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CFRA

CERTIFICATE IN
FINANCIAL RISK ANALYTICS

FINANCIAL RISK ANALYSTS


Hitting the Jackpot
FACT 1

Companies Hiring Financial


Risk Analytics Professionals

FACT 2

Risk analytics professionals


are amongst the highest
paid in the industry. The
salaries range from 25-60
lacs for a 4-12 year
experience bracket.

.... .... ............

Salary Growth of Risk Analytics Professionals

40%

Over the last 3 years,


the demand for risk
analytics professionals
has been growing at 40%
year on year.

FINANCIAL RISK ANALYSTS


Hitting the Jackpot
FACT 3

What does a Risk Analyst do?


1

Communicating risks to stakeholders.

Calculating PPD, EAD, LGD

Assessing counterparty risk

Estimating, interpreting and reporting VaR

Ensuring compliance with regulatory updates

Communicating and reporting deficiencies

Selecting appropriate VaR model

FACT 4

Demand for Risk Analytics Professionals


Financial and risk analytics is the biggest
of the analytics domains. Globally the
market for risk consulting is estimated to
be $30 billion and the market is growing at
30% year on year.

$30
Billion

DIRECTORS MESSAGE

Great Lakes has been a pioneer in high quality analytics education in India with our executive
program in Business Analytics being consistently ranked as the best in the country. Having
delivered over 250,000+ hours of analytics learning content to working professionals in India and
abroad, we have collaborated with the industry to develop a dedicated analytics program in
Financial and Risk analytics - CFRA.
CFRA has been designed as a specialized program catering to the Analytics industry need of more
- trained talent in financial and risk analytics. If you take a quick glance of all the analytics profile
the industry is seeking, finance and risk analytics tops the list by far. The industry needs analytics
professionals who have the analytical ability to identify, measure and mitigate financial risks
within the overall regulatory framework. This would mean a program that blends the market risk,
the credit risk as well as the operational risk within the overall Basel guidelines.

Through this program, the participants must be able to


value simple as well as complex nancial products,
understand and develop risk models as well as inculcate
the abilities to implement Basel requirements and CCAR.
With an industry relevant curriculum and high quality faculty, I am confident that the program will
deliver on your expectations. All the best!

- Dr. Bappaditya Mukhopadyay, Program Director (CFRA)


Professor, Great Lakes Institute of Management | Ph D (Indian Statistical Institute)
In addition to being a Professor in Finance and Economics at Great Lakes, Prof. Bappa is also a
Visiting Professor at IIM Calcutta, University of Ulm Germany and SP Jain Centre for
Management Singapore & Dubai. He has published over 15 articles in peer reviewed journals. He
is currently authoring a book on Credit Risk Management. He is also a Special Invitee on Board
for Risk Management Committee, Punjab National Bank, Member Index Committee, NCDEX,
Advisory Board Member, Asia Pacific Association of Derivatives (APAD), Member, Research
Advisory Committee, NICR, and Special Invitee on Board for Risk Management Committee, IFCI.

PROGRAM BENEFITS

Industry Relevant Curriculum


The curriculum combines Academic Excellence with Business Relevance to
facilitate the participants learn basics of statistics and financial risk and
deep dive into learning and applying financial risk metrics and models that
are used by banks and financial institutions worldwide.

Innovative Pedagogy
The program creates a blended learning environment that causes minimal
disruption to work schedule. The weekend classroom sessions are followed up
by online learning that keep your learning continuous,self-paced and cumulative.

Hands On Exposure
An integral part of the learning experience is the use of Analytics tools wherein
the candidates get hands-on exposure to R.

Corporate Partners
The program is designed, delivered and endorsed by leading analytical,
banking and consulting organizations. Our corporate partners are involved
in curriculum design, facilitating projects, industry lectures and also
suggesting pedagogical improvements.

The Great Lakes Advantage


Great Lakes is one of the premier business schools in the country and
has been ranked within the top ten in the country by Outlook, Business
Today and Business India. Great Lakes Analytics programs have been
consistently ranked amongst the top Analytics programs in India.

International Collaboration
The program is internationally recognized and is a dual certificate program.
The participants will get certification from Illinois Institute of Technology, Chicago
(USA) in addition to the certificate from Great Lakes Institute of Management.

PROGRAM PEDAGOGY

Classroom Learning
The program consists of 100 hours of classroom sessions delivered by Great
Lakes faculty and industry professionals from the field of Financial Risk
Analytics. This ensures that the program imbibes Great Lakes academic excellence
and Industrys business relevance, thereby providing the candidates with a
remarkable learning experience.

Online - Learning Management System


All candidates have access to the online LMS that hosts content (classroom
recording, discussions forums, assignments, and reading material) and live
webinars enabling the candidates to continue their learning while they are off
campus. The LMS provides an innovative learning environment that encourages
collaborative approach between the candidates thus paving the way for
maximizing learning effectiveness.

Experiential Learning
This program is designed to transform candidates into highly skilled and
industry-ready risk analytics professionals, through hands on experiential learning
on relevant tools. This is achieved through an experiential learning format wherein
participants practice exercises and assignments on software packages such as R.

