UCC Undergraduate courses

Financial Mathematics and Actuarial Science

About This Course

Fact File

  • Title

    Financial Mathematics and Actuarial Science

  • Code

    CK407

  • College

    Science, Engineering and Food Science

  • Duration

    4 years

  • Teaching Mode

    Full-time

  • Qualifications

    BSc (Hons)

  • Fees

    Student Contribution + Capitation: €3,165 See Fees and Costs for full details.

  • Entry Requirements

    Refer to CK407. See Requirements for full details.

Course Outline

This degree course provides a solid education in the fundamentals of financial mathematics and actuarial science, as well as a strong grounding in the core disciplines of the Mathematical Sciences. The quantitative analytical skills developed in this course are used in a variety of settings, both commercial and non-commercial.

Modules

Year 1 Modules (5 credits each):

Core

  • AM1052 Introduction to Mechanics;
  • AM1053 Introduction to Mathematical Modelling;
  • AM1054 Mathematical Software;
  • MA1057 Introduction to Abstract Algebra;
  • MA1058 Introduction to Linear Algebra;
  • MA1059 Calculus;
  • MA1060 Introduction to Analysis;
  • ST1051 Introduction to Probability and Statistics 

Electives

  • AC1107 Investment in Capital Assets (5 credits);
  • AC1108 Introduction to Valuation and Risk (5 credits);
  • BL1005 Introduction to Ecology (5 credits);
  • CM1006 Introduction to Chemistry for Physicists and Mathematicians (10 credits);
  • CS1061 Programming in C (5 credits);
  • CS1065 Computer Applications with Visual Basic (5 credits);
  • CS1069 Introduction to Internet Technologies (5 credits);
  • EC1213 & EC1214 Principles of Economic Analysis I & II (5 credits each);
  • PA1003 Principles of Market Analysis (10 credits);
  • GL1001 Introduction to Geology (5 credits);
  • PY1052 & PY1053 Introductory Physics I & II (10 credits each);
  • PY1054 Special Topics in Physics (5 credits)
  • ST1050 Statistical Programming in R (5 credits)

Year 2 Modules:

Fourier Methods;  Mathematical Analysis;  Ordinary Differential Equations;  Linear Algebra;  Multivariable Calculus;  Discrete Time Financial Models;  Financial Mathematics;  Financial Modelling for Actuarial Science;  Regression Analysis;  Probability & Mathematical Statistics

Year 3 Modules:

Core

C/C++ Programming with Applications;  Mathematical Analysis;  Derivatives, Securities & Option Pricing;  Financial Modelling for Actuarial Science;  Stochastic Modelling;  Generalised Linear Models;  Statistical Theory of Estimation;  Statistical Theory of Hypothesis Testing

Electives

International Fiannce;  Mathematical Modelling;  Computer Modelling & Numerical Techniques;  Vector & Tensor Methods;  Partial Differential Equations with Applications;  Computational Techniques;  Complex Analysis;  Metric Spaces & Topology;  Principles of Market Analysis;  Survival Analysis;  Stochastic & Survival Models for Actuarial Science;  Methods of Reporting in Actuarial Science

Note: Choice of Electives in Year 3 will have a direct bearing on the number of recommendations for exemptions from professional actuarial examinations for which a FMAS graduate may be eligible

Year 4 Modules:

Core

Measure Theory & Martingales;  Continuous Time Financial Models;  Computational Finance;  Stochastic Modelling;  Statistical Methods in Insurance;  Time Series

Electives

Securities Analysis;  Empirical & Behavioural Finance;  Corporate Financing;  International Finance;  Vector & Tensor Methods;  Nonlinear Dynamics & Control;  Partial Differentiaal Equations with Applications;  Computational Techniques;  Topics in Applied Mathematics;  Applied Stochastic Differential Equations;  Perturbation & Asymptotic Methods;  Complex Analysis;  Metric Spaces & Topology;  Functional Analysis;  Project;  Topics in Modern Algebra;  Topics in Differential Geometry;  Survival Analysis;  Stochastic & Survival Models for Actuarial Science;  Financial Mathematics Project;  Methods of Reporting in Actuarial Science;  Statistical Consulting;  Statistical Methods in Insurance;  Practical Implementation of Statistical Analysis Techniques;  Contingencies;  Computational Statistical Methods for Actuarial Science

Further optional courses offered by the Department of Accounting and Finance may also be taken. In Years 3 and 4, there are opportunities for concentration on either the more applied or the theoretical aspects.

