This programme is now closed but you may want to consider other courses such as the Mathematics MSc.
The Financial Mathematics MSc programme enables graduates and professionals with a strong mathematical background to research, develop and apply quantitative and computational techniques to investment and risk management. Based in the Department of Mathematics, this course has a superb reputation for research-led teaching and strong links to industry.
Financial Mathematics studies problems of optimal investment and risk management, and this course covers a diverse range of topics, from classical options pricing to post-crisis investment and risk management
Like any branch of applied mathematics, financial mathematics analyses a given problem by first building a mathematical model for it and then examining the model. Both steps require detailed knowledge in different areas of mathematics, including probability, statistics, optimisation, computer science and many more traditional fields of mathematics.
Our Financial Mathematics MSc course is a unique study pathway that encompasses the essential skills required for successful risk management, trading and research in quantitative finance: probability, statistics, optimisation, computing and financial markets. You will explore probability theories, risk neutral valuation, stochastic analysis as well as interest rate and credit risk modules. We also offer you the opportunity to study an additional zero-credit supportive module called mathematical analysis for financial mathematics.
The Financial Mathematics MSc programme offers you the choice to study either full or part-time and is made up of optional and required modules. You must take modules totalling 180 credits to complete the course. If you are studying full-time, you will complete the course in one year, from September to September. If you are studying part-time, your programme will take two years to complete, you will study the required modules in the first year, and a further selection of required and optional modules including the 60-credit financial mathematics report module in your second year.
Bloomberg terminal laboratory
King’s is one of only a few academic departments in the UK that offers full access to Bloomberg terminals. These terminals will provide you access to live financial data. They are heavily used within the financial industry, and the data they provide is critical in assisting traders in making investment decisions and for risk managers monitoring investment probabilities. We have 13 Bloomberg terminals available for exclusive use by the Financial Mathematics MSc programme.
You will use the Bloomberg terminals to:
The skills you will learn from using the terminals are highly valued by employers. King’s is part of a strong network of financial mathematics in London with connections both in academia and in the industry.
We are also members of the University of London and by arrangement, you can enrol in optional modules at other institutions within the University of London, which includes Birkbeck, London School of Economics and Political Sciences, University College London and many others.
This programme is suitable for students or professionals with a strong mathematical background. It covers the principles and techniques of quantitative finance to prepare students for advanced work in the financial sector or research in mathematical finance.
We use lectures, seminars and group tutorials to deliver most of the modules on the programme. You will also be expected to undertake a significant amount of independent study.
Average per week: Three hours for 11 weeks per each 15 credit module.
You are expected to spend approximately 10 hours of effort for each credit (so for a typical module of 15 credits this means 150 hours of effort).
The primary method of assessment for this course is a combination of written examinations, essays, coursework and individual or group projects and oral presentations.
Our graduates are highly sought after by investment banks, corporate risk management units, insurance companies, fund management institutions, financial regulatory bodies, brokerage firms, and trading companies. Recent employers of our graduates include, Capital Investment, Credit Suisse, European Bank for Reconstruction & Development, Fitch Ratings, HSBC and Morgan & Stanley. Some graduates have pursued research degrees in financial mathematics.
To successfully complete this course, you must have a very good understanding of mathematics. You may well have studied maths, physics or engineering degrees as an undergraduate.
Or you might have a bachelor’s degree in economics or science and in particular computer science, which, coupled with your interest in stochastics, could also qualify you for this programme.
You should have a general interest in learning the more technical and mathematical techniques used in financial markets; but you don’t need to have a background in finance.
The MSc Financial Mathematics focuses on stochastics and simulation techniques, but also covers some econometrics. You’ll study core modules covering asset pricing, risk management and an introduction to key financial securities such as equities, fixed income and derivatives.
You’ll cover a wide range of elementary and advanced topics in stochastics, including Levy processes and different simulation techniques. You’ll be taught Matlab and VBA and you have the opportunity to learn other programming languages as part of our electives offering, such as Python or C++.
There are three ways to complete the third term. Either you’ll choose five electives from around 40 optional modules in your final term. Or you can choose to complete a traditional dissertation, known as a ‘business research project’, which counts for four electives, or a shorter ‘applied research project’, which is the equivalent of two elective modules.
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree course students must complete:
Assessment of modules on the MSc in Financial Mathematics, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
The Financial Mathematics course starts with two compulsory induction weeks, focused on:
The job opportunities for students from the three quants Masters programmes are very similar and students usually find employment with either large investment banks, or smaller specialist companies or financial boutique firms. Working as a quantitative analysts using stochastic, technical risk management position, pricing fixed income securities and structuring are some of the positions Financial Mathematics students are well qualified for. You will also have the skills to study for a PhD in the area of quantitative finance and financial markets.
