Risk Management

Master's programme

Educational plan

Type:
Master
Speciality:
056802.05.7 - Financial Mathematics
Specialisation:
056802.05.7 - Risk Management
Qualification awarded:
Master of Financial Mathematics
Programme academic year:
2025/2026
Mode of study:
Full time
Language of study:
Հայերեն

General educational component

Chair code Name of the course Credits
1st autumn term
30
2 hours/week
MANDATORY
0107/Մ01
1. Purpose of the Course
. provide a broad understanding of Python principles and techniques,
• master the creation of financial instruments using the Python programming language.
2. Educational Outcomes
a. professional knowledge and understanding
1. Make strategic financial decisions through a broad understanding of quantitative evidence principles,

b. practical professional skills
1. Apply financial models and formulas using Python,
2. Evaluate theoretical arguments and empirical evidence using Python,
3. Conduct research using Python,
4. Apply Python programming language tools necessary for linear algebra and stochastic calculations,

c. general/transferable skills
1. Demonstrate logical thinking, perform critical analysis.
3. Description
. provide a broad understanding of Python principles and techniques,
• master the creation of financial instruments using the Python programming language.
4. Teaching and Learning Styles and Methods
Practical exercises.
5. Evaluation Methods and Criteria
The course ends with a test, the student performs independent research work, which he presents during the test.
6. Basic Bibliography
  • Python for Data Analysis: Data Wrangling with Pandas, NumPy, and IPython 1st Edition
  • by Wes McKinney,
  • Python Crash Course, 3rd Edition by Eric Matthes։
7. Main sections of the course
● Notation of numbers, variables, functions and operators,
● Methods of representing arrays,
● Symbolic calculations, numerical calculations, data visualization (presentation of various types of graphs),
● Introduction to econometric tools
● Object-oriented programming
● Approximation of functions
2nd spring term
30
4 hours/week
MANDATORY
1306/Մ04
1. Purpose of the Course
. to introduce students to the basic concepts of the social psychology of career management,
• to form a comprehensive understanding of the significance of career from the perspective of personal growth and possible career building practices.
2. Educational Outcomes
a. Professional knowledge and understanding
1. to define and interpret in terms of content such concepts as career, management, career management from a psychological perspective,
2. to analyze the specificity of career processes and factors that influence the course of a career,
3. to present the main directions of career management research,

b. Practical professional skills
1. design career management mechanisms in the organization,
2. make decisions from a career management perspective in complex situations within the framework of psychology (conflict, uncertainty, time constraints, etc.),

c. Generic/transferable skills
1. work with small groups.
3. Description
. to introduce students to the basic concepts of the social psychology of career management,
• to form a comprehensive understanding of the significance of career from the perspective of personal growth and possible career building practices.
4. Teaching and Learning Styles and Methods
. practical classes,
• seminar discussions,
• independent analysis of literature,
• exercises
5. Evaluation Methods and Criteria
The course is worth a maximum of 20 points,
the current exams are written and are worth a maximum of 4 and 5 points respectively (45%),
the independent work is written and worth a maximum of 8 points (40%),
participation is worth a maximum of 3 points (15%).
6. Basic Bibliography
  • Войлокова, Е. Е., Припорова Е. А., Сидорова Л. П. "Управление карьерой."/ Изд-во: ООО "Научно-издательский центр "21 век" (Нижний Новгород) (2020): 170 с.
  • Могилевкин, Е. А. "Карьерный рост."/ Изд-во: СПб, Речь,.: 2007, 336c.
  • Сотникова, С. И. "Управление персоналом: деловая карьера." Уч. пособие 2-ое издане. М.: ИЦ РИОР, НИЦ ИНФРА-М., 2016, 321c
  • Наумов, В. В., М. А. Гридасов. "Психология карьерного роста." Минск: Соврем. Шк. 2009,320c.
  • Молл Е. Г. "Управление карьерой менеджера", СПб., Питер, 2011, 198с.։
7. Main sections of the course
• Introduction: a systematic approach to the study of career management.
• Study of career factors: a socio-psychological perspective.
• Introduction to practical career management methods and mechanisms: personnel management.
• Practical career management: individual career planning.
• Methods of career orientation diagnostics and technologies of career guidance and development.
2nd spring term
30
4 hours/week
MANDATORY
0107/Մ01
1. Purpose of the Course
● Knowledge of professional issues related to research planning and development,
● Ability to design and develop modern expert methods for research systems, and to perform comparative evaluation of methods and systems.
2. Educational Outcomes
a. Professional knowledge and understanding
1. present the main principles and concepts of modern research (in particular, using the example of financial analysis),
2. explain the main principles of research, scientific research management systems, planning and organization of management studies,
3. describe the methods of conducting research,

