Mathematics with Financial Engineering - v pripravi

General information

Name of the programme: Mathematics with Financial Engineering
Type of programme: Master's, 2nd Bologna cycle
Degree awarded: “magister finančne matematike” equiv. to a Master’s degree in Financial Mathematics
Duration: 2 years (4 semesters)
ECTS-credits: 120
Programme structure: 17 courses (102 ECTS), Master’s Thesis (18 ECTS)
Mode of study: full-time
Language of study: Slovene

Programme coordinatortoptop

Assoc. Prof. Mihael Perman, PhD

For information regarding application, enrolment and other administrative procedures please contact Student Services.

About the programmetoptop

The study programme for a Master’s in Mathematics with Financial Engineering is designed for graduates of financial mathematics who wish to expand their knowledge of mathematics and financial engineering and gain further understanding of economics and finance. Its principal objective is to train professionals in solving complex mathematical problems that arise in banking and insurance, in the management of pension funds and health funds, in auditing firms and generally everywhere in the economy, where questions of optimal management arise.

It should be noted that economic science has, in recent decades, experienced a substantial shift away from traditional social science to what we now call applied mathematics. There has been a growing interest in describing, simulating and analyzing financial problems with the use of the instruments of mathematical analysis and numerical methods. Hence, solving the most complex scientific as well as entirely practical and common problems of the economy is now based primarily on mastery of the instruments of computer science and mathematical analysis.

With its master's programme in the field of financial mathematics and its other study programmes, UP FAMNIT offers a broad range of knowledge based on mathematics and computer science. This knowledge not only has a distinctly applied value but also the advantage of drawing on a combination of interdisciplinary skills that are essential both for following the development of modern economic science and in order to facilitate successful job placement in academia, public administration or the economy.

Educational and professional goals  toptop

• To provide a thorough understanding of mathematics in financial engineering.
• To demonstrate the importance of analytical thinking and reasoning and using various mathematical problem-solving methods in financial engineering.
• To educate and train students to become confident in using the acquired skills.
• To develop students’ capacity for mathematical thinking and reasoning in the field of financial mathematics.
• To identify the connections between various mathematical theories and financial engineering.
• To develop the ability to extrapolate new conclusions from the analysis of existing data using advanced statistical methods or machine learning and artificial intelligence techniques.
• To develop a sense for collaboration in problem solving.
• To train students to use modern technology in solving and presenting mathematical problems and concepts.
• To develop a positive attitude towards continuous education in finance and mathematics when solving various problems.
• To emphasize accuracy in using mathematical expressions and symbols in the spoken and written word. The ability to communicate clearly and effectively in business is essential when using advanced methods in finance and economics.
• To develop students' confidence in the identification and use of suitable mathematical skills, knowledge and techniques in a given situation.

Admission requirements  toptop

Admission to the first year shall be granted to applicants having completed:

• a first-cycle study programme in the field of mathematics in economics and finance, financial mathematics, or mathematics, or
• a professional higher education study programme (adopted before 11 June 2004) in the field of mathematics in economics and finance, financial mathematics, or mathematics, or
• a study programme from any other field of expertise, equivalent in time and scope to the programmes described above – in this case the applicant is required to fulfill additional academic requirements, the content and extent of which depend on the previously completed study programme. Additional academic requirements shall be determined by the relevant committee of UP FAMNIT.

Admission may also be gained by an applicant having completed a comparable study abroad and who has been, in the process of recognition of their qualification and in line with the Recognition and Evaluation of Education Act, granted the right to continue their studies in the Master’s degree programme in Mathematics with Financial Engineering.

Applicants may fulfill these additional academic requirements during their undergraduate studies, in training programmes, or by taking examinations prior to enrolment.

In the case of enrolment limitations, applicants shall be selected on the basis of the average grade obtained during their undergraduate studies, also taking into account the grade of their final thesis.

Continuation of studies according to the transfer criteriatoptop

Transfers between study programmes are possible on the basis of the Higher Education Act, Criteria for Transferring between Study Programmes and in accordance with other regulations of this field.

