Financial Mathematics

Description

Mathematics is a fundamental subject that is constantly developing. Yes – it is a discipline in its own right. But it is also the thinking behind countless commercial, industrial and technological activities. Mathematical models underpin engineering, the applied sciences, computing and many aspects of management today. As a Mathematics student you will develop an outlook and high level study skills that will be hugely valuable whatever career path you follow after graduation.

Two-thirds of this course consists of the core parts of our wide-ranging Maths course and covers several application areas – finance, statistics, operational research (how Maths can be applied to commercial and industrial problems) and numerical analysis. The remaining third covers the workings of financial markets, and corporate investment and finance.

Mathematics at Brunel

Maths at Brunel means you will be working with staff internationally recognised for their state-of-the-art subject knowledge. In the 2008 Research Assessment Exercise (RAE), nearly 60% of our research in the department was rated ‘World Leading’ or ‘Internationally Excellent’. Within London, the Department of Mathematics was ranked in the top three.

Because Mathematicss has links with many other subject areas, we offer an excitingly wide choice of courses, each with a different emphasis. These include modules in pure and applied Mathematics, operational research, computer science, finance, information technology and management studies. This structure means that most individual subject modules are not unique to any particular degree.

We are also very active at postgraduate level offering Mathematics MSc courses and research opportunities in many areas. External grants and contracts with industry and government establishments support much of our research – keeping us right at the ‘cutting edge’ and actively in contact with modern uses of Mathematics. The result is that our undergraduate courses are truly up-to-date. For example, you may undertake your major final year project in one of our research areas.

Aims

This course is for you if you are a committed Maths student interested in a career in the fast moving world of finance or commerce. You will acquire the skills needed to develop mathematical and statistical knowledge, as well as a good awareness of financial institutions, markets and their workings.

Detailed Course Facts

• GBP 9000 Year (EEA)
• GBP 14250 Year (Non-EEA)

• English

Course Content

Two-thirds of this course is shared with the BSc in Mathematics. This covers several application areas –finance, statistics, operational research (ie how maths can be applied to commercial industrial problems) and numerical analysis. The remaining third covers the key principles of finance. MMath students study for a further year, bringing their degree up to Master’s level.

Typical modules

Level 1

• Linear Algebra
• Calculus and Numerical Methods
• Discrete Mathematics, Probability and Statistics
• Financial Markets
• Introduction to Financial Accounting

Level 2

• Linear and Numerical Methods
• Communication Skills and Operational Research
• Statistics
• Algebra and Discrete Mathematics
• Analysis
• Corporate Finance
• Corporate Investment

Level 3 Core

• Major Project (see below for more)
• Stochastic Models and Mathematical Finance
• Risk and Optimisation in Finance
• Differential and Integral Equations
• Financial Engineering

Level 3 Options

• Statistics
• Differential and Integral Equations
• Numerical and Variational Methods for PDEs

Final year project

This is a very valuable feature of the Financial Mathematics BSc course – a substantial piece of individual, course-related work personally supervised by a staff member. Projects are often connected to staff research areas and may also be in response to industry demands. Work on the project accounts for about one-third of your final year study load.

Explore in-depth a topic of particular interest to you or work on a practical problem – the choice is yours.

Although students who undertake a work placement year can choose to focus their final year project on their work experience, they may also select from the projects offered each year by the Mathematics staff. During 2010-2011 over 150 project titles were available to final year Mathematics undergraduates. These covered a very wide range of mathematical areas and applications including, for example:

• The very famous ’travelling salesman problem’ (also known as ’the lazy waiter’!)
• The discovery and identification of clustering behaviour in financial markets
• The Mathematics of complex networks such as the web, or even Facebook
• Applications of statistics to the premier league, police complaints data and global warming
• Investigating traffic flow (are traffic lights better than roundabouts?)

In addition to all of these topic areas, our students also have opportunities to study modern theories in quantitative finance, with particular emphasis on the Mathematics and computation underlying the powerful and influential financial derivatives (e.g. options) industry. Often termed the ‘Black-Scholes theory’, this is famous for winning its discoverers a Nobel prize, as well as for its misapplication often being blamed (rightly or wrongly) for the current worldwide financial crisis.

Most of our projects can be carried out in ways that suit the student's strengths and interests. For example, it is often possible to choose to emphasise concrete applications or abstract theory, and the project can be carried out using theoretical tools only, or computational tools only, or a mixture of both.

MMath fourth year Master’s option

Study for a further year (at Level 4) and bring your BSc degree up to Master’s standard. The MMath programme offers a highly integrated, logical progression from BSc to Master’s level.

Complete the course and develop a career requiring a higher level of mathematical skill and understanding – such as in finance, commerce or industry, or in postgraduate research.

Level 4 modules include:

• Advanced Project
• Risk, Simulation and Decision Analysis
• Variational methods for partial differential equations
• Advanced mathematical finance
• Stochastic PDEs and its Calculus
• Risk Management and Regulation

English Language Requirements

IELTS band : 6 CAE score : 60(Grade C)

To study at this university, you have to speak English. We advice you to

Requirements

• GCE A-level ABB, including grade A in Mathematics or Further Mathematics.
• BTEC Level 3 Extended Diploma D*DD plus A-level Mathematics at Grade A.
• BTEC Level 3 Diploma DD in a related subject with an A-level Maths at grade A.
• BTEC Level 3 Subsidiary Diploma D in a related subject with A-levels grade AB including an A grade in Maths.
• International Baccalaureate Diploma 33 points, including 6 points in Higher Mathematics.
• Access to Higher EducationDiploma Complete and pass relevant Access course with 45 credits at Level 3, of which 30 credits must be at Distinction and 15 credits at Merit or higher. Must have 15 Maths level 3 Maths units at Distinction. Applicants must also have an A-level in Maths grade A.

GCSE Mathematics grade C and GCSE English grade C are also required.

Work Experience

No work experience is required.

Related Scholarships*

• Academic Excellence Scholarship

  "The Academic Excellence Scholarship can provide up to a 50 % reduction in tuition per semester. These scholarships will be renewed if the student maintains superior academic performance during each semester of their 3-year Bachelor programme. The scholarship will be directly applied to the student’s tuition fees."

• Access Bursary

  Bursary for UK students all subjects where the variable tuition fee rate is payable.

• Alumni Bursary

  Alumni Bursary for UK Undergraduate students

* The scholarships shown on this page are suggestions first and foremost. They could be offered by other organisations than Brunel University.