UBSCHFMAFT-2024-5-O - L-Università ta' Malta

Course Title

Bachelor of Science (Hons) in Financial Mathematics, Actuarial & Risk Management

MQF Level

Duration and Credits

4 Years

240 ECTS

Mode of Study

Full-time

Information for International applicants

Refer to the list of country-specific qualifications

A pass at Advanced Level at Grade C or better in Pure Mathematics

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Applications for our February and October intakes have been officially open since the third week in November. You can submit your application online. The deadlines for submission of applications vary according to the intake and courses. We encourage all international applicants to submit their applications as soon as possible. This is especially important if you require a visa to travel and eventually stay in Malta.

You can compare your national qualifications to the local requirements by visiting our qualifications comparability webpage. Access more information about our admission process and English language requirements.

The University of Malta has student accommodation on campus called Campus Hub. Campus Hub is just a 2-minute walk from the main campus. For more information, visit the accommodation website.

Our dedicated team at the student recruitment office is here to support you every step of the way. From the moment you start your application to the moment when you receive your decision letter, we're here to assist you. If you have any questions or need further information, don't hesitate to reach out to us. You can contact us at info@um.edu.mt, and our team will be more than happy to help.

After you receive an offer from us, our International Office will assist you with visas, accommodation and other related issues.

The Bachelor of Science (Hons) Financial Mathematics, Actuarial and Risk Management is a full-time four-year degree course. The first three years are common to all students. During the fourth year, you can select study units from Mathematics, Statistics, and Insurance & Risk Management. The degree provides you with the opportunity to develop a strong foundation in mathematics, statistics, and actuarial science. You will demonstrate your acquired knowledge of mathematical concepts through calculus, linear algebra, and differential equations; statistical concepts such as statistical inference, linear programming, and regression models; as well as your understanding of financial markets, investment strategies, and risk management techniques. During your final year of studies, you will demonstrate and reflect the knowledge and skills acquired by carrying out a supervised dissertation with a topic of your choice.

Communication and Academic Skills Programme

The communication and academic skills programme complements students’ main course of study. It introduces them to writing and presenting as situated within academic contexts sensitive to specific disciplines and develops their competences for future careers.


Year (This/these unit/s start/s in Semester 1 and continue/s in Semester 2)

Compulsory Units (All students must register for this/these unit/s)

MAT1212	Introductory Analysis	6 ECTS
SOR1110	Probability	4 ECTS
SOR1222	Statistical Computing	8 ECTS
SOR1310	Optimization	4 ECTS
SOR1320	Linear Programming	4 ECTS
SOR1450	Principles of Financial Mathematics and Life Policies	4 ECTS


Semester 1

Compulsory Units (All students must register for this/these unit/s)

ISR1001	Economics of Risk Management	4 ECTS
MAT1091	Mathematical Methods	4 ECTS


Semester 2

Compulsory Units (All students must register for this/these unit/s)

INS1001	Applied Emerging Technologies in Risk Management	4 ECTS
INS1002	Applied Behavioral Risk Management	4 ECTS
INS1003	Principles of Financial Risk Management	4 ECTS
INS2019	Insurance Accounting Principles	4 ECTS
MAT1116	Introduction to Vector Spaces	2 ECTS
MAT1411	Discrete Methods	4 ECTS

Requirement for progression to Year II: 60 ECTS credits


Year (This/these unit/s start/s in Semester 1 and continue/s in Semester 2)

Compulsory Units (All students must register for this/these unit/s)

SOR2211	Families of Random Variables and Random Vectors	6 ECTS
SOR2221	Statistical Inference 1	6 ECTS
SOR2230	Time Series 1	4 ECTS
SOR2330	Nonlinear Programming	4 ECTS


Semester 1

Compulsory Units (All students must register for this/these unit/s)

INS2015	Personal Lines Insurance 1	4 ECTS
INS2021	Governance Regulations and Compliance Management	4 ECTS
INS2091	Corporate Governance of Insurance Undertakings	4 ECTS
MAT2112	Linear Algebra 1	4 ECTS
MAT2212	Analysis 2	4 ECTS
MAT2512	Vector Analysis 1	4 ECTS


Semester 2

Compulsory Units (All students must register for this/these unit/s)

INS2013	Business Continuity Planning	4 ECTS
INS2018	Personal Lines Insurance 2	4 ECTS
INS3016	Sociology of Risk	4 ECTS
INS3100	An Introduction to Actuarial Science	4 ECTS

Requirement for regular progression to Year III: 60 ECTS credits


Year (This/these unit/s start/s in Semester 1 and continue/s in Semester 2)

Compulsory Units (All students must register for this/these unit/s)

SOR3110	Stochastic Processes 1	5 ECTS
SOR3210	Multivariate Analysis 1	5 ECTS
SOR3221	Regression Models	4 ECTS
SOR3243	Bayesian Statistics	4 ECTS
SOR3500	Computational Methods in Statistics and Operations Research	4 ECTS


Semester 1

Compulsory Units (All students must register for this/these unit/s)

