MSc Mathematics and Finance
Providing students with the skill set to become leading players in quantitative finance
Key information
Duration: 1 year full-time, 2 years part-time
Start date: October 2022
Location: South Kensington
ECTS: 90 credits
Applications are now closed
Overview
Our MSc in Mathematics and Finance is designed to prepare you for a wide range of careers in quantitative finance. Ranging from quants and data scientists, to a traders and risk managers.
Mathematical finance is mathematically challenging and deployed every day by sophisticated practitioners in the financial markets. Whether in banks, hedge funds, financial software providers and other financial services companies.
This course provides 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.
The course thus strikes a balance between the three necessary components:
- Mathematical foundations
- Finance principles and tools
- Implementation and data analysis
This course is suited to recent graduates in mathematical science and engineering, but we also welcome applications from candidates already employed in the financial services sector looking to expand their skills.
Study programme
You study four core modules in the autumn term and three core modules in the spring term. The five optional modules are taken alongside this in either, or both, of the autumn and spring terms. You submit coursework throughout the two terms and sit your exam in January and April/May.
The supervised research project takes place over the summer when modules have been completed. You work with an academic supervisor and sponsor to scope out the project at the start. You submit the project in September.
Part-time students take the core modules in the autumn and spring terms of year one and two. The optional modules are also taken alongside the core modules in both years. Research project work starts in the summer terms of years one and two and is submitted in September of year two.
Career
Graduates are equipped with the skills needed to pursue careers in the field of quantitative finance and risk management. Previous graduates have gone on to roles such as Financial Analyst, Quantitative Analyst and Risk Management Analyst.
Structure
This page reflects the latest version of the curriculum for this year of entry. However, this information is subject to change.
The curriculum of this programme is currently being reviewed as part of a College-wide process to introduce a standardised modular structure. As a result, the content and assessment structures of this course may change for this year of entry.
We recommend you check this page before finalising your application and again before accepting your offer. We will update this page as soon as any changes are confirmed by the College.
Find out more about the limited circumstances in which we may need to make changes to or in relation to our courses, the type of changes we may make and how we will tell you about any changes made.
Page last reviewed on 25 October 2021.
Structure
Core modules
You take all of the core modules below.
- Computing in C++
- Interest Rate Models with Credit Risk, Collateral, Funding Liquidity Risk and Multiple Curves
- Fundamentals of Option Pricing
- Quantitative Risk Management
- Simulation Methods for Finance
- Statistical Methods in Finance
- Stochastic Processes
Optional modules
You choose five optional modules to study.
- Algorithmic Trading and Machine Learning
- Advances in Machine Learning
- Convex Optimisation
- Stochastic Calculus for Finance
- Advanced Topics in Data Science: Signatures and Rough Paths in Machine Learning
- Market Microstructure
- Data Science for Fintech Regtech and Suptech: Methodological Foundations and Key Applications
- Deep Learning
- Topics in Derivatives Pricing
- Stochastic Control in Finance
- Portfolio Management
- Quantum Computing in Finance
- Algorithmic and High-Frequency Trading
- Selected Topics in Quantitative Finance
- Numerical Methods in Finance
- Python for Finance
Research project
You complete a supervised thesis project, lasting four months, towards the end of the programme. Most projects are intended to be carried out in association with a bank, finance house, hedge fund, consultancy or systems provider in the finance industry, and we endeavour to arrange suitable placements.
The project may be an internship, where you work full-time, or a collaborative arrangement where you work at the College and visit the company on a regular basis for project discussions. You can choose to do an internal project with an internal supervisor if you do not wish to do an internship.
Whichever route you choose, you will be assigned an academic project supervisor who will be a member of staff of the Mathematical Finance section.
Teaching and assessment
Teaching methods
- Independent research project
- Lectures
- Office hours
- Problem classes
- Problem sheets
- Tutorials
Assessment methods
- Coursework
- Dissertation
- Written examinations
Entry requirements
We welcome students from all over the world and consider all applicants on an individual basis.
Entry requirements
Minimum academic requirement
Our minimum requirement is a 2.1 degree in mathematics, applied mathematics, statistics or physics.
International qualifications
We also accept a wide variety of international qualifications.
The academic requirement above is for applicants who hold or who are working towards a UK qualification.
For guidance see our Country Index though please note that the standards listed are the minimum for entry to the College, and not specifically this Department.
If you have any questions about admissions and the standard required for the qualification you hold or are currently studying then please contact the relevant admissions team.
English language requirement (all applicants)
All candidates must demonstrate a minimum level of English language proficiency for admission to the College.
For admission to this course, you must achieve the standard College requirement in the appropriate English language qualification. For details of the minimum grades required to achieve this requirement, please see the English language requirements for postgraduate applicants.
Competence standards
Our competence standards highlight the core skills students should be able to demonstrate by the end of this course.
View the Department of Mathematics's competence standards [pdf]
We believe in providing the widest practicable access to all of our degree programmes and will make reasonable adjustments wherever possible to support your study. For more information, please contact the Department using the contact details below.
