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Course Description and Learning Objectives. Read more

COURSE DESCRIPTION

Course Description and Learning Objectives:
The main purpose of this course is to understand concepts, principles, and tools for the analysis and valuation of derivative securities such as Forwards, Futures, Swaps, and Options, which are being applied in modern corporate finance, investments, and risk management for financial institutions and enterprises. Students also will learn the application of these derivatives for financial and enterprise risk management and decision making.
Career relevance:
The basic knowledge of derivatives is necessary to understand modern finance and modern corporate management in both financial and non-financial institutions. The knowledge would be useful for managers of financial product development, fund managers, and analysts in financial institutions. The knowledge would also be useful for financial officers and risk management officers in various enterprises. Application of derivatives such as real options is also useful for managers who are decision makers. You will find how the tools and concepts are useful more broadly in finance and corporate management.
Course Context or Rationalization:
Knowledge and skills related to derivative securities would allow you to pursue many goals, which cannot be achieved only through the study of traditional securities, in investments, risk management, and management of corporations. In other words, you will extend your
knowledge of corporate finance, investments, and portfolio management into the advanced stage. This course requires basic knowledge of traditional securities such as stocks and bonds, and corporate finance, although there is no specific prerequisite course. Additionally, the derivatives market aims to provide the basic knowledge and skill in order to understand Debt Security Market (FIN4300) and Risk Management (FIN4200). Securitization, which will be taught 2 in Debt Security Market, is a sophisticated type of derivatives. Also derivatives are widely used in order to achieve both financial and enterprise risk management. Understanding the pricing of derivatives also helps to understand the insurance pricing.
Delivery methods:
Course materials consist of cases, book chapters, and various articles, exercise problem sets and homework assignments, and a final examination at the end of the term. The final is a take-home examination. Most course work is quantitative. The level of students understanding will be checked by means of case analysis, assignments, and scheduled presentations throughout the term. Full preparation and attendance are both required for all of the scheduled sessions in this course. All students are expected to be actively involved in class discussion, especially, in case discussion.

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The focus of this course is corporate financial management, with particular emphasis on the international and global perspective. Read more

Why take this course?

The focus of this course is corporate financial management, with particular emphasis on the international and global perspective. It is particularly suited to graduates looking to pursue careers in corporate finance in large financial and non-financial companies, or corporate financial services in banking and investment banking. The course covers the three key areas of finance: corporate finance, financial markets and institutions, and investments, with the main focus being on corporate finance.

What will I experience?

On this course you will be taught by enthusiastic staff who not only are academically qualified, but also have research and consultancy experience, as well as links to industry.

You will also have access to extensive financial databases including Bloomberg, DataStream and Bank Scope along with excellent library facilities and with 24-hour internet access to leading databases.

On successful completion of your Bloomberg training you will be awarded the Bloomberg Certificate, an essential qualification for all city professionals.

What opportunities might it lead to?

The University of Portsmouth is recognised as a centre of excellence for finance teaching by the Chartered Institute for Securities and Investment (CISI). You will be eligible for student membership and this provides access to a range of networking and career opportunities. During the programme you will be prepared for CISI's Integrity Matters and Corporate Finance Technical Foundation examinations. Successfully completing these examinations allows you to achieve an industry-recognised professional qualification alongside your degree.

Module Details

You will study the following four units and complete your studies with a dissertation:

Financial Econometrics

Econometrics is a core tool used in the study of finance. This unit will give you a strong practical understanding of the econometric tools you will be using throughout your study of finance. We take an applied approach to provide you with an intuitive understanding of a range of econometric techniques and their applications to a wide variety of problem-solving situations in finance. You will gain extensive experience with econometric and statistical packages such as Eviews and SPSS. Your work in this unit is supported by lectures, tutorials and workshops. Many of the econometric techniques covered in this unit are used and applied in other units in the course, to help you gain a good understanding of how to apply them successfully to the theory and practice of financial management.

Multinational Corporate Financial Management

In this unit you will study international finance from the corporate perspective. The first half of the unit focuses on the primary financial decisions of the firm, working capital management, advanced capital budgeting techniques, the strategic analysis of capital investment decisions, capital structure theories, and the financing and dividend decisions. Corporate financial management in a multinational context introduces many new problems, challenges and opportunities. The second half of the unit the focuses on corporate financial management from the global and international perspective. Topics you will study include the measurement and management of currency and interest rate risks, taxation, regulatory and political risks, mergers and acquisitions, and the international capital investment, financing and dividend decisions.

International Money and Capital Markets

This unit covers international finance from the securities and markets perspective, and complements the unit on Multinational Corporate Financial Management. You will study the currency and Eurocurrency markets, the international equity, fixed income and derivatives markets, financial institutions, financial regulation, and the models used to price the financial securities trading in these markets. The topics in the International Money and Capital Markets unit are developed with a strong emphasis on their applications to multinational corporate financial management.

Derivatives: Options, Futures and Swaps Markets

In this unit you will study the main derivatives securities and markets, options, forwards, futures and swaps. The emphasis is on the study of derivatives pricing models and how these are applied in speculation, hedging, arbitrage and price discovery in financial investments as well as in the measurement and management of financial risks. In finance some models work better than others. The pricing models and techniques developed in derivatives work so well that all professionals working in derivatives markets use these models and techniques all the time, every day. In this unit you will acquire a high degree of theoretical understanding and practical competence in using and applying these techniques.

Research Methods and Dissertation

This is a scheme of independent research. We offer comprehensive training via lectures and workshops throughout the year to develop skills commensurate with standards of good research practice. You will be assigned a Dissertation supervisor who will provide feedback, guidance and support on an individual basis.

Programme Assessment

Teaching methods include lectures, seminars, computer-based workshops, invited speakers and live case studies. Student participation is encouraged and classes are challenging but informal and friendly, which promotes discussion and debate. The course tutors are available to support your studies and you will also have a personal tutor to provide help and guidance for any problems that you might have.

You are assessed in a variety of ways to reflect the individual topics. Our approaches to learning, assessment and feedback are varied and constructive, to help you build the personal management and employability skills that are essential for a fulfilling career.

Student Destinations

This course will provide you with powerful analytical tools and methods to understand the complexities of modern financial markets. These skills are in high demand and you’ll be strongly placed to enter industry in the finance and industrial sectors. Previous graduates have gone on to secure roles in accountancy and general management as well as investment analysis, banking and investment banking in financial institutions. Alternatively, this course is also beneficial if you are aiming for careers in corporate financial management in large non-financial companies.

Roles our graduates have taken on include:

Commercial Finance Analyst
Bid Pricing Executive
Finance Internship
Graduate Econometrician
Hedge Fund Manager

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This course is aimed at graduates who are looking to pursue careers in investment analysis, stock broking, securities trading, fund management, banking and investment banking in financial institutions. Read more

Why take this course?

This course is aimed at graduates who are looking to pursue careers in investment analysis, stock broking, securities trading, fund management, banking and investment banking in financial institutions. It is also suitable for those who are aiming for careers in corporate financial management in large non-financial companies. The curriculum covers the three key areas of finance: investments, corporate finance, and financial markets and institutions, with a focus on financial investments.

What will I experience?

Students are taught by academically qualified and enthusiastic staff with research and consultancy experience and links to industry. Access to extensive financial databases including Bloomberg, DataStream and Bank Scope is available along with excellent library facilities and with 24-hour internet access to leading databases.

