Financial Mathematics and Statistics (Faculty of Science) (Undergraduate)
This subject area if offered by the School of Mathematics (Faculty of Science)
This is an interdisciplinary major offered in the Faculty of Science consisting of several core units and a number of elective units from mathematics, statistics and information technologies. The program is designed to meet the need for high level quantitative and modelling skills in the banking, insurance, stockbroking and finance industries without constraining students to a full major in mathematics or statistics. Graduates with specifically strong mathematical and statistics backgrounds are in very high demand. The core units Optimisation and Financial Mathematics (MATH2070/2970) and Financial Mathematics (MATH3075/3975) are the backbone of the program and introduce the student to important financial concepts within a mathematical and statistical framework. The core mathematics and statistics units provide the technical base that is required by a quantitative analyst, while the elective units offer the student increased flexibility and additional opportunities to develop related skills.
This is an option for the required Science major for the Bachelor of Commerce and Bachelor of Science and a Major II option for the Bachelor of Commerce (Liberal Studies). Students in other degrees (including combined) should refer to the their particular degree's resolutions and requirements for the ability to complete this major in their degree.
Requirements for the major
For the award of a major in Financial Mathematics and Statistics, students complete:
(i) a minimum of 12 credit points in prerequisite junior Mathematics units of study selected from the following:
- MATH1001 Differential Calculus or MATH1901 Differential Calculus (Advanced) or MATH1906 Mathematics (Special Studies Program) A
- MATH1002 Linear Algebra or MATH1902 Linear Algebra (Advanced);
- MATH1003 Integral Calculus and Modelling or MATH1903 Integral Calculus and Modelling Advanced or MATH1907 Mathematics (Special Studies Program) B
- MATH1005 Statistics* or MATH1905 Statistics (Advanced)*
* BUSS1020 and ECMT1010 are prohibitions for these units. If students are intending to complete an Econometrics or Quantitative Business Analysis major as well as a Financial Mathematics major students would enrol in BUSS1020 and choose an alternative junior unit rather than MATH1005/MATH1905 for their Financial Mathematics and Statistics major.
(ii) 18 credit points of compulsory intermediate (2000-level) Mathematics and Statistics units of study, comprising the following:
- MATH2070 Optimisation and Financial Mathematics or MATH2970 Optimisation and Financial Mathematics Adv
- STAT2011 Statistical Models or STAT2911 Probability and Statistical Models (Adv)
- STAT2012 Statistical Tests or STAT2912 Statistical Tests (Advanced)
(iii) six credit points of elective intermediate (2000-level) MATH coded units of study. Refer to the intermediate MATH units of study listed in the Faculty of Science Handbook under the Mathematics subject area.
(iv) 18 credit points of compulsory senior (3000-level) Mathematics and Statistics units of study,comprising:
- MATH3075 Financial Mathematics or MATH3975 Financial Mathematics (Advanced)
- STAT3011 Stochastic Processes and Time Series or STAT3911 Stochastic Processes and Time Series Adv
- STAT3012 Applied Linear Models or STAT3912 Applied Linear Models Advanced.
(v) six credit points in elective senior (3000-level) units of study selected from the options specified under the Financial Mathematics major in the Faculty of Science Handbook.
Note: Intermediate and senior units of study can only count towards the requirements for one major. Intermediate and senior units cannot be "double counted" towards two majors.
Availability of this major in Business School degrees
Students may also be able to complete this major under the following degrees. (Restrictions on the availability of this major apply. Its availability is subject to the credit point restrictions on units from other faculties in course rules of these degrees and restrictions based on other compulsory requirements of these degrees).