oxford phd financial mathematics

DPhil Finance

Start date:

• 7 October 2024

Time commitment:

About the programme

Our doctoral training will immerse you in all aspects of academic life.

You will be both a student and a junior research colleague. We provide courses in a wide variety of research methods and you will work closely with your supervisors to define your research question and develop your thesis. You will also have opportunities to gain teaching and research assistant experience and become involved with the intellectual community within both Saïd Business School and the wider University. You will attend academic conferences, make presentations, organise lectures and seminars and contribute to management and academic decisions. Both of our doctoral programmes run in parallel, with only differences in taught courses and preparation for writing in relevant journals to your subject of choice. We have deliberately kept the programmes small which means that in the vast majority of cases, students are fully funded to allow them to devote their energies to research. The DPhil corresponds to a PhD degree offered at most other universities. Examples of previous research topics include asset-pricing and corporate finance, the design and regulation of securities markets, corporate financial policy, and the impact of financial markets on real economic activity.

Supervision

You will be assigned two initial supervisors who will guide you through your first year.

They will help you to identify your specialist area of interest and further suitable advisers in that field. You will work closely with them to define your research question and develop your thesis. It is an important relationship and also a very personal one: it is shaped by you, your supervisors and the ways you interact. You will have a minimum of nine meetings, or equivalent per year with your supervisor.

You do not need to contact any faculty in advance of making your application but you can review the  profiles of our faculty  to look for at the areas of research covered at the School. You can note within your application if you feel that you are interested in a particular research area and working with a specific faculty member. 

The allocation of a supervisor is the responsibility of Saïd Business School, it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the School.

Review some current research taking place around the school as well as from some of our alumni.

Review articles and podcasts written by our researchers at  Oxford Answers . 

Learn more about  becoming a researcher  from Andromachi Athanasopoulou, who graduated in 2007 and is now an Associate Professor in Organisational Behaviour at Queen Mary University London and an Associate Fellow at Oxford Saïd.

View Professor Renée Adams' discussion on  Women on boards: The superheroes of tomorrow?  

View Dr Amir Amel-Zadeh discussion on  (Mis-)information in financial markets .

Assessment and programme milestones

Our DPhil offers students the opportunity to engage with internationally renowned faculty who are here to help you become an academic scholar.

You will be initially admitted to the status of Probationer Research Student (PRS). During your first year, you will be required to attend taught causes where foundational economic and financial theory will be studied. Based on previous years, these may include, but are not limited to courses that cover topics such as:

• Asset pricing
• Corporate finance
• Financial econometrics

During second and third terms, you will select four elective courses offered for the second year of the MPhil in Economics, one of which must be either Financial Economics I or Financial Economics II. Following successful completion of all necessary courses and within a maximum of six terms as a PRS student (and normally by the fourth term) you will be expected to apply for transfer of status from Probationer Research Student to DPhil status. A successful transfer of status is required to give a clear indication of whether it would be reasonable to consider submission within the course of a further three terms, if work on the thesis continues to develop satisfactorily. Students who are successful at transfer will also be expected to apply for and gain confirmation of DPhil status within nine terms of admission, to show that your work continues to be on track. Both milestones normally involve an interview with two assessors (other than your supervisor). This provides important experience for the final oral examination. You will be expected to submit a thesis, which provides a significant and substantial contribution to the field of learning in finance, which should not exceed 100,000 words after four years from the date of admission. It should be good enough to be published in book form or as a series of academic articles. To be successfully awarded a DPhil in Finance you will need to defend your thesis orally (viva voce) in front of two appointed examiners.

Changes to this course and your supervision

We seek to deliver this course in accordance with this description. However, there may be situations in which it is desirable or necessary for the us to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. Also in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.

Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.

For further information please see our pages on changes to courses and the provisions of the student contract regarding changes to courses.

I think the most important issues in the supervisor relationship are communication and trust. You need a supervisor who can tell you the things you need to hear even if you don’t want to hear them, and who can nudge you back on to the right track. Alexander Montag Current DPhil in Finance student

Benefits and opportunities

• Engage with internationally renowned faculty
• Conference and research funding
• Training in principal research methods at both at Saïd Business School and wider University.

Opportunities

• Paid teaching and research assistant opportunities
• Contribute to management and academic programme decisions through student representation on committees
• Postgraduate careers resources

You will become a member of an Oxford college. Your college is both an academic and social community that will enrich your time at Oxford. It offers everything from formal dinners and balls to sports and lecture series.

The Oxford college system enables you to interact with students and faculty from other disciplines. Some colleges provide accommodation for students. 

Who can apply

Our candidates are passionately intellectual people who have a superlative academic record and are committed to a career in academia.

DPhil in Finance

You will require:

• a good undergraduate degree: 2.1 (GPA 3.5 or its equivalent)
• GMAT or GRE test results
• TOEFL or IELTS test results (If you are not from an English speaking majority country)
• three pieces of written work, including a well-developed research proposal
• three academic references

Application process

Applications are now closed for October 2024 entry.

The deadline for applying was 13 December 2023 at 23:59 GMT. 

Complete applications received by the deadline will be considered. You will be informed by late January if you have been shortlisted for interview.

Final decisions will be communicated by the end of February.

There are nine shared places available for the DPhil Finance and DPhil Management. The average number of applications for entry between 2021 and 2023 was 70. 

Fees and funding

The course fee in 2024-25 is £23,580 for both home and overseas students.

The programme is four years in duration. Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). Please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges .

Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Course fees do not cover your accommodation, residential costs or other living costs. 

Following the period of fee liability , you may also be required to pay a University continuation charge and a college continuation charge. The University and college continuation charges are shown on the Continuation charges page.

Additional cost information

There are no compulsory elements of this course that entail additional costs beyond fees (or, after fee liability ends, continuation charges) and living costs. However, depending on your choice of research topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of the expenses.

Scholarships and funding

Doctoral students admitted to our programme receive full funding over four years. This includes course fees and an annual living expenses stipend. To maximise the overall availability of funding for candidates, we will identify suitable alternative scholarships and may ask you to submit funding applications. We also ask that you identify and pursue any other funding opportunities, including external funding.   

For some scholarships you are required to submit a scholarship essay and/or tick the relevant box in the Funding section of the application form.

Cost of living

In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course. Please view the University's  living expenses page for information about likely living costs for 2024-25.

Further information about fees

The Fees and Funding section of The University of Oxford's website provides further information about course fees , including information about fee status and eligibility  and your length of fee liability .

Alumni placements

• University of Michigan Ross School of Business – Assistant Professor of Finance
• Vanderbilt University – Assistant Professor of Finance
• Ivey Business School - Assistant Professor in Finance
• University of Warwick - Assistant Professor of Entrepreneurship and Innovation
• International Monetary Fund - Economist (Economist Program), Research Department
• Harvard Business School - Post-Doctoral Fellow
• University of Hong Kong - Assistant Professor of Finance
• Vrije Universiteit Amsterdam and Tinbergen Institute - Assistant Professor of Finance
• Federal Reserve Bank of Cleveland – Research Economist
• Indiana University – Assistant Professor of Finance
• City University of Hong Kong - Assistant Professor
• Please contact us if you have any queries.
• [email protected]

Academic Members

Academic members are drawn from University of Oxford departments, including Engineering, Economics, the Mathematical Institute, Statistics, the Saïd Business School, and Computer Science. Associate Membership status provides academics with an opportunity to work alongside OMI’s students, Faculty, and commercial researchers.

The Institute’s student members are graduate students studying for DPhils (PhDs) at affiliated University of Oxford departments. Students work within the Institute’s purpose built, state-of-the-art offices and have the opportunity to attend the Institute’s in-house seminars and workshops. This opportunity is also extended to the Institute’s Associate Student Members, enabling them to connect with leading researchers across a broad spectrum of relevant disciplines and therefore better position themselves to contribute to quantitative finance.

Support Team

The Institute’s Administration and IT Team are responsible for coordinating day-to-day activities at OMI. The Administration Team manages the events programme and all aspects of administrative support, ensuring that University policies and procedures are followed for financial, personnel and health & safety matters, and that administrative procedures are completed in accordance with the Collaborative Agreement with the core funders, Man Group Plc. The IT Team provides infrastructure, desktop and IT support services to meet the business and research needs of the Institute.  The support team prides itself on providing a high level of service to the Institute’s staff, members and visitors.

Director, Professor Álvaro Cartea

Álvaro Cartea is Professor of Mathematical Finance in the Mathematical Institute, University of Oxford. Álvaro’s interests lie at the intersection of financial economics, mathematics, and data science. His research spans across several fields, including algorithmic and high-frequency trading, market microstructure, mathematical finance, asset pricing, commodities markets, and financial regulation. Álvaro is the editor-in-chief of Applied Mathematical Finance .

Papers by Álvaro

Filter by type

Associate Member

• Associate Member and Visiting Academic
• Associate Student Member

Oxford Faculty -- OMI Members

• Post-doctoral Researcher
• Visiting Lecturer

Visiting Student

Andrew Alden

DPhil Student, King's College London

DPhil student, Mathematical Institute

Alvaro Arroyo Nuñez

DPhil Student at the Department of Engineering Science

Jan-Peter Calliess

Senior Research Fellow

 Sergio Calvo Ordoñez 

Álvaro Cartea

Director of the Oxford-Man Institute, Professor in Mathematical Finance, University of Oxford

Patrick Chang

Samuel Cohen

Associate Professor in Mathematical Finance at the Mathematical Institute, University of Oxford

Mihai Cucuringu

Associate Professor, Department of Statistics, University of Oxford

DPhil in Economics

DPHIL IN ECONOMICS

Oxford has a thriving group of research students studying towards the award of a DPhil in Economics. The DPhil is the name Oxford gives to its doctoral degree rather than the more familiar name PhD used in most other universities.

