BSc (Hons) in
Financial Mathematics and Applied Statistics
The BSc (Hons) in Financial Mathematics and Applied Statistics at SLIIT equips students with strong analytical and problem-solving skills in quantitative finance, risk management, and statistical and mathematical modeling. The program integrates statistics, mathematics, finance, and information technology, preparing graduates for careers in banking, investment, insurance, and business analytics. With a focus on real-world applications, students develop expertise in financial decision-making and predictive modeling.
Awarding University
This recognized academic programme is awarded by SLIIT under the Faculty of Humanities & Sciences.
Ensures globally accepted academic standards, preparing students with practical skills aligned to current industry needs and expectations.
Why & What..?
The BSc (Hons) in Financial Mathematics and Applied Statistics at SLIIT is the first degree among Sri Lankan universities that combines Mathematics, Statistics, Finance, Actuarial Science, and IT into a single four-year program. The aim of the degree is to produce actuarial graduates, meeting the increasing demand for mathematically and statistically trained professionals capable of handling various types of data.
The demand for actuaries worldwide is projected to grow by 21 percent from 2022, a rate much faster than the average for all occupations. This career path is well-paid and offers a lower-stress environment compared to other managerial positions. The subject-wise distribution of the course modules is designed to provide a comprehensive understanding of these disciplines, ensuring graduates are well-equipped with the necessary analytical and problem-solving skills. The subject wise distribution of the course modules is:
|
Subjects |
Percentage |
|
Statistics |
32.5 |
|
Mathematics |
22.0 |
|
Finance |
22.0 |
|
Actuarial (direct) |
17.1 |
|
IT |
6.5 |
|
Total |
100 |
Actuarial science is a discipline that assesses financial risks in any organization, as effective risk management is crucial to success. To address such challenges, companies require qualified graduates with strong logical and analytical thinking skills, capable of applying their knowledge in mathematics, statistics, economics, finance, and information technology to assess and analyze risks in advance for the benefit of the organization.
Students trained in the combined Financial Mathematics and Applied Statistics program will acquire a broad spectrum of knowledge in Mathematics, Finance, Statistics, and Economics. This strong foundation enables them to develop scientific solutions to complex financial problems, making them highly valuable in the industry.
As a result, graduates will have excellent career opportunities, with potential roles in financial institutions, insurance companies, investment firms, and other sectors requiring actuarial expertise. The ability to analyze and predict financial risks accurately will give them a competitive edge in the job market, ensuring their skills remain in high demand.
Upon completion of the program, the graduate will,
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Demonstrate a good understanding of key concepts in the disciplines of mathematics, statistics, and finance to apply for real world problems.
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Apply established methods and techniques in mathematics and statistics or develop new analytical methods in solving risk problems related to finance and other related areas to make data driven decision making.
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Describe, explain and apply the fundamental theories of actuarial sciences as they apply in life insurance, general insurance etc.
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Assess the suitability of actuarial, finance, and economic models in solving actuarial problems and other related problems in financial institutes.
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Effectively communicate ideas, information and knowledge with both expert and naïve audiences, and business community through both oral and written means
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Programme Structure
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First Year
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Second Year
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Third Year
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Fourth Year
| Semester 1 | ||
|---|---|---|
| Code | Module | Credit |
| BM0010 | Accounting | 3 |
| MA1033 | Calculus I | 4 |
| MA1083 | Discrete Mathematics | 3 |
| MA1074 | Probability and Distributions | 3 |
| EN1073 | Communication Skills | 3 |
| Semester 2 | ||
|---|---|---|
| Code | Module | Credit |
| IT1019 | Introduction to Programming | 4 |
| BM1030 | Microeconomics | 3 |
| MA1091 | Statistical Packages | 1 |
| MA1092 | Statistical Inference | 3 |
| EN1083 | English for Academic Purposes | 0 |
| Semester 1 | ||
|---|---|---|
| Code | Module | Credit |
| MA2124 | Calculus II | 4 |
| MA2133 | Linear Algebra | 3 |
