Program Overview

Introduction to the Financial Mathematics MSc

The Financial Mathematics MSc is a postgraduate program designed to equip students with the necessary skills in mathematics, statistics, and computation for a career in the financial services industry. This industry places a significant emphasis on the application of advanced mathematical techniques to problems in pricing, hedging, and risk management.

About the Degree

Students on this program will develop a detailed understanding of the application of mathematics, statistics, and computation to problems in finance. They will gain practical tools for the pricing, hedging, and risk management of a diverse range of financial products across several asset classes.

Who This Course Is For

The program is suitable for applicants with a first degree in mathematics, sciences, engineering, finance, or economics who wish to gain the skills necessary for a career or further research in this field. Evidence of ability in key areas of applied mathematics is required.

Entry Requirements

• A minimum of an upper second-class Bachelor's degree in a relevant discipline from a UK university or an overseas qualification of an equivalent standard.
• English language requirements: The English language level for this course is Level 2.

Equivalent Qualifications

International applicants can find out the equivalent qualification for their country by selecting from a list of countries. The equivalency will correspond to the broad UK degree classification stated on the program page.

Course Overview

The Financial Mathematics MSc is a taught postgraduate program requiring students to take eight modules, four of which can be selected from a list of electives. In addition, students are required to write a research dissertation on a topical project during the summer months. The MSc project is supervised by an academic or a suitable industry practitioner.

Modules

• Compulsory Modules:
  • Financial Mathematics Dissertation
  • Asset Pricing in Continuous Time (Masters level)
  • Finance and Numerics
  • Market Risk and Portfolio Theory
  • Statistical Methods and Data Analytics for Finance
• Optional Modules:
  • Stochastic Processes
  • Mathematics and Statistics of Algorithmic Trading
  • Interest Rates and Credit Modelling
  • Mathematical Climate Finance
  • Applied Computational Finance
  • Forecasting
  • Quantitative Operational Risk Modelling

Teaching and Learning

The program is delivered through a combination of lectures, practical classes, tutorials, and problem-solving exercises. Assessment is through written papers, coursework, examinations, and the research report and presentation. Typically, each taught module has 30 hours of lectures. About 20-25 hours a week are recommended for independent study.

Careers

Graduates from this program predominantly secure employment in the financial sector, including roles in banking, insurance, consulting, investment, and data analysis. They have achieved mostly highly-skilled positions both in the UK and internationally. Some graduates pursue academic excellence, obtaining doctoral positions at prestigious institutions worldwide.

Employability

This program provides graduates with the skills and knowledge for a wide range of career prospects, particularly in the financial services industry, which requires quantitative finance professionals who are able to analyze data, program, and are experts in mathematics and computational statistics.

Networking Opportunities

The Financial Mathematics MSc offers several networking opportunities throughout the year, including the London Mathematical Finance Seminars, the Industry Practitioner's Seminar, and the Financial Mathematics Group's industry network. Students also have the opportunity to participate in the annual Financial Mathematics Team Challenge (FMTC).

Fees and Funding

• Tuition Fees (2026/27):
  • UK students: Ł25,300 (full-time), Ł12,650 (part-time)
  • International students: Ł46,700 (full-time), Ł23,350 (part-time)
• Additional Costs: There are no program-specific costs. However, students should consider the cost of living in London and any additional expenses such as travel.

Funding Your Studies

UCL offers a range of financial awards aimed at assisting both prospective and current students with their studies. For a comprehensive list of funding opportunities, including those relevant to your nationality, please refer to the Scholarships and Funding website.

Conclusion

The Financial Mathematics MSc at UCL is a comprehensive program designed to equip students with the advanced mathematical and computational skills required for a successful career in the financial services industry. With its strong focus on practical application, research, and networking, this program is ideal for those seeking to excel in quantitative finance.