b. Practical professional skills
1. use various research tools and processes, develop procedural and methodological research schematic management systems for research plans (in particular, using the example of financial analyses),
2. make suggestions for increasing the effectiveness of given research, apply qualitative and quantitative methods of analyzing research results,

c. Generic/transferable skills
1. use various sources of information, analyze existing problems and assess the resources needed to solve them, effectively plan time and other resources, prepare scientific reports.
3. Description
● Knowledge of professional issues related to research planning and development,
● Ability to design and develop modern expert methods for research systems, and to perform comparative evaluation of methods and systems.
4. Teaching and Learning Styles and Methods
1. Lectures - with Power Point materials,
2. Practical work - research on financial and risk management topics,
3. Group work - conducting and presenting research,
Individual work - analysis of research.
5. Evaluation Methods and Criteria
The course is worth a maximum of 20 points,
the current exams are written and are worth a maximum of 4 and 5 points respectively (45%),
the independent work is written and worth a maximum of 8 points (40%),
participation is worth a maximum of 3 points (15%).
6. Basic Bibliography
  • ‘‘Research Methods in Management’’ Geoff Lancaster,
  • ‘‘Financial Reporting & Analysis’’ Charles H. Gibson,
  • ‘‘Financial Analysis with Microsoft Excel’’ seventh edition, Timothy R. Mayes։
7. Main sections of the course
1. Research characteristics, methodology, problems, objectives.
2. Procedural and methodological research management systems.
3. Research methods management systems.
4. Research planning and organization.
5. Phased and staged research management systems.
6. Research presentation and analysis
2nd spring term
30
4 hours/week
MANDATORY
1005/Մ05
1. Purpose of the Course
• provide knowledge about the nature and characteristics of entrepreneurial activity, as well as the main issues of business development,
• teach the theoretical and methodological foundations of entrepreneurial activity, as well as the theoretical and practical foundations of business organization and management, and business management skills.
2. Educational Outcomes
a. Professional knowledge and understanding
• define the essence and basic concepts of entrepreneurial activity, systemic features and model characteristics of business, characteristics and features of the phased development of business,
• present the methodological foundations of entrepreneurial activity, as well as both theoretical and practical aspects of business organization and management,

b. Practical professional abilities
• analyze and distinguish business systems and types, find adequate approaches to business development, select the visual and practical foundations of organizing and managing entrepreneurial activity and their implementation methods,
• assess the business situation and business environment in the Republic of Armenia, present business development opportunities and problems and risks, predict business development opportunities and prospects,
• use business plan development tools, use Porter's five competitive forces and SWOT analysis tools and assess the effectiveness and feasibility of a business project,

c. Generic/transferable skills
• use various information and analytical sources (internet resources, electronic libraries, scientific articles, reports, annual reports of international organizations, perform necessary analyses, etc.).
3. Description
• provide knowledge about the nature and characteristics of entrepreneurial activity, as well as the main issues of business development,
• teach the theoretical and methodological foundations of entrepreneurial activity, as well as the theoretical and practical foundations of business organization and management, and business management skills.
4. Teaching and Learning Styles and Methods
. lectures,
• seminars
• discussions
5. Evaluation Methods and Criteria
The course is worth a maximum of 20 points,
the current exams are written and are worth a maximum of 4 and 5 points respectively (45%),
the independent work is written and worth a maximum of 8 points (40%),
participation is worth a maximum of 3 points (15%).
6. Basic Bibliography
  • Crushing It: How Great Entrepreneurs Build Their Business and Influence-and How You Can, Too Hardcover - January 30, 2018-Gary Vaynerchuk,
  • Smarter Faster Better: The Transformative Power of Real Productivity Paperback - March 7, 2017-Charles Duhigg,
  • ’The Lean Startup: How Todays Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries. 2011։
7. Main sections of the course
• The essence of entrepreneurship and the stage characteristics of the development of the theory of entrepreneurship.
• The process of entrepreneurial decision-making: entrepreneurial calculations.
• Sources and forms of financing entrepreneurial activity.
• The general nature and logic of entrepreneurial activity.
• The logic of entrepreneurial actions and the entrepreneurial process.
• Types of entrepreneurship and their criteria.
• ​​Strategic business development and business strategy.
• Strategic business management: the essence and stage-specific features of implementation.
• Organization of entrepreneurial activity: business plan.
2nd spring term
30
4 hours/week
MANDATORY
2203/Մ03
1. Purpose of the Course
. to introduce students to international project management practices,
• to teach how to conduct a needs assessment and plan a needs-based project implementation,
• to introduce quantitative and qualitative project evaluation methods,
• to demonstrate the importance of project management in the context of modern project management.
2. Educational Outcomes
a. Professional knowledge and understanding
1. explain project management methods,
2. justify approaches to project planning,

