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 (see entry requirements below).
October – December: Part 1 Autumn Term
January: Part 1 Exams
January-April: Part 2 Spring Term
May – June: Part 2 Exams
June – August (12 month programme only): Part 3
August/Sep (12 month programme only): Part 3 Coursework deadlines
Part 1 compulsory modules
Part 2 compulsory modules
Part 2 optional modules
Students on the 9-month (12-month) programme can select 40 (20) credits from the following modules:
Part 3 optional modules
Students on the 12-months programme should take 20 credits from the following:
Full-time: 9 months Full-time: 12 months
Students will be resident and undertake full-time study in the UK. Under both, the 9 and 12-month programmes students take compulsory and/or elective modules in Part 2.
The 12 month option involves taking an elective 20 credit module between July and August, which would also mean a 20 credit reduction in the number of taught modules taken in the spring term.
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.
ICMA Fixed Income Certificate
To obtain the requisite knowledge to pass the rigorous FIC exam, students are required to take the ICMA Centre Fixed Income Cash and Derivatives Markets module at Part 2. In order to receive the FIC certificate, students will need to register and pass the FIC exam through ICMA.
Postgraduate degree programme in Financial Engineering Masters/MSc:
MSc Financial Engineering is a multi-disciplinary field that involves the application of the computational engineering, software engineering, and computer programming skills, as well as the underlying mathematical and statistical theories to the analysis and management of financial opportunities. Students will receive the most advanced computational and programming techniques which help them advance quickly in the field.
Financial engineering is a multi-disciplinary field that involves the application of computational engineering, software engineering, and computer programming skills, as well as the underlying mathematical and statistical theories to the analysis and management of financial opportunities.
The programme is for strong (1st, 2.1 or equivalent) graduates from programmes in mathematics, or programmes with advanced mathematical components, and who wish to pursue a career in quantitative analysis in economic or financial sectors with state-of-art mathematical methods, computational skills and programming expertise.
Related links
In the Autumn and Spring semesters, you will take masters-level courses in both computational methods and programming and statistical methods in economics, as well as computer science courses such as the Computer Science Workshop, in addition to the core quantitative finance and further quantitative finance modules which are needed for a career in financial engineering and computational finance.
In the summer you will undertake a project, working with research leaders in mathematics and computer sciences. This will provide directly relevant training for a career in academic, and quantitative analysis in financial industry. A key component will be training specifically in independent study and research, an essential skill for quantitative analyst.
Career opportunities
This programme gives an ideal preparation for a career in quantitative analysis in economic or financial sectors with state-of-art mathematical methods, computational skills and programming expertise. The School’s graduates work in a wide variety of fields in governmental and multi-national organisations.
University Careers Network
Preparation for your career should be one of the first things you think about as you start university. Whether you have a clear idea of where your future aspirations lie or want to consider the broad range of opportunities available once you have a Birmingham degree, our Careers Network can help you achieve your goal.
Our unique careers guidance service is tailored to your academic subject area, offering a specialised team (in each of the five academic colleges) who can give you expert advice. Our team source exclusive work experience opportunities to help you stand out amongst the competition, with mentoring, global internships and placements available to you. Once you have a career in your sights, one-to-one support with CVs and job applications will help give you the edge.
If you make the most of the wide range of services you will be able to develop your career from the moment you arrive.
MSc Risk Management & Financial Engineering is a highly quantitative programme tailored to high calibre and technically-minded graduates wanting a deeper, more analytical study of risk management and financial engineering than is found in general finance programmes.
The programme is accredited by the Professional Risk Managers’ International Association (PRMIA) and the School offers students on this programme the opportunity to attend PRMIA events, have access to its resources and receive considerable discounts on PRMIA exams.
In September you will study five foundation modules to introduce the tools of modern finance and enhance your career development skills. These include:
• Markets and Securities
• Financial Modelling
• Application of Matlab to Finance
• Data Structures and Algorithms using Python
• The Finance Industry
You’ll take eight core modules which are the backbone of our programme, providing you with a solid knowledge base in each subject area. Each module builds on previous experience while introducing new and challenging disciplines. These include:
• Empirical Finance: Methods and Applications
• Financial Engineering
• Financial Statistics
• Investments and Portfolio Management
• Risk Management and Valuation
• Stochastic Calculus
You will also receive training in Visual Basic for Applications (VBA), choose from a variety of electives and undertake a final project. The selection of electives include:
• Advanced Options Theory
• Credit Risk
• Advanced Financial Statistics
• Enterprise Risk Management
• Fixed Income Securities
• International Elective: Macro and Finance for Practitioners
• International Finance
• Insurance
• Structured Credit and Equity Products
• Private Equity and Venture Capital
• Wealth Management and Alternative Investments
• Topics in FinTech Innovation
This postgraduate Project Management, Finance and Risk programme is for those pursuing or planning a career in managing the introduction of capital goods or applying the latest project management techniques to complex projects. It is particularly suited to students with a scientific or financial engineering background as we cover quantitative risk assessment in depth, which requires an aptitude for measuring and analysing data.
