Bachelor Program in Analytical Finance, 180 credits

Transcription

1 Program Curriculum Page 1 of 7 Program code: RMV20 Bachelor Program in Analytical Finance, 180 credits This is a translation of the original program study plan in Swedish, which was approved by the Faculty Board Natural Sciences and Technology on 10 February 2010 and is valid for students who started on the program after 1 July Objectives The Analytical Finance program answers the growing need for scientifically trained professionals in the financial industry. It is a three-year program. It aims at giving the students a good background for jobs involving the development of derivatives pricing and the testing of risk management models, or for jobs as risk analysts, quantitative analysts or capital managers. Knowledge and understanding On completion of the program, regardless of major, students are expected to show knowledge and understanding of - basic concepts and principles of elementary university mathematics, including algebra, calculus, probability and statistical inference, and their use in problem solving; - basic concepts, principles and models within micro and macro economics; - basic concepts, principles and models within market management and organizational theory; - basic concepts and principles of financial and management accounting as essential tools for decision making. On completion of the program with a major in Mathematics /Applied Mathematics, students are expected to - understand and be able to use some basic theorems of calculus, linear algebra, probability theory and statistical inference; - understand and be able to explain some of the existing mathematical models used in financial mathematics and portfolio theory, as well as the assumptions and limitations of these models; - show knowledge and understanding of theories and methods for linear optimization and operational analysis. On completion of the program with a major in, students are expected to show profound knowledge of both classical and current research within a chosen area of. On completion of the program with a major in, students are expected to show profound knowledge within a chosen area of, including knowledge of current research.

2 Page 2 av 7 Skills and abilities On successful completion of the program, regardless of major, students are expected to be able to - apply their knowledge and understanding of basic concepts, theories, and principles of mathematics, economics, and business administration to solve problems in the fields of finance, accounting, marketing and organization. - present arguments and the conclusions drawn from them in English, with clarity and accuracy and in forms that are suitable for the audience being addressed, both orally and in writing. - interact effectively within a group of individuals, inputting information and ideas that lead to positive outcome of the group s work. - communicate effectively in a manner appropriate to the academic norms of the disciplines involved and produce detailed and coherent project reports. - work autonomously and, with minimal supervision and direction, identify key problem areas in the fields of business and finance, and choose appropriate tools and methods for the resolution of problems within agreed guidelines. On successful completion of the program with a major in, students are expected to be able to: - translate problems in finance and economics stated in non-mathematical language into mathematical terms, and take advantage of this translation to solve the problems. - construct and develop logical mathematical arguments with a clear identification of assumptions and conclusions; - use computational tools as an aid in mathematical processes and for acquiring information, and have some basic knowledge of programming languages and software that are of importance in the financial sector. - extract qualitative information from quantitative data using statistical methods and software. Judgement and approach On successful completion of the program, regardless of major, students are expected to - give proof of their ability to evaluate their own strengths and weaknesses, challenge received opinion and develop their own values and judgments; - give proof of their ability to make assessments within the economic field, taking relevant scientific, social and ethical considerations into account; - give proof of their capacity for quantitative thinking, i.e. to do computations without the aid of calculators, and to estimate whether an answer is reasonable or not; - give proof of their ability to judge situations arising in business and finance, taking scientific, social, and ethical aspects into account. Language of instruction The language of instruction is English for all teaching, examinations, assigned reading, etc.

3 Page 3 av 7 Specific entry requirements Upper-secondary advanced-level studies in English (B) and Mathematics (C), as well as upper-secondary basic-level Social Studies (A). Exceptions can be made for Social Studies. Since the entire program is in English only, the general entry requirement of previous studies in Swedish does not apply. Corresponding requirements for international applicants: Studies in Mathematics of a minimum of three years from Upper Secondary School with a Science profile and a TOEFL test result, minimum score 550 with a TWE score of at least 4 (PBT) or 79 with a TWE score of at least 17 (ibt) or an IELTS test result with an overall band score of minimum 6.0 and no band score below 5.0 or equivalent. Since the program is given entirely in English, Mälardalen University will exempt from the requirements of Swedish language proficiency. Selection A maximum of 5 places is for students who have completed the Introduction to Academic Studies (30 credits) at Mälardalen University during the immediately preceding academic year (alternative selection criteria apply). Admission to the remaining places is based on grades (60%) and Swedish Scholastic Aptitute Test results (40%). Program curriculum The three-year Bachelor program in Analytical Finance provides a general base in Mathematics,, and. The focus of the program is on reallife problems in business and public finance, and the textbooks have been chosen to support this approach. Advanced financial software is used in teaching.

