Program Overview

Master of Science in Quantitative Risk Analysis and Management

The Master of Science in Quantitative Risk Analysis and Management (QRAM) program is designed to provide students with a solid understanding of the application of mathematics in economics and finance to address contemporary risk management issues.

Program Overview

The QRAM program is a 30-credit hour program that can be completed in 16 months (full-time) or up to 5 years (part-time). The program is STEM-designated, and international students with an F-1 visa are eligible for up to 12 months of Optional Practical Training (OPT) and can extend their OPT by 24 months upon graduation.

Admission Requirements

• Online application and $50 application fee
• College transcripts
• Personal statement
• Resume (no work experience required)
• Additional requirements apply for international applicants

Curriculum

The program comprises 30 credit hours with 8 required and 6 credit hour electives. A maximum of 9 semester hours of transfer credit is possible in this 30-hour program or in the 48-hour dual degree program.

Foundation Requirements

These courses are in addition to the 30 hours required for the QRAM degree or in addition to the 48 hours required for the dual degree programs. They are assigned as part of the admissions process based on a review of each student's transcripts.

• Mathematics: Students must have completed three semesters of advanced calculus.
• Statistics: Students must have completed two semesters of undergraduate mathematical statistics.

Introductory Courses

The following courses must be completed within the first 18 hours of 8000-level course work.

• MSA 8010 Data Programming for Analytics
• ECON 8740 Applied Statistics and Econometrics

Core Required Courses

• RMI 8300 Predictive Risk Modeling
• RMI 8370 Financial Risk Management
• RMI 8450 Machine Learning for AS and RM
• QRAM 8610 Financial Engineering
• QRAM 8630 Interest Rate Models
• ECON 8780 Financial Econometrics

Elective Courses

Students should consult with the program director prior to beginning their elective coursework and may select from among the following courses.

• FI 8000 Valuation of Financial Assets
• FI 8090 Financial Data Analytics
• FI 8092 AI and Machine Learning Applications in Finance
• FI 8200 Derivative Markets
• FI 8460 The FinTech Ecosystem
• FI 8462 Blockchain Business Disruption
• MSA 8600 Deep Learning and Generative AI
• QRAM 8600 Theory of Risk Sharing
• QRAM 8640 Advanced Credit Risk Models
• RMI 8350 Enterprise Risk Management
• RMI 8400 InsurTech: New Technologies in Insurance Markets

Tuition

Tuition per credit hour:

• Georgia residents: $463-518
• Non-Georgia residents: $1,403-1,458
• Out-of-country residents: $1,443-1,497

Financial Aid

The university offers various forms of financial aid, including graduate assistantships, scholarships, and loans.

Career Opportunities

Program graduates work in a variety of industries, including finance, insurance, and consulting. The 2023 graduates reported a 48% average salary increase, enabling them to pay back their investment in graduate school within 1.3 years.

Faculty

The program is led by a team of experienced faculty, including:

• Joe Chou, Program Director and Clinical Assistant Professor
• Alejandro Del Valle, Associate Professor
• Glenn Harrison, Director, Center for the Economic Analysis of Risk; C.V. Starr Chair
• Liang Peng, Professor; Fellow, Institute of Mathematical Statistics; Fellow, American Statistical Association
• Stephen Shore, R. Means Davis Professor of Risk Management and Insurance; Executive Director, S.S. Huebner Foundation for Insurance Education
• Ajay Subramanian, Bruce A. Palmer Professor

Related Student Organization

The Actuarial and Risk Management Association (ARMA) is a student organization that serves all risk management and insurance students at Georgia State University. Primary programming includes employer information sessions, networking events, social events, and recruitment fairs. Other endeavors include study groups for actuarial exams, volunteer activities, and scholarship opportunities.