Financial data on a computer screen

Providing students with a range of skills for careers in quantitative finance and risk management.

Key information

Duration: 1 year full-time, 2 years part-time
Start dateOctober 2021
Location: South Kensington
ECTS: 90 credits

Apply now

Overview

Our MSc in Mathematics and Finance is designed to prepare you for a wide range of careers in quantitative finance and risk management.

Mathematical finance is a subject that is both mathematically challenging and deployed every day by sophisticated practitioners in the financial markets.

This course provides you with everything you need to get into this area at a level where you can understand – and contribute to – industry practice and the latest research.

Scientific computing (object-orientated programming in C++) is an integral part of the programme.

This course is suited to recent graduates in mathematical science and engineering, but we also welcome applications from candidates already employed in the financial services sector looking to expand their skills.

Study programme

You study four core modules in the autumn term and three core modules in the spring term. The five optional modules are taken alongside this in either, or both, of the autumn and spring terms. You submit coursework throughout the two terms and sit your exam in January and April/May.

The supervised research project takes place over the summer when modules have been completed. You work with an academic supervisor and sponsor to scope out the project at the start. You submit the project in September.

Part-time students take the core modules in the autumn and spring terms of year one and two. The optional modules are also taken alongside the core modules in both years. Research project work starts in the summer terms of years one and two and is submitted in September of year two.

Career

Graduates are equipped with the skills needed to pursue careers in the field of quantitative finance and risk management. Previous graduates have gone on to roles such as Financial Analyst, Quantitative Analyst and Risk Management Analyst.

Structure

Modules shown are for the current academic year and are subject to change depending on your year of entry.

Please note that the curriculum of this programme is currently being reviewed as part of a College-wide process to introduce a standardised modular structure. As a result, the content and assessment structures of this course may change for your year of entry. We therefore recommend that you check this course page before finalising your application and after submitting it as we will aim to update this page as soon as any changes are ratified by the College.

Find out more about the limited circumstances in which we may need to make changes to or in relation to our courses, the type of changes we may make and how we will tell you about changes we have made.

Structure

Core modules

You take all of the core modules below.

  • Computing in C++
  • Interest Rate Models with Credit Risk, Collateral, Funding Liquidity Risk and Multiple Curves
  • Fundamentals of Option Pricing
  • Quantitative Risk Management
  • Simulation Methods for Finance
  • Statistical Methods in Finance
  • Stochastic Processes

Optional modules

You choose five optional modules to study.

Optional modules are grouped into three streams – you can choose a combination of modules from any stream.

Derivatives Pricing:

  • Malliavin Calculus in Finance 
  • Topics in Derivatives Pricing 
  • Selected Topics in Quantitative Finance 
  • Numerical Methods in Finance 

Market Microstructure:

  • Convex Optimisation 
  • Stochastic Control in Finance 
  • Algorithmic and High-Frequency Trading x
  • Market Microstructure 
  • Portfolio Management 

Machine Learning in Finance:

  • Algorithmic Trading and Machine Learning 
  • Data Analysis and Machine Learning 
  • Rough Path Theory in Machine Learning 
  • Deep learning 

Research project

You complete a supervised thesis project, lasting four months, towards the end of the programme. Most projects are intended to be carried out in association with a bank, finance house, hedge fund, consultancy or systems provider in the finance industry, and we endeavour to arrange suitable placements.

The project may be an internship, where you work full-time, or a collaborative arrangement where you work at the College and visit the company on a regular basis for project discussions. You can choose to do an internal project with an internal supervisor if you do not wish to do an internship.

Whichever route you choose, you will be assigned an academic project supervisor who will be a member of staff of the Mathematical Finance section.

Teaching and assessment

Teaching methods

  • Independent research project
  • Lectures
  • Office hours
  • Problem classes
  • Problem sheets
  • Tutorials

Assessment methods

  • Coursework
  • Dissertation
  • Written examinations

Entry requirements

We welcome students from all over the world and consider all applicants on an individual basis.

Entry requirements

Minimum academic requirement

Our minimum requirement is a 2.1 degree in mathematics, applied mathematics or physics.

International qualifications

We also accept a wide variety of international qualifications.

The academic requirement above is for applicants who hold or who are working towards a UK qualification.

For guidance see our Country Index though please note that the standards listed here are the minimum for entry to the College, and not specifically this Department.

If you have any questions about admissions and the standard required for the qualification you hold or are currently studying then please contact the relevant admissions team.

English language requirement (all applicants)

All candidates must demonstrate a minimum level of English language proficiency for admission to the College.

For admission to this course, you must achieve the standard College requirement in the appropriate English language qualification. For details of the minimum grades required to achieve this requirement, please see the English language requirements for postgraduate applicants.

Competence standards

Our competence standards highlight the core skills students should be able to demonstrate by the end of this course.

View the Department of Mathematics's competence standards [pdf]

We believe in providing the widest practicable access to all of our degree programmes and will make reasonable adjustments wherever possible to support your study. For more information, please contact the Department using the contact details below.

Department of Mathematics

E: mathsmsc@imperial.ac.uk

How to apply

How to apply

Making an application

Apply online

All applicants must apply online.

Visit our Admissions website for details on the application process.

You can submit one application form per year of entry. You can usually choose up to two courses.

Application fee

For 2021–22 entry, we are introducing a pilot application fee for our Master's courses. This helps cover some of the administrative and staffing costs associated with processing the large volume of applications we receive.

