MSc in Mathematical Finance - Information for Applicants
Please note: each of the advanced modules of the MSc in Mathematical Finance is also available to those not registered as students on the MSc programme as a stand-alone, non-assessed four-day Short Course. Please also see 'Frequently asked questions'.
Should I apply for the MSc?
The MSc in Mathematical Finance is aimed at students with several years' professional work experience in a financial institution. It is structured to be accessible to those in full-time employment, and to those not resident in the UK. The majority of students on the programme live overseas and travel to Oxford for taught 'modules'. See also alumni profiles.
Applicants will require a strong mathematical background, and are considered according to the Selection Criteria. All applicants are required to complete the Admissions Exercise: if you are able to complete at least two thirds of the exercise without great difficulty this is an indication that your mathematical background is likely to be suitable.
What are the benefits for me and my employer?
The MSc covers the most important mathematical and computational techniques. Taught by a panel of tutors with strong academic backgrounds and direct experience of the industry, students gain a broad perspective encompassing both theory and practice.
Among the topics covered are:
- The pricing and hedging of financial derivatives for traditional and emerging asset classes
- Portfolio theory and optimal investment
- Quantitative risk management
Skills developed:
Graduates will be able to:
- Formulate suitable mathematical models for new problems
- Identify and implement accurate and stable computational methods
- Calibrate models to market data
- Assess the validity and limitations of models
Minimal impact on professional work
The course is structured around the demands on the full-time professionals in the finance industry at whom it is aimed. Attendance requirements are limited to a series of seven 4- or 5-day modules spread across five terms. At other times, students study in their own time
Applying study at work
The course provides intensive training in significant mathematical and computational techniques. But students can orient their advanced studies according to what is directly relevant to their work by:
- choosing the elective Advanced Modules most relevant to their work;
- writing a dissertation that is also a mathematically challenging work project, possibly under the joint supervision of a colleague and a faculty member.
When should I apply?
Applications are now open to start the MSc in January 2014.
There are two deadlines during the application process. These are Friday 17th May 2013 and Saturday 31st August 2013. We aim to inform applicants of the outcomes of their applications within a month of these deadlines. (Please note that the deadlines for this MSc are unique, and different from the 'standard' deadlines which you will see on the University's main graduate admissions website.)
Applications and other materials must be successfully submitted online by 23:59 GMT on the deadline date. Any materials sent via post must be received by the Graduate Admissions Office by the end of the working day, 17:00 GMT, on the deadline date; the date of posting is not taken into account.
Application deadlines are strictly enforced. Your application and all supporting materials, including references, must be received by the deadline.
How should I apply?
Please apply online, following the detailed guidance provided on the Graduate Admissions website. However, please also note the following points, which are specific to applicants for this particular MSc.
You will need to submit your answers to the MSc in Mathematical Finance Admissions Exercise as part of your application. You will also need to complete the accompanying declaration that the answers you are submitting are your own work.
You will be asked to name three academic referees as part of your application. However, for this MSc at least one referee should usually be your current or most recent employer. You will need to name three referees in order to submit your application online, but your application may be considered with only two references completed, provided that one is from a current or recent employer, and one is an academic reference.
Please also see 'Frequently asked questions' and contact the Admissions Administrator if you have any further questions.
How is the MSc structured?
The MSc starts in January each year and is designed to take just under two and a half years. It is delivered in a series of intensive week-long modules based in Oxford. Students usually travel to Oxford, often from overseas, for each module.
Students initially take four core modules - usually scheduled between January and June. Each is five days long (Mon-Fri) and covers fundamental concepts. Students will be given practice problems to attempt at home after the module. Attendance at these modules is compulsory and students are examined on this core material in two two-hour written examinations which are held on one day in late September.
Following the written examinations students take three advanced modules. These are usually scheduled between September of the first year and the following April, and are each of four days duration (usually Tues-Fri). It is necessary to attend three advance modules, and submit an assignment on each. These assignments are formally assessed and contribute towards the MSc qualification.
Following the advanced modules students write a dissertation on a topic of their choice, which is usually in an area relevant to their career. The dissertation is submitted in April of the third year, and students may graduate in June. (Although, in recognition of the fact that students often have other pressing demands on their time, it is possible to apply for an extension if necessary.)
What are the MSc Fees?
Please see our fee information. Applicants will be asked to provide evidence of their ability to pay the course fees before their offer can be confirmed. We charge successful applicants a deposit in order to secure their offer. We will correspond in more detail about this with successful applicants.
How can I obtain further information?
Please see 'Frequently asked questions' and contact the Admissions Administrator if you require any further information.