Mathematical Finance

Qualification(s) available: MSc

Entry requirements
2:1+
Full-time
1 year
Part-time
Not available
Start date
October 2021
Location
Loughborough
UK fee
£9,700
EU fee
To be confirmed
International fee
£19,950

Overview

The depth of maths taught in our mathematical finance master's will give you the skills you need to succeed in the finance sector. It is also the ideal preparation if you want to pursue a research career in stochastic analysis, financial mathematics and other relevant areas.

The programme is designed to provide you with the strong mathematical skills, computational techniques and finance background needed to work in the financial sector. It could also open up careers in investment banking, hedge funds, insurance companies and the finance departments of large corporations.

Drawing on the expertise within our Department of Mathematical Sciences, you will undertake core specialised modules in stochastic analysis and measure theory, whilst also choosing optional modules covering wide-ranging topics of interest, including corporate finance, functional analysis and asset management. This makes the programme suitable both for those who are interested in an academic pathway (eg progressing to a PhD), as well as students seeking to enter the quantitative finance sector.

In addition, the 14 weeks at the end of the programme are devoted to an individual project (worth 60 credits), which you will complete under the supervision of your departmental supervisor - an excellent opportunity to connect with cutting-edge research ideas, as well as to build personal links with the finance industry.

As a postgraduate student, you will enjoy access to our computing laboratory which boasts a dedicated team to help you with any IT queries. You will also benefit from our £4 million refurbished department building, which has a spacious student activity area and dedicated state-of-the-art resources.

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Why you should choose us

Why you should study this degree

There is a strong demand within the finance industry for individuals with strong quantitative skills and a thorough understanding of financial mathematics, including the ability to specialise in derivative securities, investment, risk management etc.

Our Mathematical Finance master's will suit students seeking to develop the skills and knowledge necessary for employment in a range of financial sectors. It also includes a substantial research project that will build your research skills, providing excellent preparation if you plan to pursue further research or an academic career.

This programme:

  • Includes a 14-week individual project
  • Is focused on mathematical applications in finance
  • Is underpinned by best practice and latest research
  • Provides dedicated mathematics resources in the £4million refurbished Schofield Building
  • Enables you to access additional support and resources through the Mathematics Learning Support Centre
  • Provides access to computing laboratory with dedicated IT team

What you'll study

The following information is intended as an example only and is based on module information for the 2020/21 year of entry. Modules are reviewed on an annual basis and may be subject to future changes. Updated Programme and Module Specifications are made available ahead of each academic year. Please see Terms and Conditions of Study for more information.

Our Mathematical Finance master's will provide you with a solid foundation in the core areas of industry-relevant mathematics.

Compulsory modules

Brownian Motion

The aims of this module are to:

  • introduce students to martingales;
  • introduce students to a mathematical understanding of Brownian motion;
  • build a solid rigorous mathematical background for students to proceed to stochastic analysis and financial mathematics.

Stochastic Models in Finance

The aim of this module is to:

  • introduce students to basic discrete models in finance.
  • provide students with the mathematical background in the security market and derivative industry
  • introduce students to the mathematical tools to deal with financial problems

Optional modules

Regular and Chaotic Dynamics

The aim of this module is:

  • to study dynamical systems from a modern viewpoint emphasising the rich behaviour of nonlinear systems.

Lie Groups and Lie Algebras

The aims of this module are to introduce the notions of a Lie group and Lie algebra and to study their properties and methods.

Programming and Numerical Methods

The aim of this module is:

  • to introduce the basic concepts of programming;
  • to introduce and explain numerical methods for solving ordinary and partial differential equations.

Statistics for Large Data

The aim of this module is

  • To introduce both supervised and unsupervised methods for learning from data.
  • To introduce methods of dimensionality reduction.
  • To introduce the R statistical programming language for implementing methods using real data.

The Financial System

The module aims to provide an overview of the financial system, including: an appreciation of the economic problems that financial institutions and markets seek to overcome; an understanding of the organisation and operation of the major financial institutions and markets; an appreciation of the impact of technology and regulation on the evolution of the industry; and an awareness of how alternative structures of financial systems seek to solve common problems.

Financial Economics

The aims of this module are for you to:

  • become familiar with the fundamental concepts of financial economics
  • be equipped for further study in more advanced topics and modules in finance
  • learn how to model the behaviour of investors under conditions of uncertainty
  • learn how to apply theoretical models in both asset pricing and the evaluation of capital market efficiency.