In joining the Department of Economics, you will join one or more of the department's research groups, becoming part of a vibrant educational research community with an active set of doctoral student-led events, seminars and conferences. You will also have opportunities to present your work at a variety of seminars and sessions in the department.

Full information about the DPhil in Economics, including how to apply can be found  here.

The department has started a joint MPhil-DPhil programme, admitting the first students for a start in October 2021.

We have a large and active community of DPhil (PhD) students undertaking research in across all fields of economics. Please see the latest results from our DPhil programme below

Completion Rates: 117 completed between Jan 2014 and July 2020

Outstanding Publications of PhD Thesis Chapters: • American Economic Review: Bilicka (2019), Roth (2018), Adams-Prassl (2014), Sankjohanser (2020) • Journal of Political Economy: Gola (2020) • Journal of the European Economic Association: Singh (2020) • Economic Journal: Herresthal (2020), Franklin (2018) • Review of Economics and Statistics: Paul (2020), Bakker (2019), Roth (2019) • Journal of Monetary Economics: Moran (2018)   Student Satisfaction: A survey of our PhD students was undertaken as part of our 2018 Athena Swan application. The positive conclusion was that over 80% were satisfied with their academic supervision. In response to qualitative feedback, the Department moved to integrate PhD students much more closely into research groups and provide additional research support.   Job Placement: From a total of 163 postdocs and PhDs: • 78 to Assistant Professors • 43 to Post-doctoral positions • 27 to World Bank / IMF and Central Banks. • 15 others Academic positions outside the UK: MIT Sloan, Princeton, Yale, Stanford, Northwestern (Kellogg), Michigan State, Duke, UC Irvine, Toulouse, Bocconi; and within the UK: Birkbeck, Bristol, Cambridge, Glasgow, Imperial, LSE, Manchester, Queen Mary, Surrey, UCL, Warwick, York.

Further programme information

Graduate Funding

DPhil Course Structure

Apply for DPhil in Economics

Applicant Mentoring Programme

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MSc in Mathematical and Computational Finance

Wellington square, oxford, gb, oxford, united kingdom, # 4 qs subject rankings, 10 months program duration, 33,625 gbp tuition fee/year, mathematics main subject area, program overview, main subject.

Mathematics

Study Level

Admission requirements, exam scores, important dates, undergraduate.

A first-class or strong upper second-class undergraduate degree with honours (or equivalent international qualifications), as a minimum, in mathematics or a related discipline. 

Tuition fee and scholarships

Tuition fee, scholarships, domestic students, international students.

One of the important factors when considering a master's degree is the cost of study. Luckily, there are many options available to help students fund their master's programme. Download your copy of the Scholarship Guide to find out which scholarships from around the world could be available to you, and how to apply for them.

In this guide you will find:

Where to look for scholarship opportunities

How to apply to scholarships relevant to you

A list of available scholarships around the world

A scholarship application checklist

QS WUR Ranking By Subject

More programs from the university, bachelor ug.

Oxford offers 48 undergraduate degrees in a wide range of disciplines, from the traditional sciences through to humanities, law, languages, and fine art. Students can also study joint honors programs such as Philosophy and Theology, and Archaeology and Anthropology. 

Undergraduate degrees are usually three years in length and are taught inside the individual college to which students apply. Undergraduate study at Oxford is centered on the weekly tutorial, which is supported by classes, lectures, and laboratory work carried out in university faculties and departments. 

The admissions rate for Oxford is 21 percent, which seems high in comparison to Ivy League universities but is a reflection of the English system. The application period runs during the autumn for the following academic year. Applicants register to take a test, and prospective students might have to send in written work alongside the standard completed UCAS form. Shortlisted candidates are then invited to interview, and will know whether they have been successful by the end of the calendar year. 

Unlike the University of Cambridge, Oxford does not operate a pooling system for candidates invited to interview. Instead, it’s common for applicants to be asked to stay multiple days in the city (accommodation is provided) and, if there are no places available at their first-choice college, they may also be invited for interviews at other colleges which have less competition for places.

Around 17 percent of applicants are international citizens, and there are no quotas for international students (with the exception of the medicine program). The application process is broadly the same for international students, with Oxford accepting school-leaving qualifications from many different countries. There are, however, additional elements to the application such as English language requirements. 

Tuition fees are currently set at the annual UK maximum of £9,250, with loans available from the UK government for the full amount. Loans are also available to cover living costs during the full three years of study. Students from outside the EU are charged a significantly higher tuition fee, of up to £24,000 a year, and an additional £7,570 a year college fee. This does not include accommodation or board. 

Terms at Oxford are actually shorter than at other UK higher education institutions, and their total duration amounts to less than half of the year. However, undergraduates are also expected to do some academic work during the three holidays, known as the Christmas, Easter, and Long Vacations.

Arts and Humanities (5)

Archaeology and anthropology, classical archaeology and ancient history, classics and english - 36 months, classics and english - 48 months, classics and modern languages, classics and oriental studies, english language and literature, english and modern languages, european and middle eastern languages, history (ancient and modern), history and economics, history and english, history and modern languages, history and politics, history of art, modern languages, modern languages and linguistics, oriental studies - 36 months, oriental studies - 48 months, philosophy and modern languages, philosophy and theology, philosophy, politics and economics, engineering and technology (5), computer science, computer science and philosophy - 36 months, computer science and philosophy - 48 months, engineering science, life sciences and medicine (5), bm bch (graduate entry) medicine, biochemistry (molecular and cellular) (mbiochem), biology - 36 months, biology - 48 months, biomedical sciences, human sciences, medicine (graduate-entry/ accelerated) (bm bch), medicine - 36 months, medicine - 72 months, psychology (experimental), psychology, philosophy and linguistics, natural sciences (5), chemistry (mchem), earth sciences (geology) - 36 months, earth sciences (geology) - 48 months, materials science, mathematics - 36 months, mathematics - 48 months, mathematics and computer science - 36 months, mathematics and computer science - 48 months, mathematics and philosophy, mathematics and statistics, physics (mphys) - 36 months, physics (mphys) - 48 months, physics and philosophy - 36 months, physics and philosophy - 48 months, social sciences and management (5), bachelor of theology (bth) - 12 months, bachelor of theology (bth) - 24 months, economics and management, law (jurisprudence), religion and oriental studies, theology and religion.

Oxford has a reputation for world-leading research, teaching and resources, all within the confines of a uniquely beautiful city. Graduate programs at Oxford are shorter than in many countries, typically lasting only one year for a master’s degree, something which is designed to facilitate swift career progression. 

Students belong to an academic department or faculty that provides teaching, supervision and numerous resources to support studies and are assigned an academic supervisor who provides guidance and advice throughout the program. There are taught programs that usually lead towards a master’s qualification, where students study a range of core and optional courses, supported by lectures and seminars. Research degrees at the master's and doctoral level are conferred in all subjects studied at graduate level at the university. 

There were over 20,000 graduate applications last year, so getting your application right is absolutely crucial. Candidates must choose their subject carefully and check to see if they have the correct qualifications before submitting an application. 

To apply, applicants must complete Oxford’s graduate application form, pay a £75 application fee and upload the following supporting documents: a statement of purpose and research proposal (if applicable), an official transcript of a bachelor’s degree, academic references, and in many cases a portfolio and written work. 

International students whose first language is not English will also need to submit an English language test score certificate to prove either standard or higher (depending on the course) level of English proficiency.

The cost of studying at Oxford as a graduate varies depending on the program. In the humanities, this could range from £4,260 (US$5,962) a year for a three-year DPhil (PhD) in music, to £16,230 (US$22,714) for an MSc in Contemporary Chinese Studies. 

Most graduate courses fall within this range of costs. There are a few exceptions however, with the most expensive programs, including business administration, costing up to £77,390 (US$108,307). Likely living costs can be anything up to a further £18,655 (US$26,108) a year on top of the course fees.   

Financial aid for graduate students is diffuse in its nature. Some colleges offer their own scholarships, and there are a number of external scholarships available, where organizations offer anything from £1,000 (US$1,400) to the entire cost of tuition. 

For British students, the UK government offers a loans scheme for master’s courses, and there are hundreds of charities that make awards to current and prospective graduate students. 

Arts and Humanities (6)

