Masters degrees in Probability involve advanced study of the calculation of chance through mathematical methods. In other words, they aim to help you measure the likelihood of the occurrence of certain events.
Related postgraduate disciplines include Financial Mathematics, Operational Research and Actuarial Science. Entry requirements normally include a relevant undergraduate Mathematics degree.
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.
Teaching
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).
Assessment
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.
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.
This is also supported by invited lectures from senior staff members of leading financial institutions and outstanding mathematicians who are internationally recognised for contributions to Mathematical Finance. Past lectures include:
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.
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.
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.
The fees quoted above will be fully inclusive for the course tuition, administration and computational costs during your studies.
All fees for entry will be subject to yearly review and incremental rises per annum are also likely over the duration of courses lasting more than a year for UK/EU students (fees are typically fixed for International students, for the course duration at the year of entry). For general fees information please visit: postgraduate fees . Always contact the department if you are unsure which fee applies to your qualification award and method of attendance.
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.
The School of Mathematics is one of the largest integrated departments of mathematical sciences in the UK with an outstanding reputation and superb facilities .
Practical support and advice for current students and applicants is available from the Disability Advisory and Support Service. Email: [email protected]
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.
Join us to gain both a deep theoretical and conceptual knowledge of finance, together with the requisite high level probability, statistics and mathematics, to enable you to undertake advanced quantitative modelling. Lab work will give you hands-on experience of using software packages for simulations and time series analysis, as well as learning C++ programming to enable you to price sophisticated derivative structures.
WBS benefits from excellent links to key financial institutions and employers and this course has benefited from recommendations following consultation with the Bank of England, Goldman Sachs, Merrill Lynch, and many of our alumni.
Six compulsory modules cover key material in finance, statistics and maths. Every year we offer many optional modules, available through various study routes: delivered here at WBS. Please note that availability and delivery modes may vary.
Modules are taught by staff from WBS, Warwick's Department of Statistics, and the Mathematics Institute through a combination of lectures, classes, and computer lab sessions. A one-week induction module will ensure you have the mathematical and statistical prerequisites for the course. Assessment is a mix of exams and coursework with your dissertation bringing all your learning together at the end.
Lectures introduce key theories, concepts, and economic models. You will solve financial problems and numerical exercises, analyse case studies, and make presentations of research published in academic journals.
Lab work will give you hands-on experience of using software to perform finance-related calculations, conduct realistic simulations, and write code.
A 10,000 word dissertation gives you the opportunity to test and apply techniques and theories you have been learning and to complete an original piece of research. You will be supervised and supported by one of our academic staff.
Excited by the role of mathematics in securing the modern electronics and communications that we all rely on? This intensive MSc programme explores the mathematics behind secure information and communications systems, in a department that is world renowned for research in the field.
You will learn to apply advanced mathematical ideas to cryptography, coding theory and information theory, by studying the relevant functions of algebra, number theory and combinatorial complexity theory and algorithms. In the process you will develop a critical appreciation of the challenges that mathematicians face in facilitating secure information transmission, data compression and encryption. You will learn to use advanced cypher systems, correcting codes and modern public key crypto-systems. As part of your studies you will have the opportunity to complete a supervised dissertation in an area of your choice, under the guidance of experts in the field who regularly publish in internationally competitive journals and work closely with partners in industry.
We are a lively, collaborative and supportive community of mathematicians and information security specialists, and thanks to our relatively compact scale we will take the time to get to know you as an individual. You will be assigned a personal advisor to guide you through your studies.
Mathematicians who can push the boundaries and stay ahead when it comes to cryptography and information security are in demand, and the skills you gain will open up a range of career options and provide a solid foundation if you wish to progress to a PhD. These include transferable skills such as familiarity with a computer-based algebra package, experience of carrying out independent research and managing the writing of a dissertation.
Core modules
Optional modules
In addition to these mandatory course units there are a number of optional course units available during your degree studies. The following is a selection of optional course units that are likely to be available. Please note that although the College will keep changes to a minimum, new units may be offered or existing units may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.
You will initially choose 8 courses from the list of available options, of which you specify 6 courses during the second term that will count towards your final award. You will also complete a core research project under the supervision of one of our academic staff.There is a strong focus on small group teaching throughout the programme.
Assessment is carried out through a variety of methods, including coursework, examinations and the main project. End-of-year examinations in May or June will count for 66.7% of your final award, while the dissertation will make up the remaining 33.3% and has to be submitted by September.
