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Financial Mathematics MSc

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The Financial Mathematics MSc 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.

The course information sheet is a printable version of the information on this web page, which you can download for the full time or part time course.


  • 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 course 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 course have extensive experience in consulting and working for financial companies and institutions such as Bank of Finland, Commerzbank, Deutsche Bank, Goldman Sachs, ION Trading, Standard Chartered Bank and Winton Capital Management.

Key information

Application status Open

Duration One year FT, two years PT, September to September.

Study mode Full-time, Part-time

Credit value UK 180/ECTS 90

Course intake Approximately 29 FT.

Course leaders

Professor Teemu Pennanen

Further details

Course contact for further information

Postgraduate Admissions Team, Admissions Office
tel: +44 (0)20 7848 7000
fax: +44 (0)20 7848 7200

Course contact form Postgraduate admissions

Awarding institution King's College London

Faculty Faculty of Natural & Mathematical Sciences

Department Department of Mathematics

Locations

 

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Course detail

Description

Financial Mathematics studies problems of financial decision by combining various techniques from pure and applied mathematics. This course covers a diverse range of topics, from classical options pricing theory to post-crisis financial mathematics on optimal hedging, 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 is a unique course 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 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, it will take two years to complete, you will study the required modules with some optional 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.

Further literature

Course format and assessment

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 a number of Bloomberg terminals available for use by the Financial Mathematics MSc course.

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.

Teaching

We use lectures, seminars and group tutorials to deliver most of the modules on the course. You will also be expected to undertake a significant amount of independent study.

You are expected to spend approximately 10 hours work per credit for each module you attend in your degree, e.g. 150 hours work for a 15 credit module. These hours cover every aspect of the module.

Assessment

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

Structure

Year 1

Courses are divided into modules. You will normally take modules totalling 180 credits.

Required Modules

You are required to take:

  • Probability Theory (15 credits)
  • Risk Neutral Valuation (15 credits)
  • MSc Financial Mathematics Project (60 credits)
Optional Modules

Optional supportive module

  • Mathematical Analysis for Financial Mathematics (0 credits)

Optional modules

Additionally, you are required to take modules totalling 90 credits from a range of optional modules that may typically include:

  • Financial Markets (15 credits)
  • Statistics in Finance (15 credits)
  • Stochastic Analysis (15 credits)
  • Recent Topics in Financial Mathematics (15 credits)
  • Incomplete Markets (15 credits)
  • C++ for Financial Mathematics (15 credits)
  • Exotic Derivatives (15 credits)
  • Interest Rates and Credit Risk (15 credits)
  • Econophysics (15 credits)
  • Machine Learning (15 credits)

Students taking the part time course should aim to take four modules in each year. The project is taken in the second year.

King’s College London reviews the modules offered on a regular basis to provide up-to-date, innovative and relevant programmes of study. Therefore, modules offered may change. We suggest that you keep an eye on the course finder on our website for updates.

Entry requirements & how to apply

Financial Maths Entry Requirements
Minimum UK requirements  2:1

Bachelor’s degree with 2:1 honours degree in mathematics or mathematics based subject.

Applicants would need to demonstrate previous study of Further Mathematics and Pure Mathematics.  An example of the level of mathematics required can be accessed here.

In order to meet the academic entry requirements for this programme you should have a minimum 2:1 undergraduate degree with a final mark of at least 60% or above in the UK marking scheme. If you are still studying you should be achieving an average of at least 60% or above in the UK marking scheme.

International requirements   Visit our admissions webpages to view our International entry requirements.
English Language requirements Band D Visit our admissions webpages to view our English language entry requirements.

 

Application procedure

Applications must be made online using King’s online application portal apply.kcl.ac.uk and a non-refundable application fee of £80 applies. We run a rolling admissions system and aim to process all complete applications within four weeks; during February and March and over holiday periods, applications may take longer to process.

Personal statement and supporting information

You will be asked to submit the following documents in order for your application to be considered:

Fin Maths MSc checklist
Personal Statement  Yes A personal statement of up to 4,000 characters (maximum 2 pages) is required. Please address your mathematical qualifications, any relevant experience and eventual career ambitions in your personal statement.
Previous Academic Study Yes A copy (or copies) of your official academic transcript(s), showing the subjects studied and marks obtained. If you have already completed your degree, copies of your official degree certificate will also be required. Applicants with academic documents issued in a language other than English, will need to submit both the original and official translation of their documents.
References Yes Two references are required with at least one academic. Professional references will be accepted if you have completed your qualifications over five years ago.
Other Optional Applicants may wish to include a CV (Resume) or evidence of professional registration as part of their application.

 

Application closing date

We recommend that you submit your application as soon as possible.  Our first application deadline is the 29 March 2019.  Applications will remain open if places are available and programmes will be closed as soon as they are full. 

Help and support

If you don't have a suitable qualification for direct entry to a UK university, or if English isn't your first language, our academic preparation courses can help you get ready for study in the UK.

Preparation courses

Fees and funding

  • Full time Home/EU fees: £28,500 per year (2019/20)
  • Full time overseas fees: £28,500 per year (2019/20)
  • Part time Home/EU fees: £14,250 per year (2019/20)
  • Part time overseas fees: £14,250 per year (2019/20)

Students starting their programme in 2019/20 who are eligible to pay EU fees will pay the same rate of tuition fees as UK students. This will apply for the duration of their programme, but may be subject to change by the UK Government for subsequent cohorts from 2020/21.

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

Deposit

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 UK/EU deposit is £500.

The INTERNATIONAL deposit is £2,000. 

  • If you receive an offer on or before 31st March 2019, payment is due by 27th April 2019.
  • If you receive an offer between 1st April 2019 and 30th June 2019, payment is due within one month of receiving the offer.
  • If you receive an offer between 1st July 2019 and 31st July 2019, payment is due within two weeks of receiving the offer.
  • If you receive an offer on or after 1st August 2019, payment is due within one week of receiving 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.


Additional costs/expenses

In addition to the costs above, you can also expect to pay for: 

  • Books if you choose to buy your own copies 
  • Clothing for optional course related events and competitions 
  • Library fees and fines 
  • Personal photocopies 
  • Printing course handouts 
  • Society membership fees 
  • Stationery 
  • Graduation costs
  • Travel costs for travel around London and between campuses 

Please visit our web pages on fees and funding for more information.

Financial help and support

Visit the fees and funding webpages to find out more about bursaries, scholarships, grants, tuition fees, living expenses, student loans and other financial help available at King's.

Career prospects

Further information coming soon.

Career destinations

Our graduates are highly sought after by investment banks, corporate risk management units, insurance companies, fund management institutions, financial regulatory bodies, brokerage firms, and trading companies. Recent employers of our graduates include Capital Investment, Credit Suisse, European Bank for Reconstruction & Development, Fitch Ratings, HSBC and Morgan & Stanley. Some graduates have chosen to pursue research degrees in financial mathematics.

Testimonials

Next steps

View our postgraduate guide

Learn more about postgraduate degree programmes at King's. Download or view our guide in PDF format.

Download guide

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