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Financial Mathematics

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What you'll need

As part of the application process, you'll need to submit:

  • School or college transcripts/certificates
  • University transcripts and certified translations if applicable
  • Degree certificates
  • Personal statement outlining your learning ambitions

Our application process

  • Sign into our online portal, Apply Yourself, and start your application
  • Submit your application
  • We'll email you to let you know we're processing your application
  • Track the progress of your application using the Postgraduate Application Tracker (we'll send you a link to the tracker)
  • We'll email you when a decision has been made
  • If you've been made an offer, you can then accept or decline it using the Postgraduate Application Tracker.

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Master of Science

A Master of Science (MSc) is a master’s degree awarded for a postgraduate programme in the sciences.

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Course overview

This MSc Financial Mathematics will equip you with the mathematical and computational skills required in the finance and insurance industries.  

This programme is also an excellent training ground for students wishing to embark upon a research degree in financial or actuarial mathematics.

Introduction

Mathematical Sciences at Liverpool provides a centre for world class research and teaching across many areas and at the leading edge of the subject.Our teaching was evaluated as ‘excellent’ by the Quality Assurance Agency in its most recent survey and awarded 23 points out of a possible 24.

We are proud of our record on teaching quality, with five members of the Department having received the prestigious Sir Alastair Pilkington Award for Teaching. We care about each student and you will find the staff friendly and approachable. We provide high quality supervision, teaching and IT support and you will benefit from the friendly and supportive atmosphere in the Department.

This programme is available to full-time students only. In each semester (semester one and semester two) students take four compulsory modules (15 credits each). The programme finishes with a summer dissertation written under the supervision of a member of staff (60 credits).

Programme Director: Dr Bujar Gashi

Who is this course for?

This programme is ideal for professionals with mathematical background who would like to start, or further develop a specific career in the finance and insurance industries.

What you'll learn

  •  Probability theory
  •  Stochastic analysis and mathematical modelling
  •  Computational methods
  •  Financial derivatives
  •  Risk management
  •  Econometrics.

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Course content

Discover what you'll learn, what you'll study, and how you'll be taught and assessed.

Semester one

In Semester One students take four compulsory modules (15 credits each).

Compulsory modules

ECONOMETRIC AND STATISTICAL METHODS (ECON814)

Credits: 15 / Semester: semester 1

Econometric and statistical methods are of vital importance for estimating relationships between economic and financial variables, and for making predictions about the future. Central banks maintain large scale forecasting models for macroeconomic variables, for instance, and policy institutes use a wide range of econometric tools for modeling macroeconomic or microeconomic data. Within the private sector, financial analysts routinely estimate volatility models, credit risk departments estimate probability of default models, and, as a final example, marketing departments in large e-businesses make use of website hit counts and treatment test methods to test for the effect of their promotions on demand. These are just a few examples of how relatively advanced econometric methods are used in practice. ECON814 Econometric and Statistical Methods lays the foundation for learning the more specialised methods taught in ECON920 Advanced Econometrics, and equips the participant with a good general understanding of the methods used for estimating and testing linear and nonlinear relationships between variables.

PROBABILITY ESSENTIALS FOR FINANCIAL CALCULUS (MATH480)

Credits: 15 / Semester: semester 1

Modelling and valuation of financial derivatives (options etc.) uses stochastic analysis and concepts from modern probability theory, in particular probability sigma-algebras, measures, expectation as Lebesgue integral, conditional expectations, filtrations and martingales. This module provides students with an introduction to these concepts. It is essential for study of stochastic analysis and continuous time models for pricing financial derivatives.

STOCHASTIC MODELLING IN FINANCE (MATH482)

Credits: 15 / Semester: semester 1

This module demonstrates the advanced mathematical techniques underlying financial markets and the practical use of financial derivative products to analyse various problems arising in financial markets. Emphases are on various option pricing formulae, hedging methods, and stochastic analysis.

