INTRODUCTION
This Programme Brief summarises the contents of the Master of Science in Financial Risk
Management (FRM) degree programme and is accordingly structured as follows. The
programme rationale, aim, objectives and target group are outlined in Sub-sections 1.1 to 1.4
respectively, while the admission, grading and award criteria are given in Section 2.0. Sections
3.0 to 5.0 describe the course assessment, exemptions/recognition of prior learning and course
codes, respectively. The programme structure is outlined in Section 6.0.
1.1 RATIONALE
The field of finance is rapidly evolving due to customer sophistication, globalisation, financial
derivatives, and Financial Technology (FinTech). Planning for potential risks allows for the
creation of a financial business strategy that seeks a constant upward trend. This financial
business strategy is built literally with the goal of keeping the business profitable and managing
financial pitfalls that lead to disaster. These could include unsound business investments,
taking on projects that are not cost-effective or paying too much for materials/manpower to
complete business projects. Risk can never be totally avoided, but with effective risk
management, its effects can be mitigated to negligible levels. Risk can never be totally
avoided, but with effective risk management, its effects can be mitigated to negligible levels.
For instance, the 2018 Zambia Banking and Non-Banking Industry Survey conducted by PwC
indicated that credit risk was a major pressing issue for financial institutions raking 5th. The
release of the survey was preceded by the closure by Bank of Zambia of three financial
institutions namely; Genesis Financial, Cetzam Financial Services Plc. and Commercial
Leasing Zambia Limited.
Candidates who pursue programmes, such as and not limited to: Finance, Economics, Actuarial
Science, Association of Chartered Certified Accountants (ACCA), the Chartered Institute of
Management Accountants (CIMA) and the Zambia Institute of Chartered Accountants (ZiCA),
Accountancy, Banking, and Econometrics/Statistics, often acquire extensive knowledge and
skills in traditional accounting functions such as financial reporting, financial management,
asset pricing, and risk identification. However, these candidates require other skills e.g. Risk
Management, Risk Measurement, Econometrics and Global Finance – which are not adequately
covered in most of the aforementioned programmes. This programme is therefore designed to
fill in the gap of financial risk management among the industry practitioners.
1.2 AIM
The aim of this programme is to equip students with knowledge and skills in order for them to
carry out financial risk management roles in the sectors such as: insurance, pension, banking
and public sector. The programme also aims to facilitate the development of academic,
research, econometric and global finance competences of candidates who have completed the
of professional accountancy qualifications such as ACCA, CIMA and ZiCA to enhance their
capacity to provide research-based solutions to organisational challenges.
1.3 OBJECTIVES
By the end of the programme, candidates should be able to:
a) construct risk assessment models and apply them in scenario planning
b) demonstrate a thorough grounding in the fundamental theories, concepts, principles and
practices of risk management;
c) demonstrate the critical abilities of analysis, interpretation, evaluation of risk;
d) identifies, evaluate, formulate, implement risk management techniques;
e) reduce and eliminate harmful threats to businesses;
f) support efficient use of resources;
g) better communication of risk within organisation, and
h) carry out research to help in solving specific challenges faced by organisations.
1.4 TARGET GROUP
The FRM degree programme is designed to meet the growing demand for well-rounded
business practitioners from all fields of specialisation. It is intended for the following group of
people:
a) University graduate who wish to enhance their skills in financial risk management
b) Holders of part or full professional accountancy qualifications such as ACCA, CIMA,
CA Zambia and ZiCA who wish to enhance their competences in financial risk
management
c) 3. Individuals who are working in risk management department of a bank, insurance
company or pension fund.
2.0 ADMISSION, GRADING AND AWARD CRITERIA
2.1 ADMISSION CRITERIA
To qualify for admission to the FRM degree programme an applicant must have a minimum of
any of the following qualifications:
1. Full qualifications in either ACCA, CIMA, CA Zambia, CIT, ZiCA or any other
recognised professional accountancy qualification.
2. BSc in Accountancy, Banking, Economics or Finance or Econometrics or Statistics
3. BSc Actuarial Science
4. Any finance related qualification
2.2 REGULATIONS GOVERNING THE AWARD OF MASTER OF SCIENCE IN
FINANCIAL RISK MANAGEMENT DEGREE
2.2.1 Duration of study
The period of study for the award of the MSc in Financial Risk Management degree shall be
not less than 18 months and not more than 36 months (3yrs).
2.2.2 Student progression
The FRM programme shall be taken in the sequence approved by the ZCAS University Senate.
Distance Education students
1) A distance education student shall register for and take three or four courses in each
semester; provided that a student may in exceptional circumstances be permitted to take
one additional course whether carried over from the previous academic year or
additional in any one semester.
2) A distance education student who passes all the courses taken during the academic year
of study shall be allowed to proceed to the next level courses.
3) A distance education student who fails in one course in any academic year may be
permitted to proceed to next level courses; provided that the student repeats the course
at the first available opportunity.
