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Master Degree in Risk Management

Headerssite2025 Level3

Master's Degree in Risk Management

The Master in Risk Management is an advanced academic program designed to equip students with the skills to analyze, model, and manage risk in complex financial and organizational environments.

The program provides a strong foundation in quantitative risk analysis and the development and application of risk models, aligned with international standards such as those set by the CFA Institute and the Financial Risk Manager (FRM/GARP), and in accordance with key regulatory frameworks (e.g., Basel III/IV and Solvency II).

With a strong analytical and academic focus, the master explores advanced risk management methodologies, incorporating machine learning, artificial intelligence, and emerging technologies, while examining their impact on financial systems, including FinTech, InsurTech, RegTech, and crypto-assets.

The 1st  year of the Master’s corresponds to the Postgraduate Program in Risk Management.

Applications for the 2026/27 academic year are now closed. Applications for the 2027/28 academic year will open in January 2027, and further information will be published shortly. If you would like to continue investing in your professional development this year, explore our programs with applications open until October 29th, available here.

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  • Vagas

    Format

    After Working Hours

  • Media

    Length and ECTS

    3 semesters
    (95 ECTS)

  • Semestres

    Attendance

    2 to 3 times a week

  • Lingua2

    Start Date

    September 2026

EDUNIVERSAL

This program is an updated version of the Master’s in Statistics and Information Management with a specialization in Risk Analysis and Management – ranked as the top Risk Management Master’s in Portugal and 2nd best in the World by Eduniversal (2025), an international agency that annually ranks the world’s best Master’s and MBA programs.

Know more here

Goals fo the Master in Risk Management

This program aims to equip students with advanced skills in:

  • Develop competencies in quantitative risk analysis;

  • Apply and interpret risk models in financial and economic contexts;

  • Identify, quantify, and model different types of risk;

  • Support decision-making using advanced quantitative methods;

  • Apply advanced risk management methodologies in complex systems;

  • Understand regulatory frameworks and their impact on risk modeling.

Study plan

This program lasts 3 semesters: 2 correspond to the curricular component and 1 to the development of a thesis or work project and the realization of the Course Unit of Research Methodologies, in a total of 95 ECTS.

The curricular component (1st and 2nd semesters of the program) corresponds to 60 ECTS, of which 45 are in Mandatory Course Units:

Mandatory course units

  • Banking and Insurance Economics
  • Banking and Insurance Regulation and Supervision
  • Credit Risk Management
  • Dissertation/Internship Report/Project
  • Financial Derivatives and Risk Management
  • Investments and Portfolio Management
  • Life Insurance
  • Market and Liquidity Risk Management
  • Non-Life Insurance
  • Predictive Analytics in Finance
  • Research Methods
Course Unit
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The remaining 15 ECTS corresponding to the Elective Course Units, will be chosen by the students among a wide range of available course units.

Length and timetable

Length

This program lasts 3 semesters: 2 correspond to the curricular component and 1 to the development of a thesis, work project or internship report, in a total of 95 ECTS.

The classes will start in September 2026, ending in June 2027, and run during After-Working Hours, 2 to 3 times a week.

Timetable

See the timetable here for the academic year 2026-27.

Click here to access the Schedule Simulator (enrollment will not be finalized until you register on netp@).

Admissions and fees

  • Applications and admission

    New application phase

    Applications and/or information for the 2027/2028 academic year will be announced soon.

    Entry Requirements

    To enter this program, applicants must meet the following requirements:

    • Hold a bachelor's degree in a compatible field (completed by September 2026);
    • Be proficient in English (spoken and written).

    How to Apply and Selection Process

    To apply, you need to access the NOVA IMS' Applications Portal and follow these steps:

    • Fill in the form available in the user area, namely:
      • Personal, academic and professional background;
    • Upload a copy of a valid identification document - mandatory for international applicants (non-European);
    • Upload your Curriculum Vitae;
    • Upload your Qualification Certificate - if you do not have the certificate at the time of submitting your application, you can still complete the process, provided that you agree to submit the original certificate at a later stage, when requested by NOVA IMS Services;
    • Although it is not necessary to attach any other documents, the applicant has the option of including other documents that they consider relevant to enrich their application;
    • Choose the program;
    • Present the goals and motivation for applying to the program (limit 1,000 characters, including spaces);
    • Pay the application fee. After this last step, the applicant will receive an email confirming their submitted application.

    The selection process is based on the analysis of academic and professional curriculum. The members of the Admissions’ Jury Panel may decide to hold an interview with all or some applicants - face-to-face or videoconference.

    Application Fee

    The fee of the application is €51. The application can only be considered after the payment of the application fee, within the stipulated period, non-refundable in case of withdrawal or non-admission in the program.

