Financial Mathematics MSc/PGDip
A practical, coursework-based Financial Mathematics MSc in London with professional qualifications to help you begin your career in the financial sector
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Viewing course details for 2024 year of entry
- Code
- PGG1N3
- Attendance
- Full-time, Part-time
- Start
- September 2024
- Fees
- £11,000 (UK) * £17,300 (INT) *
- Duration
- 1 year full-time, 2 years part-time
- Course Leader
- Nicholas Sharples
- Study mode
- On campus
- Location
- Hendon campus
- Placement year
- Yes
- School / Department
- Design Engineering and Mathematics
Why choose Financial Mathematics MSc/PGDip at Middlesex?
Financial mathematics is crucial for the functioning of global economic institutions. It applies mathematical theory to predict market behaviour, recommend investment strategies, and manage risk.
Our degree is designed for graduates who want to begin careers in the financial sector. Previous students have gone on to work in actuarial, tax, quantitative/research analyst positions in a variety of large companies and government bodies.
We ensure that the work you do is totally relevant to the world of work. Through our partnership with the Chartered Institute for Securities and Investment (CISI), a financial sector professional body, we will help you develop a professional overview of the financial sector as well as advanced quantitative skills.
It has the significant advantage of no-experience necessary training in computer programming and data analysis, allowing you to develop first-class computing skills alongside your mathematical expertise. Our thorough and rigorous syllabus requires no prior experience of finance and will refresh your mathematical skills in the first few weeks. Core modules and most options are 100% coursework based, helping you build a portfolio of solutions to complex problems in finance using real market data relevant to employers.
What you will gain
Our degree is the only MSc Financial Mathematics course in partnership with the Chartered Institute for Securities and Investment (CISI) a financial sector professional body, to ensure students develop a professional overview of the financial sector as well as advanced quantitative skills. Completing our course grants an MSc/PGDip and two internationally recognised professional qualifications (Bloomberg Market Concepts and CISI Introduction to Investment).
You’ll develop an advanced understanding of the concepts and techniques of financial mathematics and statistics, and the quantitative and analytic skills highly sought after by employers in the financial sector.
You’ll learn a variety of software packages and programming languages and develop the technical skills necessary for the rapid analysis of large volumes of financial data.
Through our partnership with the CISI, you will gain access to academic and professional talks, training and network events on campus and in the financial heart of London, with the option of writing about these talks for credit.
Our course includes two professional qualifications: Bloomberg Market Concepts and CISI Introduction to Investment to give you a broad overview of the financial sector from a professional perspective. Successful completion of all assessments entitles you to become an Affiliate of the Chartered Institute for Securities and Investment(CISI) to begin your career in finance.
3 great reasons to pick this course
About your course
You’ll develop an advanced understanding of the concepts and techniques of financial mathematics and statistics, and of how financial data is analysed. You’ll also study the workings of a range of financial instruments: bonds, equities, futures and options, and their role and importance in financial institutions.
You’ll appreciate that quantifying the value, and the risk, in these assets can be highly technical: you’ll study theories and methods for pricing a wide variety of assets, and building and optimising investment portfolios. You’ll understand and apply a range of methods for measuring and managing risk to make better financial decisions.
We'll help you develop the ability to critically interpret and evaluate real-life financial data using a variety of software packages, including the professional standard Bloomberg Terminal, and advanced analysis using programming languages.
Through our partnership with Chartered Institute for Securities and Investment (CISI) you will have opportunities for academic and professional talks, training and networking events and continuing professional development in the financial heart of London.
There are 6 core modules, plus 2 optional modules from a choice of 5. At the end of your course you will submit a dissertation, which will allow you to gain in-depth knowledge of an area that interest.
Modules
Here is a brief overview of the modules you will study on your course.
You will be introduced to the fundamental concepts in risk measurement and the technical analysis of financial data, and will learn a variety of modern theoretic approaches to risk. You will gain practical experience applying these techniques to real market data.
In this module you will develop the knowledge and skills required for financial product development. We will learn to analyse real market data to make informed investor decisions and optimise investment portfolios.
In this module to gain a broad overview of the financial sector you will be taught the syllabus for the professional qualification CISI Introduction to Investment, and will be supported to pass this professional exam. You will also be study for the industry standard Bloomberg Market Concepts professional qualification, before undertaking advanced analyses of financial data using software packages.
