Financial Mathematics (MSc)

The Financial Mathematics MSc programme enables graduates and professionals with a strong mathematical background to research, develop and apply quantitative and computational techniques to investment and risk management. Based in the Department of Mathematics, this course has a superb reputation for research-led teaching and strong links to industry.

 

This page was last updated in March 2017. Although it was accurate at the time it was produced, please contact us directly for the very latest information before you commit yourself to any of our courses. The Department of Mathematics is currently reviewing courses for 2018 entry in order to ensure that it provides the most effective and up-to-date learning experience, so the information on this page may change before applications open for 2018.

 

  • A rigorous approach to quantitative finance taught entirely by the Department of Mathematics.
  • In-depth coverage of the skills needed for working in the financial, actuarial or related industry: probability theory, optimisation, statistics and computer implementation.
  • Unrivalled facilities in central London with City of London’s financial centre close by, and with access to live market data in our Bloomberg Data Laboratory.
  • Flexible study programme offering the opportunity to study part-time.
  • King’s is a member of the London Graduate School in Mathematical Finance which provides advanced courses for students who wish to push beyond the MSc core syllabus.
  • Lecturers on the programme have extensive experience in consulting and work for financial companies and institutions such as Bank of Finland, Commerzbank, Deutsche Bank, Goldman Sachs, ION Trading, Standard Chartered Bank and Winton Capital Management.

Description

Financial Mathematics studies problems of optimal investment and risk management, and this course covers a diverse range of topics, from classical options pricing to post-crisis investment and risk management

Like any branch of applied mathematics, financial mathematics analyses a given problem by first building a mathematical model for it and then examining the model. Both steps require detailed knowledge in different areas of mathematics, including probability, statistics, optimisation, computer science and many more traditional fields of mathematics.

Our Financial Mathematics MSc course is a unique study pathway that encompasses the essential skills required for successful risk management, trading and research in quantitative finance: probability, statistics, optimisation, computing and financial markets. You will explore probability theories, risk neutral valuation, stochastic analysis as well as interest rate and credit risk modules. We also offer you the opportunity to study an additional zero-credit supportive module called mathematical analysis for financial mathematics.

The Financial Mathematics MSc programme offers you the choice to study either full or part-time and is made up of optional and required modules. You must take modules totalling 180 credits to complete the course. If you are studying full-time, you will complete the course in one year, from September to September. If you are studying part-time, your programme will take two years to complete, you will study the required modules in the first year, and a further selection of required and optional modules including the 60-credit financial mathematics report module in your second year.

Bloomberg terminal laboratory

King’s is one of only a few academic departments in the UK that offers full access to Bloomberg terminals. These terminals will provide you access to live financial data. They are heavily used within the financial industry, and the data they provide is critical in assisting traders in making investment decisions and for risk managers monitoring investment probabilities. We have 13 Bloomberg terminals available for exclusive use by the Financial Mathematics MSc programme.

You will use the Bloomberg terminals to:

  • Gain an intuition for the conduct of real financial markets
  • Develop potential investment strategies
  • Experience using real-world investment and risk management software and obtain data for research.

The skills you will learn from using the terminals are highly valued by employers. King’s is part of a strong network of financial mathematics in London with connections both in academia and in the industry.

We are also members of the University of London and by arrangement, you can enrol in optional modules at other institutions within the University of London, which includes Birkbeck, London School of Economics and Political Sciences, University College London and many others.

Course purpose

This programme is suitable for students or professionals with a strong mathematical background. It covers the principles and techniques of quantitative finance to prepare students for advanced work in the financial sector or research in mathematical finance.

Further literature

Course format and assessment

Teaching

We use lectures, seminars and group tutorials to deliver most of the modules on the programme. You will also be expected to undertake a significant amount of independent study.
Average per week: Three hours for 11 weeks per each 15 credit module.

You are expected to spend approximately 10 hours of effort for each credit (so for a typical module of 15 credits this means 150 hours of effort).

The following table will give you an idea of what a typical academic week might look like during term time:

Lectures, seminars & feedback Self-study
20% 80%

 

Assessment

The primary method of assessment for this course is a combination of written examinations, essays, coursework and individual or group projects and oral presentations.

Examination Coursework Practical
% % %
65 35 0

General entry advice

Bachelors degree with 2:1 honours degree (or international equivalent) in mathematics or mathematics based subject.

Application procedure

Applications must be made online using King’s online application portal apply.kcl.ac.uk and a non-refundable application fee of £50 applies.

Your application will be assessed by an admissions tutor and we aim to reply within six to eight weeks of the date of submission.

Personal statement and supporting information

Please address your mathematical qualifications, any relevant experience and eventual career ambitions in a one page personal statement.

Application closing date

We recommend that you submit your application as soon as possible.  Our first application deadline was the 31st March 2017.  Applications will remain open if places are available and programmes will be closed as soon as they are full.  For programmes with spaces remaining, no further applications will be accepted from non-EU (Overseas) nationals after 30th July 2017 or from UK/ EU nationals after 3rd September 2017. Please note that funding deadlines may be earlier.

  • Full time UK fees: £20,900 p.a. (2017/18)*
  • Full time overseas fees: £25,950 p.a. (2017/18)*
  • Part time UK fees: £10,450 p.a. (2017/18)*
  • Part time overseas fees: £12,975 p.a. (2017/18)*

Please note: Current regulations allow some students to pay UK tuition fees on the basis of their EU citizenship or residency. Until these eligibility criteria are changed, the EU tuition fee will remain the same as the UK tuition fee.

*These tuition fees may be subject to additional increases in subsequent years of study, in line with King’s terms and conditions.

When you receive an offer for this course you will be required to pay a non-refundable deposit to secure your place. The deposit will be credited towards your total fee payment.

The deposit is £500 – Home/EU and £2,000 – Overseas (2017/18)

If you receive an offer on or before 31st March 2017, payment is due by 30th April 2017.

If you receive an offer between 1st April 2017 and 30th June 2017, payment is due within one month of receipt of the offer.

If you receive an offer between 1st July 2017 and 31st July 2017, payment is due within two weeks of receipt of the offer.

If you receive an offer on or after 1st August 2017, payment is due within one week of receipt of the offer.

If you are a current King’s student in receipt of the King’s Living Bursary you are not required to pay a deposit to secure your place on the programme. Please note, this will not change the total fees payable for your chosen programme.

All applicants must apply online.

For full details on the online application process, or to start your application, please visit the How to Apply section of our website.

You can usually apply for up to two courses, although your second choice will only be considered if your first-choice application is unsuccessful.

Most of our postgraduate courses don’t have a formal closing date, but popular courses close when they are full. We therefore recommend applying early to avoid disappointment, especially students who will also be applying for funding or applying for a visa.

You will need to upload documents with your applications, which may include transcripts and degree certificates.

Offer holders will need to pay a deposit to secure your place. This will be deducted from the balance of your tuition fees.

ATAS Certificate
An ATAS certificate is not required for overseas students applying for this course.

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