Bphil in philosophy, mphil in archaeology, mphil in classical archaeology, mphil in cuneiform studies, mphil in economic and social history, mphil in egyptology, mphil in english studies (medieval period), mphil in greek and/or latin languages and literature, mphil in greek and/or roman history, mphil in history, mphil in history of science, medicine and technology, mphil in islamic art and archaeology, mphil in jewish studies in the graeco-roman period, mphil in late antique and byzantine studies, mphil in linguistics, philology and phonetics, mphil in modern languages, mphil in modern middle eastern studies, mphil in music (composition), mphil in music (musicology), mphil in music (performance), mphil in russian and east european studies, mphil in slavonic studies, msc in applied landscape archaeology, msc in applied linguistics and second language acquisition, msc in applied linguistics for language teaching, msc in archaeological science, msc in archaeology, msc in english local history, msc in history of science, medicine and technology, msc in modern middle eastern studies, mst in ancient philosophy, mst in archaeology, mst in classical archaeology, mst in classical armenian studies, mst in classical hebrew studies, mst in comparative literature and critical translation, mst in creative writing, mst in english (1550-1700), mst in english (1700-1830), mst in english (1830-1914), mst in english (1900-present), mst in english (650-1550), mst in english and american studies, mst in global and imperial history, mst in greek and/or latin languages and literature, mst in greek and/or roman history, mst in historical studies, mst in history - 21 months, mst in history - 9 months, mst in history of art and visual culture, mst in islamic art and archaeology, mst in jewish studies, mst in jewish studies in the graeco-roman period, mst in late antique and byzantine studies, mst in linguistics, philology and phonetics, mst in literature and arts, mst in medieval studies, mst in modern languages, mst in music (composition), mst in music (musicology), mst in music (performance), mst in philosophy of physics, mst in practical ethics, mst in slavonic studies, mst in world literatures in english, mst in yiddish studies, mst in the history of design, master of fine art (mfa) - 21 months, master of fine art (mfa) - 9 months, business and management (6), msc in financial economics, msc in major programme management, msc in taxation, engineering and technology (6), msc + dphil in social data science - 36 months, msc + dphil in social data science - 72 months, msc by research in engineering science, msc in computer science, msc in energy systems - 12 months, msc in energy systems - 24 months, msc in energy systems - 36 months, msc in social data science, msc in social science of the internet + dphil in information, communication and the social sciences, msc in social science of the internet - 10 months, msc in social science of the internet - 22 months, msc in software engineering, msc in software and systems security, life sciences and medicine (6), mphil in medical anthropology, mphil in social anthropology, mphil in visual, material and museum anthropology, msc by research in biochemistry, msc by research in clinical neurosciences - 12 months, msc by research in clinical neurosciences - 24 months, msc by research in experimental psychology- 12 months, msc by research in experimental psychology- 24 months, msc by research in molecular and cellular medicine, msc by research in musculoskeletal sciences, msc by research in oncology, msc by research in pharmacology, msc by research in physiology, anatomy and genetics, msc by research in psychiatry, msc by research in surgical sciences, msc by research in women's and reproductive health, msc in clinical embryology, msc in clinical trials, msc in clinical and therapeutic neuroscience, msc in cognitive behavioural therapy, msc in cognitive and evolutionary anthropology, msc in evidence-based health care, msc in evidence-based health care (medical statistics), msc in evidence-based health care (systematic reviews), msc in experimental and translational therapeutics, msc in global health science and epidemiology, msc in integrated immunology, msc in international health and tropical medicine, msc in medical anthropology, msc in migration studies, msc in neuroscience, msc in paediatric infectious diseases, msc in pharmacology, msc in precision cancer medicine, msc in psychological research, msc in radiation biology, msc in sleep medicine, msc in social anthropology, msc in surgical science and practice, msc in translational health sciences, msc in visual, material and museum anthropology, mst in mindfulness based cognitive therapy, mst in psychodynamic practice, natural sciences (6), mphil in biodiversity, conservation and management, mphil in environmental change and management, mphil in nature, society and environmental governance, mphil in water science, policy and management, msc by research in chemical biology, msc by research in inorganic chemistry, msc by research in materials, msc by research in mathematics, msc by research in organic chemistry, msc by research in physical and theoretical chemistry, msc in biodiversity, conservation and management, msc in environmental change and management, msc in mathematical modelling and scientific computing, msc in mathematical sciences, msc in mathematical and theoretical physics, msc in mathematics and foundations of computer science, msc in nanotechnology for medicine and health care, msc in nature, society and environmental governance, msc in sustainable urban development, msc in theoretical and computational chemistry, msc in water science, policy and management, social sciences and management (6), bachelor of civil law, mphil in buddhist studies, mphil in classical indian religion, mphil in comparative social policy, mphil in development studies, mphil in eastern christian studies, mphil in economics, mphil in evidence-based social intervention and policy evaluation, mphil in international relations, mphil in islamic studies and history, mphil in japanese studies, mphil in judaism and christianity in the graeco-roman world, mphil in latin american studies, mphil in law, mphil in modern chinese studies, mphil in modern south asian studies, mphil in philosophical theology, mphil in politics (comparative government), mphil in politics (european politics and society), mphil in politics (political theory), mphil in socio-legal research, mphil in sociology and demography, mphil in theology, mphil in tibetan and himalayan studies, mphil in traditional east asia, msc by research in statistics, msc in african studies, msc in comparative social policy, msc in contemporary chinese studies, msc in criminology and criminal justice - 21 months, msc in criminology and criminal justice - 9 months, msc in economic and social history, msc in economics for development, msc in education (child development and education), msc in education (comparative and international education), msc in education (higher education), msc in education (research design and methodology) - 12 months, msc in education (research design and methodology) - 24 months, msc in educational assessment, msc in evidence-based social intervention and policy evaluation, msc in global governance and diplomacy, msc in japanese studies, msc in latin american studies, msc in law and finance, msc in learning and teaching, msc in modern south asian studies, msc in political theory research, msc in politics research, msc in refugee and forced migration studies, msc in russian and east european studies, msc in sociology - 12 months, msc in sociology - 24 months, msc in statistical science, msc in teacher education, mst in bible interpretation, mst in diplomatic studies, mst in film aesthetics, mst in international human rights law, mst in islamic studies and history, mst in korean studies, mst in oriental studies, mst in philosophical theology, mst in study of religions, mst in syriac studies, mst in theology, mst in traditional china, mst in women's studies, mth in applied theology - 24 months, mth in applied theology - 36 months, magister juris, master of public policy (mpp), executive master of business administration (emba) - 22 months, executive master of business administration (emba) - 26 months, master of business administration (mba), oxford 1+1 mba, dphil in ancient history - 36 months, dphil in ancient history - 96 months, dphil in archaeological science, dphil in archaeology - 36 months, dphil in archaeology - 72 months, dphil in architectural history, dphil in classical archaeology, dphil in classical languages and literature - 36 months, dphil in classical languages and literature - 72 months, dphil in english - 36 months, dphil in english - 72 months, dphil in english local history, dphil in fine art - 36 months, dphil in fine art - 72 months, dphil in geography and the environment - 36 months, dphil in geography and the environment - 72 months, dphil in history (history of science and medicine & economic and social history) - 72 months, dphil in history (history of science and medicine & economic and social history) -36 months, dphil in history - 36 months, dphil in history - 72 months, dphil in history of art - 36 months, dphil in history of art - 72 months, dphil in linguistics, philology and phonetics - 36 months, dphil in linguistics, philology and phonetics - 72 months, dphil in literature and arts, dphil in medieval and modern languages- 36 months, dphil in medieval and modern languages- 72 months, dphil in music - 36 months, dphil in music - 84 months, dphil in philosophy, dphil in management, dphil in computer science, dphil in engineering science, dphil in engineering science - 36 months, dphil in social data science - 36 months, dphil in social data science - 72 months, dphil in anthropology - 36 months, dphil in anthropology - 72 months, dphil in biochemistry, dphil in biochemistry (skaggs-oxford programme), dphil in biomedical sciences: nih-ou, dphil in biomedical and clinical sciences, dphil in cardiovascular science, dphil in cellular structural biology, dphil in clinical medicine - 36 months, dphil in clinical medicine - 72 months, dphil in clinical neurosciences - 36 months, dphil in clinical neurosciences - 72 months, dphil in cognitive behavioural therapy, dphil in evidence-based health care, dphil in experimental psychology - 36 months, dphil in experimental psychology - 72 months, dphil in genomic medicine and statistics, dphil in ion channels and membrane transport in health and disease (oxion), dphil in medical sciences, dphil in migration studies - 36 months, dphil in migration studies - 72 months, dphil in molecular cell biology in health and disease, dphil in molecular and cellular medicine, dphil in musculoskeletal sciences, dphil in oncology, dphil in paediatrics, dphil in pharmacology, dphil in physiology, anatomy and genetics, dphil in plant sciences, dphil in population health - 36 months, dphil in population health - 72 months, dphil in primary health care - 36 months, dphil in primary health care - 72 months, dphil in psychiatry - 36 months, dphil in psychiatry - 72 months, dphil in radiation oncology (1+3), dphil in surgical sciences, dphil in women's and reproductive health, dphil in zoology, interdisciplinary bioscience (bbsrc doctoral training partnership), msc in musculoskeletal sciences, synthesis for biology and medicine (epsrc centre for doctoral training), dphil in astrophysics, dphil in atmospheric, oceanic and planetary physics, dphil in atomic and laser physics, dphil in chemical biology, dphil in condensed matter physics, dphil in earth sciences, dphil in inorganic chemistry, dphil in materials, dphil in mathematics, dphil in organic chemistry, dphil in particle physics, dphil in physical and theoretical chemistry, dphil in sustainable urban development, dphil in theoretical physics, environmental research (nerc doctoral training partnership) (dphil), dphil in area studies, dphil in criminology - 36 months, dphil in criminology - 72 months, dphil in economics - 36 months, dphil in economics - 72 months, dphil in education - 36 months, dphil in education - 72 months, dphil in information, communication and the social sciences - 36 months, dphil in information, communication and the social sciences - 72 months, dphil in international development - 36 months, dphil in international development - 72 months, dphil in international relations - 36 months, dphil in international relations - 72 months, dphil in law - 36 months, dphil in law - 72 months, dphil in oriental studies, dphil in politics - 36 months, dphil in politics - 72 months, dphil in public policy - 36 months, dphil in public policy - 72 months, dphil in social policy - 36 months, dphil in social policy - 72 months, dphil in socio-legal studies - 36 months, dphil in socio-legal studies - 72 months, dphil in sociology - 36 months, dphil in sociology - 72 months, dphil in statistics, dphil in theology and religion - 36 months, dphil in theology and religion - 72 months.

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University of oxford: mathematical and computational finance.

Full-Time, 10 months starts Sep 2024

**The information provided on this page was correct at the time of publication (November 2023). For complete and up-to-date information about this course, please visit the relevant University of Oxford course page via www.graduate.ox.ac.uk/ucas.**

The course provides you with a strong mathematical background with the skills necessary to apply your expertise to the solution of problems. You will develop skills to formulate mathematical problems that are based on the needs of the financial industry. You will carry out relevant mathematical and financial analysis, develop and implement appropriate tools to present and interpret model results.

The course lays the foundation for further research in academia or for a career as a quantitative analyst in a financial or other institution.

