Financial Mathematics MSc
- Delivery: Full Time
- Programme type: Taught Programme
- Study location:
- Entry date:
This masters programme covers the advanced mathematics that has revolutionised finance since the works of Black, Scholes and Merton in the early seventies. This programme is aimed at those students who are passionate about mathematics and driven to make a career amongst the many and varied financial institutions throughout the world.
The programme, which is part of the Maxwell Institute for Mathematical Sciences, the joint research institute of mathematical sciences at the University of Edinburgh and Heriot-Watt University, provides an intensive training in the mathematical ideas and tools vital to the finance industry. By developing essential new mathematical concepts, especially in stochastic calculus, and placing the mathematics in the contexts of financial markets, modelling, derivative pricing, portfolio theory and risk management, the course equips students for a range of lucrative and exciting career opportunities.
This full-time taught MSc programme lasts for 12 months.
The programme is delivered jointly by Heriot-Watt University and the University of Edinburgh and you will have access to all student facilities at each campus. Currently applications are being administered through the University of Edinburgh.
- Derivatives Markets
- Derivative Pricing and Financial Modelling
- Financial Markets
- Discrete-Time Finance
- Stochastic Analysis in finance
- Credit Risk Modelling
- Special Topics, including industry lead projects
- Statistical Methods
- Financial Econometrics
- Time Series Analysis
- Modern Portfolio Theory
- Optimisation Methods in Finance
- Numerical Methods for PDEs
- Simulation in Finance
- Deterministic Optimisation Methods in Finance
Entry requires a UK 2.1 degree or equivalent in Mathematics, Statistics, or a related subject with a substantial mathematics content from a British or overseas university.
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.
The programme is not suitable for finance professionals without graduate-level mathematical training.
English language requirements
If your first language is not English, or your first degree was not taught in English, we’ll need to see evidence of your English language ability. The minimum requirement for English language is IELTS 6.5 or equivalent. We offer a range of English language courses to help you meet the English language requirement prior to starting your masters programme:
- 2 semesters English (for IELTS of 4.5-5.0);
- 12 weeks English (for IELTS of 5.5);
- 6 weeks English (for IELTS 5.5*-6.0). (*minimum 5.5 reading and writing)
Fees for this programme can be found on our Tuition fees page.
Scholarships & bursaries
Alumni Scholarship Scheme
British Chamber of Commerce in Germany Foundation Scholarship (German students)
Carnegie-Cameron Taught Postgraduate Bursaries
Applicants must be Scottish by birth, have at least one parent born in Scotland or have been continuously resident in Scotland for a period of three years for the purpose of secondary or tertiary education.
Commonwealth Scholarship and Fellowship Plan
International (Commonwealth citizens)
Department for International Development (DFID) Commonwealth Shared Scholarship Scheme
East Lothian Educational Trust
Applicants must be a resident of the old county of East Lothian (ie excluding Musselburgh, Wallyford and Whitecraig.)
Entente Cordiale Scholarships
French nationals aged 35 or under.
Japan Scotland Association Scholarship
Japanese nationals planning to enter a postgraduate course at Masters level at a Scottish University.
Leverhulme Trade Charities Trust
Restricted to residents of the UK who are a son, daughter, spouse, widow or widower of a commercial traveller, chemist or grocer.
Local Education Authority Awards
MSc Fee abatement scholarships
Part-time Fee Grant (SAAS)
See SAAS residence conditions.
Postgraduate Student Allowance Scheme (SAAS)
EU and UK applicants who meet the SAAS criteria on eligible courses
Remission of Fees (families of staff)
Spouses/civil partners and children of members of staff, also retired members of staff of the University
Royal Caledonian Schools Trust
Applicants must be of Scots parentage (conditions apply - see below)
SFC Key Skills Funded Places (MACS)
Applicants resident in Scotland to the programmes listed below who have accepted an offer to study from the School of Mathematical and Computer Sciences
Scotland's Saltire Scholarships
Citizens of Canada, the People's Republic of China, India or USA (2 awards for each country)
Scottish applicants to the MSc in Actuarial Science, MSc in Actuarial Management and MSc in Quantitative Risk Management
Employees of Heriot-Watt University
West Lothian Educational Trust
Individuals must have originated in West Lothian or have lived there for the last 3 years.