first of all,these programs r not being provided in collaboration with IGNOU this time...they r being provided by MSE in collaboration with central university of tamil nadu from this year onwards,which means d classes will be at MSE only!!!
both of these programs requires highly mathematical,computational,analytical n statstical knowledge.u need to have very strong maths n stats.
by doing ACTUARIAL economics,u will go into an insurance sector n become an actuary there...altogether a different field.
by doing d FINANCE course above,u will become a financial analyst in a company.
u can read this for more info............
http://mse.ac.in/newandevents/MSE-brochure-2012-CUTN.pdf