Department of Mathematics
How to apply
Making an application
Apply online
All applicants must apply online.
Visit our Admissions website for details on the application process.
You can submit one application form per year of entry. You can usually choose up to two courses.
Application fee
If you are applying for a taught Master’s course, you will need to pay an application fee before submitting your application.
The fee applies per application and not per course:
- £80 for taught Master's applications (excluding MBAs)
- £135 for MBA applications
There is no application fee for MRes courses, Postgraduate Certificates, Postgraduate Diplomas or research courses, such as PhDs and EngDs.
If you are facing financial hardship and are unable to pay the application fee, we encourage you to apply for our application fee waiver.
ATAS certificate
An ATAS certificate is not required for overseas students applying for this course.
Further questions?
Find answers to your questions about admissions. Answers cover COVID-19, English language requirements, visas and more.
Tuition fees and funding
The level of tuition fees you pay is based on your fee status, which we assess based on UK government legislation.
Find out more about fees and funding opportunities.
Tuition fees
Home rate of tuition
2022 entry
Full-time - £36,500
Part-time - £18,250 per year
Fees are charged by year of entry to the College and not year of study.
Except where otherwise indicated, the fees for students on courses lasting more than one year will increase annually by an amount linked to inflation, including for part-time students on modular programmes. The measure of inflation used will be the Retail Price Index (RPI) value in the April of the calendar year in which the academic session starts e.g. the RPI value in April 2022 will apply to fees for the academic year 2022–2023.
Fee status
Whether you pay the Home fee depends on your fee status.
Your fee status is assessed based on UK Government legislation and includes things like where you live and your nationality or residency status.
Find out more about how we assess your fee status.
EU/EEA/Swiss students
The Government has confirmed that EU/EEA/Swiss students who begin a course before the 31 July 2021 will be eligible to pay the same fee as Home students and have access to student finance for the duration of their course, as long as they meet certain requirements which are unchanged from previous years. This includes students who begin the course remotely.
EU/EEA/Swiss students starting a course on or after 1 August 2021 will no longer be eligible for the Home fee rate and so will be charged the Overseas fee. Please note, we do not expect this to apply to Irish students or students benefitting from Citizens' Rights under the EU Withdrawal Agreement, EEA EFTA Separation Agreement or Swiss Citizens' Rights Agreement respectively. However, we are currently awaiting the formal publication of the amended Fees and Awards regulations.
The UK Council for International Student Affairs (UKCISA) website has useful information on the conditions you currently need to meet to be entitled to pay tuition fees at the Home rate for study on a higher education course in England and reflect the regulations as they currently stand (not the amended regulations which are subject to publication).
Overseas rate of tuition
2022 entry
Full-time - £36,500
Part-time - £18,250 per year
Fees are charged by year of entry to the College and not year of study.
Except where otherwise indicated, the fees for students on courses lasting more than one year will increase annually by an amount linked to inflation, including for part-time students on modular programmes. The measure of inflation used will be the Retail Price Index (RPI) value in the April of the calendar year in which the academic session starts e.g. the RPI value in April 2022 will apply to fees for the academic year 2022–2023.
Fee status
Whether you pay the Overseas fee depends on your fee status.
Your fee status is assessed based on UK Government legislation and includes things like where you live and your nationality or residency status.
Find out more about how we assess your fee status.
EU/EEA/Swiss students
The Government has confirmed that EU/EEA/Swiss students who begin a course before the 31 July 2021 will be eligible to pay the same fee as Home students and have access to student finance for the duration of their course, as long as they meet certain requirements which are unchanged from previous years. This includes students who begin the course remotely.
EU/EEA/Swiss students starting a course on or after 1 August 2021 will no longer be eligible for the Home fee rate and so will be charged the Overseas fee. Please note, we do not expect this to apply to Irish students or students benefitting from Citizens' Rights under the EU Withdrawal Agreement, EEA EFTA Separation Agreement or Swiss Citizens' Rights Agreement respectively. However, we are currently awaiting the formal publication of the amended Fees and Awards regulations.
The UK Council for International Student Affairs (UKCISA) website has useful information on the conditions you currently need to meet to be entitled to pay tuition fees at the Home rate for study on a higher education course in England and reflect the regulations as they currently stand (not the amended regulations which are subject to publication).
Postgraduate Master's loan
If you're a UK national, or EU national with settled or pre-settled status under the EU Settlement Scheme, you may be able to apply for a Postgraduate Master’s Loan from the UK government, if you meet certain criteria.
For 2022-23 entry, the maximum amount is £11,836. The loan is not means-tested and you can choose whether to put it towards your tuition fees or living costs.
Scholarships
We offer a range of scholarships for postgraduate students to support you through your studies.
See what opportunities you may be eligible for:
Accommodation and living costs
Living costs, including accommodation, are not included in your tuition fees.
You can compare costs across our different accommodation options on our Accommodation website.
A rough guide to what you might expect to spend to live in reasonable comfort in London is available on our Fees and Funding website.
Further information
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