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Financial Mathematics

GN1H MSci (Hons) 4 years

Overview

The MSci in Financial Mathematics is a four-year taught programme which combines all the elements of a generalist undergraduate mathematics degree with a number of specialist modules in mathematical finance and related areas. It is ideally suited to students planning a career in the more quantitative areas of finance and banking (eg, quantitative analysis and development, derivatives trading, and risk management). However, it also provides the necessary training to those wishing to undertake academic research in mathematics or financial mathematics.

On completion of the programme, you will have gained a solid understanding of all the key areas of pure and applied mathematics, together with more specialist knowledge of financial mathematics, numerical methods and computing.

A major component of the fourth year is the project, which is undertaken under close supervision by a member of staff. This allows you to perform a detailed study of an area of mathematical finance that is of particular interest to you, introducing you to some of the latest, cutting-edge research being published in this field.

Queen Mary is located close to one of the world’s major financial centres (the City of London), and so is a natural place to study financial mathematics. The School of Mathematical Sciences has research groups specialising in many areas of pure and applied mathematics, as well as in statistics. A number of staff members teaching the programme have commercial experience in banking and finance, and extra-curricular activities include talks by practitioners working in investment banking, as well as workshops in professional development. A number of staff are also actively involved in research in mathematical finance, and the School has a high level of expertise in teaching mathematical finance both at undergraduate and at postgraduate levels.

We expect that this new programme will appeal to students with strong mathematical abilities, who wish to pursue a quantitative career in banking and finance, or who wish to undertake academic research in financial mathematics.

Why study Financial Mathematics at Queen Mary?

The School of Mathematical Sciences embraces pure mathematics, probability and statistics, complex systems and networks, dynamical systems and statistical physics, computing and finance. We are one of the largest mathematics departments in the UK, meaning we have experts available to teach a wide range of subjects. We offer:

  • Flexibility – in your first year, you will study a set of compulsory subjects, common to many of the degree programmes we offer. As you progress you can choose more specialised modules that reflect your particular interests. This means that you will graduate with a broad foundation in the mathematical sciences, but with the advantage of specialist knowledge.
  • Student support – you will have an academic adviser who will guide you through module choices and support you with any academic issues you have. Our Student Support Officer will be able to help with other aspects of university life; see i2 Keepin' it real – Maths student support.
  • Focus on employability – we offer you enhanced employability through various certification and training opportunities; see improve your employability.
  • Careers advice – we offer a number of careers events aimed specifically at mathematical sciences students; see careers andcareers & work experience for Maths students.
  • Professional accreditation and exemptions – if you take the appropriate modules.

5-year programme option – with Professional Placement

You will have the option to extend your degree to a five-year sandwich programme, including a one year paid Professional Placement. You would complete the paid work placement at a relevant employer during your third (‘sandwich’) year, returning to QMUL for the fourth and final year of study.  Students are invited to apply for either the four-year or five-year programme with the flexibility to switch before the end of the second year (dependent on securing a suitable placement). These two programmes are otherwise identical. Overseas students should consider this four-year option if they are interested in undertaking a Professional Placement due to student visa implications.

A professional placement is an excellent opportunity to develop your business skills and gain hands-on experience. As well as helping you to secure graduate employment, this can support your academic achievement by providing additional context to your studies.

We will provide support and guidance to all students wishing to take this option and you will benefit from our industry links and extensive careers support activities to help identify a suitable placement.

Click here for more information about the Professional Placement.

Study abroad

You can choose to apply for this degree with an additional academic year abroad. We have links with universities around the world, including Europe, North America, Australia, and Asia (specific partnerships for each degree programme may vary). Studying abroad is an excellent way to grow in confidence and broaden your outlook on life by experiencing another culture, while making friends and having fun. When you return to QMUL after this experience, you will have a new perspective on life for your final year and will be awarded the ‘with study abroad’ variant in your degree title, which will help you stand out to employers.

