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Course content

This MSc programme is run by Heriot-Watt University jointly with The University of Edinburgh. Upon graduation, you will receive a degree certificate bearing crests of both universities.

It provides you with expertise in financial mathematics, including stochastic calculus, and a range of practical techniques for analysing financial markets. You will also learn quantitative skills for developing and managing risk that are in high demand.

Programme structure

This programme involves two taught semesters of compulsory and optional courses, followed by a dissertation project.

The teaching is shared between Heriot-Watt University (HW) and The University of Edinburgh (UoE). The timetable is arranged so that you spend three days a week at the Heriot-Watt Riccarton Campus and two days a week at University of Edinburgh’s King’s Buildings Campus.

The dissertation project is either carried out with an industrial partner (e.g. Aberdeen Asset Management, Moody’s Analytics and Lloyds Banking Group) or supervised by academics at Heriot-Watt University. The programme typically involves the following courses.

Compulsory courses:

  • Credit Risk Modelling (HW)
  • Derivatives Markets (HW)
  • Derivative Pricing and Financial Modelling (HW)
  • Discrete-Time Finance (UoE)
  • Financial Markets (HW)
  • Special Topics 1 (UoE)
  • Special Topics 2 (HW)
  • Stochastic Analysis in Finance (UoE)

Option courses:

  • Optimization Methods in Finance (UoE)
  • Financial Econometrics (HW)
  • Portfolio Theory (HW)
  • Numerical Techniques of Partial Differential Equations (HW)
  • Simulation (UoE)
  • Statistical Methods (HW)
  • Statistical Inference (HW)
  • Time Series Analysis (HW)
  • Stochastic Control and Dynamic Asset Allocation (UoE)

Work placements/internships

Adding depth to your learning, our work placement programme puts you at the heart of organisations such as Aberdeen Asset Management, Moody’s Analytics and Lloyds Banking Group.

Career opportunities

Graduates typically work in major financial institutions or continue their studies by joining PhD programmes.


Visit the Financial Mathematics (MSc) page on the University of Edinburgh website for more details!

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