ABOUT NUS

DiRECTORs MEssaGE
We are proud that RMIs Credit Rating Initiative (CRI) continues to progress since its launch in 2009.

leading global university centered in Asia, the National University of Singapore (NUS) offers a global approach to education and research, with a focus on Asian perspectives and expertise. Its transformative education includes a broad-based curriculum underscored by multi-disciplinary courses and cross-faculty enrichment, as well as special programs which allow students to realize their potential. Over 30,000 students from 100 countries further enrich the community with their diverse social and cultural perspectives, making campus life vibrant and exciting. NUS has significant alliances with the world's leading universities such as Duke University, Harvard University, MIT, UC Berkeley and Yale. NUS was ranked 34th in the world in the Times Higher Education World University Rankings 2010 - 2011. The NUS degree is regarded by both industry and international academia as a testament to an educational system that equips its students with the knowledge and cognitive skills to master new technologies and the demands of the 21st century.

InTRODUCTiOn TO RMI
he NUS Risk Management Institute (RMI) was established in August 2006 as the research arm of NUS dedicated to the area of financial risk management. RMI seeks to complement, support and develop Singapore's financial sector's knowledge and expertise in risk management, and thereby help to take on the challenges arising from globalization, structural change and volatile financial markets. It is supported by the Monetary Authority of Singapore (MAS) under its program on Risk Management and Financial Innovation. RMI has three main functions: research, education and training.

REsEaRCH
RMI staff and over 60 affiliated researchers are active in carrying out cutting-edge research on a range of issues related to financial risk management. Worth noting is the innovative RMI non-profit credit rating initiative, which adopts a public good approach to credit rating coupled with a Wikipedia-like rating model development effort. As of now, it produces daily updated forecast on the term structure of default probabilities, ranging from one month to two years ahead, for over 28,000 listed firms in 12 Asian economies, 14 Western European economies, U.S. and Canada. RMI conducts research workshops and seminars throughout the year. The main research event is the Annual Risk Management Conference. In July 2011, RMI will be hosting the 5th Annual Risk Management Conference on the theme of Global Imbalances and their Risk Management Implications. The conference comprises a policy forum in which leading global practitioners present on the pressing policy challenges of the day, and a scientific forum that follows the format of an international research conference with leading researchers presenting their current research.

EDUCaTiOn
In the domain of education, RMI has continued to administer the long-running Master of Science in Financial Engineering (MFE) program. The 13th annual cohort of students will be admitted in 2011. There continues to be strong interest in this degree, as evidenced by the large number of highly qualified applicants.

TRaininG
RMI works closely with the financial industry to train and equip practitioners and thereby enhance their proficiency in this field. Training programs are offered in the analysis and regulation of financial risk management, derivative securities, portfolio theory and other related topics. The training programs include the Professional Risk Managers' (PRMTM) Certification Training Program conducted jointly with the Professional Risk Managers International Association (PRMIA), and the risk management segment of the Financial Industry Competency Standards (FICS) in association with the Institute of Banking and Finance (IBF).

ith a reduced fear of another large-scale and systemic market crash, the year 2011 marked the beginning of the post-crisis era for the global economy and financial markets. However, we cannot be blind to the challenges that lie ahead, especially as new macro and geopolitical risks arise. The growing divergence and imbalances that are defining this economic recovery, the disappointing labour market in the U.S., the sovereign debt crisis in Europe, the record high inflation in some Asian countries call for urgent measures to refuel the economy and a revision of the regulatory and monetary systems in place. Furthermore, we should reassess the way we manage risk and develop new insights which will gain from an ongoing and consistent effort in developing research and education in financial risk management. We are proud that RMIs Credit Rating Initiative (CRI) continues to progress since its launch in 2009. One of our recent achievements is the CRI website with daily updated probability of default forecasts covering listed companies from 30 economies in Asia, Europe and North America. In the near future we will be able to publish this data for all listed firms in the world. The ultimate goal of the CRI is to improve the state-of-the art knowledge in credit rating research. Further, by transferring this knowledge to the community as a whole we want to contribute to the progress of credit risk management in practice. The other services RMI offers in the form of education, training and research are intended to contribute to this goal. By combining the fundamental knowledge from world-renowned academics and the applied knowledge from a network of seasoned risk management executives we provide the fundamentals and new insights for future risk management. We invite you to find out more about the CRI and our programs in this brochure. I look forward to meeting you at one of our future events.

CONTENTS
2 Research:
Credit Rating Initiative

4 Annual conference 5 Other research activities 6 Education: Master of Science in Financial

Engineering (MFE)

8 Detailed information: MFE 9 Career opportunities 10 Our Students:

Testimonials Employment Opportunities Profile of Students

Duan, Jin-Chuan RMI Director Cycle and Carriage Professor of Finance

13 Scholarships 14 Distance-learning 16 Facilities for Students 17 Living in Singapore 18 Applications and Contact Details 19 Training:
Certification program In-house training program

20 FICS Program in Risk Management

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NATIONAL UNIVERSITY OF SINGAPORE RISK MANAGEmENT INSTITUTE

RESEArCH CREDIT RATING INITIATIVE

Below and Left: Screenshots of the web portal at www.rmi.nus.edu.sg/cri. Users can obtain PD forecasts for individual firms as well as aggregate forecasts for a range of horizons.

