MSc Mathematical Finance
Please note: This page is for 2027 entry. Click here for 2026 entry.
| UCAS code | 1234 |
|---|---|
| Duration | 1 year full time 2 years part time |
| Entry year | 2026 |
| Campus | Streatham Campus |
| Typical offer | A good degree (normally a 2:2). |
|---|---|
| UCAS code | |
|---|---|
| Duration | 2 years full time |
| Entry year | 2026 |
| Campus | Streatham Campus |
| Typical offer | A good degree (normally a 2:2). |
|---|---|
Why study MSc Mathematical Finance at Exeter?
- Our conversion programme offers a solid foundation in financial and mathematical theory for those with or without a prior specialist mathematics or finance education.
- Gain financial expertise from the University of Exeter Business School alongside mathematical skills from our internationally respected Mathematics department.
- Develop essential, complementary skills in areas such as probability and stochastic analysis, option pricing, risk analysis and extremes, computational methods using at least one of MATLAB, C++ or Python, financial management and investment analysis.
- Undertake a project in your chosen field, where you’ll develop your research, computational, and modelling skills with support from staff who have extensive experience working in multiple financial services and insurance industries.
- Boost your employability with an optional placement year to complement your year of study and gain practical experience in this field.
100% of our research in Mathematics has internationally excellent impact
Based on research rated 4* and 3* in the Research Excellence Framework 2021.
92% of Mathematics graduates in or due to start employment or further study fifteen months after graduation
Based on full-time, first degree, UK domiciled graduates, HESA Graduate Outcomes survey 2021/22
Top 20 in the UK for Mathematics
20th in The Times and The Sunday Times Good University Guide 2026 and the Complete University Guide 2027
Optional Professional Placement
"I returned to university after almost a decade in the industry…I chose Exeter from the lot of universities I was interested in because they had the most rigorous Mathematical Finance curriculum out of the others."
"After roles across market research, quantitative trading, and data science, I was looking to double down and refine my mathematical skills. Curriculum aside, what really helped me in this course was spending time with my faculty, and getting to understand the way they break down and approach abstract research questions. The faculty in Exeter's Mathematics Department, based in the Harrison Building, are seriously formidable academics, and working closely with them contributed more to my growth than any individual module. Senior level research positions demand such tenacity, and Exeter's mathematics faculty sure do know how to encourage you to build it."
Rahul
MSc Mathematical Finance
Entry requirements
A good degree (normally a 2:2).
Successful applicants will usually have at least an A-level or equivalent in Mathematics and/or have received quantitative skills training as part of their undergraduate programme or professional experience.
Please also see our guidance on essential documentation required for an initial decision on taught programme applications.
Entry requirements for international students
English language requirements
International students need to show they have the required level of English language to study this course.
The required IELTS test scores for this course fall under Profile B1.
Please visit our English language requirements page to view the required test scores and equivalencies from your country.
Course content
The MSc Mathematical Finance offers a solid foundation to the tools, theory and practice required for a career in finance or related professions. The heart of the programme is our case studies module, structured around current and practical issues within the mathematical finance industry. This is complemented by modules teaching the essential concepts and techniques in mathematics and finance.
A capstone project gives you the opportunity to extend your expertise into a specialist area of your choice. This programme is offered as a conversion course and does not require a prior specialist mathematics or finance education. We offer a ”with Professional Placement” variant if you would like to complement your year of study with a placement year to round out your experience in this field.
The modules below provide examples of what you can expect to learn on this degree course based on recent academic teaching. The precise modules available to you in future years may vary depending on staff availability and research interests, new topics of study, timetabling and student demand.
Please note that the module information displayed here is subject to change.
Students should take 135 compulsory credits, 45 optional credits.
Compulsory modules
| Code | Module | Credits |
|---|---|---|
| Compulsory 1 | ||
| Fundamentals of Financial Management | 15 | |
| Methods for Stochastics and Finance | 15 | |
| Analysis and Computation for Finance | 15 | |
| Mathematical Theory of Option Pricing | 15 | |
| Actuarial and Mathematical Finance Project | 60 | |
| Case Studies in Mathematical Finance | 15 | |
BEAM047: Fundamentals of Financial Management
Summary:
Fundamentals of Financial Management will provide you with a thorough grounding in the principles of finance. It will cover the appraisal of models and issues in financial management. This module will introduce you to corporate finance theory and financial management. It covers techniques for capital budgeting, the role of risk and the cost of capital. It introduces the topics of financial markets and market efficiency, portfolio diversification and simple asset pricing models, the pricing of shares and bonds as well as providing an introduction to international finance.
