Predictive Analytics and Risk Management: Enterprise Risk Management, MS

Overview

for the Master of Science in Predictive Analytics and Risk Management, Enterprise Risk Management concentration

This degree program is designed to meet the growing demand for professionals with expertise in advanced analytical techniques for risk management across industries such as insurance, consulting, investment, pensions, healthcare, banking, and financial services. The program integrates training in modern statistical methods with principles of actuarial science and financial risk management. It is intended for students with a strong quantitative background who seek careers in predictive analytics for insurance and other financial sectors.

The curriculum provides a multidisciplinary and integrated learning experience. Core requirements include courses from an actuarial science perspective, along with a case study course and an internship course. Students receive training in statistical machine learning, big data techniques, and Bayesian statistical methods. In addition, electives from three related disciplines allow students to tailor the program to their individual educational goals.

The 32-credit-hour program can be completed in one academic year with appropriate course scheduling. Each concentration requires 20 credit hours of coursework organized around three broad areas of expertise, with at least 12 hours completed at the 500 level.

Graduate Degree Programs in Mathematics

Degree Requirements

for the Master of Science in Predictive Analytics and Risk Management, Enterprise Risk Management concentration

Major Requirements12
ASRM 410
Investments and Financial Markets
ASRM 455
Predictive Analytics
ASRM 539
Risk Analytics and Decision Making
ASRM 593
Graduate Internship (or ASRM 490)
FIN 530
Foundations in Risk Management
Enterprise Risk Management Concentration Requirements12
ASRM 533
Risk Management Practices and Regulation
FIN 537
Financial Risk Management
FIN 538
Enterprise Risk Management
Enterprise Risk Management Concentration Electives8
Choose two of the following courses:
(Note: FIN elective credits are capped at 8 credits per student)
ASRM 402
Actuarial Statistics II
ASRM 409
Stochastic Processes for Finance and Insurance
ASRM 441
Statistics for Risk Modeling I
ASRM 442
Statistics for Risk Modeling II
ASRM 454
Generalized Linear Models
ASRM 461
Loss Models
ASRM 469
Casualty Actuarial Mathematics
ASRM 471
Life Contingencies I
ASRM 490
Actuarial Research
ASRM 499
Topics in Actuarial Science
ASRM 510
Financial Mathematics
ASRM 555
Advanced Predictive Analytics
ASRM 561
Loss Data Analytics & Credibility
ASRM 563
Risk Modeling and Analysis
ASRM 569
Extreme Value Theory and Catastrophe Modeling
ASRM 575
Life Insurance and Pension Mathematics
ASRM 595
Advanced Topics in Actuarial Science and Risk Analytics
FIN 431
Property-Liability Insurance
FIN 511
Investments
FIN 512
Financial Derivatives
FIN 513
Advanced Financial Derivatives
FIN 514
Valuation of Complex Derivative Securities
FIN 515
Fixed Income Portfolios
FIN 519
Behavioral Finance
FIN 550
Big Data Analytics in Finance for Predictive and Causal Analysis
FIN 551
International Finance
STAT 431
Applied Bayesian Analysis
STAT 440
Statistical Data Management
STAT 447
Data Science Programming Methods
STAT 480
Big Data Analytics
STAT 525
Topics in Computational Statistics
STAT 542
Statistical Learning
STAT 556
Advanced Time Series Analysis
STAT 590
Individual Study and Research
Total Hours32
Other requirements (may overlap)
A concentration is required
Minimum 500-level hours required overall12
Minimum GPA3.0

Learning Outcomes

for the Master of Science in Predictive Analytics and Risk Management, Enterprise Risk Management concentration

Students graduating from the Enterprise Risk Management concentration of the Predictive Analytics and Risk Management program will be able to:

  1. Apply risk management techniques to contain and mitigate risks in different market sectors such as: Investment and Commercial Banks, Financial Markets, Insurance and reinsurance and Enterprises.
  2. Demonstrate proficiency in using programming software to conduct data analysis and visualizations.
  3. Communicate effectively technical findings to a wide range of audience.
  4. Participate efficiently in case studies and internships that require team collaboration.

Contact Information

for the Master of Science in Predictive Analytics and Risk Management, Enterprise Risk Management concentration

Actuarial Science and Risk Management

Department Chair: Feng Liang
Program website
Program Office: 264 Computing Application Bldg., MC-382, 605 E Springfield Ave, Champaign, IL 61820
Phone: (217) 300-5630
Email: PARM@illinois.edu

College of Liberal Arts & Sciences

College of Liberal Arts & Sciences website

Admissions

Graduate College Admissions & Requirements
Overview of Program Admissions & Requirements