RiskED — collaboration network of risk management, financial and actuarial mathematics
The University of Helsinki and Aalto University have signed the RiskEd cooperation agreement. Students in UH's programme and Aalto's Computational Finance and Risk Management minor can now take each other's courses interchangeably. Below are listed the courses included in the programme. Links are also provided so that you can register for them.
Courses offered by Aalto University for University of Helsinki students
The courses will be given in hybrid format—lectures can be followed both in person or in Zoom
Financial risk management with options and other derivatives: mathematical foundations of option theory, arbitrage; option pricing and risk management, various volatilities; futures, swaps, short selling; interest rate term structure and interest rate derivatives; credit risk; limitations of financial models and model risk; Modern portfolio theory, capital market line, CAPM, continuous-time stochastic processes, Brownian motion, Itô's lemma, Black-Scholes model. The computational part of the course can be done using either R or Python. Course homepage.
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Financial risk management with options and other derivatives: FX instruments, fixed income products, volatility trading; stochastic interest rate models, yield curve modelling, stochastic volatility, credit risk, XVA, Nelson-Siegel and Svensson models, Heston model. The computational part of the course can be done using either R or Python. Course homepage.
Financial risk management with machine learning. Supervised and unsupervised learning (regression, classification, PCA, clustering, Bayesian methods), deep learning, NLP, backtesting. The course uses Python, especially Scikit-learn, and PyTorch. Course homepage.
Courses offered by Helsinki University for students of Aalto University (students in the master's programs in Industrial management and Mathematics and systems analysis)
Financial economics is an introductory course on pricing in the financial market. The topics of the course include arbitrage pricing, Pareto optimality, equilibrium pricing and capital asset pricing model.
The course is well-suited as the first advanced course in the specialization of insurance and financial mathematics. The mathematical models are presented in discrete time. Thus, stochastic analysis is not required. In addition, the course can be used to cover the module of the Finnish actuarial qualification degree (SHV-tutkinto in Finnish) concerning mathematics of investments and financial mathematics.
Risk theory is an introductory course on non-life insurance mathematics. The aim of the course is to offer a set of mathematical tools that can be used in modeling and analyzing risk in insurance applications. It is suitable for students who are starting their studies in insurance and finance or for anyone who is interested in applied mathematics, or more precisely, in applied probability. In addition, the course Risk theory can be used to cover the module of the Finnish actuarial qualification degree (SHV-tutkinto in Finnish) concerning non-life insurance mathematics.
The core topics of the course are: number of claims, total claim amount, reinsurance, outstanding claims and classical ruin theory.
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Life insurance mathematics I-II are introductory courses on pricing insurance contracts in the field of life insurance. They are suitable for students who are starting their studies in insurance and finance or for anyone who is interested in applied mathematics, or more precisely, in applied probability. In addition, the courses Life insurance mathematics I-II can be used to cover the module of the Finnish actuarial qualification degree (SHV-tutkinto in Finnish) concerning life insurance mathematics.
The course is about insurance mathematics. Strong emphasize is on practical calculations. We will use Excel in our examples. Basics about Excel are provided during the course. No previous studies in insurance mathematics nor working experience in the field are required. The basic knowledge of calculus, probability theory and matrix operations are necessary.
The course consists of lectures and excursions to insurance companies and other places on Fridays. The seminar is suitable for master's students and bachelor's students who are considering their further studies. Necessary information about insurance business is provided before the first excursion. The course is completed by making a learning diary.