National University of Ireland, Galway An Coiste Feabhais Acadúil The Committee on Academic Quality Improvement The Academic Quality Assurance Programme 2008 ­ 2009 REVIEW OF B.Sc. in Financial Mathematics and Economics NATIONAL UNIVERSITY OF IRELAND, GALWAY Final REPORT (23 February, 2009)
This report arises from a visit by a review group to assess the BSc in Financial Mathematics and Economics on the 5 th and 6 th of February, 2009. The Self Assessment Group had already prepared and submitted a Self Assessment Report that, with other documentation, was made available to the review group well in advance of the visit. The review group consisted of: Professor Howard Waters, Dept. of Actuarial Mathematics and Statistics, Herriot­Watt University (Chair); Professor John Cotter, School of Business, University College Dublin; Mr John Armstrong, Head of Actuarial Services, VHI; Dr Geraldine Robbins, Department of Accountancy and Finance, NUI Galway; and Dr Karen Doyle, of the Department of Physiology, NUI Galway acting as Rapporteur. The report is structured to cover the following main topics: 1. 2. 3. 4. 5. 6. 7. 8. 1. Aims and Objectives Organization and Management Programmes and Instruction Scholarship and Research Community Service The Wider Context Summary and Concluding Remarks Comments on the Methodology of the Review Process Aims and Objectives The main aim of the BSc in Financial Mathematics and Economics is to facilitate the structured and informed study of mathematics, applied mathematics, and economics. The review group feels that this is a very appropriate aim for this course. Feedback from employers and students has highlighted that the broad nature of education in the programme is a real advantage. Other appropriate and well achieved aims of the programme are to equip students with a competence in quantitative subjects with a particular focus on financial economics, actuarial mathematics, and statistics, achieved through the use of appropriate, varied and effective teaching methods, and modes of assessment. One benefit of the course for current students is the attainment in some cases of a limited number of exemptions from the examinations of the UK actuarial profession. The review group considers that the pursuit of exemptions should not be the primary focus of this course. The strength of the course is its broad focus across three discipline areas. The review group suggests that further consideration be given to the aim to develop a broad range of transferable skills, including research, communications and presentation skills. The review group suggests that the fulfilment of this aim seems to be centred around the 4 th year project alone, and consideration should be given to introducing measures to achieve this aim earlier in the programme. Similarly, the review group suggests that consideration be given to the final aim listed, to provide a stimulating
2 learning experience for students. An increased effort to contextualise the course material would help to achieve this aim. 2. Organization and Management The review group believes that this review is very timely given the recent restructuring that has taken place in the University. The review group believes that this restructuring can be used to aid the future success of the programme and support its aims and objectives. The review group recommends that the Programme Board should have a higher profile within the University. It recommends that the Programme Board, in addition to reporting to the disciplines of primary and secondary affiliation, should also report directly to the relevant Heads of School and to the relevant Deans of College, at least annually. The review group believes that the support and encouragement offered by the Deans and Heads of Schools at the review meetings can help to galvanise the activities of the Programme Board. The review group also recommends that the Programme Board develop a strategic plan for the BSc in Financial Mathematics and Economics programme, and integrate this plan into the strategic plans for the School of Mathematics, Statistics and Applied Mathematics, and the J.E. Cairnes School of Business and Economics. The review group welcomes the recent development of the staff­student liaison committee, and recommends that this committee continue to meet at a minimum of once per semester. The review group also recommends that the external examiners for the disciplines of Economics and Mathematics should be asked to comment directly on the BSc in Financial Mathematics and Economics programme annually. 3. Programmes and Instruction Overall the review group are satisfied with many aspects of the current state of programmes and instruction on the degree. However it believes a number of small changes will help the focus and applicability of the degree as it moves into its second decade. The group recommends the introduction of Financial Accounting in year 1, Business Finance 1 in semester 2 of second year and Business Finance 2 in semester 2 of third year as core courses. These three courses are core material for this degree and material that will be expected in the workplace. An incidental benefit of this development might be additional exemptions from the actuarial professional examinations. The group recommends the introduction of a special financial econometrics course in year 3 to replace the existing econometrics course. This course would be designed and delivered for this group of students alone and should include more relevant financial