Game Theory with Applications (ECON813)

Credits: 15 / Semester: semester 1

Game theory studies strategic decision-making that is situations where the outcome does not only depend on your own actions but also that of others. It has significantly changed how business strategists, economists, and policymakers think about problem-solving and has become an indispensable tool in economic modelling, strategy analysis, and negotiation techniques. As strategic decision-making arises naturally in many contexts, game theory has influenced many other fields, such as political sciences, biology, and computer sciences. In this module, core concepts and ideas will be illustrated with the help of many everyday examples and economic and business applications, ranging from how groceries are priced to trade wars and political conflicts. This module will boost your strategic thinking to become a successful manager or influential policymaker.

Programme details and modules listed are illustrative only and subject to change.

Our curriculum

The Liverpool Curriculum framework sets out our distinctive approach to education. Our teaching staff support our students to develop academic knowledge, skills, and understanding alongside our graduate attributes:

  • Digital fluency
  • Confidence
  • Global citizenship

Our curriculum is characterised by the three Liverpool Hallmarks:

  • Research-connected teaching
  • Active learning
  • Authentic assessment

All this is underpinned by our core value of inclusivity and commitment to providing a curriculum that is accessible to all students.

Course options

Studying with us means you can tailor your degree to suit you. Here's what is available on this course.

Postgraduate Certificate

If you enrol on a master’s degree and complete 60 credits you may be able to exit the programme early and earn a Postgraduate Certificate (PGCert) for the work you have completed. This usually amounts to one semester when completed full-time.

Postgraduate Diploma

If you enrol on a master’s degree and have completed 120 credits you may be able to exit the programme early and earn a Postgraduate Diploma (PGDip) for the work completed. This usually amounts to two full semesters when completed full-time, without having to complete the final dissertation module.

Your experience

We offer a very wide range of optional modules, allowing students to specialise in pure mathematics, applied mathematics or theoretical physics. This allows you to build up the required background for the project and dissertation modules, which offer the opportunity to undertake an in-depth study of a topic of your choice, supervised by a leading expert in the field. Find out more on our departments webpage here.

 

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Supporting your learning

From arrival to alumni, we’re with you all the way:

What students say...

The whole experience has been amazing, and it has helped me grow professionally and personally. The thing I enjoyed most is the fact that I was able to meet a lot of people from different cultures and backgrounds coming from every part of the world. This is something that strongly enriched me, and I am grateful for all the amazing people that I can actually call my friends.

, MSc Financial Mathematics

Careers and employability

The MSc programme is of course a natural route into doctoral study in Mathematics and related fields. Some of our PhD students move on to postdoctoral positions and to academic teaching jobs and jobs in research institutes, both in the UK and elsewhere.

Recent graduates have moved into fast track teacher programmes, jobs in finance (actuarial, banking, insurance), software development, drugs testing and defence work, as well as University postdoctoral or lecturing posts.

Career planning

Three career coaches standing outside the Careers Studio

Our campus Career Studio is a space for students and graduates to drop into and talk to a career coach. Career coaches are highly trained to help no matter what stage you are at in your career planning. You can access support to find and apply for full-time and part-time roles, placements, internships and graduate schemes. You will also find the help you need if you have a start-up idea or want to create a business plan. You can explore the world of work, prepare for job interviews, and access careers events and workshops. The Career Studio is open Monday to Friday from 10am-5pm, simply drop in at a time that works for you.

From education to employment

Two graduates in postgraduate robes.

We develop our programmes with employers in mind. You will be supported to enhance your long-term employment prospects as you learn. We do this by exposing you to professionals, a variety of sectors and supporting you to work collaboratively with others to develop transferable skills. You are equipped with a clearer view of what to focus on in your area of interest, and to reflect on your studies. Our digital employability tools give you a tech-enhanced curriculum experience and make it easy for you to prepare for the world of work. You can use tools like the Handshake platform to connect with employers and message the Career Studio 24/7.

Networking events

Postgraduate students hold a discussion while sat round a table in in the Liverpool Guild of Students.

You can start building good professional networks by attending events and employability activities. Our events are designed to develop your skills and expose you to many different employers, as well as to help you make contacts in your field. We help you improve your confidence when speaking to employers and give you access to unique opportunities. Our networking events also boost your understanding of the competencies and skills that employers are looking for in their recruitment process, giving you a competitive edge.

