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School of Economics and Finance

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Mathematical Finance

MSc ( 1 year Full-time / 2 years Part-time )

Overview

The MSc in Mathematical Finance is a specialist master’s degree designed to equip talented individuals with the skills necessary for a successful career in banking and the financial markets.

Specifically, the programme provides in-depth training for professional roles such as quantitative analysis, trading, financial engineering and structuring, risk management, and software development. Business sectors include investment and commercial banking, fund management, the insurance business, and hedge funds.

The programme is taught jointly by the School of Mathematical Sciences and the School of Economics and Finance, leveraging on the expertise of both departments. It features a wide range of compulsory and elective modules, as well as the opportunity to undertake a significant project in an area of interest.  The MSc is offered full-time over one year or part-time over two years, and is assessed by a combination of coursework, examinations and a project dissertation.

This programme will:

  • Introduce you to the mathematics used by practitioners in the field.
  • Provide you a rigorous training and strong analytical and quantitative skills in finance. 
  • Cover a wide range of analytical tools applied in quantitative asset pricing and financial derivatives.

Why study your MSc in Mathematical Finance at Queen Mary?

  • All the modules on the MSc programme are designed and taught by experts in the field, many of whom have held key positions in financial institutions; they will give you the insights on how to develop a successful career in finance.
  • You will be able to develop and refine many of the skills that are actually used inside investment banks, by undertaking a significant, applied project over the summer under the personal supervision of an experienced member of staff.
  • You will study in recently refurbished MSc student offices, with state-of-the-art computers and software. We also offer access to Bloomberg terminals.

Maximising your employability

  • The programme has close connections to industry. Our popular practitioner seminars enable students to learn from market professionals about the latest developments.
  • We offer a range of extra curricula programming seminars in Microsoft Excel, VBA and other development environments, which focus on applications in mathematical finance.
  • The Queen Mary Careers Service, along with other university departments, organises numerous events throughout the year, giving you plenty of opportunities to meet potential employers and to discuss career opportunities.
  • Our regular Professional Skills Workshops will give you training in a wide range of practical skills, such as writing an effective CV, applying for jobs, and mastering the recruitment process.

Structure

The MSc in Mathematical Finance is available to study full-time for one year, or part-time over two years.

The programme consists of four compulsory modules and four electives with an even split between semesters, and a summer dissertation project. You will also be offered a pre-sessional module in Financial Instruments; Probability and Calculus, providing a good opportunity to enhance the necessary prerequisite knowledge.

Three compulsory mathematics modules run by the School of Mathematical Sciences will cover the most important mathematical techniques used in mathematical finance. One compulsory economics module will cover the relevant financial instruments, and will be run by the School of Economics and Finance. You can choose elective modules from a list offered by the two schools.

Full-time

Undertaking a masters programme is a serious commitment, with weekly contact hours being in addition to numerous hours of independent learning and research needed to progress at the required level. When coursework or examination deadlines are approaching independent learning hours may need to increase significantly. Please contact the course convenor for precise information on the number of contact hours per week for this programme.

Part-time

Part-time study options often mean that the number of modules taken is reduced per semester, with the full modules required to complete the programme spread over two academic years. Teaching is generally done during the day and part-time students should contact the course convenor to get an idea of when these teaching hours are likely to take place. Timetables are likely to be finalised in September but you may be able to gain an expectation of what will be required.

Modules

  • Computational Methods in Finance
  • Foundations of Mathematical Modelling in Finance
  • Stochastic Calculus and Black-Scholes Theory
  • Financial Derivatives
  • Your choice of either Investments or Investment Management
  • Your choice of either Econometrics A or Time Series Analysis
  • Your choice of Advanced Computing in Finance, Portfolio Theory and Risk Management or Financial Programming
  • Your choice of Financial Econometrics, Applied Risk management for Banking, Alternative Investments, Valuation and Private Equity or Credit Ratings

Contact

Postgraduate Taught Programmes Officer, School of Mathematical Sciences
Tel: +44 (0)20 7882 5468
Email: maths@qmul.ac.uk

Entry requirements

 

The majority of our applicants will have an undergraduate degree with first class or upper second class honours (or international equivalent).  Offers will typically be made at 2.1 level (upper second class) or equivalent.  Students with a good lower second class degree may be considered on an individual basis.  In some cases your offer may include additional conditions, such as minimum grades in specified modules, in order to ensure that you are sufficiently qualified for our MSc programmes.