Industry Perspective Lectures


The program offers active industry exposure in terms of case studies and
lectures by industry leaders from various organizations The participants get the
opportunity to learn from eminent Risk Analytics professionals from leading
corporations.

Program Format
The program duration is 6 months and is a combination of weekend classroom
sessions, online lectures and recorded videos / pre-reads. The program covers
160 hours of learning comprising 100 hours of classroom learning and 60 hours of
online learning. The calendar is designed such that most classes are conducted
on weekends and public holidays, thereby causing minimal disruption to the
work schedule.

PROGRAM CURRICULUM
The curriculum of the program is designed to expose the candidates to
foundations of financial risk and train them on analytics metrics, techniques
and models used by banking and financial institutions worldwide. The curriculum entails exhaustive
coverage of academic concepts blended with rich industry exposure and hands-on training to
ensure that the candidates graduating from CFRA program are industry ready.
In terms of program objectives, the curriculum is designed to deliver the following:

Expose the candidates


to key conceptual blocks
of risk analytics

Enable them to develop


financial analytics solutions

Implement such solutions


in line with the regulatory
requirements

The curriculum of the program is split into seven modules, each of which is further divided
into subsequent courses. The rst and the second module of the program will focus on
building the foundations in statistics and understanding financial risk.

MODULE 1

PRIMER IN STATISTICS
Courses

Coverage

Probability Theory

Discrete Distributions
Continuous Distributions
Moment Generating Functions

Estimation & Hypothesis Testing

Test of Mean
Test of Variance
ANOVA

Regression Analysis (Cross Section)

Simple & Multiple regression


Non Linear regression

Regression Analysis

Stationarity, AR, MA,

MODULE 2

QUANTITATIVE METHODS IN FINANCE


Courses

Coverage

Optimization Techniques

Linear Optimization
Non Linear Optimization

Stochastic Process & Asset Pricing

Geometric Brownian Motion


Mean Reversion Process
Jump Diffusion Process
Single asset: Stock price simulation

Simulation (Monte Carlo and Historical)

Multiple Asset: Portfolio Simulation


with Cholesky Decomposition
Single and Portfolio

In the third and fourth module the participants will be taken through a deep dive in equities,
fixed income instruments and derivatives.

MODULE 3

EQUITIES AND FIXED INCOME INSTRUMENTS


Courses

Coverage

Equities

Stocks
Markowitcz Portfolio Theory
CAPM, SML and CML

Fixed Income Instruments

Yield, Convexity and Duration

Team Structure Models

Non linear: Splines and Stochastic

MODULE 4

DERIVATIVES VALUATION
Courses

Coverage

Simple Options

Closed Form: Black Scholes


Simulation: Monte Carlo
Simulation and Optimum Stopping Rules

Valuing Exotic Options

Simulations

Option Surfaces

Greeks
Volatility Estimates
Portfolio Volatility

The fifth and the sixth module of the curriculum focuses on application and calculation
of various risk models and metrics in market risk, credit risk and fraud risk.

MODULE 5

MARKET RISK
Courses

Coverage

Value at Risk and other Risk Metrics

VAR (single asset): Parametric and Simulation


VAR (portfolio): Parametric and Simulation
Value at risk: other assets
Semi variance and other metrics
Extreme losses estimation
Earnings at risk, Cash at risk
Enterprise risk

MODULE 6

CREDIT RISK
Courses

Coverage

Default models: corporate

PD: Defining and estimating


Approaches using Linear Regression and LDA
Approaches using Non Linear Regression
Approaches using Data Mining Techniques
Approaches using Market based Model: Bond
Spreads and KMV

Credit Metrics

Transition Matrix
Correlated Loss events

Default Models: Retail

Data gathering and preparation


PD: Defining and Estimating

Fraud Risk

Fraud risk detention: Counter party risks

In the concluding module of the program, the candidates get trained on Basel Norms and
Implementation, which are required by the industry.

MODULE 7

BESEL IMPLEMENTATION
Courses

Coverage

Validation and Stress Testing

Understanding and Comparison


IRB, Asset Classes
Risk Capital Calculations
Sensitivity, Stress Testing and CCAR
Capital Adequacy, RAROC, LGD, EAD
Calculation of Risk Weights

Tools Covered:
Candidates will be learning and using R as the programming language
for working on analytical models covered in the curriculum.

Experiential learning:
Learning through application of concepts through industry relevant
data sets and case studies.

A distinguishing feature of the pedagogy is the invaluable insights and exposure that
participants get from leading practitioners and senior industry executives. Organizations
from which experts have contributed to our lectures, projects and case studies include:

FACULTY

The faculty pool of the program consists of leading academicians in


the area of finance and risk management along with experienced
industry practitioners from the leading banks and financial institutions.