RESEArCH
www.rmi.nus.edu.sg/cri

CREDIT RATING INITIATIVE

A non-profit credit rating initiative was conceptualized by Prof Duan Jin-Chuan in March 2009 as a constructive response to the 2008-09 financial crisis. It takes a "public good" approach to credit rating with the goal of keeping the credit rating system current, evolutionary and organic, and functions like a "selective Wikipedia". RMI launched its credit rating research program in July 2009 and released the beta version of the rating system in July 2010 at its Fourth Annual Risk Management Conference.
his non-profit credit rating initiative is being undertaken with the intent to spur research and development in the critical area of credit rating methodologies. To present RMIs research outputs, a web portal has been launched at www.rmi.nus.edu/cri. Registration is free and users can access the probability of default (PD) forecasts on individual companies, as well as economy and sector aggregates. These results are updated daily with new market data and financial statement data. As of this printing, over 28,000 listed firms in thirty economies in Asia, Asia-Pacific, North America and Western Europe are calculated and aggregated, with the PD forecasts for 1000 listed firms in Asia, 600 in North America and 600 in Western Europe available to the public.

proprietary, our mode of research can be more open than others. External modelling teams are competing and collaborating in the development of ratings methodologies. This collaboration process brings in a greater number of ideas that can be refined. A global call for proposals for rating methodologies is on-going, and successful applicants can obtain full or partial funding support from RMI to come to Singapore for an extended period to test and tune their proposals on our database of global firms.

can shop for the most favorable rating, or cases where a rating agency is reluctant to downgrade a feepaying client. RMIs credit rating initiative is funded by grants from governmental bodies and revenues from RMI's education and training programs. As such, we do not need to charge debt issuers any fees and will not face the same conflicts of interest.

RESEArCH INFrASTrUCTUrE
For any academic researcher who wishes to embark on a research project on credit ratings, there is a high barrier to entry in terms of the enormous quantities of data that have to be collected. Our database covers over 90,000 listed firms from around the world with data starting in the early 1990s. In addition to company-specific data like financial statements and stock prices, our database will include industry and country specific financial and economic data. When we invite external teams to work at RMI, they will have full access to this database. In addition, RMIs research team will serve to independently validate the methodologies devised by other modelling teams.

COVERAGE OF RESULTS
As of this printing, our coverage includes 30 of the larger economies within Asia, Asia-Pacific, North American and Western European. The 30 economies covered are: Australia, China, Hong Kong, Indonesia, India, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, Canada, the United States, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Future phases of this initiative will expand our coverage to include the remainder of the global economy. Default probability forecasts are updated daily and released for different economies/sectors and for a set of 2,200 listed companies within these 30 economies. These 2,200 companies were chosen to be representative of the 30 economies as well as the different industry sectors.

TrANSPArENCY
The major credit rating agencies have proprietary rating methodologies, and the details of internal credit rating systems are usually not revealed. While this lack of transparency is necessary in the commercial realm, RMI is committed to maintaining full transparency, and to make the developed methodologies available to any interested party. The aim is to contribute to the development of rating methodologies and spur others to improve their rating practices.

NON-PrOFIT
Credit rating agencies charge debt issuers in offering their credit rating assessments. This introduces conflicts of interest, such as cases where debt-issuers

A NEW mODE OF rESEArCH

Without the need for RMIs rating methodology to be

04/05

NATIONAL UNIVERSITY OF SINGAPORE RISK MANAGEmENT INSTITUTE

RESEArCH ANNuAL CONFERENcE | OTHER RESEARcH AcTIVITIES

ANNuAL CONFERENcE RMI

holds an annual conference in July that covers topics in both policy and research. The first part of the conference is a policy forum that features presentations from leading global practitioners on topical themes in risk management. In the scientific program that follows the policy forum, the presentations include research papers selected following a global call for papers. Over a short span of five years RMIs Risk Management Conference has evolved into one of the premier conferences on risk management in the region. The first conference held in 2007 titled Capital flows and asset prices: The international dimension of risk attracted over 250 participants. The speakers included Nobel laureate Prof Robert Merton (Harvard), Dr Janet Yellen (President, Federal Reserve Board of San Francisco), Prof John Hull (University of Toronto), Prof Nouriel Roubini (New York University), Dr David Li (Barclays Capital), Prof Andrew Rose (UC Berkeley), Heng Swee Keat (Monetary Authority of Singapore), and representatives from Deutsche Bank, the European Central Bank, Barclays Capital and DBS. Over 300 delegates attended the second conference in 2008 entitled The challenges of risk management in volatile financial markets. Nobel Laureate Prof Robert Engle (New York University), Prof Carl Chiarella (University of Technology at Sydney), Xunyu Zhou (Oxford University), Peter Ritchken (Case Western Reserve University), Jianqing Fan (Princeton University), and representatives from The US Federal Reserve, Bank of Canada, and Deutsche Bundesbank were among the speakers. The third annual conference, Systemic risk and the challenges for risk management held during July 16 -18, 2009 featured Dr Malcolm Knight (ViceChairman, Deutsche Bank), Prof Paul Embrechts (ETH Zurich), Prof Ruey Tsay (University of Chicago), and Fabio Mercurio (Bloomberg) as speakers. The fourth annual conference, The Risk Management Paradigm in the Post-Crisis Era, invited speakers including Nobel Laureate Prof. Myron S Scholes (Stanford University), Nell Cady-Kruse (Credit Suisse), Tham Ming Soong (UOB), Eli Remolona (BIS),

OTHER RESEARcH AcTIVITIES

RESEArCH SEmINArS
RMI conducts research seminars on a variety of topics related to risk management and financial engineering. Reflecting the cross-disciplinary nature of these areas, the seminars are frequently hosted together with other departments, centers and institutes from NUS. Wallace (UC-Berkeley), Yacine At-Sahalia (Princeton University), Fan Jianqing (Princeton University), Michael Gordy (US Federal Reserve Board), Chung-Ming Kuan (Academia Sinica), Dan Galai (Hebrew University), Prasanna Gai (Australia National University), Robert Anderson (UC-Berkeley), Ser-Huang Poon (University of Manchester), Peter Hansen (Stanford University), Yue-Kuen Kwok (HK University of Science & Technology), Mao-Wei Hung (National Taiwan University), Frank Milne (Queens University), Sanjiv Das (Santa Clara University), Robert J. Elliott (University of Calgary), Lai Tze Leung (Stanford University), Wong Hoi Ying (The Chinese University of Hong Kong), Lai Van Son (Laval University), Yu Min-The (National Taiwan University), Frank M. Song (The University of Hong Kong), and Takeaki Kariya (Meiji University).

