An Coiste Feabhais Acadúil The Committee on Academic Quality Improvement The Academic Quality Assurance Programme 2008­2009 Report to Údarás na hOllscoile Review of B.Sc. Financial Maths & Economics Self­Assessment Review Group Visit Follow Up Meeting December 2008 5 th & 6 th February 2009 21 st April 2009 This Report was compiled for members of Údarás na hOllscoile, NUI Galway and its committees as a readily accessible but comprehensive source of information on the above review, its context and its outcomes. Quality Office, September 2009
Report to Údarás – Review of B.S. Biomedical Science 2008–2009 2 1. Overview of the Programme 1.1 Aims and Objectives The multi­disciplinary nature of the curriculum is explicitly designed to be broader than a specialised actuarial programme of a type being offered by a number of other Irish universities. This approach is justified by the diverse nature of employment found by the graduates from the programme to date. Aims and Learning Objectives How Curriculum meets Objectives To facilitate the structured and informed study of mathematics, applied mathematics and economics To equip students with a competence in quantitative subjects with a particular focus on financial econo mics, act uar ial mathematics, and statistics. To develop a broad range of transferable skills, including research, communications and presentation skills. To use appropriate, varied and effective teaching methods and modes of assessment. A broad range of courses are offered with a core curriculum that provides a solid foundation in all three disciplines. There are a series of modules in each of these three areas, building up from principles to specialised modules in the final year. To provide a stimulating learning experience for students. As well as general coursework, the final­year project is designed to give students practice in developing research and presentation skills. Teaching methods include lectures, examples classes, tutorials and laboratory classes. Assessment includes ho mework assignments, individual projects as well as a final examination. Lecturers teach in areas of personal interest and expertise and are enthusiastic about their subject. 1.2 Background The “B.Sc. in Financial Mathematics and Economics programme is a four­year degree programme consisting of courses in Mathematics, Economics, Financial Economics, Statistics/Probability, Applied Mathematics and Computer Science.” The B.Sc. in Financial Mathematics and Economics programme started in 1998 explicitly designed to be broader than specialised actuarial programmes being offered elsewhere while being more intellectually rigorous than a finance or business studies degree. 1.3 Student Numbers Numbers on the programme remain small (typically 20 students per year). The programme has been under pressure in recent years with the advent of several additional programmes in Ireland in actuarial / financial mathematics and quantitative finance. One of the key concerns of the Programme Board is that the CAO entry points have dropped markedly from 425 in the 2004/5 academic year to 385 in 2008/09.
Report to Údarás – Review of B.S. Biomedical Science 2008–2009 3 2. Review Group Visit and Report 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 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. 2. Recommendations The review group’s recommendations are as follows: 1. The pursuit of exemptions should not be the primary focus of this course. (Section 1) 2. Further consideration should be given to the development of a broad range of transferrable skills. (Section 1) 3. There should be an increased effort to contextualise the course material. (Sections 1 & 3) 4. The Programme Board should have a higher profile within the University. (Section 2) 5. The Programme Board should develop a strategic plan for the BSc in Financial Mathematics and Economics. (Section 2) 6. 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) 7. 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). 8. In year 3 a special financial econometrics course should replace the existing econometrics course. (Section 3) 9. A number of optional courses should be introduced in year 4. (Section 3) 10. Courses such as mathematical modelling should be co­taught or shared by lecturers from economics and mathematics. (Section 3) 11. Consideration should be given to the timing and completion date for submission of the project. (Section 3) 12. Examination paper rubrics should not ask whether or not the student intends applying for exemption from the professional actuarial examinations. (Section 3) 13. Marketing of the course could be substantially improved, both nationally and internationally. (Sections 5 & 6)