CIS1044	SQL for Statisticians	2 ECTS
INS3018	Investments and Derivative Markets	4 ECTS
INS3400	Elements of Capital Modelling and Planning for Insurers	4 ECTS
INS3502	Marine and Transportation Insurance	6 ECTS
MAT3114	Linear Algebra 2	2 ECTS
MAT3215	Metric Spaces	4 ECTS
MAT3711	Differential Equations	4 ECTS


Semester 2

Compulsory Units (All students must register for this/these unit/s)

INS3501	Principles of Environmental Social and Corporate Governance (ESG)	4 ECTS
MAT3217	Lebesgue Integration	4 ECTS
MAT3771	Numerical Analysis	4 ECTS

Requirement for progression to Year IV: 60 ECTS credits

In addition to the compulsory study-units (40 ECTS), students are required to choose 20 ECTS from the elective study-units for a total of 60 ECTS.


Year (This/these unit/s start/s in Semester 1 and continue/s in Semester 2)

Compulsory Units (All students must register for this/these unit/s)

SCI3000	Dissertation	10 ECTS
SOR3411	Risk Modelling in Insurance and Finance	4 ECTS
SOR3430	The Mathematics of Financial Markets: Discrete Models	4 ECTS

Elective Units (Elective units are offered subject to availability, a minimum number of student registrations and time-table constraints)

MAT3210	Functional Analysis: Normed Spaces	5 ECTS
MAT3211	Functional Analysis: Hilbert Spaces	5 ECTS
MAT3772	Numerical Methods for Differential Equations	5 ECTS
SOR3121	Stochastic Processes 2	6 ECTS
SOR3211	Generalized Linear Models	4 ECTS
SOR3222	Nonlinear and Nonparametric Regression Analysis	4 ECTS
SOR3231	Time Series 2	4 ECTS
SOR3311	Stochastic Programming	6 ECTS
SOR3350	Combinatorial Optimization	4 ECTS
SOR3351	Dynamic Programming and Optimal Control	4 ECTS


Semester 1

Compulsory Units (All students must register for this/these unit/s)

INS3017	IRM Research Methods	4 ECTS
INS3083	Portfolio Management	4 ECTS

Elective Units (Elective units are offered subject to availability, a minimum number of student registrations and time-table constraints)

SOR3241	Survival Analysis	4 ECTS


Semester 2

Compulsory Units (All students must register for this/these unit/s)

INS3030	Enterprise Risk Management	4 ECTS
INS3503	Property and Liability Insurance	6 ECTS
INS3504	Financial Planning	4 ECTS

Elective Units (Elective units are offered subject to availability, a minimum number of student registrations and time-table constraints)

INS3081	Cyber Risk and Insurtech	4 ECTS
INS3084	Forensic Risk Management	4 ECTS
MAT3712	Partial Differential Equations and Calculus of Variations	5 ECTS

Requirement for successful completion of Year IV: 60 ECTS credits
Requirement for award of B.Sc. (Hons) in Financial Mathematics, Actuarial and Risk Management: 240 ECTS credits

This programme of study is governed by the General Regulations for University Undergraduate Awards, 2019 and by the Bye-Laws for the award of Bachelor of Science (Honours) in Financial Mathematics, Actuarial and Risk Management - B.Sc. (Hons) - under the auspices of the Faculty of Science.

By the end of the course, you will be able to:

Employ the basic rules of logic, understand the language of mathematics, including the role of proofs, assumptions, and limitations of models;
Recognize real-world financial problems that are amenable to mathematical and statistical analysis, and formulate mathematical/statistical models of such problems.
Develop critical thinking skills, problem-solving abilities, and analytical reasoning. It challenges students to apply mathematical principles to real-world financial situations and to think creatively about how to approach complex problems.
Deal competently with the notions of uncertainty and randomness in a logically valid and mathematically sophisticated way.
Know which branch of relevant theory should help in understanding practical problems involving probabilistic, statistical and operations research contexts.
Be confident in the use of software commonly used in the numerical solution to problems in the relevant areas.

Non EU Applicants:

Fee per academic year: Eur 10,800

You are viewing the fees for non EU nationals. Switch to EU nationals if you are a national of any country from within the EU/EEA.

As a successful B.Sc. degree graduate, you can opt to read for a Master in Statistics, a Master in Insurance & Risk Management - Quantitative Risk Management Stream (or any other stream), Master in Operations Research, or for a Master in Mathematics (selected topics), depending on your specialisation interests.

You will also have the opportunity to develop several transferable skills that are essential for success in any career. These include analytical and quantitative skills, data analysis and interpretation, communication and presentation skills, teamwork and collaboration, and the ability to work under pressure.

The degree equips you with practical skills that are relevant to employability and personal development. For example, your acquired know-how of financial software tools like Reuters, and programming languages like Python, are skills highly sought after by employers in the financial services industry and other industries requiring data-driven decision-making. Additionally, you will be provided with an understanding of personal finance, investment planning, and risk management, which can help you make informed decisions about your own financial well-being.