Program Overview

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Program Overview

The Statistics with Financial Mathematics MSc program is designed to equip students with the knowledge and skills necessary to apply statistical and mathematical techniques in the finance industry. The program is offered by the School of Mathematical and Physical Sciences, Faculty of Science, at the University of Sheffield.

Course Description

The program trains students to apply probabilistic, statistical, and mathematical techniques used in the finance industry. Students will develop the knowledge and experience needed to work in financial services, such as banking, insurance, and investments. The program also develops problem-solving and data analysis skills, which are valuable in roles spanning consultancy, data science, public administration, and research.

Modules

The program includes a range of modules, such as:

• Financial Mathematics: This module describes the mathematical ideas behind the Capital Asset Pricing Model and the Black-Scholes option pricing formula, and their application in modern finance.
• The Statistician's Toolkit: This module prepares statisticians for the workplace, equipping them with essential statistical modeling, computing, and professional skills.
• Bayesian Statistics and Computational Methods: This module develops the Bayesian approach to statistical inference, covering the foundations of Bayesian statistics and computational tools for practical inference problems.
• Stochastic Processes and Finance: This module studies stochastic processes and their application to mathematical finance, particularly arbitrage-free pricing and the Black-Scholes model.
• Dissertation: The dissertation is an extensive study that gives students the opportunity to synthesize theoretical knowledge with practical skills, planning, researching, and analyzing a data set or a theoretical/methodological topic.

Optional Modules

Students can choose from optional modules, including:

• Machine Learning: This module focuses on the problem of training models to learn from training data to classify new examples of data.
• Time Series: This module considers the analysis of data in which the same quantity is observed repeatedly over time, presenting statistical models and their implementation using the programming language R.

Duration and Attendance

The program is available in different modes:

• 1 year full-time
• 2-3 years part-time by distance learning

Teaching and Assessment

Students are taught through lectures, tutorials, computing sessions, and group work. Assessment methods include project work, examinations, coursework, and a dissertation.

Career Prospects

Employers hire graduates from this program due to their ability to analyze problems and reach solutions in a clear, precise, and logical way. Graduates have been hired by various employers, including BAE Systems, Barclays, Dell, Deloitte, Goldman Sachs, HSBC, IBM, Lloyds, PwC, Unilever, the Civil Service, and the NHS.

School and Research

The School of Mathematical and Physical Sciences is leading the way with groundbreaking research and innovative teaching. The school's mathematicians and statisticians have expertise across pure mathematics, applied mathematics, probability, and statistics.

Entry Requirements

The minimum entry requirement is a 2:1 undergraduate honors degree in a relevant subject with relevant modules. An introductory course in mathematical analysis or other mathematical background equivalent to this level is also required. International students must meet the English language requirements, with an IELTS score of 6.5 (with 6 in each component) or a University equivalent.

Fees and Funding

The tuition fees for the program are:

• Home (2026 annual fee): £12,680
• Overseas (2026 annual fee): £29,190 There are also scholarships available, including a £3,000 tuition fee discount for international students and a discount of up to £2,500 for Sheffield graduates.

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