Gopalan Vedartham (Barclays Capital), Vincent Choo (Deutsche Bank), Gregory R. Duffee (Johns Hopkins University), Marti G. Subrahmanyam (New York University) and Christian Wolff (Luxembourg School of Finance). The fifth annual conference, Global Imbalances and their Risk Management Implications, to be held from July 7 to 8, has Prof. Martin Feldstein (Harvard University) as the keynote speaker.

RESEArCH FOCUS GrOUPS

In order to streamline research activities and provide a focus to ongoing research, around 60 affiliated researchers are organized into 3 focus groups. These are: Risk Management Theory and Practice Sample topics: design of risk-mitigating financial  instruments, corporate risk management practice, hedge funds, real estate, finance, mortgage portfolio risk. Financial Engineering and Mathematics Sample topics: stochastic analysis of financial  contracts, optimization tools, Monte Carlo techniques, grid computing. Financial Econometrics and Statistics Sample topics: time series modeling of financial  data, nonparametric statistical tools for financial problems, default risk analysis.

INDUSTrY COllABOrATIONS
RMI is actively engaged in collaborative projects with financial institutions and other industry participants. Our current projects are focussed around applications and extensions of our Credit Rating Initiative. Previous projects have included a global tactical asset allocation project and a structured product valuation project.

RESEArCH PrOJECT GrANTS

RMI has been funding research undertakings in financial risk management, covering a wide spectrum of topics that are important and relevant to todays financial industry.

PUBLIC LECTURE SERIES

In response to the global financial crisis, RMI started to offer public lectures to educate the public on both personal finance and global events that affect personal finance since the end of 2008. Over the years, the series have evolved into a regular platform for senior industry practitioners and NUS faculties to share with the public on a wide range of pressing issues that are reshaping the landscape of financial industry. Each lecture can typically draw around 100 people from both the general public as well as the financial sector.

ACADEmIC VISITOrS
RMI has hosted numerous visitors in the past, for periods of several days to several months. Some visitors in the past are: Rene Garcia (EDHEC), Wolfgang Hrdle (Humboldt-Universitt zu Berlin), Li Haitao (University of Michigan), Steven Kou (Columbia University), Kris Jacobs (McGill University), Stan Pliska (University of Illinois-Chicago), Hans Fllmer (Humboldt University-Berlin), Nancy

06/07

RISK MANAGEmENT INSTITUTE NATIONAL UNIVERSITY OF SINGAPORE

EDUCATION MASTER OF SCIENCE IN FINANCIAL ENGINEERING (MFE)

MASTER OF SCIENCE IN FINANCIAL ENGINEERING (MFE)

The Master of Science in Financial Engineering (MFE) degree is a multi-disciplinary program that combines finance, mathematics, and computing with a practical orientation to solving problems in finance. The MFE was launched in 1999 by the predecessor of RMI, the Centre for Financial Engineering at NUS. It aims to equip finance and banking industry professionals and fresh graduates with current knowledge and skills in risk management, financial innovations and technology. The domain knowledge includes risk analysis, risk management, hedging, portfolio management financial product development, and computational methods.

EDUCATION

ith the recent financial crisis, it has become increasingly apparent that an era in financial history has passed. The originate-to-distribute model of banking has failed emphatically. Financial instruments must make economic sense to the client instead of being issued for the purpose of collecting fees and commissions. There is no longer an appetite among regulators or clients for ever more exotic structured products and derivatives. The armies of quants that had been narrowly trained for the creation and support of such instruments will find a reduction in their roles. Graduates of financial engineering programs that will be sought by industry are those who are quantitatively skilled, have a broader understanding of risk and can effectively communicate the concepts of risk to clients and management. Among the many MFE programs available, the RMI MFE distinguishes itself by striving to teach students not just the theoretical background necessary to approach financial problems, but also the practical know-how and financial intuition to conceptualize, communicate and solve these problems. We are not overly focused on quantitative areas. Instead we aim to prepare students through a full career arc where operational implementation is just the beginning.

Waterloo have been hosting the overseas modules for two years.

PROGRAm STRUCTURE
The NUS MFE program has one intake per year, with the academic year starting August. The program is offered as a full-time program, part-time program and distance-learning program. The minimum and maximum periods of candidature are 18 months and 4 years for the part-time and distance learning students. The minimum and maximum periods of candidature are 1 year and 2 years for fulltime students.

ADmINISTRATION AND TEACHING FACULTY

The MFE degree is awarded by the National University of Singapore and administered by RMI. The teaching staff is drawn from the Departments of Finance, Mathematics, Statistics, and Economics. It is a multidisciplinary program that draws upon the established strengths of the various NUS Faculties. The program provides opportunities to attend lectures and seminars given by eminent professors from major universities across the globe. In addition to modules taught by academics, some modules are taught by senior bankers and other practitioners in the relevant field. They are able to bring their industry perspectives to the classroom and share the unique insights they acquired through their rich work experience. The MFE program also offers elective modules conducted overseas at an intensive pace over one week. Princeton University and the University of

AWARDS FOR MFE GRADUATES

The MFE program has attracted strong support from industry in the form of contributions for the following awards, given annually to students graduating from the program: ABN-AMRO Finance Prize DBS Gold Medal PSA Prize MAS Academic Excellence Prize Reuters Book Prize ST Engineering Prize Singapore Technology Prize

08/09

RISK MANAGEMENT INSTITUTE NATIONAL UNIVERSITY OF SINGAPORE

DETAILED INFORMATION MASTER OF SCIENCE IN FINANCIAL ENGINEERING (MFE) | CAREER OPPORTUNITIES

DETAILED INFORMATION
ADMISSION REQUIREMENTS
Admissions are highly competitive as large number of applications are received every year. General guidelines for successful applicants are: A good 4-year undergraduate degree or an honors degree; A good GMAT or GRE score; A good TOEFL score if English was not the medium of instruction in undergraduate studies; Relevant work experience will be considered favorably.

