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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.

Structure

Year 1

Compulsory modules:

  • Essential Mathematical Skills
  • Calculus I and II
  • Numerical Computing for Finance using Excel
  • Mathematical Structures
  • Introduction to Probability
  • Geometry I
  • Introduction to Algebra
  • Introduction to Statistics

Year 2

Compulsory modules:

  • Convergence and Continuity
  • Linear Algebra I
  • Probability Models
  • Statistical Methods
  • Complex Variables
  • Differential and Integral Analysis
  • Differential Equations
  • Statistical Modelling I

Year 3

Compulsory modules:

  • Time Series
  • Financial Mathematics I
  • Numerical Computing with C and C++
  • Partial Differential Equations
  • Metric Spaces and Topology
  • Random Processes
  • Financial Mathematics II
  • Financial Mathematics III

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

GCE A-levels

Typical grades required: AAA at A-level including Mathematics.

Additional requirements and excluded subjects: We accept all A-levels, including native languages, except General Studies. We do not accept AS-levels. You must also have at least grade C in GCSE English Language, or equivalent.

International Baccalaureate

Subjects and grades required: 36 points total including Higher Level Mathematics at grade 6.

Vocational and other qualifications

We also accept a wide range of qualifications such as Access and Foundation programmes, vocational awards, Irish Leaving Certificate, Scottish Highers and other Baccalaureates; please see this general information on Queen Mary entry requirements.

Further information

English language requirements for applicants from outside the United Kingdom

For general information you can call the Enquiries Hotline for free on 0800 376 1800 (from the UK only).

International students should contact the Admissions Office.
Tel: +44 (0)20 7882 5511
Email: admissions@qmul.ac.uk
www.qmul.ac.uk/international

Learning and teaching

Each year you will normally take eight different modules. The majority are delivered via a combination of lectures and exercise classes. Some modules, such as Introduction to Statistics, have a practical element presented in one of our computer labs.

Independent study

For every hour spent at University you will 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.

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 the MSci programme and is assessed by coursework (25%) and a written assessment (75%).

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.

Fees and finance

Tuition fees

Fees are charged at a Home/EU rate for UK and EU nationals, and an overseas rate for International students - find out more about how your tuition fee status is assessed.

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 WalesScotland 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.

The national 2012 destination survey confirmed that 80% of School of Mathematical Sciences students were in employment and/or study six months after graduation, with 77% already working/studying at graduate level. Graduates from this school have a good earning power, with a median salary of £20,576.

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:

  • ICT Project Manager, Trains Miller
  • Client Operations Officer, Coutts
  • Global GIPS Coordinator, J.P. Morgan Asset Management
  • Junior Actuarial Analyst, Capita Hartshead
  • Strategy Consultant, PricewaterhouseCoopers
  • Operations Analyst, Morgan Stanley
  • Football Data Analyst, Squakka
  • Research Development Technologist, Texaco International
  • Trading Assistant, Barclays Capital
  • Trainee Teacher, Forest Gate Community School

Throughout the course, students have access to a bespoke careers programme, to prepare them for internships and graduate level work. This includes workshops on job hunting and applications as well as employer events to facilitate networks and help students to explore their options.

Recent careers events in the School of Mathematical Sciences include an Alumni Careers Speed Meet, a panel on how to write job applications with Credit Suisse and Teach First and an interviews training workshop with actuarial firm Hymans Robertson. In addition, the QMUL Careers team runs a range of events networking students to employers from the charity, public and private sector including a two-week Focus on Finance programme every autumn. Employers attending this last year included J.P. Morgan, Barclays Wealth, Citi and CapGemini, as well as accountancy training providers.

Opportunities for work experience are substantial given Queen Mary’s location between 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 QM Projects work experience scheme, QM Temps job agency, Experience Works events and QMSU Provide volunteering services. Over 800 vacancies are available to browse on the QM JobOnline vacancy site.

Queen Mary’s extensive campus also provides over 1,200 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 QMUL Careers pages.

Profiles

Georgia Midghall

Mathematics

“Being in the heart of the East End makes living more affordable and, of course, Brick Lane and Shoreditch are perfect for socialising and delving into all London has to offer in terms of culture and people. The College itself is a lot more social than others I’ve been to: everyone mixes. I didn't stay in halls in my first year but found it just as easy to meet people on campus due to its layout and the Students’ Union events.

“Our first-year lecture class is large and, at first, it seemed that you're given the information you have to work with and left to it. This panicked me, but to support our lectures we have coursework classes and tutorial sessions. These offer a more intimate learning environment and allow you to get a grip on the material. In fact, I think the best thing about the course is how much help there is. Not only do you have fellow students, but the learning resources (books, tutors, lecturers, coursework) cover exactly what you need to know.

“One of my favourite memories was in the first week. I went to meet a new friend by the canal and a few more people had already got chatting. I remember sitting on the bench surrounded by, what were at the time, strangers and being really happy with the people I’d met in such little time. Most of them are now my closest friends at uni.”


Laurence Bahrami

Mathematics

Why did you choose to study at Queen Mary?

“In the final two years, you are able to pick the majority of your own modules from a large list, so you can specialise in a specific field, which I think is good. The lecturers deliver clear and concise presentations and they are only too happy to help in seminars. They also have open office hours throughout the week. If the lecturers are busy for some reason, we have our own advisor, who can also help.

How did you find your academic and social experience at QMUL?

“Queen Mary has many different study areas from the newly refurbished Library, which caters for quiet study as well as group work, to the Hive, which is a vast space with computers and students working together in groups. And there is never a shortage of empty classrooms to work with friends in.

“I participate in rock climbing once a week (there is a local climbing wall) and also try to attend the gym at least four times a week. I have not yet joined any clubs or societies as I have been too busy socialising with friends made during Freshers’ Week and also busy with my studies.”


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