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1. Admissions/ Management Information
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Title of the programme – including any lower awards
Please provide the titles used for all awards relating to this programme. Note: all programmes are required to have at least a Postgraduate Certificate exit award.

See guidance on programme titles in:
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Masters Mathematical Finance
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Postgraduate Diploma Mathematical FinancePlease indicate if the Postgraduate Diploma is available as an entry point, ie. is a programme on which a student can register, is an exit award, ie. is only available to students exiting the masters programme early, or both.Exit
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Postgraduate Certificate Mathematical FinancePlease indicate if the Postgraduate Certificate is available as an entry points, ie. is a programme on which a student can register, is an exit award, ie. is only available to students exiting the masters programme early, or both.Exit
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Level of qualificationLevel 7
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This document applies to students who commenced the programme(s) in:January 2021
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Awarding institutionTeaching institution
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Unviersity of York University of York
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Department(s):
Where more than one department is involved, indicate the lead department		Board of Studies
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Lead Department MathematicsMathematics
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Other contributing Departments:
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Route code
(existing programmes only)		PMMATSFIN1
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Admissions criteria
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Either: an undergraduate degree equivalent to a class 2:1 or higher UK degree in a mathematics-based subject (in a widely understood sense, including certain degrees in science); or an undergraduate degree equivalent to a class 2:2 or higher UK degree in a mathematics-based subject (in a widely understood sense, including certain degrees in science) and completing the online pre-sessional course "Mathematical Foundations of Quantitative Finance" with a final grade of at least 60%.
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Length and status of the programme(s) and mode(s) of study
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ProgrammeLength (years/ months) Status (full-time/ part-time)
Please select		Start dates/months
(if applicable – for programmes that have multiple intakes or start dates that differ from the usual academic year)		Mode
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Face-to-face, campus-basedDistance learningOther
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MSc in Mathematical Finance1 yearFull-timeJanuaryPlease select Y/NYesPlease select Y/N
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Postgraduate Diploma in Mathematical Finance1 yearFull-timeJanuaryPlease select Y/NYesPlease select Y/N
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Postgraduate Certificate in Mathematical Finance1 yearFull-timeJanuaryPlease select Y/NYesPlease select Y/N
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Language(s) of study
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English
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Language(s) of assessment
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English
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2. Programme accreditation by Professional, Statutory or Regulatory Bodies (PSRB)
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2.a. Is the programme recognised or accredited by a PSRB
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Please Select Y/N: Noif No move to section 3
if Yes complete the following questions
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3. Additional Professional or Vocational Standards
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Are there any additional requirements of accrediting bodies or PSRB or pre-requisite professional experience needed to study this programme?
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Please Select Y/N: Noif Yes, provide details
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4. Programme leadership and programme team
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4.a. Please name the programme leader for the year to which the programme design applies and any key members of staff responsible for designing, maintaining and overseeing the programme.
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Prof. Jacco Thijssen (Programme Leader)
Dr. Christopher Hughes (CBoS)
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5. Purpose and learning outcomes of the programme
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5.a. Statement of purpose for applicants to the Masters programme
Please express succinctly the overall aims of the programme as an applicant facing statement for a prospectus or website. This should clarify to a prospective masters student why they should choose this programme, what it will provide to them and what benefits they will gain from completing it.

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In this one-year taught Masters, you will conduct research in various advanced mathematical and computational techniques (stochastic analysis, numerical and statistical methods) at a level relevant to practitioners in modern finance industry. Through doing research in current literature in Mathematical Finance, you will be able to develop expertise in using the knowledge and technical skills acquired during the course of the programme in typical situations arising in practical contexts in finance, particularly in relation to trading in various kinds of derivative securities and financial risk management. You will be taught by world leading experts in the field of Mathematical Finance. The programme team are co-authors of a series of leading textbooks in this area and you will benefit from this pedagogic expertise. After completing the programme, you will have acquired the knowledge and experience necessary to work in a trading or research and development role in quantitative finance industry or to embark on a PhD programme in Mathematical Finance or related fields.
