Financial Mathematics and Actuarial Science
Financial Mathematics and Actuarial Science
Higher Secondary School
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.
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.
Year 1 Modules (5 credits each):
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:
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
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:
Measure Theory & Martingales; Continuous Time Financial Models; Computational Finance; Stochastic Modelling; Statistical Methods in Insurance; Time Series
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.
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.
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.
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.
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.
“As an Actuarial Recruitment agency for actuaries in Ireland, Acumen Resources have been proudly providing advice to students on the BSc Financial Mathematics & Actuarial Science course. A key advantage of this course is that it is a broader course than just Actuarial Science. It has a large computer practical component and the feedback from delighted employers has been that their students are very technical and have excellent computer skills. The course also offers a consultancy based module where students work on real data sets and problems, they carry out statistical analysis on these data sets and then present their findings to the real-world client. A valuable experience which adds tremendous value to any CV.” - Paul Walsh FIA (CEO of Acumen Resources)
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University College Cork, Gaol Walk, University College, Cork, Ireland