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Financial Mathematics

Course Description

This masters programme covers the advanced mathematics that has revolutionised finance since the works of Black, Scholes and Merton in the early seventies. This programme is aimed at those students who are passionate about mathematics and driven to make a career amongst the many and varied financial institutions throughout the world.

The programme, which is part of the Maxwell Institute for Mathematical Sciences, the joint research institute of mathematical sciences at the University of Edinburgh and Heriot-Watt University, provides an intensive training in the mathematical ideas and tools vital to the finance industry. By developing essential new mathematical concepts, especially in stochastic calculus, and placing the mathematics in the contexts of financial markets, derivative pricing and credit risk, the programme equips students for a range of exciting and potentially lucrative career opportunities.

The programme is delivered jointly between Heriot-Watt University and the University of Edinburgh. This means you will be enrolled as a student at both univerities and benefit from access to all the services and facilities each university has to offer.

Teaching is delivered by renowned academics from both Heriot-Watt and the University of Edinburgh - some classes will therefore take place at Heriot-Watt's campus and others at the University of Edinburgh campus. Successful students will graduate with a degree awarded jointly by Heriot-Watt and the University of Edinburgh and both names will appear on the graduation certificate.

Programme content

Core courses

Derivatives Markets
Derivative Pricing and Financial Modelling
Financial Markets
Discrete-Time Finance
Stochastic Analysis in finance
Credit Risk Modelling
Special Topics, including industry lead projects


Statistical Methods
Financial Econometrics
Time Series Analysis
Modern Portfolio Theory
Optimisation Methods in Finance
Numerical Methods for PDEs
Simulation in Finance
Deterministic Optimisation Methods in Finance

Visit the Financial Mathematics page on the Heriot-Watt University website for more details!

Student Profiles

School of Mathematical and Computer Sciences Early BIrd Scholarship - No. of awards TBC

The School of Mathematical and Computer Sciences are offering a 10% scholarship to all applicants who accept their offer (conditional or unconditiona), before 31st March 2014. The award will be given as a tuition fee discount and applied directly to your tuition fee account after enrolment.

Value of Scholarship(s)

10% discount on the tuition fee cost of your programme


Early Bird scholarships will be awarded to all self-funding applicants who accept their place on a taught MSc programme in the Department of Actuarial Mathematics and Statistics or the Department of Mathematics before 31st March 2014.

Application Procedure

Please return your Reply to Offer form before 31st March 2014 to indicate your acceptance of our offer and you will automatically qualify for the scholarship.

Further Information


Entry Requirements

Entry requires a UK 2.1 degree or equivalent in Mathematics, Statistics, or a related subject with a substantial mathematics content from a British or overseas university.We are looking to train those who not only have a strong background in mathematics, but who also possess the ability to communicate effectively, and have the desire to succeed in a dynamic and competitive industry.The programme is not suitable for finance professionals without graduate-level mathematical training

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Recipient: Heriot-Watt University

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