4) A distance education student who fails some or all of the courses in the first semester of
an academic year shall be allowed to proceed to the second semester courses; provided
the student repeats the failed courses at the first available opportunity.
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5) A distance education student who fails some or all of the courses in the second semester
of an academic year shall be required to repeat those courses before proceeding to the
next level of study, provided that the student has passed the first semester courses.
Part Time students (Evening)
1) A part time student shall register for and take three courses in any semester of the
academic year; provided that a student may in exceptional circumstances be permitted
to take one additional course whether carried over from the previous academic year or
additional in any one semester.
2) A part time student who passes all the courses taken during the academic year of study
shall be allowed to proceed to the next level courses.
3) A part time student who fails in one course in any academic year may be permitted to
proceed to the next level courses; provided that the student repeats the course at the first
available opportunity.
4) A part time student who fails some or all of the courses in the first semester of an
academic year shall be allowed to proceed to the second semester courses; provided the
student repeats the failed courses at the first available opportunity.
5) A part time student who fails some or all of the courses in the second semester of an
academic year shall be required to repeat those courses before proceeding to the next
level of study, provided that the student has passed the first semester courses.
Deferred Examinations
A student who is unable to attempt a scheduled assessment may be awarded a deferred
assessment subject to a successful application based on extenuating circumstances. A deferred
assessment shall be graded normally, i.e. the student shall be awarded the actual mark obtained
in the assessment or a final grade of between D and A+ in the course.
Master of Science in Financial Risk Management Page 5
3.0 COURSE ASSESSMENT AND GRADING
3.1 COURSE ASSESSMENT
In all the courses listed, except FRM Dissertation, the distribution of marks shall be as follows:
Continuous assessment 40%
1 test 30%
1 assignment 10%
Final examination 60%
Total 100%
3.2 AWARD CRITERIA
To be eligible for the award of the FRM degree, a student must have:
1) Passed all the nine courses.
2) Adhered to the requisite course combinations in each semester.
3.3 GRADING
In the grading of final examination results, the following scale will apply:
Pass grades
A+ Distinction (86% and above)
A Distinction (76% – 85%)
B+ Meritorious (66% – 75%)
B Very Satisfactory (62% – 65%)
C+ Definite Pass (56% – 60%)
C Bare Pass (50% – 55%)
S Satisfactory, pass in a practical course
Fail grades
D Definite Fail (39% and below)
F Fail in a supplementary examination
U Unsatisfactory, fail in a practical course
NE No examination taken
WD Was withdrawn from the course with unsatisfactory academic progress –
recorded where a student has not completed the required level of course
work after a warning from the Dean of the School.
LT Left the course during the semester without permission
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DQ Was disqualified in a course by Senate
DR Was de-registered for failure to pay fees
RS To re-sit the course examination only – recorded where a student is
allowed by Senate to re-sit the final semester examination in the course,
and to carry over the previous course work assessment.
3.4 CLASSIFICATION OF THE DEGREE
1) In calculating the class of the FRM degree, the following points shall be applied to the
grades obtained.
a. A+ 6 points
b. A 5 points
c. B+ 4 points
d. B 3 point
e. C+ 2 point
f. C 1 point
2) The grading of the FRM is based on all grades obtained in all the nine courses on the
programme. No points are awarded where a course has been repeated.
3) The points for classification of the degree shall be as follows:
Distinction 38 – 54 points
Merit 27 – 37 points
Credit 16 – 26 points
Pass 0 – 15 points
4.0 EXEMPTIONS (ACCREDITATION OF PRIOR LEARNING)
There shall be no exemptions from any course, regardless of a candidate’s qualifications.
5.0 COURSE CODES
The letters of the course codes are an abbreviation of the name of the programme while the first
digit stands for the year of study. The second digit is the serial number of the course in the
semester and the last digit indicates whether it is a first/second semester course. For example,
FRM111 means an FRM first yearcourse, course number one offered in the first semester.
6.0 COURSE STRUCTURE
Each year of study will be divided into two semesters. The courses are structured in such a way
that semester one courses are not a pre-requisite of semester two courses in each academic
year. The course structure is as shown in Tables 1 to 2 below.
Year 1 courses | Semester 1 | Semester 2 | ||
---|---|---|---|---|
Course Code | Course Title | Course Code | Course Title | |
BBA5101 | Research Methods | BAC5312 | Risk Measurement Models | |
BBF5221 | Advanced Derivatives | BAC5302 | Corporate Finance | |
BAC6311 | Financial Risk Management | BBA5202 | Corporate Governance and Business Ethics | |
Year 2 courses | Semester 1 | |||
Course Code | Course Title | |||
SEC6501 | Business Econometrics | |||
BBA6111 | Dissertation | |||
Electives (Select One) | ||||
BBF6311 | Insurance Management | |||
BBF6321 | Pension Management | |||
BBF6351 | International Business Finance | |||
SEC6211 | Public Finance |
Course Features
- Lectures 0
- Quizzes 0
- Duration 10 weeks
- Skill level All levels
- Language English
- Students 0
- Assessments Yes