This fee will be £80 per application and not per course. 

We will waive the fee for any applicant – Home or Overseas – who demonstrates that they are experiencing financial hardship.

There is no application fee for Postgraduate Certificates, Postgraduate Diplomas or PhDs. The fee for MBA applications to the Imperial College Business School is £135. 

Find out more about the application fee and waiver

ATAS certificate

An ATAS certificate is not required for overseas students applying for this course.

Further questions?

Find answers to your questions about admissions. Answers cover COVID-19, English language requirements, Visas and more.

Visit the FAQs

Tuition fees and funding

The level of tuition fees you pay is based on your fee status, which we assess based on UK government legislation.

Find out more about fees and funding opportunities.

Tuition fees

Home rate of tuition

2021 entry

Full-time - £35,000 per year
Part-time - £17,500 per year

* Please note that the tuition fee amount you will pay may increase each year.

Fees are charged by year of entry to the College and not year of study.

Except where otherwise indicated, the fees for students on courses lasting more than one year will increase annually by an amount linked to inflation, including for part-time students on modular programmes. The measure of inflation used will be the Retail Price Index (RPI) value in the April of the calendar year in which the academic session starts e.g. the RPI value in April 2020 will apply to fees for the academic year 2020–2021.

Fee status

Whether you pay the Home fee depends on your fee status.

Your fee status is assessed based on UK Government legislation and includes things like where you live and your nationality or residency status.

Find out more about how we assess your fee status.

EU/EEA/Swiss students

The Government has confirmed that EU/EEA/Swiss students who begin a course before the 31 July 2021 will be eligible to pay the same fee as Home students and have access to student finance for the duration of their course, as long as they meet certain requirements which are unchanged from previous years. This includes students who begin the course remotely.

EU/EEA/Swiss students starting a course on or after 1 August 2021 will no longer be eligible for the Home fee rate and so will be charged the Overseas fee. Please note, we do not expect this to apply to Irish students or students benefitting from Citizens' Rights under the EU Withdrawal Agreement, EEA EFTA Separation Agreement or Swiss Citizens' Rights Agreement respectively. However, we are currently awaiting the formal publication of the amended Fees and Awards regulations.

The UK Council for International Student Affairs (UKCISA) website has useful information on the conditions you currently need to meet to be entitled to pay tuition fees at the Home rate for study on a higher education course in England and reflect the regulations as they currently stand (not the amended regulations which are subject to publication).

UKCISA has also provided some information in response to Questions for students starting their course from the 1 August 2021. 

For regular updates for EU students, please see our Imperial and the EU webpages.

Overseas rate of tuition

2021 entry

Full-time - £35,000 per year
Part-time - £17,500 per year

* Please note that the tuition fee amount you will pay may increase each year.

Fees are charged by year of entry to the College and not year of study.

Except where otherwise indicated, the fees for students on courses lasting more than one year will increase annually by an amount linked to inflation, including for part-time students on modular programmes. The measure of inflation used will be the Retail Price Index (RPI) value in the April of the calendar year in which the academic session starts e.g. the RPI value in April 2021 will apply to fees for the academic year 2021–2022.

Fee status

Whether you pay the Overseas fee depends on your fee status.

Your fee status is assessed based on UK Government legislation and includes things like where you live and your nationality or residency status.

Find out more about how we assess your fee status.

EU/EEA/Swiss students

The Government has confirmed that EU/EEA/Swiss students who begin a course before the 31 July 2021 will be eligible to pay the same fee as Home students and have access to student finance for the duration of their course, as long as they meet certain requirements which are unchanged from previous years. This includes students who begin the course remotely.

EU/EEA/Swiss students starting a course on or after 1 August 2021 will no longer be eligible for the Home fee rate and so will be charged the Overseas fee. Please note, we do not expect this to apply to Irish students or students benefitting from Citizens' Rights under the EU Withdrawal Agreement, EEA EFTA Separation Agreement or Swiss Citizens' Rights Agreement respectively. However, we are currently awaiting the formal publication of the amended Fees and Awards regulations.

The UK Council for International Student Affairs (UKCISA) website has useful information on the conditions you currently need to meet to be entitled to pay tuition fees at the Home rate for study on a higher education course in England and reflect the regulations as they currently stand (not the amended regulations which are subject to publication).

UKCISA has also provided some information in response to Questions for students starting their course from the 1 August 2021. 

For regular updates for EU students, please see our Imperial and the EU webpages.

Postgraduate Master's loan

If you're a UK national, or EU national with settled or pre-settled status under the EU Settlement Scheme, you may be able to apply for a Postgraduate Master’s Loan from the UK government, if you meet certain criteria.

For 2020-21 entry, the maximum amount was of £11,222. The loan is not means-tested and you can choose whether to put it towards your tuition fees or living costs.

Scholarships

We offer a range of scholarships for postgraduate students to support you through your studies.

See what opportunities you may be eligible for.

If you are an Iranian national and are accepted to study at Imperial starting this October, you may be eligible to apply for the Irani family scholarship.

Accommodation and living costs

Living costs, including accommodation, are not included in your tuition fees.

You can compare costs across our different accommodation options on our Accommodation website.

A rough guide to what you might expect to spend to live in reasonable comfort in London is available on our Fees and Funding website.

Further information

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