b. Practical professional skills
1. conduct a needs assessment,
2. conduct an evaluation of the project concept, process and results,
3. conduct a SWOT and gap analysis,

c. General skills
1. use the results of needs and project assessments for the development and improvement of society.
3. Description
. to introduce students to international project management practices,
• to teach how to conduct a needs assessment and plan a needs-based project implementation,
• to introduce quantitative and qualitative project evaluation methods,
• to demonstrate the importance of project management in the context of modern project management.
4. Teaching and Learning Styles and Methods
. lecture,
• seminar,
• individual assignments and computer presentations
5. Evaluation Methods and Criteria
The course is worth a maximum of 20 points,
the current exams are written and are worth a maximum of 4 and 5 points respectively (45%),
the independent work is written and worth a maximum of 8 points (40%),
participation is worth a maximum of 3 points (15%).
6. Basic Bibliography
  • Սարիբեկյան Ա., Գյոզալյան Վ., Նախագծային կառավարման հիմնախնդիրները ՀՀ պետական կառավարման համակարգում, Բանբեր, ԵՊՀ, 2020 ( ),
  • Tools for Development, DFID, 2003,
  • Web Center for Social Research Methods. Research Methods. Knowledge Base. 2006 (http://www.socialresearchmethods.net/kb/evalcult.php,)
  • Didinski I. The practitioners guide to program management, 2017,
  • Donaldson, Stewart I. (Stewart Ian), Program theory-driven evaluation science: strategies and applications / by Stewart I. Donaldson, New York, N.Y. : Lawrence Erlbaum Associates, 2007,
  • Bridging the gap: the role of monitoring and evaluation in evidence-based policy making / edited by Marco Segone, Geneva: UNICEF, 2009,
  • Gorgens-Albino, Marelize, Making monitoring and evaluation systems work : a capacity development tool kit / by Marelize Gorgens and Jody Zall Kusek, Washington, D.C.: World Bank, 2010,
  • Lectures on digital devices.
7. Main sections of the course
• Principles of project management.
• The project and the program.
• Project context assessment.
• Project planning, management and evaluation cycle.
• Project implementation alternatives.
• Risk assessment.
• Logical structure and stages of the project.
• Project evaluation, evaluation criteria, validity, reliability. Difficulties arising during evaluation.
• Formative evaluation. Summative evaluation.
• Project process evaluation. Project impact evaluation. Project outcome evaluation.
• Planning-evaluation cycle.

Professional educational component

Chair code Name of the course Credits
1st autumn term
60
4 hours/week
MANDATORY
0107/Մ01
1. Purpose of the Course
To introduce students to a number of important issues in modern macroeconomics.
To present an analysis of the decisions of firms, consumers, and the state, the interaction of which creates a country's gross domestic product.
2. Educational Outcomes
a. professional knowledge and understanding
1. to describe the theories explaining the main causes of economic fluctuations, the characteristics of the labor market,

b. practical professional skills
1. to assess the impact of various macroeconomic policy instruments,
2. to build empirical models and substantiate the main approaches proposed by various theories,

