QUANTITATIVE ASSET AND RISK MANAGEMENT

"ARIMA is a very intensive master programm, which is just the thing for number-crunchers interested in finance, mathematics and statistics. The degree programme offers comprehensive quantitative know-how in asset and risk management, winning you over with practice-oriented applications.

Since the studies are quite internationally-oriented, there are numerous possibilities for a successful career in finance and insurance."

Raphael Siegert, MA, Alumnus

 

Qualification awarded
Master degree programme (4 semesters, 120 ECTS Credits): Master of Arts in Business; abbreviated: MA
This master's degree programme is a European Joint Degree Programme. It is run jointly with the University of Economics in Katowice (Poland) and the Anglo-American University in Prague (Czech Republic).

Level of qualification
Master degree programme: second cycle, ISCED 5A, EQF level 7

Specific admission requirements
Generally the admission to a master degree programme at a university or a university of applied science is granted on the basis of the successful completion of an Austrian bachelor degree programme (Bachelorstudium), including degrees from Austrian universities of applied sciences, or a comparable post-secondary degree acknowledged to be its equivalent. The admission to the master programme Quantitative Asset and Risk Management therefore requires the successful completion of a bachelor’s or master’s degree in social sciences, economic / business studies, in natural sciences, or in law at a university or a university of applied sciences. The university or university of applied sciences can be domestic or abroad; it must be recognised as a post-secondary education institution in its country of residence. In general admission to universities of applied sciences is based on a selective admissions process. The admission process for the master degree programme Quantitative Asset and Risk Management consists of a written application, a structured interview including a small presentation on a financial topic and a multiple-choice test. The interview and MC test are in English. Furthermore, applicants have to demonstrate knowledge at university level in economics (9 ECTS credits) and in mathematics and statistics (6 ECTS credits).

Specific arrangements for recognition of prior learning (formal, non-formal and informal)
Students who have acquired certain competences through prior learning can apply for the recognition of these. If the competences were acquired within the framework of a formal learning process (university or equivalent, or other recognized training /education institutions), the programme director decides on the basis of the provided documents (transcripts, course descriptions, etc.), if the credits for the prior learning can be transferred. If competences were acquired in a non-formal or informal context, students can request a competence ascertainment test. If the student passes this test, the competences acquired through prior learning will be credited. Applications for recognition of prior learning have to be submitted within 14 days of the beginning of the semester in which the course is situated. Students must substantiate a request for recognition of prior learning with original documents or officially authenticated copies.

Recognition of study abroad periods
Before the study abroad period every prospective mobile student draws up a learning agreement which has to be approved by the UAS bfi Vienna and the host institution. In case of changes in the study programme the learning agreement may be amended. All changes have to be approved by both the UAS bfi Vienna and the host institution. After the mobility period students hand in their transcripts of records to the mobility coordinator, who will facilitate the recognition based on the signed learning agreements and the approved changes. The credits obtained at the host institution in accordance with the learning agreement are automatically transferred into the transcript of records of the UAS bfi Vienna with their original titles and a reference to the host institution, where the study abroad credits were obtained.

Qualification requirements and regulations
The master degree programme in Quantitative Asset and Risk Management does not expect deep previous knowledge in the field of asset and risk management. But you should have strong skills in mathematics and statistics, because this is the prerequisite for most of the courses in Quantitative Asset and Risk Management. Additionally teamwork skills and communication skills are necessary. Students should also be interested in foreign languages and culture because the 3rd semester is a mandatory semester abroad which can be spent either in Prague or Katowice (Joint Degree) or in Bologna (Double Degree). Furthermore, practical experience, particularly as part of professional work during the career-parallel degree programme (Career-parallel programmes are designed for working students and take their specific situation into account. The semester takes 20 weeks and classes are held on three evenings per week and on Saturdays.), is desired. This connection to real life makes it possible for the students not only to profit from the content of the degree programme, but also to learn from each other - through discussing experiences and approaches in the various companies, industries and positions in which they are employed.

