a program jointly offered by school of science and school

A Program jointly offered by School of Science and

School of Business & Management

Program Directorship (from AY2019-20)

Professor Yue Kuen KWOK ([email protected]) • Professor of Mathematics• Director of BSc MAEC• Specialties: Financial Mathematics; Derivatives Pricing

and Credit Risk Modeling

Professor Kam Wing SIU ([email protected]) • Assistant Professor of Business Education• Director of BSc MAEC • Specialties: Industrial organization; Health economics;

Chinese economy

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Our Team

Agenda

Why Mathematics and Economics

Career Prospects

Curriculum Structure

Admission routes and criteria

Why choose

Mathematics and Economics?

* Synergy between Mathematics & Economics

The research for Nobel Laureates in Economics heavily require mathematics.

Mathematician John Nash Jr., whose work on the game theory changed modern economics, won the Nobel Prize in Economics in 1994.Nash equilibrium: Prisoner’s Dilemma.

Mathematician Leonid Kantorovich, known for his theory and development of techniques for the optimal allocation of resources, and regarded as the founder of linear programming, won the Nobel Prize in Economics in 1975.

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Nobel Laureates in Economics

Nobel Awards on Matching Schemes

• 2012 Nobel Awards in Economics go to Shapley and Roth on their works on matching schemes

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x

• 21 out of 45 Laureates awarded in the last 25 years have degree(s) in Mathematics

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Nobel Laureates in Economics

2016 Oliver Hart B.A. Math2016 Bengt Holmström B.S. Math, M.Sc. Operations Research2013 Lars Hansen B.S. Math, Political Science2012 Alvin Roth B.S., M.S., Ph.D. Operations Research2012 Lloyd Shapley A.B. Math, Ph.D. in Mathematics2011 Christopher Sims A.B. Math2010 Peter Diamond B.A. Math2007 Eric Maskin A.B. Math, Ph.D. Applied Math2005 Robert Aumann B.S., M.S., Ph.D. Math2004 Edward Prescott B.A. Math, M.S. Operations Research2003 Clive Granger B.A. Math, Ph.D. Statistics2002 Daniel Kahneman B.A. Math, Psychology2001 Michael Spence B.A., M.A. Math2001 Joseph Stiglitz B.A. Math, Economics2000 James Heckman B.A. Math1997 Robert Merton B.S. Engineering Math, M.S. Applied Math1996 William Vickrey B.S. Math1996 James Mirrlees M.A. Math1994 John Nash B.S., M.S., Ph.D. Math1994 Reinhard Selten M.S., Ph.D. Math1992 Gary Becker B.A. Math

Paul Krugman - Nobel Laureate

• “The mathematical grinding serves an essential function — that of clarifying thought.”

• “After the mathematics, I was able to express most of those ideas in plain English. It really took the mathematicsto get there, and you still cannot quite get it all without the equations.”

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Nobel Prize in Economic Sciences 2008

Career Prospects

Career Prospects

• Promising opportunities in the banking & finance industry for those who are capable of applying mathematical tools to financial markets and economic forecasting

• Interdisciplinary training highly valued by employers: more diverse career options than those majoring in Mathematics or Economics alone

• Sufficient academic preparation for entry into top PhD / Master’s / professional programs in economics, statistics, financial mathematics, and other business-related fields. Recent placements include:

• Chicago, Columbia, LSE, Stanford, and Yale10

2018 Graduates• Average monthly salary: $29,930• Max: $87,500/month • Examples:

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Job Title Job Nature Monthly Salary (Rounded)

Investment Banking Analyst

Banking / Finance $87,500

Investment Banking Analyst

Banking / Finance $68,300

Quantitative Trader Banking / Finance $46,700

Risk Analyst Banking / Finance $23,300Associate Consultant

Administration / Management

$21,000

Actuarial Assistant Economic, Statistical & Mathematical Work

$20,400

MAEC Graduates –Career Prospects

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Graduation Year Position / Company

2010 Vice President, Index Structurer, Citi Fixed Income Indices

2011 Senior Analyst, ANREV

2011 Managing Director, Aron Capital Management Co Ltd

2011 Director of Finance, MetLife2011 Data Scientist, Goggle2011 Senior Associate, KPMG


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Graduation Year Position / Company2012 Solution Sales Rep, HK & Taiwan, Promethean2012 Investment Manager, Sichuan Tianfu Bank2012 Associate Director, Temasek2012 Economist, Amazon2012 Software Engineer, Amobee2012 Private Banker, China Minsheng Banking Corp2013 Senior Manager, Agricultural Bank of China2013 Trader, BosValen Asset Management Ltd

