Bachelor s Programme in Analytical Finance, 180 credits

Transcription

1 Programme Syllabus Page 1 of Bachelor s Programme in Analytical Finance, 180 credits This programme syllabus is valid for programmes given after 1 July This is a translation of the original programme syllabus in Swedish, which was ratified by the Faculty Board s Education Committee for Engineering on 20 January 2012 and thereafter revised on 10 May Objectives The Degree Programme in Analytical Finance will satisfy the growing need of scientifically educated personnel within the finance sector. The Analytical Finance programme aims to give the programme students a good basis for work, directed towards the development of pricing of derivatives, and the testing of risk management models, as risk analysts, quantitative analysts or asset managers. Knowledge and understanding On completion of the degree programme, independently of the main field of study, the - account for basic concepts and principles in basic higher education Mathematics, including algebra, differential calculus, probability theory and statistical theory and apply this knowledge in problem-solving, - account for and apply basic concepts, principles and models in micro- and macroeconomics, - account for and apply basic concepts, principles and models in marketing and organisation theory, and also - account for and apply basic concepts and principles concerning bookkeeping and marketing as tools for decision-making. On completion of the degree programme, with as the main field of study, the - demonstrate understanding of, and the ability to apply, basic theorems in differential calculus, linear algebra, probability theory and statistical theory, - demonstrate understanding of, and the ability to explain, some of the mathematical models used in financial engineering and portfolio theory along with the assumptions and limitations of the models, and also - understand theories and methods of linear programming and operations research. On completion of the degree programme, with as the main field of study, the

2 Page 2 of 7 - demonstrate deeper knowledge of both classical and contemporary business administration research within a chosen area. On completion of the degree programme, with as the main field of study, the - demonstrate deeper knowledge within a chosen area of economics. Included in this is knowledge of current research. Skills and abilities On completion of the degree programme, independently of the main field of study, the - use his/her knowledge and understanding of basic concepts, theories and principles in mathematics, economics, and business administration for problem-solving in finance, bookkeeping, marketing and organisation, - give clear and correct, with regard to both language and content, customised oral and written presentations in English, - cooperate successfully in groups by contributing with facts and ideas which lead to a good result of the group s work, - communicate effectively in accordance with the accepted academic norms of the programme s field of study and write both detailed and well-structured reports, and also - work independently and, with a minimum of supervision, identify important problem areas in business and financial operations and also by observing given frameworks, use correct tools and methods for solving the problems. On completion of the degree programme, with as the main field of study, the - transfer financial and economic problems described in non-mathematical terms to mathematical terms and use this transfer to solve the problems, - construct and develop logical mathematical arguments so that assumptions and conclusions are clearly shown, - use calculation programmes as aids for mathematical processes and for information retrieval and also have a basic knowledge of programming languages and software of importance to the finance branch, and also - produce qualitative information from quantitative data with the aid of statistical methods and software. Critical judgement and approach On completion of the degree programme, independently of the main field of study the - demonstrate the ability to evaluate his/her own strengths and weaknesses, question opinions and develop his/her own assessments and evaluations, - demonstrate the ability to make his/her own assessments within the economics field, taking into account relevant scientific, social and ethical aspects,

3 Page 3 of 7 - demonstrate the capacity for quantitative thinking, i.e. be able to make calculations without the aid of pocket calculators and also be able to judge whether a result is reasonable or not, and also - demonstrate the ability to assess situations which can arise in business and financial operations and take into account scientific, social and ethical aspects. Language of instruction The language of instruction is English, which includes all teaching, examination and literature, etc. Specific entry requirements Studies in Mathematics of a minimum of three years from upper secondary school with a Science profile, and a TOEFL test result, with a minimum score of 575 with a TWE score of at least 4.5 (PBT) or 90 with a TWE score of at least 20 (ibt) or an IELTS test result with an overall band score of at least 6.5 and no band score below 5.5 or equivalent. Since the programme is given entirely in English, Mälardalen University will exempt students from the requirements of Swedish language proficiency. Selection Selection by grades 60%, by the Swedish Scholastic Aptitude Test 40%. Course content Analytical Finance is a three-year degree programme which offers a basis in Mathematics, and. The focus of the programme is placed on real problems in working life in business and public financial activities, and the literature has been chosen to support this specialisation. Advanced financial software is used in the teaching. The programme consists of courses divided into semesters as indicated below. Semester 1 Semester 2 Mathematics for and Business, 7.5 credits Algebra, 7.5 credits Financial Accounting, 7.5 credits Cost and Management Accounting, 7.5 credits Calculus I, 7.5 credits Introduction to Financial Mathematics 1, 7.5 credits Microeconomics, 7.5 credits Environmental, 7.5 credits 1 Also classified as.

4 Page 4 of 7 Semester 3 Semester 4 Calculus II, 7.5 credits Probability Theory, 7.5 credits Marketing Basics, 7.5 credits Organisation Basics, 7.5 credits Alternatives 1 and 3 Numerical Methods with MATLAB, 7.5 credits Methods of Statistical Inference, 7.5 credits International, 7.5 credits Macroeconomics, 7.5 credits Alternative 2 Marketing and IT, 7.5 credits Service Management, 7.5 credits Cost and Management Accounting II, 7.5 credits Intermediate Financial Accounting, 7.5 credits Semester 5 Semester 6 Alternative 1 Analytical Finance with MATLAB, 7.5 credits Stochastic Processes, 7.5 credits Portfolio Theory I 2, 7.5 credits Applied Matrix Analysis, 7.5 credits Alternative 2 Nordic Perspectives on Marketing and Management, 15 credits Bachelor s Essay in, 15 credits Finance 3, 7.5 credits Alternative 3 Elective 30 credits Portfolio Theory I 4, 7.5 credits Finance 5, 7.5 credits Microeconomics II, 7.5 credits Econometrics, 7.5 credits Labour, 7.5 credits Alternative 1 Degree Project in Mathematics, 15 credits Elective 15 credits Operations Research, 7.5 credits Simulation, 7.5 credits Time Series Analysis, 7.5 credits Courses from Alternatives 2-3 Alternative 2 Numerical Methods with MATLAB, 7.5 credits Methods of Statistical Inference, 7.5 credits International, 7.5 credits Macroeconomics, 7.5 credits Alternative 3 Microeconomic Theory II, 7.5 credits Engineering and Management 6, 7.5 credits Bachelor s Essay in, 15 credits 2 Also classified as and. 3 Also classified as. 4 Also classified as and. 5 Also classified as. 6 Also classified as.

