Quantitative Finance: Double Degree Outgoing Students Guidelines ALMA MATER STUDIORUM - UNIVERSITA DI BOLOGNA

Transcription

1 ALMA MATER STUDIORUM - UNIVERSITA DI BOLOGNA SCHOOL OF ECONOMICS, MANAGEMENT AND STATISTICS Master in QUANTITATIVE FINANCE QF Coordination Unit School of Economics, Management and Statistics University of Bologna P.zza Scaravilli 2, Bologna (Italy) [email protected] [email protected] Academic Year 2014/2015 1

2 1. CONTACTS DOUBLE DEGREE PRESENTATION The Aim of the Project Who can apply When and how to apply Erasmus Scholarship Selection Criteria How to choose your study plan Reference tables ARIMA Agreement Universities: Agreement of Interuniversity Cooperation The Form BACK IN BOLOGNA Mandatory documents Recognition of the Double Degree Programme Graduation Deadlines and other information 17 2

3 1. CONTACTS Name Telephone Office Dr.ssa Margherita de Rogatis Programme Coordinator (0) School of Economics, Piazza Scaravilli 2, Bologna [email protected]; [email protected] Prof. Umberto Cherubini QF Director (0) Department of Statistics, Viale Filopanti, 5 Bologna [email protected] Prof.ssa Rossella Agliardi Double Degree Coordinator Department of Mathematics, Viale Filopanti, 5 Bologna [email protected] In order to keep up with the latest news regarding academic activities, we suggest you to check regularly the following web pages: - Master s Degree in Quantitative Finance > - University of Bologna > - School of Economics, Management and Statistics > 3

4 2. DOUBLE DEGREE PRESENTATION The Master s Degree in Quantitative Finance has undersigned two Agreements of Interuniversity Cooperation that permit students to get a degree both from the home and from one of the partner universities hence, a double degree. The agreements are as follows: 1) ARIMA Agreement Karol Adamiecki University of Economics, Katowice, Poland (UEK) University of Applied Sciences bfi, Vienna, Austria (UAS bfi). 2) Agreement of Interuniversity Cooperation Ludwig-Maximilians-University, München, Germany (LMU) Université D'Evry-Val-D'Essonne, Evry, France (UEVE) 2.1 The Aim of the Project Thanks to these agreements, the students of the Master in Quantitative Finance who decide to enrol in one of the partner universities courses are given the opportunity to receive an academic degree from both the home and host institution. To make this possible, the Parties offer equivalent curricula. Even though the foreign courses are structured in a different way, each university guarantees the correspondence of its course to the overall contents and learning outcomes defined in the ECTS description (see section 2.7 Reference tables). All the courses will be taught in English. Each University selects the students according to their own criteria. Generally speaking, the admission process is based on academic merit, past work, extracurricular experiences, and motivation letter. 4

5 2.2 Who can apply To be eligible for the DD programme, students must be enrolled in the first year of the Master s Degree in Quantitative Finance. The exchange period goes from a minimum of one semester to no longer then a full academic year during your second year. 2.3 When and how to apply The Double Degree call for the Academic Year 2015/2016 will be available between January and March Based on funding availability, a number of scholarships will be provided. As for the structure of the call, you may choose up to two destinations and indicate the period you would prefer (semesters), but keep in mind that it is the DD Commission that in the end assigns students to the hosting institution. Each University usually admits two to three students for the DD programme. Munich and Evry Universities are of strictly quantitative orientation and have a high number of courses that require a deep knowledge in mathematical subjects. A first cycle degree in maths and at least 28/30 in Calculus are basic grounds for admission. All the Partner Universities offer the possibility to spend there the second semester of the second year and therefore allow you to do your final exam/thesis abroad. The degree will then be recognized by the University of Bologna, which will issue the second certificate (Double Degree). 5

