Bachelor of Science in Mathematics and Economic JUPAS

Bachelor of Science in Mathematics and Economic JUPAS

Bachelor of Science in Mathematics and Economic JUPAS Code: JS5813 A Program jointly offered by School of Science and School of Business & Management Why Mathematics and Economics? Nobel Laureates in Economics The research for Nobel Laureates in Economics heavily require mathematics. Mathematician John Nash Jr., whose work on th e game theory changed modern economics, won the Nobel Prize in Economics in 1994. Nash equilibrium: Prisoners Dilemma. Mathematician Leonid Kantorovich, known for

his theory and development of techniques for the optimal allocation of resources, and regarded as t he founder of linear programming., won the Nob el Prize in Economics in 1975. 3 4 Nobel Laureates in Economics 21 out of 45 Laureates awarded in the last 25 years have degree(s) in Mathematics 2016 2016 2013 2012 2012 2011

2010 2007 2005 2004 2003 2002 2001 2001 2000 1997 1996 1996 1994 1994 1992 Oliver Hart Bengt Holmstrm

Lars Hansen Alvin Roth Lloyd Shapley Christopher Sims Peter Diamond Eric Maskin Robert Aumann Edward Prescott Clive Granger Daniel Kahneman Michael Spence Joseph Stiglitz James Heckman Robert Merton William Vickrey James Mirrlees John Nash Reinhard Selten

Gary Becker B.A. Math B.S. Math, M.Sc. Operations Research B.S. Math, Political Science B.S., M.S., Ph.D. Operations Research A.B. Math, Ph.D. in Mathematics A.B. Math B.A. Math A.B. Math, Ph.D. Applied Math B.S., M.S., Ph.D. Math B.A. Math, M.S. Operations Research B.A. Math, Ph.D. Statistics B.A. Math, Psychology B.A., M.A. Math B.A. Math, Economics B.A. Math B.S. Engineering Math, M.S. Applied Math

B.S. Math M.A. Math B.S., M.S., Ph.D. Math M.S., Ph.D. Math B.A. Math x 5 6 Paul Krugman - Nobel Laureate The mathematical grinding serves an essenti al function that of clarifying thought. After the mathematics, I was able to express most of those ideas in plain English. It really t ook the mathematics to get there, and you s

till cannot quite get it all without the equatio ns. Nobel Prize in Economic Sciences 2008 7 An average published paper in the field includes more than 50 equations (like GDP = C + I + G + X M) and about 2 pieces of data analysis. 8 Nobel Awards on Matching Schemes 2012 Nobel Awards in Economics go to Shapley and Roth on their works on matching schemes

9 10 11 Example 12 13 College admission: Student opti mal 14 Candidates optimal:

Deferred acceptance by progr ams A solider tries to break into the castle through one of the gangways (in order of his preference). When a compartment in full, then intruder will ght with the weakest person admitted in a tournament. The intruder is victorious by kicking out the weakest occupant. The intruder is defeated, he will try the next preferred gangway (until havin g exhausted all his choices). Each student can be admitted at most into one program. He tries to a ttach to one of his dreamed programs in his order of preferences. Howe ver, he may be knocked out by a stronger competitor which is ranked hi gher than him by the program. The Student Optimal Stable Solution has been used by JUPAS. 15 Desirable properties

Absence of justied envy There is no unmatched student-school pair (i,s), where student i prefers s chool s to her assignment and she has higher priority than some other st udent who is assigned a seat at school s. Strategy-proofness Truthful preference revelation is a dominant strategy for the students. U nder the current practice of JUPAS in Hong Kong, where choices of progr ams are categorized into different bands, universities may benet by ma nipulating its preferences. 16 College admission: Program opti mal 17 Programs optimal:

Deferred acceptance by candi dates Each admissions officer gives out all the K offers to the top K candidates. If there are more than one offer is given to the candidate, then they c andidate returns the less preferred offers to the admissions officers, wh o will then give them to the next eligible candidates in the queues. No c andidate holds more than one offer. 18 MAEC Curriculum Highlights Unique degree program in Hong Kong that combines Mathematics and Eco nomics in one degree of study. Broad-based education versus professional training (Quantitative Finance, Actuarial Science, Risk Management).

