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.
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 part-time MSc in Mathematical Finance aims to develop your mathematical modelling, data analysis and computational skills as applied to finance, without the need to take time out of your career to study.
Incorporating concepts from applied and pure mathematics, statistics, computing and corporate finance, the course gives you a broad intellectual perspective and covers, from fundamentals to the latest research, the most important aspects of quantitative finance currently in use in the finance industry.
The course:
It is possible to exit the course early and be awarded the Postgraduate Diploma in Mathematical Finance, should work pressures intervene before it is possible to write a dissertation.
In order to complete the MSc each student must attend and be assessed on four core modules, three advanced modules and to submit a dissertation. Students are expected to take seven terms (28 months) to complete the course.
Modules are taught through a series of lectures, practical sessions, guided reading, guest lectures and course assignments.
The core modules cover the mathematical foundations of probability, statistics and partial differential equations, stochastic calculus and martingale theory, portfolio theory, the Black-Scholes model and extensions, numerical methods (finite differences and Monte Carlo), interest rate modelling, stochastic optimisation, exotic derivatives and stochastic volatility. MATLAB and Python are used as a practical computing languages.
Attendance at the four core modules is compulsory. For each module there is an assignment for which feedback and an indicative mark is given to assist you in improving your future performance. Assessment for these compulsory modules consists of two two-hour written examinations held in September of the first year.
Each of the advanced modules explores a key area in contemporary mathematical finance. The programme of advanced modules is published in July each year, and you will be asked to register your choice of three modules. Attendance at these three assessed modules is compulsory. Advanced modules will be assessed by short ‘special project’ reports, each submitted on a subject chosen by you that is covered in the module.
You will complete a dissertation on a topic chosen in consultation with your supervisor and the Course Director.
This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights, handling large data sets to managing investments and minimizing risks. The skills of Operational Research (OR) and Data Science are in high demand.
The MSc in Operational Research with Data Science is a new, forward-looking programme that delivers high-quality training in operational research, optimization and statistics. Students will have strong technical skills in these areas and the ability to apply them using appropriate software.
This MSc programme delivers:
You need to obtain a total of 180 credits to be awarded the MSc. All students take courses during semester 1 and 2 to the value of 120 credits. Successful performance in these courses (assessed through coursework or examinations or both) permits you to start work on a three-month dissertation project (60 credits) for the award of the MSc degree.
Compulsory courses have previously included:
Themed courses have previously included:
At the end of this programme you will have:
Graduates will gain the transferable skills required to pursue careers in a data-rich operational research environment, and will be in an ideal position to apply for work in a wide range of institutions in the public and private sector. The degree is also excellent preparation for further study in operational research, optimization or data science.
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.
You want to develop a successful career in insurance or risk management; or you already work in one of these fields and want to expand your knowledge and enhance your career potential. At Cass, you will study both applied and theoretical aspects of insurance and risk management to an advanced level.
Our MSc Insurance and Risk Management programme will equip you with the all-round knowledge and skills necessary to succeed in the constantly evolving fields of insurance, risk and risk management.
You will work through a balanced programme which combines a practical approach with sound theory to create a learning environment that is both challenging and stimulating. You will emerge with a well-regarded and flexible postgraduate degree, solidly positioned to build a successful career in an exciting an increasing complex business world –see ‘Career Pathways’ for testimonials from our past students.
There are three ways of taking our MSc Insurance and Risk Management programme.
In each case you will
To satisfy the requirements of the degree students must complete:
Assessment of Core courses on the MSc in Insurance & Risk Management is by means of coursework and unseen examination in most cases. Elective courses are generally assessed by coursework only. Coursework may consist of standard essays, individual or group presentations, group reports, classwork, unseen tests or problem sets. Group work may include an element of peer assessment.
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
Our MSc Insurance and Risk Management is a long-established course, and we are very proud of the career progression of our many hundreds of past graduates. They now work in a wide range of organisations around the world, including major global insurance and reinsurance companies, international insurance broking firms, investment and retail banks, leading accountancy firms and management consultants, risk management departments of major corporations, regulatory authorities and many other fields.
Some graduates have pursued further studies (such as PhD) after leaving Cass and embarked on academic careers, others have become successful entrepreneurs and built their own businesses.