6 2.4 Erasmus Scholarship In order to allow even more students to take part in the DD programme we also undersigned Erasmus agreements with the same universities of the Double Degree. This gives you the possibility to apply first to the Erasmus programme (to get financial support) and then, if you meet the requirements, to the DD Programme (which will get you the double certification). Be careful! Do not confuse the DD Programme and the Erasmus Programme. Erasmus is an exchange programme and does not give you an additional title you can use the Erasmus scholarship to fund your DD, though. The deadline for the Erasmus call is on the 23 rd of February at 1pm. The above-mentioned destinations (Munich, Evry, Katowice and Wien) are included. Please remember that winning an Erasmus Scholarship grants you the Erasmus scholarship and the admission to the Erasmus Programme, not to the DD. Therefore, even if admitted to the Erasmus Programme for one of the above-mentioned destinations, all the students willing to take part in the DD Programme have to apply to the QF DD call too. The amount of each DD scholarship is the same of the Erasmus one (230 EUR/month for Germany and Poland; 280 EUR/month for Austria and France), but DD and Erasmus scholarship for the same destination cannot be combined. If you have been selected for both scholarships you will have to choose only one of them. 2.5 Selection Criteria The Double Degree Committee will provide a final admission ranking based on merit criteria, i.e. number of credits and average marks. 6

7 2.6 How to choose your study plan Once you have been selected for the Double Degree Programme the first thing to do is to make sure that the host University received your personal data from the University of Bologna. You should then refer to the Partner University to follow on with the DD admission procedure. Remember to contact them with adequate advance notice, specifying your status (DD/Erasmus/DD and Erasmus), in order to start the right procedure. The next step is to choose the courses you will attend and to fill in the Double Degree Form (DDF). In order to obtain the Double Degree you must fulfil the following requirements: Get at least 30 ECTS Spend at least one semester at the host University Do not forget about this while selecting the subjects! 2.7 Reference tables The information contained in the following tables will help you to fill in the Double Degree Form. Equivalent exams are highlighted with the same colour. You can choose courses from both the first and the second year. In order, you will find the reference tables for the AIRMA Agreement Universities (Katowice, and Vienna) and for the parties to the Agreement of Interuniversity Cooperation (Munich and Evry). To facilitate the comparison of the courses the table regarding the University of Bologna is provided at the beginning of each section. 7

8 2.7.1 ARIMA Agreement Universities: UNIBO - University of Bologna 1st year Hours ECTS Semester MATHEMATICS AND PROBABILITY (I.C) CALCULUS PROBABILITY ACTUARIAL AND FINANCIAL MATHEMATICS (I.C.) FINANCIAL MATHEMATICS ACTUARIAL MATHEMATICS ECONOMICS AND FINANCE (I.C) CORPORATE FINANCE FINANCIAL PRODUCTS AND MARKETS ECONOMICS OF FINANCIAL MARKETS STATISTICS AND ECONOMETRICS (I.C.) ECONOMETRICS STATISTICS FINANCIAL MARKET REGULATION nd year NUMERICAL ANALYSIS (I.C.) COMPUTER PROGRAMMING NUMERICAL METHODS Choose 12 ECTS among ECONOMETRICS OF FINANCIAL MARKETS STATISTICS OF FINANCIAL MARKETS CREDIT DERIVATIVES INTEREST RATE MODELS FINANCIAL ENGINEERING FOR ASSET MANAGEMENT STATISTICAL METHODS FOR ASSET MANAGEMENT ADVANCED METHODS OF RISK MANAGEMENT ADVANCED METHODS OF RISK MANAGEMENT ADVANCED METHODS OF INSURANCE ADVANCED METHODS OF INSURANCE Free choice (12 ECTS) among: ADVANCED TOPICS IN LIQUIDITY MANAGEMENT IN THE POST CRISIS ERA 30 6.(to be offered each year) Choose 6 ECTS between: 30 6 WORKSHOP IN QUANTITATIVE FINANCE INTERNSHIP 30 6 THESIS AND FINAL EXAM 18 8

