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Course content

Course description

The School of Mathematics and Alliance Manchester Business School at the University of Manchester have combined their academic strength and practical expertise to deliver the  MSc in Mathematical Finance  (UK 1 year), ensuring that students can experience both the mathematical and economic perspective of the subject.

The course provides students with advanced knowledge and understanding of the main theoretical and applied concepts in Mathematical Finance delivered from a genuinely international and multi-cultural perspective with a current issues approach to teaching. The focus is on mathematical theory and modelling, drawing from the disciplines of probability theory, scientific computing and partial differential equations to derive relations between asset prices and interest rates, and to develop models for pricing, risk management and financial product development.

The finance industry demands recruits with strong quantitative skills and the course is intended to prepare students for careers in this area. The course provides training for those who seek a career in the finance industry specialising in derivative securities, investment, risk management and hedge funds. It also provides research skills for those who subsequently wish to pursue research and/or an academic career (e.g. university lecturer) or continue the study at doctoral level, particularly those wishing to pursue further/advanced studies in Mathematical Finance.

Fees

For entry in the academic year beginning September 2019, the tuition fees are as follows:

  • MSc (full-time)
  • UK/EU students (per annum): £13,000 
  • International students (per annum): £21,500

The fees quoted above will be fully inclusive for the course tuition, administration and computational costs during your studies.

Self-funded international applicants for this course will be required to pay a deposit of £1000 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. This deposit will only be refunded if immigration permission is refused. We will notify you about how and when to make this payment.

Scholarships/sponsorships

 Information on possible scholarships/ sponsorships is available  here .

Entry requirements

English language

Students whose first language is not English require a minimum IELTS score of 6.5 with at least 6.5 in writing and 5.5 in each other component, or 90 for the internet based TOEFL with no component score lower than 23.

Good English language skills are vital for successful completion of the course, particularly the dissertation element, which involves sophisticated concepts and the precise use and understanding of technical language. We reserve the right to make the final decision concerning your English language ability, taking into consideration your test scores and any other relevant information from the admission process.

If your English score is only slightly below the minimum requirement and you have a strong application, we may decide to offer you a place subject to attending an academic English course at the University of Manchester prior to the start of the course. 

English language test validity

Some English Language test results are only valid for two years. Your English Language test report must be valid on the start date of the course.

Application and selection

How to apply

Apply online

How your application is considered

Applications cannot be processed without the following:

  • up-to-date English language score outlining individual element scores (where applicable)
  • academic transcript
  • two academic references
  • statement of purpose

Scanned copies will be accepted at the time of application.

Coursework and assessment

Teaching is shared by the School of Mathematics and Alliance Manchester Business School, and delivered through lectures, case studies, seminars and group project-based work.

Course unit details

There are (i) eight course units to attend over two academic terms and (ii) a dissertation project to be completed in the summer term. Teaching of the course units is shared by the School of Mathematics and the Manchester Business School and delivered through lectures, case studies, seminars and group project-based work.

First term course units (autumn): Derivative Securities; Foundations of Finance Theory; Martingales with Applications to Finance; Stochastic Calculus.

Second term course units (spring): Brownian Motion; Computational Finance; Time Series Analysis and Forecasting in Finance; Stochastic Modelling in Finance.

Third term dissertation project (summer): In this term students will conduct an original study of a topic relating to the programme and write an MSc dissertation.

Career opportunities

The finance industry demands recruits with strong quantitative skills and the course is intended to prepare students for careers in this area. The course provides training for those who seek a career in the finance industry specialising in derivative securities, investment, risk management and hedge funds. It also provides research skills for those who subsequently wish to pursue research and/or an academic career (e.g. university lecturer) or continue the study at doctoral level, particularly those wishing to pursue further/advanced studies in Mathematical Finance.


Visit the MSc Mathematical Finance page on the University of Manchester website for more details!

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