Financial Mathematics and Actuarial Science BSc

Program Overview

The BSc in Financial Mathematics and Actuarial Science combines a solid foundation in financial mathematics and actuarial science with a strong grounding in the mathematical sciences. Graduates develop quantitative analytical skills for diverse settings and have the potential to qualify for exemptions from professional actuarial examinations, opening doors to careers in the financial and insurance industries or other fields requiring analytical, computing, and problem-solving abilities. The program is approved by the Institute and Faculty of Actuaries, ensuring alignment with industry standards.

Program Outline

Degree Overview:

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. Refer to Mathematical Sciences (CK407) for more details.

Outline:

• Year 1:
• Core Modules:
• AM1052 Introduction to Mechanics (5 credits)
• AM1053 Introduction to Mathematical Modelling (5 credits)
• AM1054 Mathematical Software (5 credits)
• MA1057 Introduction to Abstract Algebra (5 credits)
• MA1058 Introduction to Linear Algebra (5 credits)
• MA1059 Calculus (5 credits)
• MA1060 Introduction to Analysis (5 credits)
• ST1051 Introduction to Probability and Statistics (5 credits)
• Elective Modules (choose 20 credits):
• AC1107 Investment in Capital Assets (5 credits)
• AC1108 Introduction to Valuation and Risk (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)
• PA1003 Principles of Market Analysis (10 credits)
• PY1052 Introductory Physics I (10 credits)
• PY1053 Introductory Physics II (10 credits)
• ST1050 Statistical Programming in R (5 credits)
• Years 2, 3 and 4:
• See the Academic Programme Catalogue (BSc Financial Mathematics and Actuarial Science) for the complete and up-to-date content including current core and elective module options for Years 2, 3 and 4.
Note that the modules for all courses are subject to change from year to year.
• 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.

Assessment:

• Written exams take place before Christmas and in May.
• Not all modules will have formal examinations and many modules use other types of assessment.
• See the Book of Modules for assessment information for each module.

Teaching:

• 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.

Careers:

• 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.
• 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.

Other:

• 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.
• 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 exemption 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 Institute and Faculty of Actuaries (IFoA).
• 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.

• EU students: The State will pay the tuition fees for EU students who are eligible under the Free Fees Scheme.
• Non-EU students: €3,138