#MathsWeek: Bright future for DCU Maths grads with starting salaries of €35k and graduate employment rate of 94 percent
More than half of DCU Maths students who graduated in the last two years are commanding starting salaries of at least €35,000.
A survey conducted by the university amongst students who completed their courses in 2018 and 2019 also confirmed that 94 percent of them were in full-time employment.
The survey was conducted by DCU, and had a response rate of 63 percent from graduates who completed the BSc in Financial Mathematics and BSc in Actuarial Mathematics.
Of those who completed the survey, some 45 percent said they were earning salaries of between €35,000 and €39,999.
Another 30 percent said their salaries stood at between €30,000 and €34,999.
Ten percent of those surveyed said their starting salaries were above €40,000, while some 2.5 percent said they earned between €20,000 and €24,999.
The strong starting salaries for graduates of DCU’s Undergraduate Maths degree programmes will come as little surprise as opportunities within the Irish financial sector are set to grow.
Last April, Finance Minister Paschal Donohoe announced a new strategy to increase direct employment in the financial services sector to 50,000 from 44,000 by 2025.
Mr Donohoe told those attending the launch event that Ireland had an opportunity to become a “world leader” as a global location for financial services by 2025.
According to the DCU survey, among the job titles and positions for DCU Maths graduates were Actuarial Analyst, OTC Derivatives Pricing Specialist, Pricing Analyst, Fund Accountant, Business Intelligence Analyst, Technology Trader and Trainee Actuary.
The companies that employed DCU Maths graduates in 2018 and 2019 include Allianz, KPMG, Ryanair, US Bank Global Fund Services and Irish Life.
In their feedback to the survey, students pointed to the INTRA placement (work placement) as being of huge benefit when it came to them landing their first job upon finishing their time in DCU.
“The great advantage of our programmes in Financial and Actuarial Mathematics is that they allow students to study a fascinating subject in depth at third level, while providing a clear pathway to interesting and rewarding careers,” said Professor Brien Nolan, Associate Professor in DCU’s School of Mathematical Sciences
“Opportunities for Mathematics graduates have never been stronger. It is a subject that a great many students enjoy at second level, and our programmes offer them the opportunity to pursue their interest through university and into their careers.”
The content of the BSc in Financial Mathematics and the BSc in Actuarial Mathematics is the same in Years One and Two.
Over these two years, students study several branches of mathematics, especially probability, statistics, and advanced calculus. They also develop their understanding of economics, accounting and computer programming, and are introduced to applications of mathematics in finance.
In Years Three and Four of the BSc in Financial Mathematics, students study advanced mathematical techniques and their applications to the analysis of financial data, to the design and pricing of complex financial products such as derivatives and swaps, and to the analysis of financial risk.
In Years Three and Four of the BSc in Actuarial Mathematics, students apply sophisticated mathematical techniques to real-world problems in insurance, finance and banking. A shared theme of the programmes is the development of mathematical tools for making predictions in the face of uncertainties.
Another shared feature of the two programmes is the paid work placement (INTRA) that takes place over an eight month period in Year Three. The placements are, typically, with investment banks and trading houses or in major insurance companies and actuarial consultancies.
This is a key opportunity for students to gain practical skills and experience in a commercial environment and also helps students make an informed career choice on graduation.
The BSc in Actuarial Mathematics is fully accredited by the Institute and Faculty of Actuaries, UK. Students may obtain exemptions from the Core Principles examinations (CS1, CS2, CM1, CM2, CB1 and CB2) of the Institute and Faculty of Actuaries, UK. These are the initial examinations required in order to qualify as an actuary in Ireland and the UK. Exemptions depend on examination performance during the degree and students who achieve all six exemptions can significantly reduce the time taken to qualify as an actuary.