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Graduation Year Position / Company

2014 Analyst, Asian Special Situations Group Strategies, Goldman Sachs

2014 Junior Quantitative Portfolio Manager, Merck Finck Privatbankiers AG

2014 Senior Quantitative Analyst, S&P Global2014 Sr. Legal Executive, Nicky Chen & Partners2015 Senior Executive, Public Mutual Berhad2015 Credit Strategist, Goldman Sachs2015 Associate, JP Morgan2015 Software Engineer, Microsoft


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Graduation Year

Position / Company

2016 Private Equity Associate, Bain Capital2016 Investment Analyst, AQUMON (Magnum Research)

2016 Business Analyst, CJC Ltd - Technical and Commercial Market Data Managed Services

2016 Senior Investment Manager, Hong Kong International Investment

2016 Research Fellow, Stanford Institute for Economics and Policy Research

2016 Financial Analyst, Telstra International Group2016 Global Markets Analyst, Bank of America Merrill Lynch


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Graduation Year

Position / Company

2017 Business Development & UX Manager, FeedMe Guru2017 Macro Research Analyst, Nomura2017 Fuji Xerox (Hong Kong) Consulting Executive - Global

Services Business2017 Management Trainee, Commercial Banking, Hang Seng Bank2017 Risk Assurance Associate, PWC Hong Kong and Mainland

China2017 IT Consultant, FDM Group2017 Tech risk management Analyst, UBS


Global Economics Research EconomistMorgan Stanley

Responsibilities• Maintain and create data files• Analyze data• Data commentary• Prepare presentations• Undertake research for medium-term projects and regional comparative studiesSpecifications / Qualifications• Postgraduate Degree in Economics or Statistics / Econometrics or equivalent• Strong background in macroeconomics required• Experience in financial services industry• Business fluent in English• Good knowledge of empirical methods and proficiency in using Eviews• Excellent IT skills related to data manipulation and interpretation• Statistical proficiency and practical experience in time series analysis• Strong capabilities to communicate clearly both in written work and in verbal presentations

• Capable of solving problems independently and to question conventional wisdom

Math training Econ training Business Eng. Communication

training

Econometrics course

MAEC training

MRMA, Commodities Market RiskGoldman Sachs

Responsibilities• Developing appropriate measures of market risk• Using these measures to monitor the market risk the firm is exposed to and, subject to certain limitations, recommending appropriate market-risk limits to the Firm-wide Risk Committee

• Reporting on market risk, including compliance with market-risk limits, to the firm’s senior managers and regulatory authorities

Specifications / Qualifications• Graduate in a quantitative discipline or finance major double :- Quantitative discipline such as Mathematics, Statistics or Engineering or- Finance double: Econometrics, Economics + Mathematics or Accounting + Mathematics

• Market risk analysis covering linear and nonlinear products• Covering commodity markets in particular U.S natural gas, U.S power and oil products• Dealing with regulators and revenue divisions on market risk issues• Comfortable explaining complicated risks in an intuitive way

Math training Econ training BSc MAEC

Business Eng. Communication

training

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Fixed Income AnalystBOCHK Asset Management

Responsibilities• Providing China, Asia and Global macroeconomic analysis• Performing currency and interest rate market analysis• Maintaining different in-house macroeconomic models• Presenting with investment ideas and sifting through the relevant information and using his/her judgment to recommend currency and interest rate investment strategies

• Assisting the establishment of macro investment strategy, implementing and maintaining strategic asset allocation

Specifications / Qualifications• Macroeconomic analysis experiences preferred• Strong skills to analyze currency, interest rate markets and/or sovereign credits• Good quantitative skills to handle and analyze large volumes of data; statistical skills are required

• High standard Excel’s skills including programming• Handling multi-tasks under stressful environment• Good attention to details for high accuracy• Strong communication skills

Math training Econ training Business Eng. Communication

trainingApplied Statistics

course

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Recent Graduates – Further Study

