Certificate for Module (Examinations Preparatory Programme for Financial Risk Manager (FRM) Part I) (CEF) - HKU SPACE: Investment Management courses
Class arrangement during COVID-19

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Accounting & Finance Investment Management

Certificate for Module (Examinations Preparatory Programme for Financial Risk Manager (FRM) Part I)
證書(單元 : 金融風險管理師(卷一)考試備試課程)

CEF Reimbursable Course

CEF Reimbursable Course

Course Code
Application Code

Study mode
Start Date
09 Feb 2022 (Wed)
4 months
Course Fee
How to Apply
Deadline on 14 Jan 2022 (Fri)

This programme provides in-depth coverage of the four topics examined in the Financial Risk Manager (FRM) Part I examination and offers comprehensive examination preparation.

The programme targets at students who are now working in or interested in the financial risk management profession and would attempt to take the FRM Part 1 examination. 

This programme consists of 4 topics:


No. of lecture hours

1. Foundation of Risk Management

  • Basic risk types, measurement and management tools
  • Creating value with risk management
  • Risk governance and corporate governance
  • Credit risk transfer mechanisms
  • The Capital Asset Pricing Model (CAPM)
  • Risk-adjusted performance measurement
  • Multifactor models
  • Data aggregation and risk reporting
  • Financial disasters and risk management failures
  • Ethics and the GARP Code of Conduct


2. Quantitative Analysis

  • Discrete and continuous probability distributions
  • Estimating the parameters of distributions
  • Population and sample statistics
  • Bayesian analysis
  • Statistical inference and hypothesis testing
  • Measures of correlation
  • Linear regression with single and multiple regressors
  • Time series analysis and forecasting
  • Simulation methods


3. Financial Markets and Products

  • Structures and functions of financial institutions
  • Structure and mechanics of over-the-counter (OTC) and exchange markets
  • Structure, mechanics and valuation of forwards, futures, swaps and options
  • Hedging with derivatives
  • Interest rates and measures of interest rate sensitivity
  • Foreign exchange risk
  • Corporate bonds
  • Mortgage-backed securities


4. Valuation and Risk Models

  • Value-at-Risk (VaR)
  • Expected shortfall (ES)
  • Estimating volatility and correlation
  • Economic and regulatory capital
  • Stress testing and scenario analysis
  • Option valuation
  • Fixed income valu Dynamic Modules ation
  • Hedging
  • Country and sovereign risk models and management
  • External and internal credit ratings
  • Expected and unexpected losses
  • Operational risk


Certificate for Module (Examinations Preparatory Programme for Financial Risk Manager (FRM) Part I) will be awarded to candidates who have achieved at least 70% attendance as well as attain pass grades of the programme.

Application Code 1970-FN053A -

  • 12 lecture(s)

There is a total of 36 face-to-face teaching hours for the class.  


Assessment Method

Students will be assessed by 2 individual assignments (100%).  All assignment will be assessed  in English. 


Mar 2021  intake

Examination Preparatory Course for Financial Risk Management (FRM) Part I





9 Feb 2022 (Wed)

7:00pm – 10:00pm


16 Feb 2022 (Wed)   


23 Feb 2022 (Wed)


2 Mar 2022 (Wed)


9 Mar 2022 (Wed)


16 Mar 2022 (Wed)


23 Mar 2022 (Wed)


30 Mar 2022 (Wed)


6 Apr 2022 (Wed)


13 Apr 2022 (Wed)


20 Apr 2022 (Wed)


27 Apr 2022 (Wed)

** The above tentative timetable may be subject to change without prior notice until confirmation of timetable issued to student.


Mr L.H. Lee, MSc, FRM, CFA, FCCA

Mr. Lee is a Director of a top tier US investment bank in Hong Kong. He has over ten years of experience in the financial services industry with a solid academic track record as Top Achiever in certification exams. He has practical experiences in financial risk management and quantitative analysis. With his teaching experience in university and work experiences, he will guide students to master techniques in FRM and apply the knowledge for your career development.