Students applying to this programme should have studied a subject with a substantial mathematical component at the undergraduate level.  We welcome those from a variety of relevant disciplines, including mathematics, statistics, physics, engineering, economics and computer science.

Students from outside of the UK help form a global community here at QMUL. For detailed country-specific entry requirements please visit the International section of the QMUL website. If your first language is not English, you must provide evidence of your English language proficiency. Non-native English speakers are required to have minimum of IELTS 6.5 or equivalent. Find out more about our English language entry requirements.  If you have not achieved the required English language level yet, you may be eligible to take a Pre-sessional English course, or continue to take English language tests in your country to reach the level needed. Visit: www.sllf.qmul.ac.uk/language-centre/presessionals

 

Learning and teaching

As a student at Queen Mary, you will play an active part in your acquisition of skills and knowledge. Teaching is by a mixture of formal lectures and small group seminars. The seminars are designed to generate informed discussion around set topics, and may involve student presentations, group exercise and role-play as well as open discussion. We take pride in the close and friendly working relationship we have with our students. You are assigned an Academic Adviser who will guide you in both academic and pastoral matters throughout your time at Queen Mary.

Independent Study

For every hour spent in formal study you will be expected to complete a further five to six hours of independent study. Your individual study time could be spent preparing for, or following up on formal study sessions, reading, producing written work, completing projects and revising for examinations.

The direction of your individual study will be guided by the formal study sessions you attend, along with your reading lists and assignments. However, we expect you to demonstrate an active role in your own learning by reading widely and expanding your own knowledge, understanding and critical ability.

Independent study will foster in you the ability to identify your own learning needs and determine which areas you need to focus on to become proficient in your subject area. This is an important transferable skill for people who envisage going on to a research career in academia or elsewhere.

Assessment

Students are assessed by a combination of coursework and exams.

Dissertation

You will also be assessed on a 10,000-word dissertation. Students are currently researching a range of topics for their dissertations including:
 

  • Pricing interest rate derivatives with the LIBOR Market Model
  • Stochastic volatility models for stock options
  • The valuation of American options using Monte Carlo methods.

Student Support

The School of Mathematical Sciences is committed to supporting you through your studies and there is a wide range of support services available both in the School and within QMUL to assist you during your time here.

You will be assigned an Academic Advisor when you enrol with us who will usually stay with you during your time at QMUL. Your Academic Advisor can help to guide you through any academic issues, such as choosing which modules to study.

The School of Mathematical Sciences has a dedicated Student Support Officer to provide you with advice and guidance on any issues that are not primarily academic. The Student Support Officer oversees the i2 - Keepin' It Real initiative which exists to promote and support a positive student experience and is also able to direct you to appropriate QMUL support services. For more information about central student support services, please see Advice and Counselling.

Fees

Tuition fees for Home and EU students

2018/19 Academic Year
Full time £18,050

Tuition fees for International students

2018/19 Academic Year
Full time £20,900

Funding

There are a number of sources of funding available for Masters students.

These include a significant package of competitive Queen Mary University of London (QMUL) bursaries and scholarships in a range of subject areas, as well as external sources of funding.

Queen Mary bursaries and scholarships

We offer a range of bursaries and scholarships for Masters students including competitive scholarships, bursaries and awards, some of which are for applicants studying specific subjects.

Find out more about QMUL bursaries and scholarships.

Alternative sources of funding

Home/EU students can apply for a range of other funding, such as Professional and Career Development Loans, and Employer Sponsorship, depending on their circumstances and the specific programme of study.

Overseas students may be eligible to apply for a range of external scholarships and we also provide information about relevant funding providers in your home country on our country web pages.

Download our Postgraduate Funding Guide [PDF] for detailed information about postgraduate funding options for Home/EU students.

Read more about alternative sources of funding for Home/EU students and for Overseas students.

Tel: +44 (0)20 7882 5079
email bursaries@qmul.ac.uk

Other financial help on offer at Queen Mary

We offer one to one specialist support on all financial and welfare issues through our Advice and Counselling Service, which you can access as soon as you have applied for a place at Queen Mary.

Our Advice and Counselling Service also has lots of Student Advice Guides on all aspects of finance including:

Tel: +44 (0)20 7882 8717

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