Master of Science in Financial Risk Management

The M.S. in Financial Risk Management program provides advanced study to prepare students for careers in risk management in banks, investment firms, and corporate treasury departments. The program focuses on the latest advances in hedging and risk mitigation techniques incorporating the use of complex financial instruments such as swaps, futures, forwards, and options.

This program was designed for business professionals to enhance their proficiency in all aspects of financial risk management. Upon completion of this program students will be equipped to assess, plan and implement effective risk management strategies in financial institutions.

  • 10 course part-time program (full-time option now available)
  • Each class meets once per week in downtown Chicago, either on Monday/Wednesday evenings or Saturday.
  • Classes will begin in mid-September.

STEM Designation

We are pleased to announce that Northern Illinois University's M.S. in Financial Risk Management is a STEM-designated program. The Department of Homeland Security grants this designation to programs that produce graduates educated in fields essential to the nation's economic, scientific, and technological competitiveness - i.e., programs that focus on Science, Technology, Engineering and/or Math (STEM).  International students who earn degrees from STEM-designated programs can qualify to extend their post-graduation stay in the United States.  Under the traditional Optional Practical Training (OPT) program, international students who graduate from colleges and universities in the U.S. are able to remain in the country and receive training through work experience for up to 12 months. Students - such as NIU MSFRM students - who graduate from a STEM-designated degree program can remain for an additional 24 months on an OPT STEM Extension.

GARP Academic Partnership 

NIU’s M.S. in Financial Risk Management program is now an Academic Partner with the Global Association of Risk Professionals (GARP), joining more than 40 other top graduate business schools from around the world.

GARP is a not-for-profit organization and the only globally recognized association for risk managers. It offers certification for financial risk management leading to a Financial Risk Manager (FRM) designation, which is the field's most respected and widely recognized certification. Demand for this certification has grown rapidly with registrations topping 56,500 in 2017 (representing an average annual increase of 21 percent since 2003. The FRM is the global standard in professional risk management certification, with over 35,000 certified FRMs in 150 countries and territories across the globe.

Affiliated schools incorporate the FRM curriculum into their course of study. By aligning an academic program with the FRM content matter, rigorous academic instruction can be coupled with practitioner-driven insight and certification. Through this Academic Partnership, students are better prepared to succeed in the challenging field of risk management.

Global Association of Risk Professionals