The transition between study programmes is the enrolment in the higher year of the study programme, in case of leaving the education at the initial study programme and continuing the study process at another study program of the same degree. The transition takes into account the comparability of the study programmes and the completed study obligations of the candidate in the initial study program.

Access to Year 2 of the Master’s programme of Mathematics with Financial Engineering on the basis of the Criteria for Transferring between Study Programmes is granted to candidates, provided that the following conditions have been met:

• the candidate fulfils the requirements for admission to the study programme of Mathematics with Financial Engineering;
• completion of the first study programme which the candidate is transferring from ensures the acquisition of comparable competencies as those envisaged by the study programme of Mathematics with Financial Engineering; and
• other conditions in accordance with the Criteria for Transferring between Study Programmes have also been met (a comparable course structure, course requirements completed).

Individual applications for transfer shall be considered by the relevant committee of UP FAMNIT. Apart from comparability between both fields of study, the committee shall also consider comparability between the study programmes, in accordance with the Criteria for Transferring between Study Programmes. The applicant may also be required to complete differential exams as defined by the relevant Faculty committee.

Enrolment on the basis of the Criteria for Transferring between Study Programmes is also open to candidates of a related study programme abroad who have been, in the process of recognition of their studies abroad, legally granted the right to continue their educational training in the study programme of Mathematics with Financial Engineering.

In the case of limited enrolment, applicants shall be selected on the basis of the average grade obtained during the study programme they are transferring from.

Advancement requirements  toptop

Progression to Year 2 is granted to students who have collected at least 42 credits in the current academic year. Under exceptional circumstances, exemption from this requirement is also granted to students who have justifiable reasons for not having obtained the required 42 credits, eg. parenthood, extended illness, extraordinary family and social circumstances, status of student with special needs, active participation in top scientific, cultural and sporting events, active participation in university bodies, etc. In such cases, entry into the second year of study shall be decided upon by the relevant committee of UP FAMNIT.

Students who have not completed all the requirements (as defined by the study programme) for advancement to the next year of study may repeat a year only once during their studies, in accordance with the Higher Education Act.

Student status, along with the corresponding rights and benefits provided by law and the Statute of UP, is retained by advancing to the next year of study and also by repeating a year. In accordance with the law and the Statute of UP, students can apply for an extension of student status for a maximum of one year.

To complete their studies, students are required to fulfill all their academic obligations as defined by individual course curricula and the study programme.

Students are required to write a master's thesis under the guidance of an advisor (mentor), usually selected in the second year of study. The master's thesis must be completed in accordance with the applicable guidelines for the preparation of the master’s thesis. A student can submit the application for the Master's thesis topic proposal after enrolment in the 2nd year of study.

Course Structuretoptop

The study programme is comprised of 14 courses, 2 seminars and a master’s thesis (a total of 120 credit points according to the ECTS credit system). The courses are compulsory (6 courses), internal elective (5 courses) and external elective (3 courses). All courses are assigned 6 ECTS credit points each.

Short descriptions of courses are available HERE.

Elective coursestoptop

The study programme is comprised of 8 elective courses that are divided into internal elective (5 courses) and external elective (3 courses). All elective courses are assigned 6 ECTS credit points each.

INTERNAL elective courses are courses within the study programme; the list of all internal elective courses is available in the section Course structure (Table 4).

As an internal elective course, a student can also choose any course offered in the master's study programmes Mathematical Sciences, Computer Science, or Data Science, which is not on the list of mandatory and internal elective courses of the study programme Mathematics with Financial Engineering.

At least 2 out of the 5 internal elective courses must be mathematics courses from the master's study programme Mathematical Sciences. The study programme coordinator reviews the suitability of the students' selection of internal elective courses.

EXTERNAL elective courses can be selected by the student within the accredited study programmes at higher education institutions in Slovenia or abroad, specifically courses from postgraduate study programmes in the fields of financial mathematics, economics, accounting, business finance, or legal subjects related to economics and finance. External elective courses may also include courses with an economic content at the University of Primorska, Faculty of Management, subject to prior approval by the study programme coordinator. Students may choose courses outside the University of Primorska or within elective options outside Slovenia (e.g., T4EU, Bachelor Tracks, etc.).