5 Page 5 of 7 Choices within the programme After three semesters of study the students can choose: - to study a further credits in to be able to take a Bachelor s degree with as a main subject and with Financial Engineering as a specialisation, or - to study further courses in or. Host School The School of Education, Culture and Communication is the host School for Analytical Finance. Degree The degree programme is so designed that the studies will lead towards fulfilment of the requirements for at least one of the following degrees: - Bachelor of Science in with Specialization in Financial Engineering. The examination requirements for this degree are fulfilled if the studies are completed according to semesters 1-3 along with Alternative 1 for semesters 4-6 in the table above. - Bachelor of Social Science in. The examination requirements for this degree are fulfilled if the studies are completed according to semesters 1-3 along with Alternative 2 for semesters 4-6 in the table above. - Bachelor of Social Science in. The examination requirements for this degree are fulfilled if the studies are completed according to semesters 1-3 along with Alternative 3 for semesters 4-6 in the table above. If the programme contains elective or optional components, or if a student chooses not to complete a certain course, the choices made can affect the possibility of fulfilling the degree requirements. For more information about degrees and degree requirements, consult the local degree regulations which are published on the University website. Quality Assurance Every course is evaluated by participating students. The results of the evaluations are discussed in the Programme Council. The course evaluations play an important part in the quality assurance of the courses and of the programme. Student Participation Student representatives from the programme, together with teacher representatives, form a Programme Council which meets 3-4 times annually to discuss programme-related questions and the students course evaluations. The purpose of the Programme Council is that the students shall be able to influence the development of the programme. At least two students participate in the work of developing courses and planning the teaching.

6 Page 6 of 7 Research Basis The programme has a broad research basis within the main field of study of and is linked to two of the prioritised research profiles at Mälardalen University: Sustainable Development, Working Life and Management, and Environment, Energy and Resource Optimization. For example optimisation of trade, within the framework of the programme s courses, is treated with what is known as energy derivatives. Such optimisation contributes towards savings within the energy sector and thereby towards a favourable development of the climate. Further, several of the programme s courses have a specialisation in Mathematical Statistics, and, subjects which are central in the research profile of Sustainable Development, Working Life and Management. The programme cooperates actively with companies and the surrounding community, and several teachers in the programme are active in research and development in business. Also related to the programme is the Master s programme in Financial Engineering and third-cycle courses and study programmes in. Third Stream Mission The combination of mathematics, economics and business administration makes Analytical Finance a unique programme. It is internationally oriented and graduates can work both in Sweden and abroad. The financial crisis which culminated during 2009 has made the programme particularly topical, since the need of skilled analysts will increase among operators on the financial market. Our researchers are constructing new methods for solutions to current problems in financial engineering and are developing software which realises these methods. Unique courses have been developed for the programme, such as Analytical Finance with MATLAB, in which the students learn to develop software with embedded modules for solutions to many important financial and economic problems. No other higher education institution in Sweden has any corresponding course. The programme is designed to give the students the theoretical tools which will give them good opportunities to gain employment in banks, insurance companies and government authorities. Internationalisation Mälardalen University has for a long time considered internationalisation to be one of the most important factors ensuring that education and research maintain good quality. As a student it is good to be exposed to international features during the study period. This contributes towards increasing competence and understanding, both very important qualities in today s labour market. A student choosing assignments with an international profile or taking part in the Student Union s mentoring work can contribute just as much as a stay abroad. Intercultural competence is really important regardless of whether future employment is in Sweden or anywhere else in the world.

7 Page 7 of 7 The students can participate in Mälardalen University s international student exchange programme and transfer an extended period of their studies to one of the University s partner universities. Equality Mälardalen University recruits teachers and students from different countries with different social backgrounds, skin colour, ethnic and cultural origin, religious belief, disability or sexual orientation. The School s work with equality and equal opportunities issues should be well known to students. The students should have the knowledge that there is an action plan for equality and equal opportunities issues. Diversity aspects are taken into account when developing the pedagogical work at the School. The relationship between staff and students is characterised by an approach marked by democratic values and the right to be different. Teaching Teaching on the programme consists of lectures, problem-solving lessons and seminars. During the lectures the teacher gives a short introduction to the following part of the course. During the problem-solving lesson the students, under the guidance of the teacher, solve commensurate problems. During these lessons, small groups of students can also present their solutions. The seminars are prepared by the students, in groups, selecting a relevant subject and in groups write a report on the subject, which is presented at the seminar. The student is expected to set aside non-scheduled time for group work and individual study. The courses are examined both by written final examinations and continually during the progress of the course, in the form of, for example, seminar reports, problem-solving assignments and written tests of knowledge. Three different types of examination methods are employed: portfolio examination, seminar examination and written examination. To pass the portfolio examination the student hands in the answers to the assigned problem-solving exercises to the teacher. To pass the seminar assignment the student will write a report and orally present this at the seminar. Written tests of knowledge during the progress of the course can occur.