Compulsory modules

Stochastic Calculus and Theory of Pricing

The aim of this module is to introduce students to:

  • the basics of stochastic calculus by using Brownian motion as an integrator
  • mathematical modelling of pricing via the Black-Scholes model

Computational Methods in Finance

This module aims to (i) introduce numerical methods and associated theory for modelling of financial options; (ii) teach students how to implement such numerical methods on computers; (iii) gain experience in interpreting numerical results.

Optional modules

Functional Analysis

The aims of this module are to create awareness of the power and range of abstract mathematical concepts through a basic introduction to the methods of functional analysis.

Elements of PDEs

The aims of this module are to gain familiarity with modern qualitative theory of linear PDE's with particular emphasis on second-order equations
as well as to study selected aspects of modern methods for simple nonlinear PDEs.

Static and Dynamic Optimisation

The aim of this module is:

  • to gain familiarity with theory and techniques of static optimisation and dynamic optimisation.

Corporate Finance

More information to follow.

Compulsory modules

Mathematical Finance Research Project

The aim of this module is:

  • to give the students experience of independent work in an area of mathematics with relevance or applications to the field of finance.

How you'll be assessed

You will be assessed by a combination of exams, reports, individual and group projects, and verbal presentations. You will spend approximately 14 weeks at the end of the programme devoted to an individual project.

How you'll study

  • Lectures
  • Seminars
  • Independent study
  • Group work
  • Workshops

Where you'll study

The Department of Mathematical Sciences is based in the Schofield building, located centrally on the University campus. The building has recently undergone a £4million refurbishment to equip it with dedicated resources for mathematics students.

As a postgraduate student you will benefit from 24/7 access to computer labs in the Schofield Building and will also benefit from the co-location with the Mathematics Learning Support Centre.

The Department of Mathematical Sciences is part of the London Mathematical Society's Good Practice Scheme, which supports mathematics departments interested in embedding equal opportunities for women within their working practices.

The School of Science is committed to creating a diverse and inclusive working, learning, social and living environment that enables students to achieve their potential and which celebrates and encourages diversity. Our aim is to maximise opportunities for all.

Entry requirements

Our entry requirements are listed using standard UK undergraduate degree classifications i.e. first-class honours, upper second-class honours and lower second-class honours. To learn the equivalent for your country, please choose it from the dropdown below.

Entry requirements for United Kingdom

A 2:1 honours degree (or equivalent international qualification) in a subject with a high mathematical content.

Afghanistan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Masters 95% 85% 70%

Albania

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diplomë e Nivelit të Pare (First Level (University) Diploma (from 2010) 9.5 8.5 8

Algeria

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licence (4 year) / Diplome d'Inginieur d'Etat / Diplôme d'Etudes Supérieures 16 14 12

Argentina

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Argentina 8.5 7.5 6.0

Armenia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bakalavri Kochum 90% 80% 70%
Magistrosi Kochum 3.9 3.5 3.0

Australia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Honours degree (AQF level 8) First Class, 80% Upper Second, 70%, H2A Lower Second, 60%, 2B
Ordinary degree - AQF Level 7 pass (mark 46 or 50) High Distinction (80% or 85%) Distinction (75% or 80%) Distinction (70% or 75%)

Austria

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Degree/ Diplomstudium / Magister degree A (or 1.5) mit Auszeichnungbestanden 60% or B or 3.0 (or 2) 50% or C or 2.7 (or 3)

Azerbaijan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bakalavr Diplomu 4.5 4 3.5
Diplomu (Specialist Diploma) 90% 80% 70%

Bahamas

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Degree from University of the West Indies only 1st (GPA 3.6) 2:1 (GPA 3.0) 2:2 (GPA 2.5)

Bahrain

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.0 2.8

Bangladesh

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
BUET or 'Good Private' University - 4 year degree BUET - 1st (70%) / 3.5 BUET - 2nd (60%) / 3.0 BUET - 2nd (55%) / 2.75
Other universities - Masters (1-2 years) following a 3 or 4 year degree 80% / 4.0 65% / 3.25 50% / 2.5

Barbados

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Barbados - Degree from University of the West Indies only 1st (GPA 3.6) 2:1 (GPA 3.0) 2:2 (GPA 2.5)

