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Home>Study at York>Postgraduate taught>Courses 2019/20>Mathematical Finance (MSc)

MSc Mathematical Finance

Equip yourself for a career in the finance industry

Year of entry: 2019
Show year of entry: 2020

Length

1 year full-time

Start date

September 2019 (term dates)

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Find out what studying at York as a postgraduate is really like.  

Meet us

Our exciting and intensive MSc in Mathematical Finance will give you the skills you need to work in the financial sector and adapt quickly to new developments in the field. 

Join an established course which has been serving students for over a decade. Our team of dedicated academic staff are leaders in their field. They publish definitive textbooks with Cambridge University Press and Springer, introducing stochastic processes and mathematical finance to crucial modern concerns such as credit risk. 

Our course features on RiskNet.

If you'd like to study this course but feel the need to revise and consolidate your mathematics background before starting, we offer an online pre-sessional course: Mathematical Foundations of Quantitative Finance

Dedicated MSc area

Dusa McDuff seminar room exclusively for Masters students

Course content

You'll complete modules to the value of 180 credits, including all core taught modules, three option modules, a group project and a dissertation. Option modules are subject to availability and may vary from year to year.

Modules

Core modules:

Option modules:

* You must choose either C++ Programming with Applications in Finance, or Computational Finance

Please note, modules may change to reflect the latest academic thinking and expertise of our staff.

Dissertation

Summer term continuing into summer vacation:

Mathematical Finance Dissertation (60 credits) 

Research project

Summer term:

Mathematical Finance Group Project (10 credits)

The York approach

Every course at York is built on a distinctive set of learning outcomes. These will give you a clear understanding of what you will be able to accomplish at the end of the course and help you explain what you can offer employers. Our academics identify the knowledge, skills, and experiences you'll need upon graduation and then design the course to get you there.

Students who complete this course will be able to:

  • Use mathematical tools (stochastic analysis including stochastic differential equations, partial differential equations, optimisation techniques) as applied to pricing and hedging derivative financial securities, portfolio and management techniques.
  • Have knowledge of a range of mathematical models of financial securities: stocks, bonds (including the term structure of interest rates), and derivative securities.
  • Use mathematical techniques involved in pricing, hedging and analysis of derivative securities, in both discrete and continuous time market models; their relevance in modern financial practice.
  • Have knowledge of modern portfolio theory, efficient portfolio and risk management.
  • Know the most popular and efficient numerical methods and computational techniques (finite-difference, Monte Carlo) used in the solution of the mathematical problems arising in finance; the strengths and limitations of these methods as applied to practical contexts in finance.
  • Price and hedge a variety of derivative securities using appropriate mathematical and numerical techniques.
  • Manage and optimise investment portfolios; manage risk using a variety of risk measures and mathematical techniques.
  • Use computing software (spreadsheets, programming languages and/or symbolic computation software) to implement solutions; develop and document software.

Fees and funding

Annual tuition fees for 2019/20

Study modeUK/EUInternational
Full-time (1 year) £11,720£23,450

Students on a Tier 4 Visa are not currently permitted to study part-time at York.

Fees information

UK/EU or international fees? The level of fee that you will be asked to pay depends on whether you're classed as a UK/EU or international student.

Funding information

Discover your funding options to help with tuition fees and living costs.

If you've successfully completed an undergraduate degree at York you could be eligible for a 10% Masters fee discount.

Home/EU students

International students

Living costs

You can use our living costs guide to help plan your budget. It covers additional costs that are not included in your tuition fee such as expenses for accommodation and study materials.

Teaching and assessment

You’ll work with world‐leading academics who’ll challenge you to think independently and excel in all that you do. Our approach to teaching will provide you with the knowledge, opportunities, and support you need to grow and succeed in a global workplace.

Teaching format

Our teaching is informed by the latest research, meaning you can focus on the latest ideas and models.

We use a wide range of teaching methods to suit different learning styles including:

  • Lectures
  • Problem classes
  • Seminars
  • Tutorials

For some modules you may also attend practical classes, computer laboratories or workshops.