Benecial to the long-term career success Although specic techniques may become out of date, the abili ty to think analytically is something that remains with you for t he rest of your life, enabling you to adapt to new developments in your chosen career. Prepare students for research studies in economics / nance, or profession al programs in nancial engineering, data science, etc. 20 Learning Goals Students who seek the option of taking a quant itatively oriented job in the banking & finance in dustry:

Economics provides the problems from everyday life Mathematics provides the analytic tools to derive the intelligent answers beyond intuition Those who plan to pursue further study in sta x tistics, economics, finance, data analytics, etc . Top graduate schools will expect to see a lot of mathematics and economic 21 s courses on the undergraduate transcript. Curriculum Design Basic mathematics courses in calculus, statistics and linea r algebra. Tailored-made courses in calculus-based macroeconomic s and microeconomics, econometrics.

Business core courses in accounting, nance. In-depth ECON electives in banking, investment, and na ncial systems. Free-electives to allow flexibility: More in-depth studies i n Economics, Statistics, Financial Mathematics, or minor i n Actuarial Science, Big Data Technology. 22 Normative Study Pathway (2018-19 Year 1 Entry; program-based) In-depth MATH Electives i n Financial Mathematics 24 In-depth ECON Electives

in Banking, Investment & Financial Systems 25 What Our Students Sa y Siqi LI (Year 4) With both quantitative and analytical skills as well as business background, my Mathematics and Economics major equips me well for further postgraduate study. There are numerous activities such as CEOs talks, career advising and trainings from both School of Science and School of Business. I participated in the MenTernship and HeadStart Program and was eventually given an Internship in Shanghai last summer. Moreover, the School of Science offers plenty of enrichment opportunities. I get more familiarized with the actual world and my passion for conducting further research on development economics is aroused through joining the SCI/ NUCLEUS Social Service Team. Last year, I was offered an Exchange Program at University of California, Berkeley and it allowed me to exchange ideas with top scholars and students. It was amazing!

26 What Our Students Sa y Feiting XU (Year 4) Mathematics and Economics are more closely related than we could imagine. The MAEC major guides us to utilize the rigorous and logical thinking in mathematics to analyze the practical problems in economic sense. The School of Science also provides a tremendous amount of support besides academic advising. I explore my career path by attending career training workshops, alumni sharing and academic seminars. I also have got the chance to study in Stanford University and Columbia University in United States, which I never expected before I joined HKUST. The exchange experiences are inspiring, and I became more mature and independent. To sum up, it is a wonderful experience studying MAEC in HKUST. You would get unforgettable memory here, like me! 27 What Our Students Sa y

Qinwen ZHAI (Year 4) If you are interested in theoretical economics and want to have a solid training in mathematics, then MAEC is denitely your best choice! If your career goal is to get a job in the nance industry, MAEC also offers you plenty of opportunities obtaining handson experience of nance jobs. For example, I am lucky to get a precious opportunity to work in Silicon Valley during my 2nd year summer break. That summer became a milestone for me, opened my horizons and let me connect with a lot of brilliant people in the US. And in my 3rd year, I got the chance to go to Columbia University for academic exchange. It was a wonderful experience. I got immersed in a totally different culture and learned about the academic environment in one of the top universities in the world. Without the support of MAEC, I wont be able to have so many dazzling moments and I wont be able to become who I am today. So, go for it if you want! You can be whoever you want yourself to be here, in MAEC. 28 Career Prospects n versus Professional Training

MAEC graduates are equipped with Solid training in fundamental theories and tools in both mathematics and economics. Strong quantitative reasoning skills and conceptual unde rstanding to economics issues. Ability to adapt to the newest developments in their cho sen career. Readiness for taking a quantitatively oriented role in the banking & nance industry. 30 MAEC Graduates Career Prospects Graduation Year 2010 2011 2011 2011

2011 2011 Position / Company VP, Index Structurer, Citi Fixed Income Indices Senior Analyst, ANREV Managing Director, Aron Capital Management Co Ltd Director of Finance, MetLife Data Scientist, Goggle Senior Associate, KPMG 31 MAEC Graduates Career Prospects Graduation Year

2012 2012 2012 2012 2012 2012 2013 2013 Position / Company Solution Sales Rep, HK & Taiwan, Promethean Investment Manager, Sichuan Tianfu Bank Associate Director, Temasek Economist, Amazon Software Engineer, Amobee Private Banker, China Minsheng Banking Corp

Senior Manager, Agricultural Bank of China Trader, BosValen Asset Management Ltd 32 MAEC Graduates Career Prospects Graduation Year Position / Company 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 33 MAEC Graduates Career Prospects Graduation Year 2016 2016 2016 2016

2016 2016 2016 2017 2017 2017 2017 2017 2017 2017 Position / Company Private Equity Associate, Bain Capital Investment Analyst, AQUMON (Magnum Research) Business Analyst, CJC Ltd - Technical and Commercial Market Data Managed Services Senior Investment Manager, Hong Kong International Investment Research Fellow, Stanford Institute for Economics and Policy

