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Bachelor of Science in Financial Mathematics

Bachelor of Science in Financial Mathematics
NFQ Level 8 major Award Honours Bachelor Degree

CAO points history:
403
Course code:
LM058
Duration:
4 Years

Course leader:
Dr Eberhard Mayerhofer
Email: Tel:
00 353 61 202316
Admissions:
Tel: 00 353 61 202015
Queries: www.ul.ie/admissions-askus
 
 

Financial Mathematics is a great choice for someone who likes maths and wants to work in the business, financial or banking sectors. Business degrees tend to have very little maths, so most employers are very keen to hire graduates with good quantitative skills as well as a financial background.

Why Study Financial Mathematics at UL?

The aims of the degree are to produce graduates with developed mathematical, statistical and computing skills, and the ability to apply them to the quantitative analysis of industrial, commercial or financial business decisions.

The programme also aims to produce graduates with sufficient mathematical, statistical and computing skills for them to undertake postgraduate work in these or related areas

These aims give rise to the following objectives:

  • To provide an education at a suitable level in the appropriate branches of mathematics, both by exploring and developing standard methods and techniques with due use of mathematical, symbolic and statistical computing packages and by having due regard to the fundamental ideas of proof, rigour and generalisation.
  • To introduce you to state of the art theory and methodologies in the world of pricing of financial products and modelling of markets and the practical implementations of these models.
  • To demonstrate the application of mathematics to problems drawn from industry, commerce and financial services.
  • To provide you, through Cooperative Education placement, with experience of working in a company or department where your own developing skills can be utilised.

For further details, log on to www.maths.ul.ie

 

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What you will study

Module Electives - what are they?

Electives give you the opportunity to choose modules that you want to study.

Each Semester you will be given a choice of a number of modules and you will be asked to select a certain amount to study. This can range from 1 module to 4 modules, based on the course.

For example, you may be given a list of 4 modules, and will be asked to choose 2 to study for the upcoming semester.

Electives in Financial Mathematics

You must choose to study one of the 2 modules listed below:

If you choose Financial Accounting in term 1, then you must proceed and take Accounting (for Financial Decision Making) in term 2. Similarly, if you take Microeconomics in term 1, you must take Macroeconomics in term 2.

Whatever the student's choice, there are no consequences for the rest of the programme, in higher years.

You will learn about trading, asset management and risk analysis of complicated financial products while at the same time developing solid mathematical skills. Typical modules include;

  • Calculus
  • Mathematical and Statistical Models of Investments
  • Stochastic Differential Equations for Finance
  • Numerical Computation

While this course is not an Actuarial Course, graduates can obtain the actuarial exemption CT3.

There are many career opportunities in financial trading companies, teaching, investment companies, banks, government financial bodies, actuarial and insurance companies, energy and power companies, agribusinesses etc.

To find out more, email eberhard.mayerhofer@ul.ie

Year 1 Semester 1   Semester 2 Summer
CE4701 Computer Software 1 CE4702 Computer Software 2  
MS4021 Calculus 1 MS4022 Calculus 2  
MS4101 Mathematics Laboratory MS4122 Further Linear Algebra  
MS4131 Linear Algebra 1 MS4222 Introduction to Probability and Statistics  
  Elective1*   Elective2*  
  Choose 1 of;   Choose 1 of;  
AC4213 Financial Accounting AC4214 Accounting for Financial Decision Making  
EC4111 Microeconomics EC4112 Macroeconomics  
Year 2 Semester 3   Semester 4 Summer
FI4003 Finance MS4014 Intro to Numerical Analysis  
MS4043 Methods of Linear Analysis MS4034 Applied Data Analysis  
MS4035 Probability Models MS4303 Operations Research 1  
MS4403 Ordinary Differential Equations MS4404 Partial Differential Equations  
MS4613 Vector Analysis MS4414 Theoretical Mechanics  
Year 3 Semester 5   Semester 6 Summer
MS4045 Complex Analysis   Cooperative Education  
MS4105 Linear Algebra 2      
MS4214 Statistical Inference      
MS4215 Advanced Data Analysis      
MS4027 Fundamentals of Financial Mathematics      
Year 4 Semester 7   Semester 8 Summer
MS4417 Project 1 MS4418 Project 2  
MS4217 Stochastic Processes MS4028 Stochastic Differential Equations for Finance  
  Three modules from; MS4528 Mathematical and Statistical Models of Investments  
MA4617 Introduction to Fluid Mechanics MS4218 Time Series Analysis  
MS4008 Numerical Methods for Partial Differential Equations   Two Modules from:  
MS4117 Discrete Mathematics 2 MA4128 Advanced Data Modelling  
MS4118 Discrete Mathematics 3 MS4018 Dynamical Systems  
MS4407 Perturbation Techniques and Asymptotics MS4327 Optimisation  
MS4315 Operations Research 2 MS4328 Mathematical Control Theory  
MB4017 Geometry MS4408 Mathematical Modelling (MA4617 prerequisite)   