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• PhD in Statistics (University of Wisconsin, Madison)• PhD in Biostatistics (University of Washington)• MPhil in Economics (Oxford University)• MPhil in Economics (HKUST)• MPhil in Computer Science and Engineering (HKUST)• MPhil in Mathematics (HKUST)• MSc in Operations Research (Columbia University)• MSc in Finance (Johns Hopkins University)• MA in Mathematics of Finance (Columbia University)• MSc in Finance (MIT)• MSc in Financial Engineering (Columbia University/New York

University)

2017 Graduates


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• PhD in Economics (Johns Hopkins University)• PhD in Economics (Washington University)• MPhil in Economics (University of Cambridge)• MSc in Financial Engineering (Columbia University)• MSc in Finance - Quantitative Track (Washington University)• MSc in Finance (Imperial College London)• MSc in Financial Mathematics (HKUST)• MA in Economics (New York University)• MA in Social Science - Economics Track (University of

Chicago)

2018 Graduates


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• PhD in Economics (Penn State University)• PhD in Economics (University of California, Santa Cruz)• PhD in Statistics (University of Michigan)• PhD in Economics (HKUST)• MSc in Computational Finance (Carnegie Mellon University)• MSc in Financial Mathematics (HKUST)• MPhil in Economics (Cambridge University)

2019 Graduates

MAEC Curriculum

Curriculum Design

• 7 basic mathematics courses in calculus, analysis, statistics and linear algebra

• 6 basic courses in calculus-based macroeconomics and microeconomics, econometrics

• 2 business core courses in accounting, finance, and one computing course

• Two in-depth electives in mathematics• Two in-depth electives in economics• Free-electives to allow flexibility: More in-depth

studies in economics, statistics, financial mathematics, or minor in actuarial mathematics, big data technology.

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Broad base education in MAEC Program

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What are the differences between the MAEC Program and othersimilar programs, like Quantitative Finance, Risk Management, andActuarial Science?

The MAEC Program combines the studies of the two academicdisciplines of Mathematics and Economics in one degree.

It provides the broad based education that stresses on thefoundation training of quantitative reasoning skills in analyzing socialand economic issues.

The other programs are more professional in nature, focusing thetraining of the skills in the respective profession of finance, riskmanagement and actuarial science.

Normative Study Pathway(Year 1 Entry; program-based)

/MATH4999

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Quantitative training in MAEC Program

How is the MAEC Program different from studying a degree inEconomics with a minor in Mathematics?

The MAEC Program places equal emphasis on Mathematics andEconomics, with equal share of courses in both disciplines.

There are 2 Macroeconomics courses and 2 Microeconomicscourses in MAEC, and these courses incorporate the use of calculusin explaining economics concepts.

The quantitative training in mathematics skills would be lesssubstantial under the minor in Mathematics.

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• Fundamentals of Mathematical Finance • Quantitative Methods for Fixed Income

Derivatives • Loss Models and their Applications

• Life Contingencies Models and

Insurance Risk

FinancialMaths

&Actuarial

Maths

In-depth MATH Electives in Financial Mathematics and actuarial mathematics

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• Time Series Econometrics and Business Forecasting

• Money and Banking• International Trade and Investment• International Macroeconomics and

Finance• Globalization: Trade, Investment and

Exchange

Banking, Investment & Financial

Systems

In-depth ECON Electives in Banking, Investment & Financial Systems

Minor ProgramsProgram Dep/Office Minor Program

School of Science

Ocean Science Environmental Science

Life Science Biotechnology

Biological Science

Chemistry Chemistry

Mathematics Actuarial Mathematics

Physics Astrophysics and Cosmology

Physics

Life Science and Physics Biological Physics

School of Engineering

Chemical and Biological Engineering Bioengineering

Civil and Environmental Engineering Environmental Sustainability and Management

Computer Science and Engineering Big Data Technology

Information Technology

Electronic and Computer Engineering Robotics

Sustainable Energy Engineering

Industrial Engineering and Decision Analytics Design

Technology Management

Mechanical and Aerospace Engineering Aeronautical Engineering

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Minor Programs

Program Dep/Office Minor Program

SSCI & SENG & SBM

School of Science, School of Engineering and School of Business and Management

Entrepreneurship

School of Humanities and Social Science

School of Humanities and Social Science China Studies

Humanities Humanities

Social Science Social Science

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Undergraduate Research Opportunities Program (UROP)

