Master's degree · Tbilisi, Georgia

Master's program in Financial Risk Management

This is a two-year, English-taught master's degree at the University of Georgia in Tbilisi that concentrates on how banks, insurers and companies measure and control credit, market, liquidity and operational risk. Studying it in Georgia means graduate-level finance in English at $5000 a year, in a city with a small but active banking and fintech sector where students can see regulation and lending practice at close range.

Apply for this program See how admission works

University: The University of Georgia (UG)
Level: Master's degree
Duration: 2 Years (4 Semesters)
Language: English
Tuition: $5,000 per year
Next intake: Fall 2026

Who this program suits

It suits graduates of economics, finance, accounting, mathematics, statistics or engineering who are comfortable with quantitative work and want a specialist rather than general management degree. It also suits people already working in a bank or audit firm who want the analytical side. It is a weaker fit if you dislike statistics and spreadsheets, or if you want a broad MBA covering marketing, HR and strategy.

What you study

Credit risk modelling: scoring, probability of default, loss given default
Market risk: Value at Risk, stress testing and portfolio sensitivity measures
Operational risk, internal controls and Basel-style capital requirements
Quantitative methods, econometrics and financial data analysis
Derivatives, hedging instruments and asset-liability management
Corporate finance, regulation and the master's thesis or research project

Where it leads

Risk analyst or credit analyst in a commercial bank
Market or liquidity risk officer in a treasury department
Internal auditor, compliance or regulatory reporting specialist
Financial analyst in insurance, leasing or fintech firms
Doctoral study in finance or economics
The diploma is issued by a Georgian state-recognised university; how it is treated abroad depends on the recognition rules of the country where you plan to work or study further

What it costs

Tuition is $5000 per academic year, so $10,000 across the two years of the programme. Living in Tbilisi typically costs around $300-450 a month depending on whether you share a flat and how much you eat out, which works out near $3,600-5,400 a year. Budget separately for your visa, residence permit and health insurance.

What the university asks for

The University asks for your bachelor's degree diploma, a transcript of records showing the subjects and grades from your first degree, and the pages of your passport carrying your personal details, photograph and signature. Documents in other languages normally need translation and legalisation or apostille. A finance, economics or quantitative background in your transcript strengthens your case.

❇️ Bachelor's Degree Diploma
❇️ Transcript of records
❇️ Passport - the page(s) with your personal information, photo, and signature.

Questions students ask

Do I need a finance degree to be accepted?

Not strictly, but your transcript should show you can handle quantitative work. Applicants from economics, accounting, mathematics, statistics, engineering or IT are usually well placed. If your first degree is unrelated, be ready to show relevant coursework or work experience in banking or analysis.

How much mathematics is involved?

A fair amount. Risk management rests on probability, statistics and econometrics, and you will work with Value at Risk, default probabilities and stress testing. You do not need a mathematics degree, but you should be comfortable with regression, distributions and spreadsheet or statistical software.

When does the Spring 2026 intake start and when should I apply?

Teaching for the spring intake begins early in 2026. Start gathering your diploma, transcript and passport copy several months ahead, since translation, legalisation and the student visa process take time and late documents are the usual reason applicants miss an intake.