Belarus

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Specialist Diploma (5Yr) 9 7 5

Belgium

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bachelor degree Magna Cum Laude Cum Laude 60%/12
Licenciaat 80% 70% 60%
Licencie 17 14 12

Belize

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Degree from University of the West Indies only 1st (GPA 3.6) 2:1 (GPA 3.0) 2:2 (GPA 2.5)

Benin

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Maitrise 18 15 or Bien 12 or Assez Bien

Bermuda

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Degree from University of the West Indies only 1st (GPA 3.6) 2:1 (GPA 3.0) 2:2 (GPA 2.5)

Bolivia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
A Licenciado, 4 years Private (public/private) 85/78 75/66 67/55

Bosnia and Herzegovina

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diploma Visokog Obrazovanja / Diplomirani 10 9 8

Botswana

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's degree A or 80% B or 70% C or 60%

Brazil

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Brazil - 4 yr Bacharel or Licenciado/Licenciatura or Título Profissional 8.5 7.5 6.5

Brunei

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Brunei First Upper Second (60%/B/3.1) Lower Second (50%/C/2.7)

Bulgaria

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
5 yr Diploma za Zavarsheno Visshe Obrazovanie (Diploma of Completed Higher Education) 6 5 4

Cambodia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 years 90% or 9 or 4.0 80% or 8 or 3.5 70% or 7 or 3.0

Cameroon

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bachelor degree or Diplome d'Etudes Superiures de Commerce 1st or 15 2:1 or 14 2:2 or 12.5
Diplome d'Ingenieur or Diplôme d'Ingénieur de Conception or a Maitrise or a 4 year Licence 20 or GPA 3.7 20 or Bien (GPA 3.4) 20 or Assez Bien (GPA 3.1)

Canada

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0/percentage scale 3.7/85% 3.3/75% 2.7/68%
Out of 9 8 6 5
Out of 12 10 8 6

Chile

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Grado de Licenciado / Título (Profesional) de [subject area] (4 years) 6 5.5 5

China

Students are required to have a bachelor degree (4 years) for entry to a postgraduate programme. The University uses the Shanghai Academic Ranking of World Universities to identify the required final mark, as outlined on the table below:

First class (70%) Mid 2:1 (65%) 2:1 (60%) Mid 2:2 (55%) 2:2 (50%)
Shanghai Rank Top 250 85% 81% 80% 78% 77%
Shanghai Rank 251-500 89% 84% 83% 81% 80%
Shanghai Rank 501+ 92% 87% 86% 85% 82%

Affiliated colleges

The University will consider students from Affiliated Colleges in the following way:

Applicants from colleges affiliated to universities in the top 250 Shanghai rankings will considered if they have achieved or are likely to achieve final marks of 80%-84%.

Applicants from colleges affiliated to universities which are 251-500 in the Shanghai rankings will considered if they have achieved or are likely to achieve final marks of 82%-87%.

Applicants from colleges affiliated to universities which are above 500 in the Shanghai rankings will considered as follows:

  • School of Business and Economics: not considered
  • All other programmes if they have achieved or are likely to achieve final marks of 82%-87%.

Universities given special consideration

Applicants from a small number of Chinese universities that specialise in business, management, finance or creative arts will be given special consideration by the University. The full list of these universities and the Shanghai band under which they will be considered can be found in the PDF below.

Download the list of Chinese universities given special consideration here

Students who do not meet the above requirements may occasionally be considered if they have a relevant degree, can show good grades in relevant subjects, and/or have substantial relevant work experience.

Colombia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licenciado / Título de [subject area] 4.5 3.75 3.2

Costa Rica

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licenciado 9 8 or 80 7 or 75

Croatia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Baccalaureus / Prvostupnik 4.5 3.8 3.0

Cuba

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4-year Titulo de Licenciado / Licenciatura 5 4 3

Cyprus

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Cyprus 8.5 7.0 6.5

Czech Republic

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bakalár (after 2001) 6 yr integrated Magistr 1 1.5 2

Denmark

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
5 year Candidatus/Candidata Magisterii or Bachelor degree (7 point scale) 12 10 7

Dominican Republic

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 year Licenciado 3.8 Magna Cum Laude 3.5 Cum Laude 3.2
Título de [subject area] - 85% 82%