The Master of Science in Mathematics (120 ECTS) is a research-based master’s programme in which you can specialize in the following fields of mathematics: Pure Mathematics: Algebra, Analysis and Geometry; and Applied Mathematics: Statistics, Financial Mathematics, Computational Mathematics, Plasma-Astrophysics.
Besides a solid, all-round education in mathematics, the programme offers you the possibility to focus on either pure or applied mathematics. This allows you to acquire both breadth of knowledge and depth in your own areas of interest. Pure and applied mathematics courses are firmly grounded in the core research activities of the Department of Mathematics. Gradually, you will gain experience and autonomy in learning how to cope with new concepts, higher levels of abstraction, new techniques, new applications, and new results. This culminates in the Master’s thesis, where you become actively involved in the research performed in the various mathematical research groups of the Departments of Mathematics, Physics, Astronomy and Computer Sciences.
This is an initial Master's programme and can be followed on a full-time or part-time basis.
The programme of the Master of Science in Mathematics consists of 120 ECTS. You choose one of the two profiles – Pure Mathematics or Applied Mathematics (54 ECTS) – and one of the two options – Research Option or Professional Option (30 ECTS). The profile allows you to specialize either in pure mathematics (algebra, geometry, analysis), or in applied mathematics (statistics, computational mathematics, fluid dynamics).
There is one common course: ‘Mathematics of the 21st Century’ (6 ECTS). To complete the programme, you carry out a research project that results in a master’s thesis (30 ECTS).
All staff members of the Department of Mathematics are actively involved in the two-year Master of Science in Mathematics programme. The academic staff at the Department of Mathematics consists of leading experts in their fields. Researchers in pure mathematics focus on algebraic geometry, group theory, differential geometry, functional analysis, and complex analysis. Researchers in mathematical statistics deal with extreme values, robust statistics, non-parametric statistics, and financial mathematics. Research in the applied mathematics group is in computational fluid dynamics and plasma-astrophysics.
Mathematicians find employment in industry and in the banking, insurance, and IT sectors. Many graduates from the research option pursue a career in research and start a PhD in mathematics, mathematical physics, astrophysics, engineering, or related fields.
The theoretical application of mathematics to the world of finance allows you to make good, informed decisions in the face of uncertainty. With the growth and progression of business across the globe, the need for those who can understand quantitative financial methods are becoming increasingly lucrative, sought-after individuals. For those with a strong mathematical background, and a wish to pursue a finance career, this programme is the ideal introduction to this exciting and expanding field.To understand, apply and develop these sophisticated methods requires a good understanding of both advanced mathematics and advanced financial theory. By combining the financial expertise in the University of Exeter Business School with our internationally respected Mathematics department, this comprehensive MSc programme will prepare you for careers in areas that require expert skills in mathematical and financial modelling, computational analysis and business management.
You will gain essential, complementary skills in multiple areas of study such as probability and stochastic analysis, option pricing, risk analysis and extremes, computational methods using MATLAB/C++, financial management and investment analysis. In addition, you will branch into a specialist area of study as you conduct a substantial project in a field of your choosing. The project will allow you to develop your research, computational and modelling skills with support from staff who have extensive experience working in multiple financial services and insurance industries.
The programme prepares you for a career in financial modelling within financial institutions themselves and within other sectors. It builds upon the success of Exeter’s well-established range of Masters programmes in Finance and related areas, many of whose graduates now hold senior positions in areas such as corporate financial strategy, financial planning, treasury and risk management and international portfolio management.
With the strong links between the College and the Met Office, the course also prepares you for career opportunities within reinsurance and credit risk management, especially in the development of financial models that rely on weather/climate systems.
The taught element of the programme takes place between October and May and is arranged into two 12-week teaching semesters.
Recent examples of compulsory modules are as follows; Methods for Stochastics and Finance; Analysis and Computation for Finance; Mathematical Theory of Option Pricing; Fundamentals of Financial Management; Research Methodology; Advanced Mathematics Project.
Some recent examples are as follows; Topics in Financial Economics; Investment Analysis 1; Banking and Financial Services; Derivatives Pricing; Domestic and International Portfolio Management; Investment Analysis II; Financial Modelling; Advanced Corporate Finance; Alternative Investments; Quantitative and Research Techniques; Advanced Econometrics; Dynamical Systems and Chaos; Pattern Recognition; Introduction to C++; Level 3 Mathematics Modules.
Visit our website for more information on fees, scholarships, postgraduate loans and other funding options to study Mathematics at Swansea University - 'Welsh University of the Year 2017' (Times and Sunday Times Good University Guide 2017).