On successful completion of your Bloomberg training you will be awarded the Bloomberg Certificate, an essential qualification for all city professionals.

What opportunities might it lead to?

Our graduates have gained employment in a wide range of roles and industrial sectors. These include investment analysis, banking and investment banking in financial institutions as well as in accountancy and general management.

The University of Portsmouth is recognised as a centre of excellence for finance teaching by the Chartered Institute for Securities and Investment (CISI). You will be eligible for student membership and this provides access to a range of networking and career opportunities. During the programme you will be prepared for CISI's Integrity Matters and Corporate Finance Technical Foundation examinations. Successfully completing these examinations allows you to achieve an industry-recognised professional qualification alongside your degree.

Module Details

Financial Econometrics

Econometrics is a core tool used in the study of finance. The aim of this unit is to give you a strong practical understanding of the econometric tools you will be using throughout your study of finance. The teaching philosophy is to take an applied approach, to provide you with a strong intuitive understanding of the most important statistical techniques, and how to apply them successfully to a wide variety of practical situations in finance using the main statistical packages, such as Eviews and SPSS. Many of the econometric techniques covered are used and applied in other units in the course, to help you gain a good practical understanding of how to apply them in the practice of financial management.

Derivatives: Options, Futures and Swaps Markets

In this unit you will study the main derivatives securities and markets, options, forwards, futures and swaps. The emphasis is on the study of derivatives pricing models and how these are applied in speculation, hedging, arbitrage and price discovery in financial investments as well as in the measurement and management of financial risks. In finance some models work better than others. The pricing models and techniques developed in derivatives work so well that all professionals working in derivatives markets use these models and techniques all the time, every day. In this unit you will acquire a high degree of theoretical understanding and practical competence in using and applying these techniques.

Corporate Finance and Business Valuation

In this unit you will study the primary financial decisions of the firm, working capital management, advanced capital budgeting techniques, the strategic analysis of capital investment decisions, capital structure theories, and the financing and dividend decisions. Theories will be appraised in the context of empirical research to facilitate critical understanding of the issues. In the second half of this unit you will move on to the advanced study of business valuation. The main focus is on providing a strong practical understanding, and on the application of the key professional techniques used in firm valuation, mergers and acquisitions, initial public offerings and private equity transactions.

Portfolio Theory and Behavioural Finance

In the first half of this unit we look at stock markets and bond markets from the rational perspective. Here you will study the standard material of ‘modern portfolio theory’. In the second half of the unit we move on to behavioural finance, looking at the emotional, cognitive, institutional, and agency theory factors that impact upon financial markets. Topics include stock market booms and busts, financial crises, systematically irrational market behaviours, and the investment strategies that have been devised to exploit them. The unit has a strong practical philosophy. The theory, empirical research and analysis of real data that you will study are designed to help you to become a better investor.

Research Methods and Dissertation

This is a scheme of independent research. We offer comprehensive training through lectures and workshops throughout the year to develop skills commensurate with standards of good research practice. You will be assigned a Dissertation supervisor who will provide feedback, guidance and support on an individual basis.

Programme Assessment

Teaching methods include lectures, seminars, computer-based workshops, invited speakers and live case studies. Student participation is encouraged and classes are challenging but informal and friendly, which promotes discussion and debate. The course tutors are available to support your studies and you will also have a personal tutor to provide help and guidance for any problems that you might have.

You are assessed in a variety of ways to reflect the individual topics. Our approaches to learning, assessment and feedback are varied and constructive, to help you build the personal management and employability skills that are essential for a fulfilling career.

Student Destinations

This course is designed to provide you with powerful analytical tools and methods to understand the complexities of modern financial markets. These skills are in high demand and you’ll be strongly placed to enter industry in the finance and industrial sectors. Previous graduates have gone on to secure roles in accountancy and general management as well as investment analysis, banking and investment banking in financial institutions. Alternatively, this course is also beneficial if you are aiming for careers in corporate financial management in large non-financial companies.

Roles our graduates have taken on include:

Commercial Finance Analyst
Bid Pricing Executive
Finance Internship
Graduate Econometrician
Hedge Fund Manager

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A degree highly respected by quantitative analysts and their employers. About the course. -A highly technical programme for those with strong mathematical skills. Read more
A degree highly respected by quantitative analysts and their employers.

About the course:
-A highly technical programme for those with strong mathematical skills
-Gain knowledge of derivatives pricing tools and methods, as well as the use of programming languages like C++ and VBA
-Designed with the support of industry practitioners to equip students with the skills and knowledge needed to succeed
-Graduates are able to make an early contribution through the unique combination of hands-on, practical skills and the necessary underlying finance theory
-Benefit from the combined expertise of both the ICMA Centre and the Department of Mathematics

COURSE OVERVIEW

The ICMA Centre’s financial engineering degree is highly respected by quantitative analysts and their employers. The credit crunch and subsequent events have emphasised the need to develop better pricing and better hedging models for all complex products. The practical and quantitative skills that you will develop on the programme will equip you to meet this challenge.

Our compulsory modules provide a firm grounding in probability theory, stochastic calculus, derivatives pricing, quantitative and numerical methods, structuring products, volatility analysis, and the modelling of credit, equity, foreign exchange and interest rate derivatives. We also provide a thorough training in C++ and other programming tools.

Optional modules will allow you to focus on risk analysis, portfolio management, designing trading strategies or econometric analysis. This newly structured degree aims to further enhance the strong reputation of its precursor – the MSc in Financial Engineering and Quantitative Analysis, which was established back in 1999. A good background in mathematics is required for acceptance to this programme.

EMPLOYABILITY

Many of our financial engineering graduates are now working as Quants in large London banks and other financial institutions. Others have pursued PhDs and have successful academic careers. Financial instruments are becoming ever more sophisticated, so graduates that understand complex modelling techniques are always in great demand. The high quantitative content of this programme opens many doors to a wide range of careers. You could structure and develop new debt or equity solutions to meet clients funding and hedging needs, or you could become a proprietary trader in exotic derivatives, or a software specialist or a quantitative analyst supporting the traders.

There are excellent opportunities on the buy-side, with hedge funds and investment institutions, as well as in investment banking and in software analytics. Opportunities in quantitative research, or with a rating agency, are among the many other attractive alternatives. Outside of mainstream banking and investment, you might also consider firms involved in commodity and energy trading, or the treasury divisions of leading multinationals and management consultancies.

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The MSc Financial Mathematics draws on tools from applied mathematics, computer science, statistics and economic theory to prepare you for roles in which you will combine in-depth knowledge of financial products and risk with sophisticated technical and programming skills. Read more
The MSc Financial Mathematics draws on tools from applied mathematics, computer science, statistics and economic theory to prepare you for roles in which you will combine in-depth knowledge of financial products and risk with sophisticated technical and programming skills.

You will acquire solid knowledge of probability theory and stochastic processes, numerical analysis and programming languages, asset pricing theory and risk analysis, with special emphasis on valuation and risk management.

Typical career paths of graduates from our MSc Financial Mathematics include research positions (in both financial and academic institutions), or roles involving the development, management and improvement of derivatives models using advanced programming languages, and model validation such as Equity/Equity Derivatives Quant, Quantitative Financial Engineer, or Quantitative Risk Analyst.

This programme is rigorous with respect to the mathematics but also places great emphasis on linking theory with real world developments. You will often be exposed to the teaching of real world practitioners from the City of London.