Ecuador

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Título de Licenciado 8.5 8 7
Título de [subject area] 85% 80% 70%

Egypt

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Egypt 3.5 3.2 2.8
Universities only BA 90%, BSc 85% BA 80%, BSc 75% BA 65%, BSc 65%

El Salvador

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
5 year Licenciado 8.5 7.5 6.5
Título de Ingeniero 85% 75% 65%
Arquitecto - Muy Bueno Bueno

Estonia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bakalaureusekraad or Magister or Magistrikraad 5 or A 4 or B 3 or C

Ethiopia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's A/GPA 4.0 A/GPA 3.5 B/GPA 2.8

Finland

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Kandidaattii/Kandidat (out of 3) 3 2 1
Maisteri/Magister (out of 5) 4.5 3 2.5

France

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licence (3 years)/ Maitrise/ Diplôme d'Ingénieur 14 12 11

Georgia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4-year degree (% = new system) 5 (95%) 4.5 (85%) 4 (75%)

Germany

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
German Bachelor/ Diplom, Magister Artium / Zeugnis über den Zweiten Abschnitt der Ärztlichen Prüfung 1.5 2.5 3.0

Ghana

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Ghana First Upper second/60% Lower second/50%

Greece

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Univesities 8.5 7.0 6
TEI and non-University Institutions 8.5 7 6.5

Grenada

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Degree from University of West Indies - classification 1st 2:1 2:2
Degree from University of West Indies - grade / percentage A B / 75% C / 55%
Degree from University of West Indies - GPA 3.6 3.0 2.0

Guatemala

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Liceniado / Titulo de (subject area) - 4years 90% (public university) / 95% (private university) 80% (public university) / 85% (private university) 60% (public university) / 70% (private university)

Guyana

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's GPA 4 GPA 3.5 3.0

Honduras

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Título de Licenciado / Grado Académico de Licenciatura (4 year degree) - GPA out of 5 GPA 5 or 90% GPA 4 or 80% GPA 3.5 or 70%

Hong Kong

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.0 2.5

Hungary

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Alapfokozt or Egyetemi Oklevel / Bachelor 5 4 3

Iceland

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Baccalaurreatus degree or Kandidatsprof/Candidatus Mag 8.5 7.5 6.5

India

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Institutions listed on the Indian Ranking of Higher Educational Institutions Framework
(Applicable for our September 2021 intake)
65% (First) 60% (First) 55% (Upper second)
All other Indian institutions 70% (First with distinction) 65% (First) 60% (First)

Indonesia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Sarjana I (S1) from A (or B) credited Universities 3.7 (4.0) 3.3 (3.7) 3 (3.3)

Iran

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Iran 17 15 13

Iraq

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Iraq 80% 75% 70%

Ireland

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Republic of Ireland First (70%) Upper second (60%) Lower second (50%)

Israel

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
3 yr Bachelor Degree 90% 80% 70%

Italy

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diploma di Laurea 109/110 104/110 (or 27) 100/110 (or 26)

Ivory Coast

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diplome d'Etude Approfondies, Diplome d'Etude Superieures or Diplome d'Etude Superieures 16 14 (Bien) 12 (Assez Bien)

Jamaica

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
For degrees studied at The University of West Indies or degrees accredited by UCJ and CCCJ 1st (GPA 3.6) 2:1 (GPA 3.0) or B 2:2 (GPA 2.0) or C

Japan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Japan 85% 80% or B or 3.0 70% or C or 2.0

Jordan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3 or 3.5/5 or 75% 2.8 or 65%

Kazakhstan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 5.0/percentage scale 4.5 or 90% 4 or 85% 3.5 or 80%
GPA 4.33 scale 3.9 3.7 3.2
GPA 4.0 scale 3.7 3.4 3

Kenya

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Kenya First / 70% / A Upper second / 60% / B Lower second / 50% / C

Kosovo

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Kosovo 10 9 8

Kuwait

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.6 3.0 2.8

Latvia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Latvia 9 7 6

Lebanon

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
American 90% (3.5) 80% (3.2) 70% (2.8)
French 18 15 12

Liberia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's 4.0 or 90% 3.5 or 85% 3 or 80%

Libya

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
BSc Engineering, Architecture, Medicine 85 (3.6) 75 (3.0) 65 (2.5)
Other bachelor's degree from a university 90 (4.0) 85% (3.6) 75% (3.0)