You will take four introductory courses in the first week. The introductory courses cover partial differential equations, probability and statistics, financial markets and instruments, and Python.

The first term focuses on compulsory core material, offering 64 hours of lectures and 24 hours of classes, plus one compulsory computing course offering 16 hours of lectures.

**Core courses**

- Stochastic Calculus (16 lectures, and 4 classes of 1.5 hours each)

- Financial Derivatives (16 lectures, and 4 classes of 1.5 hours each)

- Numerical Methods (16 lectures, and 4 classes of 1.5 hours each)

- Statistics and Financial Data Analysis (16 lectures, and 4 classes of 1.5 hours each)

**Computing course**

- Financial computing with C++ I (16 hours of lectures, plus 4 classes of 2 hours each over weeks 1-9)

The second term will be a combination of core material, offering 48 hours of lectures (18 hours of classes) and 48 hours of electives (students will choose four electives).

- Deep Learning (16 lectures, and 4 classes of 1.5 hours each)

- Quantitative Risk Management (8 lectures, and 2 classes of 1.5 hours each)

- Stochastic Control (8 lectures, and 2 classes of 1.5 hours each)

- Fixed Income (16 lectures, and 4 classes of 1.5 hours each)

**Elective courses**

- Advanced Volatility Modelling (8 lectures, and 2 classes of 1.5 hours each)

- Advanced Monte Carlo Methods (8 lectures, and 2 classes of 1.5 hours each)

- Advanced Numerical Methods (8 lectures, and 2 classes of 1.5 hours each)

- Asset Pricing (8 lectures, and 2 classes of 1.5 hours each)

- Market Microstructure and Algorithmic Trading (8 lectures, and 2 classes of 1.5 hours each)

- Decentralised Finance (8 lectures and 2 classes of 1.5 hours each)

- Financial computing with C++ II (24 hours of lectures and classes)

The third term is mainly dedicated to a dissertation project which is to be written on a topic chosen in consultation with your supervisor. This may be prepared in conjunction with an industry internship.

Full-Time, 10 months started Oct 2023

**The information provided on this page was correct at the time of publication (October/November 2022). For complete and up-to-date information about this course, please visit the relevant University of Oxford course page via www.graduate.ox.ac.uk/ucas.**

**This course is taking part in a continuing pilot programme to improve the selection procedure for graduate applications, in order to ensure that all candidates are evaluated fairly. For this course, the socio-economic data you provide in the application form will be used to contextualise the shortlisting and decision-making processes where it has been provided.**

Computing course

- Stochastic Volatility (8 lectures, and 2 classes of 1.5 hours each)

Advanced Numerical Methods (8 lectures, and 2 classes of 1.5 hours each) - Asset Pricing (8 lectures, and 2 classes of 1.5 hours each)

- Optimisation (8 lectures, and 2 classes of 1.5 hours each)

Financial computing with C++ II (24 hours of lectures and classes) The third term is mainly dedicated to a dissertation project which is to be written on a topic chosen in consultation with your supervisor. This may be prepared in conjunction with an industry internship.

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Financial Derivatives (2021-22)

Enrolment options.

• Lecturer: Anna Ananova
• Lecturer: Jan Obloj

The Mathematical and Computational Finance Program at Stanford University (“MCF”) is one of the oldest and most established programs of its kind in the world. Starting out in the late 1990’s as an interdisciplinary financial mathematics research group, at a time when “quants” started having a greater impact on finance in particular, the program formally admitted masters students starting in 1999. The current MCF program was relaunched under the auspices of the Institute for Computational and Mathematical Engineering in the Stanford School of Engineering in 2014 to better align with changes in industry and to broaden into areas of financial technology in particular. We are excited to remain at the cutting edge of innovation in finance while carrying on our long tradition of excellence.

The MCF Program is designed to have smaller cohorts of exceptional students with diverse interests and viewpoints, and prepare them for impactful roles in finance. We are characterized by our cutting edge curriculum marrying traditional financial mathematics and core fundamentals, with an innovative technical spirit unique to Stanford with preparation in software engineering, data science and machine learning as well as the hands-on practical coursework which is the hallmark skill-set for leaders in present day finance.

Operations Research & Financial Engineering

Financial Mathematics

Financial mathematics concerns mathematical models and problems arising in financial markets and applies tools from probability, optimization, stochastic analysis and statistics. Specific areas of research include risk management, pricing and hedging in incomplete markets, stochastic volatility models, markets with transaction costs, energy markets, credit risk, portfolio optimization, utility indifference valuation, and stochastic differential games.

Research Area Faculty

Research Interests: Stochastic analysis (SPDEs, BSDEs, FBSDEs, stochastic control and large stochastic differential games such as mean field games), high frequency markets, energy and commodity markets, environmental finance and financial mathematics models.

Research Interests:  High-dimensional statistics, Machine Learning, financial econometrics, computational biology, biostatistics, graphical and network modeling, portfolio theory, high-frequency finance, time series.

Research Interests:  Stochastic control and games, including in particular mean-field games and continuous-time principal-agent problems, using recently introduced and state of the art tools in stochastic control such as second-order backward SDEs. Research motivated by applications to energy management, epidemiology,…

Research Interests:  Financial optimization models and associated algorithms, asset management strategies for global pension plans, (re)insurance companies, and other long-term investors, dynamic portfolio tactics for hedge funds, replicating performance of active managers

Research Interests:  Financial mathematics, stochastic models, especially for market volatility, optimal investment and hedging strategies, analysis of financial data, credit risk; employee stock options, dynamic game theory, energy and commodities markets

Research Interests:  Decisions under uncertainty, Knigthian uncertainty, stochastic optimal control, financial mathematics, robust techniques in quantitative finance.

Research Interests:  Financial mathematics (risk management, model uncertainty, optimal investment); Stochastic analysis (stochastic control, SDEs, BSDEs, FBSDEs, probabilistic representations of parabolic/elliptic PDEs); Probability theory (optimal transportation, functional inequalities)

• Scholarships

Learn about scholarships and your path to financial support and academic excellence.

• Admissions & Aid
• Financial Aid & Scholarships
• Scholarships & Grants

Explore Seattle University Scholarships

Learn more about scholarship opportunities for first-year undergraduates, transfer undergraduates, graduate students, ROTC students and more.

Merit Awards: Undergraduate University Scholarships

First-year, transfer, undocumented and international students who complete an admissions application to Seattle University are automatically considered for merit-based scholarships.  

For first-year students, these scholarships are renewable (up to 4 years!). Transfer students with more than 45 credits may receive awards for up to 3 years. Transfer students with less than 45 credits may receive awards for up to 4 years. 

Merit scholarships are based on the information in your admissions application—not finances—and are at least $8,000 per year.

Full-Tuition Undergraduate Transfer Scholarship Opportunities

Your path to affordable education and academic success at Seattle University.

Students enrolled in Washington’s College Bound Program may be considered to receive financial aid to cover their full, demonstrated financial need for four years for incoming first-year students at Seattle University. The financial aid will be in different forms and from a variety of sources, such as federal, state, and Seattle University—combined with the College Bound scholarship.

Seattle University Bound Eligibility

To be considered for the program, incoming first-year students must fulfill the following:

• Be enrolled full-time and eligible for the Washington State College Bound Scholarship
• Earn at least a 3.5 cumulative unweighted high school GPA
• Apply for Fall Quarter as an incoming first-year student to Seattle University by January 15 (the Regular Decision deadline)
• File the Free Application for Federal Student Aid (FAFSA) by February 1 of your senior year in high school (must be eligible for federal aid)
• Maintain College Bound eligibility and satisfactory academic progress while enrolled at Seattle University and complete the yearly FAFSA filing requirement

Seattle University is committed to supporting the success of its students. Learn more about the different services and resources dedicated to student success.

For questions about the Seattle University Bound Program, call or email the Admissions Office at 206-220-8040, [email protected], or contact your Admissions Counselor . Seattle University can be found on the Common Application.

Seattle University aspires to be the preferred transfer destination for Seattle Promise students. Seattle Promise students enrolled in the Washington State College Bound Scholarship program that complete a DTA or AS-T with a 3.0 or higher cumulative GPA are guaranteed admission. They are also eligible to receive full tuition awards to Seattle University.  

Seattle U Promise Eligibility 

To receive the scholarship, incoming transfer students must fulfill the following: 

• Be enrolled at one of the Seattle Colleges (Seattle Central, North Seattle, South Seattle) as a Seattle Promise student 
• Be enrolled in the Washington State College Bound Scholarship Program  
• Complete the required prerequisite classes for the program of interest 
• Apply as a transfer student to Seattle University by the quarterly application deadline   
• File the Free Application for Federal Student Aid (FAFSA) by February 1 prior to enrolling at Seattle University (must be eligible for federal aid) 
• Maintain satisfactory academic progress while enrolled at Seattle U, and complete the yearly FAFSA filing requirement. 

Seattle University is committed to supporting the success of its students. Learn more about the different services and resources dedicated to student success.  

• Transfer Student Reidy Collegium
• The Outreach Center
• Advising Services

For questions about the Seattle U Promise Scholarship, call or email the Admissions Office:  1-206-220-8040  [email protected] 

Alfie Scholars

The Alfie Scholars Program offers a scholarship and special programing for underrepresented community college transfer students who are admitted to Seattle University. In addition to the $30,000 scholarship, distributed over two years, the Alfie Scholars Program provides civility leadership training, intensive summer programing and individual advising.

Alfie Scholars Program

Additional Undergraduate Scholarship Opportunities

Fostering Scholars is a full scholarship and program of support awarded to eligible students currently in—or who aged out of—the foster care system. Recipients receive financial, academic and personal support towards the completion of an undergraduate degree at Seattle University. 