Additional Information:
Internationalisation
Investment theory and corporate finance are international by nature and the principles taught can be applied in any country. The module also provides an introduction to international finance.
External Engagement
The module is linked with various professional bodies like CISI (Chartered Instituted of Securities and Investment) and CFAI (Chartered Financial Analysts Institute).
Employability
This module covers many different aspects of finance and prepares the students for employment in different financial sectors. Students acquire quantitative skills, analytical skills, problem-solving, and written skills.
Sustainability
MTHM002: Methods for Stochastics and Finance
The module explores a diverse range of mathematical topics, emphasising their applications to financial modelling. The topics covered will range from matrix algebra to differential systems and stochastic calculus. This module will play an important role in underpinning the mathematical and computational methods needed for the subsequent modules in the financial mathematics MSc programme.
The module aims to engender an understanding of mathematics useful for the theory of financial modelling and financial derivatives. It will also develop your mathematical ability and reasoning skills.
MTHM003: Analysis and Computation for Finance
In this module, you will learn how to use the C++ programming language and other relevant modelling software to apply modern numerical modelling techniques. You will learn how to use C++ for linear algebra calculations, simulating stochastic processes (e.g., Markov chain models) as well as for solving ordinary, stochastic, and partial differential equations.
AIMS - intentions of the module:
C++ is one of the primary programming languages used in financial institutions to implement models arising from theoretical concepts in mathematical finance. This module aims to provide an understanding of modern methods of numerical approximation and financial modelling. Using C++ and other relevant software, you will develop practical skills in applying computational methods to financial modelling.
MTHM006: Mathematical Theory of Option Pricing
On this module you will study the mathematical basis, including Ito Calculus, for a range of methods used to price financial options. The methods include the binomial method, the Monte Carlo method, and the Black-Scholes equation. The common principles that underpin these approaches will be emphasised. You will see how to apply the methods both analytically and in computer implementations. The strengths and limitations of each of the approaches will be discussed.
Pre-requisite modules: MTH3024 Stochastic Processes, or MTHM002 Methods for Stochastics and Finance.
By taking this module, you will gain an understanding of the theoretical assumptions on which the mathematical models underlying option pricing depend, and of the methods used to obtain analytic or numerical solutions to a variety of option pricing problems.
MTHM060: Actuarial and Mathematical Finance Project
In this module, you will gain experience of independent work by conducting in-depth research into an open-ended problem agreed with your Project Supervisor. A Good Research Practice portfolio (20%) recognises your professionalism and research performance, and your participation in the wider research, academic, or professional environment associated with your project. Partway through the project, you will present your work to date to a group of academics and fellow students in order to obtain feedback on your progress and to help guide the remainder of your study. This forms 10% of the assessment. At the end of the project, you will write a coherent and comprehensible account of your work in the form of a dissertation that forms 70% of the assessment. Computational work using appropriate software may form part of the Actuarial and Financial Mathematics Project.
This module provides the opportunity for you to produce a well-researched project in actuarial and/or mathematical finance, either complementing or extending material in the taught part of the programme. By taking this module, you will develop research skills, including literature review, problem formulation, analysis, and communication of quantitative results.
You will receive guidance on the responsible use of AI-assisted tools to support aspects of your research, report writing and presentation preparation, in line with University policy.
MTHM066: Case Studies in Mathematical Finance
In this module, you will analyse a range of case studies drawn from the finance industry, drawing together and complementing the theory developed in your other modules. You will learn and be assessed in a range of ways, including short team sprints developing solutions for your industry clients, communicating professionally, and demonstrating individual competences with key tools and core knowledge. A key aim of the module is to develop you as an articulate rounded professional in mathematical finance, with the skills to apply and interpret your learning in topical situations.