• UROP is a HKUST signature program designed to provide undergraduate students with an exciting opportunity to engage in academic research, thereby helping them to develop insightful perspectives on their areas of interest and advance the frontiers of knowledge and allowing students to immerse themselves in a variety of tailor-made research projects under the supervision of world-class researchers

• UROP is now offered in all three semesters (fall, spring and summer). Students can now participate in rigorous research that spans the academic year

• Please find more details on: https://urop.ust.hk/cover.html

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Outbound Exchange Program• Students can participate ONCE only in EITHER the SSCI OR the SBM exchange program

during their undergraduate studies study at HKUST:o SSCI exchange program - for mainland or overseas exchange in Year-3 or Year-4o SBM exchange program - for overseas exchange in Year-3 Fall semester

• Students can apply for either program of the two Schools but CANNOT simultaneously applyto both programs in the same term

• Most courses offered by SBM exchange partners are business ones, students may have limitedchoice of courses to select at the host institutions; same case with SSCI partners wherecourses offered will mainly be science-related courses

• The SBM limited partner list will exclude SSCI duplicated partners

• Application period for Year-3 Fall SBM exchange is in Year-2

• For details, please refer to: http://advise.science.ust.hk/sfs/exchange/outgoing/application-procedures#tabs (Please also take note on the “special notes” for students of joint-schoolprogram)

33Note: The above is applicable for MAEC students with 2017-18 and 2018-19. Students should treat the schools as the most accurate source of information about exchange program.

MenTernshipSince Spring 2010, the School of Science has organized a mentorship cum internship program for students. The uniqueness of this Program is that students are matched with social dignitaries as mentors, and internships may be offered in the mentors’ respective fields or other related areas later on. By engaging students in this valuable out-of-classroom experience, students are expected to train up themselves to meet the life challenges ahead.

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HeadStart@HKUST• The HeadStart@HKUST aims to do exactly that – to give our first- and second-

year undergraduate students a “head start” in this increasingly global, competitive, and dynamic society through an earlyworkplace immersion and career development scheme.

• The HeadStart@HKUST offers you a unique experience in the following 3 areas –summer internship, career mentorship, and hard- and soft-skill training and

development.• For details: http://headstart.ust.hk/en/intro_about_headstart_fellow.php

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Role models of

MAEC Graduates

Role Models of Graduates

Kristy Law (BSc in MAEC, 2017)

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"MAEC is an exhilarating journey, where I am benefited in different perspectives.

Mathematics is intriguing and thought-provoking, especially when I am approaching some complex questions; whilst economics theories are profound and have a close nexus with a wide spectrum of real life issues.

In MAEC, I have equipped with quantitative skills to address multifarious economic issues, received rigorous logical training, and understood the financial world more comprehensively, all of which are the key pillars of my career development.

Furthermore, MAEC is a small cohort with strong bonding amongst students, where I came across many extraordinary and brilliant people within the program, learn from each other and gain more support. Benefited by the soft and hard skills acquired from this program, I become more competitive to pursue a career in the business world, especially the financial market."


Kristy Law (BSc in MAEC, 2017)


Ken Wong (BSc in MAEC, 2017)


Keyu Zhang (BSc in MAEC, 2016)

Global Markets Analyst, Bank of America Merrill Lynch

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"The MAEC program sharpens my skills in both analytical thinking and quantitative reasoning through a combination of courses in economics and mathematics. The study of economics helps me form a general view of the global economy and leads me to understand the financial market in a more comprehensive manner.

The study of mathematics helps me to figure out the underlying investment opportunities in the financial markets and provides me a quantitative way of putting my ideas into actions. Moreover, the flexibility of this program has allowed me to acquire other knowledge in accounting and finance as well, which makes me more competitive for my future career in the financial market."


Keyu Zhang (BSc in MAEC, 2016)


Weixiang Xu, Michael(BSc in MAEC, 2013)

Weixiang has worked as a Data Analyst atMcLagan from June 2013 for two years, andcompleted his master’s degree in FinancialMathematics at HKUST in 2017. He thenjoined a leading hedge fund company,Citadel, to become a quants trader.

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Weixiang Xu, Michael (BSc in MAEC, 2013)

The combined knowledge of the two disciplines opens up a range of jobopportunities.The training has proven to be very worthwhile and practical in both jobinterviews and daily lives.The economics theories come in handy when understanding the globalmarket movements. On the other hand, the mathematics courses helpedshape a rigorous thinking and logical way of doing things, which are verybeneficial in the working environment."