9 UEK University of Katowice and UASS-University of Applied Sciences (Wien) ECTS Semester M1 Fundamentals in Quantitative Methods and Finance Fundamentals of Mathematics and Statistics 3 1 Year 1 Fundamentals of Finance 6 1 Fundamentals of Economics 3 1 Programming and Databases 4 1 M2 Financial Econometrics Multivariate Methods 5 1 Year 1 Time Series Analysis 3 1 M3 Derivative pricing Equity and Foreign Exchange Derivatives 2 1 Year 1 Fixed Income and Credit Derivatives 4 1 M9 (year 2) Legal Framework and Ethics 3 1 M4 Risk Measurement Measurement of Market Risk 4 2 Year 1 Measurement of Credit Risk 4 2 Measurement of Non-Life Risk 2 2 Measurement of Life Risk 3 2 M7 Asset Liability Management and Bank Management 5 1 Risk Mgmt for banks Risk Controlling and Organisation of Market Risk 2 1 Year 2 Risk Controlling and Organisation of Credit Risk 3 1 Operational Risk for Banks 2 1 M5 Asset Management Introduction to Asset Management 2 2 Year 1 Asset class Interest Rate Products 2 2 Asset class Equity 2 2 Asset class Foreign Exchange 1 2 Asset class Credit Products 2 2 Alternative Investments 2 2 Structured Products 2 2 M8 Asset Liability Management and Risk Mgmt for Insurances and pension funds ALM and Insurance Management 3 1 Management Life Risk 3 1 Management Non-Life Risk 3 1 M9 Applied Asset Management Integrating Aspects of Asset Management 6 1 year 2 1 M6 Research Methods Research Methods 1 2 Year 1 Research Seminar 3 2 M10 Applied Research in Asset and Advanced Topics Risk Mgmt Year Project Seminar 4 2 Master Thesis and Diploma Exam (Year 2) 23 2 UEK (4 semester) M10 Applied Research in Asset and Electives Risk Mgmt Year Master Thesis and Diploma Exam (Year 2) Seminar

10 2.7.2 Agreement of Interuniversity Cooperation UNIBO University of Bologna 1st year Hours ECTS Semester MATHEMATICS AND PROBABILITY (I.C) CALCULUS PROBABILITY ACTUARIAL AND FINANCIAL MATHEMATICS(I.C.) FINANCIAL MATHEMATICS ACTUARIAL MATHEMATICS ECONOMICS AND FINANCE (I.C) CORPORATE FINANCE FINANCIAL PRODUCTS AND MARKETS ECONOMICS OF FINANCIAL MARKETS STATISTICS AND ECONOMETRICS (I.C.) ECONOMETRICS STATISTICS FINANCIAL MARKET REGULATION nd year NUMERICAL ANALYSIS (I.C.) COMPUTER PROGRAMMING NUMERICAL METHODS Choose 12 ECTS among ECONOMETRICS OF FINANCIAL MARKETS STATISTICS OF FINANCIAL MARKETS CREDIT DERIVATIVES INTEREST RATE MODELS FINANCIAL ENGINEERING FOR ASSET MANAGEMENT STATISTICAL METHODS FOR ASSET MANAGEMENT ADVANCED METHODS OF RISK MANAGEMENT ADVANCED METHODS OF RISK MANAGEMENT ADVANCED METHODS OF INSURANCE ADVANCED METHODS OF INSURANCE Free choice (12 ECTS) among: ADVANCED TOPICS IN LIQUIDITY MANAGEMENT IN THE POST CRISIS ERA 30 6.(to be offered each year) Choose 6 ECTS between: 30 6 WORKSHOP IN QUANTITATIVE FINANCE INTERNSHIP 30 6 THESIS AND FINAL EXAM 18 10