MODULE REQUIREMENTS
To graduate from the program, each candidate is required to complete ten modules. Of these, five are compulsory modules. Students are also expected to complete a compulsory financial engineering project module. Candidates must also choose four elective modules from a regular selection of eight. Candidates must also complete a minimum of three modules in the first year.

CAREER OPPORTUNITIES
Career opportunities for financial engineers are available worldwide in commercial and investment banks, brokerage and securities firms, treasury and financial planning departments of non-financial corporations, insurance companies, consulting, investment advisories, hedge funds, pension funds, and financial software and technology businesses. The distinctive combination of skills nurtured by this program - understanding of complex financial strategies, financial modeling ability, and computational proficiency - is in high demand. It is difficult for employers to find these skills in graduates of traditional MBA programs or among those with traditional quantitative degrees such as engineering, physics or mathematics. Since an increasing emphasis will be placed on regulation, auditing and risk management, it is natural that government regulators, credit rating agencies, and accounting firms will play a more competitive role in hiring.

CURRICULUM** Compulsory Modules

FE5101 FE5102 FE5103 FE5106 FE5107 FE5110 Derivatives and Fixed Income Quantitative Methods and Programming Equity Products and Exotics Advanced Numerical Methods Risk Analyses and Management Financial Engineering Project

TUITION AND FEES* Application Fee

S$50 for online applications, S$100 for hardcopy applications

Acceptance Fee
S$1,000 (will be credited towards the payment of tuition for the first semester)

Regularly Offered Elective Modules

FE5105 FE5108 FE5204 FE5209 FE5210 FE5211 FE5215 FE5216 FE5217
FE5218

Total Tuition Fee S$32,000 (inclusive of GST)

Corporate Financing and Risk Portfolio Theory and Investments Stochastic Calculus and Processes Financial Econometrics Research Methods in Finance Seminar in Financial Engineering Seminar in Financial Product Innovations Financial Technology Innovations Seminar Seminar in Risk Management and Alternative Investment
Credit Risk

CAREER SERVICES
As a long-running program in financial engineering, many of the financial institutions with operations in Singapore are familiar with the NUS MFE and express their confidence in the program by regularly sending their employees into our program. For open positions, they will seek out our students and alumni by sending us job advertisements. To further facilitate this, a jobs portal exclusively for NUS MFE students and alumni is set up. This portal will allow human resource officers in financial institutions and recruiting agencies to conveniently search our student and alumni database. Seminars for CV and cover letter writing, as well as communication and interviewing skills will be arranged to help students with the softer skills that do not fall under the MFE curriculum, but can be just as important. Students can also benefit from the strength of our alumni. There have been almost 400 graduates from the NUS MFE with some having reached senior positions in their firms. This large community is a good network within the financial industry that our students can draw on.

*Fees are subject to change. Please refer to website for latest information on fees. **The offered elective modules are subject to change.

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RIsK MANAGEmENT INsTITUTE NAtIONAL UNIVERSItY OF SINGAPORE

OUR STUDENTs TEStIMONIALS | EMPLOYMENt OPPORtUNItIES

OUR STUDENTs TEsTImoNIALs

The explosive use of derivatives and the imperative need for risk management draws me to a course that offers substance that could stretch my mind. The NUS MFEs remarkable appeal will continue to grow with its strong focus on imparting quantitative, mathematics and programming knowledge. NUS MFE not only provides students with highly qualified lecturers, students also benefited from the thought processes of visiting professors from other universities as well as the distinctive experiences from the overseas exchange program to Princeton. Mandy Loo Director Credit Suisse Before attending the NUS MFE, I had wanted to switch my career to the financial industry. But only during my study in the MFE did I first see that I could realize my dream. Well-organized, the program covers a broad spectrum of interesting topics in financial engineering. I enjoyed every module that I attended and acquired new ideas from every lecture discussion with my classmates from different backgrounds. And more importantly, the program efficiently links financial knowledge to quantitative and analytical skills, which makes my previous engineering background still invaluable for me to pursue further success in the financial industry. Chen Zhen Assistant Director, Investment Risk Management Division, Risk Management Department Monetary Authority of Singapore NUS MFE offers a wide range of coursework that covers mathematics, finance and computing. The extensive use of derivatives, together with the intensive programming allows us to put what we learnt in theory to practical use at work. I greatly appreciate the effort of RMI in ensuring that every student benefits from this program regardless of background. NUS MFE program is ever evolving to better suit the needs of the student depending on the development in the financial market. I had a remarkable learning experience with NUS MFE. Shirley Tee Director, Wealth Management, Investment Management UBS AG Coming from a background in chemical engineering, I was able to leverage my experience at the NUS MFE into a position in finance. The program is unique in allowing students to continue in their careers while pursuing their studies. Balancing an education, job and family is demanding, but the staff at RMI were always helpful and accommodating. I appreciated talking to those students who were already in the financial industry and gained from their experiences. Many of my classmates are now my friends, and I look forward to meeting them at alumni events and through work. Darren Ong Relationship Manager (Management Associate), IPB Citibank NUS MFE provides a very systematic training in quantitative finance. The knowledge and techniques I have learnt from the course, can be easily applied to my daily job. The course is well-balanced and well-structured. Also it is about networking and friendship; I really appreciate that most of my classmates are willing to share their views and experiences, and some have become very good friends indeed. Yang Yijun Assistant Vice President, Market Risk DBS

EmPLoYmENT OPPoRTUNITIEs

MFE students and alumni find employment in a wide variety of financial institutions, including domestic and international banks, regulatory agencies, consultancies, hedge funds and sovereign wealth funds.