Report to Údarás – Review of B.S. Biomedical Science 2008–2009 4 3. Action Plans National University of Ireland, Galway An Coiste Feabhais Acadúil Academic Review Programme 2008 – 2009 B.Sc. in Financial Mathematics and Economics Follow Up Meeting Tuesday, 21 st April 2009 The Dean’s Meeting Room, Cairnes Building, NUI Galway Present: Professor James A Houghton (Chair), Professor James Ward, Registrar, Dr Karen Doyle ­ Review Group Rapporteur, Dr Geraldine Robbins ­ Review Group Cognate, Dr William Golden – Dean of Business, Public Policy and Law, Dr Emer Mulligan – Head of School Business and Economics, Dr Ray Ryan – Head of School of Mathematics, Statistics and Applied Mathematics, Dr Gerry Morgan – Dean of Science, Mr Cian Twomey – Course Coordinator, Dr Petri Piiroinen, Dr Michael Hayes, Professor Eamon O’Shea, Ms Maureen Linnane (in attendance). Action Plan for the Director and Programme Board: 1. The aim of the programme will continue “to facilitate the structured and informed study of mathematics, applied mathematics and economics”. Furthermore, in the event of implementing further revisions and improvements to the course, opportunities will be taken to secure exemptions for the students as they arise. 2. A broad range of transferable skills will be introduced throughout the four years of the programme. Staff teaching the course will include more elements of research together with additional presentation skills in modules dedicated to this group of students. Small numbers will facilitate this process. The issue will be discussed by both Schools in the course of regular curriculum reviews and at Discipline / School level in September 2009. Changes will be introduced by 2010­2011. 3. From September 2009, the Programme Board will contextualise course material such as mathematical modelling co­taught or shared by lecturers from the disciplines of Economics and Mathematics. The Programme Board will also raise the issue of assignments and devoting lectures to financial issues at Discipline / School level. A number of initiatives are already underway and others will be instigated from the beginning of the next academic year 2009­10. For example: a. One or two lectures will be devoted to the financial applications of the issues covered in the module. b. Potential guest lecturers will be sought during the Summer and invited to address students during the academic year c. Assignments and year’s work, particularly in mathematics, will allow students to contextualise material learned in modules. 4. In order to develop a coherent strategy for the programme, the Programme Board will report directly to the Heads of Schools and the relevant Deans of Colleges at least annually. This report will include issues relating to curriculum development and resources and will be addressed principally at the level of the Discipline. As part of this
Report to Údarás – Review of B.S. Biomedical Science 2008–2009 5 strategic development, a Programme Director will be appointed instead of the present informal situation of a Convenor. The Programme Director will contact each of the relevant offices to establish a schedule of meetings, beginning in September 2009. 5. Many of the issues currently arising in the Strategic Plans for both the School of Mathematics, Statistics and Applied Mathematics and the J.E. Cairnes School of Business & Economics will have direct implications for the BSc. in Financial Mathematics and Economics. The Programme Board will proceed to develop a Strategic Plan for the programme itself and submit this Programme Plan for inclusion in the Strategic Plans being drawn up for the Schools. 6. In order to ensure that processes are in place for quality control and improvement of the course, External Examiners for the Disciplines of Economics and Mathematics will be asked to comment directly on the BSc in Financial Mathematics and Economics programme annually. The Programme Board will discuss this matter at the relevant Discipline level during the upcoming examination session and, at least, make the External Examiners aware of the work of the students on the BSc in Financial Mathematics and Economics programme. In subsequent years, the Programme Board will take a proactive approach to highlight issues that it wishes the External Examiners to study in more detail. 7. As part of an overall syllabus review, the Programme Board has set up a sub­committee to formulate a number of potential suggested revisions that it expects to bring to the relevant Discipline in Semester 1 of 2009/10. This will examine the feasibility of: a. including 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 b. replacing the existing econometrics course in year 3 with a special financial econometrics course c. introducing a number of optional courses in year 4 d. offering current modules in the disciplines of accounting, economics, mathematics, statistics and applied mathematics to students Revisions will then progress through the School and College syllabus review process, and will be in operation by September 2010. 