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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Bachelor of Science Honours in Financial Mathematics 
SAQA QUAL ID QUALIFICATION TITLE
116733  Bachelor of Science Honours in Financial Mathematics 
ORIGINATOR
North West University 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Honours Degree  Field 10 - Physical, Mathematical, Computer and Life Sciences  Mathematical Sciences 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 08  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2027-06-30   2029-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of the Bachelor of Science Honours in Financial Mathematics is to prepare learners for research-based postgraduate study. It serves to deepen learners' expertise in the field of Financial Mathematics, and to develop research capacity in the methodology and techniques of the field of Financial Mathematics. The qualification demands a high level of theoretical engagement and intellectual independence.

Rationale:
The qualification is intended to provide the country with learners who have specialised knowledge in Financial Mathematics and can, therefore, serve the country in a variety of important ways, in both the public and private sectors.

Qualifying learners will be prepared for specific occupational possibilities as qualified Financial Engineers or Financial Mathematicians by obtaining knowledge and skills, as well as research abilities to examine and solve problems related to the discipline. This qualification prepares learners for research-based postgraduate studies at Level 9. 

RECOGNISE PREVIOUS LEARNING? 
Y 

QUALIFICATION RULES 
This qualification consists of the following compulsory modules at NQF Level 8 totalling 148 Credits.

Compulsory Modules, Level 8, 120 Credits:
  • Stochastic Processes I, 12 Credits.
  • Measure Theory I, 12 Credits.
  • Financial Engineering I, 16 Credits.
  • Differential Equations, 16 Credits.
  • Statistical Data-analysis I: Models, 12 Credits.
  • Stochastic Processes II, 12 Credits.
  • Statistical Data-analysis II: Time Series, 12 Credits.
  • Topology, 12 Credits.
  • Measure Theory II, 12 Credits.
  • Research Module: Financial Engineering and Pricing of Derivatives, 32 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Demonstrate depth of knowledge and skills to solve practical financial engineering/mathematics problems.
    2. Formulate and solve problems using financial engineering, stochastic process, statistical time series, and statistical data analysis methodologies, models and techniques.
    3. Formulate and solve problems using measure-theoretic principles, structured derivative products and price derivative products using Financial Mathematics.
    4. Conduct and report research under supervision in the form of a discrete research component that is appropriate to the discipline or field of study. 

    ASSOCIATED ASSESSMENT CRITERIA 
    The following Associated Assessment Criteria will be applied in an integrated manner across the Exit Level Outcomes:
  • Demonstrate integrated knowledge and understanding of the use of stochastic calculus theory to model and price financial securities.
  • Analyse different types of risks and apply the appropriate hedging instrument in each case.
  • Formulate valuation problems in mathematical forms using appropriate notation.
  • Evaluate modern financial theories and select the appropriate instruments for different risk management applications.
  • Use price simple derivative securities utilising appropriate software, if applicable.
  • Develop and communicate their ideas and opinions in well-formed arguments, using appropriate academic, professional, or occupational discourse.
  • Select, apply, and critically judge the effectiveness of the implementation of relevant statistical models.
  • Implement and apply linear statistical models to solve real-world problems and answer questions related to the associated experimental design.
  • Solve real-world problems through the use of stochastic processes.
  • Select, apply, and critically judge the effectiveness of the implementation of relevant time series models.
  • Implement and apply time series models to solve real-world problems.
  • Apply the principles and applicable methods to solve problems concerning:
    > Basic topological concepts, continuity, compactness, nets and the inadequacy of sequences,
    > Product spaces and Tychonoff's theorem, normal sets and Urysohn' lemma, separation axioms and regularity, compactness (revisited),
    > Local en Para compactness, compactifications, metrisability, connectedness, topological manifolds and the embedding theorem.

    Integrated Assessment:
    Formative assessment will be undertaken through projects, assignments, case studies and tests during the year in the modules. In some modules, formative assessment will include portfolios, practical evaluations and a research proposal.

    Learners will also write a summative and integrated exam (written and practical) and will submit a research report on discrete research that was conducted under supervision at the end of the year for summative assessment. 
    		•

    INTERNATIONAL COMPARABILITY 
    Country: England.
    Institution: University of Kent.
    Qualification Title: Bachelor of Science in Financial Mathematics (with a year in the industry) (Hons).

    This qualification is similar to the Bachelor of Science in Financial Mathematics (Hons) offered by the University of Kent in terms of the following:
    Both qualifications share a similar purpose of training learners to manage financial institution's portfolios, applying mathematical modelling, statistical analysis and the problem-solving know-how of mathematics in financial institutions. Both qualifications share similar themes and modules (Statistics, Introduction to Finance, Linear Mathematics, Mathematical Methods, and Microeconomics for Financial Mathematicians, Probability). Moreover, both qualifications may articulate to a Master's qualification.

    While this qualification is offered in one year full-time, the BSc (Financial Mathematics) (Hons) offered by the University of Kent is offered in four years full time. The fourth-year is considered the Honours equivalent. This implies that the undergraduate degree and the honours are integrated, whereas, in the case of this qualification, the honours degree is a stand-alone from the undergraduate degree. Moreover, in the BSc (Financial Mathematics) (Hons) offered by the University of Kent, the fourth year is spent in the industry, whereas in this qualification, teaching and learning are done in class but learners are exposed to practical industry-related activities.

    This qualification compares favourably with the BSc (Financial Mathematics) (Hons) offered at the University of Kent. However, this qualification is unique by the strong influence of the South African context in its design.

    Country: England.
    Institution: Lancaster University.
    Qualification Title: Bachelor of Science in Financial Mathematics (Hons).

    This qualification is comparable to the qualification offered by Lancaster University in terms of the following:
    Both qualifications share a reasonably similar purpose. Both qualifications share similar modules and themes and have comparable qualification structure with modules covering a wide range of topics from calculus, probability and statistics to logic, proofs and theorems. The qualification also develops the technical knowledge and mathematical skills, of learners necessary to their data analysis, problem-solving and quantitative reasoning skills. During the first year, learners receive an introduction to accounting and finance, which provide them with a comprehensive understanding of the concepts and techniques of the discipline, including financial accounting, managerial finance, and financial statement analysis. However, the course duration differs for both qualifications. Whilst this qualification is offered in one year full-time, the BSc (Financial Mathematics) (Hons) of Lancaster University is offered in a course duration of three years full-time. It includes an undergraduate degree component. That notwithstanding, both qualifications progress to a master's qualification.

    This qualification compares favourably with the Bachelor of Science in Financial Mathematics Honours offered at the Lancaster University. However, this qualification is unique by the strong influence of the South African context in its design. 

    ARTICULATION OPTIONS 
    This qualification allows possibilities for both vertical and horizontal articulation.

    Horizontal Articulation:
  • Bachelor of Science Honours in Business Analytics, NQF Level 8.

    Vertical Articulation:
  • Master of Commerce in Financial Management, NQF Level 9. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. North West University 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.