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5.a.i Statement of purpose for applicants registering for the Postgraduate Diploma programme
Please express succinctly the overall aims of the programme as an applicant facing statement for a prospectus or website. This should clarify to a prospective diploma student why they should choose this programme, what it will provide to them and what benefits they will gain from completing it.
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This taught†Postgraduate Diploma programme trains graduates to work as professional financial analysts in the financial industry. In a nutshell, this programme will equip you with the necessary skills to provide solutions to problems from current methodologies in the financial sector.† You will be taught by a team who produces world-class research and will have full access to this expertise.
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5.a.ii Statement of purpose for applicants registering for the Postgraduate Certificate programme
Please express succinctly the overall aims of the programme as an applicant facing statement for a prospectus or website. This should clarify to a prospective certificate student why they should choose this programme, what it will provide to them and what benefits they will gain from completing it.
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This taught Postgraduate Certificate programme trains graduates to work as professional financial analysts in the financial industry. In a nutshell, this programme will equip you with the necessary skills to appropriately tackle problems from the applied workplace†using contemporary financial methodologies.† You will be taught by a team who produces world-class research and will have full access to this expertise.
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5.b.i. Programme Learning Outcomes - Masters
Please provide six to eight statements of what a graduate of the Masters programme will be able to do.
If the document only covers a Postgraduate Certificate or Postgraduate Diploma please specify four to six PLO statements in the sections 5.b.ii and 5.b.iii as appropriate.
Taken together, these outcomes should capture the distinctive features of the programme. They should also be outcomes for which progressive achievement through the course of the programme can be articulated, and which will therefore be reflected in the design of the whole programme.
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PLOOn successful completion of the programme, graduates will be able to:
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1use with a high degree of confidence and sofistication a range of mathematical models of financial securities: stocks, bonds (including the term structure of interest rates), and derivative securities.
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2critically analyse the application of mathematical techniques involved in pricing, hedging and analysis of derivative securities, in both discrete and continuous time market models.
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3use logical reasoning as a basis for the critical analysis of ideas or statements which have a mathematical finance context, and develop independently their own ideas using well-founded reasoning.
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4design numerical algorithms and develop computing codes in spreadsheets, programming languages and/or symbolic computation software to implement solutions and prepare relevant documentation.
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5communicate advanced topics in mathematical finance analyses and associated conclusions clearly, in writing or in a presentation, at a level appropriate for the intended audience.
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6research selected topics of current interest in Mathematical Finance in depth; link recent theoretical developments with modern financial market practice.
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5.b.ii. Programme Learning Outcomes - Postgraduate Diploma
Please provide four to six statements outlining what a graduate of the Postgraduate Diploma programme will be able to do.
Taken together, these outcomes should capture the distinctive features of the programme. They should also be outcomes for which progressive achievement through the course of the programme can be articulated, and which will therefore be reflected in the design of the whole programme.
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PLOOn successful completion of the programme, graduates will be able to:
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1use with a high degree of confidence and sofistication a range of mathematical models of financial securities: stocks, bonds (including the term structure of interest rates), and derivative securities.
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2critically analyse the application of mathematical techniques involved in pricing, hedging and analysis of derivative securities, in both discrete and continuous time market models.
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3use logical reasoning as a basis for the critical analysis of ideas or statements which have a mathematical finance context, and develop independently their own ideas using well-founded reasoning.
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4design numerical algorithms and develop computing codes in spreadsheets, programming languages and/or symbolic computation software to implement solutions and prepare relevant documentation.
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5communicate advanced topics in mathematical finance analyses and associated conclusions clearly, in writing or in a presentation, at a level appropriate for the intended audience.
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5.b.iii. Programme Learning Outcomes - Postgraduate Certificate
Please provide four to six statements outlining what a graduate of the Postgraduate Certificate programme will be able to do.
Taken together, these outcomes should capture the distinctive features of the programme. They should also be outcomes for which progressive achievement through the course of the programme can be articulated, and which will therefore be reflected in the design of the whole programme.