Entry requirements

CAO points history 403
Minimum grades

Applicants are required to hold at the time of enrolment the established Leaving Certificate (or an approved equivalent) with a minimum of six subjects which must include: Two H5 (Higher Level) grades and Four O6 (Ordinary Level) grades or four H7 (Higher Level) grades. Subjects must include Mathematics, Irish or another language, and English.

Subject requirements

In addition, applicants must hold a minimum grade H3 in Mathematics

Additional considerations

A Special Mathematics Examination will be offered at UL following the Leaving Certificate results for those students who did not achieve the Mathematics requirement.

We welcome applications from mature students. Mature applicants must apply through the Central Applications Office (CAO) by 1 February.

Fees & funding

Student course fees are broken into three components - Student contribution, Student Centre Levy and Tuition Fees.

A number of illustrative examples of fees for this course based on the current fee levels have been set out in the tables below.

An explanation of the components, how to determine status and the criteria involved is provided below the examples as is a list of possible scholarships and funding available.

EU Students with Free fees status in receipt of a SUSI grant

HEA paysTuition Fees€4,262
SUSI paysStudent contribution€3,000
Student paysStudent Centre Levy€92
€7,354

EU Students with Free fees status not in receipt of a grant

HEA paysTuition Fees€4,262
Student paysStudent contribution€3,000
Student paysStudent Centre Levy€92
€7,354

Students with EU fee status not in receipt of a grant

Student paysTuition Fees€4,262
Student paysStudent contribution€3,000
Student paysStudent Centre Levy€92
€7,354

Non-EU Students

Student paysTuition Fees€16,373
Student paysStudent Centre Levy€92
€16,465

Student course fees are comprised of three components:

Student Contribution

Annual charge set by the government for all full-time third level students. All students are liable unless they have been approved for a grant by Student Universal Support Ireland (SUSI). Please refer to https://www.studentfinance.ie to determine your eligibility for a grant and for instructions on how to apply. The curent student contribution is set at €3000.

Student Centre Levy

All students are liable to pay the Student Centre Levy of €90. Please note the Student Centre Levy is not covered by the SUSI Grant.

Tuition Fees

These are based on Residency, Citizenship, Course requirements.

Review the three groups of criteria to determine your fee status as follows

  1. Residency
    • You must have been living in an EU/EEA member state or Switzerland for at least 3 of the 5 years before starting your course
  2. Citizenship
    • You must be a citizen of an EU/EEA member state or Switzerland or have official refugee status
  3. Course Requirements (all must be met)
    • You must be a first time full-time undergraduate (Exceptions are provided for students who hold a Level 6 or Level 7 qualification and are progressing to a Level 8 course in the same general area of study).
    • You must be undertaking a full-time undergraduate course of at least 2 year’s duration
    • You cannot be undertaking a repeat year of study at the same level unless evidence of exceptional circumstances eg serious illness is provided (in which case this condition may be waived)

Depending on how you meet these criteria your status will be one of the following -

More information about fees can be found on the Finance website

 

These scholarships are available for this course

Title Award Scholarships available
The Critchley Prize
1
Royal Irish Academy Hamilton Awards – Mathematics
€250
1

