Part-time Postgraduate Diploma/MSc in Mathematical Finance

Please follow these links for more information:

Admissions criteria and how to apply

Modules, some of which can be attended as short courses

Course calendar (for dates of modules, exam, matriculation and assignment deadlines etc)

Tutors

What current and former students have to say

Fees

Background to the course

The Mathematical and Computational Finance Group (MCFG), internationally renowned for its research output, began running the course in 1999. 

MCFG hosts the Nomura Centre for Mathematical Finance and works in partnership with the Oxford-Man Institute of Quantitative Finance

The programme attained the status of a Postgraduate Diploma/MSc in 2002 and receives support from the Engineering and Physical Sciences Research Council (ESPRC) as part of its Integrated Graduate Development Scheme.

Who will benefit from this course?

Students

Taught by people in the field to meet the needs of people in the field

 

The programme is aimed at students with several years' professional work experience in a financial institution. It is structured to allow those working full-time to develop expertise in mathematical finance without compromising their professional work.   The tutors include University academic staff, many of whom act as consultants for major financial institutions and/or are editors for journals such as Oxford-based Applied Mathematical Finance.  Other tutors are leading figures in the industry.  The variety of experience which the tutors contribute provides students with valuable insight into both financial theory and its practical application within the workplace.

Enabling students to put their knowledge into practice as they learn

 

While the course covers all the areas of mathematical finance currently deployed in financial institutions, it also enables students to focus on topics most relevant to them. MSc students choose 3 Advanced Modules and then complete assignments on topics of their choice within those modules; they also propose their own dissertation subjects, which can involve collaboration with an employer on a project at work.

Use the maths in your background to invest in your future in quantitative finance

 

A prerequisite for study on the course is a degree in mathematics or other subject with a high quantitative content such as physics, engineering or economics (see also the Qualification Specification).  Some students take the course simply to improve their understanding of issues they already tackle at work.  However, others progress to specialist mathematical roles within finance and some take the course with a view to changing career path, for example from accountancy to investment banking.

Oxford life

 

A large proportion of students on the course live and work overseas but the modular structure allows them to participate in Oxford student life for the few weeks a year that they are in Oxford.

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Employers

The combined Postgraduate (PG) Diploma and MSc Mathematical Finance (please see 'How is the course structured?') 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 4-5 modules spread across the year. 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 second-year 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 from a colleague and a faculty member

Discounted rates for companies sponsoring students

 

Discounts may be available for companies sending groups of students. Please contact the Mathematical Finance Administrator to find out more.

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How is the course structured?

The taught component of the programme consists of a series of modules . The modules, each of 4-5 days' duration, take place in Oxford, and cover the most important technical and quantitative aspects of finance in regular use in financial institutions, from fundamental concepts through to the latest developments.

• All students are initially admitted onto the PG Diploma course in January. Between January and June, they participate in 4 compulsory Core modules. Following each module, students submit an "summatively" assessed assignment, which requires about 6-8 hours work. Where an assignment is "summatively" assessed, feedback is given to the student but the mark does not contribute to the final PG Diploma/MSc result
• All students sit an examination in the September after admission, covering material from the core modules.
• Subject to satisfactory performance in the written examination and demonstration of commitment to the course in the core modules, students can apply to progress onto the MSc course as the vast majority of students do. To complete the MSc, students must undertake a total of 3 of the Advanced modules that take place between September and June. The assignments for these Advanced modules are formally assessed, and take about 20 hours each to complete. Following submission of the last Advanced module assignment, MSc students write a dissertation, which must be a substantial piece of original academic work.
• Students who do not wish to progress onto the MSc course may be awarded the Postgraduate Diploma. For the Diploma students attend, and submit an assignment following, one of the Advanced modules that take place between September and June. The assignment requires about 20 hours work to complete and is formatively assessed i.e. the mark contriubutes towards the final PG Diploma result. They also write a project report. The assignment for this module is formally assessed and requires around 20 hours' work.
• Some students may find that their personal circumstances require them to take a break in their studies. Students can apply to 'intermit' if they are on the Postgraduate Diploma course or 'suspend' if they are on the MSc course. Students may apply to intermit and/or suspend for up to six terms during the Postgraduate Diploma/MSc. No extra fees are charged for such intermitted or suspended terms.

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NB this information is indicative only. See Course Handbook for full details

Individual advanced modules can be attended as 'short courses' by interested members of the public.   

 

Application deadlines

Applications for a January 2010 start will be considered on 15th May, 1st October, and 2nd November 2009. The first deadline for 2011 entry will be in May 2010.

Please note that it may be up to a month after the application deadline for which you have submitted your application before you are informed of the outcome of your application

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