8. The Programme Board will review the timing and completion date (to earlier in the academic year) for submission of the final­year projects. The weighting scheme for the project will be revised to award a significant percentage for a research proposal or interim presentation to be completed in Semester 1. The Programme Director will bring this matter to the attention of those responsible for the Mathematics final­year project over the coming months, and before 2009/10 when project guidelines will be finalised. 9. The Programme Board will discuss with the relevant lecturers and seek the advice of the Actuarial External Examiner, Mr. Philip Cooper, during his visit in May 2009 to determine if the examination paper rubrics, asking students if they are applying for exemption from the professional actuarial examinations, should be removed or not. 10. Marketing of the course will be substantially and continuously improved, both nationally and internationally with a number of initiatives currently being investigated. The following actions will be taken: a. The Director will contact employers that have taken students in the past to determine their impression of the programme and of the calibre of the students. Favourable comments will be promoted through the course website. b. At a school level, more awareness of the programme will be communicated to Leaving Certificate students and Career Guidance teachers. The Programme Board will seek funds from the Schools to develop some promotional material over and above that used currently for the University’s Open Day. c. The Director will contact the relevant offices in the University to discuss what opportunities are available to develop the course internationally.
Report to Údarás – Review of B.S. Biomedical Science 2008–2009 6 Initial contacts will be made over the summer months of 2009 and a marketing strategy will be put in place by the end of Semester 1 2009/10. 11. The Programme Board will ensure that a student feedback policy is implemented and student evaluation is reviewed in a systematic way. 12. The Programme Board will compile Terms of Reference for the programme for submission to the relevant Schools for feedback and approval. Action Plan for the School: 1. The Director of the Programme, by invitation from the Head of School, will attend meetings of the School of Mathematics, Statistics and Applied Maths to help move action plans forward. 2. The Heads of School will support ‘Inter­disciplinary Programme Directors’ by a. encouraging regular group meetings to ensure full integration of this group into the system. b. giving Directors clearer executive roles within the Schools and Colleges c. making recommendations on the organization and potential efficiencies of Programmes within the Schools. 3. The Heads of Schools, on the advice of the Programme Director, will take into account the needs of the Programme when considering resources and appointments to ensure that the Programme gets the new skills and expertise that it requires. 4. Both Schools will fully support the Programme Board implement the above actions. Action Plan for Colleges with which the Programme is affiliated: 1. The Deans will explore opportunities for closer integration across interdisciplinary Programmes leading, for example, to more shared modules/courses, increasing the choice or options of courses for students. 2. The Deans will integrate Directors into the system by fully supporting an ‘Interdisciplinary Programme Working Group’ comprised of Programme Directors who will have representation on the Executive Boards of Schools. Action Plan for University Management: 1. The Registrar agreed that the Programme Director be given delegated power which enable decision making to be possible.
7 Report to Údarás – Review of B.S. Biomedical Science 2008–2009 Approved by: Course Director, Mr Cian Twomey, 8th July 2009 Approved by: Head of Economics, Professor Eamon O’Shea, 1 st September 2009 Approved by: Head of School, J.E. Cairnes School of Business & Economics, Dr Emer Mulligan, 14 th September 2009 Approved by: Head of School of Mathematics, Statistics and Applied Maths, Dr Ray Ryan, 14 th September 2009 Approved by: Dean of Science, Dr Gerry Morgan, 13 th July 2009 Approved by: Dean of Business, Public Policy and Law, Dr Willie Golden, 2 nd September 2009 Approved by: Registrar, Professor Jim Ward, 12 th August 2009 Approved by: Director of CELT, Dr. Iain MacLabhrainn, 31 st August 2009 Approved by: Director of Human Resources, Mr Chris McNairney, 12 th August 2009 Approved by: VP for the Student Experience, Ms Mary O’Riordan, 9 th July 2009 Professor James A Houghton Director of Quality 16 th September 2009