  • Tuition Fees, Pre-enrollment and Payment Dates

    Tuition Fee

    The tuition fee of this master degree program is:

    • €6.000 for applicants with a nationality from a European Union member country: €4.100 corresponds to the 1st year and €1.900 to the 2nd year;
    • €7.500 for applicants of other nationalities: €4.900 corresponds to the 1st year and €2.600 to the 2nd year. 

    Registration Fee

    After being admitted to the program and upon confirmation of enrollment, the applicant must make a payment of a pre-registration fee (around one week after the admission result announcement), deductible in this postgraduate program's tuition fee, non-refundable in case of withdrawal, with the following value:

    • €1.250 for applicants with a nationality from a European Union member country;
    • €2.500 for applicants of other nationalities, unless their registration fee is provided by an official entity.

    Upon registration, students should make the following payments:

    • €35 - for enrollment fee (the value is updated annually);
    • €3 - for annual school insurance (the value is updated annually).

    Tuition fee payment dates

    The tuition fee may be paid in full, in two instalments or in six instalments.
    The pre-enrollment fee is deductible from the total tuition fee.

    Payment dates are as follows:

    • Payment in two installments - each instalment corresponds to 100% of the annual tuition fee, after deduction of the pre-enrolment fee:
      • 1st  installment September 25th to 30th, 2026;
      • 2nd installment September 25th to 30th, 2027;

    • Payment in six installments - each instalment corresponds to the tuition fee amount for the respective academic year, after deduction of the pre-enrolment fee:
      • 1st installment from September 25th to 30th, 2026, corresponding to 25% of the 1st year tuition fee;
      • 2nd installment from November 25th to 30th, 2026, corresponding to 25% of the 1st year tuition fee;
      • 3rd installment from February 22nd to 28th, 2027, corresponding to 25% of the 1st year tuition fee;
      • 4th installment from April 25th to 30th, 2027, corresponding to 25% of the 1st year tuition fee;
      • 5th installment from September 25th to 30th, 2027, corresponding to 50% of the 2nd year tuition fee;
      • 6th installment from February 22nd to 28th, 2028, corresponding to 50% of the 2nd year tuition fee.

  • Discounts and special conditions

    • Financial discount: students who choose to pay the tuition fee in two installments have a 2,5% discount on the payable amount.
    • NOVA IMS’ alumni who have completed a bachelor's, postgraduate, master's, or doctoral degree at NOVA IMS have a 20% discount on tuition fee, cumulative with the financial discount.
    • Companies that finance the program to 2 employees, in the same academic year, have a 10% discount on the tuition fee. This discount is not cumulative with other discounts.
    • Companies that finance the program to 3 or more employees, in the same academic year, have a 20% discount on the tuition fee. This discount is not cumulative with other discounts.
    • Members of the Ordem dos Engenheiros – Região Sul, have 15% discount on tuition fees. This discount can be extended to members' spouses and descendants upon presentation of valid documentation. For more information, please contact admissions@novaims.unl.pt. This discount is not cumulative with other financial discounts.

FAQ

Do you have a question? Explore the most frequently asked questions and find the answer here! If you still have unanswered questions, please contact us!

  • Applications

    When can I apply?

    It is only possible to submit the application during its applications phase. The date of the call for applications is available in the Admissions and Fees page of each program. However, you can fill the application form at any time, submitting it when the applications phase starts.

    How can I apply?

    The applications are submitted online, in NOVA IMS’ Applications Portal. To submit their application, the applicants must register in the Portal, fill the form, upload your Curriculum Vitae, choose the program and pay the application fee in the Portal. The application process is the same for all the applicants, national or international.

    Which documents are required?

    The only mandatory document during the application process is the Curriculum Vitae (in .doc or .pdf format). The applicant can upload other documents such as diploma or other certificate of their qualifications.

    How do I convert a file to .PDF?

    Here is a list of websites where you can convert files to the pdf format, as a reference:

    Is there an application fee?

    The application fee is €51 in the academic year 2026-27. The payment of the application fee will be made during the application process in the Applications’ Portal, through bank transfer/ATM reference, MBWay, PayPal or Visa. The application will only be considered successfully submitted after the payment of the application fee, within the stipulated time. It’s non-refundable in case of withdrawal or non-admission in the program.

    Can I apply to more than one program?

    You can apply to a maximum of 2 programs per application phase, by paying the application fee for each program, that is, the application to 1 program equals the payment of 1 application fee, the application to 2 programs equals the payment of 2 application fees.

    I'm a bachelor's degree senior student. Can I apply ?

    Yes. If you are a final year student and you graduate until September 2026, you can apply and you must deliver an authenticated copy of your degree certificate or diploma until the beginning of the academic year, until September 2026.

