Mathematics

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

Your Autumn term and academic year 2020–21

This course will begin on schedule in the Autumn and we plan to reopen our campuses. We are looking forward to seeing you in person, if travel and visa arrangements allow. If you can’t travel to campus in time for the start of term, we want to reassure you that your academic Department has made plans which make it possible to offer you a high-quality remote educational experience during the Autumn term.

Your  teaching  will be a combination of on-campus (in-person)  and remote learning (online). We call this ‘multi-mode’ delivery. Depending on official government guidance throughout the entirety of next academic year, the ‘multi-mode’ balance may be subject to change. We hope to be able to offer you increased on-campus teaching and learning activities throughout the year.

For more information about multi-mode delivery, your learning experience and the steps we’ll be taking to keep you safe on campus if you are able to join us, please see our COVID-19 information for applicants and offer holders.


Key information

Duration: 1 year full-time, 2 years part-time
Start dateOctober 2020
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.

How to apply

How to apply

Making an application

All applicants must apply online.

For full details on the online application process, please visit the admissions website.

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

ATAS certificate

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

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.

For more information on the funding opportunities that are available, please visit our Fees and Funding website.

Tuition fees

Tuition fees (Home and EU students)

2020 entry
Full-time £33,500 per year
Part-time £16,750 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.

Tuition fees (Overseas and Islands students)

2020 entry
Full-time £33,500 per year
Part-time £16,750 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.

Postgraduate Master's loan

If you are a Home or EU student who meets certain criteria, you may be able to apply for a Postgraduate Master’s Loan from the UK government.

For 2019-20 entry, the maximum amount was of £10,906. 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. Try our scholarships search tool to see what you might be eligible for.

There are a number of external organisations also offer awards for Imperial students, find out more about non-Imperial scholarships.

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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