11 LMU- Ludwig-Maximilians-University (Munich) WIRTSCHAFTSMATHEMATIK (LMU-MŰNCHEN) Bereich Pflicht Modul ECTS Stochastics & Analysis Wahlpflicht min 9 ECTS Stochastische Prozesse 9 Fortgescshrittene Themen aus der 9 Stochastik Funktionalanalysis 9 Financial Mathematics Wahlpflicht min 18 ECTS Finanzmathematik I 9 Finanzmathematik II 9 Finanzmathematik III 9 Fortgeschrittene Themen aus der Finanzmathematik Economics Wahlpflicht min 12 ECTS Mikroökonomie 1 9 Mikroökonomie 1 6 Applied Microeconomics 6 Empirische Őkonomie 2 6 Econometrics 6 Statistics Wahlpflicht min 6 ECTS Zeitreihen 6 Einfűhrung in die Ang. Statistik 6 Mathematische Statistik 9 Multivariate Zeitreihen 3 Finanzökonometrie:Portfolio-Analyse 6 Finanzökonometrie:Risiko-Management 6 Schätzen und Testen I 9 Ausgew. Geb. der Wirtschaftsstatistik 6 Business Administration Wahlpflicht min 15 ECTS Investment Banking 6 Empirical Corporate Finance 3 Insurance Economics 6 Rückversicherung 3 Versicherungstechnik 3 Numerics Wahlpflicht min 9 ECTS Numerische Methoden der Wirtschaftsmathematik Fortgeschrittene Numerische Mathematik Fortgeschrittene Themen aus der Numerische Mathematik Wahlmöglichkeiten max 15 ECTS Actuarial Sciences Seminars 3 Pure Mathematics Sonstige Veranstaltungen aus den Modulen 1-5 Hauptseminar Pflicht 3 Industriepraktikum Pflicht 3 Master's Thesis Pflicht x26-11

12 UEVE- Université D'Evry-Val-D'Essonne (Evry, France) Master "Ingénierie Mathématique- Spécialité Ingénierie Financière UEVE-Evry Cours Type Module ECTS Année 1 Semestre 1 Apprentissages fondamentaux 1 Obligatoire Anglais 2 Mise à niveau programmation (langage C) 2 Analyse Obligatoire Analyse fonctionnelle 4 Obligatoire Equations aux dérivées partielles 4 Probabilité et statistiques Obligatoire Probabilité 4 Statistiques 4 SAS 2 Enseignements d ouverture Obligatoire Marché financier : institutions et instruments 4 Analyse des données 4 Année 1 Semestre 2 Apprentissages fondamentaux 2 Obligatoire Anglais 2 Processus stochastique Obligatoire Processus stochastique 7 Analyse 2 Obligatoire Analyse numérique des EDP 2 Méthode d'éléments finis 2 Enseignements d ouverture Obligatoire Introduction aux algorithmes d optimisation. 2 Applications sous Scilab. Mathématiques financières 2 Introduction à VBA/Excel 2 Initiation à la vie professionnelle Obligatoire Stage professionnel 9 Année 2 Semestre 1 Apprentissages fondamentaux 1 Obligatoire Anglais 3 Mathématiques pour la finance Obligatoire Calcul stochastique 9 Informatique pour la finance Obligatoire C++ / VBA (including project) 9 Méthodes d évaluation et de couverture I (choisir 1 option) Année 2 Semestre 2 Option Gestion des Risques 9 Option Principes de base et Techniques actuarielles & 9 Econométrie Financière Cours Type Module ECTS Apprentissages fondamentaux 2 Obligatoire Anglais 3 Finance de l assurance Obligatoire Assurance vie / non vie / cat bonds 4 Finance numérique Obligatoire Méthodes numériques de pricing et de 4 calibration de modèles en finance Méthodes d évaluation et de Obligatoire Produits dérivés : Dérivés actions, de taux, de 4 couverture II change et de crédit Projet Obligatoire Projet en finance numérique 4 Initiation à la vie professionnelle Obligatoire Stage professionnel 11 12

