General characteristics of the study programme
Name of the study programme: | Economic and Financial Mathematics |
Field of study: | 9.1.9 Applied Mathematics |
Level of study: | 2nd |
Form of study: | standard |
Standard length of study: | 2 years |
Academic degree confered: | Mgr. |
Guarantor of the study programme: | |
Expected number of students in class: | 40 |
Programme sequentiality
This study program is a continuation of the bachelor study program Mathematics of Economics and Finance
Brief history of the study programme
Why Economy and Finance study program is taught at Faculty of Mathematics, Informatics and Physics? Recent trends in theoretical economy and financial modeling require deep mathematic knowledge and experience. Or even better, without mathematics they cannot be studied thoroughly. History of theoretical economics and finance is relatively short – study program Economics and financial mathematics (EFM for short) was founded in 1994 by prof. Pavel Brunovský. Cooperation with University of Pittsburgh and Carnegie Mellon University played an important role in establishing a team of experts teaching theoretical economics and financial mathematics. It also started a fruitful scientific research in our department – a necessary condition for achieving a high quality of teaching of master degree subjects. The role of Center for Economics and Finance is to coordinate and broaden contacts with a community of people working in the fields of theoretical economy and mathematical finance. One of its principal activities is to organize regular scientific seminar devoted to recent trends in economy and finance. Content of the study program was developed out by the Department of Applied Mathematics and Statistics in cooperation with teachers from other departments as well as experts from the Center for Economics and Finance. Three basic components of the study program: mathematics, operational analysis and theoretical economics and finance have been equally incorporated in the program from very beginning. The program is accompanied by subjects covering recent trends in computer science and modern software tools. Special feature of our program is the fact that our students have the same scope of mathematical subjects in the first degree of study as those of studying pure mathematical subjects.
Requirements on study applicant (Requirements for acceptance)
The necessary conditions for admission are: bachelor degree graduation and successful bachelor thesis defense in the first degree of the study of Economic and Financial Mathematics. The final decision is made by the dean of the faculty in a cooperation with the coordinator of the study program. In order to keep high standards of the study program the coordinator can reject applications of students having weaker of the study.
Educational and professional objectives
Education of experts in the field of applications of mathematics in economics and finance. Preparation of professionals in the field of economics, econometrics and financial analyses.
Subject focus and brief description
Applications of mathematics in theoretical finance: Financial mathematics, partial differential equations, financial derivatives, numerical mathematics.
Applications of mathematics in optimization and theoretical economy: Optimal control, linear and nonlinear programming, stochastic methods of operational analysis, special econometrics, econophysics, game theory.
Application of mathematics in insurance and demography: Mathematical methods of demography, theory of insurance, time series analysis.
Graduates' profile
A graduate of the master degree program Economic and finance mathematics has a wide knowledge in a broad scope of mathematical disciplines such as mathematical analysis, algebra and geometry, difference and differential equations, numerical methods, probability and statistics. In the fields of economics and finance he/she has a strong background in micro- and macroeconomics, econometrics, modeling in finance, risk analysis, modern methods in insurance. He/she is familiar with other mathematical disciplines with direct applications in economics and finance such as special statistical methods, linear and non-linear programming, game theory. He/she has an overview in classical and modern economic theories, knows the basic notions and relations in banking and finance. He/she has strong skills with computer work, knows the basics of operating systems and computer networks, programming in C++, and can work with the modern mathematical, statistical and financial software, as well as software for graphical presentation and publication of results. He/she is able to use this knowledge for solving standard problems of economic and financial practice requiring the usage of more difficult mathematical approaches and methods. He/she is able to join research teams consisting of specialists in the field of economics and finance. He/she can use as the inland as the foreign literature and adapt to different conditions in economic and finance practice. Graduates of the master program having excellent results are well prepared to continue in studies in the PhD study program of Applied Mathematics.
Graduates' competence and job opportunities
From early years of the existence of the study program Economic and financial mathematics there was no problem for our graduates to find an appropriate job. They are well apprized in banks, investment companies, or theoretical institutes, and are preferred to graduates of other study programs with economic and financial background. Many of our graduates are already top-analysts in banks and investment companies. The quality of students, teachers, and the study program EFM itself are reflected in the quality of graduates. Nowadays, there is a great demand on our graduates from various financial, research and other institutions. In the last years, 5 – 10 of approximately 30 graduates continue their study in doctoral degree programs at CERGE in Prague each year and about three of them at Institute for Higher Studies in Vienna. They belong among top 10% of students in these renowned institutions. The majority of graduates find their opportunity in financial institutions and insurances, often during their study. They usually find appropriate positions in Slovenská sporiteľňa, National Bank, Ministry of Finance, ING Bank, Slovenský plynárenský priemysel etc. Two of our graduates got a research positions at the Division of Statistics in European Central Bank among 400 European applicants. One of our graduates was awarded the Prize of Olga Radzyner of National bank of Austria for young economists from countries with transitive economy. The quality of study and research are also reflected in diploma thesis. Each year some of them are awarded the Prize of Slovenská sporiteľna.
Specific features of the programme
None