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PLOOn successful completion of the programme, graduates will be able to:
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1use with a high degree of confidence and sofistication a range of mathematical models of financial securities: stocks, bonds (including the term structure of interest rates), and derivative securities.
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2critically analyse the application of mathematical techniques involved in pricing, hedging and analysis of derivative securities, in both discrete and continuous time market models.
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3use logical reasoning as a basis for the critical analysis of ideas or statements which have a mathematical finance context, and develop independently their own ideas using well-founded reasoning.
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4design numerical algorithms and develop computing codes in spreadsheets, programming languages and/or symbolic computation software to implement solutions and prepare relevant documentation.
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5.c. Explanation of the choice of Programme Learning Outcomes
Please explain your rationale for choosing these PLOs in a statement that can be used for students (such as in a student handbook). Please include brief reference to:
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i) ... in what way will these PLOs result in an ambitious, challenging programme which stretches the students?
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Taken as a whole, the PLOs describe the knowledge and skills which require a good background in undergraduate mathematics as a starting point. UG students with an interest in mathematical finance, and professionals who have some experience of quantitative analysis in finance, will recognise these as challenging.
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ii) ... in what way will these PLOs produce a programme which is distinctive and advantageous to the student?
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As the SoP explains, these skills enable graduates to gain entry into high-level financial positions. Each relates to a different element of the complex work at that level: critical analysis of models; application of the industry-standard methods; clear communication of knowledge and ideas; management of financial risk; utilise software in the financial context; independent deeper study of some specialised area in mathematical finance.
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iii) ... how the design of the programme enables students from diverse entry routes to transition successfully into the programme? For example, how does the organisation of the programme ensure solid foundations in disciplinary knowledge and understanding of conventions, language skills, mathematics and statistics skills, writing skills, lab skills, academic integrity
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The programme is carefully designed to ensure students gain a solid background in mathematical finance techniques.†This is achieved by offering core courses that are the primary building blocks of any sound mathematical finance techniques. The delivery of these†materials is assisted throughout by computer lectures and seminar classes, designed to facilitate students' theoretical and practical understanding. Additionally, we offer access to further relevant materials and staff offer office hours during which students are invited to come and clear any questions (theoretical or practical) they may have. Through feedback on†regular coursework and project†work, students gain exposure and experience in writing.
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iv) ... how the programme is designed to enable students to progress successfully - in a limited time frame - through to the end of the award? For example, the development of higher level research skills; enabling students to complete an independent study module; developing competence and confidence in practical skills/ professional skills. See QAA masters characteristics doument http://www.qaa.ac.uk/en/Publications/Documents/Masters-Degree-Characteristics-15.pdf
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The programme embeds both optional and†core modules to stimulate the students' engagement with material that is specific to their interests, while also laying the solid foundations needed to become a proficient quantitative finance analyst. While courses are taught, most†also call upon students to research further†related materials (additional to those provided for the course) and to engage in new problem solving/analyses. This exposure ensures a gentle introduction to independent learning, by providing†a structured support when needed but first prompting students to†independently explore†various ways to solve†new theoretical and practical problems in mathematical finance.
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v) ... how this programme (as outlined in these PLOs) will develop students’ digital literacy skills and how technology-enhanced learning will be used to support active student learning through peer/tutor interaction, collaboration and formative (self) assessment opportunities (reference could be made to such as blogging, flipped classroooms, response 'clickers' in lectures, simulations, etc).
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In order to achieve the projected ability to mathematically analyse (real) financial†data, some modules expose students to using and/or programming in Matlab and/or C++. Additionally, the communication and dissertation elements require students to master digital literacy for visual presentations.
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vi) ... how this programme (as outlined in these PLOs) will support and enhance the students’ employability (for example, opportunities for students to apply their learning in a real world setting)?
The programme's employablity objectives should be informed by the University's Employability Strategy:
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http://www.york.ac.uk/about/departments/support-and-admin/careers/staff/
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The PLOs cover a list of skills which are desired by employers: analytical reasoning, confidence with high level financial analysis, clarity of communication, flexible thinking, the ability to learn and apply complex ideas quickly and precisely, and digital literacy. The computational skills are transferable and employers highly recognise the value of the programming knowledge, which our students highly develop through this programme.
