Master of Financial Mathematics

at University of New South Wales

In the Master of Financial Mathematics, you’ll complete coursework subjects in stochastic processes and analysis, continuous and discrete-time financial modelling and computational methods for finance. You’ll also undertake a research project and choose electives from a wide range of topics. Our students develop advanced critical thinking skills and graduate with the ability to communicate complex issues effectively to a range of audiences.
 

Full program structure
 

The Master of Financial Mathematics can be completed in 1.7 years of full-time study. The program is made up of 10 courses total, including five core courses and five electives. You’ll also complete a compulsory supervised research project.
 

Research project

You’ll take the Advanced Mathematics Project A (MATH5005) and Advanced Mathematics Project B (MATH5006) over two consecutive terms.
 

Core courses
 

• Advanced Stochastic Processes

• Introduction to Stochastic Analysis

• Discrete Time Financial Modelling

• Computational Mathematics for Finance

• Continuous Time Financial Modelling
   

Elective courses
 

You’ll complete five courses from the following list of electives.
 

• Optimisation

• Special Topics in Applied Mathematics A

• Special Topics in Applied Mathematics B

• Fluids, Oceans and Climate

• Special Topics in Applied Mathematics D

• Computational Mathematics for Science and Engineering

• Computational Mathematics for Finance

• Graph Theory

• Combinatorics

• Special Topics in Pure Mathematics A

• Special Topics in Pure Mathematics B

• Special Topics in Pure Mathematics C

• Functional Analysis

• Banach and Operator Algebras

• Number Theory

• Algebraic Topology

• Complex Analysis

• Modern Analysis

• Harmonic Analysis

• Galois Theory

• Modules and Representation Theory

• Special Topics in Statistics

• Applied Regression Analysis

• Continuous Time Financial Modelling

• Measure, Integration and Probability

• Statistical Methods in Epidemiology

• Advanced Stochastic Processes

• Data Mining and its Business Applications

• Time Series

• Multivariate Analysis

• Longitudinal Data Analysis

• Nonparametric Statistics

• Statistical Inference

• Design & Analysis of Clinical Trials

• Survival Analysis

• Categorical Data Analysis

• Bayesian Inference and Computation

• Discrete Time Financial Modelling

• Introduction to Stochastic Analysis

• Term Structure Modelling

For entry into this degree, you must have both:
 

• Bachelor of Mathematics or Bachelor of Science degree with a major in mathematics and statistics

• sufficient mathematical and/or statistical background, as indicated by a minimum weighted average mark (WAM) of 65 or above in level III mathematics and/or statistics university courses.
   

In addition, you must have permission of the Head of School or Nominee to be admitted into the program.
 

Advanced standing

Honours graduates in mathematics or statistics from UNSW (or equivalent) may receive advanced standing of up to a maximum of 24 units of credit. This means you can complete the program with a further 48 units of credit (one year of full-time study).
 

Students with a Graduate Diploma in Mathematics and Statistics from UNSW with a weighted average mark of 70 or more may receive advanced standing of up to a maximum of 48 units of credit. This means you can complete the program with a further 24 units of credit (0.5 year of full-time study).
 

The specific advanced standing to be awarded will be determined at the time of admission and will be based on your background and previous study.
 

• You may be asked to provide evidence of your English proficiency to study at UNSW depending on your educational background and citizenship. English language skills are vitally important for coping with lectures, tutorials, assignments and examinations - this is why UNSW requires a minimum English language competency for enrolment.
  
  If English is not your first language, you’ll need to provide proof of your English proficiency before you can be given an offer to study at UNSW. You can do this by providing evidence that you meet one or more of the following criteria:
   

• English language tests and university English courses

• Prior study in the medium of English

• Other qualifications
   

• UNSW Global offers courses and programs designed to help you reach the English language level required for entry into your chosen degree. Different options are available depending on your current English language level. 
  
  IELTS 6.5 overall (min. 6.0 in each subtest)
  
  TOEFL 90 overall (min. 23 in writing, 22 in reading, listening and speaking)

2022 Indicative First Year Fee

$46,875*
 

2022 Indicative Fee to Complete Degree

$70,900*

Mathematicians are trained to think logically and to approach problems in analytical and creative ways. Studying mathematics prepares you for a wide variety of careers as it equips you with the problem-solving, computing and communication skills that employers want.
 

Skills in portfolio management, financial product pricing and analysis of business risk are highly regarded by finance industries. The Master of Financial Mathematics will prepare you for a successful career across the financial sector and government financial institutions.
 

The handling of large amounts of money requires the use of sophisticated mathematical techniques to limit risk. The official regulator of the financial sector - the APRA - regularly advertises graduate opportunities.
 

Academic and research positions within universities, the CSIRO and the Defence Science and Technology Organisation are available for those with the drive to discover new knowledge in mathematics.