Applicants shall hold a bachelor’s degree awarded by a recognized institution.

If the degree or equivalent qualification is from an institution where the language of teaching and assessment is not English, applicants shall provide evidence of English proficiency, such as:

i.              an overall band of 6.0 or above with no subtests lower than 5.5 in the   


ii.             a score of 550 or above in the paper-based TOEFL, or a score of 213 or above in the computer-based TOEFL, or a score of 80 or above in the internet-based TOEFL; or

iii.            HKALE Use of English at Grade E or above; or

iv.            HKDSE Examination English Language at Level 3 or above; or

v.             equivalent qualifications.


Applicants with other qualifications will be considered on individual merit.

Students are highly encouraged to check with the Global Association of Risk Professionals (GARP) for their eligibility of taking the FRM Part I Examination.

Application Fee


Course Fee
  • Course Fee : HK$6,480
  • The CEF Institution Code of HKU SPACE is 100
CEF Courses
Certificate for Module (Examinations Preparatory Programme for Financial Risk Manager (FRM) Part I)
證書(單元 : 金融風險管理師(卷一)考試備試課程)
COURSE CODE 33C131560 FEES $6,480 ENQUIRY 2867-8322
Continuing Education Fund Continuing Education Fund
This course has been included in the list of reimbursable courses under the Continuing Education Fund.

Certificate for Module (Examinations Preparatory Programme for Financial Risk Manager (FRM) Part I)

  • This course is recognised under the Qualifications Framework (QF Level [6])

Application Form Application Form

Enrolment Method
  1. Complete the application form.
  2. Submit the application form with the following documents:

(a) CERTIFIED TRUE COPIES of all relevant academic and/or professional qualifications (please also bring along the originals of these documents for certification at HKU SPACE enrollment center);

(b) CERTIFIED TRUE COPIES of HKID card / passport and visa (if applicable); 

(c) a non-refundable application fee of HK$150.

The complete set of application forms with all relevant supporting documents may be submitted in person to any HKU SPACE enrollment centers.  

**Double-sided printing is much appreciated.**

Payment Method

Cash or EPS are accepted at any HKU SPACE Enrolment Centres.


Course fees can also be paid by crossed cheque or bank draft made payable to “HKU SPACE”. Please write the programme title(s)  and the applicant’s name on the back of the cheque. You may either:

  • in person by submitting the payment, completed form(s), and required supporting documents to any of our enrolment centres; or
  • by mailing the above documents to any of our enrolment centres, specifying “Course Application” on the envelope. 

Course applicants, who are holders of HKU SPACE MasterCard, can enjoy a 10-month interest-free instalment period for courses of HK$2,000 and over. For enquiries, please contact our enrolment centres.



  1. For general and short courses, applicants may be required to pay the course fee in cash or by EPS, Visa or MasterCard if the course is to start shortly.
  2. Fees paid are not refundable except under very exceptional circumstances (e.g. course cancellation due to insufficient enrolment), subject to the School’s discretion. In exceptional cases where a refund is approved, fees paid by cash, EPS, cheque or online PPS will be reimbursed by a cheque; fees paid by credit card will be reimbursed to credit card account used for payment.
  3. In addition to the published fees, there may be additional costs associated with individual programmes. Please refer to the relevant course brochures or direct any enquiries to the relevant programme teams for details.
  4. Fees and places on courses are not transferrable. Once accepted onto a course, the student may not change to another course without approval from HKU SPACE. A processing fee of HK$120 will be levied on each approved transfer.
  5. HKU SPACE will not be responsible for any loss of payment, receipt, or personal information sent by mail.
  6. For additional copies of receipts, please aubmit a completed form, a sufficiently stamped and self-addressed envelope, and a crossed cheque for HK$30 per copy made payable to ‘HKU SPACE’ to any of our enrolment centres. Such copies will normally be issued at the end of a course.
  7. Classes are expected to be held at HKU SPACE learning centers. The health and safety of our students is our top priority. If the situation in Hong Kong requires, HKU SPACE reserves the right to move some classes to other locations, including online teaching platforms.
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