Lectures are used to describe new concepts you will have to learn and problems classes put them into practice. Seminars are small, interactive sessions which allow us to focus on your individual needs. You'll be able to use our Virtual Learning Environment to supplement lectures and seminars.

While you're working on your project and your dissertation you'll have regular meetings with your academic supervisor who will offer advice and support. We will give you a supervisor with specialist knowledge of the area you're investigating.

Teaching location

You will be based in the Department of Mathematics in James College on Campus West. Most of your small group teaching will take place in the Department's dedicated MSc seminar room (the Dusa McDuff room), with larger classes taking place close by in James College, Derwent College and elsewhere on Campus West.

About our campus

Our beautiful green campus offers a student-friendly setting in which to live and study, within easy reach of the action in the city centre. It's easy to get around campus - everything is within walking or pedalling distance, or you can always use the fast and frequent bus service.

Assessment and feedback

All taught modules are assessed by a combination of the following types of assessment:

  • Closed book written exam
  • Coursework
  • Projects
  • Presentations

The closed book written exam assesses your subject-specific knowledge through theoretical and practical questions, in an array of targeted and broad, open-ended problems. These require topic knowledge and the ability to recognise, compare and critically evaluate different knowledge areas.

The coursework and projects consist of problems and practical tasks that might require the use of software. You'll develop your subject knowledge and analytical skills as well as your ability to apply, implement and interpret theory.

Presentations are specifically designed to enhance your communication skills for a range of audiences, from subject experts to the general public.

In the independent study module, you'll conduct a piece of applied research. You'll continue to develop your critical reasoning and digital literacy skills, including programming. As this module is assessed with a dissertation, your training is rounded off by consistently working on your written communication skills.

Professor Reidun Twarock supervising a student
Maths student at desk looking upwards

Careers and skills

Upon successful completion of this course, you can embark on careers in trading and pricing derivative financial securities (options, futures, forwards, and the like), fund management, risk management, research and development, or pursue further study to PhD level.

Career opportunities

Our graduates go on to work in:

  • investment banks
  • hedge funds
  • insurance companies
  • stock brokerage
  • unit trusts
  • pension funds
  • corporate finance departments
  • other financial institutions worldwide

Find out more about career opportunities and .

Transferable skills

  • Communicate ideas and arguments in written and oral form in a clear and rigorous manner.
  • Apply and implement results in current literature in a practical context.

Entry requirements

Qualification Typical offer
Degree

You should hold (or expect to achieve) an honours degree at 2:1 or equivalent in Mathematics or a related subject (including certain science degrees). We will also accept a 2:2 honours degree in a mathematically-based discipline if you complete the online pre-sessional course Mathematical Foundations of Quantitative Finance with a final grade of at least 60%.

Mathematically-based disciplines include Mathematics, Physics, Statistics, Chemistry, Computer Science, Electronics or Engineering, but candidates with a sufficiently strong mathematical background from other areas such as Biology, Economics or Finance will also be considered.

We are looking for a minimum of two years (four semesters or six trimesters) of university level courses in mathematics. We welcome students with recent degrees as well as those with work experience in related disciplines and professions.

Guidance on international equivalents for entry qualifications.

English language

If English isn't your first language you may need to provide evidence of your English language ability. We accept the following qualifications:

  • IELTS: 6.0, with no less than 5.5 in each component
  • PTE Academic: 55, with no less than 51 in each component
  • CAE and CPE (from January 2015): 169, with no less than 162 in each component
  • TOEFL: 79, with a minimum of 17 in Listening, 18 in Reading, 20 in Speaking and 17 in Writing
  • Trinity ISE: level 3 with Pass in all components

For more information see our postgraduate English language requirements.

If you've not met our English language requirements

You may be eligible for one of our pre-sessional English language courses. These courses will provide you with the level of English needed to meet the conditions of your offer.

The length of course you need to take depends on your current IELTS scores and how much you need to improve to reach our English language requirements.

After you've accepted your offer to study at York, we'll confirm which pre-sessional course you should apply to via You@York.

Applying

You can apply and send all your documentation electronically through our online system. You don’t need to complete your application all at once: you can start it, save it and finish it later.

Apply for this course

Next steps

Contact us

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Department of Mathematics

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