c. general/transferable skills
1. to read and evaluate articles from reputable economic journals.
3. Description
To introduce students to a number of important issues in modern macroeconomics.
To present an analysis of the decisions of firms, consumers, and the state, the interaction of which creates a country's gross domestic product.
4. Teaching and Learning Styles and Methods
1. During teaching, the lecturer conducts a lecture and organizes group work.
2. During study, the student reads the assigned literature, solves problems, analyzes precedents, and performs independent work.
5. Evaluation Methods and Criteria
The course is graded out of a maximum of 20 points,
2 written exams with a total value of 8 points (40%),
the ongoing tests are written with a maximum value of 4 points (20%),
the final exam is oral with a maximum value of 8 points (40%).
6. Basic Bibliography
  • Mankiw, G., 2022, Macroeconomics, Macmillan Learning,
  • Acemoglu, D., 2009, Introduction to Modern Economic Growth, Princeton University press,
  • Krugman, P., et al., 2014, International Economics: Theory and Policy, Pearson։
7. Main sections of the course
. Macroeconomic Policy Analysis: Monetary and Fiscal Policies, Their Interactions, and Macroeconomic Stability
• International Macroeconomics: Open Economy, Exchange Rates, International Capital Flows
• Economic Growth and Development: Major Growth Theories, Role of Human Capital and Technological Advancement
• Labor Economics: Unemployment, Wage and Price Determination, Labor Market Policy.
1st autumn term
60
4 hours/week
MANDATORY
0107/Մ02
1. Purpose of the Course
. Provide theoretical knowledge on project evaluation and financing, risk pricing, security valuation,
market efficiency, capital structure, as well as mergers and acquisitions.
• Provide knowledge about the applications of financial intermediation and investment theory.
2. Educational Outcomes
a. Professional knowledge and understanding
1. Explain methods of project valuation and apply the main financial techniques of capital budgeting, present the mathematical algorithm of portfolio construction, and evaluate the impact of risk on the equilibrium value of an asset.
2. Explain the firm's trade-off between the tax advantages of debt and the costs of debt, formulate capital structure theory, and explain the impact of information asymmetry on it.

b. Practical professional skills
1. Explain the role of dividend policy and apply it to real-world cases, identify and analyze the impact of corporate governance on firm value, discuss existing merger and acquisition activities, and calculate their benefits and costs.

c. General/transferable skills
1. Ability to work in a team.
3. Description
. Provide theoretical knowledge on project evaluation and financing, risk pricing, security valuation,
market efficiency, capital structure, as well as mergers and acquisitions.
• Provide knowledge about the applications of financial intermediation and investment theory.
4. Teaching and Learning Styles and Methods
1. During instruction, the lecturer delivers lectures and organizes group work.
2. During learning, students read assigned literature, solve problems, analyze case studies, and complete independent work
5. Evaluation Methods and Criteria
The course is assessed with a maximum of 20 points.
Two midterm assessments:
one written exam
one research paper
Maximum: 8 points (40%)
Current assessments - maximum 3 points (15%)
Final examination - oral, maximum 9 points (45%)
6. Basic Bibliography
  • Corporate Finance: The Core, 4th edition, by Jonathan Berk and Peter DeMarzo, published by Pearson Education, 2017,
  • Essentials of Corporate Finance, by Stephen A. Ross, Randolf W. Westerfield, Bradford D. Jordan, Mc-Graw Hill, 2023,
  • Principles of Corporate Finance, by Richard A. Brealey, Stewart C. Myers, Franklin Allen, Alex Edmans, Mc-Graw Hill, 2023։
7. Main sections of the course
. Financial statement analysis
• Methods of financial decision-making
• Fundamentals of capital budgeting
• Cost of capital estimation
• Investor behavior and market efficiency
• Investor behavior and market efficiency
• Capital structure
• Financial markets
1st autumn term
60
4 hours/week
MANDATORY
0107/Մ05
1. Purpose of the Course
The course aims to introduce students to the main methods of financial risk assessment and analysis, as well as to develop students’ understanding of the current state of the financial sector, which has been rapidly developing in recent years.
2. Educational Outcomes
a. Professional knowledge and understanding
1. Present the main methods for assessing financial risk, market risk, credit risk, and liquidity risk, explain their interrelations, and describe different modeling approaches.
2. Explain the fundamental principles of financial risk assessment and risk management.

b. Practical professional skills
1. Identify and distinguish financial risks and their sources, and assess and manage risks using financial models based on mathematical methods.
2. Apply financial engineering skills.

