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ACADEMIC QUALITY TEAM
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Programme Specifications 2024-25
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Programme TitleMSc Mathematical Finance
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This document applies to students who commenced the programme(s) in:2024Award type MSc
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What level is this qualification?Level 7Length of programmeBetween 18 and 36 months
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Mode of study (Full / Part Time)Part-time
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Will the programme use standard University semester dates? NoFor York Online programmes, will standard dates for such programmes be used?Three Semester Year approved by UTC 20 July 2022
Semester 1 starts 1st Oct ends 31st Jan
Semester 2 starts 15th March ends 15th July.
Summer Session break between mid-July through to the end of September.
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Awarding institutionUniversity of YorkBoard of Studies for the programmeMathematics
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Lead departmentMathematicsOther contributing departmentsN/A
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Language of study and assessmentEnglishLanguage(s) of assessmentEnglish
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Is this a campus-based or online programme?Online
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Partner organisations
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If there are any partner organisations involved in the delivery of the programme, please outline the nature of their involvement. You may wish to refer to the Policy on Collaborative Provision
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N/A
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Reference points

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Please state relevant reference points consulted in the design of this programme
(for example, relevant documentation setting out PSRB requirements; the University's Frameworks for Programme Design (UG or PGT); QAA Subject Benchmark Statements; QAA Qualifications and Credit Frameworks).
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Taught Postgraduate Programme Design Policy; QAA Subject Benchmark Statement: Mathematics, Statistics and Operational Research
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Credit Transfer and Recognition of Prior Learning
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Will this programme involve any exemptions from the University Policy and Procedures on Credit Transfer and the Recognition of Prior Learning? If so, please specify and give a rationale
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No exemptions
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Exceptions to Regulations
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Please detail any exceptions to University Award Regulations and Frameworks that need to be approved (or are already approved) for this programme. This should include any that have been approved for related programmes and should be extended to this programme.
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No exemptions
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Internal Transfers
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Please use the boxes below to specify if transfers into / out of the programme from / to other programmes within the University are possible by indicating yes or no and listing any restrictions. These boxes can also be used to highlight any common transfer routes which it would be useful for students to know.
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Transfers in:Only transfers between the campus-based Mathematical Finance MSc and the online Mathematical Finance MSc are possible, and only at the end of either the Certificat or Diploma Stages (that is, at the end of Semester 1 or Semester 2 for the campus-based MSc in Mathematical Finance).Transfers out:Only transfers between the campus-based Mathematical Finance MSc and the online Mathematical Finance MSc are possible, and only at the end of either the Certificat or Diploma Stages (that is, at the end of Semester 1 or Semester 2 for the campus-based MSc in Mathematical Finance).
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Statement of Purpose
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Please briefly outline the overall aims of the programme. This should clarify to a prospective 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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Are you a student who finds it difficult to attend a campus-based programme because of a variety of reasons such as family care commitments or disability? Are you an overseas student who seeks a degree in Mathematical Finance from a leading British university but prefers to pursue your studies from your home country? Are you a recent university graduate who needs to support yourself or your family while continuing your studies to a postgraduate level? Are you city and other professional, who wishes to pursue a postgraduate degree programme without disrupting your career commitments? This will be the perfect taught Masters for you, in which without being present on campus but through internet conferencing and a web-based Virtual Learning Environment (VLE), you will be able to study various advanced mathematical and computational techniques (such as stochastic analysis, partial differential equations, numerical and statistical methods) at a level relevant to practitioners in modern finance industry.

Through reading and absorbing current literature in Mathematical Finance, you will be able to develop competence 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 through one-to-one (“Oxbridge style”) online tutorials and supervisory sessions. You will be provided with interactive lecture notes with videos for downloading via the VLE in lieu of lectures, and supported, worked exercises, synchronous one-to-one online tutorials and asynchronous discussion forums. You will be assessed by written coursework submitted electronically and a recorded online Viva Voce (an oral examination) held at the end of each of the three stages (Certificate, Diploma, Dissertation) of the programme. After completing the programme, you will have acquired the knowledge, advanced computational skills 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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If there are additional awards associated with the programme upon which students can register, please specify the Statement of Purpose for that programme. This will be most relevant for PGT programmes with exit awards that are also available as entry points. Use additional rows to include more than one additional award. Do not include years in industry / abroad (for which there are separate boxes).
