MSc in Mathematical and Computational Finance
About the course
The MSc in Mathematical and Computational Finance provides you with a strong mathematical background and 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.
Structure and content
Term one
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 will then focus 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)
Term two
The second term will be a combination of core material, offering 48 hours of lectures (18 hours of classes) and 48 hours of electives.
Core courses
- 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
A number of elective courses will be offered, of which you will choose four options. Courses usually offered include:
- 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 Topics in Computational Finance (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)
Computing course
- Financial computing with C++ II (24 hours of lectures and classes)
Term three
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.
Attendance
The course is full-time and requires attendance in Oxford. Full-time students are subject to the University's Residence requirements.
Resources to support your study
As a graduate student, you will have access to the University's wide range of world-class resources including libraries, museums, galleries, digital resources and IT services.
The Bodleian Libraries is the largest library system in the UK. It includes the main Bodleian Library and libraries across Oxford, including major research libraries and faculty, department and institute libraries. Together, the Libraries hold more than 13 million printed items, provide access to e-journals, and contain outstanding special collections including rare books and manuscripts, classical papyri, maps, music, art and printed ephemera.
The University's IT Services is available to all students to support with core university IT systems and tools, as well as many other services and facilities. IT Services also offers a range of IT learning courses for students, to support with learning and research.
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.
In addition to the common room, where graduate students regularly gather for coffee and other social occasions, there is also a café in the Andrew Wiles Building.
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
The examination will consist of the following elements:
- Three written examinations assessing the core material in the first and second terms
- One written examination assessing elective material in the second term
- Two projects assessing one of the core courses in the first term and one of the core courses in the second term
- Two practical examinations assessing two courses in financial computing with C++
- One dissertation in the third term.
Graduate destinations
MSc graduates have been recruited by prominent investment banks and hedge funds. Many past students have also progressed to PhD-level studies at leading universities in Europe and elsewhere.
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 if a pandemic, epidemic or local health emergency occurs. 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 2025-26
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.
We know that factors such as socio-economic circumstances and school performance can make it difficult for students to demonstrate their full potential. This course is taking part in an initiative to use contextual data to help us to better understand your achievements in the context of your individual background. For further details, please refer to the information about improving access to graduate study in the How to apply section of this page.
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. Contextual data may also be used in the assessment of studentships.
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 mathematics or a related discipline.
Applicants should have a background in probability, statistics, ordinary and partial differential equations, linear algebra and analysis. They must demonstrate their aptitude for, and knowledge of, mathematics, particularly in the area of real analysis, through their application. Applicants with undergraduate degrees that are not purely mathematical will still be expected to demonstrate they have sufficient knowledge to perform well on the course.
For applicants with a degree from the USA, the minimum overall GPA that is normally required to meet the undergraduate-level requirement 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.
| Test | Minimum overall score | Minimum score per component |
|---|---|---|
| IELTS Academic (Institution code: 0713) | 7.5 | 7.0 |
TOEFL iBT, including the 'Home Edition' (Institution code: 0490) | 110 | Listening: 22 Reading: 24 Speaking: 25 Writing: 24 |
| C1 Advanced* | 191 | 185 |
| C2 Proficiency† | 191 | 185 |
*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.
References
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 not normally held for this course.
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.
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.
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 cover the spectrum of pure and applied mathematics with researchers working in fields including:
- algebra
- geometry
- topology
- logic
- number theory
- combinatorics
- analysis
- mathematical physics
- mathematical finance
- mathematical modelling
- mathematical biology networks
- numerical analysis.
The Mathematical Institute is proud to have received an Athena SWAN silver award renewal 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.
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.
The 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 six lecture theatres and six classrooms.
Graduate students have access to the department common room, where members of the department regularly gather for coffee and other social occasions, and the mezzanine level of the Andrew Wiles Building houses a café and teaching spaces.
Funding
For entry in the 2025-26 academic year, the collegiate University expects to offer over 1,000 full or partial graduate scholarships across a wide range of graduate courses.
If you apply by the January deadline shown on this page and receive a course offer, your application will then be considered for Oxford scholarships. For the majority of Oxford scholarships, your application will automatically be assessed against the eligibility criteria, without needing to make a separate application. There are further Oxford scholarships available which have additional eligibility criteria and where you are required to submit a separate application. Most scholarships are awarded on the basis of academic merit and/or potential.
