PURPOSE:

These accreditation guidelines set out the broad structure required in order that a university program be admitted as an accredited member of ERM-II and for ERM-II to grant membership to graduates of an accredited university program.

ACCREDITATION PRINCIPLES: |Guiding Principles|

Broadly, to be accredited by ERM-II a university program should meet the following requirements:

(i)	Level of learning and background knowledge: the program should be substantially taught at post graduate level and cover or require background knowledge of: (a) mathematics in both multivariate calculus and linear algebra (b) calculus based probability and statistics including probability distributions, regression and statistical inference (c) financial accounting (d) corporate finance (e) micro economics of the consumer and firm
(ii)	Program content: the program should cover the following major areas of risk modeling and management and provide a broad and integrated perspective across institutions and risks: (a) financial economics and asset pricing in both discrete and continuous time (b) models of risks including stochastic processes, econometric modeling and estimation, computational and numerical methods for risk management (c) risk and financial management of corporations and financial institutions, including both theory and practice
(iii)	Study requirements: students in a program that is to be accredited should: (a) study over a minimum period of two standard sessions of full time study load, normally a minimum of 9 months, or its part time, or intensive session equivalent. (b) complete at least 75% of the accreditation requirements for the program at the accredited university.
(iv)	Entry Requirements: universities enrolling students in an accredited program should have minimum entry requirements that are above a pass level undergraduate degree or its equivalent, including minimum GMAT or similar entrance requirements.
(v)	Course Instructors: accredited universities should have: (a) course instructors with relevant industry, academic and research qualifications and experience. (b) a program that includes visiting lecturers with practical experience of risk management issues.
(vi)	Research program: accredited universities should demonstrate that: (a) the program has a research program in quantitative risk management (b) the program ensures research is incorporated into the learning process and curriculum (c) the program supports relevant risk management research and encourages staff participation in relevant research activities and conferences, including those of the ERM-II.

JOINT ACCREDITATION:

Accreditation will be considered where students can meet the requirements from undertaking courses predominately from one university but including a number of courses undertaken at another university.

PROVISIONAL ACCREDITATION:

Where a program does not fully satisfy the accreditation requirements but includes a plan and proposal to introduce the requirements within an agreed time frame, provisional accreditation may be granted.

ACCREDITATION PROCESS:

Universities must apply to have their programs accredited by submitting an application for accreditation to ERM-II in writing including supporting material addressing the requirements for accreditation. ERM-II will consider the application and may require further information. Accredited universities will be required to annually certify they continue to meet the accreditation requirements. There may be on site visits to accredited universities to review the accredited program and to meet with course instructors.

APPLICATION:

Applications should include the following information:

• reasons for applying for accreditation
• brief background of the university and program
• how the program meets the accreditation requirements
• program academic structure
• course descriptions and course guides
• entry requirements
• brief CV and publications for academic staff
• research program information
• research grant funding
• working papers and publications for previous 5 years
• program testimonials from industry or professional associations

Applications should be submitted to the University Accreditation Committee for ERM-II preferably in electronic format by email. The application fee is $1000USD and this will be applied towards the university ERM-II membership fee for successfully accredited programs.

CONTACT:

Please send inquiries and applications to:

Amy Aldous (aaldous@uwaterloo.ca)
Institute for Quantitative Finance and Insurance
University of Waterloo, Waterloo ON N2L 3G1 Canada
Phone: (519) 888-4567 ext. 7160