3 techniques, for example time series analysis. It would help to eliminate the possibility of repetition of material being offered to students. It will also provide an opportunity to further build group cohesion. The review group recommends the introduction of a number of optional courses in year 4, for example health economics, an additional finance course and / or the introduction of an actuarial course with the possibility of gaining additional exemptions. In some cases this may involve a resource implication, in others it may be possible to choose from an existing set of courses. Regardless, the availability of options will allow students to pursue their specialised interests. The group believes that there should be greater attempts to contextualise material on all courses. A further way to increase contextualisation would be to invite in guest lecturers or to have courses such as mathematical modelling co­taught or shared by lecturers from economics and mathematics. The group recognises the importance and inclusion of the final year project. It believes the value of the project can be enhanced by giving consideration to the timing and completion date for submission of the project. Our understanding is that the project is scheduled in semester one, but, with a completion date in semester two, the greater burden falls on the student in semester two. The availability of course outlines is very important. They should set out the learning outcomes for each course and contextualise the subject and their fit in the overall programme for each year. Course outlines should be made available to students at the beginning of each course. The review group requested, but did not receive, outlines for several courses (first requested 28.01.09). The summarised course descriptions were insufficient for evaluating teaching methodologies used, use and type of continuous assessment, and course topics actually delivered. Regarding exam rubrics, the group noted and fully endorse the external (independent examiner on behalf of the UK actuarial profession) examiner’s comments three years running that the instructions to candidates in examinations should not depend on whether or not they intend applying for exemption from the professional actuarial examinations. 4. Scholarship and Research The review group noted that few academic staff contributing to the BSc in Financial Mathematics and Economics have research interests consistent with this programme. Reflecting this position, there are few PhD students undertaking scholarship and research in this area. The review group note that this weakness will not be easy to rectify, particularly in the current economic climate. The recommendation by the review group to include optional courses, in particular in 4 th year, could help to alleviate this problem. The students will have an opportunity to take specialised courses delivered by experts and active researchers in fields such as health economics etc (see section 3).
4 5. Community Service The BSc. in Financial Mathematics and Economics currently successfully serves the needs of students embarking on a career in this area in the BMW region of Ireland. Graduates from this programme generally find employment in the sector in areas outside of the BMW region, primarily Dublin. Therefore this course fulfils a national role by supplying employable and highly respected graduates. The review group noted that marketing of the course could be substantially improved. It is the impression of the review group that the course is not as well publicised locally and nationally as it could be, and therefore potential students are being lost. 6. The Wider Context The need for improved publicity and marketing was noted by the review group in relation to the international student marketplace. The review group suggests that there are huge opportunities to market this course internationally, e.g. Asia, and therefore the possibility of attracting a large number of new students to the course. Markets such as Asia will find this course attractive as it is an English speaking course. As well as using the available University marketing resources we would encourage both Schools involved to centrally position this course as part of its offerings of undergraduate programmes. 