Programme Specification
MSc Industrial Mathematical Modelling/ MSc Mathematical Finance
Academic Year: 2014/15
This specification provides a concise summary of the main features of the programme and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if full advantage is taken of the learning opportunities that are provided.
This specification applies to delivery of the programme in the Academic Year indicated above. Prospective students reviewing this information for a later year of study should be aware that these details are subject to change as outlined in our Terms and Conditions of Study.
This specification should be read in conjunction with:
 Reg. XXI (Postgraduate Awards) (see University Regulations)
 Module Specifications
 Summary
 Aims
 Learning outcomes
 Structure
 Progression & weighting
Programme summary
Awarding body/institution  Loughborough University 
Teaching institution (if different)  
Owning school/department  Department of Mathematical Sciences 
Details of accreditation by a professional/statutory body  
Final award  MSc/PGDip/PGCert 
Programme title  Industrial Mathematical Modelling/ Mathematical Finance 
Programme code  See Programme Structure 
Length of programme  
UCAS code  n/a 
Admissions criteria  http://www.lboro.ac.uk/departments/maths/postgraduate/programmes/ 
Date at which the programme specification was published  Thu, 18 Sep 2014 15:06:06 BST 
1. Programme Aims

IMM 
MF 
To deliver a postgraduate curriculum which provides a solid foundation in the core areas of mathematics relevant to industry and stimulates students to meet their own aspirations, interests and educational needs. 
X 

To equip students with certain general skills and thus help them prepare for future employment. 
x 

To provide a mathematically based intellectual education appropriate to the needs of industry. 
x 

To provide students with an environment which enables them to fulfil their potential in industrial mathematical modelling by providing access to appropriate opportunities, support and educational experiences. 
x 

To develop students’ understanding in a particular area of interest by undertaking a research based project. 
x 

To introduce students to the theoretical background of measure and integration theory, martingales and stochastic processes, and their applications in finance, derivatives industry, option pricing and hedging. 
x 

To prepare graduates with strong mathematical skills, necessary computational techniques and the finance background necessary for employment in areas of the financial sector such as banks, hedge funds and insurance companies or for research careers in relevant subject areas. 
x 
2. Relevant subject benchmark statements and other external reference points used to inform programme outcomes:
 The Benchmark Statement for Mathematics, Statistics and Operational Research (MSOR)
 Framework for Higher Education Qualifications
 Loughborough University Learning and Teaching Strategy
 School Assessment Policy and Assessment Strategy
 Annual and Periodic Programme Review
 External Examiner’s Reports
 School Industrial Steering Committee
 Staff/Student Committees
 School staff specialisms
3. Programme Learning Outcomes
3.1 Knowledge and Understanding
Students will gain knowledge and understanding in the following areas: 
IMM 
MF 

K1 
The relevance of mathematics in the analysis of problems of concern to industry 
x 

K2 
The core discipline of mathematical modelling 
x 

K3 
A range of analytical, numerical and qualitative techniques 
x 

K4 
The application of computer software to the solution of mathematical problems 
x 

K5 
The mathematical techniques that can be employed to model the kinds of stochastic processes that arise in financial markets 
x 

K6 
A range of analytical, numerical and qualitative techniques that are relevant to problems which arise in the financial sector 
x 
3.2 Skills and other attributes
a. Subjectspecific cognitive skills:
Students should gain the ability to: 
IMM 
MF 

C1 
Construct logical mathematical arguments in the context of industrial mathematical modelling 
x 

C2 
Relate mathematics to problems within an industrial context in order to obtain quantitative and qualitative information about the underlying physical processes 
x 

C3 
Express certain problems which arise in the financial sector in mathematical terms 

x 
C4 
Identify appropriate mathematical techniques that can be applied to such problems 

x 
b. Subjectspecific practical skills:
Students should gain the ability to: 
IMM 
MF 

P1 
Select and apply appropriate mathematical tools for a specific problem 
x 

P2 
Use a range of mathematical techniques to obtain quantitative and qualitative information about financial processes 

x 
c. Key transferable skills:
Students should gain the ability to: 
IMM 
MF 

T1 
Possess general study skills, including the ability to learn independently using a variety of media 
x 
x 
T2 
Have good time management and organisational skills 
x 
x 
T3 
Be logical and analytical, and possess skills in IT, communication, presentation and problem solving 
x 
x 
4. Programme structure
Programme title and code 

Programme Code 
Title 
Award 
Abbreviation 
MAPT30 
Industrial Mathematical Modelling 
MSc 
IMM 
MAPT31 
Mathematical Finance 
MSc 
MF 
Programme structure
Key
x = Compulsory Module
o = Optional Module
Code 
Title 
Cred 
Sem 
IMM 
MF 
MAD102 
Regular and Chaotic Dynamics 
15 
1 
x 
o 
MAP102 
Programming and Numerical Methods 
15 
1 
x 
o 
MAP104 
Introduction to Measure Theory and Martingales 
15 
1 

x 
MAP111 
Mathematical Modelling I 
15 
1 
x 

MAP114 
Stochastic Models in Finance 
15 
1 

x 
MAD203 
Functional Analysis 
15 
2 

o 
MAP201 
Elements of PDEs 
15 
2 
x 
o 
MAP202 
Static and Dynamic Optimisation 
15 
2 
x 
o 
MAP204 
Stochastic Calculus and Theory of Stochastic Pricing 
15 
2 

x 
MAP211 
Mathematical Modelling II 
15 
2 
x 

MAP213 
Fluid Mechanics 
15 
2 
x 

MAP300 
Project 
60 
3 
x 
x 
TTP210 
Advanced Reliability, Availability & Sustainability 
15 
1 
x 

ECP202 
Financial Economics 
15 
1 

o 
ECP251 
Asset Management and Derivatives 
15 
2 

o* 
ECP255 
Corporate Finance 
15 
2 

o* 
Key 
* Students may take EITHER ECP251 OR ECP255 
5. Criteria for Progression and Degree Award
In order to be eligible for the award, candidates must satisfy the requirements of Regulation XXI.
Students who fail the assessment at their first attempt are allowed the opportunity for reassessment. This may take place at the Special Assessment Period (if available) or when the module is offered in the following year.
Candidates on MSc Mathematical Finance must achieve
either:
 a minimum of 75 credits and a score of above 40% in modules worth a further 30 credits;
or
 a minimum of 90 credits;
before commencing MAP300 Project.