Higher Diplomas

2012/2013

Higher Diploma in Mathematical and Statistical Risk Modelling

NFQ Level 8, Major Award

The Higher Diploma in Mathematical and Statistical Risk Modelling may be taken full-time over 9 months or part-time for 18 months over two academic years from the date of first registration for the programme.

Entry requirements
Candidates must have obtained at least a Second Class Honours primary degree in engineering, physical sciences or a degree with a strong numerate content. In particular, candidates must have as a prerequisite MA1054 (Calculus and Analysis) or equivalent and ST1023 (Introduction to Business Statistics) or equivalent (the ST1023 prerequisite may however be waived if, after interview, the programme co-ordinator judges that a candidate has sufficient background to undertake module ST2051 directly). All candidates must ultimately be approved by the Programme Co-ordinator. In the case of competition for places selection will be made on the basis of the candidate’s primary degree results and interview performance (if required).

This programme is not open to graduates who have taken honours Financial Mathematics and/or honours Actuarial Science as a degree subject.

Programme Requirements
Full Time
Students take 60 credits as follows:

50 or 55 credits to be taken from the following core* modules (50 credits if ST2051 is chosen or 55 credits to be taken if ST2054 is chosen):
MA4403 Financial Mathematics (5 credits)
MF2052 Introduction to Financial Mathematics (10 credits)
PA1003 Principles of Market Analysis (10 credits)
[ST2051 Probability and Mathematical Statistics 1 (5 credits) or ST2054 Probability and Mathematical Statistics (10 credits)]
ST2053 Introduction to Regression Analysis (5 credits)
ST3075 Methods of Reporting for Actuarial Science (5 credits)
ST3300 Data Analysis I (5 credits)
ST4090 Current Topics in Statistics I (5 credits)

and

10 or 5 credits to be taken from the following elective* modules (10 credits if ST2051 is chosen as a core module or 5 credits if ST2054 is chosen as a core module):
AC2214 Business Finance (10 credits)
AM2060 C/C++ Programming with Applications (5 credits)
AM2061 Computer Modelling and Numerical Techniques (5 credits)
AM3064 Computational Techniques (5 credits)
MA2007 Linear Algebra (5 credits)
MF2053 Financial Modelling for Actuarial Science 1 (5 credits)

*Notes on the above Core Modules and Elective Modules:
1. AM2060 is a pre-requisite for AM2061.  This may be waived if candidates have studied AM2060 or its equivalent prior to entry to the programme.
2. AM3064 may only be taken by candidates of the programme if AM2061 or its equivalent have been studied prior to entry to the programme. Candidates are therefore precluded from taking both AM2061 and AM3064 together in the programme.

Part Time
Students take 60 credits as follows:

Year 1
30 or 35 credits to be taken from the following core* modules (30 credits if ST2051 is chosen or 35 credits if ST2054 is chosen):
MA4403 Financial Mathematics (5 credits)
MF2052 Introduction to Financial Mathematics (10 credits)
[ST2051  Probability and Mathematical Statistics I (5 credits) or ST2054 Probability and Mathematical Statistics (10 credits)]
ST3300  Data Analysis 1 (5 credits)
ST5901 Risk Modelling Techniques in the Financial and Insurance Industries (5 credits)

Year 2
20 credits of core* modules to be taken as follows:
ST5902 Enterprise Risk Management Techniques in the Financial and Insurance Industries (5 credits)
ST4090 Current Topics in Statistics I (5 credits)
PA1003 Principles of Market Analysis (10 credits)

and

10 or 5 credits to be taken from the following elective* modules (10 credits if ST2051 is chosen as a core module in Year 1 or 5 credits if ST2054 is chosen as a core module in Year 1):
AC2214 Business Finance (10 credits)
AM2060 C/C++ Programming with Applications (5 credits)
AM2061 Computer Modelling and Numerical Techniques (5 credits)
AM3064 Computational Techniques (5 credits)
MA2007 Linear Algebra (5 credits)
MF2053 Financial Modelling for Actuarial Science 1 (5 credits)
ST2053 Introduction to Regression Analysis (5 credits)
ST3075 Methods of Reporting for Actuarial Science (5 Credits)

*Notes on the above Core Modules and Elective Modules:
1. AM2060 is a pre-requisite for AM2061.  This may be waived if candidates have studied AM2060 or its equivalent prior to entry to the programme.
2. AM3064 may only be taken by candidates of the programme if AM2061 or its equivalent have been studied prior to entry to the programme. Candidates are therefore precluded from taking both AM2061 and AM3064 together in the programme.

Examinations
Full details and regulations governing Examinations for each programme will be contained in the Marks and Standards 2013 Book and for each module in the Book of Modules, 2012/2013.

Programme Learning Outcomes for Higher Diploma in Mathematical and Statistical Risk Modelling (NFQ Level 8, Major Award)
On successful completion of this programme, students should be able to:

• Apply mathematical and statistical techniques to model, analyze and manage risks;
• Discuss the ways whereby Probability Theory, Financial Theory, Consumer Theory and Portfolio Theory can be applied to solve problems in the insurance and financial sector;
• Construct and work with basic financial-mathematical and actuarial models that are used for pricing, valuation and financial decision making;
• Develop an ability to present fundamental mathematical and statistical ideas and arguments to a non-mathematical / non-technical audience;
• Develop analytical and interpretive skills in relation to information, data and results and emphasize professionalism in all aspects of reporting and presentation of technical ideas;
• Develop analytical and critical thinking skills in relation to problem solving.