The MSc Mathematics course has been designed for students who wish to build on their BSc, extending their range of mathematics expertise across a broader spread of topics, and demonstrating their literature research skills through an extended dissertation.
Such a qualification will mark graduates out as having a broader and deeper understanding of mathematics, and the skills required to pursue a significant project with a high level of independence, presenting their results in a written report. This will give MSc Mathematics graduates an edge in the ever more competitive jobs market.
On the Mathematics course you will study different elements of mathematics in a broad sense - including mathematical elements of computing if desired - in addition to developing your research, project management, and written communication skills through a project you will undertake. As a student of MSc in Mathematics, you will be fully supported to ensure that your project further develops an excellent foundation for your future career plans.
Modules on the MSc Mathematics include:
• Algebraic coding theory
• Black-Scholes theory
• Data science
• Differential geometry
• Fourier analysis
• Ito calculus
• Lie theory
• Numerical analysis
• Partial differential equations
• Stochastic processes
• Statistical mechanics
Please visit our website for a full description of modules for the MSc Mathematics.
On top of the Mathematics modules you study, you will also complete a dissertation as part of your studies.
The Aubrey Truman Reading Room, located in the centre of the Department of Mathematics, houses the departmental library and computers for student use. It is a popular venue for students to work independently on the regular example sheets set by their lecturers, and to discuss Mathematics together.
Our main university library, Information Services and Systems (ISS), contains a notably extensive collection of Mathematics books.
Mathematics students will benefit from the £31m Computational Foundry for computer and mathematical sciences which will provide the most up-to-date and high quality teaching facilities featuring world-leading experimental set-ups, devices and prototypes to accelerate innovation and ensure students will be ready for exciting and successful careers. (From September 2018)
The ability to think rationally and to process data clearly and accurately are highly valued by employers. Mathematics graduates earn on average 50% more than most other graduates. The most popular areas are the actuarial profession, the financial sector, IT, computer programming and systems administration, and opportunities within business and industry where employers need mathematicians for research and development, statistically analysis, marketing and sales.
Some of our Mathematics students have been employed by AXA, BA, Deutsche Bank, Shell Research, Health Authorities and Local Government. Teaching is another area where Mathematics graduates will find plenty of career opportunities.
The results of the Research Excellence Framework (REF) 2014 show that our research environment (how the Department supports research staff and students) and the impact of our research (its value to society) were both judged to be 100% world leading or internationally excellent.
All academic staff in Mathematics are active researchers and the department has a thriving research culture.
"Further to my studies at Swansea University as a Master of Science graduate in Financial Mathematics, I am currently working at Deutsche Bank in London as part of the Structured Financial Services team providing client services for corporate lending and debt portfolios. The complex nature of the Mathematics course has helped me become a logical decision maker and a highly skilled problem solver. These transferable skills are very useful in the world of Finance since the role is highly challenging working towards deadlines and structured transaction targets. My studies at Swansea University have also enriched me with leadership, motivational skills and have enhanced my communication skills. I work in a close team of 10 people within a large department which encourages a culture that strives towards learning and effective teamwork. I thoroughly enjoyed my time at Swansea University and cherish the many fond memories. I am so pleased to be expanding my horizon within a major financial centre."
Rhian Ivey, BSc Mathematics, MSc Mathematics and Computing for Finance
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.
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).
Four modules must be chosen from the following list.
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
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
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.
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.
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.
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.
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
This Masters degree provides you with knowledge of advanced finance concepts, whilst developing your quantitative, mathematical and research skills.
Taught by experienced academics based in both Leeds University Business School and the School of Mathematics, you’ll cover key topics including financial derivative pricing, discrete and continuous time models, risk management and portfolio optimisation, as well as statistical methods for finance.
You will be equipped with a rare combination of mathematical skills and the latest business finance knowledge, which is highly sought after in the financial sector by banks, investment and consultancy companies. It’s also excellent preparation if you’re interested in pursuing further academic research.
This course is ideal if you’ve previously studied finance, economics, mathematics, physics or computing, and are interested in applying your skills to financial markets.
As a student, you will be able to access the knowledge of our advanced specialist research units, which also have strong links with leading institutions in the US, Europe and Asia. These include the Centre for Advanced Study in Finance (CASIF), the Institute of Banking and Investment (IBI) and the Credit Management Research Centre (CMRC).
This research makes an important contribution to your learning on the MSc Financial Mathematics; you will benefit from a curriculum that is informed by the latest knowledge and critical thinking.
You will also benefit from our strong relationships with the finance, credit and accounting professions. This provides a connection to the latest practitioner and policy developments, giving you a masters degree that is relevant to the contemporary environment.
