1. Introducing the Studies
A change for better and more knowledge is visible in many countries, including Pakistan. In this respect, educational institutions have a positive role to play and have a responsibility to perform in the domain of national uplift and welfare.
Now what is the overriding character of this change? The recent emergence of high-tech IT character of ever swelling number of Public and Private Sector enterprises has increased the need for advanced approaches largely based on new developments in the Scientific Method and applications of such approaches. Specifically, the recent bang of things like Derivative Security Market, Financial Services and Insurance Sector has also created an unprecedented need for highly sophisticated mathematical practices within industries and markets. In particular, with new Financial Services appearing in Pakistan's Market every year, it is essential for university graduates to understand the dynamic and random nature of Pakistan's financial and monetary markets. Therefore, more and more of Private and Public Sector Companies recognise that having a leading edge over others in the field in an increasingly complex milieu is possible only with the help of Advanced Methods, which are, to a large extent, based on a levelheaded ''mathematical grooming''. This change in attitude towards Mathematics as a fundamental ingredient in the evolution of contemporary societies leads to an increasing demand for human capital which has a broad knowledge of scientific and computational techniques and the ability to use these on problems faced in industry and business.
Again, mathematical practices within industries and markets go by the familiar generic designation of ''Applied Mathematics''. As is well known, this is a field which serves as a bridge between ''Scientific Theories'' and the ''real world problems''. Among a host of its applications, a new specialisation comprises the acquisition of a working knowledge of models and procedures of ''Modern Mathematical Finance''. The highly attractive aspect of this area is that as an Applied Mathematical Discipline it plays a central role in current developments in its domain of application. Besides treating Standard Methods, this focuses on the Development of New Methods and their application to real-time data, to be able to cope with ''future trends'' in a volatile and stochastic environment.
Manifestly, the aforementioned change asks us to teach emerging science and technologies rather than the courses offered by traditional departments within Universities. Thus the inception of the program of Financial Engineering (FE) as an undergraduate degree scheme in ''Modern Financial Mathematics Computational Finance''. As just indicated, this scheme of studies aims at providing a milieu within which the student can develop an appreciation and understanding of the (i) new theory and practice in mathematico-physical disciplines and (ii) principles behind the ''Dynamical Systems'' of Finance, Economy, Environment, Industry, and similar other processes / phenomena which are fast moulding the Banking Sector, Money Markets, Industrial Development, etc. indigenously and around the globe.
Particularly, the study envisages the illustration of types of complex measurements and analysis which can be achieved with simulated environment by using standard industrial packages and related software. The prime objective would be to induce in students the logic to think critically and produce solutions. There is, clearly, a strong emphasis on the use of computers at every appropriate stage. At the same time, students will get here a real opportunity to learn the techniques of effective communication, leadership, and negotiation which requires a firm development environment to aid the research and innovation in the above disciplines / fields.
Thus the alumni will have an excellent understanding of useful techniques and how they can be applied in a wide range of professional and academic disciplines involving Private and Public Sector activities in Pakistan and abroad. Parenthetically, thank God, the first batch of students is about to complete its 4-year degree studies by the end of the current semester and will pass out in June 2007.
2. On the Concept of Scope
The emerging global village scenario tends to enhance competition. In turn, this magnifies the human capital vulnerability, from the viewpoint of societal sustainability. Presently, Chartered Accountants who, of course, easily happen to bypass the Commerce and Business Administration graduates (albeit the latter do possess a survival value in their own right) are often made to run the show. However, there are much vaster waters to chart beyond the routine maintenance of financial health and business. Specifically, there is a great dearth of judiciously skilled human capital in the vital field of Financial Analysis / Engineering. Financial Engineers / Analysts perform indispensable services as Consultants / Advisors. Furthermore, Corporations, Actuarial Concerns / Insurance Companies, Investment Firms, Banks, Professional Trade Associations, Public Companies and individuals and organisations of all kinds use the services of Financial Engineers. Plainly therefore, as the PFE degree is designed to extensively cater to all kinds of professional requirements arising in the Academia or the life, demand is high for the alumni of PFE Program in local as well as international Industry, General Market, and Governments.
3. Generic Structure
With 6 courses per semester generally, the BS (FE) studies span a period of 8 semesters (4 years) as follows:
1st Year equivalent to Freshman
2nd Year Sophomore
3rd Year Junior
4th Year Senior.
The BS may be offered with or without a thesis - in case of a thesis, it shall be normally submitted by the student after the completion of the Final Semester. The normal requirement for registration in the BS Program is an Intermediate (Higher Secondary) Certificate in Arts, Commerce or Science group or A-Level Certificate or equivalent from a recognised Board or other institution. Also, the following provision may be noted: (a) GCE-A Level passes should be at Grade E or above or Intermediate Result (b) GCSE / O Level passes should be at Grade C or above or Matriculation Result.
Curricular Framework for 4-Year BS (FE) Degree
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