ECTS
120 credits
Duration
2 years
Training Structure
School of Economics
Language(s) of Instruction
French
Overview
The Market Risk Analysis program is designed to train both professionals and researchers specializing in the field of finance, with a particular focus on products traded on financial markets, such as stocks, bonds, derivatives, currencies, and commodities. The program combines a solid theoretical foundation with an in-depth quantitative approach, enabling students to understand how markets function and the mechanisms behind the valuation of financial instruments.
Students develop skills in managing and measuring financial risk through the use of advanced statistical methods, such as volatility analysis, Value at Risk (VaR), Expected Shortfall (ES), and backtesting of risk models. They also learn to assess portfolio exposure, identify major risk factors, and implement effective hedging strategies.

The Benefits of the Training Program
- NATIONALLY RECOGNIZED TRAINING PROGRAM
- ADVANCED QUANTITATIVE SPECIALIZATION
- EXCELLENT CAREER PROSPECTS
Objectives
- To further explore the subjects of financial economics and economics.
- Gain a thorough understanding of the structure and functioning of the most common financial instruments (stocks, bonds, etc.) as well as speculative markets (energy, commodities, etc.).
- Gain technical training focused on working with large financial databases at various frequencies, using the most powerful software available.
- Learn about the latest techniques in stock market-related professions.
Expertise and Skills
Expertise
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Measuring and Analyzing Financial Risks in the Markets
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Use advanced statistical methods (VaR, Expected Shortfall, backtesting)
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Assessing the Exposure and Performance of Financial Portfolios
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Identify the major risk factors
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Implement strategies to hedge and protect portfolios
Skills
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Proficiency in quantitative and statistical tools applied to finance
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Ability to anticipate and manage market risks
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In-depth understanding of financial mechanisms and traded products
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Ability to apply risk models that comply with regulatory standards
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Ability to make informed decisions regarding strategic risk management
International Dimension
Starting in their second year, students can spend a year (two semesters) at one of the 60 universities with which the School of Economics has partnerships through the ERASMUS+, inter-university agreements, and CHARM-EU exchange programs.
Organization
Knowledge Assessment
Master’s programs at the School of Economics are structured over two years and four semesters and are based on an assessment system designed to measure students’ learning progress in a gradual and comprehensive manner. At the end of each semester, the skills, competencies, and knowledge acquired in each course unit (UE) are assessed in one of two ways: through continuous assessment or a final exam.
Continuous assessment allows for regular monitoring of student progress through various forms of evaluation: proctored exams, graded tutorials, presentations, projects, document analyses, and active participation in class. This approach encourages regular attendance, consistent work, and the gradual acquisition of skills.
The final exam, on the other hand, consists of a written or oral test administered at the end of the semester. It is designed to assess the student’s overall mastery of the concepts taught and their ability to apply their knowledge in a structured and in-depth manner. Depending on the course unit, teaching methods, or learning objectives, some units may combine both assessment methods. These procedures ensure a fair, diverse, and appropriate evaluation tailored to the nature of the course.
Special Features
Students with disabilities, young entrepreneurs, and elite athletes can receive personalized support.
This may take the form of academic accommodations, pedagogical adjustments, or specific rights, in order to enable students to best balance their personal or professional commitments with their university studies. Depending on the situation, these measures may include an adapted class schedule, modified assessment procedures, attendance accommodations, individualized support, or dedicated support services.
Internships, supervised projects
Internship | Possible |
|---|---|
Duration of the internship | A maximum of 924 hours, or 6 months |
Internship Abroad | Possible |
A true immersion in the professional world, it allows students to apply the knowledge they’ve acquired in class, discover how organizations operate, and compare theory with practice. To get the most out of it, thorough preparation is essential: learn about the host organization, define your goals, draw on what you’ve learned, and prepare for professional demands.
All Master's programs offer the opportunity to complete an internship.
In the first year of the master's program, an internship is possible but optional. It must be related to the program.