Sample of employers where MFE students have been placed include: ANZ Bank ABN AMRO Bank Bank of America Bank of China Barclays Capital BNP Paribas Group CIMB Citigroup Credit Suisse DBS Bank Deloitte & Touche Deutsche Bank Ernst & Young Government of Singapore Investment Corporation (GIC) HSBC JP Morgan Merrill Lynch Monetary Authority of Singapore Morgan Stanley Murex OCBC Bank Reuters Royal Bank of Scotland Singapore Exchange State Street Global Advisors Temasek Holdings UBS UOB

FINANCIAL ENGINEERs ALUmNI

The Financial Engineers Alumni is a club set up in 2007 and supported by RMI to provide a service to MFE alumni. Annual dinners are held to help alumni keep in touch with old classmates and provide networking opportunities with other intakes. The club also arranges research talks given by leading researchers. Past speakers at alumni events include Emanuel Derman (Columbia University), Terry Benzschawel (Citigroup Global Markets) and Lutfey Siddiqi (UBS). Current students are also welcome to attend these events.

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RIsK MANAGEmENT INsTITUTE NAtIONAL UNIVERSItY OF SINGAPORE

OUR STUDENTs PROFILE OF StUDENtS | SCHOLARSHIPS

PRofILE of STUDENTs
hile the full-time option was added for the 2009 intake, the intention is for the MFE to remain a primarily part-time program, with about 25% of the intake as full-time students. There are distinct advantages in having a majority part-time program. Many of these students already experienced in the financial sector can share their experiences with their classmates. Among students from other industries, most have already found success in their fields but are joining the MFE program because of their passion for finance. On the other hand, the full-time students consist of mid-career switchers who want a fast transition to the financial world, as well as fresh graduates from Singapore and overseas. Their inclusion brings a new perspective to the MFE. The broad spectrum of the MFE student body with their diverse backgrounds is a unique strength of the program.

SCHoLARsHIPs

FINANCE SCHoLARsHIP PRoGRAm BY THE MoNETARY AUTHoRITY of SINGAPoRE

capitalandcommercial.com/en/AboutCapitaLand Scholarships/Scholarship8.htm

Applicants to the University program may be eligible for funding support under the Finance Scholarship Program (FSP) on a case-by-case basis. Please visit MAS website at http://www.mas.gov.sg/fin_development/ Finance_Scholarship_Programme.html for more details.

RMI SCHoLARsHIPs AND INTERNsHIPs

Students who are taking the MFE on a full-time basis are eligible for an RMI Scholarship. Together with a full tuition waiver, recipients will also receive a paid research internship for 16 hours a week during term time. Interns will be assigned work on some of RMIs industrial research projects. Recipients of the scholarship will be chosen on the basis of their previous research experience, ability to work in a team, attitude and likelihood of performing well in their coursework and future careers in the financial industry. In addition to the two RMI scholarships, there may be other internship opportunities with some of our industry partners. RMI has other research internship openings for MFE students without a tuition waiver. For all RMI research internships, the rate of pay will be at the standard NUS rate based on the interns qualifications.

CAPITALAND INTERNATIoNAL SCHoLARsHIPs

Vietnamese and Chinese nationals are eligible for the CapitaLand International Scholarships. The scholarship will cover all tuition and compulsory fees. Recipients will be given return airfare and allowances for their housing, living expenses, family subsistence and settling-in as part of the scholarships. They will also receive a one-time book and computer subsidy. The recipient will be required to work for CapitaLand Group for a consecutive period of 24 to 36 months from the completion date of study. Additional details are available at: http://www.

ENRoLmENT PRofILE*
Average Age: 30 Average Post-University Work Experience: 5 years Average GMAT: 657

PRIoR DEGREEs
Bachelors: 40% Master's and PhD: 60%

WoRK EXPERIENCE
Banking and Finance: 63% Engineering: 15% IT: 7% Fresh Graduates: 2% Others: 13%

UNDERGRADUATE MAJoRs
Computer Science: 13% Economics and Business: 27% Engineering: 44% Science: 8% Others: 8%

*Statistics are from the 2010 intake.

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RISK MANAGEmENT INSTITUTE NATIONAL UNIVERSITY OF SINGAPORE

EdUCATION MASTER OF SCIENCE IN FINANCIAL ENGINEERING (MFE)

DISTANCE-LEARNING

1.

WHY DISTANCE-LEARNING?
You will study the same syllabus, use the same materials, be assessed through the same examinations and graduate with the same degree as a student who studies on-campus

2.

Flexible study at home, in the office, while travelling, without needing to attend lectures at fixed times

3.

There is no disruption to your career

I started as an on-campus student but switched to distance learning as I was transferred to Hong Kong. The support from the faculty, staff and my fellow students quickly put to rest any anxiety that I had about distance-learning. The quality of the live streaming and recorded classes was superb and the lecturers paid special attention, like repeating the questions from on-campus class before answering them, which made me feel like I was in the class itself. Shishir Prasad Executive Director Goldman Sachs Hong Kong

DISTANCE MOdE ANd METHOdS OF DELIVERY

The distance-learning students will follow the same program of study as the on-campus students. They will use the same learning materials and will be required to complete the same assignments and assessment tasks. Distance-learning students can take part in the class live through internet streaming video or alternatively view the class later from the archived video. In either case, the video will show what is seen on the lecturer's computer screen, with the lecturer able to write on the tablet screen.

IVLE - THE INTEGRATEd VIRTUAL LEARNING ENVIRONmENT

This special designed courseware management system provides full support for teaching and learning over the Internet. With the IVLE system we can facilitate the organization of course materials, administer assignments and online quizzes, implement bulletin boards and chat rooms, and provide other features in a secure web environment with full participant authentication. All student and instructor interfaces can be accessed using any web browser on any Internet-connected computer. Through the Virtual Classroom system which is integrated with IVLE, distance-learning students are able to view the same class as the on-campus students in real-time. You do not need to go to the classroom. The classroom comes to you!

The modules covered for the program are well balanced with appropriate focus on programming, financial mathematics modules and project work which are practical. I have the privileges of studying the first half of the MFE program locally and completing the remaining half of the MFE program while I took on an overseas employment. The real-time lectures work great and the ability to participate in the classes discussion online make interactive classroom participation possible for students who are listening to the lectures via webcast. The IT support, the administrative staffs, the program director and the teaching professors are extremely responsive and helpful, which all in all contribute to a memorable learning experience. Tan Ding Quan Co-founder of Transaction Management Group JPMorgan

VALUE Add FOR ON-CAmPUS STUdENTS

Since videos of the lectures are archived for distance-learning students, this allows us to give on-campus students more flexibility. Students who have busy travel schedules or have difficulty in finishing work on time will be given access to the archived lectures. This ensures that students need not fall behind in their studies.

