Master of Science in Financial Investment and Risk Management (FIRM)
Your Route to Financial Professional Excellence and Achievement
The first CFA Program Partner in Thailand
The first and only GARP Academic Partner in Thailand
Why Master of Science in Financial Investment and Risk Management (FIRM)
For the first time in Thailand, the Graduate School of Business Administration (GSBA) of the National Institute of Development Administration (NIDA), NIDA Business School, has combined the two most internationally respected designations in the financial community to bring you a Master of Science program with emphasis in financial analysis and risk management that prepares the student for the CFA© and FRM© exams.
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), the 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 both of 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 well-known investment companies. CFA designation provides respect and credibility for its holder in every career stage.
More importantly, 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 selected group of CFA Program Partner business schools from famous universities around the world, for example, Cornell University, Indiana University at Bloomington, University of Illinois – Urbana Champaign, New York University, University of North Carolina (Chapel Hill), University of Wisconsin – Madison, Imperial College, INSEAD, London Business School, University of Cambridge, Nanyang Technological University, National University of Singapore, and Singapore Management University.
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 the 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, charter holders, and members.
We are very pleased to be a CFA Program Partner 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-prepared for the CFA examinations, said Dr. Nattawut Jenwittayaroje, CFA, the director of the MSc in the FIRM program.
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. 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 in the near future.
In 2016, the NIDA MSc in the FIRM program becomes an Academic Partner with GARP. Under GARP’s Academic Partnership program, the courses offered by our MSc in FIRM programs are closely aligned with GARP’s body of knowledge. Being an Academic Partner with GARP, the FIRM program is offered a wide range of benefits, including rigorous instruction with practitioner-driven insight to ensure that our FIRM students are well-equipped for the demands of the global financial industry.
The NIDA MSc in FIRM program presents itself as a double-barreled shotgun approach because this program covers two of the most important international designations in the financial community. NIDA Business School has utilized its faculty members, many of whom have earned the CFA and FRM designations, and the 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 the 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.
|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.
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. The 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
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
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, 3rd Floor, Naradhip Bongsprabandha Building
|Submit application from Monday - Friday|
|NIDA will announce a list of applicants who are eligible to take the written examination||According to Admission Schedule|
|Announcement of Results|
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Last updated March 9, 2018