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MSc Mathematical Finance

Equip yourself for a career in the finance industry

Year of entry: 2023 (September)
Show year of entry: 2022

Length

1 year full-time

Start date

September 2023 (semester dates)

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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.

Mathematical Finance (MSc) is part of our suite of uniquely multidisciplinary and interdisciplinary finance Masters programmes. They bring together expertise from the School for Business and Society, the Department of Mathematics, and the Department of Economics and Related Studies.

Discover our refocused syllabus introducing contemporary tools, methods and approaches to tackle applied, professional and academic challenges in accounting and finance.

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

Learn more about the study of finance at York.

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University of the Year shortlisted

We're proud to announce that we've been shortlisted for two prestigious University of the Year awards.

  • Times Higher Education Awards 2021
  • The Times and Sunday Times Good University Guide 2022

Find out more about our nominations

Course content

You'll complete taught core and option modules, and undertake an independent research project. 

You'll learn a wide range of advanced mathematical, computational and research techniques, ideal for developing a career in mathematical finance or for further study in related fields. The programme will be of particular interest to students with a background in Mathematics or a closely-related subject. 

After completing the programme, you will have acquired the knowledge and experience necessary to work in a trading or research and development role in quantitative finance industry or to embark on a PhD programme in Mathematical Finance or related fields.

Modules

Core modules

Option modules

You'll also study one option module. Examples may include:

  • Corporate Finance and Governance
  • Financial Econometrics

The options available to you will confirmed later in the year. For further information please get in touch.

Our modules may change to reflect the latest academic thinking and expertise of our staff.
Our course structures are changing in September 2023. Find out more about how this course may be affected.

Dissertation

You'll complete a piece of independent research or dissertation of up to 10,000 words, carried out over three months of the summer. It will offer you the chance to examine a topic in depth and to develop your academic research skills.

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 with a high degree of confidence and sophistication a range of mathematical models of financial securities: stocks, fixed income securities (including the term structure of interest rates), and derivative securities
  • Critically analyse the application of mathematical techniques involved in pricing, hedging and analysis of derivative securities, in both discrete and continuous time market models
  • Use logical reasoning as a basis for the critical analysis of ideas or statements which have a mathematical finance context, and develop independently their own ideas using well-founded reasoning
  • Design numerical algorithms and develop computing codes in spreadsheets, programming languages and/or symbolic computation software to implement solutions and prepare relevant documentation
  • Communicate advanced topics in mathematical finance analyses and associated conclusions clearly, in writing or in a presentation, at a level appropriate for the intended audience
  • Research selected topics of current interest in Mathematical Finance in depth; link recent theoretical developments with modern financial market practice
  • Encourage students to consider the potential for applications of mathematical finance within the wider society, beyond pure monetary advance.

Fees and funding

Annual tuition fees for 2023/24

Study modeUK (home)International and EU
Full-time (1 year) £14,990£29,950

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

Fees information

UK (home) or international fees? The level of fee that you will be asked to pay depends on whether you're classed as a UK (home) or international student. Check your fee status.

Find out more information about tuition fees and how to pay them.

Funding information

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

We'll confirm more funding opportunities for students joining us in 2023/24 throughout the year.

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

Funding opportunities

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 at the Department of Mathematics 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.

You'll gain access to our schools' and departments' shared resources and financial databases, including:

  • Amplify Bootcamp
  • Reuters Refinitiv Workspace, including Datastream
  • Centre for Research in Security Prices (CRiSP)
  • Compustat (North America)
  • China Stock Market & Accounting Research Database (CSMAR)
  • 2iQ Global Insider Transaction Data
  • Bank Focus

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

  • Financial analyst
  • Accountant
  • Credit risk manager
  • Investment manager
  • Risk analyst
  • Statistician

Find out more about career opportunities and alumni.

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

Typical offer
Undergraduate degree 2:1 or equivalent in Mathematics or a related subject including certain science degrees. In certain cases we may also consider a 2:2, which would usually come with the condition that you complete the online pre-sessional course in Mathematical Foundations of Quantitative Finance with a final grade of at least 60%. If your undergraduate degree is in business, finance or economics with sufficiently strong mathematics background (equivalent to at least two years of university level mathematics courses), then we encourage you to apply also. We welcome students with recent degrees as well as those with work experience in related disciplines and professions.
Other international qualifications Equivalent qualifications from your country

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:

Minimum requirement
IELTS 6.0, minimum 5.5 in each component
C1 Advanced and C2 Proficiency 169, minimum 162 in each component
Duolingo 100, minimum 90 in all other components
PTE Academic 55, minimum 51 in each component
TOEFL 79, minimum 17 in Listening, 18 in Reading, 20 in Speaking and 17 in Writing
Trinity ISE III 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 English language test 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

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