Postgraduate study

Financial Mathematics

Awards: MSc

Study modes: Full-time

Funding available

Programme website: Financial Mathematics

This masters is run jointly with Heriot-Watt University. It provides you with expertise in financial mathematics, including stochastic calculus, and a range of practical techniques for analysing financial markets. You will also learn quantitative skills for developing and managing risk that are in high demand since the recent financial crisis.

Adding depth to your learning, our work placement programme puts you at the heart of organisations such as Aberdeen Asset Management, Moody’s Analytics and Lloyds Banking Group.

This programme involves two taught semesters of compulsory and option courses, followed by a dissertation project.

Compulsory courses:

  • Credit Risk Modelling
  • Derivatives Markets
  • Derivative Pricing and Financial Modelling
  • Discrete-Time Finance
  • Financial Markets
  • Special Topics 1
  • Special Topics 2
  • Stochastic Analysis in Finance

Option courses:

  • Deterministic Optimization Methods in Finance
  • Financial Econometrics
  • Portfolio Theory
  • Numerical Techniques of Partial Differential Equations
  • Optimization Methods in Finance
  • Simulation
  • Statistical Methods
  • Statistical Inference
  • Time Series Analysis
  • Stochastic Control and Dynamic Asset Allocation

Graduates typically work in major financial institutions or continue their studies by joining PhD programmes.

A UK 2:1 degree, or its international equivalent, in mathematics or a mathematical subject such as statistics, physics or engineering.

International qualifications

Check whether your international qualifications meet our general entry requirements:

English language requirements

All applicants must have one of the following qualifications as evidence of their English language ability:

  • an undergraduate or masters degree, that was taught and assessed in English in a majority English speaking country as defined by UK Visas and Immigration

  • IELTS Academic: total 6.5 with at least 6.0 in each component
  • TOEFL-iBT: total 92 with at least 20 in each section
  • PTE(A): total 61 with at least 56 in each of the Communicative Skills scores
  • CAE and CPE: total 176 with at least 169 in each paper
  • Trinity ISE: ISE II with distinctions in all four components

Degrees taught and assessed in English must be no more than two and a half years old at the beginning of your degree programme. Language tests must be no more than two years old at the beginning of your degree programme.

Find out more about our language requirements:

For detailed information on fee status, policies and payment see:

Students must apply direct to Heriot-Watt University for funding opportunities:

See Scholarships and Student Funding Services for other funding opportunities:

  • Room 6313
  • James Clerk Maxwell Building
  • The King's Buildings Campus
  • Edinburgh
  • EH9 3JZ

Further information

  • Room 6313
  • James Clerk Maxwell Building
  • The King's Buildings Campus
  • Edinburgh
  • EH9 3JZ