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Master of Financial Mathematics

Course Description

Do you have an aptitude and passion for mathematics and statistics, a keen interest in finance and insurance and want to work for a major financial organisation in finance, insurance or the money market? This course will provide you with a deep understanding of the world of finance, and give you the ability to speak its 'language'. This course combines theory with hands-on practical skills via an industry placement or research project – ensuring you graduate with the right skills increasingly being sought by banks and other financial institutions.

The Master of Financial Mathematics offers advanced training in the core areas of stochastic, financial and insurance modelling, statistical analysis and computational methodology, as well as in a wide range of elective topics from economics, econometrics, finance, mathematics and probability.

Graduates of this course are likely to enter specialist careers in research departments within banks, insurance and consultancy firms or derivatives of valuation and portfolio management within investment houses.

The School of Mathematical Sciences sits within the leading Faculty of Science at Monash University. This vibrant, dynamic and successful School is undergoing a period of growth with the appointment of several new senior academic staff including Professor Gregoire Loeper, Course Director for the Masters of Financial Mathematics. With mathematics as the fundamental underpinning of so many subject areas, sectors and disciplines, the School is also building ever stronger collaborations with relevant industries, including the financial sector.

Visit the website http://www.study.monash/courses/find-a-course/2016/financial-mathematics-s6001?domestic=true

Course Structure

The course is structured in three Parts. Part A. Orientation studies, Part B. Specialist studies, Part C. Applied professional practice. All students complete Part B. Depending upon prior qualifications, you may receive credit for Part A or Part C or a combination of the two.

Part A. Orientation studies
These studies provide an orientation to the field of Financial Mathematics. You will choose studies that complement your current knowledge relevant to financial mathematics, including principles of econometrics, mathematical methods and stochastic processes.

Part B. Specialist studies
These studies will provide you with advanced knowledge and skills relevant to thoughtful, innovative and evidence-based practice in financial modelling and analysis. You will acquire core knowledge of and skills in financial econometrics, and advanced mathematical modelling and computational methods in finance. You will complement these with study in areas of your choice, including interest rate modelling, Markov processes, statistical learning in finance, and global financial markets.

Part C. Applied professional practice
These studies will provide you with the opportunity to apply your knowledge skills developed in Part A and B to "real life" problems, through completing an industry project or an industry internship. Students admitted to the course who have a recognised honours degree or graduate diploma or graduate certificate in a cognate discipline including mathematics or statistics, will receive credit for this part however, should they wish to complete a 24 point research project as part of Part B they should consult with the course convenor.

For more information visit the faculty website - http://www.study.monash/media/links/faculty-websites/science

About Mathematical Sciences

The School of Mathematical Sciences at Monash University is leading the way towards finding effective solutions to some of society's most pressing problems. Maths is the language of science and forms the basis of most of modern science and engineering. Our enthusiastic mathematicians love finding the true magic and beauty in maths and subsequently pass this passion on to their students.


Studying maths equips you with a range of valuable, unique skills. Some of the exciting areas mathematicians at Monash are working on include mathematical modelling to predict behaviour, analysis using pure maths, and stochastic processes involving risk, randomness and change.

Mathematics and statistics are also the two cornerstones for decision making and various quantitative activities in commerce, industry, education and defence. From direct and daily experience, most companies and organisations have realised that success depends critically on the level of analytical, quantitative and statistical skills of their workforce and they therefore seek employees with a sound mathematical training.

By studying mathematics at Monash, you will also develop general skills in problem-solving, critical thinking, modelling, learning, analysis, research and creativity, which can be used wherever your career may take you.


The School of Mathematical Sciences focuses on these main areas of research:

- Applied and Computational Mathematics
- Pure Mathematics
- Stochastic Processes

Find out how to apply here - http://www.study.monash/courses/find-a-course/2016/financial-mathematics-s6001?domestic=true#making-the-application

Visit the Master of Financial Mathematics page on the Monash University website for more details!

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Student Profiles

Team Monash Elite Student Performer Scheme - No. of awards TBC

The Team Monash Elite Student Performer Scheme is designed to support talented students studying at Monash to represent the University in the areas of Sport, Performing Arts and related disciplines. This program aims to assist students who perform at a state level or higher. Students must represent the University in a Monash Club/Society or at the Inter-University (Varsity) competitions and activities.Benefits:
- $100 to $1000 one-off payment and/or a Monash Sport gym membership.
- Dependant on the sport, the level played and the funding available.Selection
- Must be competing regularly in your discipline, at the highest level in your state, or above.
- Representation of Monash University in your sport (e.g. club, Monash University Club, Monash Australian University Games or Varsity Callenge).
- Your current and past performance in your elected discipline.
- Level at which your sport is played.Retention
- You must maintain satisfactory sporting performance, as determined by TeamMONASH.
- You must regularly represent Monash University in your discipline and participate in the Australian University Games.
- You must not be in receipt of regular payments from other funding bodies for your discipline.

Value of Scholarship(s)

$100 to $1000


- Australian or New Zealand citizen, holder of an Australian permanent resident visa or permanent humanitarian visa or an international student.
- Commencing or continuing undergraduate or postgraduate student enrolled at a Monash campus in Australia, including Monash College.
- Involved in a non-professional sport, performing arts or similar, as recognised by Team Monash.

Application Procedure

You must submit an application form directly to TeamMONASH (http://www.monash.edu/teammonash/talented-student-support/elite-scheme) via their Elite Student Performer Scheme

Further Information



Master of Financial Mathematics Scholarship - 2 Awards

- Must have completed an undergraduate degree in mathematics with a minimum of a distinction weighted average mark (70%).- Applicants will be short-listed based on their academic records and will then undergo interviews with a panel of academics and industry partners.Retention:
You must maintain a distinction average (70% or above) each semester

Value of Scholarship(s)

Tuition fees


- Australian or New Zealand citizen, or holder of permanent resident visa or permanent humanitarian visa, or an international student, and- A commencing student enrolled in the Masters of Financial Mathematics at a Monash campus in Australia.

Application Procedure

See the website

Further Information


Entry Requirements

An undergraduate degree (equivalent to an Australian undergraduate degree) in mathematics with at least a 65% average or qualification/experience or satisfactory substitute that the faculty considers to be equivalent. OR An Australian graduate certificate/diploma (or equivalent) with a strong mathematical content* with at least a 65% average or qualification/experience that the faculty considers to be equivalent or a satisfactory substitute for the above. *i.e. Completion of units of mathematics with an emphasis on multivariable calculus, linear algebra, probability, statistics and differential equations.

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