MSc in Mathematics and Finance - 2012 entry
The MSc in Mathematics and Finance introduces students to the more mathematical areas of financial modelling, asset pricing theory, and financial risk management.
The fees for the 2011-2012 session are £24,600, for both home and overseas students. 2012 fees will be updated shortly. Applications can be made online from November. See the How to Apply link below.
Our intake consists mainly of recent graduates seeking entry level positions in the financial services sector. However, we welcome applications from candidates already in employment in that area who want to upgrade various aspects of their mathematical and financial expertise and expand their portfolio of skills and we usually recruit a small number of students each year from this category who fulfil our academic requirements.
Mathematical finance is a subject that is both mathematically challenging and deployed every day by sophisticated practitioners in the financial markets. Our objective is to provide you with everything you need to get into this area at a level where you can understand – and contribute to – industry practice and the latest research. To do this, the courses we offer are oriented in different ways. Some give the necessary finance and economics background; others provide instruction in fundamental mathematics (stochastic analysis, partial differential equations, etc.). Scientific computing (object-oriented programming in C++) is an integral part of the programme.
A supervised thesis project takes place towards the end of the programme during the summer months. Most of our students are given an industry-based placement in banks, consultancies, hedge funds, insurance companies, rating agencies, or financial software companies. The project is allocated from February onwards and it commences during the summer term, after the theoretical modules have been completed. Each project is normally based on new areas of possible interest to the sponsor, or extensions to existing lines of work. An academic supervisor and the sponsor work with the student to scope out the project at the start; supervision is a joint activity between the former two. Undertaking the project on site gives students a genuine insight into the reality of the financial marketplace. Only students who have achieved an acceptable level of academic competence will be offered as a candidate to an external sponsor.
Applications are accepted - online only - from November, and we recommend that you do not apply later than 01 May. The course will be closed when it has been filled.
Part-time option
The MSc can be taken on a part-time basis. However, no evening courses are available: students attend the same lectures as those taking the degree full-time. The courses are spread more or less evenly over two years, instead of one, and the project is taken in the second year. There is a need to attend lectures on about three days a week. Considerable flexibility is needed by those in full-time employment who pursue this option. A typical sample schedule would look like this:
Year 1, Term 1:
- Introduction to C++
- Stochastic Processes
- Theory of Finance
Term 2
- Mathematical Option Pricing
- Programming in C++
Term 3
- Electives, from list
Year 2, Term 1
- Levy Processes and Stochastic Volatility
Term 2
- Electives
Term 3
- Electives