Your future

Upon successful completion of the degree you will be ideally equipped to work in:

  • investment banks
  • pension or investment funds
  • hedge funds
  • consultancy and auditing firms or government regulators.

Fees and funding

Your tuition fees, funding your studies, and other costs to consider.

Tuition fees

UK fees (applies to Channel Islands, Isle of Man and Republic of Ireland)
Full-time place, per year £12,400
International fees
Full-time place, per year £28,000
Fees stated are for the 2024-25 academic year.

Tuition fees cover the cost of your teaching and assessment, operating facilities such as libraries, IT equipment, and access to academic and personal support.

If you're a UK national, or have settled status in the UK, you may be eligible to apply for a Postgraduate Loan worth up to £12,167 to help with course fees and living costs. Learn more about paying for your studies..

Additional costs

We understand that budgeting for your time at university is important, and we want to make sure you understand any course-related costs that are not covered by your tuition fee. This could include buying a laptop, books, or stationery.

Find out more about the additional study costs that may apply to this course.

Additional study costs

We understand that budgeting for your time at university is important, and we want to make sure you understand any course-related costs that are not covered by your tuition fee. This could include buying a laptop, books, or stationery.

Find out more about additional study costs.

Scholarships and bursaries

We offer a range of scholarships and bursaries that could help pay your tuition and living expenses.


Postgraduate Global Advancement Scholarship

  • International students

If you’re a new international student starting this course with us from September 2024, you could be eligible to receive a discount of £5,000 off your tuition fees.

Graduate Loyalty Advancement Scholarship

  • Home and international students
  • University of Liverpool current students and alumni only

Completed your undergraduate degree, or studied as an undergraduate exchange student, at the University of Liverpool?

You could get a loyalty discount of up to £2,500 off the tuition fees for this course from September 2024 entry.

  • £1,500 tuition fee discount for eligible UK University of Liverpool graduates
  • £2,500 tuition fee discount for eligible international University of Liverpool graduates.

ANID Chile Scholarship

  • International students
  • Chile

Postgraduate taught and research students from Chile are eligible for this scholarship.

Chevening Scholarships

  • International students

The University, in partnership with Chevening, is delighted to offer this generous scholarship to students who are studying a master’s programme and who have future leadership potential. Please note that there is a fee cap applied to MBA programmes that requires applicants to cover any additional tuition costs over £18,000. You will still receive all additional allowances.

CONACYT Award

  • International students
  • Mexico

The University of Liverpool has an agreement with CONACYT to support postgraduate taught and research students from Mexico.

FIDERH Award

  • International students
  • Mexico

20% reduction in tuition fees for postgraduate taught and research programmes. Must be Mexico national.

Fulbright Scholarship

  • International students
  • University of Liverpool alumni only
  • United States

One scholarship is available for a master’s student from the US and another is available for a postgraduate research student to undertake a three to six month research stay from the US

FUNED Awards

  • International students
  • Mexico

Up to ten awards are available for Masters or Research students from Mexico in receipt of FUNED loans. The award gives students a 20% reduction in fees for all applications received.

Graduate Association Hong Kong & Tung Postgraduate Scholarships

  • International students
  • China
  • Hong Kong

The University is able to offer competitive scholarships for both postgraduate taught master’s and research programmes.

HRM Princess Sirindhorn University of Liverpool Scholarship (Thailand)

  • International students
  • Thailand

The University is able to offer one award to a new postgraduate taught master’s student from Thailand.

The scholarship is open to all subjects offered as a one-year taught master’s programme.  However, priority will be given to those students who wish to study in a subject area associated with HRH Princess Sirindhorn such as science, IT, medicine, the arts, geography, history and languages.

JuventudEsGto Scholarship

  • International students
  • Mexico

Residents of State of Guanajuato, Mexico, wishing to study at postgraduate taught and research levels are eligible for this scholarship.

Marshall Scholarship

  • International students
  • University of Liverpool alumni only
  • United States

One scholarship is available for a master’s student from the US to cover the cost of tuition fees. Another, to the value of £20,000, is available for Doctoral study visit: https://www.marshallscholarship.org/

Turkish Ministry of Education Scholarship

  • International students
  • Turkey

Postgraduate taught and research students from Turkey are eligible for this scholarship, see the Turkish Ministry of Education website https://meb.gov.tr/ for more information.

