MSc in Finanical Investment and Risk Management (FIRM)
The First CFA program Partner in Thailand
Master of Science in
Financial Investment and Risk Management (MSc in FIRM)
FIRM, Your Route to Financial Professional Excellence and Achievement
For the first time in Thailand, the Graduate School of Business Administration (GSBA) at the National Institute of Development Administration (NIDA) 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.
Financial professionals already know the significance that major investment/mutual fund companies and investment banks place on having either one of these two designations. By combining the knowledge base of the Chartered Financial Analyst© (CFA) and the Financial Risk Manager© (FRM) this NIDA Master of Science in Financial Investment and Risk Management Program (MSc in FIRM) gives the student the knowledge of portfolio management and investment analysis combined with the ability to dynamically manage risk in the real-world. These two knowledge bases are complementary and having them creates a synergy that differentiates the holders of both designations from other MBAs as well as from those that have a single designation.
Growth in world financial markets has created an unprecedented demand for investment practitioners, hence establishing the importance of a globally accepted standard with which employers and investors can validate the knowledge integrity, and professionalism of investment managers and financial analysts. That standard is the Chartered Financial Analyst (CFA) Program. The Chartered Financial Analyst© designation was first instituted in 1963 and has become the de-facto standard for financial professionals who work in the global investment community. For details, visit the CFA website:http://www.cfainstitute.org/
No other designation within the investment management profession carries as much prestige as the CFA Charter. The list of individuals who have completed the program reads like a Who's Who of the global investment industry and includes CEOs and partners of the top investment firms, world reputable investment strategists and leading academics. Achieving the CFA designation places a Charter Holder in select company. It provides respect and credibility that will benefit the professional at every career stage.
Since the first CFA charter was awarded in Thailand only 13 years ago, the program has grown tremendously in popularity here, said Mr. Chanitr Chanchainarong, president of the Thai Society of Investment Professionals, the local society of the CFA Institute which administers the CFA program. We have seen very significant increases in the numbers of candidate enrolments, particularly in the last three years. This trend is likely to continue for two very important reasons: 1) The SECs recent ruling that securities analysts and portfolio managers are required to pass CFA Level I; and II) the establishment of Bangkok as a test centre for the second annual CFA Level I examination held in December, said Mr. Chanitr.
Moreover, the NIDA MSc in FIRM has been selected by CFA Institute as the first CFA Program Partner in Thailand. With this partnership, the NIDA Business School joins a select group of CFA Program Partner B-Schools from universities around the world such as: Cornell University, Michigan State University, University of North Carolina (Chapel Hill), National University of Singapore, Nanyang Technological University, La Trobe University, and the London Business School.
Recognition as a CFA Program Partner signals to potential students, employers, and the marketplace that the university curriculum is closely tied to professional practice and is well-suited to preparing students to sit for the CFA examinations. Students in the MSc in FIRM program will gain access to CFA Institute textbooks, journals, webcasts, and other educational resources. Students will also benefit from professional development events held in conjunction with the CFA Society of Thailand, the local membership body for CFA Institute candidates, charterholders, and members.
We are very pleased about entering into this partnership with CFA Institute. The CFA designation is highly regarded in the investment management field and this partnership indicates to our MSc in FIRM program students that they are getting a rigorous, real-world education here at the NIDA Business School. They will be exposed to the CFA Candidate Body of Knowledge, concepts, and principles, which have been identified by investment experts from around the globe as being essential to global financial practice. By attaining these basic skills of the CFA Program, students will be well on their way to earning the highly-valued CFA charter, said Dr.Pradit Withisuphakorn, MSc in FIRM Program Director
During the last 10-15 years the financial markets have grown increasingly volatile, and this may be indicative of the business environment in this millennium. A certified Financial Risk Manager© (FRM) is able to expertly manage the risks using the most advanced risk management tools for the dynamically changing business environment. For details, visit the FRM website:http://www.garp.com/
The FRM certification is administered by the Global Association of Risk Professionals(GARP) based in the US. The FRM designation is highly recognized by leading global investment organizations worldwide. In 2006, FRM candidates came from over 2,500 organizations worldwide. In Thailand, the growth rate in the amount of candidates taking the FRM exam was 64%, year-to-year in 2006.