Find out more about study abroad opportunities at QMUL at; http://www.qmul.ac.uk/international/study-abroad-opportunities/

Structure

Year 1

Compulsory modules:

  • Essential Mathematical Skills
  • Calculus I and II
  • Computing and Data Analysis with Excel
  • Numbers, Sets and Functions
  • Introduction to Probability
  • Geometry I
  • Introduction to Statistics
  • Economics for Business

From 2017 we are introducing the QMUL Model to all our degrees. For further information on this initiative please contact us at maths@qmul.ac.uk.

Year 2

Compulsory modules:

  • Applied Linear Algebra
  • Probability Models
  • Statistical Methods
  • Differential Equations
  • Statistical Modelling I

Options include:

  • Actuarial Mathematics I and II
  • Introduction to Algebra
  • Complex Variables
  • Financial Institutions

Year 3

Compulsory modules:

  • Financial Mathematics I, II and III
  • Numerical Computing with C and C++
  • Partial Differential Equations
  • Random Processes

Options include:

  • Convergence and Continuity
  • Statistical Modelling II
  • Time Series
  • Differential and Integral Analysis
  • Metric Spaces and Topology
  • Design of Experiments
  • Statistical Theory
  • Financial Management

Year 4

Compulsory modules:

  • MSci Financial Mathematics Project
  • Topics in Probability and Stochastic Processes
  • Computational Methods in Finance
  • Financial Derivatives Pricing and Risk Management
  • Stochastic Calculus and Black-Scholes Theory
  • Advanced Computing in Finance
  • Advanced Portfolio Theory and Risk Management

For further details, see our current study programmes and modules.

Entry requirements

General Admission Entry Requirements can be found below.

2018 Entry requirements

A-LevelGrades AAA at A-Level. This must include A-Level Mathematics. Excludes General Studies.
IBInternational Baccalaureate Diploma with a minimum of 36 points overall, including 6,6,6 from three Higher Level subjects. This must include Mathematics at Higher Level.
BTECSee our detailed subject and grade requirements
Access HEWe consider applications from students with the Access to Higher Education Diploma in a Physics or Mathematics based discipline. The minimum academic requirement is to achieve 60 credits overall, with 45 credits at Level 3, of which 30 credits must be at Distinction and 15 credits at Merit or higher. Applications are considered on a case by case basis. Due to the high volume of applications, we do not make offers of study purely on the basis of meeting grade requirements. Please note, the minimum academic requirement for G102, G1G3 and GN1H will be slightly higher.
GCSEMinimum five GCSE passes including English at grade C or 4.
EPQAlternative offers may be made to applicants taking the Extended Project Qualification.
Contextualised admissionsWe consider every application on its individual merits and will take into consideration your individual educational experiences and context. More information on how academic schools and programmes use this information as part of the admissions process, can be found on our contextualised admissions pages.

General Admissions Entry Requirements

English Language Proficiency

All applicants to QMUL must show they meet a minimum academic English language standard for admission and to be successful on the course, to the indicated levels for the area of study. See our guidance on English Language requirements for all degree programmes.

Vocational and Other Qualifications

The College accepts a wide range of qualifications such as Access and Foundation programmes, vocational awards, Irish Leaving Certificate, Scottish Highers and other Baccalaureates. You are advised to contact the Admissions team (admissions@qmul.ac.uk) before making an application so that we can give individual advice.

Admission is based on academic merit and on the proven ability of the applicant to achieve success on their chosen programme of study. Every application to Queen Mary is considered on its individual merits with personal statement and reference taken into consideration.

Combined Qualifications

If you are taking a combination of qualifications at Level 3, we will consider your academic profile and may make offers on a case-by-case basis. You are advised to contact the Admissions team (admissions@qmul.ac.uk) before making an application so that we can give individual advice.

Advanced Entry

Subject to the policy of the programme, it may be possible for students to join undergraduate degree programmes at the beginning of the second year of a three or four year degree programme or, sometimes, the beginning of the third year of a four year programme. Please note, not all schools will consider advanced entry. You are advised to contact the Admissions team (admissions@qmul.ac.uk) before making an application for individual advice.

