Bsci - major in Financial maths and statistics? (2 Viewers)

[chickencoop]

Hey guys, i was wondering there are any people who have completed or are undertaking a bachelor of science and majoring in financial maths and statistics...


I have registered for E12 in medical science but after hearing about the heated competition and the lack of employment opportunities (along with the fact that i was considering more of a practical/clinical medical prospect) in the B medsci department, ive kind of deviated into more a 'safer' degree.

I was hoping if anyone could shed light on employment opportunities in Bsci with a major in financial maths and statistics, and if it is possible to go into the insurance/risk analyst/investment careers or others. Also, would the major in financial maths be more mathematics related rather than economics/commerce because i dont really enjoy too much business/economics related subjects.

 

[sida1049]

The financial mathematics and statistics major is a formal mathematics/statistics major. It has very little to commerce and business, and the financial models are studied from a strictly mathematical perspective. The major is simply a statistics major with a couple of compulsory financial mathematics units. So as long as you enjoy your mathematics (and statistics to come), then you will do well in it.

Employment opportunities for financial mathematics and statistics majors should be quite good, particularly since it's a statistics degree at its core, which in itself is highly employable in almost all industries already. I'm not quite acquainted with the financial industry, but a financial mathematics and statistics major would be quite valuable for that kind of analysis (particularly since there're many, many financial majors out there, as opposed to the scarcity of mathematical and statistical literate graduates). So yes, it's possible, but if your end is to be employed in the finance industry, you'd be far safer with a business finance major. (Though for the risk management and insurance industries, it does seem that a financial mathematics and statistics major may have a stronger advantage. Though if that is your goal, then consider actuarial studies [which in itself is a discipline involving financial mathematics, statistics and a bit of finance and economics]).

 

[kman16]

Hey mate,

Currently in my final year of B Adv Sci majoring in Financial math and statistics @ USYD

The employment opportunities are quite diverse. Mathematics is a very well respected subject area and almost all companies in a wide range of fields would find value in a mathematician because they have demonstrated the capacity for problem solving and high level thinking.
Also, statisticians are well sought after considering the amount of data that is being collected. Finding a job in these fields shouldn't be too hard particularly with a healthy WAM (credit average plus), demonstrated leadership qualities, and strong interpersonal skills.

In regards to finance, you could certainly go into those fields with a major in financial maths and statistics. The truth is that with this major you don't actually learn much on the business/commerce side of things. It's mainly mathematics. In fact there is only two units in three years on financial mathematics. What you do learn however is the statistics. Creating linear models, analysing stochastic processes, and how to program in a statistical language (such as R). These skills are far more valuable in my opinion as less people possess them and most companies will train you on the business/commerce side of things within a matter of weeks upon entering their workplace.
I have friends who dropped out of their commerce majors to pursue computer science majors because they realised that they could study finance in their own time and the computer science skills would be more valuable in the workforce.

Lastly I would like to warn you to consider if this is the path you want to go down. If you are not passionate about mathematics, statistics, or finance then I would not recommend pursuing it. The years are quite grueling and you will endure many sleepless nights working on assignments before entering a career which is highly competitive and draining. If you are not passionate, you will get eaten alive.

Good luck.

 

[RealiseNothing]

The financial mathematics and statistics major is a formal mathematics/statistics major. It has very little to commerce and business, and the financial models are studied from a strictly mathematical perspective. The major is simply a statistics major with a couple of compulsory financial mathematics units. So as long as you enjoy your mathematics (and statistics to come), then you will do well in it.

Employment opportunities for financial mathematics and statistics majors should be quite good, particularly since it's a statistics degree at its core, which in itself is highly employable in almost all industries already. I'm not quite acquainted with the financial industry, but a financial mathematics and statistics major would be quite valuable for that kind of analysis (particularly since there're many, many financial majors out there, as opposed to the scarcity of mathematical and statistical literate graduates). So yes, it's possible, but if your end is to be employed in the finance industry, you'd be far safer with a business finance major. (Though for the risk management and insurance industries, it does seem that a financial mathematics and statistics major may have a stronger advantage. Though if that is your goal, then consider actuarial studies [which in itself is a discipline involving financial mathematics, statistics and a bit of finance and economics]).

