BSc (Hons) in Financial Mathematics and Applied Statistics from SLIIT
Although we live in a data driven world, making use of digital data to draw conclusions is not simple. In that context Data Driven Decision Making (DDDM) has become a popular scientific approach to decision making that has proved reliable and efficient.
As the popularity of DDDM increases, so is the demand for graduates with a sound mathematical and statistical background, competent in critical thinking and financial data analytics. The financial industry is one of the largest and highest data driven sectors in any country, irrespective of its level of development. It is the industry which demands graduates who possess diverse quantitative skills and a deep knowledge of mathematics, statistics and applications, along with background knowledge in finance, economics and computing. Since 2019, the projected annual employment of qualified graduates in the financial sector is said to have grown by 18%.
It is this need that prompted SLIIT to create opportunity for such graduates within the Institute. Their newly formed School of Mathematics under the Faculty of Humanities & Sciences (FHS) has sought and received approval from the Ministry of Higher Education to offer, a BSc (Hons) Degree in Financial Mathematics and Applied Statistics (FMAAS). It will be the first-degree programme conducted by the School of Mathematics and the student enrollment is scheduled to commence in June 2021.
Why you have to Select Financial Mathematics and Applied Statistics?
Specially designed to cater to the financial sector, The BSc (Hons) in Financial Mathematics offered by SLIIT has a combination of Financial Mathematics and Applied Statistics, which is a first for such a study programme conducted in Sri Lanka. It will equip graduates with a sound knowledge of theoretical concepts, application of mathematics and statistics combined with finance and computing.
Mathematics is the foundation of the financial world. It allows investors, traders, and bankers to make optimal decisions and mitigate risk in a rational way. Financial mathematics is the application of mathematical models to actuarial sciences in financial activities. Applied Statistics is the application of statistics to solve real problems based on data collected from samples. It is the root of data analysis, and the practice of applied statistics involves analyzing data to help define and determine business needs. The combination of Financial Mathematics and Applied Statistics is the application of mathematics and mathematical modeling to solve financial problems. it is sometimes referred to as quantitative finance, financial engineering, and computational finance. The discipline combines tools from statistics, probability, and stochastic processes and combines it with economic theory. This is a combination that can be considered the “queen of the financial world.”
It is also a rare combination to be offered in a single degree, not only in Sri Lanka but even across the world. While degrees in Financial Mathematics and Statistics are offered by both state and non-state universities, the combination of Mathematics and Applies Statistics is hardly ever offered together. There is a significant difference between Statistics and Applied Statistics i.e. while statistics could be used to understand the ‘why’ applied statistics is about the ‘how.’ In other words, applied statistics is not interested in researching statistical theory, but rather it’s applications and is often used in data analysis.
Gradates with the combined disciplines of Mathematics and Applied Statistics are eligible for top jobs in a number of industries such as banking, insurance and real estate and these jobs are highly paid across the globe. It is SLIIT’s policy to tailor make degrees to suit industry needs and in line with that the Institute decided the time was right to offer this degree to fill a void in the financial world. The core values of our degree include professionalism, responsiveness, being creative responsive and collaborative.
The course content is designed taking all of that into consideration, and using information gathered from market surveys and financial experts. The graduates who are trained in the combined Financial Mathematics and Applied Statistics field would gain a vast spectrum of knowledge in Mathematics, Statistics, Finance, Economics and Computing. They would have the capacity to come up with solid scientific solutions to complex financial issues, and will have the training to analyze any type of data. In addition, there is an industrial training component and a research project included in the degree course, which has been designed in collaboration with the industry so that students will receive actual industry exposure.
The job opportunities for actuary careers are high in the world scenario. Many institutions, benefit by having an actuary on board to evaluate risk and maintain economic stability. Some of the job titles our graduates would be able to apply for include, Actuarial Analysts, Business Analysts, Budget Analysts, Enterprise Risk Actuaries, Financial Analysts, Insurance Underwriters, Insurance Claims Adjusters, Insurance Actuaries, Investment Bankers, Life insurance Actuaries, Property and Casualty Insurance Actuaries, Pension and Retirement Benefits Actuaries, Risk Managers, Research Analysts and Quantitative Analysts.
Intended learning outcomes
The School of Mathematics degree aims to develop a broad and coherent body of knowledge in fundamental areas of Mathematics, Statistics and Finance in analyzing data, with a particular focus on decision optimisation, risk analysis and stochastic processes.
Students will acquire strong analytical skills that enable them to analyse financial information and data in a meaningful and logical manner and
be able to communicate acquired inferences through a range of modes, across diverse audiences, using evidence-based arguments or DDDM that are robust to critique.
They would gain expertise in interpreting information communicated in mathematical, statistical, or financial form to various calibers and develop effective communication skills in English in both verbal and written forms in formal and informal settings. They would be exposed to expert audiences in the business and financial sectors.
More importantly, they would be able to make decisions in complex and unpredictable situations and take personal responsibility for them.
What you need to enroll
Passes in three subjects in the Physical Science stream at the local G.C.E. Advanced Level Examination or equivalent qualification of London/Cambridge A/L examination in one and the same sitting. All selected students are required to pass the Aptitude Test conducted by SLIIT.
Prospective Local Employment Opportunities
The Central Bank, licensed commercial banks, licensed specialized banks, and licensed financial companies are expected to create more job opportunities for our graduates. Some of the institutions that would open up opportunities for our Financial Mathematics and Applied Statistics graduates include, Banks, Finance and top private companies. Also, there is also a big demand for graduates in Financial Mathematics and Applied Statistics in many countries in the world.
- Prof. Sarath Peiris, Head, School of Mathematics, SLIIT, Malabe