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viii) ... how learning and teaching on the programme are informed and led by research in the department/ Centre/ University?
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The vast majority of teaching staff are active in research, and through lectures, tutorials and seminars communicate the influence foundational ideas have on making progress in research. Students also explicitly connect with the principles and new strands of research through projects and dissertation, as well as having the option to choose modules which reflect their preferred specialisation. This, together with their choice of dissertation,†enable them to engage with†statistics at the research frontier.
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5.d. Progression
For masters programmes where students do not incrementally 'progress' on the completion of a discrete Postgraduate Certificate and Postgraduate Diploma, please summarise students’ progressive development towards the achievement of the PLOs, in terms of the characteristics that you expect students to demonstrate at the end of the set of modules or part thereof. This summary may be particularly helpful to students and the programme team where there is a high proportion of option modules and in circumstances where students registered on a higher award will exit early with a lower one.

Note: it is not expected that a position statement is written for each masters PLO, but this can be done if preferred.
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On completion of modules sufficient to obtain a Postgraduate Certificate students will be able to:
If the PG Cert is an exit award only please provide information about how students will have progressed towards the diploma/masters PLOs. Please include detail of the module diet that students will have to have completed to gain this qualification as an exit award.
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There is no particular subset of modules that students should undertake for a Postgraduate Certificate, as their performance is evaluated in the total number of credits attained. As a rule of thumb, when students have failed modules, they will be awarded a Postgraduate Certificate if they attained the respective required number of credits for the taught section by passing  a combination of the original assessments, compensation or reassessment (in line with the University of York compensation and reassessment rules). The precise combination of rules is distilled in the University of York exit rules as described on page 119 of the Guide to Assessment at https://www.york.ac.uk/students/studying/assessment-and-examination/guide-to-assessment. Students will have achieved PLOs 1-4.
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On completion of modules sufficient to obtain a Postgraduate Diploma students will be able to:
If the PG Diploma is an exit award only please provide information about how students will have progressed towards the masters PLOs. Please include detail of the module diet that students will have to have completed to gain this qualification as an exit award.
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There is no particular subset of modules that students should undertake for a Postgraduate Diploma, as their performance is evaluated in the total number of credits attained. As a rule of thumb, when students have failed modules, they will be awarded a Postgraduate Diploma if they attained the respective required number of credits for the taught section by passing  a combination of the original assessments, compensation or reassessment (in line with the University of York compensation and reassessment rules). The precise combination of rules is distilled in the University of York exit rules as described on page 118 of the Guide to Assessment at https://www.york.ac.uk/students/studying/assessment-and-examination/guide-to-assessment/. Students will have achieved PLOs 1-5.
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6. Reference points and programme regulations
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6.a. Relevant Quality Assurance Agency benchmark statement(s) and other relevant external reference points
Please state relevant reference points consulted (e.g. Framework for Higher Education Qualifications, National Occupational Standards, Subject Benchmark Statements or the requirements of PSRBs): See also Taught Postgraduate Modular Scheme: Framework for Programme Design:
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6.b. University award regulations
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The University’s award and assessment regulations apply to all programmes: any exceptions that relate to this programme are approved by University Teaching Committee and are recorded at the end of this document.
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7. Programme Structure
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See Jan 2021 Tab for Section 7a and 7b
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7.c. Explanation of the programme and assessment design
The statements should be in a form that can be used for students (such as in a student handbook). It should make clear to students why they are doing the key activities of the programme, in terms of reaching the PLOs.
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i) Students’ independent study and formative work Please outline how independent study and student work has been designed to support the progressive achievement of the programme learning outcomes (for example, the use of online resources which incorporate formative feedback; opportunities for further learning from work-based placements).