Cass's proximity to the City of London, and our close links to many of its institutions, will help you to access outstanding networking and career opportunities.

Visit the website: http://www.cass.city.ac.uk/courses/masters/courses/financial-mathematics

Course detail

There are two Induction Weeks The Financial Mathematics course starts with two compulsory induction weeks, focused on:

• an introduction to careers in finance and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.

• a reminder course of advanced financial mathematics, statistics and basic computing which forms a prerequisite of the core modules in term 1.

Attendance is mandatory.

Format

To satisfy the requirements of the degree course students must complete:

• eight core courses (15 credits each)
and
• two additional core modules plus three electives (10 credits each)
or
• three electives (10 credits each) and an Applied Research Project (20 credits)
or
• one elective (10 credits) and a Business Research Project (40 credits)

Assessment

Assessment of modules on the MSc in Financial Mathematics, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.

Career opportunities

Many graduates from the MSc in Financial Mathematics progress to one of two fields:

• derivatives valuation and portfolio management within investment houses
• research departments within banks and consultancy firms

Some examples of where graduates from the MSc in Financial Mathematics class of 2014 are working are:

• Bank of China - Management Trainee
• Santander - Credit Fraud Analyst
• Renaissance Re - Analyst
• Deutsche Bank - Bookrunner

How to apply

Apply here: http://www.city.ac.uk/study/postgraduate/applying-to-city

Funding

For information on funding, please follow this link: http://www.city.ac.uk/study/postgraduate/funding-and-financial-support

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Knowledge of corporate finance law is essential for lawyers, bankers and financiers who are keen to develop professional skills in corporate fundraising, deal structures and transactional management. Read more
Knowledge of corporate finance law is essential for lawyers, bankers and financiers who are keen to develop professional skills in corporate fundraising, deal structures and transactional management. This course offers an enhanced qualification for professionals working or planning to work in a technically demanding and dynamic global industry. It will appeal to both recent graduates and practitioners considering various fields of work, including law, investment banking, corporate finance, private equity, securities, investments, financial regulation, government agencies and international financial authorities.

You will focus on learning how the financial markets work, from the primary markets involving the issuance of equity, debt and derivatives, to the secondary markets involving trading and investments, as well as very large financial transactions in the international capital markets. Importantly, you will also learn how to take account of legal and regulatory risks facing financiers and bankers, and structure financial instruments to suit commercial priorities and social welfare policies.

Course content

This course aims to give you a comprehensive understanding of the practical processes and innovative products of the international corporate finance market, including equity and debt capital, derivatives, structured finance, risk management and investment portfolio products. It also develops the soft skills you will need in this area of practice, including negotiations and network building, with meetings with senior lawyers and directors of major companies.

Modules

The following modules are indicative of what you will study on this course.

Core modules
-DISSERTATION OR PROJECT
-INVESTMENT BANKING PRINCIPLES AND PRACTICES
-LEGAL ASPECTS OF CORPORATE FINANCE

Option modules - These modules are recommended if you are looking to specialise in the financial industry. If you opt for the Dissertation you must select four option modules. If you opt for the Project you must choose five option modules.
-DERIVATIVES AND STRUCTURED FINANCE: LAW AND PRACTICE
-INTERNATIONAL CORPORATE GOVERNANCE
-INTERNATIONAL CORPORATE GOVERNANCE, MANAGING GLOBAL RISKS AND ETHICS
-INTERNATIONAL ENERGY FINANCE LAW
-INTERNATIONAL PROJECT FINANCE LAW
-ISLAMIC FINANCE AND SECURITISATION LAW
-LEGAL ASPECTS OF INTERNATIONAL FINANCE
-MONEY LAUNDERING AND CORPORATE FRAUD

Associated careers

This course will be of benefit if you are seeking to work in any of the range of disciplines involved in corporate finance law, including accountancy, corporate banking, corporate finance, corporate law, investment banking, private equity and venture capital, as well as in related fields.

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You will be provided with rigorous training in the analysis of issues in finance and corporate policy while improving your analytical and technical expertise. Read more
You will be provided with rigorous training in the analysis of issues in finance and corporate policy while improving your analytical and technical expertise. The programme is ideal for those whose career objectives lie broadly with the financial services and banking sectors. You will have the opportunity to gain an in depth grounding with core courses such as Foundations in Finance, Corporate Finance and Quantitative Methods in Finance, and subsequently tailor your programme to match your end goals through the range of optional courses on offer. These include Fixed Income Securities and Derivatives, Investment and Portfolio Management and Decision Theory and Behaviour amongst others.

You will be taught by a top-ranking Department of Economics with expertise in a broad range of areas, including people who have worked and are still working in the finance industry in the broad areas of asset allocation and risk, as well as algorithmic trading.

With a relatively small intake each year you will benefit from a strong sense of group identity and will enjoy close contact with the academic staff of the department. The course director and course coordinators serve as your personal advisors up until the spring, when you will then be assigned a personal dissertation supervisor.

The MSc Finance is an excellent preparation both for a career in the financial services, banking and business sectors and policy making, as well further academic study.

See the website https://www.royalholloway.ac.uk/economics/coursefinder/mscfinance.aspx

Why choose this course?

- The course offers an excellent opportunity to get a strong grounding in core areas of Finance and to specialise your knowledge further through the optional courses on offer.

-You will be taught by academics who produce world leading research some of whom are also currently working in the Finance and Banking sectors. In the 2008 Research Assessment Exercise we were ranked among the top 10 Economics Departments in the UK

- Students attend a two week pre-sessional quantitative methods course to ensure they are in a good position to start this challenging Masters courses

- The Department of Economics at Royal Holloway is unique in being a young department, created in 1995, in an established and prestigious college of the University of London.

- Our courses are small and select, thus ensuring that you will receive individual attention from the academic staff.

Department research and industry highlights

Economics is among the top departments in the UK for Research Excellence. In the 2008 Research Assessment Exercise (RAE), 80% of the Department's research submitted was ranked as world-leading or internationally excellent (rated 3* and 4*).

A recent analysis of the 2008 Research Assessment Exercise (RAE) shows that the Economics Department at Royal Holloway is ranked 8th best department in the UK for publications. The study by Jim Taylor and Ian Walker provides further insight into the research standing of UK economics departments. Previous rankings from the data already showed the Department in the top 10 in the UK.

We run a weekly Internal Seminar which provides a lively forum for work at an early stage of development. Our External Seminar Series runs weekly during term and during the last academic year, welcomed over 20 external speakers from prominent places. Invitees are the usual mixture of established names and newer entrants to the profession thought to be doing exciting work. Our Discussion Paper Series provides a forum for journal-ready work.

Course content and structure

You will study five core course units and, in addition, a mathematics refresher course and a dissertation, as well as choosing two elective course units.

Core course units:
- Pre-sessional mathematics refresher course
All students attend the compulsory pre-sessional mathematics refresher course, which runs for 2 weeks in September, before the start of term. There are no additional fees for this course however students will need to pay for accommodation for the period of this course.

- Corporate Finance
You will be introduced to the techniques of financial analysis and their applications to corporate finance. The concepts developed form the foundation of most elective finance course units. You will learn about the time value of money and the net present value rule, how to value financial assets, capital budgeting decisions, uncertainty and the risk-return trade-off and corporate governance.