Currently, there are 163 GARP members in Thailand of which 22 are FRM certified. Given the intrinsic dynamics of the financial environment in the Asian region along with globalization, the need for risk management, especially in Asia, will most likely experience supernormal growth during the near future, said Mr. Kawee Numpacharoen, regional manager of GARP in Thailand
The NIDA MSc in FIRM program presents itself as a double-barreled shotgun approach in that this program covers two of the most important international designations in the financial community today. The Graduate School of Business Administration has utilized its faculty members, many of whom have earned the CFA and FRM designations or are experts in risk management and the investment community, to develop and deliver the curriculum used in the Master of Science in Financial Investment and Risk Management (MSc in FIRM).
Being the first university in Thailand to offer an MBA Program, the GSBA of NIDA continues to bring innovative curriculum to its students, allowing them to differentiate themselves as well as supplying them with the most advanced tools that they need to be mobile in the global workplace. Obtaining both designations will place the graduate in an elite group of investment professionals thus increasing that individuals job prospects.
Qualification of Applicants
Applicants for the program must have completed a bachelors degree or equivalent in any field from an accredited institution, and possess an excellent scholastic record and background or other evidence that indicates an ability to perform successfully in the program. Work experience is not required, but will be favorably be evaluated in the application process.
Selection for Admission
Admission to the program requires an entrance examination consisting of the GSBA Quantitative and Analytical Exam and the GSBA English Written Exam. The GSBA Quantitative and Analytical Exam can be substituted by satisfactory scores on the GMAT of at least 510. The GSBA English Written Exam can be substituted by satisfactory scores on the TOEFL of at least 550 (paper based), 213 (computer-based) or the IELTS of at least 6.5. Native English speakers or applicants who have completed undergraduate studies in English-speaking countries are exempt from the GSBA English Written Exam. Application also requires:
- 2 pictures (1 inch)
- Copy of transcript
- 2 letters of recommendation
- Copy of personal identity card
Scholarships to take the FRM and CFA Level I exams are available to qualified students on a competitive basis. Each year, five CFA Level I , three CFA Level II , three CFA Level III and two FRM scholarships are available for students in the GSBA MSc in FIRM Program.
Duration of Study
The academic year is divided into two semesters. Each semester covers a period of 16 weeks of study. The classes are held on Saturdays and Sundays.
For any further inquiries regarding the program, please contact:
For Thai applicants: Khun Intira Jedsadapitak
Tel: (662) 727-3937 Fax: (662) 374-3282, (662) 375-3924
For Foreign applicants: Mr. John Wayne Shibata
Tel: (662) 727-3932 Fax: (662) 374-3282, (662) 375-3924
Estimated expenses *
- Application Fees 1,200 Baht
- Tuition fees ** 342,000 Baht
- Activity fees *** 98,000 Baht
Total course fee (approximately) 440,000 Baht
* Application and other fees are subject to change without notice
** The school reserves its right to adjust the fees above if appropriated
*** The amount set out above for activity fees are corporate fees which include:
- SchweserFRM Study Notes
- Financial Calculator
- 4 six-hour sessions CFA intensive review classes
- 4 six-hour sessions FRM intensive review classes
- Study Tour Aboard
Application Calendar *
(Subject to change without notice)
|Download the application form here.
