Financial Risk Management Track

Are you ready for the next step in your finance career?

  • Immerse yourself in a rigorous introduction to risk diversification and measurement, portfolio theory, statistics, programming finance models in statistical software and Excel skills.
  • Apply your knowledge to such topics as foreign currency trading and risk, interest and inflation rate models and hedging strategies. You’ll also perform statistical analysis using big data, learn about investments, financial derivatives, fixed income securities and financial institutions.
  • Take courses in corporate finance, financial modeling, programming and independent research. You can even take graduate courses outside the Finance Department to complete a customized program that fits your interests.
  • Prepare for the CFA exam with a curriculum that matches the topics on the exams, to help you prepare for that career-differentiating certification.

Contact Us

Graduate Programs Office
School of Management
University at Buffalo
203 Alfiero Center
Buffalo, NY 14260-4010

Tel:  716-645-3204
Fax: 716-645-2341
som-apps@buffalo.edu
Meet our Team

The MS Finance is a STEM (science, technology, engineering and mathematics) curriculum with 36 credits typically completed in three semesters. Some students extend to a fourth semester, and UB undergraduates may be able to complete the program in two semesters. All majors are welcome to apply; however, business, math, economics and engineering majors are ideally suited to the program.

Curriculum

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Electives

You must take at least two STEM electives out of the four electives in the financial risk management (FRM) track.

STEM Electives

MGF 637LEC Financial Modeling

In this course, students will use financial econometric models to analyze problems of model specification, estimation, analysis and forecasting commonly faced by analysts in financial markets. The course materials cover the measurement and estimation of asset returns, earnings, macroeconomic data, risk and related applications in financial data analysis and visualization. Topics include regression analysis of time series/ARIMA models, multiple regression specifications and models of asset volatility including ARCH and GARCH. Throughout the course, students will use the statistical functions of the R programming language to analyze, model and forecast a variety of financial data.

Credits: 3.00
Semesters offered: Fall 2018 | Spring 2018


MGF 639SEM Security Trading

Credits: 3.00
Semesters offered: Fall 2018
Pre-requisite: MGF 611 or MGF 631 (or equivalent)


MGF 675LEC Multinational Banking and Finance

This course provides an in-depth study of practical applications and current issues faced by internationally active, large and complex banking organizations within the financial markets. In the first segment we will learn financial concepts such as ratio analysis, cash flow determination, and understand how Banks assess the relative risk of a corporation within the financial markets. We will then apply risk model using live case studies to assess the corporation's default risk. In the second segment we will focus on international trade finance and foreign exchange and how Banks assist corporations in hedging foreign exchange transactions. Working on case studies, students will learn international arbitrage, derivation of the International Fisher Effect, and understand and apply using practical applications currency futures, forwards and options in the international foreign exchange markets.

Credits: 3.00
Semesters offered: Fall 2018


MGF 694LEC Financial Modeling Using "R"

This course utilizes "R," instead of Excel, as the computational tool. Students will learn how to download and process public data associated with economics, finance and accounting. Students will also learn how to apply "R" to various finance theories.

Credits: 3.00
Semesters offered: Fall 2018
Pre-requisite: Two graduate courses, preferably Co


Fall 2018 (08/27/2018 - 12/07/2018)

Reg. Num. Section Type Topic Days Time Location Instructor
25037 F1F LEC M 5 - 7:50 p.m. Jacobs 214 Yan, Yuxing

Non-STEM Electives

MGA 604LEC Fin Analysis & Reporting

This course provides an introduction to the fundamental concepts and issues of financial accounting with emphasis on the interpretation of financial statements. The course addresses the economic consequences of transactions and their presentation on corporate financial statements. A primary objective is to introduce corporate financial statements as a tool for company valuation and decision making. Emphasis is on the analysis of effects of decisions on financial performance and use of financial statements to evaluate organizations.

Credits: 3.00
Semesters offered:


MGA 632LEC Fin Statement Analysis

Development of a framework for the analysis of financial statements: study of the firm's competitive environment and business strategy, critical review of accounting quality, assessment of financial condition, and evaluation of future prospects. Methods for translating forecasts into firm value estimates are studied, as well as the use of the analysis framework in making specific business decisions, such as investing in equity securities and evaluating firms' creditworthiness.

Credits: 3.00
Semesters offered: Fall 2018 | Spring 2018


MGF 634LEC Quantitative Methods in Finance

The objective of this course is to ensure students have a solid foundation in the mathematical foundations required to understand and work with complex financial securities and derivatives. This foundation will be useful in higher level finance courses and as practitioners working in financial markets. Topics covered include stochastic calculus, continuous time finance, numerical methods, finite differences, and taylor series approximations. Applications from finance such as bond pricing, option pricing and portfolio theory are used as examples to illustrate the mathematics.

