Financial Mathematics and Economics

Frequently Asked Questions

This information leaflet gives basic information with an emphasis on answering the Frequently Asked Questions, (FAQs), on the degree programme in

A separate brochure with more detailed technical information on the degree

If you have further enquiries please do not hesitate to contact us.

Further information may also be obtained at:

maths.nuigalway.ie
or send an email to:
mary.kelly@nuigalway.ie

To download and print this document please click here

The programme began in 1998 (first graduates in 2002) and consists of courses in Mathematics, Probability & Statistics, Economics, and Computer Science. It gives a rigorous training in the area of Financial (including Actuarial) mathematics, which has widespread applications in a number of diverse areas. This is complemented by courses in Economics, Probability & Statistics and Computer Science.

Answers to Frequently Asked Questions (FAQs)

What level of mathematics is required?

A C3 or better in honours LC Maths is necessary - a certain minimum ability in Mathematics is required.

This is a BSc degree - what Science background do I need?

It is not required to have a science subject in LC - this is an inter-faculty programme from the Science and Arts faculties. However, having a science subject in LC would certainly help with the scientific thinking involved. The degree awarded is a BSc.

How much of the programme is Economics? Do I require to have studied this subject previously?

It is not at all required to have studied economics previously; economics is about a quarter of the programme.

Is this the same as Actuarial Mathematics?

Financial mathematics is not actuarial mathematics but includes certain aspects of actuarial science. Financial mathematics in this programme contains, for example, courses on Financial Derivatives, Option Pricing, Neural Networks ( this is essentially computer learning programmes used for prediction and estimation) and more Probability & Statistics, which are not part of Actuarial Mathematics. Financial mathematics is broader and prepares persons for employment at the technical level of finance, computing and many of the new areas which require highly numerate graduates.

There are programmes at UCD and DCU which deal with Actuarial Mathematics specifically.

What will be the main areas of employment?

The main areas of employment will in the financial area - the Financial Sector, which traditionally employs many mathematics graduates, has expanded, and is still expanding, at an enormous rate in Ireland.

However in addition, graduates will also secure employment in many other areas which traditionally employed mathematics graduates - for example, in the Public Sector (in areas such as Meteorological Service and Central Statistics Office) and also in the Computing industry.

What are the actuarial examination exemptions for those who may wish to become actuaries?

The new actuarial examination strategy came into effect in the year 2005 and the examinations will consist of a Core Technical (CT) stage in the areas of Financial and Actuarial Mathematics, Probability/Statistics, and Economics/Finance - all of these are covered in this programme.
The Core Application (CA) stage consists of three modules and finally there is the Specialist stage (ST/SA).
We have agreed three examination exemptions with the Institute of Actuaries namely: CT1 Financial Mathematics, CT3 Probability and Mathematical Statistical and CT7 Economics.
Note that actuarial studies contains a number of courses in Economics and this is the only programme of this type available which includes this subject as a major element.

How many points will I need?

The points can vary from year to year depending on the demand, and applications, and so a definite answer cannot be given. Previous years' points levels give some indication.

It should be noted that anyone who gets into this programme no matter at what points' level has the ability to do very well but, as with any programme, the student must apply himself/herself to the tasks required as is necessary.

What is the difference between a Denominated degree and an Undenominated Degree?

In a denominated degree, such as this one, the student enters a programme of study on the topics of the degree; some options or choices are allowed and some basic related material must be studied but essentially the core of the course is predetermined.

In an undenominated degree, the student enters a programme of study in which at the outset it has not been decided in which degree subject(s) the student would graduate; the choice of such subject(s) is decided at the end of second and third years.

It is possible under certain restricted circumstances to transfer between programmes provided all the prerequisites have been studied for the programme to which the student wishes to transfer.