DEPARTMENT OF APPLIED AND BUSINESS MATHEMATICS
The Department of Applied and Business Mathematics came into existence after the creation of the Faculty of Computational and Developmental Mathematics (FCDM). Over the past fifty (50) years, Mathematics has grown from a discipline that attracted only a mere intellectual interest and it is realizing some of its enormous potential for application in other fields. The primary goal of the Department is to produce for both the private and public sector organizations with middle and senior level managers who have a firm grip of the theory and practice of applied and business mathematics. This programme will equip students with knowledge and skills needed to perform professional duties and to work more effectively with other specialists in other fields of study. The course emphasizes the acquisition of practical and problem solving skills to enable students realize what they learn and what is done in practice so as to enable them to apply meaningful rules in solving current developmental problems at regional, national and international levels. Consequently, there is growing demand for (and yet regrettably there is a shortage) people skilled in the subject and its applications.
In the first year, Introductory Mathematics is taught together with other general science courses offered by the Department. In the second year, Introductory Applied Mathematics is taught together with other general science courses offered by the Department. In the third year, students are allowed to select their options of interested subjects in accordance with Department’s pre-requisites and standards. Fourth year students offer courses in Mathematics (Pure and Applied), Financial Mathematics and Mathematics with Economics depending on their option of study. Also, students specializing in the above stated courses continue with courses in their respective disciplines. Also, all fourth year students are supposed to present a project work as a requirement for their graduation. All students of the Department from year one to year three are obliged to participate in the University’s Third Trimester programme which takes place during the third trimester of every academic year. In addition, year three (3) students undertake Industrial Attachment, which is a Faculty requirement for graduation.
Philosophy and Objectives of the Financial Mathematics Programme
The curricula for the Financial Mathematics programme in the Department of Applied Mathematics and Computer Science are designed to prepare students for specialized professional and academic studies. These curricula lead to the award of a Bachelor of Science (Financial Mathematics) honours degree, normally at the end of four years of study. [Diploma holders join the Department in the second year].
The programme provides a solid academic base upon which to build more advanced degrees if so desired. The Department places emphasis on strong theoretical background in Mathematics, Economics, Valuation, Portfolio structuring, Risk management, Investment and Asset Management. Emphasis is also placed on both research and practical oriented projects and the industrial attachment which is of three (3) months duration in the penultimate year.
The objectives of the programme include:
- To develop a good knowledge and understanding in the field of Financial mathematics and Risk Management;
- To develop an understanding of the roles of stochastic theory, numerical methods and computer programming in pricing securities;
- To enable students acquire the sophisticated mathematical and computer-modelling skills required to employ newly developed investment products and financial strategies for pricing, hedging, trading and portfolio management decisions;
- To offer students the opportunity to gain a suitable preparation for the profession;
- To train students on how to apply mathematical models to the solution of problems in finance; and,
- To develop students core mathematical and computational skills required in science, government, industry, banking, insurance agencies and investment houses.
Philosophy and Objectives of the Mathematics with Economics Programme
The curricula for the Mathematics with Economics programme in the Department of Applied Mathematics and Computer Science are designed to prepare students for specialized professional and academic studies. These curricula lead to the award of honours degree of Bachelor of Science, normally at the end of four years of