In this module you will develop a thorough understanding of bonds – a critically important class of financial instrument used by many different types of investor. You will then develop a working understanding of derivatives, to be able to make informed investment decisions about these instruments. You will learn the theory underpinning these pricing models in the module “Stochastic calculus and pricing derivatives”.
In this module you will learn modern methods and theory for pricing derivatives, such as forward contracts and options. Starting with fundamental concepts, such as a risk-neutral probability and discrete-time processes, we will then explore how stock movements are modelled by continuous-time stochastic processes and the corresponding stochastic differential equations (SDEs).
In this module you will refresh your mathematical skills for studying probability and statistics at level 7. We will then build a thorough grounding in probability theory developing both intuition and rigorous analytic tools to formulate and solve a variety of practical problems in probability.
Financial mathematics is a continually evolving field. Many careers in the financial sector require continued independent study, whether as continuing professional development or research. This module allows students to develop their research skills and demonstrate their capacity for self-motivated study. In this module you will consolidate and extend your learning in a substantial piece of independent work.
In this module you will be equipped to access the cutting edge of financial mathematics innovation through engaging with academic guest lectures, talks by industry specialists, guided reading of journal articles and/or implementing and contributing to open source software packages.
In this module you will build a solid grounding in modern topics and techniques in stochastic processes, developing both intuition and rigorous analytic tools to formulate and solve a variety of practical problems.
In this module you will learn the major concepts of decisions and game theories and how to use these to develop the best strategies to optimise outcomes.
Data obtained from observations collected sequentially over time are extremely common. The purpose of time series analysis is to understand or model the stochastic mechanism that gives rise to an observed series and to predict or forecast the future values of a series based on the history of that series, and, possibly, other related series or factors.
This module aims to equip your with knowledge essential to critically engage with modern financial risk management theory and practice undertaken by both financial and non-financial institutions. It offers advanced study of key issues, including categories of managed financial risk, the arbitrage-free theory of spot-forward price relations, valuing optionality in a financial risk environment, a comparison of over-the-counter and exchange-traded risk management arrangements, the limitations of risk management techniques and the evolving regulatory environment. You will be able to develop risk modelling skills, analytical and quantitative skills through engagement with current market data on Bloomberg Financial Database and Capital IQ.
To find out more about this course, please download the Financial Mathematics MSc/PGDip specification (PDF).
Register your interest
Sign up now to receive more information about studying at Middlesex University London.
Teaching
You'll be taught by an experienced teaching team with a wide range of expertise and professional experience.
Lectures will introduce you to concepts and techniques, which you’ll explore further through workshops, seminars, and discussions in class. The use of real market data will help you to relate theory to practice, and we’ll encourage you to think critically; some of your work will be done in groups. You’ll supplement all this with your own independent reading and study, including the use of online resources.
You'll be taught by an experienced teaching team with a wide range of expertise and professional experience.
The course is delivered by our academics in person and via digital platforms. Our learning activities include lectures, presentations, seminars, financial lab sessions, one-to-one tutorials and group projects.
Whether you are studying full or part-time – your course timetable will balance your study commitments on campus with time for work, life commitments and independent study.
We aim to make timetables available to students at least 2 weeks before the start of term. Some weeks are different due to how we schedule classes and arrange on-campus sessions
Teaching vs independent study
In a typical year, you’ll spend about 1200 hours on your course.
Outside of teaching hours, you’ll learn independently through reading articles and books, working on projects, undertaking research, and preparing for assessments including coursework and presentations.
A typical week looks like this:
| Learning | Hours per week |
|---|---|
| On-campus | 12 |
| Independent study | 38 |
Learning terms
On-campus: This includes tutor-led sessions such as seminars, lab sessions and demonstrations as well as student-led sessions for work in small groups.
Independent study: This is the work you do in your own time including reading and research.
Part-time study
You can also study this course part-time.
You will be based at our north London campus in Hendon.
We have a strong support network online and on campus to help you develop your academic skills. We offer one-to-one and group sessions to develop your learning skills together with academic support from our library, IT teams and learning experts.
Coursework and assessments
Our programme contains a professional qualification in partnership with the Chartered Institute for Securities and Investment, which is a multiple-choice exam that you will take alongside financial professionals. All other assessments are done through coursework assignments, helping you build a portfolio of solutions to complex problems in finance using real market data.
Feedback
You'll evaluate your work, skills and knowledge and identify areas for improvement. Sometimes you'll work in groups and assess each other's progress.
