Program Overview

Bachelor of Science (Honours) in Financial Mathematics and Risk Management

The Bachelor of Science (Hons) Financial Mathematics and Risk Management is a full-time four-year degree course. The first three years are common to all students. During the fourth year, students can select study units from Mathematics, Statistics, and Insurance & Risk Management.

Course Overview

The degree provides students with the opportunity to develop a strong foundation in mathematics, statistics, and actuarial science. Students will demonstrate their acquired knowledge of mathematical concepts through calculus, linear algebra, and differential equations; statistical concepts such as statistical inference, linear programming, and regression models; as well as their understanding of financial markets, investment strategies, and risk management techniques.

Programme Structure

• The programme is divided into four years, with the first three years being common to all students.
• In the fourth year, students can choose study units from Mathematics, Statistics, and Insurance & Risk Management.
• The programme includes a dissertation in the final year, where students will demonstrate and reflect the knowledge and skills acquired by carrying out a supervised dissertation with a topic of their choice.

Year 1

• Compulsory units:
  • SOR1110: Probability
  • SOR1222: Statistical Computing
  • SOR1310: Optimization
  • SOR1320: Linear Programming
  • SOR1450: Principles of Financial Mathematics and Life Policies
  • ISR1001: Economics of Risk Management
  • MAT1091: Mathematical Methods
  • MAT1100: Introductory Mathematics
  • INS1001: Applied Emerging Technologies in Risk Management
  • INS1002: Applied Behavioral Risk Management
  • INS1003: Principles of Financial Risk Management
  • INS2019: Insurance Accounting Principles
  • MAT1116: Introduction to Vector Spaces
  • MAT1211: Analysis 1
  • MAT2912: Computational Mathematics
• Requirement for progression to Year II: 60 ECTS credits

Year 2

• Compulsory units:
  • SOR2211: Families of Random Variables and Random Vectors
  • SOR2221: Statistical Inference 1
  • SOR2230: Time Series 1
  • SOR2330: Nonlinear Programming
  • INS2015: Personal Lines Insurance 1
  • INS2021: Governance Regulations and Compliance Management
  • INS2091: Corporate Governance of Insurance Undertakings
  • MAT2112: Linear Algebra 1
  • MAT2212: Analysis 2
  • MAT2512: Vector Analysis 1
  • INS2013: Business Continuity Planning
  • INS2018: Personal Lines Insurance 2
  • INS3100: An Introduction to Actuarial Science
  • MAT2213: Analysis 3
• Requirement for regular progression to Year III: 60 ECTS credits

Year 3

• Compulsory units:
  • SOR3110: Stochastic Processes 1
  • SOR3210: Multivariate Analysis 1
  • SOR3221: Regression Models
  • SOR3243: Bayesian Statistics
  • SOR3500: Computational Methods in Statistics and Operations Research
  • CIS1044: SQL for Statisticians
  • INS2060: Insurance Policy Wording
  • INS3018: Investments and Derivative Markets
  • INS3400: Elements of Capital Modelling and Planning for Insurers
  • MAT3114: Linear Algebra 2
  • MAT3215: Metric Spaces
  • INS3016: Sociology of Risk
  • INS3501: Principles of Environmental Social and Corporate Governance (ESG)
  • MAT3217: Lebesgue Integration
  • MAT3771: Numerical Methods for Machine Learning
• Requirement for progression to Year IV: 60 ECTS credits

Year 4

• Compulsory units:
  • SCI3000: Dissertation
  • SOR3411: Risk Modelling in Insurance and Finance
  • SOR3430: The Mathematics of Financial Markets: Discrete Models
• Elective units (subject to availability and a minimum number of student registrations):
  • MAT3210: Functional Analysis: Normed Spaces
  • MAT3211: Functional Analysis: Hilbert Spaces
  • MAT3772: Numerical Methods for Differential Equations
  • SOR3121: Stochastic Processes 2
  • SOR3211: Generalized Linear Models
  • SOR3222: Nonlinear and Nonparametric Regression Analysis
  • SOR3231: Time Series 2
  • SOR3311: Stochastic Programming
  • SOR3350: Combinatorial Optimization
  • SOR3351: Dynamic Programming and Optimal Control
  • INS3017: IRM Research Methods
  • INS3083: Portfolio Management
  • SOR3241: Survival Analysis
  • INS3030: Enterprise Risk Management
  • INS3503: Property and Liability Insurance
  • INS3504: Financial Planning
  • INS3081: Cyber Risk and Insurtech
  • INS3084: Forensic Risk Management
  • MAT3712: Partial Differential Equations and Calculus of Variations
• Requirement for successful completion of Year IV: 60 ECTS credits
• Requirement for award of B.Sc. (Hons) in Financial Mathematics, Actuarial and Risk Management: 240 ECTS credits

Learning Outcomes

By the end of the course, students will be able to:

• Employ the basic rules of logic, understand the language of mathematics, including the role of proofs, assumptions, and limitations of models.
• Recognize real-world financial problems that are amenable to mathematical and statistical analysis, and formulate mathematical/statistical models of such problems.
• Develop critical thinking skills, problem-solving abilities, and analytical reasoning.
• Deal competently with the notions of uncertainty and randomness in a logically valid and mathematically sophisticated way.
• Know which branch of relevant theory should help in understanding practical problems involving probabilistic, statistical and operations research contexts.
• Be confident in the use of software commonly used in the numerical solution to problems in the relevant areas.

Fees

• Fee per academic year for non-EU applicants: Eur 10,800

Career Opportunities

As a successful B.Sc. degree graduate, students can opt to read for a Master in Statistics, a Master in Insurance & Risk Management - Quantitative Risk Management Stream (or any other stream), Master in Operations Research, or for a Master in Mathematics (selected topics), depending on their specialisation interests. The degree equips students with practical skills that are relevant to employability and personal development, such as analytical and quantitative skills, data analysis and interpretation, communication and presentation skills, teamwork and collaboration, and the ability to work under pressure.