MSc Mathematical Finance

Year of entry: 2021

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Overview

Degree awarded
Master of Science
Duration
12 Months. [Full-Time]
Entry requirements

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.

  • A good background in Probability Theory is essential; for example two courses in Probability, Probability 1 and Probability 2.
  • Knowledge of Statistics is highly desirable, 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 Markov processes is desirable but not essential, for example Random models or Markov processes, 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.

Full entry requirements

How to apply

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 6 weeks in which to accept. Any offers not accepted within 6 weeks will be withdrawn so that an offer can be made to another candidate. 

Stage 1:  Application received by  13 November 2020;   Decision by  12 January.

Stage 2:  Application received by  8 January 2021;   Decision by  12 March.

Stage 3:  Application received by  5 March 2021;   Decision by  23 April.

Stage 4:  Application received by  28 May 2021;   Decision by   25 June 2021. 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 2021.

Course options

Full-time Part-time Full-time distance learning Part-time distance learning
MSc Y N N N

Course description

The Department 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.

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.

Open days

For details of the next University Postgraduate open day, visit open days and visits

Fees

For entry in the academic year beginning September 2021, the tuition fees are as follows:

  • MSc (full-time)
    UK students (per annum): £14,000
    International, including EU, students (per annum): £24,500

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.

Policy on additional costs

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).

Scholarships/sponsorships

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

If you're a current or recent student at The University of Manchester and plan to start a master's course in the Faculty of Science and Engineering, you may be eligible for our  Manchester Alumni Scholarship Schemes .

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.

For more information, see the Department of Mathematics Fees and funding  page or visit the University of Manchester  funding for master¿s courses website for more information.

Contact details

Department
Department of Mathematics
Contact name
Postgraduate Admissions Team
Telephone
+44 161 275 0174
Email
Website
https://www.manchester.ac.uk/maths
School/Faculty

Our internationally-renowned expertise across the School of Natural Sciences informs research led teaching with strong collaboration across disciplines, unlocking new and exciting fields and translating science into reality.  Our multidisciplinary learning and research activities advance the boundaries of science for the wider benefit of society, inspiring students to promote positive change through educating future leaders in the true fundamentals of science. Find out more about Science and Engineering at Manchester .

Courses in related subject areas

Use the links below to view lists of courses in related subject areas.

Entry requirements

Academic entry qualification overview

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.

  • A good background in Probability Theory is essential; for example two courses in Probability, Probability 1 and Probability 2.
  • Knowledge of Statistics is highly desirable, 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 Markov processes is desirable but not essential, for example Random models or Markov processes, 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.

English language

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: at least 58 overall with 58 in writing andnoother sub-testless than 50.

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.
  • 10 Week Pre-sessional Course: Minimum 5.5 overall with no sub-test below 5.5.

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.

English language test validity

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.

Application and selection

How to apply

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 6 weeks in which to accept. Any offers not accepted within 6 weeks will be withdrawn so that an offer can be made to another candidate. 

Stage 1:  Application received by  13 November 2020;   Decision by  12 January.

Stage 2:  Application received by  8 January 2021;   Decision by  12 March.

Stage 3:  Application received by  5 March 2021;   Decision by  23 April.

Stage 4:  Application received by  28 May 2021;   Decision by   25 June 2021. 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 2021.

Advice to applicants

Applications cannot be processed without the following:

  • academic transcript including final year modules (and English translation if applicable)
  • academic degree certificate (if obtained, and English translation if applicable)
  • a minimum of one academic reference (referee report form not required)
  • a CV if you graduated more than three years ago
Referees can send their references directly to us at pgt-maths@manchester.ac.uk  We do not request references on an applicant's behalf and it is your responsibility to ensure your referees know how to provide your reference to us. 

Scanned copies will be accepted at the time of application.

If English is not your first language, we also require proof of your English language ability. If you have already taken an English language qualification, please include your certificate with your application. We may be willing to consider your application without this document, but if we choose to make you an offer, the conditions will include IELTS (or equivalent qualification).

How your application is considered

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.

Interview requirements

No interview is required for this course.

Overseas (non-UK) applicants

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.

Deferrals

Applications for deferred entry are not accepted for this course. If you receive an offer for 2021 entry and decide not to accept it, should you subsequently wish to be considered for 2022 entry you would be required to reapply.

Re-applications

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.

Course details

Course description

The Department 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.

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.

Coursework and assessment

Teaching is shared by the Department of Mathematics and Alliance Manchester Business School, and delivered through lectures, case studies, seminars and group project-based work.

Course unit details

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.

Course unit list

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

TitleCodeCredit ratingMandatory/optional
Derivative Securities BMAN70141 15 Mandatory
Asset Pricing Theory BMAN70381 15 Mandatory
Computational Finance MATH60082 15 Mandatory
Stochastic Calculus MATH67101 15 Mandatory
Brownian Motion MATH67112 15 Mandatory
Martingales Theory for Finance MATH67201 15 Mandatory
Stochastic Modelling in Finance MATH69102 15 Mandatory
Stochastic Control with Applications to Finance MATH69122 15 Mandatory

Additional fee information

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.

If you are being sponsored by an external funding body and have any additional requirements to support external sponsorship or funding please get in touch with the department.

Facilities

The Department of Mathematics is one of the largest integrated departments of mathematical sciences in the UK with an outstanding reputation and superb  facilities .

Disability support

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

Careers

Career opportunities

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.