Profile of the programme
The aim of the master programme Quantitative Asset and Risk Management is to provide students with a comprehensive understanding of the connections between asset and risk management. Both managerial functions deal with the same subject matter but from different vantage points. Mutual understanding is thus essential.

1st semester: mathematics and statistics, finance, programming and databases, multivariate methods and time series analysis.
2nd semester: theory of risk measurement and asset management, measurement of different risks in the banking and insurance industry, portfolio and performance analysis of different asset classes.
3rd semester: techniques acquired in the 2nd semester are applied.
4th semester: master thesis and preparation for the diploma examination.

Key learning outcomes
After completing the master programme the graduates are able to:

  • describe and analyse the connections between asset and risk management in finance;
  • quantify and assess risk types in risk management, and infer measures for integrated steering of banks and insurance companies;
  • analyse various asset classes and their products, develop forecast and performance models and assess and apply the results of these models;
  • carry out portfolio selections, and calculate key performance figures;
  • apply the methods of financial mathematics to asset and risk management.

 

Occupational profiles of graduates with examples
The graduates are supposed to fulfil specialist functions – and eventually leading functions with the corresponding specialist background knowledge. This is to be ensured by combining thorough scientific basic knowledge with application-oriented knowledge and skills. The graduates’ fields of professional activity lie in banking and insurance, enterprise-related services, market authorities (OeNB and FMA), and public administration.
The graduates will work in the following fields of expertise:

  • risk management,
  • asset management,
  • treasury and trading,
  • asset liability management,
  • risk controlling and internal / external auditing.

 

The qualification profile required to fulfil these tasks comprises – in addition to a basic general knowledge on shares, financial markets, macro-economic inter-relations and relevant legal fields – in-depth knowledge of risk management (risk quantification, risk steering, risk aggregation, integrated global bank management etc.) and asset management (asset classes, portfolio selection, asset liability management etc.). These are complemented by methodical-analytical skills, above all in financial mathematics and statistics, user knowledge in the relevant software (Excel, Access, SPSS, SAS or Minitab) and basic programming knowledge in Visual Basic for applications in an Excel context.

Access to further studies
Graduates of UAS master degree programmes are entitled to enrol in doctoral programmes at universities.

Course structure diagram with ECTS Credits
  Quantitative Asset and Risk Management MA (PDF, 68.87 KB)

Course descriptions in German
Course descriptions in English

Examination regulations, assessment and grading
Every examination can be repeated twice, whereby the third examination is before a commission. In case of a negative commission examination, a once only application to repeat a year can be made to the degree programme director. According to the modalities for examinations outlined in the curricula, achievement may be evaluated upon the basis of oral and written exams or project related work. In principle oral examinations are open to the public (Source: Austrian Federal Ministry of Science and Research Unit III/7). The examination at the end of a master degree programme consists of drafting of a master thesis and a commission examination.

Austrian Grading Scheme (PDF, 38.95 KB)

Graduation requirements
Master's thesis: Subjects for the master's thesis are assigned at the end of the second semester. Students can start to work on their master thesis during the third semester. Students are required to have a thesis proposal discussion with the programme director and the responsible subject coordinator. The fourth semester is dedicated to writing the thesis. The student is to illustrate the success of his professional training on an academic basis by independently addressing the subject. The master's thesis must be submitted in bound form and positively evaluated by the supervisor.
Final examination: As a prerequisite all courses in the curriculum must be passed and the master thesis has to be graded positively in order to sign up for the final oral master's examination. The examination for the completion of the master's degree programme consists of the written master's thesis and a committee examination before an examination board in the department. This committee examination consists of a presentation and defence of the master's thesis, an oral examination, which also addresses the cross-connections between the subject of the master's thesis and the relevant subjects of the study plan as well as an oral examination on curriculum-relevant content.

Mode of study (full-time, part-time, e-learning…): Career-parallel

Programme director or equivalent:  Silvia Helmreich, tel.: ++43-7201286-972