Financial Mathematics and Statistics
Study in the discipline of Financial Mathematics and Statistics is offered by the School of Mathematics and Statistics in the Faculty of Science. Units of study in this major are available at standard and advanced level.
Programme structure and content
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.
Each unit of study is designated either as "Normal" or "Advanced". Advanced units have more stringent prerequisites than normal units, and are significantly more demanding. Although the precise requirements vary from unit to unit, it is generally inadvisable for a student who has not achieved a Credit average in intermediate level mathematics to attempt an advanced senior mathematics unit.
First year planning for a Financial Mathematics and Statistics major
Essential: 12 credit points of Junior MATH.
Recommended: MATH1001/1901/1906, MATH1002/1902, MATH1003/1903/1907, MATH1005/1905 and 24 credit points of other Junior units of study. Each of the above units of study may be replaced by the corresponding Advanced unit of study.
Requirements for a major
Core intermediate units of study
18 credit points from the following units of study:
(i) MATH2070/2970; and
(ii) STAT2011/2911 and STAT2012/2912
Senior units of study
At least 24 credit points comprising the following units of study:
(i) MATH3075/3975, STAT3011/3911 and STAT3012/3912, and
(ii) One of the following units of study: STAT3013/3913, STAT3014/3914, MATH3078/3978, MATH3076/3976, MATH3969, MATH3974 or INFO3404/3504
Students completing the program at the Advanced Level may continue into Fourth Year Honours where a number of further Financial Mathematics and Statistics units are on offer. It is envisaged that students completing the Honours program will not only be highly trained in quantitative finance, but will also be well prepared for active research in the field. Students should refer to Table 1 for an enrolment guide and to entries under the contributing Schools for unit of study descriptions.
Applied contact: Associate Professor Martin Wechselberger
Phone: + 61 2 9351 3860
Statistics contact: Dr Michael Stewart
Phone: +61 2 9351 5765
First year inquiries email:
Other undergraduate inquiries email:
All inquiries phone: +61 2 9351 5804 or +61 2 9351 5787