Fostering Scholars

Sperry Goodman Endowed Scholarship

The Sperry Goodman Endowed Scholarship is for incoming freshmen majoring in computer science, environmental science, mathematics, physics or an engineering discipline. Preference is given to students with financial need. A Sperry Goodman scholarship is an award of $5,000 per year.

Sperry Goodman Scholarship

Seattle University Math and Science Scholars (SUMSS) Scholarship

The SUMSS Scholarship is designed to help high-achieving students with demonstrated financial need pursue career opportunities in biology, chemistry and mathematics. This scholarship is up to $10,000 per year, renewable for up to four years of undergraduate study.

SUMSS Scholarship

Current students can visit Seattle University's ScholarshipUniverse to search for and apply for scholarships. The campus has hundreds of different scholarships each with different requirements, so we encourage everyone to complete the application process.

Many scholarships are automatically matched to applicants based on the information contained in their student records. These scholarships generally do not result in an increase to gift aid and will replace generic Seattle University funding with a named scholarship which allows the University to recognize students for their unique qualities and abilities.

These named scholarships are funded by generous Seattle University donors, alumni and friends. Student recipients are asked to complete a post-acceptance thank you biography.

ScholarshipUniverse

Graduate Student Scholarships

Seattle University offers Graduate Scholarships at the time of admission. Most scholarships are based on the information in your admission application, and most are renewable. Please contact Graduate Admissions for more information.

Additional Graduate Scholarship Opportunities

The Sinegal Fellowship provides support for underrepresented minority Costco Scholars who have graduated from either the University of Washington or Seattle University and who are pursuing an advanced degree at Seattle University. The Sinegal Fellowship is a 2-year award with a stipend of $5,000 for each year. Questions about this fellowship should be directed to [email protected] .

Eligible full-time religious and lay teachers and principals of Catholic schools under the auspices of the Archdiocese of Seattle may apply for this grant. Master in Teaching (MIT) and Doctor of Education (EdD) students are not eligible. Additional information and the application for this grant become available on May 1 preceding the upcoming academic year. Learn more through Student Financial Services.

Several graduate departments offer program-specific scholarships. Scholarships are generally limited; some awards may be need-based and some may be renewed. Please consult college, department or program websites, faculty or staff for more information about availability, eligibility and application procedures. Current students can also visit Seattle University's ScholarshipUniverse to search for and apply for scholarships. 

ROTC Scholarships

Learn about ROTC scholarships and financial aid.

Contact the Student Financial Services Office to schedule an appointment with the counselor responsible for administering the ROTC program to learn about the possible impact of ROTC funding on other financial aid and the requirements for continuing to receive ROTC funding in subsequent years.

Financial aid awards are revised to include ROTC funding when all information regarding that funding is received from the military.  This often happens fairly late in the cycle. As soon as the Student Financial Services Office receives the necessary information, ROTC students' financial aid awards are updated to include any and all funding for which they are eligible.  

No. Financial aid awards for students who participate in ROTC programming but don't receive ROTC funding are not affected.

Visit the ROTC web page or contact the Recruiting Operations Officer using information below.

Recruiting Operations Office Phone: 1-206-296-2439 Email: [email protected]

Scholarships From Other Sources

Looking for more scholarships? Learn more about applying for outside scholarships. 

When, Where and How to Apply for Outside Scholarships 

Click here for a tip sheet on Exploring Outside Scholarships . 

Seattle U students can also search for opportunities on ScholarshipUniverse , a resource for both institutional and outside scholarships.

Scholarship Workshops

For information about upcoming scholarship workshops and resources check out the Student Academic Persistence webpage.

What To Do If You Have Received an Outside Scholarship  

Outside scholarships are scholarships students bring with them to Seattle University. On the award letter these scholarships are labeled "Private Outside Scholarship." 

If the student has received a scholarship from an outside donor that is not included on their award letter, they should notify the Student Financial Services Office as soon as possible so it will be considered when determining eligibility for other financial aid and revising the award if necessary.  

If the Student Financial Services Offices receives a check from an outside scholarship's donor that requires the recipient's endorsement, an email will be sent to the student's SU e-mail address telling them to come to Student Financial Services to sign the check. 

The following information may be helpful for students and scholarship donors: 

• Report the amount of the scholarship for the entire 9-month academic year, even if it will be sent in separate, quarterly payments. 
• Unless the donor specifies otherwise, scholarships are disbursed equally over all three quarters: fall, winter and spring. 
• Scholarship checks should be made payable to "Seattle University," with the student's name and SU ID # clearly noted, and mailed to Student Financial Services. 
• If the scholarship check is sent to the student rather than to Seattle University, they should notify the Office of Student Financial Services of the amount of the scholarship as soon as it is known.
• If the donor requires enrollment verification, the student may obtain an Enrollment Verification document from SU online by navigating to the 'Students Menu' and under 'Academic Profile section selecting 'Enrollment Verification'.  Be sure to then select 'Real Time Verification' to view a document that student can save as PDF or print. 

If the donor requires that Seattle University bill them prior to releasing the scholarship funds, please provide: 

• The student's written permission for Student Financial Services to provide the requested billing; 
• The name of the donor and/or contact person; 
• The address where the invoice should be mailed; 
• Any instructions the donor has given about what should be included on the invoice; and 
• Whether the donor needs quarterly invoices or a single invoice for the entire year. 

Supporting Offices

Get in Touch

We’re here to help. For information about scholarships at Seattle University contact:

Student Financial Services

Vi Hilbert Hall

• [email protected]
• 1-206-220-8020

MSc in Mathematical Modelling and Scientific Computing

• Entry requirements
• Funding and costs

College preference

• How to apply

About the course

This one-year master's course provides training in the application of mathematics to a wide range of problems in science and technology. Emphasis is placed on the formulation of problems, on the analytical and numerical techniques for a solution and the computation of useful results.

The course consists of both taught courses and a dissertation. To complete the course, you must complete 12 units. You will normally accumulate four units in core courses, two units in special topics, two units in case studies and four units in the dissertation. In addition, you will usually attend classes in mathematical modelling, practical numerical analysis and additional skills during Michaelmas term. 

Core courses (usually accumulating four units)

There are four core courses which you must complete (one unit each), which each usually consist of 24 lectures, classes and a written examination. There is one course on mathematical methods and one on numerical analysis in both Michaelmas term and Hilary term. 

Special topics (usually accumulating two units)

You must choose one special topic in the area of modelling and one in computation (one unit each). There are around 25 special topic courses to choose from, spread over the first and second academic terms, each usually consisting of 16 lectures and a mini project. Topics covered include mathematical biology, fluid mechanics, perturbation methods, the mathematics of data, numerical optimisation and scientific computing.

Case studies (usually accumulating two units) 

You must undertake at least one case study in mathematical modelling and one in scientific computing (one unit each). These courses take place in Hilary term and normally consist of group work, an oral presentation (for mathematical modelling only) and a written report.

Dissertation (four units)

You will need to write a dissertation  of around 40 to 50 pages. This is normally produced in the third term (Trinity Term) and over the long vacation. Since there is another MSc focussed on mathematical finance specifically, the MSc in Mathematical and Computational Finance , you are not permitted to undertake a dissertation in this field.

Pattern of learning and teaching

In the first term (Michaelmas term), students should expect their weekly schedule to consist of around seven hours of core course lectures and five hours of modelling, practical numerical analysis and additional skills classes, then a further two hours of lectures for each special topic course followed. In addition there are about three hours of problem solving classes to go through core course exercises and students should expect to spend time working through the exercises then submitting them for marking prior to the class. There are slightly fewer contact hours in the second term (Hilary term), but students will spend more time working in groups on the case studies.

The expectation is that students will spend most of the third term and long vacation working on their dissertations. During this time, students should expect to work hours that are equivalent to full-time working hours, although extra hours may occasionally be needed. Students are expected to write special topic and case study reports during the Christmas and Easter vacations, as well as revising for the core course written examinations.

Intended learning outcomes

Students on the course will gain knowledge of:

• core methods of applied mathematics and numerical analysis;
• computer programming of mathematical algorithms;
• mathematical modelling;
• more advanced topics in modelling, methods and numerical analysis;
• how to undertake a short research project in an area of applied mathematics;
• how to communicate mathematics effectively, both orally and in written form.

Supervision

The allocation of graduate supervision for this course is the responsibility of the Mathematical Institute and it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the Mathematical Institute.

You will be assigned an initial supervisor on arrival in Oxford whose role is to act as an academic advisor during the first two terms of the course. In the third term, your supervisor will usually change when you start work on your dissertation.

Assessment takes place throughout the course. To complete the course, you must complete 12 units.

Each one-unit core course on mathematical methods or numerical analysis is assessed by written examination. The first two examinations on mathematical methods and numerical analysis usually take place in Week 0 of Hilary term. The second two examinations usually take place in Week 0 of Trinity term.

Each one-unit special topic culminates in an assessed written report. Special topic reports based on Michaelmas term lecture courses are submitted at the beginning of Hilary term and special topic reports based on Hilary term lectures courses are submitted at the beginning of Trinity term. 

Each one-unit case study is taught in Hilary term. For mathematical modelling you will give an assessed group presentation at the end of Hilary term as well as submitting an individual written report at the beginning of Trinity term. For the scientific computing case study assessment will solely be based on your written report which will be submitted early in Trinity term.

Finally, you will produce a dissertation (contributing four units) during Trinity term and the long vacation and you will have an oral examination on this in mid-September. While your dissertation does not necessarily need to contain original ideas, credit will be given for originality and performance in the oral examination. In addition, the dissertation will be assessed on the mathematical content and accuracy, including the mathematical formulation of the problem and the subsequent analysis and solution, as well as the presentation, in particular whether the report is written clearly and in a scholarly manner.