If you are applying for advanced entry on the basis of a post A-Level qualification, such as the BTEC HND, you should apply via UCAS in the usual way. If you wish to transfer your degree studies from another UK higher education institution, you will be considered on the basis of your original A-Level or equivalent qualifications, current syllabus, academic references and results.

We typically expect you to have achieved a 2.1 standard on your current programme and have already met the standard equivalent first year entry requirements. Applications must be submitted via UCAS.

Non-UK students

European and International Applicants

Our students come from over 162 countries and we accept a wide range of European and International Qualifications for entry, in addition to A-Levels, the International Baccalaureate and BTEC qualifications. Please see our International Admissions webpages for further details of our academic requirements, and information regarding how we assess the equivalence of your qualification.

Applicants will typically be expected to be taking academic subjects relevant to the programme of study. You are advised to review the A-Level and IB requirements for an indication of these subjects. If you are at all unclear, the Admissions team (admissions@qmul.ac.uk) is happy to advise you further.

Further Information

For any other enquiries directly relating to our entry requirements, please contact the Undergraduate Admissions Office directly.
Telephone: +44 (0)20 7882 5511
Email: admissions@qmul.ac.uk

See our information and guidance on how to apply.

Learning and teaching

Teaching and Learning

Each year you will normally take eight different modules. Some modules, such as Introduction to Statistics, have a practical element presented in one of our computer labs.

In place of the classroom teaching normally used in schools, we use lectures and exercise classes to teach most of our modules but you will also be expected to complete additional hours of independent study. Your individual study time could be spent preparing for, or following up on formal study sessions; reading; assessing data from experiments; completing lab reports; and revising for examinations.

The direction of your individual study will be guided by the formal study and laboratory sessions you attend, along with your reading 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 and will help to prepare you for the transition to working life.

Lectures involve an academic conveying information to larger groups of students. Each lecturer has a different style, for example some will use slides and a projector or whiteboard, while others will primarily talk. It is advisable to take notes during lectures to aid your independent study and revision.

Exercise classes support your lectures and give you the opportunity to work on problems, discuss ideas and ask any questions you may have. There will usually be several members of staff or PhD students available during an exercise class to guide you towards finding the solutions to problems.

Assessment

The majority of modules are assessed by an examination counting for at least 90 per cent of your marks; the remaining 10 per cent comes from a combination of tests and coursework. Coursework is set weekly or fortnightly and through this you receive regular feedback on your progress, although for most modules it is ‘formative’ and does not contribute to your total mark. Assessments are written, although project-type modules include a short presentation and may feature an oral examination. A final-year project is compulsory for an MSci programme but not for a BSc programme.

In addition to the normal Queen Mary progression hurdle, you must pass Essential Mathematical Skills to progress from the first to the second year of any Mathematical Sciences degree programme.

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 and funding

Tuition fees for Home and EU students

2018 entry
Full-time £9,250

Tuition fees for International students

2018 entry
Full-time £16,900

You can either take out a Tuition Fee Loan (see Funding section below) to pay your fees or, if you are paying them yourself, you can pay in instalments.

Tuition fees for a year abroad or placement year on a full time undergraduate course will be a proportion of the full fee for the year in which you commence your time abroad or placement.

For information on field trip and other course related costs which are not included in your tuition fee, please contact the relevant Department/School.

See more general information about fees.

Tel: +44 (0)20 7882 7676
email: fees@qmul.ac.uk

Funding

Queen Mary has a substantial package of scholarships and bursaries which will benefit around 50 per cent of our undergraduate student body.

Scholarships and Bursaries available at Queen Mary for Home/EU Students

There are a number of scholarships and bursaries available each year for home students. Visit our Bursaries and Scholarships page for more information.

Visit our Advice and Counselling website for more information about financial support.