In your first semester you’ll develop a broad understanding of corporate finance and how financial theory relates to practice in business and financial markets. This will put your mathematical studies into context while you develop your skills in applied statistics and probability, optimisation methods and discrete time finance.
You’ll build on these skills in topics such as continuous time finance, risk management and computational methods. You’ll also gain specialist knowledge in topics that suit your career ambitions such as risk and insurance, actuarial science and behavioural finance.
The programme will improve your research skills and allow you to study different research methodologies, including those employed by our own leading academics. This will prepare you for your dissertation – an independent research project on a topic of your choice that you’ll submit by the end of the year.
You'll also take two optional modules.
We use a variety of teaching and learning methods to help you make the most of your studies. These will include lectures, seminars, workshops, online learning and tutorials. Independent study is also vital for this course allowing you to prepare for taught classes and sharpen your own research and critical skills.
In addition to the assessed modules and research dissertation, you benefit from professional training activities and employability workshops. Thanks to our links with major companies across the business world, you can also gain a practical understanding of key issues.
Recent activities have included CV building and interview sessions, professional risk management workshops and commercial awareness events. For example, students have developed their knowledge of financial markets through a one-week trading simulation. Read more about professional development activities for postgraduate finance students.
Assessment methods emphasise not just knowledge, but essential skills development too. They include formal exams, group projects, reports, computer simulation exercises, essays and written assignments, group and individual presentations.
This diversity enables you to develop a broad range of skills as preparation for professional life.
You have various opportunities open to you as a Financial Mathematics graduate, including: quantitative analysis, risk management, investment banking, financial consultancy, insurance, accounting and academia.
Previous graduates have gone on to secure employment with Allianz (London), AstraZeneca, Barclays, Cathay Life Insurance, CITIC Group, Commerzbank, Deloitte, First Direct, Gaz de France, HSBC, KPMG, Moody’s, PricewaterhouseCoopers, Royal Bank of Scotland, RSA and UK Government Actuary’s Department.
We help you to achieve your career ambitions by providing professional development support and training as part of the course. You benefit from the support of a professional development tutor, who will work with you to develop the important professional skills that employers value.
Read more about our careers and professional development support.
The University of Leeds Careers Centre also provides a range of help and advice to help you plan your career and make well-informed decisions along the way, even after you graduate. Find out more at the Careers website
Many organisations particularly in the financial sector require quite complex financial transactions to be completed within their systems and databases internally and externally in order to provide the most up to date financial information to customers. Other organisations particularly within trading and investment areas, currencies and international organisations rely on modelling and scenarios to ensure their business models survive change. There are a lot of businesses and applications that require somebody with Financial Mathematics to set up systems which allow internal and external customers to see exact information whilst calculations go on behind the scenes. The insurance, pensions and domestic energy industries are good examples of business which requires a specific ability to provide advanced methods of calculation.
The programme gives you a rigorous method of acquiring vital skills which financial industries are looking for. You learn financial programme and work with big data sets used in the above industries, banking and many other industries. There is also a new industry which relies on these skills to programme IOT applications and devices which are used to similarly calculate within financial and statistical markets.
Find out more detail by visiting the programme web page
Find out about fees:
Find out more from the programme page
*Please be advised that some programmes have different tuition fees from those listed above and that some programmes also have additional costs.
Find out more about:
Find out more about living in Aberdeen and living costs
Quantitative financial methods are one of the fastest growing areas of the present day banking and corporate environments. The solution by Black, Scholes and Merton of the option pricing problem set off a revolution in finance resulting in the introduction of sophisticated mathematical techniques in the financial markets and corporate planning.
To understand, apply and develop these sophisticated methods requires a good understanding of both advanced mathematics and advanced financial theory. By combining the financial expertise in the University of Exeter Business School with expertise in the Mathematical Research Institute of the Mathematics Department at the University, this intensive MSc programme, available over 9 or 12 months, will prepare you for careers in areas such as international banking or international business. For those with a strong mathematical background, and a wish to pursue a finance career, this programme is the ideal introduction to this exciting field.
The taught element of the programme takes place between October and May and is arranged into two 12-week teaching semesters.
The compulsory modules can include;
Some examples of the optional modules are as follows;
The modules we outline here provide examples of what you can expect to learn on this degree course based on recent academic teaching. The precise modules available to you in future years may vary depending on staff availability and research interests, new topics of study, timetabling and student demand.
Teaching is by lectures, example classes, computer classes, tutorials, set work, project work, reading and self-study. The exact form and number of the lectures and tutorials varies from module to module and is chosen according to the material to be covered.
You will use the computer programming language Matlab and online financial databases such as Bloomberg and Datastream.