Hey mate,

Currently in my final year of B Adv Sci majoring in Financial math and statistics @ USYD

The employment opportunities are quite diverse. Mathematics is a very well respected subject area and almost all companies in a wide range of fields would find value in a mathematician because they have demonstrated the capacity for problem solving and high level thinking.
Also, statisticians are well sought after considering the amount of data that is being collected. Finding a job in these fields shouldn't be too hard particularly with a healthy WAM (credit average plus), demonstrated leadership qualities, and strong interpersonal skills.

In regards to finance, you could certainly go into those fields with a major in financial maths and statistics. The truth is that with this major you don't actually learn much on the business/commerce side of things. It's mainly mathematics. In fact there is only two units in three years on financial mathematics. What you do learn however is the statistics. Creating linear models, analysing stochastic processes, and how to program in a statistical language (such as R). These skills are far more valuable in my opinion as less people possess them and most companies will train you on the business/commerce side of things within a matter of weeks upon entering their workplace.
I have friends who dropped out of their commerce majors to pursue computer science majors because they realised that they could study finance in their own time and the computer science skills would be more valuable in the workforce.

Lastly I would like to warn you to consider if this is the path you want to go down. If you are not passionate about mathematics, statistics, or finance then I would not recommend pursuing it. The years are quite grueling and you will endure many sleepless nights working on assignments before entering a career which is highly competitive and draining. If you are not passionate, you will get eaten alive.

Good luck.

As another final year maths/stats USYD student, I can back up that these two posts are basically perfect.

 

[chickencoop]

The financial mathematics and statistics major is a formal mathematics/statistics major. It has very little to commerce and business, and the financial models are studied from a strictly mathematical perspective. The major is simply a statistics major with a couple of compulsory financial mathematics units. So as long as you enjoy your mathematics (and statistics to come), then you will do well in it.

Employment opportunities for financial mathematics and statistics majors should be quite good, particularly since it's a statistics degree at its core, which in itself is highly employable in almost all industries already. I'm not quite acquainted with the financial industry, but a financial mathematics and statistics major would be quite valuable for that kind of analysis (particularly since there're many, many financial majors out there, as opposed to the scarcity of mathematical and statistical literate graduates). So yes, it's possible, but if your end is to be employed in the finance industry, you'd be far safer with a business finance major. (Though for the risk management and insurance industries, it does seem that a financial mathematics and statistics major may have a stronger advantage. Though if that is your goal, then consider actuarial studies [which in itself is a discipline involving financial mathematics, statistics and a bit of finance and economics]).

hmm ok thank you for that! I was considering actuarial studies however USYD does not offer that course and UNSW is a little too far for me to consider... None the less, ive put Bsci as my 3rd preference (being 83 atar this year), and if all else fails, i will definitely pursue the insurance/risk management departments and see how that goes... Thanks for your advice!

 

[chickencoop]

Hey mate,

Currently in my final year of B Adv Sci majoring in Financial math and statistics @ USYD

The employment opportunities are quite diverse. Mathematics is a very well respected subject area and almost all companies in a wide range of fields would find value in a mathematician because they have demonstrated the capacity for problem solving and high level thinking.
Also, statisticians are well sought after considering the amount of data that is being collected. Finding a job in these fields shouldn't be too hard particularly with a healthy WAM (credit average plus), demonstrated leadership qualities, and strong interpersonal skills.

In regards to finance, you could certainly go into those fields with a major in financial maths and statistics. The truth is that with this major you don't actually learn much on the business/commerce side of things. It's mainly mathematics. In fact there is only two units in three years on financial mathematics. What you do learn however is the statistics. Creating linear models, analysing stochastic processes, and how to program in a statistical language (such as R). These skills are far more valuable in my opinion as less people possess them and most companies will train you on the business/commerce side of things within a matter of weeks upon entering their workplace.
I have friends who dropped out of their commerce majors to pursue computer science majors because they realised that they could study finance in their own time and the computer science skills would be more valuable in the workforce.

Lastly I would like to warn you to consider if this is the path you want to go down. If you are not passionate about mathematics, statistics, or finance then I would not recommend pursuing it. The years are quite grueling and you will endure many sleepless nights working on assignments before entering a career which is highly competitive and draining. If you are not passionate, you will get eaten alive.

Good luck.

