- 2017 Entry
- Course content
- Teaching staff
- Entry requirements
- Tuition fees and term dates
- Career opportunities
Intake: September only
Duration: 12 months full-time
Fees: £25,000 (full-time)
Financial support: Please see our Scholarships page
Application deadline: Closed for 2017/8
The Quant cluster of the Cass MSc programmes focuses on risk in its different facets such as identifying, modelling, measuring and managing it. You will gain essential knowledge and skills used in financial engineering, trading and quantitative analysis. This will help you to start a successful career in the financial industry.
These MSc courses will offer you a solid knowledge of financial theory and risk analysis, econometrics and stochastic processes, numerical analysis and programming languages, with special emphasis on valuation and risk management. These courses are rigorous with respect to the mathematics but also place great emphasis on linking theory with real world developments. You will often be exposed to the teaching by real world practitioners from the City of London.
The demand for recruits with strong quantitative skills has spread beyond the pure derivatives area, and graduates from the three quants courses move into a range of careers in the financial sector. Typical career paths include roles involving the development, management and improvements of pricing and hedging models, model validation, stress testing/scenario analysis, development and improvements of asset allocation models and analysis of potential investment vehicles across different asset classes as well as trading, sales and buy side.
Cass Business School proximity to the City of London helps graduates to access outstanding career opportunities, especially as the Business School has close links with many City institutions. Cass’s modern facilities include Bloomberg and Thomson Reuters trading terminals and numerous databases. Those terminals allow to simulate a trading environment and helps students to prepare them for a competitive real world.
- Mathematical Trading & Finance
- Financial Mathematics
- Quantitative Finance
The MSc in Mathematical Trading & Finance prepares you employment opportunities in risk and working with instruments created by financial innovation.
The MSc in Financial Mathematics draws on tools from applied mathematics, computer science, statistics and economic theory to prepare you for roles in which you will combine in-depth knowledge of financial products and risk with sophisticated technical and programming skills.
The MSc in Quantitative Finance develops sophisticated statistical and econometrics skills for analyst roles in areas such as quantitative asset management and risk management. Special emphasis is on econometric techniques such as forecasting asset returns or volatility.
All three courses contain a substantial amount of programming in Matlab and VBA.
My Masters gave me a very good set of skills that helped me find my way at work.
Renata Zinkovskaya, MSc in Mathematical Trading & Finance
Renata describes more of her experiences at Cass
Meet the team
If you would like to arrange an individual appointment to discuss this course please email Donna Coombs.
We review all our courses regularly to keep them up-to-date on issues of both theory and practice.
To satisfy the requirements of the degree course students must complete:
nine core courses (Eight at 15 credits each, one at 10 credits)
five electives (10 credits each)
three electives (10 credits each) and an Applied Research Project (20 credits)
one elective (10 credits) and a Business Research Project (40 credits)
Assessment of modules on the MSc in Mathematical Trading & Finance, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work may include an element of peer assessment.
I particularly liked how the course was structured: there wasn't a single subject that could be considered as less than completely necessary to apply within the workplace. It has the right selection of subjects that make it a full-fledged and intensive programme.'
Renata Zinkovskaya, MSc in Mathematical Trading & Finance
The MSc in Mathematical Trading & Finance starts with two compulsory induction weeks, mainly dedicated to:
- an introduction to careers in finance and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
- a refresher course of advanced financial mathematics, statistics, computing and electronic databases
MSc Research Project
Students have the option of studying five specialised electives in term three to give them a breadth of subject matter. Alternatively if students would like to study one particular area of interest in depth they have the option of taking one elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.
The Project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' future careers. The Project should be based on independent research either in the context of a single organisation or using third-party sources.
Students are encouraged from the start of the course to think about a topic for their Project. A member of academic staff supervises the project, and the student may choose whom they would like to work with. The Project must be submitted by the end of August. Company sponsored projects are encouraged and a number of such projects may be available.
Many students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment post programme, whilst earning course credit. Cass Careers Service works to coordinate projects with organisations and students.