Graduate destinations

Recent destinations include further research into mathematics and related fields, as well as roles in a variety of industries including data science, mathematical consultancy, finance, software engineering and scientific research.

Changes to this course and your supervision

The University will seek to deliver this course in accordance with the description set out in this course page. However, there may be situations in which it is desirable or necessary for the University to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. In addition, in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.

Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.

For further information please see our page on changes to courses and the provisions of the student contract regarding changes to courses.

Entry requirements for entry in 2024-25

Proven and potential academic excellence.

The requirements described below are specific to this course and apply only in the year of entry that is shown. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

Please be aware that any studentships that are linked to this course may have different or additional requirements and you should read any studentship information carefully before applying. 

Degree-level qualifications

As a minimum, applicants should hold or be predicted to achieve the following UK qualifications or their equivalent:

• a first-class or strong upper second-class undergraduate degree with honours in a subject with significant mathematical content.

For applicants with a degree from the USA, the minimum GPA sought is 3.6 out of 4.0.

If your degree is not from the UK or another country specified above, visit our International Qualifications page for guidance on the qualifications and grades that would usually be considered to meet the University’s minimum entry requirements.

GRE General Test scores

No Graduate Record Examination (GRE) or GMAT scores are sought.

Other qualifications, evidence of excellence and relevant experience

• Publications are not expected.

English language proficiency

This course requires proficiency in English at the University's  higher level . If your first language is not English, you may need to provide evidence that you meet this requirement. The minimum scores required to meet the University's higher level are detailed in the table below.

*Previously known as the Cambridge Certificate of Advanced English or Cambridge English: Advanced (CAE) † Previously known as the Cambridge Certificate of Proficiency in English or Cambridge English: Proficiency (CPE)

Your test must have been taken no more than two years before the start date of your course. Our Application Guide provides  further information about the English language test requirement .

Declaring extenuating circumstances

If your ability to meet the entry requirements has been affected by the COVID-19 pandemic (eg you were awarded an unclassified/ungraded degree) or any other exceptional personal circumstance (eg other illness or bereavement), please refer to the guidance on extenuating circumstances in the Application Guide for information about how to declare this so that your application can be considered appropriately.

You will need to register three referees who can give an informed view of your academic ability and suitability for the course. The  How to apply  section of this page provides details of the types of reference that are required in support of your application for this course and how these will be assessed.

Supporting documents

You will be required to supply supporting documents with your application. The  How to apply  section of this page provides details of the supporting documents that are required as part of your application for this course and how these will be assessed.

Performance at interview

Interviews are normally held as part of the admissions process.

Applicants are shortlisted for interview if their application demonstrates proven academic excellence and potential and they satisfy the prerequisites (as judged from transcripts and references) and also if they are motivated to study the course (as judged from the personal statement and references).

If you are shortlisted for interview you will usually be notified within one month of the application deadline which you met. Where applications are still accepted after the final standard University deadline, you will be informed whether or not you are invited for interview shortly after applications close. In both cases you should expect to receive one to two weeks’ notice of an interview and it is expected that interviews will take place around five to six weeks after an application deadline. The interview could take place face to face or remotely.

The interviews last approximately 30 minutes and there usually two interviewers. The interviewers will be trying to evaluate your background knowledge and suitability for the course as well as motivation and technical skills.

The major part of the interview will be the technical interview in which you will be asked questions on prerequisite material. In addition, you will be asked about your motivation to undertake the course and there will be an opportunity for you to ask questions (although these questions are not taken into account when assessing interview performance).

How your application is assessed

Your application will be assessed purely on your proven and potential academic excellence and other entry requirements described under that heading.

References  and  supporting documents  submitted as part of your application, and your performance at interview (if interviews are held) will be considered as part of the assessment process. Whether or not you have secured funding will not be taken into consideration when your application is assessed.

An overview of the shortlisting and selection process is provided below. Our ' After you apply ' pages provide  more information about how applications are assessed . 

Shortlisting and selection

Students are considered for shortlisting and selected for admission without regard to age, disability, gender reassignment, marital or civil partnership status, pregnancy and maternity, race (including colour, nationality and ethnic or national origins), religion or belief (including lack of belief), sex, sexual orientation, as well as other relevant circumstances including parental or caring responsibilities or social background. However, please note the following:

• socio-economic information may be taken into account in the selection of applicants and award of scholarships for courses that are part of  the University’s pilot selection procedure  and for  scholarships aimed at under-represented groups ;
• country of ordinary residence may be taken into account in the awarding of certain scholarships; and
• protected characteristics may be taken into account during shortlisting for interview or the award of scholarships where the University has approved a positive action case under the Equality Act 2010.

Initiatives to improve access to graduate study

This course is taking part in a continuing pilot programme to improve the selection procedure for graduate applications, in order to ensure that all candidates are evaluated fairly.

For this course, socio-economic data (where it has been provided in the application form) will be used to contextualise applications at the different stages of the selection process.  Further information about how we use your socio-economic data  can be found in our page about initiatives to improve access to graduate study.

If you wish, you may submit an additional contextual statement (using the instructions in the How to apply section of this page) to provide further information on your socio-economic background or personal circumstances in support of your application.  Further information about how your contextual statement will be used  can be found in our page about initiatives to improve access to graduate study.

Processing your data for shortlisting and selection

Information about  processing special category data for the purposes of positive action  and  using your data to assess your eligibility for funding , can be found in our Postgraduate Applicant Privacy Policy.

Admissions panels and assessors

All recommendations to admit a student involve the judgement of at least two members of the academic staff with relevant experience and expertise, and must also be approved by the Director of Graduate Studies or Admissions Committee (or equivalent within the department).

Admissions panels or committees will always include at least one member of academic staff who has undertaken appropriate training.

Other factors governing whether places can be offered

The following factors will also govern whether candidates can be offered places:

• the ability of the University to provide the appropriate supervision for your studies, as outlined under the 'Supervision' heading in the  About  section of this page;
• the ability of the University to provide appropriate support for your studies (eg through the provision of facilities, resources, teaching and/or research opportunities); and
• minimum and maximum limits to the numbers of students who may be admitted to the University's taught and research programmes.

Offer conditions for successful applications

If you receive an offer of a place at Oxford, your offer will outline any conditions that you need to satisfy and any actions you need to take, together with any associated deadlines. These may include academic conditions, such as achieving a specific final grade in your current degree course. These conditions will usually depend on your individual academic circumstances and may vary between applicants. Our ' After you apply ' pages provide more information about offers and conditions . 

In addition to any academic conditions which are set, you will also be required to meet the following requirements:

Financial Declaration

If you are offered a place, you will be required to complete a  Financial Declaration  in order to meet your financial condition of admission.

Disclosure of criminal convictions

In accordance with the University’s obligations towards students and staff, we will ask you to declare any  relevant, unspent criminal convictions  before you can take up a place at Oxford.

The Mathematical Institute's home is the purpose-built Andrew Wiles Building, opened in 2013. This provides ample teaching facilities for lectures, classes and seminars. The Mathematical Institute provides IT support, and students can use the department's Whitehead Library, with an extensive range of books and journals. Wi-fi is available throughout the building.

The Mathematical Institute provides six lecture theatres and six class rooms. The largest lecture theatre seats up to 363 people and all classrooms can accommodate 20 people. A shared office with desktop computers and a hot desking arrangement is allocated to students on arrival.

Graduate students have access to the department common room, where graduate students regularly gather for coffee and other social occasions and the mezzanine level of the Andrew Wiles Building houses a café and teaching spaces.

The Mathematical Institute is proud to have received an Athena SWAN silver renewal award in 2021, reflecting its commitment to promoting diversity and to creating a working environment in which students and staff alike can achieve their full potential.

Mathematics

Mathematics has been studied in Oxford since the University was first established in the 12th century. The Mathematical Institute aims to preserve and expand mathematical culture through excellence in teaching and research.

The Mathematical Institute offers a wide range of graduate courses, including both taught master’s courses and research degrees. Research and teaching covers the spectrum of pure and applied mathematics with researchers working in fields including:

• number theory
• combinatorics
• mathematical physics
• mathematical finance
• mathematical modelling
• mathematical biology
• numerical analysis.

Graduate students are an integral part of the department, interacting with each other and with academic staff as part of a vibrant community that strives to further mathematical study. As a graduate student at Oxford you will benefit from excellent resources, extensive training opportunities and supportive guidance from your supervisor or course director.

The Mathematical Institute has strong ties with other University departments including Computer Science, Statistics and Physics, teaching several courses jointly. Strong links with industrial and other partners are also central to the department.

View all courses   View taught courses View research courses

The University expects to be able to offer over 1,000 full or partial graduate scholarships across the collegiate University in 2024-25. You will be automatically considered for the majority of Oxford scholarships , if you fulfil the eligibility criteria and submit your graduate application by the relevant December or January deadline. Most scholarships are awarded on the basis of academic merit and/or potential. 

For further details about searching for funding as a graduate student visit our dedicated Funding pages, which contain information about how to apply for Oxford scholarships requiring an additional application, details of external funding, loan schemes and other funding sources.

Please ensure that you visit individual college websites for details of any college-specific funding opportunities using the links provided on our college pages or below:

Please note that not all the colleges listed above may accept students on this course. For details of those which do, please refer to the College preference section of this page.

Further information about funding opportunities for this course can be found on the department's website.

Annual fees for entry in 2024-25

Further details about fee status eligibility can be found on the fee status webpage.

Information about course fees

Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). For courses lasting longer than one year, please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges .

Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Unless specified in the additional information section below, course fees do not cover your accommodation, residential costs or other living costs. They also don’t cover any additional costs and charges that are outlined in the additional information below.

Where can I find further information about fees?

The Fees and Funding  section of this website provides further information about course fees , including information about fee status and eligibility  and your length of fee liability .