c. General/transferable skills
1. Ability to work in a team.
3. Description
The course aims to introduce students to the main methods of financial risk assessment and analysis, as well as to develop students’ understanding of the current state of the financial sector, which has been rapidly developing in recent years.
4. Teaching and Learning Styles and Methods
· Lectures, practical classes, and seminars.
· Computer-based problem solving and scientific discussions.
. Independent research work.
5. Evaluation Methods and Criteria
The course is assessed with a maximum of 20 points.
Two midterm assessments:
one written exam
one research paper
Maximum: 8 points (40%)
Current assessments - maximum 3 points (15%)
Final examination - oral, maximum 9 points (45%)
6. Basic Bibliography
  • Roncalli, Th., 2020, Handbook of Financial Risk Management, Chapman and Hall/CRC,
  • Meucci, Attilio, 2005, Risk and Asset Allocation, Springer,
  • Մելիք-Փարսադանյան, Վ. և Վարդումյան, Է., 2017, Քանակական մեթոդները ֆինանսաներում, ԵՊՀ,
  • Cherubini, U., et al, 2004, Copula methods in finance, John Wiley & Sons Inc։
7. Main sections of the course
• Definition and measurement of risk
• Searching for invariants in fixed-income asset markets
• Projection of invariants and asset prices over the investment horizon: analytical and numerical projection
• Linear factor models
• Principal Component Analysis (PCA): dimensionality reduction
• Robust and sample estimation of mean and covariance
• Definition of Value at Risk (VaR) and approaches to its estimation
• VaR estimation models
• Application of Extreme Value Theory (EVT) for evaluating large losses and stress testing
• Risk budgeting
• Modeling dependencies between risk factors
• Application of copulas in risk management
1st autumn term
60
4 hours/week
MANDATORY
0107/Մ04
1. Purpose of the Course
· Develop students’ professional competencies through advanced training in time series analysis.
· Provide strong theoretical and practical foundations for analyzing problems in finance, macroeconomics, and microeconomics.
· Develop students’ skills in applying advanced econometric methods in social science research.
. Enable students to test and evaluate economic models using time-series research methods.
2. Educational Outcomes
a. professional knowledge and understanding
1. select the necessary models for the study of a specific problem,
2. formulate and substantiate the econometric problem,

b. practical professional skills
1. forecast macroeconomic indicators,
2. assess the quantitative dependence between economic variables and identify the cause-and-effect relationship,
3. test economic theory and evaluate the results of economic policy,

c. general/transferable skills
1. prepare reports, present the results of research work, conduct scientific debates, participate in various discussions.
3. Description
· Develop students’ professional competencies through advanced training in time series analysis.
· Provide strong theoretical and practical foundations for analyzing problems in finance, macroeconomics, and microeconomics.
· Develop students’ skills in applying advanced econometric methods in social science research.
. Enable students to test and evaluate economic models using time-series research methods.
4. Teaching and Learning Styles and Methods
1. Lecture, practical and seminar classes.
2. Problem solving on the computer, scientific discussions.
3. Independent research work.
5. Evaluation Methods and Criteria
The course is graded out of a maximum of 20 points,
2 written exams with a total value of 8 points (40%),
the ongoing tests are written with a maximum value of 4 points (20%),
the final exam is oral with a maximum value of 8 points (40%).
6. Basic Bibliography
  • Enders W. “Applied Econometric Time Series” 4-th edition, 2015,
  • Hamilton J. D. “Time Series Analysis” 1994,
  • Wooldridge J.M. “Introductory Econometrics, A Modern Approach” 5-th edition, 2012։
7. Main sections of the course
· Difference equations
· Models for stationary time series
· Volatility modeling
· Multivariate time series models
· Cointegration and error correction models
. Nonlinear models
1st autumn term
30
2 hours/week
MANDATORY
0107/Մ05
1. Purpose of the Course
· Principles of probabilistic modeling in financial markets
· Martingale pricing theory and risk-neutral measures
· Classical models of pricing and hedging complex financial instruments
· Elements of stochastic calculus including stochastic processes, integrals, and differential equations
. Pricing derivatives using stochastic analysis and modeling Greeks
2. Educational Outcomes
a. Professional knowledge and understanding
1. explain and interpret filtered probability spaces and information, basic principles of stochastic accounting, size change, martingale valuation of financial instruments, derivative hedging models, analytical and probabilistic methods of option valuation, stochastic modeling of interest rates, hedging strategies,

b. Practical professional skills
1. Construct probability space filtrations, martingale probability measures within the framework of classical theory,
2. Describe asset price processes and calculate characteristics, describe the principles of constructing hedging portfolios, construct estimates for European options, derive the main characteristics of options (Greeks), derive formulas for valuing American options,
3. Implement stochastic interest rate modeling within the framework of classical theory,

