MSc Mathematical Finance

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• Mathematics

Formal entry requirements are listed here but since applicants come from many different backgrounds, it will be useful to consider yourself whether you feel as if you have the right background for the course. Some general expectations are listed below, with references to existing courses on that material in Manchester. It should hopefully give you a feel for the course and what is expected of the incoming student. We would only consider a few of these courses as absolutely essential, but some additional background is desirable and will certainly assist you greatly for course preparation. If in doubt then please contact us.

• The normal entry requirements are a good upper second or first class honours degree from a UK university, or the equivalent from an overseas university, in Mathematics, or in a subject with significant mathematical content.
• You are expected to have done well in the above courses and your university should have a high national standing.
• A good background in Probability Theory is essential; for example two courses in Probability, Probability 1 and Probability 2.
• Knowledge of Statistics is desirable but not essential, for example Introduction to Statistics. More advanced courses in Probability are highly desirable, for example Foundations of Modern Probability.
• Knowledge of measure-theoretical Probability and/or measure theory is desirable as well. An introduction to stochastic/Markov processes is desirable but not essential.
• Knowledge of real analysis is essential and of complex analysis is desirable, for example Real and Complex Analysis.
• Knowledge of basic calculus, for example Calculus and Vectors A, and ordinary differential equations is essential, Calculus and Applications A.
• Knowledge of partial differential equations is highly desirable, for example Partial Differential Equations and Vector Calculus A.
• Knowledge of solving partial differential equations numerically is desirable but not essential.
• Although there is no formal requirement for previous programming experience, a familiarity with writing computer programs (for example, in Python, MATLAB, C/C++ or Java) is desirable.

All applicants will need to demonstrate competency in English language. Applicants who do not already possess an acceptable English Language qualification will need to take a recognised test and attain the required English Language score:

• IELTS:  at least 6.5 overall with 6.5 in writing and no other sub-test less than 6.0.
• TOFEL iBT:  at least 90 overall with 22 or above in writing and no other sub-test less than 20. We do not accept 'MyBestScore'.
• Pearson PTE: 70 overall with 70 in writing and no sub-test below 65.

Further information on language requirements can be found on our website .

Pre-sessional English

We will consider applicants who do not meet these scores but you may be required to complete a pre-sessional English language course at the University of Manchester prior to the start of the course.

To be considered for a pre-sessional English language course for this programme we require the following minimum IELTS (Academic) scores:

• 6 Week Pre-Sessional Course:  Minimum 6.0 overall with 6.0 in three sub-tests including writing and at least 5.5 in the remaining sub-test.

If you have not yet completed your current academic study and are interested in studying a pre-sessional course, you must hold an IELTS for UKVI (Academic) test certificate.

Some English Language test results are only valid for two years. Your English Language test report must be valid on the start date of the course.

For entry in the academic year beginning September 2026, the tuition fees are as follows:

• MSc (full-time)
  UK students (per annum): £16,300
  International, including EU, students (per annum): £36,300

Further information for EU students can be found on our dedicated EU page.

The fees quoted above will be fully inclusive for the course tuition, administration and computational costs during your studies.

All fees for entry will be subject to yearly review and incremental rises per annum are also likely over the duration of courses lasting more than a year for UK/EU students (fees are typically fixed for International students, for the course duration at the year of entry). For general fees information please visit: postgraduate fees . Always contact the department if you are unsure which fee applies to your qualification award and method of attendance.

Self-funded international applicants for this course will be required to pay a deposit of £1000 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. This deposit will only be refunded if immigration permission is refused. We will notify you about how and when to make this payment.

All students should normally be able to complete their programme of study without incurring additional study costs over and above the tuition fee for that programme. Any unavoidable additional compulsory costs totalling more than 1% of the annual home undergraduate fee per annum, regardless of whether the programme in question is undergraduate or postgraduate taught, will be made clear to you at the point of application. Further information can be found in the University's Policy on additional costs incurred by students on undergraduate and postgraduate taught programmes (PDF document, 91KB).

We offer a number of postgraduate taught scholarships and awards to outstanding UK and international students each year.

The University of Manchester is committed to widening participation in master's study, and allocates £300,000 in funding each year. Our Manchester Master's Bursaries are aimed at widening access to master's courses by removing barriers to postgraduate education for students from underrepresented groups.

