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SLIIT introduces Financial Mathematics and Applied Statistics

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The Sri Lanka Institute of Information Technology (SLIIT) has recently announced the continuation of the course on Financial Mathematics and Applied Statistics.

This will be the first degree conducted by the Department of Mathematics and the first batch was started in July 2021.

The degree program aims to meet the increasing demand for mathematically and statistically sound, trained people to handle any type of data. The Graduates who are trained in the combined Financial Mathematics and Applied Statistics field would gain a vast spectrum of knowledge in Mathematics, Statistics, Finance, Economics and Computing.

Department Head Prof. Sarath Peiris said, “Today we live in a world full of digital data, which is continuously evolving. Thus, making use of such data to conclude is not simple, but Data-Driven Decision Making (DDDM) has been a very popular scientific approach of decision making which is reliable with a high degree of efficiency.”

Approval was obtained from the Ministry of Education to offer, a ‘BSc (Hons) Degree in Financial Mathematics and Applied Statistics (FMAAS).’

Pieris said, “The job outlook for actuary careers is great in the world scenario. Many institutions, like insurance firms, banks, and other financial institutions benefit from having an actuary on board in evaluating risks and maintaining the economic stability of such organizations.”

Career Prospects globally were identified as Actuarial Analyst, Business Analysts, Budget Analysts, Enterprise Risk Actuaries, Financial Analysts, Insurance Underwriters, Insurance Claims Adjusters, Insurance Actuaries, Investment Bankers, Life insurance Actuaries, Property and Casualty Insurance Actuaries, Pension and Retirement Benefits Actuaries, Risk Manager, Research Analysts, and Quantitative Analysts

The degree includes the most important areas in Financial Mathematics, Applied Statistics and some useful courses in Finance and Computing with sufficient technical depth to equip graduates with the ability to develop novel analytical tools for new scientific applications and industry problems that will emerge in future. In addition, the industrial training component and research project in collaboration with the industry have been included to get industry exposure for the students.

To be eligible for the course one needs Passes in three subjects in the Physical Science stream at the local G.C.E. Advanced Level Examination or equivalent qualification of London/Cambridge A/L examination in the same sitting and a pass in the Aptitude Test conducted by the Institute.

The prospective employment areas locally were identified as; The Central Bank, Licensed Commercial Banks, Licensed Specialized Banks, and Licensed Financial Companies.

There is a big demand for graduates in Financial Mathematics and Applied Statistics in many countries in the world. Furthermore, employment of such graduates in the financial sector has been projected to grow 18% annually since 2019.


Wednesday, April 20, 2022 – 01:00

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