13 2.7.3 The Form Once you have chosen the courses you can start filling in the form. Here you have an example of a filled-in form. DOUBLE DEGREE QUANTITATIVE FINANCE- outgoing STUDENT S PERSONAL DETAILS Name and Surname: Address: Registration number at the University of Bologna: Host University: DETAILS OF THE STUDY PROGRAMME ABROAD Scheduled length of stay: from. till Planned Activity at the host University Recognised course equivalent in Bologna Course titles ECTS Course titles ECTS M10 Wor kshop i n Appl i ed quant i t at i ve r esear ch i n 7 f i nance or 8 asset and i nt er nshi p r i sk management Di pl oma t hesi s and di pl oma exam 23 Thesi s 20 TOT Official Approval by the University of Bologna Prof.ssa Rossella Agliardi Date and Signature Official Approval by the Host University Date and Signature of the Coordinator In case you are joining the DD Programme and you also receive the Erasmus scholarship, DO NOT FORGET about the Learning Agreement (and the other Erasmus documents). 13

14 3. BACK IN BOLOGNA You are finally back. Let s see what is left to do. 3.1 Mandatory documents These are the documents you must provide. - Certificate of Period. This will allow you to receive the second tranche of the scholarship. - Transcript of Records. This needs to be handed in to the DD Commission and is important for the assessment of the courses you took abroad. In order to proceed with the recognition of exams, Double Degree students must send the Transcript of Records (including all the exams passed) to the Programme Coordinator at least one month before the expected graduation date (at the University of Bologna). In case you graduate abroad first, you have to provide to the Programme Coordinator the original version of the final graduation certificate at least 2 weeks before the expected graduation date at the University of Bologna. If you received an Erasmus Scholarship you must provide the Learning Agreement along with the other documents. The procedure for recognition of the exams taken abroad needs to be carried out on the AlmaRM platform (you may find all the relevant information on the website). If you wish to do your final exam at the Host University, please make sure that the University of Bologna has recognized the courses you attended abroad before your graduation abroad. 14

15 These are the conversion tables for the exams you took at the Host University. ARIMA Agreement Description Bologna Katowice Wien Highest level (cum laude) 30 e lode 5 1 Excellent Very good ,5 2 Good Satisfactory ,5 3 Sufficient Barely passing Fail Agreement of Interuniversity Cooperation Description Bologna Evry München Highest level (cum laude) 30 e lode ,0 Excellent ,0 Very good ,3 Good ,3-2,0-1,7 Quite good ,7 Satisfactory ,0-3,3 Sufficient ,7 Barely passing or (*) 4 Fail

16 3.2 Recognition of the Double Degree Programme The procedure for the recognition of the Double Degree Programme depends on the period you spent abroad. If you spent your: 1) Fourth semester (second semester of the second year) or entire second year: thesis abroad Read carefully the guidelines for the Final Graduation and apply online according to the deadlines (domanda di laurea); In addition to that, you must send to the Programme Coordinator: a) The certificate of period (this does not apply to students receiving an erasmus scholarship, see 3.1) ; b) The transcript of Records (including all the exams passed) at least one month before the expected graduation date abroad (this does not apply to students leaving with an erasmus scholarship, see 3.1); c) The original copy of the complete transcript of records (with graduation mark and date) at least 15 days before the expected graduation date at the University of Bologna. Please make sure that the University of Bologna has recognized the courses you attended abroad. You may attend the graduation ceremony (proclamazione) at the University of Bologna according to the Graduation Session you applied for (not compulsory). 2) Third Semester (first semester of the second year) After the graduation at the University of Bologna, send your Final Transcript to the Host University in order to obtain their Degree. You will be able to download the transcript directly from Studenti Online one week after the Graduation Session. Each of the foreign partners university follows a different procedure to release the Degree according to their regulation. 16

17 3.3 Graduation Deadlines and other information Additional points (Bonus Laurea) are assigned depending on when you choose to graduate. For further information please refer to the guidelines for the Final Graduation on our webpage. Just to give you an idea, here follow the deadlines and information regarding this year s graduation sessions. The schedule for the next academic year (2015/2016) will more or less follow the same outline. You can start the procedure even if you have not taken all the exams yet. It is the third deadline (about twenty days before the actual graduation date) that is relevant for the completion and recognition of the exams. 17