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In addition to lectures, the topic-specific knowledge and relevant associated skills are built throughout the year by a combination of formative coursework exercises and individual/ group projects and presentations. Their contents and related (formative) feedback gradually build an increasing level of independence through the degree, culminating with the dissertation. The independent student work initially consists of problem questions and practical questions that address subject knowledge and its application, and gradually introduce more complexity, requiring students to recognise and critically evaluate different mathematical finance techniques, as well as developing their own ideas. On this work students receive formative individual and group feedback which offers a natural avenue towards a deeper understanding and mastering of topic knowledge, as well as exposure and improvement in their communication and presentation skills. Practical problems encompassed by such work also often develop students' digital literacy skills by additionally requiring, for instance, a programming element, the completion of a quiz (with automatic built-in feedback mechanism). In the group project, the studentas are organised in the groups and given a topic of research with suitable subtopics which are given to each group member. With supervision from a member of staff the students produce a written document as a collation of their combined research. They also prepare a presentation. These are marked and each student receive a pass/fail result. Finally, the independent study module conducted under the close supervision of a relevant member of staff, draws on all these acquired skills (encompassing achievement of a high level of technicality and adaptability combined with critical thinking and a high degree of digital literacy) to ensure the dissertation project provides a suitable solution to a theoretical and/or practical problems in mathematical finance. The formative feedback throughout the dissertation stage also ensures students proficiently develop their writing skills.
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ii) Contact with staff
Please explain how the programme’s design maximises the value of students’ contact time with staff (which may be face-to-face, virtual, synchronous or asynchronous), including through the use of technology-enhanced learning. For example, giving students resources for their independent study which then enables a class to be more interactive with a greater impact on learning.
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In the majority of modules students have scheduled contact with staff through lectures and problems, practical classes. Lectures are used to convey analytical frameworks, present evidence and give perspectives of current developments in the subject as well as discuss open research questions.†Problem classes build students' understanding and versatility, while practical computer classes†provide an interactive environment through which practical programming skills, highly valued by employers, are developed and advanced. Viewed as a whole, these different activities ensure that†individual needs of students can be met. In the dissertation stage, each student has their own project supervisor and weekly supervision which is typically scheduled to fit the student's needs. Whenever required, a project draft†is read by the supervisor and feedback given with sufficient time for the student to make final adjustments and improvements before the final version is submitted for assessment. For the majority of modules, there is a work cycle in which homework (formative) is set and the work is marked and returned during problem classes/practicals, at which time the work can be discussed both individually (there is also written feedback on the homework) and as a group. Office hours are also offered and ensure adequate additional support throughout the teaching term(s). In each term lecturers aim for students to have a steady, manageable, term-time workload. In†a few modules (e.g., Computational Finance, C++ Programming with Applications to Finance, the Group Project and the dissertation) there is a longer timescale for independent (or group) work to take place, but there are regular contact opportunities (such as supervision meetings) to support students and help them enhance their knowledge.
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iii) Summative Assessment
Please outline how summative assessment within and across modules has been designed to support and evidence the progressive achievement of the programme learning outcomes. (For example, the use of different assessment methods at the ‘introduction’ stage compared to those used to evaluate deeper learning through the application of skills and knowledge later in the programme).
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All taught modules are assessed by a combination of the following types of summative assessment: closed book written exam, coursework, projects and presentations and are matched to the programme learning outcomes as follows. The closed book written exam is marked against the university postgraduate mark scale and assesses subject-specific knowledge through both theoretical and practical questions, in an array of targeted and broad, open-ended problems; these require topic knowledge and the ability to recognise, compare and critically evaluate different knowledge areas. The coursework and projects consist of problem and practical questions that might require the use of software, thus develop and assess†the student's subject knowledge and†analytical, theoretical skills as well as the practical aspects of application, implementation†and interpretation. The (computer-based) presentations are specifically designed to enhance the students' communication skills for a range of audiences, from expert to diverse knowledge. The independent study module amounts to (independently) conducting a piece of applied research, thus students continue to develop their critical reasoning and digital literacy skills, including programming. As this module is assessed by means of the dissertation, students' training is rounded up by consistently working on their communication skills through writing.
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8. Additional information
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8.a. Continuing Professional Development
Will any of the programme’s modules be available on a free-standing basis?
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Please Select Y/N: No