- Quantitative Methods in Finance
This course unit will introduce you to mathematical statistics and theories that are applied in financial econometrics. The second half of the unit concerns the analysis of time series data including ARMA models, the analysis of non-stationary time series data, cointegration analysis, vector autoregressive models, modelling volatility in asset returns, forecasting and bootstrapping.

- Foundations of Finance
The course unit in finance will expose you to the structure of the financial markets, the instruments traded and the participants. You will be provided with the necessary tools with which to analyse how the financial markets function and how problems arise from their operations.

- Research Methods
While conducting research sounds like an easy task, it can present difficulties. This unit aims to help you avoid such traps and to assist you in developing strong research skills so that you can conduct an efficient piece of research at the end of your degree.

- Dissertation
The dissertation gives you the opportunity to analyse an economics issue in depth. You will be assigned a dissertation supervisor and, by the end of March, will submit a preliminary dissertation report that contains a clear statement of the problem under consideration, the structure of the project and the research methods that are going to be applied. The dissertation is then written over the summer.

Elective course units:
- Fixed Income Securities and Derivatives
You will gain an introduction to the alternative forms of financial assets that are traded in addition to stocks. Fixed income securities are bonds, bills and notes that offer a certain stream of income to holders. Derivatives are contingent and non-contingent claims on financial assets and are widely used for hedging risk. You will learn how to price these assets, and how to use them effectively in managing portfolios and hedging risk.

- Empirical Finance
The broad aims of this unit are to give you advanced-level training in evaluation of empirical models in finance. It will enable you to apply both quantitative techniques and qualitative methods, learnt elsewhere, to test theories and get acquainted with the existing literature in the field of finance.

- Investment and Portfolio Management
Underlying theory and empirical evidence in portfolio management will familiarise you with its practice in the finance sector. You will acquire an understanding of how funds are allocated when constructing a portfolio.

- Decision Theory and Behaviour
This course unit will deepen your knowledge of rational decision making through the exploration of behavioural models, their formalization and their scope, including applications to finance. You will also become familiarized with both theoretical and experimental methods for research in decision theory and behavioural economics.

- Public Economics
Public Economics is concerned with the study of the effects of government policy and the design of optimal policies. You will assess the implications of basic welfare economics in public policy. A number of recent research areas in public economics are then discussed including income taxation, tax evasion, externalities and social security.

- Political Economy
This course will provide an advanced treatment of the tools used in political economy to tackle some major questions faced by public sector economists. It will in particular focus on the modelling of voters and politicians’ behaviours to address the role played by incentives and constraints faced by politicians when choosing public policies. The effect of different forms of institutional arrangements on public decision making and electoral accountability will be analysed from both a theoretical and empirical perspective.

Assessment

Assessment is carried out by a variety of methods including coursework, examinations and a dissertation.

Employability & career opportunities

Our graduates are highly employable and, in recent years, have entered many different economics-related areas, including careers as economists, financial analysts, accountants, bankers, journalists and business analysts. Our graduates are currently working for firms such as Accenture, TNS, RBS, Deloitte, and Baker and McKenzie. At the same time, this course also equips you with a solid foundation for continued PhD studies. Your careers ambitions are supported by our College Careers Service, located right next door to the economics department. They offer application and interview coaching, career strategy discussions, and the opportunity to network with major finance employers on campus. Our careers service is provided by the Careers Group, the main provider of graduate recruitment services in London. Thus, you will have additional access to a wealth of presentations and networking opportunities which make the most of London’s financial centre.

How to apply

Applications for entry to all our full-time postgraduate degrees can be made online.

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This programme is designed for graduates in mathematics, engineering, computer science and finance/economics wishing to pursue careers in the financial services and banking industry. Read more
This programme is designed for graduates in mathematics, engineering, computer science and finance/economics wishing to pursue careers in the financial services and banking industry. The structure is of an interdisciplinary nature in which graduates coming from different disciplines collaborate to address the computational aspects of market risk. Our core philosophy is to equip our students with the appropriate knowledge in mathematical finance, focusing on a strong development of associated computational methods.

Our Royal Maritime (Heritage) London based campus, close to the financial district of Canary Wharf, enables the department to build ties with market practitioners permitting our students to become part of a wider financial group. Our seminar series, inviting both academics and practitioners, allows you to interact with our external links creating an advantageous learning experience. We provide the knowledge for you to build up your profile of understanding of current research practice in finance. You will be trained and equipped with the skills for derivatives pricing and make use of non-linear methods for quantitative analysis (programming in Matlab, R and VBA). Our classes include interactive applications that enhance your learning experience through innovative teaching. By utilising research expertise within the department you will graduate with a strong understanding of numerical methods. You will also develop an understanding for further applicability in relevant fields as in energy commodity markets, where part of our current research focuses on by combining the world leading Agent-Based research team with our Computational Finance applications for crude oil price modelling.

The programme welcomes both recent graduates as well as experienced professional practitioners who wish to further their skills. Programme assessments are all 100% coursework with problems relating to current market practice. A supervised dissertation project takes place after the end of the last teaching term during the summer months. Projects are allocated in March and students are encouraged to work on projects that provide genuine insight in financial markets analysis. The programme is also available on a part-time basis. For those already at employment the flexible part-time mode of study, two years typically but can be flexible, allows students to be committed to both the MSc programme and employment.

Visit the website http://www2.gre.ac.uk/study/courses/pg/maths/compfinance

Mathematics

Postgraduate mathematics students benefit from award-winning teaching and great facilities. Our programmes are informed by world-renowned research and our links with industry ensure our students develop the academic and practical skills that will enhance their career prospects.

What you'll study

Full time
- Year 1:
Students are required to study the following compulsory courses.

English Language Support Course (for Postgraduate Students in the School of Computing and Mathematical Sciences)
Financial Markets (Dual Award) (15 credits)
Masters Project (Maths) (60 credits)
Advanced Finite Difference Methods for Derivatives Pricing (15 credits)
Computational Methods (15 credits)
Mathematical Approaches to Risk Management (15 credits)
Mathematical Finance (30 credits)

Students are required to choose 15 credits from this list of options.

Scientific Software Design and Development (15 credits)
Inverse Problems (15 credits)

Students are required to choose 15 credits from this list of options.

Enterprise Software Engineering Development (15 credits)
Software Tools and Techniques (15 credits)
Actuarial Mathematics and Risk Modelling (15 credits)
Financial Time Series (15 credits)

Part time
- Year 1:
Students are required to study the following compulsory courses.

Computational Methods (15 credits)
Inverse Problems (15 credits)
Mathematical Finance (30 credits)

- Year 2:
Students are required to study the following compulsory courses.

Scientific Software Design and Development (15 credits)
Financial Markets (Dual Award) (15 credits)
Masters Project (Maths) (60 credits)
Advanced Finite Difference Methods for Derivatives Pricing (15 credits)
Mathematical Approaches to Risk Management (15 credits)

Fees and finance

Your time at university should be enjoyable and rewarding, and it is important that it is not spoilt by unnecessary financial worries. We recommend that you spend time planning your finances, both before coming to university and while you are here. We can offer advice on living costs and budgeting, as well as on awards, allowances and loans.