Additional information

There are no compulsory elements of this course that entail additional costs beyond fees and living costs. However, as part of your course requirements, you may need to choose a dissertation, a project or a thesis topic. Please note that, depending on your choice of topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.

Living costs

In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course.

For the 2024-25 academic year, the range of likely living costs for full-time study is between c. £1,345 and £1,955 for each month spent in Oxford. Full information, including a breakdown of likely living costs in Oxford for items such as food, accommodation and study costs, is available on our living costs page. The current economic climate and high national rate of inflation make it very hard to estimate potential changes to the cost of living over the next few years. When planning your finances for any future years of study in Oxford beyond 2024-25, it is suggested that you allow for potential increases in living expenses of around 5% each year – although this rate may vary depending on the national economic situation. UK inflationary increases will be kept under review and this page updated.

Students enrolled on this course will belong to both a department/faculty and a college. Please note that ‘college’ and ‘colleges’ refers to all 43 of the University’s colleges, including those designated as societies and permanent private halls (PPHs). 

If you apply for a place on this course you will have the option to express a preference for one of the colleges listed below, or you can ask us to find a college for you. Before deciding, we suggest that you read our brief  introduction to the college system at Oxford  and our  advice about expressing a college preference . For some courses, the department may have provided some additional advice below to help you decide.

The following colleges accept students on the MSc in Mathematical Modelling and Scientific Computing:

• Balliol College
• Brasenose College
• Christ Church
• Corpus Christi College
• Exeter College
• Jesus College
• Kellogg College
• Lady Margaret Hall
• Linacre College
• Lincoln College
• Magdalen College
• Mansfield College
• Merton College
• New College
• Oriel College
• Pembroke College
• The Queen's College
• Reuben College
• St Anne's College
• St Catherine's College
• St Cross College
• St Edmund Hall
• St Hilda's College
• St Hugh's College
• St Peter's College
• Somerville College
• University College
• Wadham College
• Wolfson College
• Worcester College
• Wycliffe Hall

Before you apply

Our  guide to getting started  provides general advice on how to prepare for and start your application. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

If it's important for you to have your application considered under a particular deadline – eg under a December or January deadline in order to be considered for Oxford scholarships – we recommend that you aim to complete and submit your application at least two weeks in advance . Check the deadlines on this page and the  information about deadlines and when to apply  in our Application Guide.

Application fee waivers

An application fee of £75 is payable per course application. Application fee waivers are available for the following applicants who meet the eligibility criteria:

• applicants from low-income countries;
• refugees and displaced persons; 
• UK applicants from low-income backgrounds; and 
• applicants who applied for our Graduate Access Programmes in the past two years and met the eligibility criteria.

You are encouraged to  check whether you're eligible for an application fee waiver  before you apply.

Do I need to contact anyone before I apply?

You are welcome to make contact with the  Course Director, Dr Kathryn Gillow , before you apply in order to find out more about the course. However, it is not necessary to contact a potential supervisor as this will be arranged on your arrival.

Completing your application

You should refer to the information below when completing the application form, paying attention to the specific requirements for the supporting documents .

For this course, the application form will include questions that collect information that would usually be included in a CV/résumé. You should not upload a separate document. If a separate CV/résumé is uploaded, it will be removed from your application .

If any document does not meet the specification, including the stipulated word count, your application may be considered incomplete and not assessed by the academic department. Expand each section to show further details.

Referees: Three overall, academic preferred

Whilst you must register three referees, the department may start the assessment of your application if two of the three references are submitted by the course deadline and your application is otherwise complete. Please note that you may still be required to ensure your third referee supplies a reference for consideration.

Although academic references are preferred, you may use one, or at most two, professional references of the three references required overall.

Your references will support intellectual ability, academic achievement, motivation and commitment to pursue the chosen course to a successful conclusion.

Official transcript(s)

Your transcripts should give detailed information of the individual grades received in your university-level qualifications to date. You should only upload official documents issued by your institution and any transcript not in English should be accompanied by a certified translation.

More information about the transcript requirement is available in the Application Guide.

Contextual statement

If you wish to provide a contextual statement with your application, you may also submit an additional statement to provide contextual information on your socio-economic background or personal circumstances in support of your application.

Submit a contextual statement

It is not necessary to anonymise this document, as we recognise that it may be necessary for you to disclose certain information in your statement. This statement will not be used as part of the initial academic assessment of applications at shortlisting, but may be used in combination with socio-economic data to provide contextual information during decision-making processes.

Please note, this statement is in addition to  completing the 'Extenuating circumstances’ section of the standard application form .

You can find  more information about the contextual statement  on our page that provides details of the continuing pilot programme to improve the assessment procedure for graduate applications.

Statement of purpose/personal statement: A maximum of 1,000 words

Your statement should be written in English and explain your motivation for applying for the course at Oxford, your relevant experience and education, and the specific areas that interest you and/or you intend to specialise in.

This will be assessed for your reasons for applying; evidence of motivation for and understanding of the proposed area of study; the ability to present a reasoned case in English; and commitment to the subject, beyond the requirements of the degree course.

Your statement should focus on your motivation for wishing to undertake the course and relevant qualifications rather than your personal achievements, interests and aspirations.

If possible, please ensure that the word count is clearly displayed on the document.

Start or continue your application

You can start or return to an application using the relevant link below. As you complete the form, please  refer to the requirements above  and  consult our Application Guide for advice . You'll find the answers to most common queries in our FAQs.

Application Guide   Apply

ADMISSION STATUS

Closed to applications for entry in 2024-25

Register to be notified via email when the next application cycle opens (for entry in 2025-26)

12:00 midday UK time on:

Friday 10 November 2023 Applications more likely to receive earlier decisions

Friday 19 January 2024 Latest deadline for most Oxford scholarships

Friday 1 March 2024 Final application deadline for entry in 2024-25

*Three-year average (applications for entry in 2021-22 to 2023-24)

Further information and enquiries

This course is offered by the Mathematical Institute

• Course page on the institute's website
• Funding information from the institute
• Staff and research in the institute
• Mathematical, Physical and Life Sciences
• Residence requirements for full-time courses
• Postgraduate applicant privacy policy

Course-related enquiries

Advice about contacting the department can be found in the How to apply section of this page

✉ [email protected] ☎ +44 (0)1865 615206

Application-process enquiries

See the application guide

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MSc in Mathematical Finance - Alumni profiles

2019 finishers, thomas bschorr.

Senior Consultant, d-fine GmbH

As a physicist, the course offered me a unique opportunity to get to know the theoretical background of the corresponding models in finance, which are relevant for my work. The course further offered me the opportunity to obtain a second degree and to broaden my horizon while already working full time.

Alexander Dreher-Brockhoff

I have applied for the part-time Mathematical Finance programme (MSc) at the University of Oxford, because it appeals to me as a unique opportunity to take my knowledge in mathematical and quantitative finance to the next level at one of the world’s most prestigious universities. I am convinced that the MSc in Mathematical Finance is the perfect course to strengthen mathematical skills and to open new perspectives and ideas based on the practical experience of renowned lecturers.

Gernot Lassnig

Consultant, d-fine GmbH and Entrepreneur

I decided to join the Oxford mathematical finance programme to obtain a deep and thorough understanding of the mathematical and computational techniques applied in mathematical finance, without taking a career-break. The programme offers an unmatched mix of lectures held by wold-leading academics and financial practitioners from industry that allow valuable insights ranging from current research topics to practical issues.

Erik Rudolf

Consultant, d-fine GmbH

I chose the course to get to know the mathematical view of the finance area, where I started my first employment. I have learnt a new field of application for differential equations and got a principal understanding for financial products that helps me a lot as background information in my daily work.

Carsten Seibel

Manager, d-fine GmbH

The course was a brilliant and very instructive experience for me. It was a great pleasure and an honour for me to graduate from the University of Oxford in mathematical finance. The reason why I participated in the course was to learn as much as possible of the mathematical background of the whole financial process, which I'm confronted with each working day in my job as consultant/manager at d-fine. My expectations have been more than exceeded. I would like to thank all the professionally and humanly qualified lecturers, for their great and sounded teaching. The time at Oxford will remain in my memory as a unique academic and cultural adventure, which I do not want to miss! I would choose the progamme again at any time.

Mahan Tahvildari

I have chosen the MSc in Mathematical Finance to deepen my academic knowledge and skills in stochastic analysis, utility theory, valuation and optimal hedging of financial derivatives in preparation for my PhD studies. WIth the part-time programme, I was able to study in parallel to my full-time job as a (senior) consultant for risk management in the banking industry.

2018 finishers

Stefan buhrandt.

Model Validation, Postbank AG

I chose the course to improve my understanding of mathematical finance, in particular the valuation of financial derivatives. I really enjoyed the choice of topics and how the material was presented. I am sure that I can use many of the things I learned during the course in my new job.

Jonas Daniels

Business Analyst, Talanx Asset Management GmbH 

I chose this course in order to get a deeper understanding of the mechanisms behind our financial world and for the pure joy of mathematics. It was a great pleasure to met many interesting people during this intellectually inspiring course. 

PhD Student at Warsaw School of Economics

I think it is the best part-time Mathematical Finance programme (MSc) in Europe, as it covers both angles: the good old theory i.e.: stochastic calculus (mostly by Professors Cohen and Dewynne), numerical methods for finance (mostly by Professors Reisinger and Giles) as well as the new tastes and flavours arising from very practical approaches: algorithmic trading, forecasting, energy trading etc. The quality of teaching is generally very high, with some lectures at outstanding level (Prof Cohen) and only literally a few lectures which may disappoint, be it not formal enough or a bit too dense.

The course itself is not overly formal, but during the course, you will be exposed to many new things and concepts thrown at you. So if you haven't done any differential equations, basic programming in Matlab/Python or never heard of and never digested Lebesgue integrals, martingales or heat equations you will still be fine but you would have to spend much more time on basics especially during the first 8 months to first exams in September.