These scholarships are available for all courses

Title Award Scholarships available
Johnson and Johnson WiSTEM2D Programme
Individual Award - a bursary to the value of €2000. Team Project Grant - €1750
1 of each
Plassey Campus Centre Scholarship Programme
All Ireland Scholarships - sponsored by J.P. McManus
€6,750
125
Higher Education Grants & VEC Grants
Financial Aid Fund
Elaine Fagan Scholarship
€5,000
5
Stuart Mangan Scholarship
Provincial GAA Bursaries Scheme
€750
The Michael Hillery and Jacinta O’Brien Athletics Scholarship
Various benefits equating to over €7,000 in value
Paddy Dooley Rowing Scholarship
€2,500
UL Sports Scholarships
Varies depending on level of Scholarship
Multiple
Cooperative Education Award
1 award per faculty
UL 40 Entrance Scholarship
€2,000
40

Your future career

Employability skills from this degree

  • Numeracy and the ability to research, interpret and use business and financial data
  • Advanced numeracy and analysing large quantities of data
  • Logical thinking
  • Teamwork and the ability to work independently
  • Finding patterns and drawing conclusions
  • Approaching problems in an analytical and rigorous way
  • Formulating theories and applying them to solve problems
  • Dealing with abstract concepts
  • Presenting mathematical arguments and conclusions with accuracy and clarity

The year after graduating with this degree

The University of Limerick Graduate Outcomes Survey (GOS) is a detailed review of the employment outcomes of UL graduates conducted annually by the University and supported by the Higher Education Authority (HEA). The survey forms part of a nationwide review of the employment outcomes of Irish University Graduates. The table below illustrates a five-year trend for UL graduate employment levels and location the year after graduation.

Employed in Ireland Employed abroad Further study Not available Seeking employment No. of responses Total no. of graduates Year
63% 13% 25% 0% 0% 8 8 2014
0% 20% 60% 20% 0% 5 5 2015
60% 0% 40% 0% 0% 5 6 2016
60% 0% 20% 0% 0% 5 6 2017
79% 0% 21% 0% 0% 14 20 2018

Further Study Options

Job titles for graduates with this degree

Graduates progressing directly into employment take up a wide variety of roles. The following provides a sample of initial roles listed on the Graduate Outcomes Survey by graduates approximately one year after graduation:

  • Claims Manager
  • Credit Risk Technology
  • Data Analyst
  • Investment Data Analyst
  • Operations Analyst
  • Planning Resource Analyst
  • Redress Assessor
  • Researcher
  • Technical Services Engineer
  • Treasury Assistant

Maria Hehir - Graduate

Growing up in Ireland during the booming Celtic Tiger and suddenly being exposed to a global financial crisis - this sparked my interest in finance. This course at UL seemed like the perfect fit for me. It is demanding and time-consuming, but all the while building a backbone for the real world and prepared me for a career in investment banking, an industry notorious for its demanding hours.

Having a great degree, along with an 8-month co-op experience from a highly accredited firm will give you an edge over others after graduation. Facilities at UL are very impressive - the Trading Floor is equipped with the latest trading and investment software to deliver high-speed, real-time global trading data. As Ireland's first campus-based, simulated trading floor, it is believed to be the first of its kind in an EU University.

My advice to school leavers is to be honest with yourself when choosing a course. Focus on figuring out what comes naturally to you, what you enjoy doing and from there think about what course might best fit these interests.

Maria currently works in Mergers & Acquisitions at a New York Investment Bank

Fiona Coughlin

Mathematics is a universal language; it makes up the world that we live in and Financial Maths at UL allows you to explore and engage in real-life mathematical situations. As a student on this course, I’ve developed an analytical mind.  I’ve also gained valuable skills like problem-solving and logical reasoning which are highly sought after in any line of work. This course introduces the student to a wide variety of mathematical areas such as Data Analysis, Statistics, Fundamentals of Financial Mathematics and Computer Software to name but a few. It is also worth mentioning that it is one of the most employable degrees in the country to have, which will help your mother sleep at night!

As a UL student, I was fortunate enough to work in the world’s leading airline leasing company, GECAS in Shannon. Through this 8-month experience I was able to apply the skills that we had learned on our course to the workplace.

If you have a flair for Maths or Applied Mathematics in secondary school, then you will enjoy to the fullest what this course has to offer. UL certainly ticks all the boxes as the place in which you want to spend “the best years of your life”!