Wodan Ling (BSc in MAEC, 2013) Research Interest:• Quantile regression, with application in medicine and public health• Statistical machine learning, optimization, and large-scalecomputational algorithm, with application in oceanographic and climate sciences• Adaptive designs, with application in improving and optimizing the mobile app platform


Claire Cui (BSc in MAEC, 2015)


Ye ZHANG (BSc in MAEC, 2015)


Interested?

Admission RoutesJUPAS Direct Entry (JS5813)• HKDSE applicants with one of: M1 / M2 / Economics /

Biology / Physics / Chemistry / Combined Science / Integrated Science

International Direct Entry• Applicants with Int’l Qualifications (IBDP, GCEAL, SAT,

etc.) with at least one senior level subject from: Mathematics / Biology / Chemistry / Physics

Transfer from Science (Group A) (JS5102) or any Business School programs• SSCI-A/SBM students may choose to major in MAEC

during major selection after completing Year 1

Admission Requirements for JUPAS-HKDSE ApplicantsMinimum Levels Required for HKDSE:

Subject Minimum Level Requirement

English Language 4

Chinese Language 3

Mathematics (compulsory) 3

Liberal Studies 2

Elective 1One of: M1 / M2 / Economics / Biology / Physics / Chemistry / Combined Science / Integrated Science

3

Elective 2Any Category A subjects or M1/M2

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Admission Requirements for JUPAS-HKDSE Applicants

Best 6 subjects with weighting which include:

Subject 1 Weighted English Language

Subject 2 Weighted Mathematics (Compulsory Module)

Subject 3 Weighted Best ElectiveM1/M2 / Economics / Biology/ Chemistry/ Physics/ Combined Science/ Integrated Science

Subject 4, 5 & 6 Next best 3 subjectsCan be core OR any Category A subjects

Best Elective x 1.5Economics / Biology / Chemistry / Physics /Combined Science/ Integrated Science

Best Elective x 2M1/M2

Other Elective x 1.5EconomicsMath (Comp) x 2

English x 2

Admission Scores (JUPAS)

English Chinese Math (Comp)

Liberal Studies

Elective 1 Elective 2 Elective 3 M1/M2 Admission Score

Median 4 5 5 4 5 5 ‐ 5* 47.5

Lower Quartile 4 3 5** 3 4 5 ‐ 5 46.5


Liberal Studies


Median 4 4 5* 3 5 4 4 5 45

Lower Quartile 4 4 5 5 4 4 ‐ 5 43


Liberal Studies


Median 5 4 5** 4 5* 5* 5 5 47

Lower Quartile 4 4 5 3 5* 5 ‐ ‐ 47

2017


Liberal Studies


Median 4 5 5* 5* 5 5 ‐ 5 46

Lower Quartile 4 4 5* 4 5 4 ‐ 5 43

2018

2019

2016

GCE Advanced Level (AL) / International AL ‐ High School graduation;‐ Final grades of **A in Science/Economics subjects‐ In which TWO AL Science/Economics subjects = A* (Chem/Bio/Math/Further

Math/Pure Math/Econ) (At least ONE A* from Math/Further Math/Pure Math/Econ)

International Baccalaureate Diploma (IB)‐ Completion of IB Diploma;‐ Final grades 38 or above (including TOK)‐ In which ONE HL Science/Economics subject >= 6 (Math/Further Math/Econ) or‐ ONE HL Science subject >= 6 (Chem/Bio/Phys) and ONE SL subject >= 6

(Math/Further Math/Econ)

Admission Requirements for Applicants holding International Qualifications

In addition to fulfilling the University general admission requirement, applicants apply for:

MAEC program must have at least ONE Senior Level subject from Biology / Chemistry / Mathematics / Physics

Final Information

Failed in Chinese / English, any special consideration?

• NO, 332233 is the minimum University entrance requirements

Accept combined certificates or not? • Accept and without any penalty

• Any bonus for interview?• Yes, interview bonus will be given to applicants

with good performance

• Tel: (852) 2358 5065• Fax: (852) 2358 1464• Website: http://science.ust.hk• Email: [email protected]

a program jointly offered by school of science and school

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