About the master program
A first-of-its-kind, specialized master’s degree for early- and mid-career employees of central banks and other major regulatory agencies with a mandate to manage systemic risk. The year-long program focuses in macroprudential policy, financial crisis management, global financial regulation, monetary economics, capital markets, and central banking.
A Leader in Understanding Systemic Risk
In the wake of the financial crisis of 2008, central banks and other agencies took on new responsibility for managing systemic risk. Since then, the Yale School of Management has developed important capabilities in macroprudential financial regulation and the measurement and management of systemic risk. The school’s finance faculty has deep expertise in capital markets and has produced influential academic work about the origins of the crisis.
Program on Financial Stability
Admissions Requirements
- Nomination letter from a qualified institution.
- Video interview
- GRE or GMAT
- Statement of interest
- Undergraduate degree in economics, finance, statistics, or a related field
Cost Information
Following table provides an estimate of annual tuition and fees for the systemic risk program 2017-18 academic year and additional living expenses. The estimate is based on 2016-17 academic year and subject to adjustments.
SINGLE STUDENT BUDGET 2017-18
|
Tuition |
$64,200 |
|
Program Fee |
$1,960 |
|
TOTAL TUITION AND FEES |
$66,160 |
|
Room, Board and Personal Expenses* |
$21,976 |
|
Course Materials |
$1000 |
|
Health Insurance** |
$2,264 |
|
TOTAL ESTIMATED LIVING EXPENSES |
$25,240 |
|
TOTAL SINGLE STUDENT BUDGET |
$91,400 |
* Estimated expenses assuming a modest lifestyle and shared housing. ** Yale University requires students to carry hospitalization insurance. The figure shown is the cost of Yale's insurance for a single student in 2015-16. Students with alternate hospitalization insurance may waive Yale Health coverage. |
|
How to Apply
Decisions on the application will be made on a rolling basis. However, as space in the program is limited, you are encouraged to apply by January 1, 2017.
Curriculum and Faculty
In the wake of the financial crisis of 2008, central banks and other agencies took on new responsibility for managing systemic risk. Since then, the Yale School of Management has developed important capabilities in macroprudential financial regulation and the measurement and management of systemic risk. The school’s finance faculty has deep expertise in capital markets and has produced influential academic work about the origins of the crisis. Its Program on Financial Stability has convened major gatherings of top staff from central banks and has developed a set of teaching materials around financial crises
PROGRAM STRUCTURE
Over the course of one academic year, students complete a slate of required courses focused on the global financial system and delve into specialized electives.
Required Courses: 24 Credits total
Thesis Symposium (4 credits, Year Long) (Metrick)
Research and policy presentations by students and outside speakers. Each week includes either a presentation or individual meetings with faculty to discuss the thesis project.
Monetary Economics (4 credits, Fall) (Faculty TBA)
An intermediate course in macroeconomics, focused on the tools used by monetary economists. Includes an introduction to macroeconomic forecasting as practiced by central banks.
Capital Markets (4 credits, Fall) (Gorton)
Capital Markets is a course covering a range of topics, including the design, pricing, and trading of corporate bonds, structured notes, hybrid securities, credit derivatives, and structured products, such as asset‐backed securities and collateralized debt obligations.
Financial Stability Regulation (2 credits, Fall 1) (Faculty TBA)
A comparative approach to Financial Stability regulation around the world. Covers international guidelines (Basel, Solvency), supra‐national arrangements in the EU, and national‐level laws in major economies.
Macroprudential Policy (2 credits, Fall 2) (Faculty TBA)
A quantitative approach to stress testing, systemic risk measurement, designation and monitoring of systemically important institutions and markets, countercyclical capital buffers, and the international coordination of macroprudential policies.
Central Banking (4 credits, Spring) (Faculty TBA)
An overview of central banking, with an emphasis on the interactions of monetary and macroprudential policies. Covers central‐bank decision making, open‐market operations, quantitative easing, management of multiple mandates, and coordination with other domestic and international agencies.
The Global Financial Crisis (2 credits, Spring 1) (Metrick and Geithner)
Surveys the causes, events, policy responses, and aftermath of the recent global financial crisis. The main goal is to provide a comprehensive view of this major economic event within a framework that explains the dynamics of financial crises in a modern economy.
Financial Crisis Management (2 credits, Spring 2) (Metrick)
A review, taxonomy, and synthesis of the evidence for policies used by governments and private organizations to respond to financial crises. Includes analysis of lender of last resort, capital injections, guarantees, and resolution policies.
*For those courses marked as “Faculty TBA”, faculties teaching the course have not yet been finalized and will be updated. For further information on the list of faculties, please contact June Rhee at june.rhee@yale.edu.
Electives: 12 credits total (4 credits in Fall, 8 credits in Spring)
Must include at least 4 credits in statistics, and 4 (additional beyond required courses) credits in economics or finance.
For more information click "Further official information" below.
This opportunity has expired. It was originally published here:
http://som.yale.edu/programs/mms-systemic-risk