Lithuania

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Lithuania 9 8 7

Macau

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Macau 1st or GPA 3.7 2:1 or GPA 3.0 2:2 or GPA 2.5

Macedonia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Macedonia 10 9 8

Malawi

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's only MSc 75% MSc 70% MSc 65%

Malaysia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Classification First Class 2.1 2.2
GPA 4.0 scale 3.5 3.0 2.8

Malta

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Malta 1st (80%) 2:1 (70%) 2:2 (55%)

Mauritius

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Mauritius 1st or 70% 2:1 or 60% 2:2 or 50%

Mexico

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Mexico 9 8 7

Moldova

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diploma de Licenţă (Diploma of Licentiate) 10 9 8

Mongolia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Диплом Специалиста (Specialist Diploma) 90% or 3.5 80% or GPA 3.2 70% or GPA 3.0

Morocco

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Morocco 17 15 13

Mozambique

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 year Licenciatura 16 14 12

Myanmar (Burma)

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
2 year Master's degree 5 or 85% 5 or 75% 4.5 or 65%

Namibia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Namibia 80% or A 70% or B 60% or C

Nepal

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's (after 3 year bachelor degree) 90% or 3.9 GPA 80% or 3.8 GPA 65% or 3.3 GPA

Netherlands

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Netherlands 8 7 6

New Zealand

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 Year Honours degree (480 credits) - Level 8 First (7.0) Upper Second (6.0) Lower Second (4.0)
3 Year degree (360 credits) - Level 7 A+ (9.0) A- (7.0) B+ (6.0)

Nicaragua

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licenciatura (4 year) 90% 80% 70%

Nigeria

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
7 point Scale 6 5 4
5 point scale 4.5 3.8 3.5
4 point scale 3.5 3 2.5

Norway

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Norway A B C

Oman

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.0 2.5

Pakistan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 Year degree only (the higher of the 2 option) A- or GPA 3.7 B or GPA 3.0 C+ or GPA 2.6
2 or 3 year bachelor's plus Master's First (60%) Second (55%) Second (50%)

Palestine

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bachelor Degree A / 90% / 3.7 B+ / 85% / 3.3 B / 80% / 3.0

Panama

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 Year Licenciado / Título de [subject area] 91 (A) 81 (B) 71 (C)

Papua New Guinea

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Papua New Guinea 1st 2:1 2:2

Paraguay

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 Year Título de Licenciado / Título de [subject area] 4.5 (85%) 4 (80%) 3.5 (75%)

Peru

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 Year Título de Licenciado / Título de [subject area] 14 13 12

Philippines

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Degree from prestigious state universities or Centres of Excellence (COE) Summa Cum Laude 4.0 / 96% / 1.0 Magna cum Laude 3.5 / 92% / 1.5 Cum Laude 3.0 / 87%/ 2.0

Poland

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bachelor Degree (post 2003) Magister (pre- 2003) 5 4.5 / 4+ 4

Portugal

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Portugal 18 16 14

Qatar

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.0 2.8

Romania

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diploma de Licenta/ Diploma de Inginer 9 8 7

Russia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Russia 4.5 4.0 3.5

Rwanda

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 year bachelor (Hons) degree (480 credits) 1st, 16/20 (80%) 2:1,14/20 (70%) 2:2, 12/20 (60%)

Saudi Arabia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.0 2.8
GPA 5.0 scale 4.5 3.75 3.5

Senegal

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Maitrise, Diplome d'Etude Approfondies,Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees 16/20 or Tres Bien 14/20 or Bien 12/20 or Assez Bien

Serbia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Diplomirani/ Bachelor's degree 9 8 7

Sierra Leone

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Honours degree or masters 1st (70%) 2:1 (60% or B) 2:2 (50% or C)

Singapore

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Classification First Upper second Lower second
GPA 4.0 scale 3.7 3.0 2.7
GPA 5.0 scale 4.5 3.5 3.0

Slovakia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Slovakia 1.5 or B 2.0 or C 2.5 or C/high D

Slovenia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Slovenia 9.5 8.5 7

South Africa

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Classification 1st 2:1 2:2
Percentage scale 75-100% 70-74% 60-69%