or collect the form directly from the Graduate School of Business Administration, NIDA (Boonchana Atthakor Building 8th Floor),
or at the Educational Service Division, 3th Floor, Naradhip Bongsprabandha Building
|According to Admission Schedule|
|Submit application from Monday - Friday|
|NIDA will announce a list of applicants who are eligible to take the written examination|
|Announcement of Results|
Thunyarat (Bam) Amornpetchkul, PhD (Business Administration)
- Aekkachai Nittayakasetwat, PhD, FRM
- Andrew Stotz, CFA
- Anukal Chiralaksanakul, PhD,FRM
- Arthur L. Dryver, PhD
- Artit Serngadichaivit, CFA, FRM
- Bancha Serngadichaivit, CFA, FRM
- Chanitr Chanchainarong, CFA
- Kamphol Panyagometh, PhD, CFA
- Kanokporn Narktabtee, PhD
- Kawee Numpacharoen, CFA, FRM
- Narumon Saardchom, PhD
- Pisit Jeungpraditphan, CFA
- Somjin Sornpisarn, DBA, CFA
- Soraphol Tulayasathien, PhD, CFA, CAIA, FRM
- Supreeya Pipatmanomai, PhD, CFA
- Wiyada Nittayakasetwat, DBA, FRM
Structure/Composition of Courses
|Courses||Plan A 2||Plan B|
|1. Remedial Courses||Non-credit||Non-credit|
|2. Basic Courses||9 credits||9 credits|
|3. Core Courses||3 credits||3 credits|
|4. Major Courses||12 credits||15 credits|
|5. Elective Course||-||6 credits|
|6. Independent Study||-||3 credits|
|7. Thesis||12 credits||-|
|8. Comprehensive Examination||Written Examination||Written Examination|
|Total||36 credits||36 credits|
|1. Remedial Courses (Non-credit)||credits|
|LC 4003 Advanced Integrated English Language Skills Development||3|
|LC 4012 Remedial Integrated English Language Skills Development||3|
|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.|
|2. Basic Courses (9 credits)||credits|
|BA 5031 Quantitative Analysis for Business Decisions I||1.5|
|BA 5032 Quantitative Analysis for Business Decisions II||1.5|
|BA 5120 Microeconomics and Macroeconomics||3|
|BA 5301 Financial Accounting||3|
|3. Core Courses (3 credits)||credits|
|BA 6401 Financial Management||3|
|4. Major Courses (12 – 15 credits)||credits|
|BA 7350 Financial Reporting and Corporate Governance||1.5|
|BA 7401 Introduction to Fixed Income Securities||1.5|
|BA 7411 Financial Derivatives||3|
|BA 7421 Financial Modeling||1.5|
|BA 7431 Financial Risk Management I||3|
|BA 7432 Financial Risk Management II||1.5|
|BA 7471 Investment Analysis and Portfolio Management||3|
|5. Elective Courses (6 credits)||credits|
|BA 7402 Fixed Income Securities and Alternative Investments||3|
|BA 8430 Financial Engineering||3|
|BA 8450 Financial Economics||3|
|BA 8491 Seminar in Finance||3|
|6. Independent Study||credits|
|BA 8900 Independent Study||3|
* Total credits for the program is 36 credits. *
BA 5031 Quantitative Analysis for Business Decisions I 1.5 credits
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.
BA 5032 Quantitative Analysis for Business Decisions II 1.5 credits
Concepts and the uses of statistical and mathematical models for economic and business problems. Topics include measurement of numerical data, frequency distributions, probability, sampling distributions, confidence intervals, hypothesis testing, ANOVA, correlation, simple and multiple regression models, time series analysis, linear programming, decision analysis, and selected topics in quantitative business analysis.
BA 5120 Microeconomics and Macroeconomics 3 credits
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.
BA 5301 Financial Accounting 3 credits
Concepts and issues involved in the preparation and interpretation of financial statements; the use of financial information to evaluate and control an organization.
BA 6401 Financial Management 3 credits
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.
BA 7350 Financial Reporting and Corporate Governance 1.5 credits
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.
BA 7401 Introduction to Fixed Income Securities 1.5 credits
This course focuses on providing students with basic understanding of fixed income analysis, including the present value concept, bond pricing, and risk management.
BA 7402 Fixed Income Securities and Alternative Investments 3 credits
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.
BA 7411 Financial Derivatives 3 credits
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.
BA 7421 Financial Modeling 1.5 credits
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.
BA 7431 Financial Risk Management I 3 credits
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.
BA 7432 Financial Risk Management II 1.5 credits
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.
BA 7471 Investment Analysis and Portfolio Management 3 credits
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.
BA 8430 Financial Engineering 3 credits
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.
BA 8450 Financial Economics 3 credits
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.
BA 8491 Seminar in Finance 3 credits
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.
BA 8900 Independent Study 3 credits
An Independent Study. Advanced-level investigations which cover the analysis of symptoms, problems, causes, and business audit. Business plan integrating various functions in businesses.
BA 9004 Thesis 12 credits
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 Development
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, precise writing, and research writing.
LC 4012 Remedial Integrated English Language Skills Development
This course is intended to provide additional practice in the four skills listening, speaking, reading and writing strategies covered in LC 4002. Students receive individualized attention to enhance their communication skills in English.
Selection of major/elective courses offered is subject to the curriculum committee’s discretion.
An exemption of a prerequisite is subject to the Dean’s approval.