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RISK MANAGEmENT INSTITUTE NatiOnaL UniVERsitY OF SinGaPORE

FACILITIES | LIVING IN SINGAPORE

CAmPUS

FACILITIES

RMI is located on the main NUS campus, the 150 hectare Kent Ridge campus that houses 12 faculties which offer courses ranging from medicine to architecture to music. NUS offers its members a vibrant intellectual atmosphere for study and recreation. The campus is well served by an internal bus service and well connected to other parts of Singapore by public transportation. The campus has several stores, dining facilities, a sports center and many other student facilities. The University has 200 Graduate Student Apartments (GSA) located in Prince Georges Park Residences. NUS has a sports and recreation center that offers over 70 competitive and recreational sporting activities to the NUS community with the aim of allowing a holistic lifestyle and facilitating the development of character and life skills. There is a museum and center for fine arts where music and theatrical performances are performed on a regular basis.

IT SERVICES
NUS has an extensive network of IT resources for students and faculty. The entire campus has wireless internet access and there is extensive support available for computer users. Students and faculty can also use Virtual Private Network to use on-campus facilities such as online library access even when they are outside NUS campus. There is an IT Co-op where computers and related equipment can be purchased.

LIVING IN SINGAPORE
As a vibrant and cosmopolitan city, Singapore continues to attract people from all over the world. It is multicultural in all aspects: events, public holidays and most importantly for Singaporeans, cuisine! Differences are celebrated and people of any background will be able to find their niche in Singapore. Traditions are preserved but innovation is embraced with never a dull moment in between.

LIBRARIES
NUS has seven libraries out of which the Central library, Science library and the Hon Sui Sen Memorial library are of greatest relevance to students at RMI. The collection of NUS libraries is rich and diverse in terms of the breadth and depth of coverage. NUS libraries aim to encourage and support both the scholarly pursuits and the practical research activities of NUS staff and students. Electronic resources from the library include access to the vast majority of academic journals in publication today.

ingapore boasts one of the highest standards of living in Asia and has an efficient, well maintained infrastructure. Personal safety is seldom a concern as compared to other major cities. Singapore remains a bastion of political stability, and for that reason private banking has been growing through the years. The government is forward-looking and invests in the future through research in cutting edge fields such as biomedical nanotechnology and renewable energies. The area of risk management has been identified as an area in which Singapore can excel in, in order to lead the region as its financial hub.

COST Of LIVING IN SINGAPORE

International students, living conservatively, can expect expenses to be in the following ranges (all figures in Singapore dollars per month): Rent: $500 - $900 Utilities: $50 - $100 Food: $500 - $700 Public transportation (off campus): $80 - $120 Books and stationery: $250- $350

RMI FACILITIES
We are conveniently located next to NUS Business School and have a fully equipped computer lab, a dedicated lecture theatre and an executive seminar room. The terminals in the computer lab contain Reuters access for their comprehensive data and information access. The computer lab also contains Bloomberg terminals. Full distance-learning facilities are available in order to conduct the online lectures seamlessly.

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RISK MaNaGEmENT INSTITUTE NATIOnAL UnIVERSITY OF SInGAPORE

APPLICaTIONS aND CONTaCT DETaILS | TRaINING

APPLICAtIoNS AND CoNtACt DEtAILS

TRAINING
CERTIFICaTION PROGRamS
Leveraging its expertise in financial risk management, RMI offers a wide range of certification training programs as well as in-house training programs. Among others, prominent certification programs include the Financial Industry Competency Standards (FICS) Program in association with the Institute of Banking and Finance, Monetary Authority of Singapore (MAS) and the Workforce Development Agency (WDA), PRMTM Certification Training program in association with Professional Risk Managers' International Association (PRMIA) and NUS-Waterloo Certification Workshops in Financial Risk Management in collaboration with University of Waterloo.

nline applications for the MFE are available through our web site. For the July 2012 intake, the deadline for all applications is 18 March 2012. Short-listed applicants may be interviewed. To get more details on the MFE, please contact RMI.

Risk Management Institute

National University of Singapore 21 Heng Mui Keng Terrace, I3 Building Level 4 Singapore 119613 Phone: +65 6516 4595 / 1011 Fax: +65 6874 5430 MFE website: http://www.rmi.nus.edu.sg/mfe/ Email: mfe@nus.edu.sg

IN-HOUSE TRaINING COURSES

RMI also customizes training courses to meet the unique needs of clients in the financial sector, regulatory agencies as well as visiting MBA students from foreign universities. RMI provides a wide range of programs suitable for banks from basic training to benchmarking, capacity building and facilitating decision-making processes. Topics include market risk management, credit risk management, operational risk management, corporate governance, performance measurement and attribution, and equity derivatives and structured products. Over the years, RMI has developed a leading-edge repository of research and training content to draw from. The faculty consists of highly respected and experienced trainers from academia and industry.

Official Operating Hours

(Singapore standard time, GMT+8) Monday to Thursday: 8.30am - 6.00pm Friday: 8.30am - 5.30pm

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NAtIONAL UNIVERSItY OF SINGAPORE Risk Management InstitUte

FICS PROGRAM IN RISK MANAGEMENT | TRAINING

FICS PROGRAM IN RISK MANAGEMENT

he FICS is a comprehensive quality assurance framework with a certification and accreditation system that aims at raising the quality of our financial workforce and training providers. It comprises a set of standards with an associated curriculum guide that relates to the competencies required for practitioners in specific job roles. As the FICS Lead Provider in risk management, RMI offers a suite of FICS accredited training and assessment programs in risk management in the areas of Market Risk, Credit Risk, Operational Risk, and Liquidity and Balance Sheet Management, aiming to provide first rate, job-specific training that are benchmarked to industrys best practices. Interested participants can choose from the following eight job families: Market Risk Management Market Risk Analytics  Credit Risk Management (Corporate Banking)  Credit Risk Management (Consumer Banking) Credit Analytics Operational Risk Management  Liquidity and Balance Sheet Management (Banking)  Liquidity and Balance Sheet Management (Insurance) RMI also offers a Financial Bridging Module as an optional preparatory course. It was designed to provide the quantitative basics for students either with limited or no prior training or education in banking and financial services or for those who feel there is a need to update their knowledge in areas covering probability theory, statistics, and financial assets derivation. The module contents are covered over five lectures.

