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Mathematical Finance

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

Overview

Practices in the financial markets over the last years have contributed to the current economic situation. This specialised programme that has been designed to provide you with the necessary mathematical techniques and tools to understand and model the complexity of financial markets, and to succeed in a future career in the finance industry.

Designed to equip talented individuals with the skills necessary for a successful career in finance, this MSc brings together the strengths of two highly respected schools at Queen Mary – Mathematical Sciences, and Economics and Finance – to give you an in-depth understanding of the subject. Rigorous training is provided, relevant to roles in quantitative analysis, trading, financial engineering and structuring, risk management, and software development.

The programme consists of eight modules and a dissertation. You will develop an advanced understanding of the mathematical models used in finance, learn about a range of important numerical tools and techniques, gain practical skills in computer programming, and undertake a substantial research project under expert supervision in a chosen area of interest. Past dissertation topics have been in areas such as the distribution of loan portfolio value; passport options; the Heston stochastic volatility model, pricing American options using Monte-Carlo, and asset pricing with jump diffusion models.

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?

The programme brings together two highly-respected schools of Queen Mary, University of London. Expertise from the School of Mathematical Sciences ensures that the programme is mathematically sound, while the School of Economics and Finance contributes its huge knowledge of applied aspects of the financial market. In the REF 2014, the School of Economics and Finance was ranked among the top ten in the country for research power.

The School of Economics and Finance’s faculty members are distinguished research economists who publish in the profession's most influential journals and advise major institutions such as the World Bank and the Bank of England. Members of the School of Mathematical Sciences publish over one hundred books and scientific papers each year.

In the 2013 National Student Survey the School of Economics and Finance was ranked 1st in the UK for overall student satisfaction in Finance at 98% and 1st in London and the Russell Group universities for Economics with 97% for overall student satisfaction. The School is ranked among the top 6 economics schools in the UK and 3rd in London according to the 2014 Sunday Times Good University Guide.

The School of Mathematical Sciences is one of the largest UK mathematical science departments with excellent resources.

Queen Mary holds a university-level Bronze Award for the Athena SWAN Charter, which recognises and celebrates good employment practice for women working in mathematics, science, engineering and technology in higher education and research.

Facilities

The Learning Resource centre has 200 networked PCs and is open to students round the clock, there are dedicated workstations for postgraduate students. You will have access to specialised facilities and equipment, including a large shared office in the Mathematics building and a dedicated computer network.

You will also have access to Queen Mary’s comprehensive libraries, including the Postgraduate Reading Room, and The British Library can also be accessed as a research resource. Our library has about 8,000 mathematical books and subscribes to a large number of mathematical journals. There is also access to substantial numbers of electronic journals.

Structure

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

The programme consists of five compulsory modules and three 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. Two compulsory economics modules 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.

Compulsory 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

Contact

Postgraduate Taught Programmes Officer, School of Mathematical Sciences
Tel: +44 (0)20 7882 5440
Email: maths@qmul.ac.uk

Entry requirements

The normal entry requirement for the MSc in Mathematical Finance is the equivalent of a British first or good upper second class honours degree in a subject with a substantial mathematical component: for example, mathematics, statistics, physics, economics, computer science or engineering. There is an English language requirement of IELTS 6.5.

International applicants:

Students from outside of the UK help form a global community here at Queen Mary. For detailed country specific entry requirements please visit the International section of our website (http://www.qmul.ac.uk/international/international-students/index.html). If your first language is not English, you must provide evidence of your English language proficiency. Find details on our English language entry requirements here.

If you do not meet our language requirements it might be possible for you to undertake a pre-sessional language programme that will prepare you for the masters study.

For more information, please contact the Admissions Office.

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.

Fees

Tuition fees for Home and EU students

2016 entry
Full time £16,500

Tuition fees for International students

2016 entry
Full time £19,150

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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