intending to offer students a first outlook in financial risk management, as well as training in professional ethics, methodological training in statistics and financial products, and its application by means of software tools.
27 ECTS credits distributed along the second semester. Out of those, 23 correspond to compulsory subjects that offer specialised training in analysis and management of each type of risk. The 4 remaining credits correspond to elective courses thanks to which students may acquire complementary skills.
6 ECTS credits of training though internships in companies.
6 ECTS credits corresponding to the End of Master Project, which shall be presented at any date after in-person lessons of the second semester, are concluded.
In-person lessons are estimated to be concluded in the last weeks of May. From that moment on, the student's tasks are limited to submitting and defending the End of Master Project and finishing their internship, when it has not been finished before.
Evaluation activities are distributed along the two semesters and are highlighted in the relevant time schedule. Extraordinary exams shall be taken over the first two weeks of June.
Academic Calendar of the Official Master's Degree in Financial Risk Management
19-20 General Academic Calendar of the University
20-21 General Academic Calendar of the University
Timetables Academic Year 2018/2019