Market Risk Management

Market risk is the risk that the value of an investment will decrease due to moves in market factors. Market risk management in a bank is a financial risk function which is independent of the treasury unit that focuses on measuring and managing the market risk exposures arising from the trading book portfolio of the Bank. The aim of market risk management is to protect the Bank against unforeseen losses that could arise from taking risks beyond the banks risk appetite. The process aims to maximize risk-adjusted returns while managing risk positions within tolerable limits. It focuses on the banks trading activities and work closely together with both Treasury unit and Middle Office to ensure that risks taken across time and different businesses are optimal and match the risk appetite of the bank.

Market Risk AnaLYtics

Market Risk Analytics is an analytical function within risk management, and in particular supporting the Market Risk Management function in providing technical support in the areas of mark-to-market valuation methodologies, review of pricing functions, key assumptions and data inputs, as well as the review of complex product structures. The Market Risk Analytics function also involves performing independent validation of risk models and front-end treasury pricing systems as a control process over the entire risk management framework.

 Allows professionals to upgrade their professional skills without interrupting work or traveling overseas.  Interactive teaching by academics and market practitioners.  Course participants are eligible for funding under the FICS Training Scheme (FICS-TS).

FUnDing
The Financial Sector Development Fund (FSDF) provides grant support for FICS training and assessment programs under the FICS Training Scheme (FICS-TS) to enhance the skills and capabilities of Singapores financial sector workforce through FICS accredited programs. With effect from 1 January 2011, the FICS grant support level will be at 70% (subject to relevant funding caps) for training and/or assessment programs accredited under the FICS framework. The FICS co- funding is available to the following:  Non-company sponsored individuals who are Singaporeans and Singapore permanent residents; and  The following Singapore based entities sponsoring staff* for FICS programs: Financial Institutions; and  Other entities regulated by The Monetary Authority of Singapore (either licensed or exempted from licensing) Entities who are significantly involved in supporting financial sector activities (including industry associations or other professional bodies) will be assessed for eligibility on a case-by-case basis. *Sponsored trainees must be physically based in Singapore, and involved in or supporting financial sector activities. They may be locals or foreigners, either permanent or contract staff, and engaged either on a full or part time basis. Please visit the Institute of Banking and Finance (IBF) website at http://www.fics.org.sg for more information.

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Market Risk Management Framework, Objectives and Strategies  Market Risk Policies and Procedures  Risks Identification, Risk Measurement Methodologies, Monitoring and Control of Market Risks  The Market Risk Unit Structure and Supervisory Framework  Best Practices in Market Risk Management  Understanding of the Financial Markets and Financial Services Industry, Basel II, Rules, Regulations and Legislations  Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Front-end Treasury Systems, Risk Measurement, Market Risk Models and Valuation Methodologies  Principles, Valuation and Practice New and Complex Product Structures Development  Quantitative Valuation and Market Risk Research Methods and Models  The Market Risk Analytics Unit Structure and Framework  Best Practices in Market Risk Analytics and Management  Understanding of the Financial Markets and Financial Services Industry, Basel II, Rules, Regulations and Legislations

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Market Risk Management Framework, Objectives and Strategies  Market Risk Policies and Procedures  Risks Identification, Risk Measurement Methodologies, Monitoring and Control of Market Risks  The Market Risk Unit Structure and Supervisory Framework  Best Practices in Market Risk Management  Understanding of the Financial Markets and Financial Services Industry, Basel II, Rules, Regulations and Legislations

KeY FeatUres of RMIs FICS Program

 Highly focused and specialized teaching curriculum designed by internationally recognized NUS faculty and leading market practitioners.  Comprehensive, practice-based (hands-on) and cutting-edge training.

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NAtIONAL UNIVERSItY OF SINGAPORE Risk Management InstitUte

FICS PROGRAM IN RISK MANAGEMENT

| TRAINING

OperationaL Risk Management

An operational risk is the risk arising from a financial institutions business functions and from the practical implementation of the management's strategy. It can be defined as the risk of loss resulting from inadequate or failed internal processes, people, systems and management or from external events. It is relatively straightforward for an organization to set and observe specific, measurable levels of market risk and credit risk. By contrast it is relatively difficult to identify or assess levels of operational risk and its many sources. Historically, organizations have accepted operational risk as an unavoidable cost of doing business. Operational Risk Management is an evolving risk function that can be broadly classified into 2-levels. The 1st level function is the independent oversight function that establishes the overall ORM framework, structure and policies and is typically done at the corporate office level. The 2nd level function is ongoing management performed by operational risk officers residing within the Business Units and the related staff functions. This level identifies, monitors and related staff functions. The program in Operational Risk Management covers the operational risk functions relating to the 1st level function.

CreDit AnaLYtics
Credit Risk Analytics is an analytical function within risk management, and in particular supports Credit Risk Management (both Corporate and Consumer Banking) in providing technical support in the underlying business areas. This includes the function of identifying and balancing risk and reward of credit portfolio through credit modeling techniques, credit risk data analysis and development, and credit risk model validation and management.

CREDIT RISK MANAGEMENT CORPORATE BANKING

Credit Risk Management in Corporate Banking refers to the functions of establishing an appropriate credit risk environment and framework; developing and maintaining corporate credit risk policies and procedures to maintain sound credit-granting standards; monitoring and controlling credit risks; properly evaluating new business opportunities; identifying and administering problem credits; maintaining corporate credit risk exposures within acceptable parameters; and monitoring the quality of corporate credit portfolios in order to maximize a banks risk-adjusted rate of return.

