Quantitative Finance MSc

Program Overview

The MSc in Quantitative Finance at Bayes Business School is a 12-month program designed for individuals seeking to master quantitative aspects of finance. The program emphasizes econometrics, forecasting models, and programming skills, equipping graduates for careers in asset management, quantitative financial analysis, and related fields. With strong industry connections and international elective options, the program provides students with a comprehensive and globally relevant education in quantitative finance.

Program Outline

Degree Overview:

Overview:

The MSc in Quantitative Finance is a 12-month program designed for individuals fascinated by quantitative aspects of finance and their application in financial markets, even without a background in finance. The program focuses on equipping students with the tools to analyze relevant information for investment decisions and strategize optimal responses to market changes. This opens doors to careers in asset management, quantitative financial analysis, and related fields.

Objectives:

• Equip students with the ability to utilize forecasting models for risk management, scenario analysis, and stress testing.
• Gain a solid understanding of asset pricing, risk management, stochastic modeling, and key financial securities like equities, fixed income products, and derivatives.
• Master advanced programming skills in Python and Matlab.

Program description:

The MSc in Quantitative Finance emphasizes the exploration of econometrics and forecasting models with a focus on practical, applied, and mathematical perspectives. The program delivers a deep understanding of asset pricing behavior and enables students to build quantitative models for forecasting returns, financial prices, and volatility.

Outline:

Course structure:

The program consists of three terms, with the first two terms focusing on core modules and the third term offering flexibility for specialization.

Term 1:

• Asset Pricing: Explores the fundamentals of pricing financial securities, portfolio theory, CAPM, factor models, and risk-return measurement.
• Derivatives: Introduces derivative instruments and markets within the context of financial risk management.
• Foundations of Econometrics: Provides essential statistical and econometric techniques for quantitative research.
• Stochastic Modelling Methods in Finance: Covers the mathematical tools for the program, including Brownian motions, stochastic calculus, and the mathematical framework for quantitative finance.
• Programming for Quants – Python and Matlab: Focuses on programming skills used in the financial industry, including matrix operations, loops, conditional statements, subroutines, and data handling.

Term 2:

• Fixed Income: Provides a thorough introduction to fixed income securities, interest rate options, and relevant modeling streams.
• Risk Analysis: Equips students with tools for evaluating, managing, and researching financial risk.
• Econometrics of Financial Markets: Covers advanced econometric techniques for analyzing financial markets and building forecasting, pricing, and risk management strategies.
• Numerical Methods - Applications: Introduces basic numerical methods and graphical techniques for visualizing data.
• Programming for Quants – Matlab: Continues the development of programming skills using Matlab.

Term 3:

Students can tailor their education by choosing from:

• Option 1: Five specialist elective modules (5 x 10 credits)
• Option 2: A 10,000-word Business Research Project (40 credits) and one specialist elective module (1 x 10 credits)
• Option 3: A 3,000-5,000-word Applied Research Project (20 credits) and three specialist elective modules (3 x 10 credits)

Electives offered in 2023:

• Applied Machine Learning
• Emerging Global Risks
• Ethics, Society and the Finance Sector
• Hedge Funds
• Investment Strategy
• Technical Analysis and Trading Systems
• Trading and Hedging in the Forex Market
• VBA with Application for Finance
• International electives: FinTech (taught in Italy), Investment Strategy (taught in New York, USA)

Assessment:

The program utilizes coursework, examinations, presentations, group work, problem sets, and individual research projects as assessment methods.

Teaching:

The program features interactive lectures delivered by experienced faculty with practical industry knowledge and active research involvement. The teaching team includes:

• Dr Dirk Nitzsche: Associate Professor in Finance, Course Director, Associate Dean for International Relations
• Prof. Laura Ballotta: Module Leader
• Dr Ioannis Kyriakou: Module Leader
• Prof. Keith Cuthbertson: Module Leader
• Prof. Gianluca Fusai: Module Leader
• Prof. Giovanni Urga: Module Leader

Careers:

Graduates of the MSc in Quantitative Finance are well-positioned for careers in:

• Asset Management: Portfolio managers, quantitative analysts, risk analysts
• Quantitative Financial Analysis: Financial modeling, quantitative trading, risk management
• Financial Technology: Algorithmic trading, financial data analysis, development of financial modeling tools
• Investment Banking: Trading, structuring, quantitative analysis, risk management
• Hedge Funds: Portfolio management, quantitative analysis, risk management
• Consultancy: Financial modeling, quantitative analysis, risk management
The program's alumni have secured positions in leading institutions such as:
• Investment banks (e.g., Goldman Sachs, JPMorgan, Morgan Stanley)
• Financial consultancies (e.g., EY, PwC, Deloitte)
• Boutique financial firms (e.g., Renaissance Technologies, Citadel)
• Specialist firms (e.g., Man AHL, Two Sigma)
The program also provides valuable skills for pursuing academic careers and research opportunities.

Other:

• The program features strong industry connections and collaborations, providing students with access to guest speakers and networking opportunities.
• The program offers international elective options in Italy and the USA.
• The program provides support for career development and job placement.

Conclusion:

The MSc in Quantitative Finance at Bayes Business School represents an excellent opportunity for individuals seeking to acquire advanced knowledge and skills in quantitative finance. The program's comprehensive curriculum, experienced faculty, and strong industry connections equip graduates with the tools to succeed in a variety of careers within the financial industry and beyond.

Tuition fees are subject to annual change. Deposit: £2,000 (usually 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 start of the induction period). Second installment: Half fees (paid in January following start of course).