For more information about Financial Mathematics at City, University of London, please visit the webpage using the button above.
Who is it for?
To successfully complete this course, you must have a very good understanding of mathematics. You may well have studied maths, physics or engineering degrees as an undergraduate.
Or you might have a bachelor's degree in economics or science and in particular computer science, which, coupled with your interest in stochastics, could also qualify you for this programme.
You should have a general interest in learning the more technical and mathematical techniques used in financial markets; but you don't need to have a background in finance.
The MSc Financial Mathematics focuses on stochastics and simulation techniques, but also covers some econometrics. You'll study core modules covering asset pricing, risk management and an introduction to key financial securities such as equities, fixed income and derivatives.
You'll cover a wide range of elementary and advanced topics in stochastics, including Levy processes and different simulation techniques. You'll be taught Matlab and VBA and you have the opportunity to learn other programming languages as part of our electives offering, such as Python or C++.
There are three ways to complete the third term. Either you'll choose five electives from around 40 optional modules in your final term. Or you can choose to complete a traditional dissertation, known as a 'business research project', which counts for four electives, or a shorter 'applied research project', which is the equivalent of two elective modules.
This module focuses on the introduction of pricing financial securities, which forms the basis for understanding asset pricing behaviour and the cornerstone of many asset pricing models. The focus is on spot securities, mainly equities and debt instruments. The module also introduces students to the fundamental theory used by practitioners and academics in the wider field of finance, in particular asset management. That includes portfolio theory, the CAPM, factor models and measuring risk and return. Those concepts are widely used by financial market participants. At the end of this module the various building blocks are being put together in the discussion of performance and persistence of performance of mutual funds.
To introduce derivatives and derivative models in the context of financial risk management. To complement general finance courses with specific instruction in the key derivatives area.
To enable you to use models in this area in practical applications. To transmit to you the fundamental mathematical modelling techniques underpinning the subject.
Foundations of Econometrics
The course provides the essential statistical and econometric techniques needed to conduct quantitative research in finance and economics. This combination of econometric theory and application will enable you to understand and interpret empirical findings in a range of financial markets, including reading of empirical academic literature and critical assessment econometric applications undertaken by industry practitioners.
Stochastic Modelling Methods in Finance
The module provides the necessary mathematical tools on which the entire programme is based.
Applied Research Tools
Strong research skills are a key element of development strategy for companies and institutions large and small. In particular the ability to programme and to automate procedures. This module focuses on MATLAB and VBA as a programming language. The module introduces the main programming skills which are helpful in the financial industry. Operating on matrices or arrays, loops, subroutine and optimisations are core skills which are being introduced in this module.
To provide a foundation in a crucial area of financial markets and quantitative finance. To complement the general derivatives course with specific instruction in a key derivatives area.
To acquaint you with the main modelling streams in fixed income securities. To enable you to use models in this area in practical applications. To transmit to you the fundamental mathematical modelling techniques underpinning the subject.
Financial disasters are a constant reminder of the relationship between financial risk and reward. The quantitative approach to this relationship is ever more dominant in the market and subject to constant innovation. As market participants need to keep abreast of new developments, the Risk Analysis module provides a good path of study in this field.
The aim of this module is to help you develop a solid background for evaluating, managing and researching financial risk. To this end you will learn to analyse and quantify risk according to current best practice in the markets.
Advanced Stochastic Modelling
The module introduces more recent developments in the field of financial mathematics to:
Simulations Techniques and Financial Modelling
This module focuses on applications of numerical methods and programming languages to finance. Students will learn Monte Carlo Simulations; Tree-based pricing methods; Fourier inversion based methods; Applications in Risk Management. This module integrates the programming language Matlab and is partly lab based.
You may choose from the three options in your final term.
Business Research Project
It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit.
To train you to undertake individual research and provide you with an opportunity to specialise in a contemporary business or finance topic related to your future career aspirations.
You are required to submit a project of approximately 10,000 words on any subject area covered in the rest of the programme. Typical projects can involve any of the following: extracting data from electronic databases or by hand; statistical analysis of large or small populations; interviews; case studies of an industry or a sector or of a business / finance issue in a particular country setting.
Applied Research Project
The aim of this module is to enable you to demonstrate how to integrate your learning in core and elective modules and then apply this to the formulation and completion of an applied research project. You will be required to demonstrate the skills and knowledge that you have acquired throughout your MSc study.
You will undertake a short piece of applied research on a question of academic and/or practical relevance. Guidelines will be provided in order to help you identify the research question. Based on your chosen topic, you must write a report of around 3,000–5,000 words that summarises and critically evaluates your method and your findings.
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree course students must complete:
Assessment of modules on the MSc in Financial Mathematics, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
Two Induction Weeks
The Financial Mathematics course starts with two compulsory induction weeks, focused on:
Term dates 2018/19
In-Person ID-Checks (all students must attend): Commences 17 September 2018
Compulsory Induction: 18 - 29 September 2018
1 October 2018 - 7 December 2018
Term I exams
7 January 2019 - 18 January 2019
21 January 2019 - 29 March 2019
Term II exams
22 April 2019 - 3 May 2019
6 May 2019 - 28 June 2019
Term III exams
1 July 2019 - 12 July 2019
Students who are required to resit an examination or invigilated test will do so in the period:
12 - 30 August 2019
Submission deadline for Business Research Project or Applied Research Project
1 September 2019
Official Course End Date
30 September 2019
How to apply
Documents required for decision-making
Documents which may follow at a later date
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
If you would like to visit us to discuss your application please do arrange an individual appointment.Entry requirementsEnglish language requirementsEntry requirements
A UK upper second class degree or above, or the equivalent from an overseas institution.
Your academic background should be in a highly quantitative subject such as mathematics, physics, engineering, economics or computer science and having covered areas such as statistics, linear algebra and calculus.English language requirements
English language requirements
If you have been studying in the UK for the last three years it is unlikely that you will have to take the test.
If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.
The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.
Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require a CAS as of April 2014.
The job opportunities for students from the three quants Masters programmes are very similar and students usually find employment with either large investment banks, or smaller specialist companies or financial boutique firms. Working as a quantitative analysts using stochastic, technical risk management position, pricing fixed income securities and structuring are some of the positions Financial Mathematics students are well qualified for. You will also have the skills to study for a PhD in the area of quantitative finance and financial markets.
Notes about fees for this course
UK/EU/International£25,000 Tuition fees are subject to annual change
Fees in each subsequent year of study (where applicable) will be subject to an annual increase limited by the All Items Retail Prices Index. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study (where applicable).
Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the in-person ID–checks)
Second installment: Half fees (paid in January following start of course)
Contact City, University of London to find course entry requirements.
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