Part-time MSc in Mathematical Finance
Each module is four to five days long, covering the most important technical and quantitative aspects of finance in regular use in financial institutions, from fundamental concepts through to the latest developments.
The full MSc starts in January each year, and is designed to take seven terms (just over two years). Depending on their Advanced Module choices, which must total three, students take five to six modules in the first year, and take one or two modules and write their Dissertation in the second year.
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 one-off, 4-day Short Course.
Please follow these links for more information:
Admissions criteria & 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)
Visa (Please note that admission on this MSc does not support a Tier 4 visa. We can provide evidence to support a Student Visitor Visa.)
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 programme?
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, and leading figures in the industry. The wide variety of experience on which the tutors are able to draw equips students with an intimate knowledge of both financial theory and its application within the workplace.
Implementing what you have learned
While the course covers all the areas of mathematical finance currently in use in financial institutions, it also allows 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 your mathematical background to invest in a future in quantitative finance
A prerequisite for study on the course is a degree in mathematics or another subject with a quantitative emphasis such as physics, engineering or economics (see also the Qualification Specification). Some students take the course simply to improve their understanding of issues that already arise in their work. 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 significant number 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.
Employers
The MSc (please see 'How is the programme 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 7 4- or 5-day modules spread across 5 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 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.
How is the programme 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.
- Students will be admitted to the MSc in January. Between January and June, they participate in 4 compulsory Core Modules.Following each module, students submit a "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 MSc result.
- All students sit two written examinations in the September after admission, covering material from the core modules.
- Students must undertake 3 Advanced Modules.The Advanced modules 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 are unable to complete the Dissertation for some reason may be awarded a Postgraduate Diploma.
- Some students may find that their personal circumstances require them to take a break in their studies. Students can apply to 'suspend' their studies for a period.See Handbook for further details.
Individual Advanced Modules can be attended as 'short courses' by interested members of the public.
Application deadlines
Please note: information given here applies to entry in January 2012, when we begin admitting students directly to the MSc. The structure of the programme for current students is slightly different. If you have any questions, please contact the Mathematical Finance Administrator.