Find out more about our fees and the support available to you at our:
- Postgraduate finance pages (http://www.gre.ac.uk/finance/pg)
- International students' finance pages (http://www.gre.ac.uk/finance/international)

Assessment

100% coursework. Coursework assessment at the postgraduate level allows for better elaboration of ideas and expansion of knowledge. A supervised dissertation project takes places at the end of the teaching terms during the summer months. The Department is very keen to tackle dissertation topics.

Career options

Graduates are equipped with the tools needed to become quantitative analysts, work in risk and portfolio management as well as in the insurance sector. Our expert seminar series gives you the opportunity to interact with leading figures from industry and academia and undertake projects relating to current industry practice. A postgraduate qualification is a major achievement and a milestone in your specialised career path leading to a professional career. The Department also offers a PhD programme.

Find out how to apply here - http://www2.gre.ac.uk/study/apply

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Programme structure. The programme offers four "core" modules, taken by all students, along with a variety of elective modules from which students can pick and choose. Read more
Programme structure
The programme offers four "core" modules, taken by all students, along with a variety of elective modules from which students can pick and choose. There are examinations and coursework in eight modules altogether, including the four core modules. Additionally, all students complete a dissertation.

Core modules
0.Probability and stochastics. This course provides the basics of the probabilistic ideas and mathematical language needed to fully appreciate the modern mathematical theory of finance and its applications. Topics include: measurable spaces, sigma-algebras, filtrations, probability spaces, martingales, continuous-time stochastic processes, Poisson processes, Brownian motion, stochastic integration, Ito calculus, log-normal processes, stochastic differential equations, the Ornstein-Uhlenbeck process.


0.Financial markets. This course is designed to cover basic ideas about financial markets, including market terminology and conventions. Topics include: theory of interest, present value, future value, fixed-income securities, term structure of interest rates, elements of probability theory, mean-variance portfolio theory, the Markowitz model, capital asset pricing model (CAPM), portfolio performance, risk and utility, portfolio choice theorem, risk-neutral pricing, derivatives pricing theory, Cox-Ross-Rubinstein formula for option pricing.


0.Option pricing theory. The key ideas leading to the valuation of options and other important derivatives will be introduced. Topics include: risk-free asset, risky assets, single-period binomial model, option pricing on binomial trees, dynamical equations for price processes in continuous time, Radon-Nikodym process, equivalent martingale measures, Girsanov's theorem, change of measure, martingale representation theorem, self-financing strategy, market completeness, hedge portfolios, replication strategy, option pricing, Black-Scholes formula.


0.Financial computing I. The idea of this course is to enable students to learn how the theory of pricing and hedging can be implemented numerically. Topics include: (i) The Unix/Linux environment, C/C++ programming: types, decisions, loops, functions, arrays, pointers, strings, files, dynamic memory, preprocessor; (ii) data structures: lists and trees; (iii) introduction to parallel (multi-core, shared memory) computing: open MP constructs; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.


0.Interest rate theory. An in-depth analysis of interest-rate modelling and derivative pricing will be presented. Topics include: interest rate markets, discount bonds, the short rate, forward rates, swap rates, yields, the Vasicek model, the Hull-White model, the Heath-Jarrow-Merton formalism, the market model, bond option pricing in the Vasicek model, the positive interest framework, option and swaption pricing in the Flesaker-Hughston model.

Elective modules

0.Portfolio theory. The general theory of financial portfolio based on utility theory will be introduced in this module. Topics include: utility functions, risk aversion, the St Petersburg paradox, convex dual functions, dynamic asset pricing, expectation, forecast and valuation, portfolio optimisation under budget constraints, wealth consumption, growth versus income.


0.Information in finance with application to credit risk management. An innovative and intuitive approach to asset pricing, based on the modelling of the flow of information in financial markets, will be introduced in this module. Topics include: information-based asset pricing – a new paradigm for financial risk management; modelling frameworks for cash flows and market information; applications to credit risk modelling, defaultable discount bond dynamics, the pricing and hedging of credit-risky derivatives such as credit default swaps (CDS), asset dependencies and correlation modelling, and the origin of stochastic volatility.

0.Mathematical theory of dynamic asset pricing. Financial modelling and risk management involve not only the valuation and hedging of various assets and their positions, but also the problem of asset allocation. The traditional approach of risk-neutral valuation treats the problem of valuation and hedging, but is limited when it comes to understanding asset returns and the behaviour of asset prices in the real-world 'physical' probability measure. The pricing kernel approach, however, treats these different aspects of financial modelling in a unified and coherent manner. This module introduces in detail the techniques of pricing kernel methodologies, and its applications to interest-rete modelling, foreign exchange market, and inflation-linked products. Another application concerns the modelling of financial markets where prices admit jumps. In this case, the relation between risk, risk aversion, and return is obscured in traditional approaches, but is made clear in the pricing kernel method. The module also covers the introduction to the theory of Lévy processes for jumps and its applications to dynamic asset pricing in the modern setting.

0.Financial computing II: High performance computing. In this parallel-computing module students will learn how to harness the power of a multi-core computer and Open MP to speed up a task by running it in parallel. Topics include: shared and distributed memory concepts; Message Passing and introduction to MPI constructs; communications models, applications and pitfalls; open MP within MPI; introduction to Graphics Processors; GPU computing and the CUDA programming model; CUDA within MPI; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.


0.Risk measures, preference and portfolio choice. The idea of this module is to enable students to learn a variety of statistical techniques that will be useful in various practical applications in investment banks and hedge funds. Topics include: probability and statistical models, models for return distributions, financial time series, stationary processes, estimation of AR processes, portfolio regression, least square estimation, value-at-risk, coherent risk measures, GARCH models, non-parametric regression and splines.

Research project

Towards the end of the Spring Term, students will choose a topic to work on, which will lead to the preparation of an MSc dissertation. This can be thought of as a mini research project. The project supervisor will usually be a member of the financial mathematics group. In some cases the project may be overseen by an external supervisor based at a financial institution or another academic institution.

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Financial engineering involves the creation of financial products that are aimed specifically at the needs of investors, rather than the conventional approach of defining assets on the basis of borrowers' requirements. Read more
Financial engineering involves the creation of financial products that are aimed specifically at the needs of investors, rather than the conventional approach of defining assets on the basis of borrowers' requirements. Central to Financial Engineering are relative value (sometimes called arbitrage) trading strategies and the structuring of financial products, and the closely associated process of securitisation. Structuring involves the transformation of cash flows derived from an asset and improving the risk profile of the structured product. The contemporary derivative markets are driven by the process structuring, both in terms of transforming cash flows through “swaps” and credit enhancement through credit derivatives.

The programme aims to develop the skills and knowledge required by the modern investment and asset management industry where relative value trading strategies and structuring dominate. The emphasis is on developing a range of practical skills rather than develop an abstract "theory of everything". This reflects the need for practitioners to be able to employ different techniques in the ever changing world of contemporary finance.

The material is based substantially on the PRIMIA syllabus for risk management and the Actuarial Profession’s Specialist Technical (ST) syllabus to value and manage the risks associated with a portfolios of derivatives.

The taught component of the degree makes up 120 credits. There are seven mandatory courses leading to 75 credits and consisting of:

• Enterprise Risk Management (15 credits, Semesters 1) - a comprehensive treatment of Financial Risk Management focusing on quantitative aspects.

• Derivative Markets and Pricing (15 credits, Semester 1) - an introduction to derivative markets and how derivative products are priced.

• Modelling and Tools (15 credits, Semester 2) - the fundamental techniques of deterministic and probabilistic mathematical modelling.

