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Course content

The financial services industry place great emphasis on raising the level of mathematics used in banks in applications to pricing, hedging and risk management. This MSc provides students with the skills necessary in mathematics, statistics and computation for a career in this fast-developing field.

About this degree

Students will develop a detailed understanding of the application of mathematics, statistics and computation to problems in finance, and will gain the necessary practical tools for the pricing, hedging and risk management of a diverse range of financial products in several asset classes.

Students undertake modules to the value of 180 credits.

The programme consists of four core modules (60 credits), four optional modules (60 credits) and the research dissertation (60 credits).

A Postgraduate Diploma will be offered to the students that have completed 8 taught modules (120 UCL credits).

A Postgraduate Certificate will be offered to the students that have completed 4 taught modules (60 UCL credits).

Core modules

  • Asset Pricing in Continuous Time
  • Forecasting
  • Interest Rates and Credit Modelling
  • Quantitative and Computational Finance

Optional modules

Four modules must be chosen from the following list.

  • Applied Computational Finance
  • Equities, Foreign Exchange and Commodities Modelling
  • Market Risk, Measures and Portfolio Theory
  • Mathematics and Statistics of Algorithmic Trading
  • Numerical Analysis for Finance
  • Probability
  • Statistical Inference
  • Stochastic Processes
  • Quantitative Modelling of Operational Risk and Insurance Analytics

Dissertation/report

All MSc students undertake an independent research project, which culminates in a research report of approximately 10,000 words.

Teaching and learning

The programme is delivered through a combination of lectures, practical classes, tutorials and problem-solving exercises. Assessment is through written papers, coursework, examinations and the research report and presentation.

Further information on modules and degree structure is available on the department website: Financial Mathematics MSc

Careers

Many students have progressed to careers in financial services in the City of London or in their home country; a number of graduates have proceeded to a PhD.

Recent career destinations for this degree

  • Structurer, BNP Paribas
  • PhD in Mathematics, University College London (UCL)
  • University Teacher, Chechen State University
  • CFA (Chartered Financial Analyst), Quartic Training
  • MSc Financial Mathematics, UCL

Employability

The financial services industry requires quantitative finance professionals who are able to analyse data, to program, and who are expert in mathematics and computational statistics. Career prospects for graduates of this programme are excellent.

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.

Why study this degree at UCL?

UCL Mathematics is an internationally renowned department which carries out excellent individual and group research applying modelling techniques to problems in financial, industrial, biological and environmental areas.

The department hosts a stream of distinguished international visitors. In recent years four staff members have been elected fellows of the Royal Society, and the department publishes the highly regarded research journal Mathematika.

A notable aspect of this applied Master's programme is that students will be educated to an advanced level in statistics and computing.

Research Excellence Framework (REF)

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: Mathematics

82% 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.


Visit the Financial Mathematics (MSc) page on the University College London website for more details!

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