CREDIT RISK MANAGEMENT CONSUMER BANKING

Credit Risk Management in Consumer Banking looks at: establishing an appropriate credit risk environment and framework; developing and maintaining consumer credit risk, policies and procedures to maintain sound credit-granting standards; monitoring and controlling credit risks; properly evaluating new business opportunities; identifying and administering problem credits; maintaining consumer credit risk exposures within acceptable parameters; and monitoring the quality of consumer credit products/portfolios in order to maximise a banks risk-adjusted rate of return.

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Credit Behavior, Prediction and Default Risk Models and Systems, and the Credit Approval Process  Economic Capital, Credit Portfolio Methods, Models and Analysis, and Risk-Based Credit Pricing Strategies  Credit Rating Systems, Credit Loss Forecasting and Provisioning Models and Credit Portfolio Stress Testing Methods  Credit Monitoring Models and Analysis  Best Practices in Credit Risk Analytics and Management  Understanding of the Financial Markets and Financial Services Industry Basel II, Rules, Regulations and Legislations

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Credit Risk Management Objectives, Strategies and Framework (Corporate Banking)  Credit Risk Policies and Procedures (Corporate Banking)  Corporate Credit Risk Rating Processes, Measurement, Monitoring and Evaluation Tools for Corporate Credit Portfolios  Credit Risk Controls, Tools and Processes (Corporate Banking)  The Credit Risk Management Unit Structure and Supervisory Framework (Corporate Banking)  Best Practices in Credit Risk Management (Corporate Banking)  Understanding the Principles of Corporate and Wholesale Banking, Corporate and Wholesale Banking Products, Financial Markets and the Financial Services Industry, Basel II, Rules, Regulations and Legislations

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Credit Risk Management Objectives, Strategies and Framework (Consumer Banking)  Credit Risk Policies and Procedures (Consumer Banking)  Consumer Credit Risk- Scoring Models, Monitoring, Measurement, Evaluation Tools and Processes for Consumer Credit Portfolio  The Credit Risk Management Unit Structure and Supervisory Framework (Consumer Banking)  Best Practices in Credit Risk Management (Consumer Banking)  Understanding the Principles of Consumer Banking, Consumer Banking Products, Financial Markets and the Financial Services Industry, Basel II, Rules, Regulations and Legislation

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  Operational Risk Framework, Objectives and Strategies  Operational Risk Controls, Tools and Measurement Methodologies  Operational Risk Profiling, Reporting and Management  The Operational Risk Management Unit Structure and Supervisory Framework  Understanding the Principles of Financial Markets, Financial Products and the Financial Services Industry, Basel II, Rules, Regulations and Legislations

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NAtIONAL UNIVERSItY OF SINGAPORE Risk Management InstitUte

Contact Information

LiQUiDitY anD BaLance SHeet Management Banking

In banking, liquidity and balance sheet management Is the practice of managing risks that arise due to mismatches between the assets and liabilities (and related cash flows) of the bank. The asset liability management function in a bank is a financial risk function, independent of the treasury unit, which primarily focuses on interest rate, liquidity and foreign exchange risks of the Banking Book portfolio of the Bank. This function includes risk assessments for business lines that are accounted for on an accrual basis policy setting, structuring of the banks repricing and maturity schedules, undertaking financial hedge positions, capital budgeting, funds transfer pricing and internal profitability measurements. It also includes contingency planning where the bank analyses the impacts of unexpected changes in the environment (eg: interest rates, competitive conditions, economic growth) and how it responds to those changes.

LiQUiDitY anD BaLance SHeet Management InsUrance

Similar to banking, liquidity and balance sheet management in Insurance is the practice of managing risks that arise due to mismatches between the assets and liabilities of an insurance company. It helps Insurance companies to better manage their business so that decisions and actions taken with respect to assets and liabilities matching are coordinated. ALM is also an ongoing process of formulating, implementing, monitoring and revising strategies related to assets and liabilities to achieve an organizations financial objectives, given the organizations risk tolerances and other constraints. The ALM practice within the insurance industry usually takes a longer term view with primary focus on the present value of required contributions.

Contact Information
RISK MANAGEmENT INSTITUTE National University of Singapore 21 Heng Mui Keng Terrace I3 Building Level 4 Singapore 119613 Fax: +65 6874 5430 Website: http://www.rmi.nus.edu.sg/

For enquiries in the following areas, please contact: Research rmiresearch@nus.edu.sg +65 6516 3380 Master of Science in Financial Engineering (MFE) Degree mfe@nus.edu.sg +65 6516 4595 Financial Industry Competency Standards (FICS) Program fics@nus.edu.sg +65 6516 8497 Other Training Programs rmitraining@nus.edu.sg +65 6516 8497

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  ALM (Insurance) Framework, Objectives and Strategies  ALM (Insurance) Policies and Procedures  ALM (Insurance) Risk Controls, Evaluation Tools and Processes  The ALM (Insurance) Unit Structure and Supervisory Framework  Best Practices in ALM (Insurance)  Understanding the Principles of ALM, Financial Markets, Financial Products and the Financial Services Industry, Basel II, Rules, Regulations and Legislations

Topics incLUDe:
 Essential Knowledge Quantitative and Financial Mathematics, and Financial Products  ALM (Banking) Framework, Objectives and Strategies  ALM (Banking) Policies and Procedures  ALM (Banking) Risk Controls, Evaluation Tools and Processes  The ALM (Banking) Unit Structure and Supervisory Framework  Best Practices in ALM (Banking)  Understanding the Principles of ALM, Financial Markets, Financial Products and the Financial Services Industry, Basel II, Rules, Regulations and Legislations

www.rmi.nus.edu.sg

21 Heng Mui Keng Terrace,I3 Building Level 4, Singapore 119613. Tel: (65) 6516 3380 Fax: (65) 6874 5430

National University of Singapore | Risk Management Institute (RMI)