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Exit Award TitleIs the exit award also available as an entry point?Outcomes: what will the student be able to do on exit with this award?Specify the module diet that the student will need to complete to obtain this exit award
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Postgraduate Certificate in Mathematical Finance (Online)Entry Award.N/AMAT00027M Mathematical Methods of Finance (Online Version)
MAT00024M Discrete Time Modelling and Derivative Securities (Online Version)
MAT00033M Portfolio Theory and Risk Management (Online Version)
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Postgraduate Diploma in Mathematical Finance (Online)Entry Award.N/AThe 60 credits from the Certificate Stage, followed by 60 credits from
MAT00029M Stochastic Calculus and Black-Scholes Theory (Online Version)
MAT00031M Option: Numerical and Computing Techniques in Finance (Online Version)
MAT00019M Option: Modelling of Bonds, Term Structure and Interest Rate Derivatives (Online Version)
MAT00085M Option: Credit Risk (Online Version)
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Programme Learning Outcomes
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What are the programme learning outcomes (PLOs) for the programme? (Normally a minimum of 6, maximum of 8). Taken together, these outcomes should capture the distinctive features of the programme and represent the outcomes that students progressively develop in the programme and achieve at graduation. PLOs should be worded to follow the stem 'Graduates will be able to...'
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1use, with a high degree of confidence and sophistication, a range of mathematical models to critically analyse a number of financial securities: stocks, bonds (including the term structure of interest rates), and their derivative securities;
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2develop mathematical and numerical techniques involved in pricing, hedging and analysing of derivative securities, in both discrete and continuous time models; and solve some concrete derivative pricing problems in financial industry;
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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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4communicate complex mathematical ideas clearly in both orally and writing, at a level appropriate for the intended audience;
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5design 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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6conduct research on a selected topic of current interest on recent literature in depth; set up the link of recent theoretical developments with modern market practice; write arguments in a clear and rigorous manner.
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11Additional Award Programme Learning Outcomes
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If there are additional programme titles associated with the programme upon which students can register (i.e. are available as entry routes), please specify the Programme Learning Outcomes associated with that award. This will be most relevant for PGT programmes with exit awards (e.g. PG Diplomas) that are also available as entry points - PG. Diplomas and Certificates will normally have 4-6 PLOs. Do not include years in industry / abroad (for which there are separate boxes below).
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Exit Award Title: Postgraduate Certificate in Mathematical Finance (Online)
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1use, with a high degree of confidence and sophistication, a range of mathematical models to critically analyse a number of financial securities: stocks, bonds (including the term structure of interest rates), and their derivative securities;
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2develop mathematical and numerical techniques involved in pricing, hedging and analysing of derivative securities, in both discrete and continuous time models; and solve some concrete derivative pricing problems in financial industry;
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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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4communicate complex mathematical ideas clearly in both oral and writing, at a level appropriate for the intended audience.
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Exit Award Title: Postgraduate Diploma in Mathematical Finance (Online)
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1use, with a high degree of confidence and sophistication, a range of mathematical models to critically analyse a number of financial securities: stocks, bonds (including the term structure of interest rates), and their derivative securities;
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2develop mathematical and numerical techniques involved in pricing, hedging and analysing of derivative securities, in both discrete and continuous time models; and solve some concrete derivative pricing problems in financial industry;
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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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4communicate complex mathematical ideas clearly in both oral and writing, at a level appropriate for the intended audience;
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5design 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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Diverse entry routes
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Detail how you would support students from diverse entry routes to transition into the programme. For example, disciplinary knowledge and conventions of the discipline, language skills, academic and writing skills, lab skills, academic integrity.
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The 3-stage design of the programme is naturally to help students from diverse entry routes to be able to build a solid foundation first before progressing to a more advanced stage. For instance, the three modules in the Certificate stage are designed to help the students review basic knowledge in probability, stochastic processes and discrete time mathematical finance. Students who pass those foundation courses will be able to progress to the Diploma stage, in which three more advanced modules are designed to teach the students more advanced continuous time models, numerical methods and pricing interest rate derivatives.
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