The internship may begin at the end of the second-semester exams or take place during university breaks. In any case, it must end no later than August 31, regardless of whether the student is enrolled in a Bachelor’s program, a first-year Master’s program, or a University Diploma program.
In the second year of the Master's program, the internship is required.
The start date is set in consultation with the academic advisor, generally between February and March, to align with the academic calendar and the requirements for the final thesis. Regardless of the period chosen, the internship mustend no later than September 30.
Program
The program lasts 2 years, or 4 semesters
120 ECTS
Choose one of the following two options:
Financial English 1
2 creditsSpanish 1
Theoretical Econometrics
5 creditsMarket Finance
4 creditsMonetary and Financial Macroeconomics
3 creditsForecasting Methods
5 creditsAlgorithms and Programming
3 creditsData Mining and Big Data
Data Warehouse
The Economics of Bancassurance
3 credits
Introduction to Stochastic Calculus
4 creditsAsset Valuation
3 creditsCorporate Finance
4 creditsIntroduction to SAS / Excel VBA
2 creditsPortfolio Allocation
3 creditsTime Series Econometrics
5 creditsTechnical Analysis
2 creditsApplied Econometrics Project
5 creditsOptional
Choose one of the following two options:
Financial English 2
2 creditsSpanish 2
2 credits
Numerical Methods
3 creditsFinancial Markets and Financial Theory
2 creditsVBA Programming
1 creditStochastic Calculus
2 creditsPortfolio Management
4 creditsFinancial English
1 creditTrading Algorithms
2 creditsData Mining and Big Data
3 creditsExploratory Statistics (SAS)
1 creditComputer Skills (VBA)
1 creditMarket Risks
4 creditsFinancial Econometrics
5 creditsProgramming in R and Python
1 credit
CHOICE 1
30 creditsChoose 1 or 2 out of 2
Research thesis as part of a research track
30 credits3- to 6-month internship
30 credits
Professional Speakers
Introductory Research Seminars
Admission
Admission Requirements
- For the Master 1 program: Applicants must hold or be in the process of earninga bachelor’s degree (or equivalent, bac+3) in economics or a related field, recognized in France or Europe.
- For the Master 2 program: Applicants must have completed at least 4 years of higher education (Bac +4 / 240 ECTS) in fields related to economics or similar disciplines. A strong academic record and, in some cases, professional experience are highly valued.
Registration Procedures
First year of the master's program
If you wish to apply for admission to the first year of a master's program, you must submit your application through the Mon Master platform .
Second year of the master's program
To gain admission to the second year of the master's program based on academic equivalence, the ecandidat application process is required.
For more information: economie.edu.umontpellier.fr/candidatures/candidatures-et-admissions/
Target Audience
Students from the Montpellier Academy, the Occitanie region, France, and abroad
Tuition Fees
Tuition fees are set each year by the Ministry of Higher Education. They are accompanied by the Student and Campus Life Contribution (CVEC).
The entire program is free for students receiving scholarships.
Capacity
Recommended Prerequisites
A strong background inmicroeconomics, macroeconomics, mathematics, statistics, and econometrics is essential. Depending on the intended career path, certain course options may be particularly valuable.
And then
Continuing Education
Master’s degree graduates can continue their studies, notably bypursuing a Ph.D. in economics, either in France or abroad, particularly those interested in research or higher education. Additional specialized programs (university degrees) may also be considered depending on one’s career goals.
Employment Placement
This master's program is career-oriented and leads to employment. Students may pursue doctoral studies, depending on the quality of their applied research thesis.
This program is designed to trainsenior executives pursuingcareersin banks, private equity firms, audit and consulting firms, and large corporations.
Graduates of the Market Risk Analysis program often secure permanent positions following their internships in risk management departments at banks, insurance companies, or asset management firms. Some students even move abroad (to London, Hong Kong, Tokyo, or New York) under employment contracts that offer significant responsibilities and high salaries.
Some students prefer to pursue a career in research through a doctoral dissertation.
https://osipe.edu.umontpellier.fr/masters/