Consider the risks contained within a project such as the Euro Tunnel. Two governments sponsoring the project and nine billion pounds of finance ring-fenced through a special purpose company to complete it. Will it be finished on time and will it secure the revenues to service the debt? These are the kinds of questions we address on this programme.
MSc Project Management, Finance and Risk gives you a foundation in quantitative risk assessment and decision-making under uncertain conditions, coupled with classical engineering economics and financial engineering.
From analysing indecision within games theory to rebuilding a country’s infrastructure, we explore the drivers in which businesses operate, and the challenges and opportunities that project managers face. Teaching is provided by internal and external lecturers with expertise in the field. This is complemented by invited lectures from the Sir John Cass Business School, together with people from industry and the banking sector who bring in diverse skill sets and the ability to solve complex problems.
There is no formal requirement to do an industry-based placement as part of the programme. However, some students arrange to undertake their final project within a company.
As well as lectures, you learn through tutorial support, guided private study, coordinating group activities, and coursework. Not every module has an exam and in some cases you will be assessed through a module project.
Full-time students complete the programme in one year and we expect you to devote a significant part of the non-taught hours to project work, group activities, as well as your own independent study. The duration of a part-time programme is two years (this may be extended to three years in individual cases.
There are four core modules and two electives. Out of the two electives you can choose from four or five topics including games theory, perspectives on management and leadership and entrepreneurship, innovations and enterprise.
You can also take part in a rolling programme of one-day events to build your communication and team-building skills while you study. These sessions cover topics including conducting research, improving your presentation skills and dealing with people.
The course is modular and each module lasts four days. The structure has been designed in this way so that both full and part-time students can follow the programme. In addition, the course offers practical skills in management, leadership, entrepreneurship, software and communications tools.
You are normally required to complete all the taught modules successfully before progressing to the dissertation.
A Prince 2 Project Management Practitioner’s Course will be offered to students in the summer term. This five-day course, paid for by the institution, is presented by an outside training agency. By successfully completing the course you will be awarded a coveted practitioner’s certificate.
Core modules
Elective modules include
You will choose two elective modules.
Graduates completing the course will be prepared for a wide range of careers involving project management, risk management and financial planning. From banking to management and from engineering consultancies to the pharmaceuticals industry, this programme gives you diverse options when it comes to developing your career and being part of key decision-making processes.
If you want to work in infrastructure management and development, which involves management of supply chain and/or financial risks, the programme will be particularly relevant. Additionally, the course is ideal if you are planning a career in any of the following areas:
Students are supported by the Careers, Student Development & Outreach team who offer a professional, high quality careers and information service.
This MSc programme builds on the success of our undergraduate Engineering with Business Finance programme and is designed to give graduates with a first degree in a relevant numerate subject the engineering, management and finance knowledge and skills necessary to work on engineering projects, and in business and finance.
Core engineering content concentrates on areas of new and emerging technologies and materials combined with modules in project management and financial markets and institutions. Students undertake two engineering projects (a group design project and an individual project) which integrate the knowledge acquired through the taught modules.
Students undertake modules to the value of 180 credits.
The programme consists of four core modules (60 credits), two optional modules (30 credits), a group design project (30 credits) and the individual research project (60 credits).
Core modules
Optional modules
Please note: Restrictions apply to selection of optional modules. Please visit the Departmental degree structure page for more information
Dissertation/report
All students undertake a group design project and an individual research project, both culminating in a substantial dissertation. The group project focuses on creativity and design, teamwork, project management and business planning and feasibility. The research project revolves around student research interests; it often has industry input and develops high-level presentation, critical thinking and research skills.
Teaching and learning
This dynamic programme is delivered through a combination of lectures, tutorials, seminars, laboratory and project work, workshops and problem classes, all of which frequently draw upon real-life industrial case studies. Assessment is through examinations, coursework, laboratory reports, presentations, the group design project and the individual research project.