Research Financial Analyst, Telstra International Group Global Markets Analyst, Bank of America Merrill Lynch Business Development & UX Manager, FeedMe Guru Macro Research Analyst, Nomura Fuji Xerox (Hong Kong) Consulting Executive - Global Services Business Management Trainee, Commercial Banking, Hang Seng Bank Risk Assurance Associate, PWC Hong Kong and Mainland China IT Consultant, FDM Group Tech risk management Analyst, UBS 34 Recent MAEC Graduates Fu rther Study Yr of Graduation

Program Title/University 2017 PhD in Statistics (University of Wisconsin, Madison) PhD in Biostatistics (University of Washington) MPhil in Economics (Oxford) 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) 35

Recent MAEC Graduates Fu rther Study Yr of Graduation Program Title/University 2018 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 Financial Mathematics (HKUST) MA in Economics (New York University) MA in Social Science - Economics Track (University of Chicago)

36 Fixed Income Analyst BOCHK Asset Management Responsibilities Business Eng. Math training Econ training Providing China, Asia and Global macroeconomic analysis Communication Performing currency and interest rate market analysis Maintaining different in-house macroeconomic models training Applied Statistics

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 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 Excels skills including programming Handling multi-tasks under stressful environment Good attention to details for high accuracy Strong communication skills 37

Typical interview ques tions for quants jobs in banks Economic topics: - Impact of acute drop / increase of oil price - Quantitative easing - Trade wars Mathematical problems: - Moving of objects - Poker games - Coin tossing Test the sensitivity to economic issues and learning capabilities 38 What Our Graduates S

ay Kristy LAW (Graduated in 2017) Management Trainee, Commercial Banking, Hang Seng Bank MAEC is an exhilarating journey, where I am beneted 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 nancial 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. Beneted by the soft and hard skills acquired from this program, I become more competitive to pursue a career in the business world, especially the nancial market. 39

What Our Graduates S ay Keyu ZHANG (Graduated in 2016) Global Markets Analyst, Bank of America Merrill Lynch The study of economics helps me form a general view of the global economy and leads me to understand the nancial market in a more comprehensive manner. The study of mathematics helps me to gure out the underlying investment opportunities in the nancial markets and provides me a quantitative way of putting my ideas into actions. The flexibility of this program has allowed me to acquire other knowledge in accounting and nance, which makes me more competitive for my future career in the nancial market. 40 What Our Graduates S ay Kwok Yan CHIU (Graduated in 2016)

Student in MSc Econometrics and Mathematical Economics at London School of Economics My long term career goal is to become an economist and I think the MAEC program had provided me a rigorous introduction to the modern economics and nance. With a few additional courses, I can easily meet the admission requirement for PG programs in quantitative economics and nance. 41 Interested? Admission Routes JUPAS Direct Entry (JS5813) HKDSE applicants with one of: M1 / M2 / Biology / Physics / Chemistry / Combined Sci ence / Integrated Science International Direct Entry

Applicants with Intl Qualications (IBDP, GCEAL, SAT, etc.) with at least one senior lev el subject from: Mathematics / Biology / Chemistry / Physics Transfer from Science (JS5100) or any Business School progra ms SSCI/SBM students may choose to major in MAEC during major s election after completing Year 1 for JUPAS-HKDSE Applic ants 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 / Biology / Physics / Chemistry / Combined Science / Integrated Science

3 Elective 2 Any Category A subjects or M1/M2 3 for JUPAS-HKDSE Appli cants Best 6 subjects with weighting which include: English x 2 Math (Comp) x 2 Best Elective x 2 M1/M2 Best Elective x 1.5 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 / Biology/ Chemistry/ Physics/ Combined Science/ Integrated Science Subject 4, 5 & 6

Next best 3 subjects Can be core OR any Category A subjects Other Elective x 1.5 Economics Admission Scores (JUPAS) 2018 English Chinese Math (Comp) Liberal

Studies Elective 1 Elective 2 Elective 3 M1/M2 Admission Score Median 5 4

5** 4 5* 5* - - 48 Lower Quartile 4

4 5 3 5* 5 5 5 47 2017

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 English Chinese Math (Comp) Liberal Studies

Elective 1 Elective 2 Elective 3 M1/M2 Admission Score Median 4 4 5*

3 5 4 4 5 45 Lower Quartile 4 4

5 5 4 4 - 5 43 2016 Admission Requirements

for Applicants holding Internationa l 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]

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