Credits: 3.00
Semesters offered: Fall 2018


Fall 2018 (08/27/2018 - 12/07/2018)

Reg. Num. Section Type Topic Days Time Location Instructor
12508 F1F LEC TR 3:30 - 4:50 p.m. Clemen 17 Oprisan, Adina

MGF 636LEC Complex Financial Instruments

Students taking this course should expect to learn about financial derivatives. Among others, students will learn about how to price financial derivatives and how to incorporate various real-world frictions into binomial trees and stochastic processes (such as underlying the commonly used Black & Scholes model). In a case-study we will use R programming to replicate the risk-neutral price of a variance swap (underlying the so called Volatility Index or VIX). The course will be of particular interest for students who contemplate pursuing a career in the financial industry, e.g. as a Quantitative Analyst. The required prior courses depend on your trajectory (e.g., MGF 633 "Investment Management" or MGF 634 "Quantitative Methods in Finance"). Please consult your study guide for details. In general, students are expected to possess good knowledge of mathematics and statistics. Students should also feel comfortable with Excel and some basic programming knowledge will be helpful. Mathematical, statistical, and Excel skills required for this course will be reviewed during the course.

Credits: 3.00
Semesters offered: Spring 2018


Spring 2018 (01/29/2018 - 05/11/2018)

Reg. Num. Section Type Topic Days Time Location Instructor
11618 S1F LEC MW 11 a.m. - 12:20 p.m. Clemen 322 Roesch, Dominik Maximilian

MGE 602LEC Global Economics

This purpose of this course is to provide business students with six core abilities in macro/global economics: to understand the historical debate between government's role and free enterprise in the economy; to understand the components of the aggregate demand for goods and services; to be able to predict the effects of monetary policy on interest rates, prices, and national income; to understand the benefits of long term supply side changes and the policies that affect supply-side economics, to understand the impact of international trade and financial investment flows on interest rates, exchange rates and national income; and to be able to predict how various economic policies affect the long term growth potential of both developed and emerging markets.

Credits: 3.00
Semesters offered:


MGE 692 Special Topics in Economics

This course is not offered.

MGF 632SEM Corporate Governance & Finance

Credits: 3.00
Semesters offered: Fall 2018
Pre-requisite: MGF 611 or MGF 631 (or equivalent)


MGF 646SEM Institutional Investing

The seminar focuses on investment policy and portfolio management of tax-exempt institutional funds, with an emphasis on endowments. The class will discuss asset allocation, risk, the role of active management, incentive structures, governance, and manager selection and evaluation.

Credits: 3.00
Semesters offered: Spring 2018
Pre-requisite: MGF 611 or MGF 631 or equivalent or


MGF 657LEC Financial Innovation

This course introduces students to financial innovations and new products in the financial system. The course provides a general understanding of the financial evolution process, the causes and consequences of financial innovations, and the cost and value of these innovations. The course covers such topics as theory of financial innovation, the financial engineering process, birth and growth of new financial products, financial innovations and new debt, equity and derivative products, and the role of financial instruments in financial, investment and ristk management. The course emphasizes the motivations of financial innovation and methods to design financial instruments to solve complex financial problems and enhance investment returns.

Credits: 3.00
Semesters offered: Fall 2018


MGF 658LEC M&A Strategy/Financing

Provides a detailed understanding of the merger and acquisition process, both from the sell-side (using auctions or negotiated sale processes) and the buy-side (including the perspective of strategic buyers and private equity firms). Students will learn key aspects of acquisition strategy, deal structure, valuation, due diligence, financial modeling, accounting and regulatory issues, as well as preparation and presentation of oral and written investment memorandums. The course will also introduce the financing and transaction documents necessary to consummate an acquisition and steps to improve post-closing success.

Credits: 3.00
Semesters offered: Fall 2018 | Spring 2018
Pre-requisite: MGF 633 or MGE 604 or MS Accounting


Fall 2018 (08/27/2018 - 12/07/2018)

Reg. Num. Section Type Topic Days Time Location Instructor
12211 F1F LEC F 9 - 11:50 a.m. Alfiero 103 Dunbar, John Francis

Spring 2018 (01/29/2018 - 05/11/2018)

Reg. Num. Section Type Topic Days Time Location Instructor
19164 S1F LEC F 9 - 11:40 a.m. Jacobs 112 Dunbar, John Francis

MGF 691 Special Topics in Finance

This course is not offered.

One other graduate course may be approved by the program director as an elective.

Note: Not all electives are offered every semester.

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