Financial Mathematics - MACT7009

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2024 to 2025
Autumn Term 7 15 (7.5) John Millett checkmark-circle


The aim of this module is to provide a grounding in the principles of modelling as applied to financial mathematics – focusing particularly on deterministic models which can be used to model and value known cashflows.
This module will cover a number of syllabus items set out in Subject CM1 – Actuarial Mathematics published by the Institute and Faculty of Actuaries.


Contact hours

Total contact hours: 48
Private study hours: 102
Total study hours: 150

Method of assessment

Examination (70%), Coursework (30%)

Indicative reading

Students on the programmes listed in section 7 are provided with the study notes published by the Actuarial Education Company for Subject CM1 – Actuarial Mathematics.

The following may be used for background reading:

Adams, A. T., et al, Investment mathematics (Wiley 2003)

McCutcheon, J. J., Scott, W. F., An introduction to the Mathematics of Finance (Institute of Actuaries, Faculty of Actuaries in Scotland 1986)

Garrett S, An introduction to the Mathematics of Finance; a deterministic approach 2nd edition (Institute and Faculty of Actuaries 2013)

Learning outcomes

On successfully completing the Level 7 module students will be able to:
1. demonstrate systematic understanding of the key aspects and concepts involved in actuarial modelling;
2. describe, interpret and discuss critically the theories on interest rates;
3. show a comprehensive understanding of the techniques applicable to solve complex problems using a very good level of skill in calculation and manipulation of the material in the syllabus areas outlined in the synopsis of the curriculum below;
4. demonstrate a conceptual understanding that enables the student to evaluate critically recent developments in financial mathematics and the links between the theory of financial mathematics and their practical application.


  1. Credit level 7. Undergraduate or postgraduate masters level module.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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