Master's (Modular) Programmes In Financial Engineering

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FACULTY OF ENGINEERING

DEPARTMENT OF MATHEMATICS

POSTGRADUATE (MODULAR) PROGRAMMES IN MATHEMATICS

20 MASTER’S (MODULAR) PROGRAMMES IN FINANCIAL ENGINEERING

20.1 Title of Programmes

The title of the programme is MSc/MPhil in Mathematics.

20.2 Programme Objectives

The main objectives of the programme are:

• To provide graduate level technical education to students who want to work in the new and growing finance industry (investment banks and corporations, financial management and consulting companies, insurance companies and firms that invest in the financial markets).

• To turn out professional Mathematicians who will be able to solve scientific and technological problems using computational knowledge.

• To turn out professional Statisticians to meet current statistical demands in various industries that use substantial statistics.

• To train graduates who will be capable of supporting research at higher levels.

20.3 Entry Requirements

a) Financial Engineering

The entry requirements for the Master’s degree in Financial Engineering are:

i. Applicants must have BSc. First Class or Second Class (Upper Division) in Mathematics, Statistics, Economics and Engineering from a recognized University.

ii. All applicants who do not satisfy (i) above but have degree in Mathematics, Statistics, Economics, Engineering and Science may be eligible only after passing an interview.

iii. Foreign applicants with proficiency in English language who satisfy the requirements of (i) or (ii) above are eligible for admission after careful consideration of transcripts and relevant references.

iv. A student may be admitted to participate in any module on non-scoring basis. In this case, he/she may participate in class discussions, do practical work, take examinations and generally enjoy the privileges of a class member. No credit is given either on completion of a module or at a later time. Such a student shall be given the award of either a Certificate of Proficiency if he/she passes the examination of Certificate or Participation if he/she does not take the examination or fails the examination.

b) Statistics

The entry requirements for the Master’s degree in Statistics are:

i. Applicants must have BSc. First Class or Second Class (Upper Division) in Mathematics, Computer Science and Engineering from a recognized University.

ii. All applicants who do not satisfy (i) above but have degree in Mathematics, Computer Science, Engineering, Statistics and Science may be eligible only after passing an interview.

iii. Foreign applicants with proficiency in English language who satisfy the requirements of (i) or (ii) above are eligible for admission after careful consideration of transcripts and relevant references.

iv. A student may be admitted to participate in any module on non-scoring basis. In this case, he/she may participate in class discussions, do practical work, take examinations and generally enjoy the privileges of a class member. No credit is given either on completion of a module or at a later time. Such a student shall be given the award of either a Certificate of Proficiency if he/she passes the examination or Certificate of Participation if he/she does not take the examination or fails the examination.

c) Computational Mathematics

The entry requirements for the Master’s degree in Computational Mathematics are:

i. Applicants must have BSc. First Class or Second Class (Upper Division) in Mathematics, Computer Science and Engineering from a recognized University.

ii. All applicants who do not satisfy (i) above but have degree in Mathematics, Computer Science, Engineering, Statistics and Science may be eligible only after passing an interview.

iii. Foreign applicants with proficiency in English language who satisfy the requirements of (i) or (ii) above are eligible for admission after careful consideration of transcripts and relevant references.

iv. A student may be admitted to participate in any module on non-scoring basis. In this case, he/she may participate in class discussions, do practical work, take examinations and generally enjoy the privileges of a class member. No credit is given either on completion of a module or at a later time. Such a student shall be given the award of either a Certificate of Proficiency if he/she passes the examination or Certificate of Participation if he/she does not take the examination or fails the examination.

20.4 Programme Requirements

The Department offers three Master’s degree programmes. These are:

i. Masters programme in Financial Engineering

ii. Masters programme in Computational Mathematics

iii. Masters programme in Statistics

a) Graduation Requirements

i. MSc. in Financial Engineering or Statistics or Computational Mathematics

• A minimum of 45 credit hours is required for the award of an MSc degree. This is made up of a minimum of ten modules (at least 30 credit hours), Postgraduate Seminar (3 credit hours) and Thesis (12 credit hours).

• Each module runs for a maximum of two weeks (10 working days) duration; examinations in each module shall be taken within a week after completion of the module.

• There shall be a minimum of forty (40) contact hours in each module (4 hr/day).

• A student may take a module on non-scoring basis. In this case no credit will be given either on completion of a module or at a later time.

ii. MPhil degree in Financial Engineering or Statistics or Computational Mathematics

• A student is required to audit four (4) core modules outlined in Section 17.5. In addition, he/she may audit modules recommended by the Supervisor to facilitate the student’s research work. The candidate is also required to present at least one seminar.

• The successful defence of a thesis is required for the award of the MPhil. Degree in Financial Engineering or Statistics or Computational Mathematics. The thesis should be an embodiment of independent research conducted by a student under the guidance of a Supervisor on a significant problem in a chosen area of Mathematics, Statistics or Financial Engineering.

b) Programme Duration

• Full-time - A maximum of four (4) semesters for course work and thesis work

• Part-time - A maximum of six (6) semesters for course work and thesis work.

c) Registration

• Full-time students will be required to register a minimum of three modules per semester.

• Students should register modules they intend to participate in by the third week of every semester. Students may, however, pay module participation fee at the time the module is being offered.

• To be of good standing, part-time students must pass at least three (3) modules per annum.