Optional modules
| Code | Module | Credits |
|---|---|---|
| Optional 1 | ||
| Financial Instruments | 15 | |
| Investment Analysis 1 | 15 | |
| Banking and Financial Services | 15 | |
| Derivatives Pricing | 15 | |
| Domestic and International Portfolio Management | 15 | |
| Investment Analysis 2 | 15 | |
| Financial Modelling | 15 | |
| Advanced Corporate Finance | 15 | |
| Applied Empirical Accounting and Finance | 15 | |
| Applied Econometrics 1 | 15 | |
| Applied Econometrics 2 | 15 | |
BEAM031: Financial Instruments
Financial Instruments provides you with in-depth coverage of different types of financial instruments and their valuation. These instruments include equities, bonds, derivatives and alternative financial investments such as mutual funds, hedge funds, exchange traded funds and hard commodities.
The content of this module is relevant across countries as it focuses on general theories, models and concepts that are applicable universally. Some aspects of the course look at developments in developed and emerging markets.
In this module, you will develop problem-solving, numerical, analytical, and discursive skills, while acquiring knowledge and understanding of financial markets and related concepts.
BEAM032: Investment Analysis 1
Summary:
This is the first module of two in Investment Analysis. Its principal function is to ensure that you are able to use the tools available for equity valuation using annual reports. You will learn how to assess the content of annual reports critically.
Additional Information:
Pre-requisite
Basic understanding of accounting and financial statement articulation.
Internationalisation
This module uses International Financial Reporting Standards (IFRS), which apply to more than 100 countries worldwide and therefore prepare you for an international career.
Sustainability
Presentations, PowerPoint slides and tutorial notes are all made available on the ELE (Exeter Learning Environment).
External Engagement
The content helps familiarise you with financial reporting concepts and terminology, which are essential to operate in the corporate world.
Employability
You will learn to synthesise information from public sources and to evaluate a firm's performance and financial position. These analytical skills will be directly applicable to roles such as equity or credit analysts and professional investors.
BEAM033: Banking and Financial Services
Summary:
Banks and financial institutions facilitate transactions between savers and borrowers, enabling the efficient allocation of financial resources without the need for direct interaction. This module examines the process of financial intermediation and the evolving financial services through which it takes place, including commercial banking, insurance, pensions, and mutual funds. Theoretical and applied concepts are used to develop an understanding of how financial institutions operate, their economic significance, and their role in financial stability. Contemporary developments in financial innovation, digitalisation, and sustainable finance are integrated throughout. There are no pre- or co-requisites, although prior knowledge of introductory finance would be an advantage.
Additional Information:
Internationalisation
Students engage with up-to-date examples from international banking and financial markets, enabling them to apply concepts across different regulatory, institutional, and economic contexts globally.
External Engagement
The module features guest speakers from industry. Previous contributors have included the South West Agent of the Bank of England and financial services practitioners.
Employability
BEAM035: Derivatives Pricing
Summary:
This module aims to equips you with theoretical frameworks and numerical methods to evaluate credit instruments and financial derivative instruments in the bond, stock, equity, FX, and interest rate markets. It covers the analysis of the five distinct valuation methods, including Forwards, Futures, SWAPs, and options via Binomial Trees and Black-Scholes model. Fixed Income Instruments, securitisation techniques, and the numerical methods to price derivatives in the equity market will also be covered.
Prerequisite: You are expected to have a good command of the University of Exeter Business School Approved Financial Calculator, MS Excel, and basic financial concepts such as NPV, Bond, and Stock Pricing.
Additional Information:
Internationalization
This module helps you build an online professional profile, allowing them to connect with former students and potential employers internationally in about 100 countries and hundreds of banks across the globe. In addition, many of the examples discussed throughout the module are based on American, European, and Asian markets.
External Engagement
The Chartered Financial Analyst Institute (CFA) accredits this module, and all of the content is based on the CFA level examination.
Employability
BEAM036: Domestic and International Portfolio Management
This module takes the perspective of portfolio management and aims to develop skills based on formal modelling of asset price procedures and knowledge of empirical research findings particularly in an international setting.
Sustainability
All the resources for this module are available on the ELE (Exeter Learning Environment).
Employability
In this module, students learn how to work with investment portfolios. The module covers 70% CFA CBOK syllabus on the topic of the Portfolio Management and prepares students well for the CFA Level 2 exam on this topic.
This module studies portfolio management, developing student skills in the formal modelling of asset price procedures and knowledge of empirical research findings, particularly in an international setting. The module expands economic analysis to take into account of issues arising in foreign exchange, international finance and financial economics.
