Financial Mathematics

Study mode:On campus Study type:Full-time Languages: English
Local:$ 23.2 k / Year(s) Foreign:$ 27.2 k / Year(s)  
30 place StudyQA ranking:2969 Duration:12 months

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This is a degree, offered jointly between the University of Edinburgh and Heriot-Watt University, that provides an intensive training in the mathematical ideas and tools vital to the finance industry. The ongoing financial crisis has highlighted the growing importance of such quantitative skills for the development and management of risk models as they are applied throughout the finance industry. The University of Edinburgh has long experience in stochastic analysis in the School of Mathematics whilst Heriot-Watt University has a tradition of association with the insurance and finance industry through its Department of Actuarial Mathematics and Statistics and the School of Management and Languages. The MSc in Financial Mathematics combines their different branches of expertise. The course is part of the , the joint research institute of mathematical sciences at the University of Edinburgh and Heriot-Watt University.

The advantage of the programme is its unique combination of subjects covered. These range from the Financial Markets module which leaves students equipped to deal with day-to-day practical issues in finance, through to theoretical mathematics modules, which are essential for a career dealing with the pricing of complex financial derivative contracts.
Lectures and tutorials are held in Scotland's capital city, which is a great place to live with its unmatched selection of cultural activities. In addition, as a financial centre, Edinburgh is second only to London in the UK and boasts a long tradition of association with life insurance companies. It is the second biggest centre in Europe for equity investment management and is home to the Faculty of Actuaries. More information on the MSc programme can be found at the new webpage

Compulsory courses:
* [MATH11075] Discrete-Time Finance (15 points, S1)
* [MATH11076] Stochastic Analysis in Finance I (7.5 points, S1)
* [MATH11065] Financial Markets (15 points, S1)
* [MATH11056] Derivatives Markets (7.5 points, S1)
* [MATH11058] Special Topics 1 (7.5 points, S1)
* [MATH11057] Derivative Pricing and Financial Modelling (15 points, S2)
* [MATH11077] Stochastic Analysis in Finance II (7.5 points, S2)
* [MATH11061] Credit Risk Management (15 points,S2)
* [MATH11059] Special Topics 2 (7.5 points, S2)

Optional courses:
* [MATH11070] Statistical Methods (15 points, S1)
* [MATH11092] Deterministic Optimization Methods in Finance (7.5 points, S2)
* [MATH11083] Simulation (15 points, S2)
* [MATH11110] Optimization Methods in Finance (15 points, S2)
* [MATH11064] Financial Econometrics (7.5 points, S2)
* [MATH11067] Modern Portfolio Theory (15 points, S2)
* [MATH11068] Numerical Techniques for PDE (7.5 points, S2)
* [MATH11062] Time Series Analysis (7.5 points, S2)

Students who follow this programme will become equipped to understand mathematical concepts in research papers in the area and to make a significant contribution to prospective employers in the industry.
The course is jointly run by two universities - Edinburgh and Heriot-Watt - so you will be able to enjoy the facilities offered by both.

We are looking to train those who not only have a strong background in mathematics, but who also possess the ability to communicate effectively, and have the desire to succeed in a dynamic and competitive industry.This programme is not suitable for finance professionals without graduate-level mathematical training.A 2:1 degree or equivalent if outside the UK in mathematics or a very substantially mathematical subject such as statistics, physics or engineering is required. More specifically, success on the Financial Mathematics MSc depends on whether you start with the necessary skills in the following two areas.Maths skillsSee the Maths Skills section for information about the type and level of mathematics involved in the course.English skillsIf your first language is not English or your first degree is not from a British University, you will need to provide evidence of your ability at spoken and written English. English Language Requirements CAE score: (read more) Cambridge English: Advanced (CAE) is part of the Cambridge English suite and is targeted at a high level (IETLS 6.5-8.0). It is an international English language exam set at the right level for academic and professional success. Developed by Cambridge English Language Assessment - part of the University of Cambridge - it helps you stand out from the crowd as a high achiever. 80 (Grade A)

Sources of funding for your studies on the Financial Mathematics MSc depend on whether you are a United Kingdom or other European Union national (or qualify on grounds of non-educational residence).

Scholarships for EU nationals

Partial scholarships, covering part of the cost of fees or (in some cases) maintenance (on an income-assessed basis) are currently available for UK/EU students.

Scholarships for international students

If you are an overseas student then getting funding is very competitive. Academic excellence and a high degree of English proficiency are necessary.

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