27 August 2026
|
Story Siqhamo Hlubi Jama
|
Photo Stephen Collett
From left: Dr Lwazi Genukile, lecturer in the Department of Economics and Finance; Prof Johan Coetzee, Head of Department of the Department of Economics and Finance; and Mr Andrew James, International Professional Partnerships Co-ordinator.
A stamp of approval from the world's risk managers
The University of the Free State has been named an academic partner of the Global Association of Risk Professionals (GARP), recognising its Master of Commerce with specialisation in Finance (MCom-Fin) as meeting the global standard for training the next generation of financial risk managers in banking and finance.
What the partnership means
GARP is the professional body behind the Financial Risk Manager (FRM) designation, held by more than 100 000 certified FRMs across more than 150 countries and territories. To qualify as an academic partner, the
Department of Economics and Finance within the Faculty of Economic and Management Sciences had to demonstrate that its MCom-Fin curriculum covers at least 70% of the body of knowledge and all of the ethics and professional conduct learning objectives required for the FRM exams. For the best part of a year, Andrew James conducted a comprehensive mapping of the MCom-Fin curriculum against the FRM Part I body of knowledge, covering areas such as quantitative analysis, financial markets and products, sustainable finance, valuation, and risk modelling.
William May, GARP's Managing Director and Global Head of Certifications and Educational Programmes, welcomed the university into the partnership: "We are very pleased to welcome the University of the Free State's MCom with a specialisation in Finance as our most recent FRM academic partner. This programme, building on its honours programme, provides interested students with meaningful exposure to financial analytics, economic modelling, and risk management. The programme demonstrates a clear commitment to preparing its students to succeed in a demanding global financial environment."
One of only two in the country
The GARP partnership expands the existing global relationship with the CFA Institute, whose University Affiliation Programme (UAP) also recognises the alignment of the Bachelor of Commerce with a specialisation in Finance with the Chartered Financial Analyst programme.
Prof Johan Coetzee, Head of the Department of Economics and Finance, notes that the UFS is now one of only two South African universities to hold both statuses at once.
The Department of Economics and Finance is immensely proud to receive international recognition from GARP for its master’s programme in finance. Together with our university affiliation status with the CFA Institute, this distinction affirms the quality of our curricula and academic expertise across two finance programmes – one at bachelor’s level and the other at master’s level. Recognition from these leading global bodies in financial risk management and investment management, respectively, assures our graduates that their UFS qualifications align with international best practices and are designed to prepare them for the ever-changing world of work, both locally and internationally.
A one-year programme built around risk
The one-year MCom-Fin combines econometrics and financial modelling with topics in ethics, governance, and sustainable risk management, equipping students to identify financial and economic exposures, quantify and interpret financial risks, and develop evidence-based responses.
Delivered by academics with international experience, the programme culminates in independent research. It prepares graduates for quantitative and analytical careers in financial risk management within financial institutions, including commercial banks, central banks, and investment houses.
What students stand to gain
The Academic Partner status brings direct benefits to UFS staff and students. Each year, the MCom-Fin programme may nominate up to six students and one faculty member for an FRM Part I exam scholarship, as well as one scholarship each for GARP's Sustainability and Climate Risk (SCR) and Risk and AI (RAI) certificates. The department also receives complimentary study guides, learning objectives, and practice exams annually, plus discounted access to FRM reading materials, online resources, and GARP membership.
What comes next
For as long as the partnership remains active, the UFS will carry GARP's Academic Partner status and logo on the MCom-Fin programme's website and marketing materials, while GARP will do the same on its own
academic partner listings. GARP will review the programme every three years to confirm that it continues to meet the partnership's requirements.
For the UFS, the recognition places the MCom-Fin programme within a small circle of finance qualifications worldwide, at a time when demand for skilled risk professionals across Africa's banking, insurance, and investment sectors continues to grow. Alongside its CFA Institute affiliation, it is a marker of the university's commitment to contributing meaningfully to responsible societal futures – producing graduates equipped to identify, manage, and communicate financial risk responsibly, in South Africa and abroad.