Each term, you'll get regular feedback on your learning.
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North London campus
Our north London campus is 23 minutes away by underground train, travelling from London Kings Cross.
Learn moreFacilities and support
Our Sheppard Library provides a wide range of resources and support to help you to succeed in your studies.
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Over 1,000 study spaces including rooms for group study and over 500 computers available.
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We have one of London's biggest and best university campuses with everything you need in one place.
Our facilitiesStudent support
We offer lots of support to help you while you're studying including financial advice, wellbeing, mental health, and disability support.
Additional needs
We'll support you if you have additional needs such as sensory impairment or dyslexia. And if you want to find out whether Middlesex is the right place for you before you apply, get in touch with our Disability and Dyslexia team.
Wellness
Our specialist teams will support your mental health. We have free individual counselling sessions, workshops, support groups and useful guides.
Work while you study
Our Middlesex Unitemps branch will help you find work that fits around uni and your other commitments. We have hundreds of student jobs on campus that pay the London Living Wage and above. Visit the Middlesex Unitemps page.
Entry Requirements
At Middlesex, we're proud of how we recognise the potential of future students like you. We make fair and aspirational offers because we want you to aim high, and we’ll support you all the way. We welcome your application regardless of your background or experience.
Qualifications
- A 2:2 honours degree, or equivalent qualification, in a discipline with substantial mathematical content
- Or three years of relevant work experience and the ability to study at a postgraduate level.
If you have relevant qualifications or work experience, we may be able to count this towards your entry requirements.
Personal statements
Make sure that you highlight your best qualities in your postgraduate personal statement that are relevant to this course.
Mature students (over 21)
We welcome applications from mature candidates, including those without formal qualifications if you can demonstrate relevant experience and ability.
We welcome students from the UK and all over the world. Join students from over 122 countries and discover why so many international students call our campus home:
- Quality teaching with top facilities plus flexible online learning
- Welcoming north London campus that's only 30 minutes from central London
- Work placements and networking with top London employers
- Career support to get you where you want to go after university
- Global alumni network and connections.
Qualifications
Here are the qualifications relevant for this course:
- A 2:2 honours degree, or equivalent qualification, in a discipline with substantial mathematical content
- Or three years of relevant work experience and the ability to study at a postgraduate level
If you have relevant qualifications or working experience, we may be able to count this towards your entry requirements.
English language
You'll need good English language skills to study with us. Find out more about our English language requirements. And, don’t worry If you don't meet our minimum English language requirements, as we offer an intensive pre-sessional English course.
Visas
To study with us in the UK, you will need a student r.oute visa
International students can apply for a student visa to train to teach in England if they are undertaking an unsalaried initial teacher training (ITT) course and:
- they have an unconditional offer from a licensed sponsoring institution
- they can financially support themselves in the UK and pay for their course
- they meet the English language requirements for the student visa/
Safer Recruitment
We are committed to keeping children and young people safe from harm. Our recruitment processes adhere to the principles of safer recruitment — we implement robust and safe recruitment practices which support the identification and rejection of any applicants who are unsuitable to work with children and young people. We will respond to any concerns about the suitability of applicants during the recruitment process.
Part-time study
Changes to the Immigration Rules introduced in January 2018 now allows international applicants to apply for Student route (formerly tier 4) visas for part-time postgraduate study (courses leading to a qualification at RQF level 7 or SCQF level 11 and above).
Student route visa students studying part-time are subject to certain restrictions:
- No work (paid or unpaid)
- No work placements as part of the programme
- No dependants
- No extending under Student route visa in the UK. This includes Student route visa applications to work as a Students' Union Sabbatical Officer or for the Foundation Programme for postgraduate doctors and dentists
- Not eligible for the Student route visa Doctorate Extension Scheme.
*Please note that, if the course of your choice involves work experience, unpaid work, placements or internships, we will be unable to sponsor you to study a part-time course under the Student route (formerly tier 4) visa.
Apply as early as possible to make sure you get a place. You can submit your application before you receive your final qualification.
Interviews
You won’t be required to attend an interview.
Find out how to apply for postgraduate taught courses and watch our step-by-step video.
Careers
How can the MSc Financial Mathematics support your career?
A solid command of the principles and techniques of financial mathematics is essential for anyone working in trading, pricing, hedging, asset management, risk control and a variety of other areas of finance.
There is currently a major drive to improve the mathematical abilities of staff working in financial institutions, and banks and companies which deal with risk are looking to hire employees with a solid mathematical background.
