Then Study Mathematics or Statistics with Finance at UNSW or study Quantitative Risk.

Both programs are designed for highly motivated students with strong mathematical skills and a high UAI.

The two programs have been developed in consultation with banking and finance industry groups to meet the continually increasing demand from the finance sector for mathematically able graduates. This demand has arisen with the rapidly increasing use of advanced mathematical techniques in many areas of finance.

The BCom/BSc combined degree has been operating for a number of years and its graduates have been keenly sought within the industry. There are two major sources of employment. First and foremost are the banks. Since de-regulation, the financial sector has seen the entry of many merchant banks, and the sector has been exposed to new and sophisticated capital markets. The more recent Basel II compliance regime has created a special need for risk professionals. Banks require numerate graduates who can design and critically analyse the complex mathematical models (for example, of leasing agreements and option pricing) needed to operate effectively in fast-moving markets. Other sources of employment are the insurance, superannuation and financial consulting companies. In order to respond effectively to changes in the superannuation and tax laws, companies are seeking and employing good mathematics graduates willing to be trained as actuaries. For both sources, graduates with a combined mathematics/statistics/finance background are ideal.

See also the Careers page and the Finance pages.

In the first year both programs have almost identical studies. You will study Mathematics, Accounting and Financial Management, Microeconomics, Macroeconomics, Capital Markets and Institutions, and either another Commerce option or a recommended Computing course. Statistics studies start in year 2.

Mathematics and Statistics in both programs can be studied at the Ordinary level or at the Higher level depending on your interests and abilities, but study at the Higher level is recommended and may be necessary for certain courses in later years.

To find out the formal requirements (in terms of courses that you have to study), see the Quantitative risk plan or Recommended study plan for the combined BCom/BSc degree with majors in Finance and Mathematics or Statistics.

For formal details and informal descriptions of individual Mathematics and Statistics courses, see the Details of Courses page.

In the final year of the Advanced Mathematics Program, or if you do the extra fifth (Honours) year of the combined degree in Mathematics or Statistics, you will undertake a project in Mathematics or Statistics and its applications to a selected area of Finance. This project is likely to involve cooperation with the finance industry and its implementation will use industry-standard computing techniques. A similar project is optional for those doing the 4 year BCom/BSc.

You must meet the appropriate UAI cutoff:

In addition, you will need to have reached the level of mathematical knowledge which is assumed in the course MATH1151 Mathematics for Actuarial Studies and Finance 1A. To find out what level of knowledge is assumed, see Assumed Knowledge.

Note that both programs demand a high level of mathematical ability and are not recommended for students whose Mathematics marks are less than a combined mark of 140 out of 150 in Mathematics and Mathematics Extension 1 or 180 out of 200 in Mathematics Extension 1 and Extension 2.

If your main interest is clearly in Mathematics or Statistics, you have excellent marks in Mathematics and you want to study it but wish to combine it with Finance and Risk studies to make yourself more employable, then choose the Quantitative Risk program as your first option. Remember also that you must maintain a distinction average to stay in this plan.

If you really want a Commerce degree in Finance but wish to study more Mathematics and Statistics to help you understand the mathematical and theoretical background to Finance, then put the combined degree as your first preference.

If you are undecided or want to keep your options open, then put the combined degree as your first preference and the Quantitative Risk program as your second preference.

It is not possible to transfer between degree programs without reapplying for admission so you should make sure you choose the correct program initially. You can swap to another major in Commerce or in Science after the first year without much problem, but after that it becomes difficult without taking more years to complete the degree.

School of Mathematics and Statistics
phone: (02) 9385 7111
fax: (02) 9385 7123
email: ug.MathsStats followed by @unsw.edu.au

School of Banking and Finance
phone: (02) 9385 5867
fax: (02) 9385 6347
email: bankfin@unsw.edu.au
web: http://banking.web.unsw.edu.au