Mathematical Finance

Entry requirements

Applicants should be on track for at least a good upper second class honours degree, or overseas equivalent, in mathematics, including evidence of performance at that level in key areas such as probability, analysis and differential equations. Offers may include specific grades in particular modules. Exceptional applicants taking degrees such as physics or computer science may be considered provided there is a substantial mathematical component covering the key areas.

Months of entry

September

Course content

The School of Mathematics and Alliance Manchester Business School at the University of Manchester have combined their academic strength and practical expertise to deliver the MSc in Mathematical Finance (UK 1 year), ensuring that students can experience both the mathematical and economic perspective of the subject.

This is also supported by invited lectures from senior staff members of leading financial institutions and outstanding mathematicians who are internationally recognised for contributions to Mathematical Finance. Past lectures include:

Professor M. Schweizer (ETH Zurich and Swiss Finance Institute) An overview of quadratic hedging and related topics

Professor H. Follmer (Humboldt University of Berlin) Monetary valuation of cash flows under Knightian uncertainty

Professor M. H. A. Davis (Imperial College London) Contagion models in credit risk

The course provides students with advanced knowledge and understanding of the main theoretical and applied concepts in Mathematical Finance delivered from a genuinely international and multi-cultural perspective with a current issues approach to teaching. The focus is on mathematical theory and modelling, drawing from the disciplines of probability theory, scientific computing and partial differential equations to derive relations between asset prices and interest rates, and to develop models for pricing, risk management and financial product development.

The finance industry demands recruits with strong quantitative skills and the course is intended to prepare students for careers in this area. The course provides training for those who seek a career in the finance industry specialising in derivative securities, investment, risk management and hedge funds. It also provides research skills for those who subsequently wish to pursue research and/or an academic career (e.g. university lecturer) or continue the study at doctoral level, particularly those wishing to pursue further/advanced studies in Mathematical Finance.

Information for international students

Students whose first language is not English require a minimum IELTS score of 6.5 with at least 6.5 in writing and 5.5 in each other component, or 90 for the internet based TOEFL with no component score lower than 23.

Good English language skills are vital for successful completion of the course, particularly the dissertation element, which involves sophisticated concepts and the precise use and understanding of technical language. We reserve the right to make the final decision concerning your English language ability, taking into consideration your test scores and any other relevant information from the admission process.

If your English score is only slightly below the minimum requirement and you have a strong application, we may decide to offer you a place subject to attending an academic English course at the University of Manchester prior to the start of the course.

Fees and funding

Information on possible scholarships/ sponsorships is available here .

Qualification and course duration

MSc

Further details of qualification

The finance industry demands recruits with strong quantitative skills and this programme is intended to prepare students for careers in this area. It provides training for those who seek a career in the finance industry specialising in derivative securities, investment, risk management and hedge funds.