Financial Mathematics

Financial Mathematics at University College London (UCL) is a rigorous and intellectually stimulating undergraduate program designed to equip students with a deep understanding of mathematical techniques and their applications in finance and the financial industry. This degree combines the core principles of mathematics, probability, statistics, and computational methods with specialised training in financial theory, derivatives pricing, risk management, and quantitative analysis. Students will develop proficiency in using advanced mathematical tools and computer software to model, analyse, and solve complex problems encountered in financial markets.

Throughout the course, students engage with a diverse curriculum that covers essential topics such as stochastic processes, optimization, numerical methods, financial markets, investment science, and actuarial mathematics. The program emphasizes both theoretical foundations and practical skills, preparing graduates for careers in investment banking, asset management, financial consultancy, risk assessment, and financial technology (fintech). The interdisciplinary nature of the program allows students to understand the financial mechanisms behind market movements and develop quantitative strategies to optimise investment portfolios.

In addition to classroom lectures, students participate in problem-solving sessions, computer lab workshops, group projects, and real-world case studies, promoting active learning and collaborative skills. The program also offers opportunities for industrial placements and internships, enabling students to gain valuable practical experience and industry insights. Taught by leading researchers and practitioners in the field, the degree ensures students receive a comprehensive education aligned with current market needs and innovations.

Graduates of the BSc in Financial Mathematics at UCL are well-prepared to pursue further academic research or to enter a competitive financial sector career. The program’s strong mathematical foundation, combined with its focus on applied financial skills, allows students to adapt to rapidly changing financial environments, emerging markets, and technological advancements. With the support of UCL’s extensive network of alumni and industry partners, students gain access to a wide range of career development resources and professional networks. Overall, this program offers a challenging yet rewarding educational experience for aspiring quantitative finance specialists and mathematicians interested in the dynamic world of finance.

Students will develop a detailed understanding of the application of mathematics, statistics and computation to problems in finance, and will gain the necessary practical tools for the pricing, hedging and risk management of a diverse range of financial products in several asset classes.

Students undertake modules to the value of 180 credits.

The programme consists of four core modules (60 credits) four optional modules (60 credits) and a research dissertation (60 credits).

A Postgraduate Diploma will be offered to the students that have completed 8 taught modules (120 UCL credits).

A Postgraduate Certificate will be offered to the students that have completed 4 taught modules (60 UCL credits).

Core modules

• Asset Pricing in Continuous Time
• Forecasting
• Interest Rates and Credit Modelling
• Quantitative and Computational Finance

Optional modules

Four modules must be chosen from the following list.

• Applied Computational Finance
• Equities, Foreign Exchange and Commodities Modelling
• Market Risk, Measures and Portfolio Theory
• Mathematics and Statistics of Algorithmic Trading
• Numerical Analysis for Finance
• Probability
• Statistical Inference
• Stochastic Processes
• Quantitative Modelling of Operational Risk and Insurance Analytics

Dissertation/report

All MSc students undertake an independent research project, which culminates in a research report of approximately 10,000 words.

Teaching and learning

The programme is delivered through a combination of lectures, practical classes, tutorials and problem-solving exercises. Assessment is through written papers, coursework, examinations and the research report and presentation.

A minimum of an upper second-class Bachelor's degree in a relevant discipline from a UK university or an overseas qualification of an equivalent standard.

Scholarships relevant to this department are displayed below.

Edwin Power Scholarship

Value:

£400 (1 year)

Eligibility:

UK, EU, Overseas students

Criteria:

Based on academic merit

Financial Mathematics at University College London is a highly regarded interdisciplinary program that combines rigorous mathematical techniques with practical financial applications. This course is designed for students who are interested in understanding the quantitative methods used in finance, including modeling, analysis, and management of financial markets and instruments. The program covers a broad spectrum of topics such as stochastic processes, derivatives pricing, risk management, and financial econometrics, providing students with the essential skills and knowledge required to pursue careers in quantitative finance, investment banking, risk analysis, or financial consultancy.

The curriculum is structured to ensure a strong foundation in mathematics while also emphasizing real-world financial applications. Students will engage with modules in advanced calculus, probability theory, numerical methods, and programming, alongside specialized finance courses such as fixed income securities, options, futures, and financial modelling. Practical skills are further developed through coursework, projects, and possibly internships, which enable students to apply theoretical knowledge to actual financial data.

The program benefits from UCL’s location in London, providing numerous opportunities for networking with financial institutions, attending industry seminars, and engaging with guest speakers from the finance sector. The teaching staff includes leading academics and practitioners who bring real-world insights into the classroom. UCL’s Department of Statistical Science and Department of Economics, which collaborate closely on this interdisciplinary program, ensure that students are equipped with both the theoretical and applied expertise needed for a competitive edge in the finance industry.

The duration of the program is typically three years for an undergraduate degree, with options for joint honours and postgraduate specializations. Admission requirements usually include strong A-levels in mathematics and relevant science subjects, or equivalent qualifications. Students graduating from this program are well-prepared for entry into finance-related roles or for further academic research. UCL also provides career support services, including workshops, placements, and mentorship programs, to enhance students' employment prospects.

Overall, the Financial Mathematics program at UCL offers a comprehensive blend of mathematical theory, practical application, and industry engagement. It aims to cultivate analytical, quantitative, and problem-solving skills necessary for the dynamic and demanding field of finance, making it an excellent choice for students aspiring to become financial analysts, quantitative researchers, or risk managers in the global financial markets.