| MA2153 | Regression Analysis | 3 |
| BM1042 | Macroeconomics | 3 |
| BM1043 | Financial Accounting | 3 |
| Semester 2 | ||
|---|---|---|
| Code | Module | Credit |
| MA2174 | Calculus III | 4 |
| MA2183 | Differential Equations | 3 |
| MA2194 | Time Series Analysis with Financial Applications | 3 |
| MA2202 | Statistical Programming with R & Python | 1 |
| BM1012 | Principles of Management | 3 |
| Semester 1 | ||
|---|---|---|
| Code | Module | Credit |
| MA3223 | Numerical Methods | 3 |
| MA3233 | Theory of Interest | 3 |
| MA3253 | Categorical Data Analysis | 3 |
| BM2373 | Financial Management | 3 |
| Elective(2) | ||
| MA3243 | Sampling Techniques | 3 |
| IT3019 | AI and ML in Financial Desicion Making | 3 |
| Semester 2 | ||
|---|---|---|
| Code | Module | Credit |
| MA3273 | Mathematical Modelling | 3 |
| MA3293 | Operations Research | 3 |
| MA3303 | Design and Analysis of Experiments | 3 |
| MA3313 | Actuarial Mathematics I | 3 |
| BM3374 | Financial Reporting | 3 |
| MA3331 | Seminars-Professional Development | 1 |
| MA3343 | Industial Training | 0 |
| Semester 1 | ||
|---|---|---|
| Code | Module | Credit |
| MA4353 | Multivariate Data Analysis | 3 |
| MA4363 | Stochastic Processes | 3 |
| MA4383 | Loss Models | 3 |
| MA4403 | Survival Analysis | 3 |
| Elective(2) | ||
| MA4393 | Portfolio Management | 3 |
| BM4360 | Strategic Finance | 3 |
| Semester 2 | ||
|---|---|---|
| Code | Module | Credit |
| MA4423 | Stochastic Calculus | 3 |
| MA4433 | Econometrics | 3 |
| MA4443 | Statistical Learning | 3 |
| MA4453 | Actuarial Mathematics II | 3 |
| MA4416 | Research Project | 6 |
| Elective(2) | ||
| MA4463 | Bayesian Statistics | 3 |
| MA4473 | Financial Derivative | 3 |
More about the program
Local A/Ls: Minimum of 3 "S" passes in any stream (Covering Combined Mathematics).
Cambridge/Edexcel A/Ls: Minimum of 3 "D" passes in any stream (Covering Mathematics).
Applicants should also pass the Aptitude Test conducted by SLIIT.
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Risk Managers
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Research / Actuarial / Business / Financia Analysts
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Enterprise Risk Actuaries
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Insurance Actuaries
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Investment Bankers
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Life insurance Actuaries
The fee is presently Rs. 320,000 per semester. Fees for any subsequent semester should be paid prior to the commencement of each semester. This all inclusive fee is charged to cover lectures, tutorials and examinations and access to computer laboratory facilities and library.
The fees should be credited to, Account No 1630552 of the Bank of Ceylon in favour of Sri Lanka Institute of Information Technology, at the Bank of Ceylon Kollupitiya Branch located at the first floor of the BoC Merchant Tower Building or at any branch of the Bank of Ceylon; or to Account No 00 399 0000033 of the Sampath Bank at any branch of Sampath Bank. Normally, fees paid will not be refunded. However, requests for refund of fees may be considered if made before expiry of one week from the date of commencement of lectures for each semester. The date of commencement of lectures for the new applicants will be the date of commencement of lectures of the Orientation Programme. The refund, if made will be subject to a deduction of ten percent of the fee paid.
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The students after completing the first two years in SLIIT can enroll to the university of Butler in the USA to obtain BSc (Hons) in Actuarial Science.
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The students also have a 1+2 or 2+2 program with Bond University in Australia and obtain B Sc in Actuarial Science.
FAQs
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6 months industrial training in actuarial work environment in addition to the research project of 6 credits.
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This training will help to improve the competencies of students in analysing risk problems in the industry, which will be beneficial to compete with any foreign graduates.
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Close relationship with the industry via Department Industry Collaborative Board.
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This is a unique degree and no degree under this name is available in the world.
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The course teaches advanced mathematics and statistics and their real-world applications in the financial context.
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The degree aims to train actuaries who can contribute significantly to handling any type of risk commonly faced in business as there is a dearth of qualified actuaries in almost all countries.
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The core values of the degree are (i) professional, (ii) responsive, (iii) creative, (iv) inspiring and (v) collaborative.