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Studies & Degrees in Financial Mathematics

Financial mathematics applies mathematical and statistical methods to problems in finance. It asks how a share option, a bond or an insurance contract should be priced, how the risk of a portfolio can be measured and hedged, and how investments can be chosen to balance return against risk. Uppsala Universitet sums up its Financial Mathematics track in the same terms: students learn how advanced mathematical models are used to manage financial risks, optimise investments and price financial products. The subject is also called mathematical finance or quantitative finance, and it is closely related to actuarial science, which deals with insurance and pensions.

The core of the curriculum is probability and stochastic processes, the mathematics of quantities that change randomly over time. Around it come statistics, numerical and simulation methods, programming, and courses on financial markets and products. The core modules of the MSc Mathematics and Finance at Imperial College London show the mix: option pricing, statistical methods for finance, stochastic processes, quantitative risk management, interest rate models and computing for finance in C++ and Python.

Qualifications and levels

Financial mathematics is mostly studied at master's level, after a first degree with a strong mathematical content.

  • Bachelor's level. Undergraduates usually meet the subject as modules within a mathematics degree. The Mathematics BSc at London Metropolitan University, for example, has a Financial Mathematics module in the first year and lets students specialise later in areas such as financial modelling.
  • One-year master's degrees. The MSc Mathematics and Finance at Imperial College London lasts one year full-time. Its minimum entry standard is a 2:1 degree in mathematics, applied mathematics, statistics or physics, and it ends with a research project carried out internally or on a placement with a bank, hedge fund or similar financial institution.
  • Two-year master's degrees. The Master's Programme in Mathematics at Uppsala Universitet has 120 credits and three tracks, one of which is Financial Mathematics; the edition starting on 31 August 2026 runs to 4 June 2028 and is taught in English. Applicants need a bachelor's degree that includes 90 credits in mathematics. The Master of Science in Mathematical Finance and Actuarial Science at the Technische Universität München (TUM) has 120 ECTS credits and a standard duration of four semesters in Garching. It requires English, admits students through an aptitude assessment, and can be started in the winter or the summer semester. Students choose one of the two specialities, mathematical finance or actuarial science, but study both.
  • Doctorate. Research posts in universities and in the modelling teams of large financial institutions usually go to candidates with a PhD in mathematics, statistics or a related field.

Where to study

SpainExchange lists 9 active schools for financial mathematics. Four are in the United States, three in the United Kingdom, one in Germany and one in Sweden. The list includes the University of Michigan, the University of Minnesota, the University of Southern California and the University of Dayton; Imperial College London, London Metropolitan University and the University of Kent; the Technische Universität München (TUM); and Uppsala Universitet.

English is the working language of the field. The programmes in Uppsala and Munich cited above are taught in English, as are those in the United Kingdom and the United States. When comparing programmes, look at the mathematics required for entry, the amount of programming, and whether the course includes a placement or an industry project.

Careers

Graduates work as quantitative analysts, risk analysts, actuaries, traders and portfolio or asset managers, in banks, insurance companies, investment funds, consultancies, software firms and financial regulators.

The US Bureau of Labor Statistics (BLS) publishes figures for the related occupations. Actuaries, who use mathematics, statistics and financial theory to analyse the economic costs of risk and uncertainty, held about 31,200 jobs in 2025, and their employment is projected to grow 9 percent from 2025 to 2035; they must also pass a series of professional exams to become certified. Financial risk specialists held about 66,000 jobs in 2025, and overall employment of financial analysts is projected to grow 7 percent over the same period. The BLS notes that financial analysts typically need a bachelor's degree, while mathematicians and statisticians typically need at least a master's degree.

Frequently asked questions

What do I need to get into a master's degree in financial mathematics?

A first degree with a lot of mathematics. Imperial College London asks for a 2:1 in mathematics, applied mathematics, statistics or physics, and Uppsala Universitet for a bachelor's degree with 90 credits in mathematics.

How long does a master's degree take?

One or two years, depending on the country. The Imperial MSc lasts one year; the programmes in Uppsala and at TUM have 120 credits, which is two years of full-time study.

Do I need to know how to program?

Programming is part of the training. The Imperial MSc, for example, has a core module on C++ and Python for quantitative finance problems.

Is financial mathematics the same as actuarial science?

No, but they overlap. Actuarial science focuses on insurance and pensions and leads to professional exams. TUM combines the two in one master's degree, in which students choose one speciality and also study the other.