The financial services industry place great emphasis on raising the level of mathematics used in banks in applications to pricing, hedging and risk management. This MSc provides students with the skills necessary in mathematics, statistics and computation for a career in this fast-developing field.
Covid-19 programme updates
Due to COVID-19, there may have been updates to this programme for the 2020 academic year. Where there has been an update, these are indicated with a red alert and a link which will provide further information.
Modes and duration
Tuition fees (2020/21)
Note on fees: The tuition fees shown are for the year indicated above. Fees for subsequent years may increase or otherwise vary. Further information on fee status, fee increases and the fee schedule can be viewed on the UCL Students website.
Fee deposit: All full-time students are required to pay a fee deposit of £2,000 for this programme. All part-time students are required to pay a fee deposit of £1,000.
A minimum of an upper second-class Bachelor's degree in a relevant discipline from a UK university or an overseas qualification of an equivalent standard.
English language requirements
If your education has not been conducted in the English language, you will be expected to demonstrate evidence of an adequate level of English proficiency.
The English language level for this programme is: Standard
Further information can be found on our English language requirements page.
Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website.
International applicants can find out the equivalent qualification for their country by selecting from the list below.
Select your country:
About this degree
Students will develop a detailed understanding of the application of mathematics, statistics and computation to problems in finance, and will gain the necessary practical tools for the pricing, hedging and risk management of a diverse range of financial products in several asset classes.
Students undertake modules to the value of 180 credits.
The programme consists of four core modules (60 credits), four optional modules (60 credits) and the research dissertation (60 credits).
Upon successful completion of 180 credits, you will be awarded a MSc in Financial Mathematics.
Please note that the list of modules given here is indicative. This information is published a long time in advance of enrolment and module content and availability is subject to change.
- Statistical Methods and Data Analytics for Finance
- Finance and Numerics
- Market Risk and Portfolio Theory
- Asset Pricing in Continuous Time
- Financial Mathematics Project
Four modules must be chosen from the following list.
- Interest Rates and Credit Modelling
- Topics in Financial and Insurance Mathematics
- Stochastic Processes
- Mathematics and Statistics of Algorithmic Trading
- Applied Computational Finance
- Quantitative Modelling of Operational Risk and Insurance Analytics
All MSc students undertake an independent research project, which culminates in a research report of approximately 10,000 words.
Teaching and learning
The programme is delivered through a combination of lectures, practical classes, tutorials and problem-solving exercises. Assessment is through written papers, coursework, examinations and the research report and presentation.
Scholarships relevant to this department are displayed below.
- This scheme is now closed for 2020/21
- £15,000 (1 year)
- Based on both academic merit and financial need
For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding website.
Many students have progressed to careers in financial services in the City of London or in their home country; a number of graduates have proceeded to a PhD.
The financial services industry requires quantitative finance professionals who are able to analyse data, to program, and who are expert in mathematics and computational statistics. Career prospects for graduates of this programme are excellent.
Why study this degree at UCL?
UCL Mathematics is an internationally renowned department which carries out excellent individual and group research applying modelling techniques to problems in financial, industrial, biological and environmental areas.
The department hosts a stream of distinguished international visitors. In recent years four staff members have been elected fellows of the Royal Society, and the department publishes the highly regarded research journal Mathematika.
A notable aspect of this applied Master's programme is that students will be educated to an advanced level in statistics and computing.
Application and next steps
Students are advised to apply as early as possible due to competition for places. Those applying for scholarship funding (particularly overseas applicants) should take note of application deadlines.
There is an application processing fee for this programme of £80 for online applications and £105 for paper applications. Further information can be found at: www.ucl.ac.uk/prospective-students/graduate/taught/application.
Who can apply?
The programme is suitable for applicants with a first degree in mathematics sciences, engineering, finance or economics who wish to gain the skills necessary for a career or further research in this field. Evidence of ability in key areas of applied mathematics is required.
- All applicants
- 11 August 2020
For more information see our Applications page.Apply now
What are we looking for?
When we assess your application we would like to learn:
- why you want to study Financial Mathematics at graduate level
- why you want to study Financial Mathematics at UCL
- what particularly attracts you to this programme
- how your academic background meets the demands of a challenging programme
- where you would like to go professionally with your degree
Together with essential academic requirements, the personal statement is your opportunity to illustrate whether your reasons for applying to this programme match what the programme will deliver.
UCL is regulated by the Office for Students.