University of Liverpool Humanitarian Scholarships for Master’s Programmes

  • International students

The three awards available cover full tuition fees, visas and support for accommodation and living expenses.

This scholarship is open to support people who have recognised status as either refugees or are under humanitarian protection under the 1951 Refugee Convention. This status must be held outside of the UK.

The scholarship is open for all postgraduate-taught programmes, excluding medicine, dentistry, veterinary and nursing.

University of Liverpool International College Excellence Scholarship

  • International students

The University of Liverpool will award five University of Liverpool International College students, who achieve the highest academic excellence (minimum 75%) in their UoLIC Pre-Master’s programme, the prestigious UoLIC Excellence scholarship.

University of Liverpool International College Impact Progression Scholarships

  • International students

University of Liverpool International College recipients of the Kaplan awards will receive the £3,000 Progression Impact Scholarship, deducted from first-year tuition fees, on successful progression to their UoL degree programme.

To be eligible for our Impact Progression Scholarships, students must apply for one of the Kaplan Impact Scholarships demonstrating their commitment to making an impact across issues of importance to the University and Kaplan. Themes include:

Sustainability
Women in STEM
Community
Career Focus (Employability)

Vice-Chancellor’s International Attainment Scholarship for China

  • International students
  • China

Details are:
1 (one) Full scholarship
2 (two) £10,000 scholarships
5 (five) £5,000 scholarships
10 (ten) £1,000 scholarships
All scholarships will be awarded after the formal registration at the University and will take the form of a fee waiver.

Please note: This scholarship cannot be combined with any other scholarships or bursaries provided by the University.

Entry requirements

The qualifications and exam results you'll need to apply for this course.

This is a challenging programme so you’ll need a good first degree (2:1 Hons or equivalent) in Mathematics, Mathematical Sciences, Financial Mathematics, Computer Science, Engineering or a subject with substantial mathematical content.

You should have taken modules in Calculus, Linear Algebra, Probability and Statistics at an undergraduate level previously. It is also highly desirable to have knowledge of Differential Equations, Real and Complex Analysis, Numerical Methods, Operations Research, Portfolio Theory, Risk Management and Stochastic Processes.

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Your qualification Requirements

About our typical entry requirements

International qualifications

If you hold a bachelor’s degree or equivalent, but don’t meet our entry requirements, a Pre-Master’s can help you gain a place. This specialist preparation course for postgraduate study is offered on campus at the University of Liverpool International College, in partnership with Kaplan International Pathways. Although there’s no direct Pre-Master’s route to this MSc, completing a Pre-Master’s pathway can guarantee you a place on many other postgraduate courses at The University of Liverpool.

English language requirements

You'll need to demonstrate competence in the use of English language. International applicants who do not meet the minimum required standard of English language can complete one of our Pre-Sessional English courses to achieve the required level.

English language qualification Requirements
IELTS B
View our IELTS academic requirements key.
International Baccalaureate

Standard Level 5

TOEFL iBT 88 or above with minimum scores in components as follows: Listening and Writing 17, Reading 17, Speaking 19.
INDIA Standard XII National Curriculum (CBSE/ISC) - 75% and above in English. Accepted State Boards - 80% and above in English.
WAEC C4-6
Hong Kong use of English AS level C

About our entry requirements

Our entry requirements may change from time to time both according to national application trends and the availability of places at Liverpool for particular courses. We review our requirements before the start of the new application cycle each year and publish any changes on our website so that applicants are aware of our typical entry requirements before they submit their application.

We believe in treating applicants as individuals, and in making offers that are appropriate to their personal circumstances and background. Therefore the offer any individual applicant receives may differ slightly from the typical offer quoted on the website.

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Fees and Finance

Discover what expenses are covered by the cost of your tuition fees and other finance-related information you may need regarding your studies at Liverpool.

Changes to Financial Mathematics MSc

See what updates we've made to this course since it was published. We document changes to information such as course content, entry requirements and how you'll be taught.

23 March 2023: New postgraduate taught course pages

New course pages launched.