Dr. Bappaditya Mukhopadyay, Program Director (CFRA)


Professor, Great Lakes Institute of Management | Ph D (Indian Statistical Institute)
In addition to being a Professor in Finance and Economics at Great Lakes, Prof. Bappa is also a
Visiting Professor at IIM Calcutta, University of Ulm Germany and SP Jain Centre for Management
Singapore & Dubai. He has published over 15 articles in peer reviewed journals. He is currently
authoring a book on Credit Risk Management. He is also a Special Invitee on Board for Risk
Management Committee, Punjab National Bank, Member Index Committee, NCDEX, Advisory Board
Member, Asia Pacific Association of Derivatives (APAD), Member, Research Advisory Committee,
NICR, and Special Invitee on Board for Risk Management Committee, IFCI.

Dr. Himadri Das


Professor (Finance), Great Lakes Institute of Management | Ph D (University of Virginia),
B Tech (IIT Delhi)
Dr Das is currently the Director of Great Lakes Institute of Management, Gurgaon. Previously, he
was associated with IMI, Delhi for 11 years as a Professor of Finance and Information Systems and
did serve in variety of academic leadership positions latest being Dean (Academic Programs). He
regularly teaches in business schools internationally as well and has undertaken substantial
research and consulting projects.

Dr. Preeti Goyal


Associate Professor, Great Lakes Institute of Management | Ph D (FMS Delhi),
MBA (George Washington University)
Dr. Preeti Goyal comes with over 17 years of experience in industry and academia. In her ten years
in the corporate sector, she worked for leading firms in the area of Financial Services in India, US
and Europe - with Fannie Mae in Washington DC and Deloitte & Touches Capital Markets group in
New York. Further, she has been on numerous assignments to leading Wall Street firms providing
solutions for financial services operations. In academia, she has been associated with leading
business schools including FMS and MDI as finance faculty.

Dr. Ahindra Chakrabarti


Professor, Great Lakes Institute of Management | Ph D (University of Burdwan),
LLB (University of Delhi)
Dr. Ahindra Chakrabarti has rich experience in designing and delivering Management Development
Programs for corporate executives and government departments. Prior to Great Lakes, Dr. Ahindra
was Director, International Management Institute Kolkata. He taught at Management Development
Institute (MDI, Gurgaon) between 1978-96; andat International Management Institute (IMI, New
Delhi) between 1996-2010. He has handled consulting assignments of DFID, European Commission,
ILO and World Bank. Currently he is serving as Member Expert Committee for MOUs of the
Department of Public Enterprises, Government of India.

CAREERS POST CFRA


There are many operational sectors in which risk analysts may work; they
may work in sales, origination, trading, marketing, financial services or
private banking.
Risk analysts may also specialize in one of the four major risk categories:

Credit risk specialists


Analyze the risk to the company of its customers not paying for
goods or services, or defaulting on loans and credit.

Market risk specialists


Analyze the potential negative impact that outside factors could have on
the companys share price, or the market in general. May also make
recommendations to limit company's investment portfolio risk through
diversification, currency exchanges and other investment strategies.

Operational risk specialists


Analyze the likelihood and potential impact of risky operational events,
such as system failures, employee fraud.

Regulatory risk specialists


Analyze the potential impact that newly introduced, or
forthcoming legislation will have on the organization

ADMISSION DETAILS
Who is it for?
Great Lakes CFRA program is ideal for candidates who wish to excel in the domain of
risk analytics. Candidates should have a minimum of 2 years of experience while
applying to the program. While a prior work experience in banking, finance or consulting
is an advantage, candidates from other industries (such as IT/ITES) serving financial
clients are also a good fit.

Fees
The fee for the program is Rs. 3,00,000/- exclusive of service tax
and includes the following:
Admission Fee
Tuition Fee
Learning Material
Access to Learning Management System (LMS)
Lunch and snacks during days of classes

Admission Process
1

Candidates interested in the program would need to first fill the online
application form.

2
3
4

The admission committee consisting of program director and senior faculty


would review the applications and shortlist candidates.
The shortlisted candidates would then have to go through a telephonic
interview process, post which if selected will be given an offer of admission.
The admissions will be conducted on a rolling basis and the admission
process shall be closed once the requisite number of candidates have been
selected into the program.

PROGRAM PARTNERS
Academic Partner

Great Lakes is one of Indias leading business schools with campuses in Chennai and Gurgaon.
Led by exceptional faculty, steered by an outstanding advisory council, Great Lakes has been
ranked within top 10 business schools by Outlook, Business Today and Business India.

As Chicagos only business school within a technological university, the Illinois Institute
of Technology offers bachelors, masters, doctoral, and non-degree programs, as well as
graduate certificate programs, dual-degree programs, and several interdisciplinary
specializations.

Technology Partner
Great Learning is a technology enabled learning services platform that offers a variety of online
and blended learning programs in partnership with Great Lakes Institute of Management, one
of Indias leading business schools. It undertakes all operations and technology related
aspects of these programs and has developed technology solutions to ensure high quality
learning outcomes to learners across India and abroad.

CFRA Admissions Contact


T: +91 9599963674

E: cfra@greatlearning.in

W: www.greatlearning.in/cfra

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