c. General/transferable skills
1. prepare reports, present research results, conduct scientific debates, participate in various discussions.
3. Description
· Principles of probabilistic modeling in financial markets
· Martingale pricing theory and risk-neutral measures
· Classical models of pricing and hedging complex financial instruments
· Elements of stochastic calculus including stochastic processes, integrals, and differential equations
. Pricing derivatives using stochastic analysis and modeling Greeks
4. Teaching and Learning Styles and Methods
1. Theoretical lectures.
2. Study of practical problems
5. Evaluation Methods and Criteria
The course is graded out of a maximum of 20 points,
the ongoing tests are written, with a maximum value of 5 points (25%),
the independent work is written, with a maximum value of 6 points (30%),
the final exam is oral, with a maximum value of 9 points (45%).
6. Basic Bibliography
  • S.Shreve “Stochastic Calculus for Finance”, vol. 2, 2004,,
  • Ширяев А.Н. “Основы стохастической финансовой математики” том 1 и 2. 1998,
  • Schoutens W. “Levy Processes in Finance”, 2003։
7. Main sections of the course
· σ -algebras, probability measure: Lebesgue integral, properties: Math. expectation, properties: Convergence of random variables and integrals:
· Change of measure: Equivalence of measures: Radon-Nikodym derivative: Radon-Nikodym theorem: Conditional math. expectation:
· Martingale, Markov process, Brownian motion, quadratic variation:
· Ito integral: Ito-Döblin formula: Ito process: Ito-Döblin formula for Ito process:
· Generalized geometric Brownian motion:
· Differential of portfolio value and stock price: Black-Scholes-Merton equation and solution:
· Greek letters (The Greeks): Delta-neutral portfolio. Self-financing condition: "Instant neutral" hedging.
· Radon-Nikodym derivative process. Girsanov's theorem. Risk-neutral formulas for valuing derivatives. Hedging with a single share.
· Arbitrage, basic pricing theorems.
. Stopping points. Stopped process.
2nd spring term
60
7,5 hours/week
MANDATORY
0107/Մ05
1. Purpose of the Course
To introduce students to financial engineering techniques, including the design and structuring of financial products using cash flows and derivative instruments.
2. Educational Outcomes
a. Professional knowledge and understanding
1. present the features of the main derivative financial instruments and their markets,
2. describe the main approaches of financial engineering,

b. Practical professional skills
1. propose risk hedging mechanisms using the main approaches of financial engineering,
2. apply financial engineering skills,

c. General/transferable skills
1. prepare reports, present the results of research work, conduct scientific debates, participate in various discussions.
3. Description
To introduce students to financial engineering techniques, including the design and structuring of financial products using cash flows and derivative instruments.
4. Teaching and Learning Styles and Methods
1. Lectures and practical exercises.
2. Problem solving with a computer.
3. Independent research work.
5. Evaluation Methods and Criteria
The course is graded out of a maximum of 20 points,
the ongoing tests are written, with a maximum value of 5 points (25%),
the independent work is written, with a maximum value of 6 points (30%),
the final exam is oral, with a maximum value of 9 points (45%).
6. Basic Bibliography
  • Neftci, S., and Kosowski, R., 2015, Principles of Financial Engineering, Academic Press,
  • Glasserman, P., 2004, Monte Carlo methods in financial engineering, Springer,
  • Capinski, M., 2004, Mathematics for Finance An Introduction to Financial Engineering, Springer։
7. Main sections of the course
· Cash flow engineering: interest rate forward and swap engineering.
· Application of repo market strategies in financial engineering.
· Cash flow engineering in the foreign exchange market.
· Dynamic replication methods and synthetic engineering.
· Pricing tools in financial engineering.
· Financial engineering in the fixed income asset market.
. Capital preservation approaches: CPPI, DPPI.
2nd spring term
30
4 hours/week
MANDATORY
0107/Մ07
1. Purpose of the Course
● Develop students' professional skills by providing in-depth training on the various types of investment portfolios and the principles of their management.
● Enable students to build optimal investment portfolios, implement risk assessment, monitoring and management processes related to portfolios.
2. Educational Outcomes
a. Professional knowledge and understanding
1. present the principles and concepts of investment portfolio construction and management, formulate the main problems of global and local financial markets and the types of risks arising in these markets, apply methods based on Markowitz theory to solve portfolio construction problems,
2. explain the principles of using derivatives in the construction of investment portfolios and build portfolios consisting of derivatives, apply linear factor models and explain the use of macroeconomic indicators for the construction of investment portfolios,