South Korea

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA out of 4.5 4.0 / A 3.5 / B 3.0 / C+
GPA out of 4.3 4.0 / A 3.0 / B 2.7 / C+

Spain

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licenciado / Título de Ingeniero / Título de Arquitecto 8.5 7 6.5
UCM grading 3.0 2.0 1.5

Sri Lanka

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 year Professional degree or Bachelor Special or Honours degree 90%, GPA 3.70 80%, GPA 3.30 70%, GPA 3.0

Sudan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Sudan (North and South) 1st or 70% or B+ 2:1 or 66% Mid 2:2 or 60% or B

Sweden

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Sweden - Overall grade of VG with a minimum of 90 credits at VG Overall grade of G with a minimum of 90 credits at G

Switzerland

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Switzerland 6 5 4

Syria

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
State universities 4 years of study 80% 70% 60%
Private universities 4 years of study 90% 80% 70%

Taiwan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Category 1 (4 year degree) 80% 75% 70%
Category 2 (4 year degree) 85% 80% 75%

Tajikistan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Tajikistan - 4.5 4

Tanzania

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Tanzania 1st 2:1 2:2

Thailand

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.2 2.8

Trinidad and Tobago

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
For degrees studied at The University of West Indies or degrees accredited by ACTT 1st or B+ or 70% 2:1 or B or 65% 2:2 or B- or 60%

Tunisia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licence, Maîtrise, Diplôme National d'Ingénieu 16 (tres bien) 14 (bien) 11 (assez bien)

Turkey

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Lisans Diplomasi or a Műhendis Diplomasi 3.5 3 2.5

Turkmenistan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
4 Yr Bakalavr, Specialist Diploma or Magistr 5 4.5 4

Uganda

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Uganda 1st or 4.4 2:1 or 3.8 2:2 or 3.0

Ukraine

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Dyplom Magistra or a Bachelors degree (11 / 5) 11 or 5 9 or 4.5 8 or 4

United Arab Emirates

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.0 2.6

United States of America

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
GPA 4.0 scale 3.5 3.2 2.8

Uruguay

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licenciado (4 year) 10 9 8

Uzbekistan

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Bakalavr Diplomi / Diplomi (Specialist Diploma) 90% or GPA 4.5 80% or GPA 4.0 70% or GPA 3.0

Venezuela

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Licenciado/Professional title. (4 year) 18/20 or 8/9 16/20 or 7/9 14/20 or 6/9

Vietnam

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
10-point scale 8.0 7.0 6.0
4-point scale 3.5 3.0 2.8

Zambia

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
Master's A or 4.0 or 80% B+, 3.5 or 70% B or 3.0 or 60%

Zimbabwe

First-class honours (70%) Upper second-class honours (60%) Lower second-class honours (50%)
3/4 year degree 1st or 75% 2:1 or 65% 2:2 or 60%

English language requirements

Applicants must meet the minimum English language requirements. Further details are available on the International website.

Fees and funding

UK fee

Full-time degree per annum
£9,700

EU fee

Full-time degree per annum
To be confirmed

International fee

Full-time degree per annum
£19,950

Tuition fees cover the cost of your teaching, assessment and operating University facilities such as the library, IT equipment and other support services. University fees and charges can be paid in advance and there are several methods of payment, including online payments and payment by instalment. Fees are reviewed annually and are likely to increase to take into account inflationary pressures.

Find out more about tuition fees and funding

Your development

Our Department of Mathematical Sciences is committed to helping you develop the skills and attributes you need to progress successfully in your chosen career.

This programme will support your personal development by equipping you with the skills needed for a career in finance. In particular, you will be introduced to the vital mathematical modelling techniques and will gain experience of the application of computer software in the solution of mathematical problems. You will also develop in both independent working and group work, whilst growing your time management, organisational, IT, presentation and communication skills.

Your future career

Our Mathematical Finance master's may lead to a wide range of employment within industry, the financial sector and research establishments. It also provides an ideal foundation for postgraduate research in stochastic analysis, probability theory, mathematical finance and other relevant areas.

Recent graduate destinations include:

  • Deloitte, Business analyst
  • HSBC, Finance analyst
  • JPSS, Data analyst
  • Lloyds Banking Group, Risk Analyst

Other students have gone on to secure PhD places at top UK universities, including Loughborough, Warwick and Nottingham, and international universities such as Chicago and Boston.