This course will equip you for a wide range of careers in financial product development, risk analysis and management, pricing, investment decision making and portfolio development, with banks and financial companies or the government.
As well as in-depth knowledge of your subject, our course will provide you with many transferable skills. It will improve your research, data collection and interpretation, communication, presentation and teamwork skills, as well as your confidence and your ability to work under your own initiative and manage your own time.
Career paths
Previous graduates have gone on to work in roles in the financial sector such as:
- Actuarial analysts
- Tax analysts
- Quantitative analysts
- Research analysts
- Data scientists
- Strategic information technicians
in a variety of large companies and government bodies. These include:
- Polar Capital, an investment fund.
- Kenanga Investment Bank, Kuala Lumpur.
- Talan, an IT consultancy to the financial sector.
- Optasia, a wealth management firm.
- KFW, a state-owned promotional bank.
- WTW, a risk management and insurance brokerage.
- the National Competitiveness Council of the Dominican Republic.
- PwC, one of the Big Four accounting firms.
MDXworks
Our employability service, MDXworks will launch you into the world of work from the beginning of your course, with placements, projects and networking opportunities through our 1000+ links with industry and big-name employers in London and globally.
Our dedicated lifetime career support, like our business start-up support programme and funding for entrepreneurs, Our dedicated lifetime career support, like our business start-up support programme and funding for entrepreneurs, has been recognized with the following awards:
- The top 20 UK universities for business leaders and entrepreneurs – Business Money, 2023
- A top 10 university for producing CEOs – Novuana, 2023
MDXcelerator: student start-up support
Want to be your own boss? You'll have the chance to pitch your business to gain mentoring and grants of up to £15,000.
Global alumni network
You’ll study with students from 122 countries who’ll hopefully become part of your global network. And after you graduate, we'll support you through our alumni network to help you progress in your chosen career.
Fees and funding
The fees below are for the 2024/25 academic year:
UK students1
Full-time students: £11,000
Part-time students: £73 per credit
Part-time students: £37 per dissertation credit
International students2
Full-time students: £17,300
Part-time students: £117 per credit
Part-time students: £59 per dissertation credit
Additional costs
We cover your costs for the day-to-day things that you need to do well in your studies.
- Free laptop loans for up to 24 hours
- Free specialist software for your course
- Free printing for academic paperwork
- Free online training with LinkedIn Learning.
Financial support
We offer lots of support to help you with fees and living costs. Check out our guide to student life on a budget and find out more about postgraduate funding.
Postgraduate scholarships
You may be eligible for one of our scholarships including:
- The Alumni Postgraduate Award – for all UK Middlesex alumni a 20% fee reduction
- The Commonwealth Scholarship – full course fees, airfares and a living allowance
- The Chevening Scholarship – full course fees
- The European Academic Awards – £1000 to £7000 for students showing academic excellence
- Regional or International Merit Award –up to £2,000 towards course fees.
For international students, we also have a limited number of other awards specific to certain regions, and work in partnership with funding providers in your country to help support you financially with your study.
Find out more about our postgraduate scholarships.
Help from your employer
Your employer can contribute towards the cost of your postgraduate study as part of their staff development programme.
Work while you study
If you are not currently working, we can help you find work that fits around uni and your other commitments. We have hundreds of student jobs on campus that pay the London Living Wage and above.
Fees disclaimers
1. UK fees: The university reserves the right to increase postgraduate tuition fees in line with changes to legislation, regulation and any government guidance or decisions. The tuition fees for part-time UK study are subject to annual review and we reserve the right to increase the fees each academic year by no more than the level of inflation.
2. International fees: Tuition fees are subject to annual review and we reserve the right to increase the fees each academic year by no more than the level of inflation.
Any annual increase in tuition fees as provided for above will be notified to students at the earliest opportunity in advance of the academic year to which any applicable inflationary rise may apply.
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Get answers from our Unibuddy student ambassadors
We’ll carefully manage any future changes to courses, or the support and other services available to you, if these are necessary because of things like changes to government health and safety advice, or any changes to the law.
Any decisions will be taken in line with both external advice and the University’s Regulations which include information on this.
Our priority will always be to maintain academic standards and quality so that your learning outcomes are not affected by any adjustments that we may have to make.
At all times we’ll aim to keep you well informed of how we may need to respond to changing circumstances, and about support that we’ll provide to you.