b. Practical professional skills
1.build financial asset pricing models, use probabilistic, optimization, statistical, econometric, numerical and other mathematical methods,

c. General/transferable skills
use professional literature, other sources of information, analyze existing problems in the field and propose approaches to solve them.
3. Description
● Develop students' professional skills by providing in-depth training on the various types of investment portfolios and the principles of their management.
● Enable students to build optimal investment portfolios, implement risk assessment, monitoring and management processes related to portfolios.
4. Teaching and Learning Styles and Methods
1. Lecture:
2. Practical work using computer programs.
3. Independent work with computer programs and literature
study.
5. Evaluation Methods and Criteria
The course is graded out of a maximum of 20 points,
the ongoing tests are written, with a maximum value of 5 points (25%),
the independent work is written, with a maximum value of 6 points (30%),
the final exam is oral, with a maximum value of 9 points (45%).
6. Basic Bibliography
  • F.K.Reilly,K.C. Brown ‘‘Investment Analysis & PortfolioManagement’’ Mason, USA, 10th edition,
  • E.J. Elton, M.J. Gruber, S.J. Brown, W.N. Goetzmann ‘‘Modern Portfolio Theory and Investment Analysis’’ 6th edition,
  • У.Ф. Шарп, Г.Дж. Александер, Дж.В. Бейли ‘‘Инвестиции’’ Москва, .инфра-н, 2004,
  • Hull, John, ‘‘Options, Futures and Other Derivatives’’ 9th edition, Pearson, 2014։
7. Main sections of the course
· Markowitz theory: Optimal portfolio selection.
· Homogeneous expectations and market portfolios: Optimal portfolio selection for risk-free assets. Optimal portfolio selection under additional constraints.
· Factor models of portfolio construction.
· Black-Letterman model of optimal portfolio selection.
· Use of derivatives for investment portfolio construction.
. Equilibrium of capital markets under homogeneous expectations and CAPM: Equilibrium and efficiency of capital markets.
2nd spring term
30
4 hours/week
MANDATORY
0107/Մ08
1. Purpose of the Course
To introduce the student to the types, properties, and criteria of bond and money market instruments, as well as to the specifics of the pricing of these instruments and indicators describing risk. To also present practical examples describing the best practices of portfolio management with these instruments.
2. Educational Outcomes
a. Professional knowledge and understanding
1. present the time structure of interest rates, forward interest rates
2. types of bonds and stocks, their properties and characteristics,
3. describe the principles of valuation of the above instruments

b. Practical professional skills
1. derive formulas for bond valuation,
2. solve problems of constructing and analyzing yield curves, perform an analysis of interest rate risk and volatility,

c. General/transferable skills
1. use professional literature, other sources of information,
analyze existing problems in the field and propose approaches to solving them.
3. Description
To introduce the student to the types, properties, and criteria of bond and money market instruments, as well as to the specifics of the pricing of these instruments and indicators describing risk. To also present practical examples describing the best practices of portfolio management with these instruments.
4. Teaching and Learning Styles and Methods
1. Theoretical lectures and practical problem solving.
2. Implementation of team projects (practical problem solving).
5. Evaluation Methods and Criteria
The course is graded out of a maximum of 20 points,
the ongoing tests are written, with a maximum value of 5 points (25%),
the independent work is written, with a maximum value of 6 points (30%),
the final exam is oral, with a maximum value of 9 points (45%).
6. Basic Bibliography
  • Frank Fabozzi, Steven Mann “The Handbook of Fixed Income Securities” 7th ed,, McGraw-Hill 2007,
  • S.Shreve “Stochastic Calculus for Finance” vol. 2, 2004,
  • D. Brigo, F. Mercurio “Interest Rate Models - Theory and Practice” 2006,
  • D. Backus, S. Foresi, Ch. Telmer “Discrete-Time Models for Bond Pricing” 1998։
7. Main sections of the course
●Interest rates, interest rate structure, interest rate premiums
● Interest rate term structure, spot and forward interest rates
● Bonds, their characteristics, classification and valuation
● Stocks, their characteristics, classification and valuation
● Derivatives, applications and valuation
● Portfolio construction and management practice