By the end of this programme you will have an advanced knowledge and understanding of all the key mathematical principles and applications that underpin modern cryptography and communications. You will have advanced skills in coding, algebra and number theory, and be able to synthesise and interpret information from multiple sources with insight and critical awareness. You will have learnt to formulate problems clearly, to undertake independent research and to express your technical work and conclusions clearly in writing. You will also have valuable transferable skills such as advanced numeracy and IT skills, time management, adaptability and self-motivation.
Graduates from this programme have gone on to carry out cutting-edge research in the fields of communication theory and cryptography, as well as to successful careers in industries such as: information security, IT consultancy, banking and finance, higher education and telecommunications. Our mathematics postgraduates have taken up roles such as: Principal Information Security Consultant at Abbey National PLC; Senior Manager at Enterprise Risk Services, Deloitte & Touche; Global IT Security Director at Reuters; and Information Security Manager at London Underground.
The campus Careers team will be on hand to offer advice and guidance on your chosen career. The University of London Careers Advisory Service runs regular, tailored sessions for mathematics students, on finding summer internships or vacation employment and getting into employment.
The Master in Actuarial Science at ISEG - Lisbon School of Economics and Management, was designed according to the international requirements for the actuarial profession. It is meant to cover most of the course materials indispensable for the accreditation of an actuary in the European Union.
The programme offers a solid academic foundation in actuarial science, statistics and finance, providing you the skills to become a successful actuary.
Our Masters in Actuarial Science is one of only a few to be accredited by the UK actuarial profession, the Institute and Faculty of Actuaries. A good performance can lead to exemptions from the professional examinations CT1, CT2, CT3, CT4, CT5, CT6 and CT8. If you have a BSc from ISEG you may have also exemption from CT7.
Our Master is also in the SOA (Society of Actuaries, in North America) UCAP list.
During the fourth semester, you may take a training post in an insurance company.
It is accredited by the Portuguese Agency for Assessment and Accreditation of Higher Education - A3ES.
ISEG Actuarial Science Club is entirely managed by our students. They arrange a series of seminars by industry professionals (most of them alumni from our Masters) and popular social events.
Credits: 120 ECTS
Language : English
Application: Online
Computational Tools for Actuaries
Financial Mathematics
Financial Markets and Investments
Probability and Stochastic Processes
Risk Models
Generalized Linear Models
Loss Reserving
Survival Models and Life Contingencies
Risk Theory
Time Series
Actuarial Topics
Asset-Liability Management
Finance and Financial Reporting
Models in Finance
Pension Funds
Ratemaking and Experience Raking
Solvency Models
Internship/Project/Dissertation
This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights and routing mobile phone calls to managing investments and minimising risks. Operational Research (OR) is an important skill that is in high demand.
This MSc will give an Operational Research perspective on risk and its management.
This programme involves two taught semesters of compulsory and option courses followed by your dissertation project.
Courses previously offered include:
Compulsory courses:
Plus two courses from:
As part of your option course choices Operational Research with Risk requires you to study a combination from a set of courses which, previously, has included:
The skills you will learn are in demand by a vast range of high-profile organisations including consultancy firms, companies with operational research departments such as airlines or telecommunications providers, financial firms and the public sector.
Recent graduates have joined British Airways, the Government OR Service, Barclays, Deloitte, Capgemini and smaller specialised OR, finance and energy companies.
The dissertation projects of approximately half the students on this programme take place in public and private sector organisations. Other students choose a University-based project.
The Masters Programme aims to develop students’ mathematical and computational skills, and also those in financial modelling.
The curriculum includes such subjects as probability theory, stochastic calculus, numerical methods, optimisation and control theory, stochastic finance, interest rate models and credit risk. It thus provides a thorough training in modern mathematical finance. In studying for our Masters, students are put in contact with the most important technical and quantitative topics of finance, both theoretical and applied, which range from mathematical background to the latest trends in the financial sector. Increasingly, the financial sector demands a Masters degree in Mathematical Finance from a prestigious university as a prerequisite for recruitment. Our students have often been recruited by prominente companies whilst still preparing their Masters’ thesis, at both a national and na international level. Amongst others, such companies include: EY, Mercer, KPMG, Deloitte, CGD, the Bank of Portugal, BNP Paribas, BPI, Banque Européenne d’Investissement (EIB), Banque Centrale Européenne, Lloyds Bank, and Santander bank. ISEG - Lisbon School of Economics and Management, of ULisboa, has well established departments of Mathematics, Economics and Management, which enables our students to benefit from the consequent synergies, and it provides excellent conditions for hosting the Masters in Mathematical Finance. This fact, together with the high quality of the academic staff of this Masters, all of whom hold PhDs from prestigious universities (such as the Stockholm School of Economics and the Universities of Oxford, Edinburgh and Barcelona), makes it unique in our country.