We also welcome the best and brightest international students each year and reward excellence with a number of merit-based scholarships. See our range of master’s scholarships for international students .

And, if you have completed an undergraduate degree at The University of Manchester, or are currently in your final year of an undergraduate degree with us, you may be eligible for a discount of 10% on tuition fees if you choose to study on a taught postgraduate course here. Find out if you're eligible and how to apply .

For more information on master's tuition fees and studying costs, visit the University of Manchester funding for master's courses website to help you plan your finances.

As there is high demand for this course we operate a staged admissions process with selection deadlines throughout the year.Due to the competition for places, we give preference to students with grades above our minimum entry requirements.

If we make you an offer, you will have 3 weeks in which to accept. Any offers not accepted within 3 weeks will be withdrawn so that an offer can be made to another candidate.

Stage 1: Application received by 07 November 2025; Decision by 09 January 2026.
Stage 2: Application received by 02 January 2026; Decision by 06 March 2026.
Stage 3: Application received by 27 February 2026; Decision by 17 April 2026.
Stage 4: Application received by 22 May 2026; Decision by 19 June 2026.

You need to ensure that you submit your supporting documents with your application as it may delay us processing your application before the decision deadline.

Whilst we aim to give you a decision on your application by the deadline date, in some instances due to the competition for places and the volume of applications received, it may be necessary to roll your application forward to the next deadline date. If this is the case we will let you know after the deadline date.

Applications received after our final selection deadline will be considered at our discretion if places are still available.

Please note: All places are subject to availability and if you apply at one of the later stages, some courses may already be closed. We therefore recommend that you apply early in the cycle to secure your place with us.

Applicants who are made a conditional offer of a place must demonstrate that they have met all the conditions of their offer by 31 July 2026.

We consider your full academic history including which course units you have taken and the marks obtained. Even if you have met our minimum entry requirements, we will take into account your marks in relevant course units in our final decision making.

If you graduated more than three years ago, we will also consider the information contained on your CV and any relevant work experience you have to assess if you are still able to fulfil the entry criteria.

No interview is required for this course.

CAS Information

Self-funded international applicants for this course will be required to pay a deposit of £1,000 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. This deposit will only be refunded if immigration permission is refused. We will notify you about how and when to make this payment.

Please upload a copy of your current valid passport with your application showing the photograph page with your application. For CAS purposes, this must show your full name, date of birth, nationality, passport number and the date the passport is valid until, which must be later than the date of your planned arrival in the UK, and the start date of your course.

If you have previously studied in the UK on a Tier 4 visa as an undergraduate or postgraduate student, please send a copy of your previous CAS statement to us as it will assist with the issue of your new CAS statement. This includes study in the UK on study abroad programmes and any study that you did not complete.

You cannot use your CAS to apply for a visa more than three months before the start date of your course. The Admissions Team will contact you at the appropriate time.

Your CAS number is only valid for one Tier 4 application.

Applications for deferred entry are not accepted for this course. If you receive an offer for 2026 entry and decide not to accept it, you would need to withdraw your application and submit a new application for 2027 entry. Please note: as we do not offer deferrals it is not possible to roll forward any previous deposits paid.

If you applied in the previous year and your application was not successful you may apply again. Your application will be considered against the standard course entry criteria for that year of entry. In your new application you should demonstrate how your application has improved. We may draw upon all information from your previous applications or any previous registrations at the University as a student when assessing your suitability for your chosen course.

There are (i) eight course units to attend over two academic terms and (ii) a dissertation project to be completed in the summer term. Teaching of the course units is shared by the School of Mathematics and the Manchester Business School and delivered through lectures, case studies, seminars and group project-based work.

First term course units (autumn): Derivative Securities; Asset Pricing Theory; Martingales Theory for Finance; Stochastic Calculus.

Second term course units (spring): Brownian Motion; Computational Finance; Stochastic Control with Applications to Finance; Stochastic Modelling in Finance.

Third term dissertation project (summer): In this term students will conduct an original study of a topic relating to the programme and write an MSc dissertation.

The course unit details given below are subject to change, and are the latest example of the curriculum available on this course of study.

Practical support and advice for current students and applicants is available from the Disability Advisory and Support Service. Email: dass@manchester.ac.uk