Other educational modules

Chair code Name of the course Credits
2nd term
90 hours
3 weeks
MANDATORY
0107\Մ01
1. Purpose of the Course
• through practical work, to develop the student's professional skills and experience, the ability to work independently in the professional field.
. to create the ability to perform actuarial calculations, assess various types of risks, perform micro and macroeconomic analysis, and solve real practical problems related to managing investment portfolios.
2. Educational Outcomes
a. Professional knowledge and understanding
● work with basic financial and actuarial models and basic schemes of investment activity,
● develop a financial model to solve a given problem,

b. Practical professional skills
● practically apply risk assessment models, investment portfolio management schemes, actuarial calculation mechanisms,
● to evaluate and forecast the economic situation using mathematical and statistical methods and models,
● perform actuarial calculations and risk assessment calculations,

c. General (transferable) skills
● use professional literature, other sources of information, analyze the existing problems of the field and propose approaches for their solution.
3. Description
• through practical work, to develop the student's professional skills and experience, the ability to work independently in the professional field.
. to create the ability to perform actuarial calculations, assess various types of risks, perform micro and macroeconomic analysis, and solve real practical problems related to managing investment portfolios.
4. Teaching and Learning Styles and Methods
● Students get acquainted with the actuarial calculation process of an insurance company or the financial instruments used in the banking system, the construction of investment portfolios and the assessment and forecasting of economic conditions.
● Students get acquainted with the most widely used computer programs for solving the above-mentioned problems.
Summarize and present the obtained knowledge.
5. Evaluation Methods and Criteria
Practice is assessed in the form of a test. Internship is evaluated positively (verified, pass check) if the student participated in the internship, completed the tasks provided by the program, submitted the internship report within the specified period.
6. Basic Bibliography
  • ● RA Ministry of Finance,
  • ● RA Central Bank,
  • ● RA Ministry of Economy,
  • ● RA Government Revenue Committee
  • ● Armenian National Investment Fund,
  • ● Sil insurance company,
  • ● Ingo insurance company,
  • ● Armenia insurance company,
  • ● ACBA bank,
  • ● Converse bank,
  • ● ID bank,
  • ● Ameriabank,
  • ● Fastbank,
  • ● Digitain,
  • ● Cognaize, and etc.
7. Main sections of the course
● Students get acquainted with the relevant problem: implementation of actuarial calculations, risk assessment, portfolio construction, assessment of the economic situation.
● The manager gives an assignment: a professional project.
● Students complete the assigned project.
2nd term
Individual work – 360 hours
MANDATORY
0107/Բ02
1. Purpose of the Course
● check the professional theoretical and applied knowledge of the student,
● check the student's practical professional abilities in terms of building models, formulating and solving problems, obtaining and formulating results,
● check the student's ability to present and justify the obtained results.
2. Educational Outcomes
a. Professional knowledge and understanding
● interpret the obtained results, present ways and options for solving practical problems,
● present the basics of construction and management of an investment portfolio, explain the principles of using derivatives in the construction of an investment portfolio,
● present the main quantitative, statistical, optimization and econometric methods and models used for micro and macroeconomic and financial analysis, risk management decision-making purposes,

b. Practical professional skills
● design possible options for decisions to be made under conditions of risk and uncertainty, using modern quantitative and statistical methods to make the existing risks predictable and manageable based on the best information,
● use professional software packages (MATLAB, MS Excel, Phyton) to solve practical problems,
● apply the methods of mathematical analysis, higher algebra, analytical geometry, probability theory and applied statistics in order to solve practical problems,

c. General (transferable) skills
● work with large databases, with their help to carry out impact assessments, analyzes and forecasts,
● use professional literature (including foreign language), prepare scientific reports, specialize in various fields of science and economy, where rational thinking, analytical abilities, and logic are required.
●prepare scientific reports, specialize in various fields of science and economy, where rational thinking, analytical abilities, logic are required.
3. Description
● check the professional theoretical and applied knowledge of the student,
● check the student's practical professional abilities in terms of building models, formulating and solving problems, obtaining and formulating results,
● check the student's ability to present and justify the obtained results.
4. Evaluation Methods and Criteria
1. The novelty of the research is assessed
2. The clarity/accuracy of the presentation, the justification of the provisions is evaluated
3. Evaluation criteria and preparation procedure
5. Main sections of the course
Title page
Signatures page
Summary
Content:
Introduction
Main part
Conclusions (and recommendations)
Reference/literature list
Appendices
Address: Republic of Armenia, Yerevan, 0025, 1 Alex Manoogian (+37460) 710000 info@ysu.am