Scholarships available at Queen Mary for International Students

There are a number of Scholarships available each year for International Students including bursaries and scholarships in a range of subject areas.

Find out more about international scholarships.

Some International students may also be eligible for a fee reduction.

Loans and Grants available to help with tuition fees and living costs

Student Finance England administers all grant and loans for your studies if you normally live in England.

If you live in Wales, Scotland or Northern Ireland you have an equivalent Student Finance department for your region.

Through Student Finance England, you can apply for (figures relate to programmes starting from September 2016):

  • A Tuition Fee Loan of up to £9,000 to pay all or part of your fees
  • A Maintenance Loan of up to £10,702 to help pay your living costs like rent, food and travel
  • Extra grants if you have a disability or you have children or an adult dependant
  • You might get a grant to cover some travel expenses if you normally live in England but study away from home. If you’re a medical or dental student you might also qualify for help with the costs of attending clinical placements in the UK.

Visit Student Finance Information to find out more about:

  • How to apply for student finance
  • What eligibility rules apply, including if you already have a degree or previous higher education study
  • What the income thresholds are and how much you might personally get for each element of Student Finance
  • What to do if you have problems getting your Student Finance

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:

  • Additional sources of funding
  • Planning your budget and cutting costs
  • Part-time and vacation work
  • Money for lone parents

For more information visit the Advice and Counselling service website, or call +44 (0)20 7882 8717.

Graduate employment

Graduates from Queen Mary’s School of Mathematical Sciences go on to work in a wide variety of careers. Some apply their degree knowledge directly, entering careers in finance or statistics, whilst others transfer skills gained during study into sectors such as information technology and logistics. Student studying in the School of Mathematical Sciences develop a broad range of transferable skills that are highly valued by employers, including:

  • Strong numerical skills
  • Analytical and problem solving skills
  • Communication and presentation skills
  • Independent working
  • Advanced computational skills

The national 2015 destination survey highlighted that 90% of graduates from the School of Mathematical Science were in employment and/or study six months after graduation, with 84% already working/studying at graduate level. Graduates from this School have a strong earning power, with an average starting salary of £23,521 (DLHE 2015).

The broad range of skills gained through this course, coupled with multiple opportunities for extra-curricular activities and work experience, has enabled graduates to move into a variety of careers.
Jobs that Maths graduates have entered include:

  • Actuarial Assistant, Capita
  • Audit Assistant, KPMG
  • Business Analyst, HSBC
  • Graduate Project Manager, Lloyds Banking Group
  • Research Development Technologist, Texaco International
  • Strategy ConsultantPwC
  • Tax Associate, Deloitte
  • Trading Assistant, Barclays Capital
  • Secondary School Teacher
  • Data Quality Officer, NHS

Throughout the course, students have access to an annual QM Careers and Enterprise Centre programme, to prepare them for internships and graduate level work. This includes employer led workshops on job applications and interviews as well as over 90 employer events to facilitate networks and help students to explore their options.

Students in the School of Mathematical Sciences are able to take advantage of a wide range of careers events. These include career forums with employers such as IBM and Deloitte, workshops on applications and interview skills as well as a Business and Finance Fair, IT and Technology Fair and 3 week ‘Focus on Finance’ programme with events about careers in consulting, insurance, banking and accountancy.

Opportunities for work experience are substantial given Queen Mary’s location close to the business and finance hubs of Canary Wharf, the City and the Olympic Village. Students are encouraged to build their work experience throughout their period of study, through, for example, our QProjects work experience scheme, our QRecruit internships and temporary work hub, the part time work Experience Works event and QMSU Provide volunteering services. Over 1400 vacancies are available to browse on the QM JobOnline vacancy site.

Queen Mary’s extensive campus also provides over 1200 on-campus job and volunteer opportunities ranging from E-learning Assistant to Gym Instructor and from Society President to Student Mentor.

Read more about our careers programmes and range of work experience opportunities on the QM Careers pages.

Profiles

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