• Financial Engineering (15 credits, Semester 2) - provides a thorough grounding in the mathematics underpinning Financial Engineering. Topics include non-standard derivatives, securitisation and structuring, modelling interest rates (including Libor Market Models and valuing swaptions) and contemporary issues in asset management (relative value and pairs trading strategies).

• Credit Risk Modelling (15 credits, Semester 2) - a detailed treatment of the mathematics underpinning Basel Accord on banking supervision and Solvency II for insurance.

Students will also choose three of the following five optional courses leading to a further 45 credits

• Statistical Methods (15 credits, Semester 1) - a foundation course in probability and statistics.

• Financial markets (15 credits, Semester 1) - an introduction to the financial markets.

• Time Series Analysis and Financial Econometrics (15 credits, Semester 2) - analysis and modelling of financial data.

• Modern Portfolio Theory (15 credits, Semester 2) - classical portfolio theory based on maximising expected utility

• Bayesian Inference & Computational Methods (15 credits, Semester 2) - a course on modern Bayesian statistical inference and involving implementing the Bayesian approach in practical situations

Read less
Programme structure. The programme offers five "core" modules, taken by all candidates, along with a variety of elective modules from which students can pick and choose. Read more
Programme structure

The programme offers five "core" modules, taken by all candidates, along with a variety of elective modules from which students can pick and choose. There are lectures, examinations and coursework in eight modules altogether, including the five core modules. Additionally, all students complete an individual research project on a selected topic in financial mathematics, leading to the submission of a dissertation.

Core modules

Probability and stochastics. This course provides the basics of the probabilistic ideas and mathematical language needed to fully appreciate the modern mathematical theory of finance and its applications. Topics include: measurable spaces, sigma-algebras, filtrations, probability spaces, martingales, continuous-time stochastic processes, Poisson processes, Brownian motion, stochastic integration, Ito calculus, log-normal processes, stochastic differential equations, the Ornstein-Uhlenbeck process.

Financial markets. This course is designed to cover basic ideas about financial markets, including market terminology and conventions. Topics include: theory of interest, present value, future value, fixed-income securities, term structure of interest rates, elements of probability theory, mean-variance portfolio theory, the Markowitz model, capital asset pricing model (CAPM), portfolio performance, risk and utility, portfolio choice theorem, risk-neutral pricing, derivatives pricing theory, Cox-Ross-Rubinstein formula for option pricing.

Option pricing theory. The key ideas leading to the valuation of options and other important derivatives will be introduced. Topics include: risk-free asset, risky assets, single-period binomial model, option pricing on binomial trees, dynamical equations for price processes in continuous time, Radon-Nikodym process, equivalent martingale measures, Girsanov's theorem, change of measure, martingale representation theorem, self-financing strategy, market completeness, hedge portfolios, replication strategy, option pricing, Black-Scholes formula.


Interest rate theory. An in-depth analysis of interest-rate modelling and derivative pricing will be presented. Topics include: interest rate markets, discount bonds, the short rate, forward rates, swap rates, yields, the Vasicek model, the Hull-White model, the Heath-Jarrow-Merton formalism, the market model, bond option pricing in the Vasicek model, the positive interest framework, option and swaption pricing in the Flesaker-Hughston model.

Financial computing I. The idea of this course is to enable students to learn how the theory of pricing and hedging can be implemented numerically. Topics include: (i) The Unix/Linux environment, C/C++ programming: types, decisions, loops, functions, arrays, pointers, strings, files, dynamic memory, preprocessor; (ii) data structures: lists and trees; (iii) introduction to parallel (multi-core, shared memory) computing: open MP constructs; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.

Elective modules

Portfolio theory. The general theory of financial portfolio based on utility theory will be introduced in this module. Topics include: utility functions, risk aversion, the St Petersburg paradox, convex dual functions, dynamic asset pricing, expectation, forecast and valuation, portfolio optimisation under budget constraints, wealth consumption, growth versus income.

Information in finance with application to credit risk management. An innovative and intuitive approach to asset pricing, based on the modelling of the flow of information in financial markets, will be introduced in this module. Topics include: information-based asset pricing – a new paradigm for financial risk management; modelling frameworks for cash flows and market information; applications to credit risk modelling, defaultable discount bond dynamics, the pricing and hedging of credit-risky derivatives such as credit default swaps (CDS), asset dependencies and correlation modelling, and the origin of stochastic volatility.


Mathematical theory of dynamic asset pricing. Financial modelling and risk management involve not only the valuation and hedging of various assets and their positions, but also the problem of asset allocation. The traditional approach of risk-neutral valuation treats the problem of valuation and hedging, but is limited when it comes to understanding asset returns and the behaviour of asset prices in the real-world 'physical' probability measure. The pricing kernel approach, however, treats these different aspects of financial modelling in a unified and coherent manner. This module introduces in detail the techniques of pricing kernel methodologies, and its applications to interest-rete modelling, foreign exchange market, and inflation-linked products. Another application concerns the modelling of financial markets where prices admit jumps. In this case, the relation between risk, risk aversion, and return is obscured in traditional approaches, but is made clear in the pricing kernel method. The module also covers the introduction to the theory of Lévy processes for jumps and its applications to dynamic asset pricing in the modern setting.


Financial computing II: High performance computing. In this parallel-computing module students will learn how to harness the power of a multi-core computer and Open MP to speed up a task by running it in parallel. Topics include: shared and distributed memory concepts; Message Passing and introduction to MPI constructs; communications models, applications and pitfalls; open MP within MPI; introduction to Graphics Processors; GPU computing and the CUDA programming model; CUDA within MPI; applications to matrix arithmetic, finite difference methods, Monte Carlo option pricing.

Risk measures, preference and portfolio choice. The idea of this module is to enable students to learn a variety of statistical techniques that will be useful in various practical applications in investment banks and hedge funds. Topics include: probability and statistical models, models for return distributions, financial time series, stationary processes, estimation of AR processes, portfolio regression, least square estimation, value-at-risk, coherent risk measures, GARCH models, non-parametric regression and splines.

Research project

Towards the end of the Spring Term, students will choose a topic for an individual research project, which will lead to the preparation and submission of an MSc dissertation. The project supervisor will usually be a member of the Brunel financial mathematics group. In some cases the project may be overseen by an external supervisor based at a financial institution or another academic institution.

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This innovative new MSc Trading and Financial Markets programme, offered in conjunction with OSTC (On Screen Trading Connections), a leading global trading company that specialises in exchange traded products, will prepare you for a career in financial trading and is open to undergraduates of all disciplines. Read more
This innovative new MSc Trading and Financial Markets programme, offered in conjunction with OSTC (On Screen Trading Connections), a leading global trading company that specialises in exchange traded products, will prepare you for a career in financial trading and is open to undergraduates of all disciplines.

The course combines a thorough grounding in business and finance theory with practical, real-world training and experience provided by OSTC.

OCTC has changed the traditional concept of locating proprietary traders in London and Chicago. OSTC delivers a professional environment for talented traders, providing an opportunity to actively participate in global financial markets. They currently have 16 offices in some of the world’s key cities and opened OSTC Wales in 2009.

Course Overview

The first phase of study is the Postgraduate Certificate (PG Cert), which is campus-based and will prepare you for work in trading and financial markets. It is designed to enable you to gain a thorough understanding of the sector in preparation for work experience. Upon successful completion of the PG Cert, you will have an opportunity, if you wish, to apply to study the Postgraduate Diploma (PG Dip).