Some recent projects:
- Jump Processes in Interest Rate Modelling
- Doubly Stochastic Poisson processes
- Pricing and Hedging barrier Options
- Numerical solutions of jump diffusion labour market models
- Stochastic Volatility Vs Implied Volatility by power series technique
- An empirical comparison of Credit default Swap pricing models
- A framework for the Valuation of Basket Credit Derivatives
- Neutral Networks in the prediction of financial times series: mis-pricing between assets
- Are Hedge Funds really "Alternative Investments" - An Empirical Assessment
- Valuing and Hedging double barrier options
- Valuation Methods For Convertible Bonds
- Hedging Pricing and Compound Options
- UK Venture Capital Fund Performance, a cash flow based analysis
- Pricing and Hedging double Barrier options
- Universal Volatility Models Pricing and Risk Management of Vanilla Exotic FX Options
- Characteristics of CO2 Emission Allowances and the suitability of existing derivative pricing models for the nascent EUA options market
The teaching staff on the MSc in Mathematical Trading & have many years of practical experience working in the financial services sector and are also active researchers in their fields
This knowledge and experience inform the highly interactive lectures that make up the MSc in Mathematical Trading & Finance.
Other Module Leaders include:
- Prof. Giovanni Urga
- Dr Ioannis Kyriakou
- Dr Laura Balotta
- Dr Dirk Nitzsche
- Dr Gianluca Fusai
- Prof. Nikos Nomikos
Teaching staff on Cass Talks
Some of the lecturing staff on the MSc in Mathematical Trading & Finance have taken part in recent editions of Cass Talks.
Dr Dirk Nitzsche discusses the mutual fund industry and explains that success is often merely a matter of luck.
Cass Business School is among the global elite of business schools that hold the gold standard of 'triple-crown' accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). We are consistently ranked amongst the best business schools and programmes in the world which, coupled with an established 40-year reputation for excellence in research and business education, enables us to attract some of the best academics, students and businesses worldwide into our exclusive Cass network.
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement (500-600 words)
Documents which may follow at a later date
- IELTS result, if report available
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
- Work experience is not a requirement of this course
- For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be sent by post to Specialist Masters Programme Office, 106 Bunhill Row, London, EC1Y 8TZ, UK
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
The entry requirements for the MSc Mathematical Trading & Finance are as follows:
- A UK upper second class degree or above, or the equivalent from an overseas institution.
- Your academic background should be in a highly quantitative subject such as mathematics, physics, engineering, economics or computer science and having covered areas such as statistics, linear algebra and calculus
You may be requested to provide a syllabus of specific modules undertaken during your studies as part of the assessment process. This is not required at the point of submitting an application and will be requested directly by the admissions team only if required as part of the assessment.
Applicants will need to submit two references, one of which MUST be an academic reference.
- If you have been studying in the UK for the last three years it is unlikely that you will have to take the test
- If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.
The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.
Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require a CAS as of April 2014.
Work experience is not a requirement, but please provide details of relevant experience that might enhance your profile. This information will be included in your CV which is required with all applications.
Tuition fees and term dates
Tuition fees 2017/18
Application fee: Nil
Tuition fees: £25,000 Currency Converter
Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (to be paid at registration)
Second installment: Half fees (paid in January following start of course)
Term dates 2017/18
In-Person Registration (all students must attend): Commences 18 September 2017
Compulsory Induction: 18 - 29 September 2017
2 October 2017 - 8 December 2017
Term I exams
8 January 2018 - 19 January 2018
22 January 2018 - 30 March 2018
Term II exams
23 April 2018 - 4 May 2018
7 May 2018 - 29 June 2018
Term III exams
2 July 2018 - 13 July 2018
Resit period Students who are required to resit an examination or invigilated test will do so in the period:
13 - 31 August 2018
Submission deadline for Business Research Project or Applied Research Project
1 September 2018
Official Course End Date
30 September 2018
There is a continuous demand for capable postgraduate level executives in the world of finance.
Graduates from the MSc in Mathematical Trading & Finance move into a range of careers in the financial sector in particular careers in trading are popular with our alumni.
MSc in Mathematical Trading & Finance Employability
Our Graduate Destination Survey of the MSc in Mathematical Trading & Finance class of 2014 shows that 75% of graduates are now either in work (71.4%) or not job seeking as they are in further study, military service etc. (3.6%)
Some examples of where graduates from the MSc in Mathematical Trading & Finance class of 2014 are working are:
- Accenture - Management Consultant
- Wipro - Business Analyst
- Regione Lombardia - Economic Consultant
- Ice Clear Europe - Junior Risk Analyst
You can also view data from our Graduate Destination Survey (pdf) from 2015.