BEAM038: Investment Analysis 2
This module involves developing and appraising critically a set of competing models of corporate valuation, including the dividend discount model (DDM), the discounted free cash flows (FCFE) model, the residual income valuation model (RIVM), the abnormal earnings growth model (AEG), and their reconciliation. It covers forecasting of earnings and estimating the discount rate in valuation. It also establishes links between fundamental valuation models and value multiples. Finally, it discusses equity investment informed by the firm's fundamental analysis.
Additional Information:
Research in Teaching
The whole module is informed by academic research, in particular by the module lead.
Investment Analysis 2 aims to teach you various equity valuation techniques and apply them to the valuation of equities in major industrial sectors. The variety of geographic, industrial and other specialised circumstances requires careful selection of appropriate valuation methods and the interpretation of different standards of financial reporting and disclosure. This involves developing and appraising critically a set of competing models of corporate valuation critically. Ultimately, the aim is to give you the ability to produce equity research reports to professional standards.
BEAM046: Financial Modelling
Summary:
This module equips you with the knowledge and tools to implement financial models using Excel or other statistical packages. The module covers a range of topics in finance drawn from corporate finance, portfolio theory, fixed income analysis, risk management and international finance. The emphasis of the module is on the practical application of finance theory, with lectures on each topic followed by in-depth practical classes, in which you will work through real world problems using Excel or other statistical packages.
Additional information:
Employability
This is an applied module that covers the implementation of quantitative financial models that are widely used in financial institutions such as investment banks, mutual funds and hedge funds, and in non-financial corporations.
Internationalisation
The content of this module is relevant to the finance industry in an international setting, with examples drawn from a number of global financial markets.
Sustainability
The sustainable operation of financial markets relies on the fact that security prices reflect the fair value of the future cash flows that they promise to pay. The fair valuation of security prices is maintained by the actions of investors, who exploit deviations from fair value through the implementation of financial models such as those covered in this module.
Research in Teaching
BEAM050: Advanced Corporate Finance
Summary:
This module has two aims. Firstly, it extends the material covered in BEAM047 and introduces you to a number of additional topics in corporate finance theory, including debt financing, mergers and acquisitions and pensions.
Secondly, the module illustrates the application of corporate finance theory to practical problems in corporate valuation and strategy, through the use of practical exercises and case studies.
Additional Information:
Internationalisation
This is a theoretical module discussing various aspects of financial theory which is relevant across the world and relates theory to current issues appearing in the news.
Employability
You will have the opportunity to develop a number of valuable skills, including essay writing, critical thinking, and the ability to apply finance theory to the real-world.
BEAM078: Applied Empirical Accounting and Finance
BEAM078 aims to equip you with the knowledge and abilities to undertake applied empirical research. During this module you will be introduced to various statistical techniques which are common within the accounting and Finance discipline and will be provided with coded STATA examples, tasks and relevant reading material.
The latter part of the module introduces you to the practical process of collecting data from database resources whilst using this data to create and test empirical models using STATA software. Combining knowledge and understanding from the first part of the module with larger worked-examples from the latter part, you will be able to independently conduct empirical research and apply the necessary statistical techniques.
This module prepares you for the dissertation stage (or equivalent) of the Accounting and Finance MSc and other equivalent programs - where you are required to conduct empirical analysis based upon a particular research question. This module will provide the basic skills and knowledge-set required to perform this task. More broadly, the course will help you later in your career to perform independent empirical research as well as to be able to read and understand published academic research in Accounting and Finance disciplines.
The module objectives are fourfold:
BEEM011: Applied Econometrics 1
Applied econometrics employs statistical methods to real-world data to give a quantitative description of the relationship amongst variables around us and a measure of how precise this description is. In this module, we will briefly review probability theory and fundamental statistics, which will cover topics like hypothesis testing and confidence intervals. We will then proceed to regression analysis, which is the workhorse of applied econometrics. We will also attempt to cover more advanced topics in regression analysis such as, but not limited to, panel data methods and nonlinear functions.
The module aims to provide students with an applied econometric foundation necessary in order to conduct a high-standard empirical analysis of economic data.
BEEM012: Applied Econometrics 2
Summary:
In this module you will be introduced to important concepts of time series econometrics and their usefulness in analysing financial/economic data. It is designed to give you an understanding of why the specific econometric methods are used, to provide you with a working ability of applying modern econometric methods and illustrate their application in finance.