    In the application form, a Tax Identification Number is requested. What is Tax Identification Number? I don’t have one, what should I put in that blank field?

    In Portugal, the Tax Identification Number is required to identify a taxable entity or person, in tax declarations or financial transactions. If you don’t have a Tax ID Number or similar, please put “999999999” in that field of the application form.

    What should I write in the field: “Goals/motivation to apply to this program”?

    In this field, please mention:

    • In which way your background (academic and professional) fits the program;
    • What are your short-term professional goals;
    • What are your expectations with the attendance of this program.

  • Admission

    How does the selection process work?

    The selection process is based on the analysis of the academic and professional curriculum. The members of the Admissions’ Jury Panel may decide to hold an interview with all or some candidates – face-to-face or videoconference).

    In case I am contacted for an interview, can it be held at distance?

    Yes, the interview can be held at distance, preferably by Zoom.

    When will I know the result of the application?

    The result of the application will be known, through email, in the date to be announced in the confirmation of submitted application email and/or by the Admissions’ Jury/Programs Manager.

    I was admitted in the program. What’s the next step?

    In case of admission, the applicant must make the payment of the pre-registration fee (around 1 week after the result announcement), until its deadline, in NOVA IMS’ Applications Portal and upload the diploma or other certificate of his latest qualification (example: Bachelor’s degree, Master’s degree or PhD).

    Can I attend more than one program by academic year?

    Yes, you may attend two programs per school year, although it’s not recommended. Please pay attention to the fact that there may be overlap of the Mandatory Course Units of each program, as well as the overlap of the exams.

    I was admitted in two programs, but I only intend to attend one. What should I do?

    In case of admission to two programs, the candidate will have to choose, in the Application Portal, the program in which they intend to attend. After choosing the desired program and paying the pre-registration fee, you must select the option "Withdrawal" in the 2nd program in which you do not intend to attend. Thus, your vacancy is available to a candidate on the Waiting List.

    I'm on the Waiting List. Can I still be admitted?

    Since it is possible for candidates to apply for two programs per application phase, there will be cases where the same candidate has been admitted to both programs, but intends to join only one. In these cases and if the limit number of vacancies is not completed, the remaining vacancy will be assigned to a candidate on the Waiting List.

    I intend the invoice for the payment of the application / pre-registration fees.

    The Invoice-Receipt will be available in this Applications’ Portal up to 2 business days after the payment, in the tab "Billing/Treasury".

    I was admitted in the program, but I need visa. What should I do?

    NOVA IMS can issue a document that proves admission in the program, that will be sent to the student. The document will only be issued or provided after the payment of the pre-registration fee. Regardless of issuance the document, the student must contact the Portuguese Embassy or Consulate in their country to get more information.

  • Other Informations

    Is this program taught in Portuguese or English?

    Considering the diversity of students’ nationalities, all the classes will be taught in English.

    Are there scholarships?

    NOVA IMS does not award scholarships. However, you can apply to Universidade Nova de Lisboa’ scholarships and financial support, provided by the university’s Social Welfare Services. You can learn more at https://sas.unl.pt/en/scholarships-2/scholarships_/ or contact them directly to bolsas@unl.pt. We don’t hold information about other scholarships.

    Is it possible to park on campus?

    The students can park their vehicles on campus, if they have the access card. There are several parking areas on campus and near to NOVA IMS. The request for access of vehicles to Campus de Campolide is made through registration or renewal of registration and subsequent payment. To do this, the interested parties should register in the system and select the type of access. Afterwards, they will receive all the data for the payment. It should be noted that the management of parking spaces is the exclusive responsibility of the NOVA’s Rectory. For more information, please visit the webpage http://www.unl.pt/en/nova/parking-campus.

    Is there accommodation on campus?

    The Social Welfare Services of Universidade Nova has ties with three student residences (one of them in Campus de Campolide) for Portuguese scholarship student and international students. The capacity of accommodation at school residences is limited. We can’t, in any way, guarantee you a room and we can only put your name on a waiting list, only after confirmation of admission. You will find more information about the residences at https://sas.unl.pt/en/accommodation/. 

    In case you are admitted to the program and want accommodation in one of the University’s residences, please contact adnovaims@novaims.unl.pt.

    Can you help me look for accommodation websites?

    Here’s a list of websites, just for reference:

    Does the University offer a Portuguese course for international students?

    Yes, there is a Course of Portuguese as Foreign Language. This course is available in 4 types of classes:

    1. Individual lessons (the student arranges the schedule with the teacher according to their availability);
    2. Semester Group lessons (56 study classes + 8 hours for other activities);
    3. 30 hours intensive course (2 weeks);
    4. Online summer course (month of July).

    If you have any questions about this course, please contact: cursoportugues@fcsh.unl.pt.