Depending on the student's specific interests, typically in connection with the master's thesis (2nd year), and with prior approval from the study programme coordinator, the student may also choose external elective courses from study programs in other fields of study.

As part of the external elective options in the 2nd year, the student may undertake PRACTICAL TRAINING IN A WORK ENVIRONMENT. The purpose of the practical training is to provide students with professional experience in the fields of finance, economics, and related areas. The practical training lasts for 3 weeks (6 ECTS), and the student performs the practice in a real work environment under the mentorship of a qualified mentor from the financial, economic, or related field. A student who chooses to undertake practical training must first coordinate with the study programme coordinator and then record their decision on the enrollment form when enrolling in the 2nd year.

The faculty offers only certain elective courses each year, which students choose when enrolling for the upcoming academic year. In doing so, the faculty takes into account its staffing and financial capabilities, as well as student interest in specific courses. Student interest is usually assessed between February and April, when coordinators meet with students or conduct a survey. The final list of elective courses is published by the faculty before the enrollment period begins in July, and students select their elective courses during enrollment (July – September).

For assistance and guidance regarding elective courses, students can contact the study programme coordinator.

Practical Trainingtoptop

If the student selected with the study programme coordinator a TRAINEESHIP IN A WORKING ENVIRONMENT as their external elective course in the 2nd year of study, he/she should know all procedures defined in the INSTRUCTIONS FOR STUDENTS ABOUT THE PRACTICAL TRAINING (only in Slovene).

All procedures goes through ŠIS, also all form are available in ŠIS. The key steps in the procedure are listed below:

• student submits the application for the training; it is mandatory to attach the Statement of the institution for accepting the student for practical training;
• the coordinator of the practical training at the Faculty decides about the application;
• after the approval, the student prints 3 copies of the traineeship cooperation agreement and submits them at Student Services; he/she saves all other forms as he/she will need them during the training;
• student begins with the training only after the approval of the application and the agreement is signed;
• at the end of the training student submits a report; all mandatory forms that need to be attached are listed in the Instructions;
• the coordinator of the practical training at the Faculty decides about the report;
• after the approval of the report, the student is invited to complete a survey about the training.

If a student needs the Student traineeship cooperation agreement in English (due to the practical training abroad), he/she must inform the Student Services as soon as he/she is informed that his/her application for practical training has been approved by coordinator.

Graduates' competenciestoptop

General competencies

• The ability to analyse, synthesize and predict solutions and consequences of the factors related to the discipline of financial mathematics.
• The ability to critically assess the developments in the field of financial engineering.
• Development of communication skills.
• Skills of co-operation, team work and project work.
• The ability to autonomously seek and acquire professional knowledge and to integrate it with existing knowledge.
• The ability to seek and interpret new information and to place it into the context of the discipline of mathematics.
• Autonomy in professional work.
• The ability to use computer resources for data analysis and the application of mathematical models.

Subject-specific competencies

• The ability to describe a given situation with the correct use of mathematical symbols and notations.
• The ability to explain and understand mathematical concepts and principles.
• The ability to solve mathematical (and other) problems with the use of modern technology.
• The ability to use the algorithmic approach – to solve a given problem by developing an algorithm.
• The ability to perform an analysis of a given problem.
• The ability to deduce new logical conclusions from the information given.
• The ability to tackle a given problem in financial mathematics with confidence and to find its solution.

Graduate employment opportunities  toptop

Graduates of the programme can find employment in banks and insurance companies, stock exchanges and brokerage houses, pension and health funds, public administrations and agencies, audit firms, in the logistics sector, and in other areas that require both a basic knowledge of economics and finance as well as analytical skills, such as such as strategic and logistics divisions of larger companies.

Graduates may also choose careers which are not essentially tied to the scope of their completed studies. Every graduate of this programme will obtain skills essential for leading positions in many areas: well-developed logical thinking, prudence, the ability to thoroughly assess procedures and outcomes, and an analytical approach to problem solving.

The study programme will provide the local ecomony with highly qualified professionals that meet the needs of transportation (Port of Koper, Intereuropa), banking, insurance, and gaming and computer companies. On a national scale, the study programme will provide much-needed experts in modern economics who are highly trained in mathematical modeling.