Additional Information:
Internationalisation
Since econometrics relies on mathematical and statistical tools, the course content is relevant internationally.
Sustainability
All of the lecture material is available on ELE (Exeter Learning Environment).
Employability
Students acquire the ability to analyse financial data and understand the foundations of economic theory. They also develop their technical expertise in a computer software tool, logical articulation of solutions for financial data questions, and their confidence in identifying, calculating and solving research problems. These valuable skills will help them for a career in business, international organisations, government, academia or banking.
The aim of the module is to introduce you to the fundamental techniques used in the analysis of financial data, and to provide the necessary economic background to carry out empirical investigations.
Please note that the module information displayed here is subject to change.
120 credits of compulsory modules
Compulsory modules
| Code | Module | Credits |
|---|---|---|
| Compulsory 1 | ||
| MSc Professional Placement | 60 | |
| Actuarial and Mathematical Finance Project | 60 | |
MTHM053: MSc Professional Placement
This module will provide you with extensive practical work experience in a work environment that is of direct relevance to your development as an experienced professional.
The professional placement will give you the opportunity to apply the knowledge and skills that you have obtained from taught modules to real situations at a professional level. You will be expected to use your own initiative and creativity to integrate the knowledge that you have gained in several areas of your degree programme to deliver appropriate technical solutions and analysis in a professional manner.
Course variants
Mathematical Finance with Professional Placement MSc
- Combine your masters in Mathematical Finance with work experience in the UK, putting your learning into practice while studying
- Studied over two years, you’ll have the opportunity to gain valuable professional experience by completing a 9-12 month work placement in a role relevant to your degree
- Become a sought-after professional with strong industry experience
Fees
2026/27entry
UK fees per year:
£13,700 full-time; £6,850 part-time
With Professional placement (second year) £2,740
International fees per year:
£29,100 full-time
With Professional placement (second year) £5,820
Scholarships
The University of Exeter offers a wide range of scholarships to support your education, with £7 million available for international students applying to study with us in the 2026/27 academic year, including our prestigious Exeter Excellence Scholarships. We also provide awards for sport, music and other achievements, as well as regional and partner scholarships with organisations such as Chevening, The Beacon Trust and the British Council. For more information on scholarships and other financial support, please visit our scholarships and bursaries page.
University of Exeter Alumni Scholarship
We are pleased to offer the University of Exeter Alumni Scholarship, a scholarship for University of Exeter alumni beginning a standalone postgraduate programme in 2026/27 with us a scholarship worth 20% of the cost of your first year tuition fees.
Terms and conditions, including deadlines, apply.
Teaching and research
Teaching is by lectures, example classes, computer classes, tutorials, set work, project work, reading and self-study. The exact form and number of the lectures and tutorials varies from module to module and is chosen according to the material to be covered.
You will use at least one of Matlab, C++ or Python computer programming languages and online financial databases such as Bloomberg and Datastream.
You will be allocated a Personal Tutor who is available for advice and support throughout your studies, along with support and mentoring from graduates who are now placed in industry. There is also a Postgraduate Tutor available to help with further guidance and advice.
Assessment
Modules are either assessed by coursework only, or a mixture of coursework and an exam. For detailed information on assessment see the module descriptors in the programme structure.
A research and practice-led culture
We believe every student benefits from being taught by experts active in research and practice. You will discuss the very latest ideas, research discoveries and new technologies in seminars and in the field and you will become actively involved in a research project yourself. All our academic staff are active in internationally-recognised scientific research across a wide range of topics. You will also be taught by leading industry practitioners.
Careers
The University of Exeter has an established reputation of training tomorrow's great minds to a high standard, so when it comes to life after graduation you can be confident that you are starting your next professional adventure in a prime, leading position. All programmes are designed so you not only get a second to none education in your area of choice, but you also are equipped with the correct vocational skills to achieve success in the working world or in further study.
Dedicated careers support
You will receive support from our dedicated Career Zone team, who provide excellent career guidance at all stages of career planning. The Career Zone provides one-on-one support and is home to a wealth of business and industry contacts. Additionally, they host useful training events, workshops and lectures which are designed to further support you in developing your enterprise acumen. Please visit the Career Zone for additional information on their services.