7. Summary and Concluding Remarks The review group’s recommendations are as follows: (i) The pursuit of exemptions should not be the primary focus of this course. (Section 1) (ii) Further consideration should be given to the development of a broad range of transferrable skills. (Section 1) (iii) There should be an increased effort to contextualise the course material. (Sections 1 & 3) (iv) The Programme Board should have a higher profile within the University. (Section 2) (v) The Programme Board should develop a strategic plan for the BSc in Financial Mathematics and Economics. (Section 2) (vi) The external examiners for the disciplines of Economics and Mathematics should be asked to comment directly on the BSc in Financial Mathematics and Economics programme annually. (Section 2) (vii) The following courses should be included as core courses: Financial Accounting in year 1, Business Finance 1 in semester 2 of second year and Business Finance 2 in semester 2 of third year (Section 3). (viii) In year 3 a special financial econometrics course should replace the existing econometrics course. (Section 3) (ix) A number of optional courses should be introduced in year 4. (Section 3)
5 (x) Courses such as mathematical modelling should be co­taught or shared by lecturers from economics and mathematics. (Section 3) (xi) Consideration should be given to the timing and completion date for submission of the project. (Section 3) (xii) Examination paper rubrics should not ask whether or not the student intends applying for exemption from the professional actuarial examinations. (Section 3) (xiii) Marketing of the course could be substantially improved, both nationally and internationally. (Sections 5 & 6) The review group thanks the Programme team, students and the University management for their help and engagement in the review process for this programme. Professor Howard Waters (Chair) Professor John Cotter Mr John Armstrong Dr Geraldine Robbins Dr Karen Doyle (rapporteur) (23 February, 2009). Comments on the Methodology of the Review Process 1. The review group believes the methodology of the review process to be suitable in terms of its objectives. 2. The review group considers that the pre­review information requirements for review of an academic programme differ quite substantially from that needed to review an academic unit or administrative department. The review group recommends that in any future review of academic programmes course outlines for all courses and a sample of exam papers should be supplied in advance of the first meeting of the review group. This will allow time for individual review group members to carry out an initial examination of course objectives and assessment of coherence and balance of courses offered in advance of the first meeting of the review group. 3. The timetable for the Review Visit (attached as Appendix A) was made available to the review group only one day before the visit. This precluded any requests from the team for meetings with groups other than those already timetabled. Although for this review the group were satisfied that meetings had been arranged with the appropriate groups and individuals, distributing a timetable well in advance of a Review Visit would enable the group to identify any additional groups or individuals they would wish to meet.
6 Appendix A: Meeting Schedule for External Reviewers Quality Review B.Sc. in Financial Mathematics and Economics, NUI Galway TIMETABLE Thursday, 5 th – Friday, 6 th February 2009 Unless otherwise indicted all meetings will take place in Room C306, Aras De Brun, NUI Galway Thursday – Venue: Westwood House Hotel 18.30 Welcome by the Director of Quality and preliminary meeting of Review Group alone, in the Boardroom of the Hotel 19.30 Dinner with Review Group, staff and students from the Programme in the Dangan Suite, Westwood House Hotel Friday Change: At 8.15 a.m. the Director of Quality will collect external reviewers from the Hotel to take them to Room C306 where they will meet internal reviewers. 08.30 Meeting of Review Group alone 09.00 Meeting with the Registrar, Professor Jim Ward in the Registrar’s Office 09.30 Meeting with Programme Director, Dr Cian Twomey and all available members of the Self Assessment Group ­ Cian Twomey, Economics ­ Michael Hayes, Mathematics ­ Petri Piiroinen, Applied Mathematics ­ Donal O’Regan, Mathematics 10.00 Meetings with members of staff contributing to the programme ­ Alan Ahearne, Economics ­ S. Raghavendra, Economics ­ Ashley Piggins, Economics ­ Eithne Murphy, Economics ­ Jerome Sheahan, Statistics
­ Niall Madden, Mathematics Note: more staff may be available on the day. 10.45 Meeting with the Head of the Discipline of Economics, Professor Eamon O’Shea (Tea/coffee will be provided at 11.00) 11.15 Break 11.30 Meetings with representative students: 11.30 First and Third Year Students 12.00 12.30 Second and Fourth Year Students Head of the School of Mathematics, Statistics and Applied Mathematics, Dr Ray Ryan 13.00 Lunch for review group alone (Lunch to be delivered) 14.00 Meeting with Dean of Business, Public Policy and Law, Dr William Golden and Dr Emer Mulligan, Head of the J E Cairnes School of Business and Economics 14.30 Meeting with the Dean of Science, Dr Gerry Morgan 15.00 Review Group alone drafting Report 17.00 Exit Report to all available members of the Programme Board 17.30 Review Group alone drafting Report 20.00 Working dinner for Review group alone and End
(Tea/coffee will be provided) 8