The PGDip primarily consists of a work placement with OSTC. Applicants will be required to undertake an interview with representatives of the university and OSTC. If successful, you will have the opportunity to undertake in-depth training on industryspecific simulators which will prepare you for work as a financial derivatives trader. Throughout this phase you will be required to keep a learning log of your training activities and to submit a written assignment reflecting on your practice at the end of the placement. You will also undertake in-house assessments, managed by OSTC and UWTSD.

Upon successful completion of the Postgraduate Diploma you may have the opportunity to go directly into employment as a trader with OSTC, subject to their selection procedures. You will also have the opportunity to continue your study to Master’s Level by completing a 60-credit dissertation.

Modules

PG Cert:
-Global Financial Markets
-Financial Derivatives
-Behavioural Finance

PG Dip:
In-house training provided by OSTC using the latest state-of-the-art onscreen trading simulators.

Students that choose to progress to the MSc stage will be required to complete a 60-credit dissertation.

Key Features

This is a unique course which offers graduates of all disciplines the opportunity to gain a Master's qualification alongside practical, industry-focused experience. Whether you've previously studied geography or computer game design, maths or visual communication, if you are ambitious, hard-working and anayltical then you may have what it takes to succeed in the financial trading sector.

Upon successful completion of the Postgraduate Diploma, you may have the opportunity to go straight into employment with OSTC, allowing you to start work as a trader without having to re-locate to London.

Career Opportunities

Graduates of the programme can expect to go into trading roles within the financial derivatives sector. Alternatively, the knowledge gained through the industry-specific trading would also enable graduates to work in other roles such as project management or administration, within the financial trading industry.

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Our MSc is recognised as one of the leading postgraduate qualifications for a successful career in the financial, banking and insurance sectors. Read more
Our MSc is recognised as one of the leading postgraduate qualifications for a successful career in the financial, banking and insurance sectors. This full-time programme provides rigorous training in finance and investment to develop a mix of applied skills essential for a wide range of roles in both financial and non-financial organisations.

We aim to produce responsible specialists who have a strong financial and investment perspective in areas such as corporate finance, asset pricing, portfolio management, financial derivatives analysis, macroeconomic policy and international financial markets.

Our academic excellence in this field ensures high quality teaching, which is supported by internationally recognised research delivered by our dedicated research centre, the Bradford Centre for International Business and Finance (BCIBF). We successfully balance financial theory and thought leadership with practical application to produce financial experts who can make a difference in the real world of business, finance and investment.

The programme involves extensive use of our Trading Room, including training in the use of Bloomberg Professional, which is an industry standard market information and trading platform used worldwide. Bloomberg enables students to gain exposure to 'real life' financial data and get a feel for the context within which 'real' investment decisions are made in industry.

We regularly invite external experts from academia and industry as speakers in order to further enhance the relevance of classroom discussion and study, and provide a meaningful context to ongoing topical events of interest.

Professional Accreditation

The Association of Chartered Certified Accountants (ACCA) accredit this programme. This means that, by successfully completing your degree, you are eligible for exemptions from some ACCA fundamental level examinations.

Why Bradford?

University of Bradford School of Management is one of the oldest and most experienced university-based business schools In Britain and home to over 500 postgraduate students from more than 70 different countries. The School celebrated 50 years of excellence in business education in 2013.

At our Bradford campus and across our global campus, we create a collaborative, supportive learning environment in which students, staff, alumni and businesses and organisations can share knowledge and ideas.

Bradford also scores extremely high in rankings for value for money, providing you with a very affordable way to gain a globally recognised Master's qualification from a leading UK university.

Rankings

University of Bradford School of Management is ranked in the UK Top 10 in the Financial Times MSc in Management 2016.

Modules

Compulsory modules
-Business Economics
-Foundations of Finance
-Asset Pricing
-Financial Markets and Institutions
-Portfolio Management
-Quantitative Methods in Finance
-Fixed Income Securities and Credit Risk
-Derivatives Pricing and Risk Management
-International Finance
-Corporate Financial Management
-Dissertation

Option modules - choose two from the following options:
-Contemporary Issues in Accounting and Finance
-Financial Risk Management in European Banking*
-Strategic Accounting
-Financial Statement Analysis and Valuation

*As part of the School's exchange agreement with the Ecole Superieure de Commerce in Toulouse, students are offered the opportunity to study this module in Toulouse each year.

Learning activities and assessment

This full-time 12 month programme will help you to develop technical, analytical and interpersonal skills that will be highly relevant to your career in finance, banking or investment & asset management.

You'll study 10 compulsory modules to provide a firm foundation of core skills; in finance, accounting & investment management. You have the opportunity to select two elective modules of your choice to help you specialise in an area of personal interest.

We place particular emphasis on computer-based methods of learning finance. As a Master's in Finance student at Bradford, you learn to apply to real market data the financial-software packages used most widely in practice.

You will also have the opportunity to use interactive trading simulated software packages (i.e. Market-Class simulator package) to enhance your understanding of investment analysis and portfolio management.

Career support and prospects

The University is committed to helping students develop and enhance employability and this is an integral part of many programmes. Specialist support is available throughout the course from Career and Employability Services including help to find part-time work while studying, placements, vacation work and graduate vacancies. Students are encouraged to access this support at an early stage and to use the extensive resources on the Careers website.

Discussing options with specialist advisers helps to clarify plans through exploring options and refining skills of job-hunting. In most of our programmes there is direct input by Career Advisers into the curriculum or through specially arranged workshops.

Additionally, the School of Management has its own dedicated careers team based on the Emm Lane Campus, with support including:
-One-to-one support
-Careers workshops
-Opportunities to meet employers and recruiters
-Online resources
-Job opportunities
-Career prospects

Our Master's in Finance graduates are in an excellent position to compete for jobs across a wide range of financial disciplines, including corporate finance, investment banking, portfolio management, financial consultancy, fixed income and derivatives trading, risk management and financial research.

Study Support

The Effective Learning Service (ELS) is a dedicated facility within the School of Management, established to support our students to maximise their academic learning (eg assignments and examinations) as well as help overseas students adapt quickly to UK academic requirements. The ELS is run by Martin Sedgley, supported by Amy Allhouse, and provides a huge range of services, including various workshops run during term time, 1-1 consultations and vast printed and online resources to cater for every possible development area.

Facilities

The programme involves extensive use of our Trading Room, including training in the use of Bloomberg Professional, which is an industry standard market information and trading platform used worldwide.

The Bradford Trading Room provides students with hands-on experience in a simulated trading environment. Students get a feel for real investment decisions made in industry and learn how to deal responsibly with financial and economic market data.

Students have the option of completing a training and certification module specifically designed for universities called Bloomberg Essentials Training (BESS) that is widely recognised in industry and confers valuable skills which are highly relevant for the finance, banking, insurance and related industries.

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The Master of Science in Financial Mathematics Program prepares students for jobs in the financial sectors, including investment banks, hedge funds, asset management firms and security companies that require substantial quantitative capabilities to solve practical problems in pricing derivatives, risk management, assets and liabilities management, and trading strategies. Read more
The Master of Science in Financial Mathematics Program prepares students for jobs in the financial sectors, including investment banks, hedge funds, asset management firms and security companies that require substantial quantitative capabilities to solve practical problems in pricing derivatives, risk management, assets and liabilities management, and trading strategies. These jobs include quantitative analysts, derivatives traders, quantitative programmer, risk managers, sales of structured products and statistical analysts.

