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Home , Clive Granger, Lloyd Shapley

A Program jointly offered by School of Science and School of Business & Management Our Team

Program Directorship (from AY2019-20) Professor Yue Kuen KWOK ([email protected]) • Professor of • 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 ; Chinese economy

2 Agenda

 Why Mathematics and Economics  Career Prospects Curriculum Structure  Admission routes and criteria Why choose

Mathematics and Economics?

* Synergy between Mathematics & Economics Nobel Laureates in Economics

The research for Nobel Laureates in Economics heavily require mathematics.

Mathematician John Nash Jr., whose work on the changed modern economics, won the in Economics in 1994. : Prisoner’s Dilemma.

Mathematician , 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.

5 Nobel Awards on Matching Schemes

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

6 Nobel Laureates in Economics • 21 out of 45 Laureates awarded in the last 25 years have degree(s) in Mathematics 2016 B.A. Math 2016 Bengt Holmström B.S. Math, M.Sc. Operations Research 2013 Lars Hansen B.S. Math, Political Science 2012 Alvin Roth B.S., M.S., Ph.D. Operations Research 2012 A.B. Math, Ph.D. in Mathematics 2011 Christopher Sims A.B. Math 2010 B.A. Math 2007 A.B. Math, Ph.D. Applied Math 2005 B.S., M.S., Ph.D. Math 2004 Edward Prescott B.A. Math, M.S. Operations Research 2003 B.A. Math, Ph.D. Statistics 2002 B.A. Math, Psychology 2001 B.A., M.A. Math 2001 B.A. Math, Economics 2000 B.A. Math x 1997 Robert Merton B.S. Engineering Math, M.S. Applied Math 1996 B.S. Math 1996 M.A. Math 1994 John Nash B.S., M.S., Ph.D. Math 1994 M.S., Ph.D. Math 7 1992 B.A. Math - 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 mathematics to get there, and you still cannot quite get it all without the equations.”

Nobel Prize in Economic Sciences 2008 8 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 Yale

10 2018 Graduates

• Average monthly salary: $29,930 •Max: $87,500/month • Examples: Job Title Job Nature Monthly Salary (Rounded) Investment Banking Banking / Finance $87,500 Analyst Investment Banking Banking / Finance $68,300 Analyst Quantitative Trader Banking / Finance $46,700

Risk Analyst Banking / Finance $23,300 Associate Administration / $21,000 Consultant Management Actuarial Assistant Economic, Statistical $20,400 & Mathematical Work 11 MAEC Graduates – Career Prospects Graduation Year Position / Company Vice President, Index Structurer, Citi 2010 Fixed Income Indices 2011 Senior Analyst, ANREV Managing Director, Aron Capital 2011 Management Co Ltd 2011 Director of Finance, MetLife 2011 Data Scientist, Goggle 2011 Senior Associate, KPMG

12 MAEC Graduates – Career Prospects Graduation Year Position / Company 2012 Solution Sales Rep, HK & Taiwan, Promethean 2012 Investment Manager, Sichuan Tianfu Bank 2012 Associate Director, Temasek 2012 , Amazon 2012 Software Engineer, Amobee 2012 Private Banker, China Minsheng Banking Corp 2013 Senior Manager, Agricultural Bank of China 2013 Trader, BosValen Asset Management Ltd

13 MAEC Graduates – Career Prospects Graduation Position / Company Year Analyst, Asian Special Situations Group 2014 Strategies, Goldman Sachs Junior Quantitative Portfolio Manager, 2014 Merck Finck Privatbankiers AG 2014 Senior Quantitative Analyst, S&P Global 2014 Sr. Legal Executive, Nicky Chen & Partners 2015 Senior Executive, Public Mutual Berhad 2015 Credit Strategist, Goldman Sachs 2015 Associate, JP Morgan 2015 Software Engineer, Microsoft

14 MAEC Graduates – Career Prospects

Graduation Position / Company Year 2016 Private Equity Associate, Bain Capital 2016 Investment Analyst, AQUMON (Magnum Research) Business Analyst, CJC Ltd - Technical and Commercial Market 2016 Data Managed Services Senior Investment Manager, Hong Kong International 2016 Investment 2016 Research Fellow, Stanford Institute for Economics and Policy Research 2016 Financial Analyst, Telstra International Group 2016 Global Markets Analyst, Bank of America Merrill Lynch

15 MAEC Graduates – Career Prospects

Graduation Position / Company Year 2017 Business Development & UX Manager, FeedMe Guru 2017 Macro Research Analyst, Nomura 2017 Fuji Xerox (Hong Kong) Consulting Executive - Global Services Business 2017 Management Trainee, Commercial Banking, Hang Seng Bank 2017 Risk Assurance Associate, PWC Hong Kong and Mainland China 2017 IT Consultant, FDM Group 2017 Tech risk management Analyst, UBS

16 Global Economics Research Economist Morgan Stanley

Responsibilities Math training Econ training Business Eng. Communication • Maintain and create data files training • Analyze data • Data commentary course • Prepare presentations • Undertake research for medium-term projects and regional comparative studies Specifications / Qualifications • Postgraduate Degree in Economics or Statistics / Econometrics or equivalent • Strong background in macroeconomics required • Experience in financial services industry • Business fluent in English MAEC training • 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 analysis • Strong capabilities to communicate clearly both in written work and in verbal presentations • Capable of solving problems independently and to question conventional wisdom MRMA, Commodities Market Risk Goldman Sachs

Responsibilities Math training Econ training BSc MAEC • 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 Business Eng. Communication Specifications / Qualifications training • 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

18 Fixed Income Analyst BOCHK Asset Management

Responsibilities Math training Econ training Business Eng. Communication • Providing China, Asia and Global macroeconomic analysis training • Performing currency and interest rate market analysis Applied Statistics • Maintaining different in-house macroeconomic models course • 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 , 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 19 Recent Graduates – Further Study

2017 Graduates

• 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)

20 Recent Graduates – Further Study

2018 Graduates

• PhD in Economics (Johns Hopkins University) • PhD in Economics (Washington University) • MPhil in Economics (University of ) • 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)

21 Recent Graduates – Further Study

2019 Graduates

• PhD in Economics (Penn State University) • PhD in Economics (University of , 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)

22 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 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.