4 Page 4 av 7 The program comprises courses distributed as follows: Semester 1 Semester 2 Mathematics for and Business, 7,5 credits Algebra, 7,5 credits Financial Accounting I, 7,5 credits Cost and Management Accounting I, 7,5 credits Calculus I, 7,5 credits Introduction to Financial Mathematics 1, 7,5 credits Microeconomics and Trade Theory, 15 credits Semester 3 Semester 4 Calculus II, 7,5 credits Probability, 7,5 credits Marketing Basics, 7,5 credits Organisation Basics, 7,5 credits Numerical Methods with MATLAB, 7,5 credits Methods of Statistical Inference 2, 7,5 credits Macroeconomics and International Finance, 15 credits Semester 5 Semester 6 Elective, 30 credits Alternative 1 Analytical Finance with MATLAB, 7,5 credits Stochastic Processes, 7,5 credits Portfolio Theory I 3, 4, 7,5 credits Time Series Analysis, 7,5 credits Alternative 2 Cost and Management Accounting II, 7,5 credits Financial Accounting II, 7,5 credits Corporate Finance 5, 7,5 credits Intermediate Microeconomics, 7,5 credits Investment Theory 6, 7,5 credits Elective, 30 credits Alternative 1 Operations Research 7, 7,5 credits Simulation, 7,5 credits Degree Project in Mathematics, 15 credits Alternative 2 Marketing and IT, 7,5 credits Managerial and Financial Theory, 7,5 credits Organization, Innovation, and Entrepreneurship, 7,5 credits Services Management, 7,5 credits Bachelor Thesis in, 15 credits Macroeconomic Theory, 7,5 credits Industrial 8, 7,5 credits Bachelor Thesis in, 15 credits 1 Also classified as a course in. 2 Also classified as a course in. 3 Also classified as a course in. 4 Also classified as a course in. 5 Also classified as a course in. 6 Also classified as a course in. 7 Also classified as a course in. 8 Also classified as a course in.

5 Page 5 av 7 Choices within the program After two years of studies the students have the following choices: - take enough courses (30-60 credits) in in order to qualify for a Bachelor of Science in with Specialization in Financial Engineering; - take more courses in or. Host School The School of Education, Culture and Communication is the host of Analytical Finance. Examination The study program is designed to make it possible for students to fulfill the requirements for at least one of the following degrees: - Bachelor of Science in with Specialization in Financial Engineering - Bachelor of Social Science in - Bachelor of Social Science in. For programs that feature elective elements, or if a student chooses not to complete a specific course, the choices made can affect the student s chances of fulfilling the degree requirements. For more information about examinations and degree requirements, please consult the local degree ordinance that is available via the university website. Quality assurance The students evaluate each course they follow. The results of the evaluations are discussed at the representative council of the program. The evaluation of the courses plays an important part in the quality assurance of the courses and the program. Student representation Student representatives from the program and representatives for the teachers teaching in the program form a representative council and meet 3-4 times per study year to discuss general questions concerning the program and the students evaluation of the courses. The idea with this council is to give the students an opportunity to participate in the development of the program. At least two students participate in the development of new courses and the planning of teaching. Research basis The program is linked to the research profile Environment, Energy and Resource Optimization Among other things, the optimization of trade with so-called energy derivatives is taken up in some of the courses. Such optimization contributes to savings in the energy sector and thus benefits the climate.

6 Page 6 av 7 Co-production The combination of mathematics, economics and business administration makes the Analytical Finance program unique. It has an international outlook, and after graduation, students will be able to work both in Sweden and abroad. The financial crisis that culminated in 2009 has made the program particularly topical since the need for skilled analysts will increase among the participants on the financial markets. Our researchers develop new methods for the solution of current problems within financial mathematics, as well as software for the application of these methods. Some unique courses have been developed for the program, e.g. Analytical Finance with MATLAB, where students learn to develop software with integrated modules for the solution of many important financial and economic problems. No other university in Sweden offers anything like this. The program has been designed to provide students with theoretical tools that will help them to gain employment with banks, insurance companies or government agencies. Internationalization For a considerable time, Mälardalen University has understood that internationalization is one of the most important factors for teaching and research to be of high quality. For students, it is valuable to become acquainted with international issues during their studies, since this contributes to increased competence and understanding, both of which are very important qualities on today s labor market. Choosing tasks of an international character or participating in the Student Union s International Committee can be equally beneficial as a stay abroad. Intercultural competence is really important, regardless of whether one s future career is in Sweden or elsewhere. Students may take part in Mälardalen University s international student exchange program, and include an extended stay at one of our partner universities in their studies. Equality We have teachers and students from different countries, of different colors, with different social, ethnical and cultural backgrounds, religions, functional impairments, and sexual orientations. The School s work with equality and gender issues is to be well-known among the students, who should also be aware that there is a plan of action for these issues. Diversity is taken into account in the planning of education at the School. The relationship between staff and students is characterized by attitudes that are informed by democratic values and the right to be different. Teaching The teaching methods in the program include lectures, problem-solving classes, and seminars. During the lecture, the teacher gives a brief introduction to the upcoming part of the course. During problem-solving class, the students solve problems with the help of the teacher. The problem solving class may include a presentation of some solutions prepared by a small group of students. For the seminars, the students choose a topic, work in small groups, write and present a final report.

7 Page 7 av 7 Students are expected to set aside study hours for individual studies and group work outside the program schedule. The examination of courses is a combination of a final written examination and continuous assessment during the course (seminar reports, problem solving tasks and tests). There exist three different forms of examination: portfolio, seminar, and written exam. To pass a portfolio examination, the students have to show the written solutions to assigned exercises to the teacher. To pass the seminar, the students have to make a written report and give a presentation of it in class. Intermittent written tests may occur. Transition rules This program syllabus is valid for students who started their studies after 1 July 2008 and replaces previously approved syllabuses.