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Financial Mathematics - 8161

Program Summary

   
   
 
Campus: Kensington Campus
 
 
Career: Postgraduate
 
 
Typical Duration: 1.5 Years
 
 
Typical UOC Per Session: 24
 
 
Min UOC Per Session: 8
 
 
Max UOC Per Session: 24
 
 
Min UOC For Award: 72
 
 
Award(s):
 
 
Master of Financial Mathematics
 
  

Program Description

In order to provide students with a route to high quality careers in the financial industry and to provide the financial sector with a stream of highly trained specialists in Quantitative Finance, we introduce in 2007 a Master of Financial Mathematics Program. The program offers intensive, high-level training in principles of financial modelling and its mathematical foundations, statistical techniques, risk assessment, and computational techniques of financial mathematics.

The program is unique in its in-depth analysis of financial modelling issues. This is achieved through a well-balanced combination of advanced mathematical techniques of stochastic analysis, numerical methods and sophisticated statistical techniques. Drawing on the resources of the Departments of Statistics and Applied Mathematics at the School of Mathematics and Statistics, we offer the most advanced program in Financial Mathematics in Australia.

The history of enrolments into the relevant courses shows that such a challenging program will be attractive to numerous students from Australia and from overseas. Similar programs, combining advanced mathematical theory, numerical methods and statistics of financial markets, exist at several top universities, such as the Carnegie Mellon University, Columbia University, Courant Institute at New York University, Imperial College, King's College London or University of Southern California.

Program Objectives and Learning Outcomes

The program is oriented towards graduates with a degree in an area with a significant quantitative component (such as Science,
Engineering, Finance) who wish to develop their knowledge and skills in mathematical, statistical and computational methods applied to modern finance. It is an appropriate program for graduates who wish to work as quantitative financial analysts with investment banks, hedge funds, insurance companies, consulting firms, and other financial institutions. The program is ambitious and oriented towards highly motivated students with a strong quantitative background.

The program focuses on the following skills:
  • a sound grasp of the key concepts and methodologies of modern financial theory and related mathematical techniques,
  • ability to apply the principles of finance, combined with knowledge of statistics and probability theory, to such topics as:
  • modelling of market phenomena, computing prices of financial products, measuring and controlling financial risk,
  • use of computer software, such as MATLAB, R, SPLUS and SAS, to perform computation of prices and hedges and statistical analysis of
  • financial data,
  • application of the knowledge and skills acquired to real-life problems arising in financial markets.

Program Structure

The core set of compulsory subjects is designed to give a deep knowledge of the fundamentals of financial mathematics with the special emphasis on financial modelling and pricing of financial derivatives.
Additional four elective subjects may be taken either from the School of Mathematics and Statistics or from another School at UNSW (Commerce, Banking and Finance, Actuarial Studies). The non-exhaustive list of elective subjects is given below. The elective subjects are designed to provide opportunities to learn some important applications of Statistics in Finance, Biological and Medical Science, Industry and Economics.
It is advised that students consult the Financial Mathematics Program Coordinator about the the choice of courses and their order.

Academic Rules

After Session 1 students may choose not to graduate from the Master of Financial Mathematics and instead apply to transfer to either the Graduate Diploma in Statistics or Master of Statistics Program provided that the rules of admission into those degrees are satisfied.

Students who initially satisfied the criteria for the Master of Financial Mathematics Program but enrolled into the Graduate Diploma in Statistics or Master of Statistics Program may transfer to the Master of Financial Mathematics Program after Session 1. The Program Authority may approve transfer of credit for students who wish to transfer to the Master of Financial Mathematics Program from either the Graduate Diploma in Statistics or Master of Statistics.

Fees

For information regarding fees for UNSW programs, please refer to the following website:  https://my.unsw.edu.au/student/fees/FeesMainPage.html


Area(s) of Specialisation

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© The University of New South Wales (CRICOS Provider No.: 00098G), 2004-2011. The information contained in this Handbook is indicative only. While every effort is made to keep this information up-to-date, the University reserves the right to discontinue or vary arrangements, programs and courses at any time without notice and at its discretion. While the University will try to avoid or minimise any inconvenience, changes may also be made to programs, courses and staff after enrolment. The University may also set limits on the number of students in a course.