Further information on modules and degree structure is available on the department website: Engineering with Finance MSc
Graduates of this programme will be well placed for a future career within engineering, project management, finance, investment banking or IT sector. For example, as part of the programme you will complete modules in project management and finance, utilise UCL’s virtual trading room that uses Reuters’ electronic platform and receive guidance on how to work toward recognised certifications for the financial industries.
Recent career destinations for this degree
Employability
The programme is delivered by leading researchers from across UCL, and students have plenty of opportunity to network and keep themselves informed about employment opportunities and skills required. Students are encouraged to participate in the UCL Financial Industry Series which organises high-impact conferences, debates and talks on financial topics, to pursue projects in industry and attend events organised by the UCL Finance community. Students also develop networks through the programme itself and through the department’s careers programme which includes employer-led events and individual coaching. This carefully designed programme is equipping our graduates with the skills and confidence needed to play a creative and leading role in the professional and research community.
Careers data is taken from the ‘Destinations of Leavers from Higher Education’ survey undertaken by HESA looking at the destinations of UK and EU students in the 2013–2015 graduating cohorts six months after graduation.
UCL Mechanical Engineering is a dynamic and vibrant place to study and do research. Located in central London it was the first mechanical engineering department in the UK. It has a long reputation for internationally leading research funded by numerous organisations and industry, and quality teaching.
The department benefits from state-of-the-art facilities and close links with industry, and has access to expertise in other disciplines, including engineering and management sciences within UCL.
The Engineering with Finance MSc has been accredited by the Institute of Mechanical Engineers (IMechE).
The Research Excellence Framework, or REF, is the system for assessing the quality of research in UK higher education institutions. The 2014 REF was carried out by the UK's higher education funding bodies, and the results used to allocate research funding from 2015/16.
The following REF score was awarded to the department: Mechanical Engineering
90%: Aeronautical, Mechanical, Chemical and Manufacturing Engineering subjects; 95%: General Engineering subjects rated 4* (‘world-leading’) or 3* (‘internationally excellent’)
Learn more about the scope of UCL's research, and browse case studies, on our Research Impact website.
The Master of Financial and Actuarial Engineering programme provides students with up-to-date, sound and advanced financial, actuarial and statistical skills. It is an intensive, advanced, one-year programme for university graduates interested in a career in risk management, financial and/or actuarial engineering within financial institutions. The discipline focuses on the application of quantitative methods to problems involving risk or uncertainty. You will gain an understanding of current and future problems and solutions in insurance and banking and be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques.
The programme provides advanced insights into the actuarial aspects of life insurance, general insurance and risk theory as well as financial mathematics and the inter-relationship and integration of actuarial sciences and finance. The programme draws on over sixty years of experience and international recognition. The research team for risk theory, finance and statistics has a strong research profile and is ranked among the world top in terms of actuarial research productivity. The programme is jointly offered by the Faculty of Business and Economics and the Faculty of Science at KU Leuven, in collaboration with Université Catholique de Louvain.
The main goal of the programme is to provide the students with an sound knowledge of finance and actuarial science. They develop the capabilities to understand current and future problems and solutions in the actuarial and financial context. They will be equipped with fundamental and conceptual knowledge of the mathematical and economic aspects of financial theory and insurance techniques. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial master at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE), and the international actuarial professional body (IAA).
At the end of the programme students will:
The programme addresses the rapidly-changing needs resulting from the accelerating globalisation of the banking and insurance sector. As such, it provides a sound basis for a career in various areas of risk management, financial and actuarial engineering and insurance. Most graduates find employment in insurance companies, whose financial stability depends on actuarial calculations (e.g. premiums, provisions, capital requirements, reinsurance policy).
As an expert in the field of risk and uncertainty, you can also play an important role in banking and finance. The increasing convergence between the insurance and financial markets as well as the use of mathematically based instruments, such as options and futures, offers excellent career prospects. Graduates are well placed to find employment in banks, pension funds, reinsurance companies, consulting and audit companies.
Some graduates go to work in government, for instance in social security or economic affairs departments. Graduates holding both the degree of Master of Financial and Actuarial Engineering and 'Master in de verzekeringen' (Dutch-language initial Master's programme at KU Leuven) are eligible for membership in the professional body of actuaries in Belgium (IA|BE).
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