FINANCIAL MATHEMATICS ACTUARIAL SCIENCE
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College of Science, Engineering & Food Science BSc FINANCIAL MATHEMATICS & ACTUARIAL SCIENCE Course Code: CK407 Mathematical Sciences Programme Overview Duration: 4 years The UCC programme emphasises the fundamental Mathematics and Statistics that support Financial Mathematics and Further Information: T: +353 (0) 21 490 2542/2269 Actuarial Science, and the coverage of both of these areas in E: email@example.com the programme reflects the developing interactions between Financial Mathematics and Actuarial Science. Furthermore, the breadth of the programme is intended to avoid over- specialisation at too early a stage in the student’s academic Why study Financial Mathematics and Actuarial studies, while still providing valuable education in key areas of Science? the financial and insurance industry. In recent times there has been a revolution in the extent of This degree programme is offered by the School of the application of mathematics to finance and investment. Mathematical Sciences and provides a solid education in the This has been driven by breakthroughs in the mathematical fundamentals of Financial Mathematics and Actuarial Science, valuation of complicated financial transactions. Financial as well as a strong grounding in the core disciplines of the decision making has been transformed by the development of Mathematical Sciences. sophisticated mathematical models, and their computer . implementations, that have in turn allowed the introduction Career Opportunities of financial and insurance products of increasing complexity. These developments have led to increasing demand by the Graduates in Financial Mathematics and Actuarial Science can finance and insurance industry for graduate mathematicians look forward to careers offering intellectual challenge, who are knowledgeable about Financial Mathematics. professional status, job satisfaction and high earnings. Designing solutions to mathematical problems involving financial Actuarial Science may be thought of as the Financial risk or future uncertainty places them among the most highly- Mathematics of the insurance industry, but has developed valued professionals in the financial world. The recent past has separately. The applications of Actuarial Science are quite seen enormous growth in the financial services industry world- diverse ranging from assessment of life risks to the costing wide. This, together with the increasing sophistication of of insurance premiums, the formulation of investment modern financial products, has led to increasing demand for strategies, and the design of pension plans. Central is the graduates in the areas of Financial Mathematics and Actuarial prediction of the longer term financial consequences of Science. Graduates of the BSc (Hons) programme in Financial current and past decisions, taking due account of various risk Mathematics and Actuarial Science who wish to pursue an factors. Consequently mathematical models for uncertainty, actuarial career may qualify for exemptions from a substantial as provided by the theory and methods of probability and number of the professional actuarial examinations, depending statistics, are fundamental to the work of the actuary. on their performance and choice of electives, and will have a thorough preparation to enable them to undertake the remaining examinations. It must also be emphasised that this degree programme provides an excellent education in the Mathematical Sciences, as well as a preparation for a career with a financial focus. BSc For further information contact: The College of Science, Engineering & Food Science, UCC FINANCIAL MATHEMATICS & Tel: +353 (0)21 490 3075; ACTUARIAL SCIENCE Email: firstname.lastname@example.org; Web: http://www.ucc.ie/sefs Postgraduate Opportunities in UCC What will you be studying? Graduates can undertake a wide range of one year fulltime Year 1 (or two year part-time) professional diplomas, as well as research MSc and PhD degrees. Core Modules: • Introduction to Mechanics (5 credits) • Introduction to Graduate Profile Mathematical Modelling (5 credits) • Mathematical Software (5 credits) • Calculus and Analysis (10 credits) • Topics in Emmet Leahy Modern Mathematics (10 credits) • Introduction to BSc (Hons) (Financial Mathematics and Actuarial Science) Probability and Statistics (5 credits) 2006 Elective Modules: (20 credits chosen from) • Business Finance (10 credits) • Economics (10 credits) • Position: Trainee Actuary in Mercer Human Resource Computer Science (15 credits) • Physics (20 credits) Consulting, Cork City. Year 2 Core Modules: • Financial Mathematics • Asset Pricing and Portfolio Selection • C/C++ Programming with Applications • Fourier Methods • Mathematical Analysis I • Ordinary Differential Equations • Linear Algebra • Multivariable Calculus • Probability and Mathematical Statistics • Introduction to I graduated with an Honours BSc in Financial Mathematics Regression Analysis and Actuarial Science in 2006. I chose this degree because of the great career prospects in such areas as actuary, Year 3 investment banking and other financially based roles as well as opportunities for further research. Indeed, it seems from Core Modules: my class’s experience that the job prospects are quite high • Discrete Time Financial Applications • Derivatives, for graduates of this course. I am now working as a trainee Securities and Option Pricing • Numerical Analysis and actuary and the skills that I have picked up in my Computer Programming • Partial Differential Equations with undergraduate studies have been of huge help in my work Applications I • Mathematical Analysis II • Statistical experience to date. The course also enabled me to obtain Theory • Stochastic Modeling I • Generalised Linear Models certain exemptions from the actuarial exams which are a • Complex Analysis or • Vector and Tensor Methods great start. My class was the first class to pass through this Elective Modules: (10 credits chosen from) course which is well established by now. I found the course • Accounting and Finance • Economics • Applied Mathematics • both challenging and interesting. The small class size, Mathematics • Statistics together with the supportive and friendly nature of the staff on the whole, is a huge plus and made my experience in UCC Year 4 an incredibly positive one. Core Modules: • Continuous Time Financial Models • Computational Finance • Entry Requirements Project • Stochastic Modelling II • Statistical Methods for Minimum HC3 in two subjects & passes in four subjects at H or O level in the Insurance • Measure Theory and Martingales • Time Series Leaving Certificate, from Irish, English, another language, Mathematics and Analysis two other subjects recognised as meeting minimum entry requirements. Elective Modules: • Accounting and Finance • Applied Additional programme requirements include HB3 in Mathematics in the Leaving Certificate. In addition students must have the requisite points for Mathematics • Mathematics • Statistics entry to this particular course.