My main motivation to complete this MSc was to improve mathematical argumentation, to develop skills in financial instruments valuation and to build proper pre-requisites for further academic career. I think I realised these goals as I am a PhD Student in Quantitative Economics at Warsaw School of Economics now, maybe coming back to Oxford as a research student someday.

Christoph Hörig

The course gave me with an in-depth insight into the world of Mathamatical Finance and the quantitative as well as the qualitative aspects of modern financial models and valuation. I met wonderful and interesting people, for which I am very grateful.

Emre Ilgünsatiroglu

Consultant, d-fine AG

I choose the course because of the convenient structure. However, I expected case studies that are more practical rather than studying the theoretical framework. I hope and am sure that having postgraduate diploma in financial mathematics will provide better career opportunities in the future in financial industry.

Christian Kappen

I chose this course because I wanted to acquire a deeper understanding of financial modelling, to be able to independently devise and implement models for pricing, hedging and risk management. The course fully met my expectations; I take advantage of my newly obtained knowledge every single day.

Markus Schaepers

The courses in Mathematical Finance at the Oxford University offered me a deep understanding in many details of financial mathematics. The part time course gave me the opportunity to continue my career as a consultant for financial institutions while building a profound basis and great educational background with respect to my work. In addition, meeting people from the same industry with similar backgrounds and experiences was very helpful to expand my network.

James Third

Product Controller, Bank Julius Baer

I chose the course because I wanted to understand more about the mathematics behind financial markets. This was motivated by both interest in the topic and my desire to steer my career in that direction. I found the course very enjoyable and intellectually stimulating.

Pascal Vaudrevange

This course has significantly deepened my understanding of a wide array of financial instruments, giving me a solid foundation for my daily work in risk management.

2017 finishers

Ralph hofacker.

Managing Consultant, d-fine Ltd

Always having dreamt of studying at the University of Oxford, I was very pleased to have been given the opportunity to complete this course. While it covered several advanced topics in mathematical finance, it provided me with a unique studying experience, consisting of highly interesting and challenging subjects in an outstanding academic environment with renowned lecturers and class mates from all over the world. Attending the course enhanced my knowledge in the field, it extended my network significantly and the completion of the course allows me now to choose more freely the domain of work I am interested in in my job.

Sergei Perfiliev

Financial Software Developer, Bloomberg LP

Sergei studied electrical engineering in university and since graduation has been working in the financial sector. Over this time he developed a good understanding of the financial markets and instruments and wanted to apply his engineering background to the world of finance. Oxford's Mathematical Finance course provided an excellent link between the two areas and demonstrated in numerous ways how mathematical tools can be used to solve real-life challenges in the financial industry.

Antti Vauhkonen

Counterparty Credit Risk Modelling, Lloyds Banking Group

My main aim for attending the course was to deepen my understanding of the various mathematical techniques that I have been applying over the past twenty years as a developer and validator of models for derivative product valuation or measurement of potential future market risks or counterparty credit exposures, as well as to learn new quantitative skills that might help me in my professional work. Not only were these specific goals fully achieved, but I also found that my general interest in mathematics as a whole, well beyond the confines of the theory of mathematical finance and its associated disciplines, was wonderfully rejuvenated, and since finishing the course I have continued carrying out active research building on my dissertation work with a view to publishing my findings in academic journals.

What makes doing this course such a special – indeed unique – experience is the combination of a great programme of lectures taught by leading academics and industry experts and the intellectually stimulating environment in which it takes place with fantastic mathematical offerings provided by the Mathematical Institute and most enjoyable social functions – even sporting opportunities – available at ones college. Surely, in terms of either time or money sent, this course must be one of the best investments I have ever made in my life!

2016 finishers

Paul bilokon.

Head Quant, Director, Markets Electronic Trading, Deutsche Bank and Founder, Thalesians Ltd

As a result of taking the course, I improved my knowledge of quantitative finance significantly, moved on to senior roles, eventually managing highly technical quant teams spanning three continents and founded a leading quantitative fintech featured on Bloomberg and Newsweek. Thoroughly recommended to all aspiring leaders in mathematical and computational finance.

2014 and earlier finishers

David walsh-jones.

Senior Manager, Deloitte Consulting

I had planned to study postgraduate mathematics upon completion of my undergraduate degree, but circumstances changed and seven years later I found myself working as a management consultant with investment banks in London. When exploring my options for further education, I came across the MSc. in Mathematical Finance at Oxford, which enabled me to continue working full time while devoting myself to mathematics for week-long blocks during each module. The MSc. not only provided me with a technical understanding of financial market instruments, models and strategies, enabling me to engage more knowledgeably with my clients, but it also re-kindled my enthusiasm for research and the pursuit of knowledge. I found the course challenging, but by the time I began researching my dissertation I was not alone in making additional trips to Oxford whenever I could find time; to work in the college library or the Mathematical Institute, take guests to formal hall, or attend MCR events in my college. To anyone considering whether this course is for them - know that it will be hard work, but one of the best investments you will make.

'The course has given me the opportunity to meet really smart classmates working as quants in the industry, with them we share insights as to how mathematics are applied in what they are working on. If one aspires to be in a quantitative function, this is really valuable input! I myself work in market risk and the course has taught me the useful machinery to understand the models for valuation and risk, which is tremendously helpful for me to grasp the limitations and uncertainties on relying on these models for complex products. Hence the course is extremely useful and changed a lot of my perspective on financial products.'

Alexey Simonov

'I decided to get a formal degree in Mathematical Finance long after finishing my graduate degree in Applied Mathematics in Russia. My search of the most appropriate program was over once I realised that it is possible to combine career in the City with study at Oxford. All other programs of this caliber require you to devote full time to the study. But I knew that full time study is not a good fit with my personality. I have to intersperse study and work. I was unsure though if I was going to be admitted given that I have not practiced maths for many years. And indeed I required to review the basic topics like linear algebra and probability. Once in the lecture room I realised that study is much more fun when it is done the way they do it in Oxford. Having gone through the Russian education system I firmly believe that teaching methods used on this program are better suited for my personality. The explanations are more intuitive and the assignments are very practical.

The teaching is done by both Mathematical Institute staff and visiting practitioners. Students have full access to people considered to be the top of the field in mathematical finance. Another fantastic aspect of being at Oxford was intellectual exchange with individuals from all over the world and who have similar interests. As part of the program we had to join one of the Oxford colleges and this allows one to fully participate in the university life. I discovered that I can always go back to Oxford for a weekend and spend time in my college or a library, either doing assignments or spending time with fellow full-time graduate students. I even learned how to play cricket! Oxford black tie dinners and balls are also perks of being a college student.

The program helped my career tremendously. I now work on much more interesting projects than I used to. And I have a wider choice of possible jobs that I can do. In short, this program is simply unique in almost all aspects: curriculum, staff, networking and career opportunities, possibility to combine busy working life with intense study periods in Oxford, ability to participate in the university life.'

Lydia Shamrakov

'The MSc in Mathematical Finance at Oxford University provided the perfect fit for what I was looking for in a degree. The course enabled me to study the specific area of finance that I am interested in at one of the world's leading universities and to continue to work full time. At the same time I still had the opportunity to sample some student life during the residential modules. I found the course content interesting, motivating and challenging and it certainly advanced my technical knowledge in the area of mathematical finance. The course had an impressive panel of tutors, enabling us to learn first-hand from some of those driving the academic and practical advancements in mathematical finance. The module-based nature of the course allowed to plan my time for studying and assignments well in advance which proved very helpful whilst working full-time. And last but not the least, the course gave me the opportunity to meet a lot of bright, interesting and very intelligent people from all over the world, my fellow MSc Maths Finance students. Since finishing the course I have reconsidered my career path and have moved to work in an investment bank.'

Dr Christopher M. Cormack

'On starting the course I was a relative novice in the area of finance after leaving academia. Through the 2 years of the Masters program not only has my knowledge of the mathematical theory developed but I have gained an understanding of the more practical issues of mathematical finance. With world renowned academics and importantly practitioners the Oxford course has arguably the best combination both. The course is residential in nature and brings back the feel of student days, which helps focus learning without the distraction of your daily job and brings together the young generation of future achievers in a friendly atmosphere of stimulating discussion, which doesn't have to be all maths! Personally I regard my choice of attending the Oxford course as one of the best I have ever taken - I am now working in a Hedge Fund in the area of mathematical finance.'

Edgardo Palombini

'I applied to this program because I was looking for a mathematical finance course offered by a top university, standing out in its faculty, with a part-time schedule suitable for students coming from outside the UK. I have an economics background and I have worked as an economist at the Bank of Italy and at the Italian Deposit Insurance Institution, so the course was quite challenging because most topics are highly mathematically oriented. Nonetheless the program turned out to be very enjoyable and successful in giving me a good mathematical understanding of financial derivatives and knowledge of many numerical and modelling techniques. Furthermore, it was extremely pleasant to be in Oxford on a regular basis, enjoying the college life almost as a residential student and meeting people with so different experiences and backgrounds.'

Vaughan Robinson

'After qualifying as a Chartered Accountant, I found I had a significant amount of free time on my hands, no longer having to study for professional exams. I had studied Maths at university and felt that now was a good time to renew that interest. However, I wanted a course that was practical. The MSc has fitted the criteria perfectly. The demands on my time have not been too onerous and I feel I have learnt a significant amount and improved my skill base. I have also recently left the accounting practice to work for an investment bank.'

Bruce Cordingley 

'I am President and CEO of the Pedrox Companies which develops, finances and owns apartment communities in several streets in the U.S.I am pursuing the MSc degree to learn the financial tools that are now used in the traded equity and bond markets to gain insights into how they can be applied to new real estate finance.'