Taught course

Quantitative Financial Engineering

Heriot-Watt University · School of Mathematical and Computer Sciences

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Entry requirements

Entry requires a UK 2.1 degree or equivalent in Mathematics, Statistics, or a related subject with a substantial mathematics content from a British or overseas university. We are looking to train those who not only have a strong background in mathematics, but who also possess the ability to communicate effectively, and have the desire to succeed in a dynamic and competitive industry. The programme is not suitable for finance professionals without graduate-level mathematical training

Months of entry


Course content

Financial engineering involves the creation of financial products that are aimed specifically at the needs of investors, rather than the conventional approach of defining assets on the basis of borrowers' requirements. Central to Financial Engineering are relative value (sometimes called arbitrage) trading strategies and the structuring of financial products, and the closely associated process of securitisation. Structuring involves the transformation of cash flows derived from an asset and improving the risk profile of the structured product. The contemporary derivative markets are driven by the process structuring, both in terms of transforming cash flows through 'swaps' and credit enhancement through credit derivatives.

The programme aims to develop the skills and knowledge required by the modern investment and asset management industry where relative value trading strategies and structuring dominate. The emphasis is on developing a range of practical skills rather than develop an abstract "theory of everything". This reflects the need for practitioners to be able to employ different techniques in the ever changing world of contemporary finance.

Information for international students

The minimum requirement for English language is IELTS overall 6.5 (with no score lower than 5.5 in any individual category). or equivalent. We also offer a range of pre-sessional English language courses to help you meet the English language requirement prior to starting your masters programme.

Fees and funding

UK students
International students

Some scholarships of £3,500 will be awarded to outstanding applicants to our MSc in Actuarial Management. Find out more.

You may also be interested in the Scottish Funding Council (SFC) Key Skills Funded Places available to MACS Students. A number of full fee bursaries are available to applicants permanently resident in Scotland. Find out more.

For details of all other scholarship opportunities please visit our website or contact us by email.

Qualification, course duration and attendance options

  • MSc
    part time
    24 months
    • Campus-based learningis available for this qualification
    full time
    12 months
    • Campus-based learningis available for this qualification
  • Diploma
    part time
    21 months
    • Campus-based learningis available for this qualification
    full time
    9 months
    • Campus-based learningis available for this qualification

The material is based substantially on the PRIMIA syllabus for risk management and the Actuarial Profession's Specialist Technical (ST) syllabus to value and manage the risks associated with a portfolios of derivatives.

Course contact details

June Maxwell
+44 (0)131 451 8337