M.Sc. in Financial Investment and Risk Management


M.Sc. in Financial Investment and Risk Management (FIRM)

  • Focus on preparing for a career in financial investment and risk management
  • The first CFA Program Partner in Thailand and first GARP Academic Partner in Thailand
  • CFA and FRM Exams Preparation
  • Saturday-Sunday Classes
  • Opportunities to study abroad
Course Overview

Why Master of Science in Financial Investment and Risk Management (FIRM)

For the first time in Thailand, the Graduate School of Business Administration (GSBA) of the National Institute of Development Administration (NIDA), NIDA Business School, has combined the two most internationally respected designations in the financial community to bring you a Master of Science program with emphasis in financial analysis and risk management that prepares the student for the CFA© and FRM© exams.

Course Introduction

Course Introduction by

Asst. Prof. Dr. NattawutJenwittayaroje
Director of M.Sc. in Financial Investment and Risk Management

Course contents and teaching activities focus on the integrated skills of listening, speaking, Reading and writing with a particular emphasis on academic writing, Students will also work in small groups, practicing paper presentation techniques, précis writing, and research writing.

This course is intended to provide additional practice in the four skills of listening, speaking, reading and writing strategies covered in LC 4002. Students receive individualized attention to enhance their communication skills in English.

Note 1. Registration for on exemption from LC 4003 Advanced Integrated English Language Skills Development and specified in the NIDA’s announcement on English Proficiency requirements.

The objective of this course is to provide students with an introductory survey of many applications of descriptive and inferential statistics. Specifically, the students will be taught the fundamentals of statistical probabilities and distributions, random sampling, one-sample hypothesis testing and confidence intervals, simple and multiple linear regression, correlation analysis, analysis of variance and chi-square applications. The statistical analyses will be conducted primarily using Microsoft Excel, so students should have some familiarity with Excel.

The application of statistical and mathematical techniques to solve problems in finance. Topics include time series versus cross-sectional data, cross-sectional versus panel data, univariate time series modeling and forecasting, a white noise process, tests of non-nested hypotheses, Wold’s decomposition theorem, the moments of an autoregressive process, statistical versus economic or financial loss functions and selected topics in quantitative financial market analysis.

This course will cover determination of gross domestic product, consumption, investment, unemployment and price level. Analysis of interest rate, wage rate and inflation rate. Role of fiscal and monetary policy. Furthermore, this course will extend to international economy. Moreover, this course will cover theory of consumer choice and demand, estimation and forecasting demand, theory of production and cost, market structure, game theory, pricing theory, theory of demand and supply of factor market, general equilibrium and making decision under risk and uncertainty.

Concepts and issues involved in the preparation and interpretation of financial statements; the use of financial information to evaluate and control an organization.

The framework for financial analysis and management is developed. A study of capital management, long-term asset management, short-term and long-term financing, capital structure as well as dividend policy and cost of capital.

Corporate Governance and Financial accounting, reporting and analysis of financial statements with the focuses on pensions, stock compensation, and other employee benefits, inter-corporate investments, business combinations and multinational operations.

The theoretical and working knowledge of derivatives analysis using mathematics and numerical examples in order to improve understanding in derivatives. Introduction to the different types of derivatives: futures, forward, swaps and options. The concept of trading and hedging strategies using derivatives.

The main purpose of this course is to provide a basic knowledge for implementing common financial models in Excel. This course covers standard financial models in the areas of corporate finance models, portfolio management models, options pricing models, fixed income management models. In this course, the students will be provided clear and concise explanations for the implementation of the various financial models using Excel.

Financial economic theory and modeling techniques as an integral part of mathematical risk management. Mathematical models used for risk management and financial derivatives, the arbitrage-free principle, single-period and multi-period valuation models, valuations of exchange-traded options, application to valuation of uncertain cash flow streams, complete and incomplete models and applications to sophisticated management of risk and insurance products.

This course covers the application of the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models through a deeper understanding into market, credit, operational and integrated risk management, investment management as well as current market issues.

Types of securities; sources and types of information used in investment analysis; methods and principles of investment decisions; basic principles and methods of securities and portfolio management of both personal and institutional investment.

A framework for properly valuing fixed income securities and alternative investment is developed. The valuation frameworks in consideration of the term structure of interest rates and the value of fixed income securities with complex structures and embedded options including callable and puttable bonds, mortgage-backed securities, asset- backed securities and convertible bonds. Methodologies for valuing interest rate futures, options on fixed income securities and interest rate caps and floors.

Development of financial engineering and risk management tools; the process that seeks to adapt existing financial instruments to develop financial innovation so as to enable financial market participants to cope more effectively with financial risk in the changing world.

Choices under uncertainty; perfect and imperfect asset markets, equilibrium asset pricing, differential information in markets and rational expectations, asymmetric information in credit and capital markets; term structure of interest rates under certainty; relationship between real and financial sectors; efficiency of financial markets and institutions; international capital flows and their impact on national economies; financial crises and economic crises; case studies related to financial systems –real sector interactions in developing countries.

Problems in business finance; problems in financial management, investment planning, sources of funds; and dividends; with emphasis on the application of theories and financial techniques in problem-solving using case studies.

An Independent Study. Advanced-level investigations which cover the analysis of symptoms, problems, causes, and business audit. Business plan integrating various functions in businesses.

Study in depth with the administrative topic of the research protocol was approved , published the results of a research thesis and an oral examination. Prerequisite : study at least 36 credits under Plan A(2) LC 4003 Advanced Integrated English Language Skills Development3 credits (Non-credit) Course contents and teaching activities focus on the integrated skills of listening, speaking, reading and writing with a particular emphasis on academic writing, Students will also work in small groups, practicing paper presentation techniques, Précis writing, and research writing.

Admission Schedule Academic Year 2017



Round 1


Round 2


Round 3


Round 4

1. Application Period 
Now- August 25th, 2017 September 11th - October 20th, 2017 November 6th, 2017 – February 23rd, 2018 March  12th – May  11th, 2018
2. Exam Announcement September 1st, 2017 October 27th, 2017 March 2nd, 2018 May 18th, 2018
3. Exam Date September 3rd, 2017 October 29th, 2017 March 4th, 2018 May 20th, 2018
4. Result of Exams October 9th, 2017 December 18th, 2017 April 23rd, 2018 June 25th, 2018
5. Pick up Registration Form October 9th - 12th, 2017 December 18th - 21st, 2017 April 23rd – 26th, 2018 June 25th - 28th, 2018
6. Student Registration October 9th - 13th, 2017 December 18th - 22nd, 2017 April 23rd – 27th, 2018 June 25th - 29th, 2018
7. Pre Course JULY 2018 JULY 2018 JULY 2018 JULY 2018
8. Open Course August 2018 August 2018 August 2018 August 2018
9 .Total Credits 36 Credits 36 Credits 36 Credits 36 Credits
10 .Total Cost 440,000 ฿ 440,000 ฿ 440,000 ฿ 440,000 ฿

- A Business Aptitude Test/A Modified Speed Track Test
- An English Proficiency Test

- A Business Aptitude Test/A Modified Speed Track Test
- An English Proficiency Test
- A Business Aptitude Test/A Modified Speed Track Test
- An English Proficiency Test
- A Business Aptitude Test/A Modified Speed Track Test
- An English Proficiency Test
Address : 8th Floor, Boonchana Atthakorn Building,
118, Serithai Road, Klongchan,
Bangkapi, Bangkok 10240
Contact Person :
Intira : 02 - 727 - 3937
Tel : 02-727-3931-49
Fax: 02-374-3282, 02-375-3924

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