The course provides full coverage of the core technical syllabus of the Institute and Faculty of Actuaries, and has a set of associated Exemption Recognition Agreements in place, which enable graduates of this degree to pursue careers in the actuarial profession.

See the College Calendar for additional information on the Programme and the Book of Modules for further information on the modules.

Course Practicalities

Typically there are 18 contact hours per week for a total of 24 weeks of instruction. The contact hours include about 12 lectures and six tutorials/practicals. Each contact hour gives rise to at least two hours of study, including homework.

Why Choose This Course

The wide range of skills taught on the course, and the supportive nature and industry knowledge the lecturers possess, enabled me to excel very quickly.

Niall O'Mahony

BSc, Financial Maths and Actuarial Science

Graduates of this course will have a broad range of quantitative numerical and computational skills that are of use in many fields. Graduates who wish to pursue an actuarial career may qualify for exemptions from some of the professional actuarial examinations, depending on performance and choice of electives, and will have the necessary preparation to undertake the remaining examinations.

A number of degree courses in the UK and Ireland correspond to some or all of the core principle exams of the Institute and Faculty of Actuaries - the first stage of the professional education of an actuary.

The Institute and Faculty of Actuaries (IFoA) has approved programme-level exemption status for the Financial Mathematics and Actuarial science programme at UCC in respect of their first 6 Core Principles in the new 2019 IFoA curriculum (equivalent to 8 Core Technical subjects in the pre 2019 curriculum). Students may be recommended for all of these exemptions by performing sufficiently well in the corresponding examinations of the UCC programme. The IFoA

exemptions covered are CM1, CM2, CB1, CB2, CS1 & CS2. UCC is one of the very few universities in Ireland which can offer students the potential to receive this level of exemptions from the professional actuarial examinations.

In order to become a qualified actuary, it is necessary to satisfy the professional education and work experience requirements of the Faculty and Institute of Actuaries – the FIoA (information on the FIoA is available here).

A number of degree courses in the UK and Ireland correspond to some or all of the eight core technical subjects in the first stage of the professional education of an actuary. This degree provides a thorough education in the mathematical sciences, as well as the preparation for a career with a financial focus.

In addition to opportunities in the financial and insurance areas, and in the mathematical sciences, our graduates will have acquired analytical, computing, communication, and problem-solving skills that will open the way for a wide range of careers.

Skills and Careers Information

Graduates in Financial Mathematics and Actuarial Science can look forward to careers offering intellectual challenge, professional status, job satisfaction and high earnings.

Designing solutions to mathematical problems involving financial risk or future uncertainty places the graduate among the most highly valued professionals in the financial world.

The recent past has seen enormous growth in the financial services industry worldwide. This, together with the increasing sophistication of modern financial products, has led to increasing demand for graduates in Financial Mathematics and Actuarial Science.

Requirements

Refer to CK407.

Non-EU Candidates

Non-EU candidates are expected to have educational qualifications of a standard equivalent to the Irish Leaving Certificate. In addition, where such candidates are non-native speakers of the English language they must satisfy the university of their competency in the English language.

To verify if you meet the minimum academic and language requirements for this programme please visit our qualification comparison pages.

For more detailed entry requirement information please refer to the International website.

Mature Students Requirements

Please refer to the mature student entry requirements for details. 

Fees and Costs

The State will pay the tuition fees for students who satisfy the Free Fees Criteria. In 2018/19 the Student Contribution Charge was €3,000 and the Capitation Fee was €165. Full-time EU/EEA/Swiss State undergraduate students may be exempt from paying tuition fees.

Non-EU Fees

The 2017/2018 Undergraduate Fees Schedule is available here.

How Do I Apply

Refer to .

Non-EU Applications

Applicants who are interested in applying for the programme can apply online.

For full details of the non-EU application procedure visit our how to apply pages for international students.

 

**All Applicants please note: modules listed in the course outline above are indicative of the current set of modules for this course, but these are subject to change from year to year. Please check the college calendar for the full academic content of any given course for the current year. 

In UCC, we use the term programme and course interchangeably to describe what a person has registered to study in UCC and its constituent colleges, schools and departments. 

Apply Now

Contact details for this course

Similar Courses

 

 

 

 

 

For queries regarding course content or timetables please contact

Top