24 Broad base education in MAEC Program

What are the differences between the MAEC Program and other similar programs, like Quantitative Finance, Risk Management, and Actuarial Science?

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

It provides the broad based education that stresses on the foundation training of quantitative reasoning skills in analyzing social and economic issues.

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

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

/ MATH4999 Quantitative training in MAEC Program

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

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

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

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

27 In-depth MATH Electives in Financial Mathematics and actuarial mathematics

• Fundamentals of Mathematical Finance Financial • Quantitative Methods for Fixed Income Maths Derivatives • Loss Models and their Applications & • Life Contingencies Models and Actuarial Maths Insurance Risk

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

• Time Series Econometrics and Business Forecasting Banking, • Money and Banking Investment • International Trade and Investment & Financial • International Macroeconomics and Systems Finance • Globalization: Trade, Investment and Exchange

29 Minor Programs

Program 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

30 Minor Programs

Program Dep/Office Minor Program SSCI & SENG & SBM School of Science, School of Engineering Entrepreneurship and School of Business and Management School of Humanities and Social Science School of Humanities and Social Science China Studies Humanities Humanities Social Science Social Science

31 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

32 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-4 o SBM exchange program - for overseas exchange in Year-3 Fall semester

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

• Most courses offered by SBM exchange partners are business ones, students may have limited choice of courses to select at the host institutions; same case with SSCI partners where courses 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-school program)

Note: 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. 33 MenTernship

Since 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.

34 HeadStart@HKUST

•TheHeadStart@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. •TheHeadStart@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

35 Role models of MAEC Graduates Role Models of Graduates

Kristy Law (BSc in MAEC, 2017) Role Models of Graduates

Kristy Law (BSc in MAEC, 2017) "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." 38 Role Models of Graduates

Ken Wong (BSc in MAEC, 2017) Role Models of Graduates

Keyu Zhang (BSc in MAEC, 2016)

Global Markets Analyst, Bank of America Merrill Lynch Role Models of Graduates

Keyu Zhang (BSc in MAEC, 2016)

"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."

41 Role Models of Graduates

Weixiang has worked as a Data Analyst at Weixiang Xu, Michael McLagan from June 2013 for two years, and (BSc in MAEC, 2013) completed his master’s degree in Financial Mathematics at HKUST in 2017. He then joined a leading hedge fund company, Citadel, to become a quants trader. Role Models of Graduates

Weixiang Xu, Michael (BSc in MAEC, 2013)

The combined knowledge of the two disciplines opens up a range of job opportunities. The training has proven to be very worthwhile and practical in both job interviews and daily lives. The economics theories come in handy when understanding the global market movements. On the other hand, the mathematics courses helped shape a rigorous thinking and logical way of doing things, which are very beneficial in the working environment."

43 Role Models of Graduates

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

Claire Cui (BSc in MAEC, 2015) Role Models of Graduates

Ye ZHANG (BSc in MAEC, 2015) Interested? Admission Routes

JUPAS 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 Applicants Minimum Levels Required for HKDSE: Subject Minimum Level Requirement

English Language 4 Chinese Language 3 Mathematics (compulsory) 3 Liberal Studies 2 Elective 1 One of: M1 / M2 / Economics / Biology / Physics / Chemistry / Combined Science / 3 Integrated Science

Elective 2 3 Any Category A subjects or M1/M2 Admission Requirements for JUPAS-HKDSE Applicants Best 6 subjects with weighting which include:

Best Elective x 2 M1/M2 English x 2 Other Elective x 1.5 Math (Comp) x 2 Best Elective x 1.5 Economics Economics / Biology / Chemistry / Physics / Combined Science/ Integrated Science Subject 1 Weighted English Language

Subject 2 Weighted Mathematics (Compulsory Module) Subject 3 Weighted Best Elective M1/M2 / Economics / Biology/ Chemistry/ Physics/ Combined Science/ Integrated Science Subject 4, 5 & 6 Next best 3 subjects Can be core OR any Category A subjects Admission Scores (JUPAS)

English Chinese Math Liberal Elective 1 Elective 2 Elective 3 M1/M2 Admission 2019 (Comp) Studies Score Median 4 5 5* 5* 5 5 ‐ 5 46 Lower Quartile 445*454‐543

2018 English Chinese Math Liberal Elective 1 Elective 2 Elective 3 M1/M2 Admission (Comp) Studies Score Median 5 4 5** 4 5* 5* 5 5 47 Lower Quartile 44535*5‐‐47

2017 English Chinese Math Liberal Elective 1 Elective 2 Elective 3 M1/M2 Admission (Comp) Studies Score Median 455455‐5*47.5 Lower Quartile 435**345‐546.5

2016 English Chinese Math Liberal Elective 1 Elective 2 Elective 3 M1/M2 Admission (Comp) Studies Score Median 445*3544545

Lower Quartile 445544‐543 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

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) 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]