Hmm yes the problem right now is that im unsure what 'statistics' in terms of mathematics is... I am currently undertaking maths X1 and X2, and hovering on the upper half of my cohort, and from all the maths i have done so far, i assume statistics has something to do with graphing/probability/calculus related stuff..? (personally i dont enjoy probability all that much but the rest are fine)

Also, since you are majoring in Financial mathematics, what career are you planning to take? and is financial mathematics hard in terms of content, or just grueling in terms of the workload? ( i assume Bsci and B adv Sci aren't tooooo dissimilar)

 

[kman16]

Hmm yes the problem right now is that im unsure what 'statistics' in terms of mathematics is... I am currently undertaking maths X1 and X2, and hovering on the upper half of my cohort, and from all the maths i have done so far, i assume statistics has something to do with graphing/probability/calculus related stuff..? (personally i dont enjoy probability all that much but the rest are fine)

Also, since you are majoring in Financial mathematics, what career are you planning to take? and is financial mathematics hard in terms of content, or just grueling in terms of the workload? ( i assume Bsci and B adv Sci aren't tooooo dissimilar)

Statistics in uni is a different ball game to anything you've done in high school maths. Probability doesn't feature that much in it either. Basically you learn different techniques to model and interpret data.
It's grueling in terms of workload. Some subjects are conceptually hard as well. There isn't that much difference between regular and adv. Most of the subjects share the same lectures but just vary in assessment difficulty

 

[chickencoop]

Statistics in uni is a different ball game to anything you've done in high school maths. Probability doesn't feature that much in it either. Basically you learn different techniques to model and interpret data.
It's grueling in terms of workload. Some subjects are conceptually hard as well. There isn't that much difference between regular and adv. Most of the subjects share the same lectures but just vary in assessment difficulty

hmm ok, thank you! tbh im pretty keen for anything science and math related so ill definitely lock in a Bsci in my UAC selections, thank you!

 

[chickencoop]

Statistics in uni is a different ball game to anything you've done in high school maths. Probability doesn't feature that much in it either. Basically you learn different techniques to model and interpret data.
It's grueling in terms of workload. Some subjects are conceptually hard as well. There isn't that much difference between regular and adv. Most of the subjects share the same lectures but just vary in assessment difficulty

ohyeah, pls do come back in a years time when u find a job. i really am curious as for a first hand experience in this degree and major

 

[pHyRe]

As another final year maths/stats USYD student, I can back up that these two posts are basically perfect.

likewise (3 years out of 5 though not final year)

definitely enjoying FMAS - lecturers arent amazing but the courses and degree are very well structured and course notes are really good

could combine it with arts if you wanted to do some econ - not sure on your preferences

i think if you do info1103 (java programming) and learn some SQL and python in your own time (or you can do some other info courses too) you'll be set employabilitywise

 

[RealiseNothing]

ohyeah, pls do come back in a years time when u find a job. i really am curious as for a first hand experience in this degree and major

I can assure you from first hand experience (myself and friends) that there are plenty of job opportunities (high paying ones at that) for a maths and stats grad.

likewise (3 years out of 5 though not final year)

I'm really wondering if we know each other since you do stats and I'm friends with quite a few stats guys.

 

[pHyRe]

I can assure you from first hand experience (myself and friends) that there are plenty of job opportunities (high paying ones at that) for a maths and stats grad.



I'm really wondering if we know each other since you do stats and I'm friends with quite a few stats guys.

hahaha i dunno, maybe - i know a fair few too but i only did 3011 this year, no other FMAS specific units

the rest all did 3911/2/3/4 and/or 3975

 

[si2136]

Wouldn't Dual Finance and Statistics be more useful than just a major in Finanical Maths?

 

[sida1049]

Wouldn't Dual Finance and Statistics be more useful than just a major in Finanical Maths?

Really depends on the interests of individual students. Doing a business finance major and a mathematical statistics major would make you competitive in the finance industry, but you'd miss out on financial mathematics, and generally, the more rigorous modelling aspect of mathematics (which mathematically inclined students may find more interesting than statistics or business finance). Students aiming for your mainstream banker/advisor/planner/analyst position in the finance industry would find business finance more useful, while students with a flair and interest for mathematics and aiming to work with the highly complex technicalities within the finance industry (which I suspect few graduates with the mathematical background can do) would find a more formal mathematics major like financial mathematics and statistics more useful. Usefulness depends on purpose.