To ensure that you are considered for Oxford scholarships that require a separate application, for which you may be eligible, use our fees, funding and scholarship search tool to identify these opportunities and find out how to apply. Alongside Oxford scholarships, you should also consider other opportunities for which you may be eligible including a range of external funding, loan schemes for postgraduate study and any other scholarships which may also still be available after the January deadline as listed on our fees, funding and scholarship search tool.
Details of college-specific funding opportunities can also be found on individual college websites:
Please refer to the College preference section of this page to identify which of the colleges listed above accept students for this course.
For the majority of college scholarships, it doesn’t matter which college, if any, you state a preference for in your application. If another college is able to offer you a scholarship, your application can be moved to that college if you accept the scholarship. Some college scholarships may require you to state a preference for that college when you apply, so check the eligibility requirements carefully.
Further information about funding opportunities for this course can be found on the department's website.
Costs
Annual fees for entry in 2025-26
Fee status | Annual Course fees |
| Home | £48,640 |
| Overseas | £48,640 |
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.
Deposits
If your application is successful, you will be asked to pay a deposit against your course fees at the application stage as a condition of your offer. The deposit amount and date by which payment must be made are shown below.
Amount of deposit |
Date by which deposit must be paid |
|
£7,300 |
Between 14 and 31 days from the date on the initial offer letter. The date will be confirmed in the offer letter. |
The department's website provides further information about deposits for this course.
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 and any additional course-specific costs, you will need to ensure that you have adequate funds to support your living costs for the duration of your course.
Living costs for full-time study
For the 2025-26 academic year, the range of likely living costs for a single, full-time student is between £1,425 and £2,035 for each month spent in Oxford. We provide the cost per month so you can multiply up by the number of months you expect to live in Oxford. Depending on your circumstances, you may also need to budget for the costs of a student visa and immigration health surcharge and/or living costs for family members or other dependants that you plan to bring with you to Oxford (assuming that dependant visa eligibility criteria are met).
Further information about living costs
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. For study in Oxford beyond the 2025-26 academic year, it is suggested that you budget for potential increases in living expenses of around 4% each year – although this rate may vary depending on the national economic situation. For further information, please consult our more detailed information about living costs, which includes a breakdown of likely living costs in Oxford for items such as food, accommodation and study costs.
College preference
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.
If you are a current Oxford student and you would like to remain at your current Oxford college, you should check whether it is listed below. If it is, you should indicate this preference when you apply. If not, you should contact your college office to ask whether they would be willing to make an exception. Further information about staying at your current college can be found in our Application Guide.
The following colleges accept students on the MSc in Mathematical and Computational Finance:
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 is important for you to have your application considered under a particular deadline – eg under the 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 for each application to this course. 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 do not need to make contact with the department before you apply but you are encouraged to visit the relevant departmental webpages to read any further information about your chosen course.
If you have any questions, you are welcome to make contact with the Course Director. It is not necessary to contact a potential supervisor as this will be arranged on your arrival.
Improving access to graduate study
This course is taking part in initiatives to improve the selection procedure for graduate applications, to ensure that all candidates are evaluated fairly.
Socio-economic data (where it has been provided in the application form) and your contextual statement (if you choose to provide one) will be used as part of an initiative to contextualise applications at the different stages of the selection process.
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, of which two must be academic
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.
Your references will support intellectual ability, academic achievement and motivation. At least two of the references must be academic.
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.
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 briefly 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.
If possible, please ensure that the word count is clearly displayed on the document.
This will be assessed for:
- your reasons for applying
- evidence of motivation for and understanding of the proposed area of study
- commitment to the subject, beyond the requirements of the degree course
- capacity for sustained and intense work
- reasoning ability
- ability to absorb new ideas, often presented abstractly, at a rapid pace.
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.
After you've submitted your application
Your application (including the supporting documents outlined above) will be assessed against the entry requirements detailed on this course page. Whether or not you have secured funding will not be taken into consideration when your application is assessed. You can find out more about our shortlisting and selection process in our detailed guide to what happens next.
Find out how to manage your application after submission, using our Applicant Self-Service tool.