The curriculum is designed as a one-and-half year study for full-time students and three-year study for part-time students. Our Program is known for its solid curriculum that embraces option pricing theory, portfolio theory, risk models, time series analysis of financial data, financial economics, computer programming. We do expect students to be capable and efficient learners; and specifically, they are required to have a solid background in undergraduate level mathematics, statistics and computing.

We continue to enhance our curriculum through the introduction of new courses based on market relevance and recent innovative developments in the field of quantitative finance. In recent years, new courses on algorithm trading, market microstructure, financial computing, and structuring and trading strategies have been offered. The academic courses are offered by faculty members in the Mathematics Department that are actively engaged in various research areas in financial mathematics and stochastic analysis. Some of these faculty members have related consultancy experiences on industrial finance projects and used to deliver industrial courses to finance practitioners. The Program also invites a number of seasoned practitioners to teach market related courses. These industrial instructors are high level finance professionals who have been working in top international financial institutions (like Goldman Sachs, JP Morgan, BNP, HSBC, Fitch, etc.) and hold PhD degrees in science / engineering from leading universities (like Harvard, Cambridge, Oxford, University of Michigan, UCLA, etc.).

Programme Objectives

The Master of Science (MSc) program in Financial Mathematics aims to prepare students from quantitative disciplines for security pricing, trading strategies and risk management. The curriculum includes mathematical, statistical and computational methods for security pricing, asset allocation, speculative trading, and risk management, and offers comprehensive coverage on financial markets and valuable insights on the performance of various pricing models in market practice.

Graduates from this program are well prepared for jobs in trading and market making of derivatives, financial product development (structured products, insurance products etc.), investment decision making (fund management, trading strategies, etc.), and risk management (risk assessment, stress testing, etc.).

On completion of the program, students are expected to have:
-Comprehensive knowledge of financial products commonly traded in the markets and solid understanding of models of security pricing and hedging in equity, fixed-income, forex and credit markets.
-Solid understanding of the principles and technologies for risk management and trading strategies.
-The ability to construct quantitative models and use them for production through quantitative programming.

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Joining the Department as a postgraduate is certainly a good move. The Department maintains strong research in both pure and applied mathematics, as well as the traditional core of a mathematics department. Read more
Joining the Department as a postgraduate is certainly a good move. The Department maintains strong research in both pure and applied mathematics, as well as the traditional core of a mathematics department. What makes our Department different is the equally strong research in fluid mechanics, scientific computation and statistics.

The quality of research at the postgraduate level is reflected in the scholarly achievements of faculty members, many of whom are recognized as leading authorities in their fields. Research programs often involve collaboration with scholars at an international level, especially in the European, North American and Chinese universities. Renowned academics also take part in the Department's regular colloquia and seminars. The faculty comprises several groups: Pure Mathematics, Applied Mathematics, Probability and Statistics.

Mathematics permeates almost every discipline of science and technology. We believe our comprehensive approach enables inspiring interaction among different faculty members and helps generate new mathematical tools to meet the scientific and technological challenges facing our fast-changing world.

The MPhil program seeks to strengthen students' general background in mathematics and mathematical sciences, and to expose students to the environment and scope of mathematical research. Submission and successful defense of a thesis based on original research are required.

Research Foci

Algebra and Number Theory
The theory of Lie groups, Lie algebras and their representations play an important role in many of the recent development in mathematics and in the interaction of mathematics with physics. Our research includes representation theory of reductive groups, Kac-Moody algebras, quantum groups, and conformal field theory. Number theory has a long and distinguished history, and the concepts and problems relating to the theory have been instrumental in the foundation of a large part of mathematics. Number theory has flourished in recent years, as made evident by the proof of Fermat's Last Theorem. Our research specializes in automorphic forms.

Analysis and Differential Equations
The analysis of real and complex functions plays a fundamental role in mathematics. This is a classical yet still vibrant subject that has a wide range of applications. Differential equations are used to describe many scientific, engineering and economic problems. The theoretical and numerical study of such equations is crucial in understanding and solving problems. Our research areas include complex analysis, exponential asymptotics, functional analysis, nonlinear equations and dynamical systems, and integrable systems.

Geometry and Topology
Geometry and topology provide an essential language describing all kinds of structures in Nature. The subject has been vastly enriched by close interaction with other mathematical fields and with fields of science such as physics, astronomy and mechanics. The result has led to great advances in the subject, as highlighted by the proof of the Poincaré conjecture. Active research areas in the Department include algebraic geometry, differential geometry, low-dimensional topology, equivariant topology, combinatorial topology, and geometrical structures in mathematical physics.

Numerical Analysis
The focus is on the development of advance algorithms and efficient computational schemes. Current research areas include: parallel algorithms, heterogeneous network computing, graph theory, image processing, computational fluid dynamics, singular problems, adaptive grid method, rarefied flow simulations.

Applied Sciences
The applications of mathematics to interdisciplinary science areas include: material science, multiscale modeling, mutliphase flows, evolutionary genetics, environmental science, numerical weather prediction, ocean and coastal modeling, astrophysics and space science.

Probability and Statistics
Statistics, the science of collecting, analyzing, interpreting, and presenting data, is an essential tool in a wide variety of academic disciplines as well as for business, government, medicine and industry. Our research is conducted in four categories. Time Series and Dependent Data: inference from nonstationarity, nonlinearity, long-memory behavior, and continuous time models. Resampling Methodology: block bootstrap, bootstrap for censored data, and Edgeworth and saddle point approximations. Stochastic Processes and Stochastic Analysis: filtering, diffusion and Markov processes, and stochastic approximation and control. Survival Analysis: survival function and errors in variables for general linear models. Probability current research includes limit theory.

Financial Mathematics
This is one of the fastest growing research fields in applied mathematics. International banking and financial firms around the globe are hiring science PhDs who can use advanced analytical and numerical techniques to price financial derivatives and manage portfolio risks. The trend has been accelerating in recent years on numerous fronts, driven both by substantial theoretical advances as well as by a practical need in the industry to develop effective methods to price and hedge increasingly complex financial instruments. Current research areas include pricing models for exotic options, the development of pricing algorithms for complex financial derivatives, credit derivatives, risk management, stochastic analysis of interest rates and related models.

Facilities

The Department enjoys a range of up-to-date facilities and equipment for teaching and research purposes. It has two computer laboratories and a Math Support Center equipped with 100 desktop computers for undergraduate and postgraduate students. The Department also provides an electronic homework system and a storage cloud system to enhance teaching and learning.

To assist computations that require a large amount of processing power in the research area of scientific computation, a High Performance Computing (HPC) laboratory equipped with more than 200 high-speed workstations and servers has been set up. With advanced parallel computing technologies, these powerful computers are capable of delivering 17.2 TFLOPS processing power to solve computationally intensive problems in our innovative research projects. Such equipment helps our faculty and postgraduate students to stay at the forefront of their fields. Research projects in areas such as astrophysics, computational fluid dynamics, financial mathematics, mathematical modeling and simulation in materials science, molecular simulation, numerical ocean modeling, numerical weather prediction and numerical methods for micromagnetics simulations all benefit from our powerful computing facilities.

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