Financial Mathematics - S6001

Financial Mathematics

Expert master degree

Do you have an aptitude and passion for mathematics and statistics, a keen interest in finance and insurance and want to work for a major financial organisation in finance, insurance or the money market? This course will provide you with a deep understanding of the world of finance,and give you the ability to speak its 'language'. This course combines theory with hands-on practical skills via an industry placement or research project –ensuring you graduate with the right skills increasingly being sought by banks and other financial institutions.

The Master of Financial Mathematics offers advanced training in the core areas of stochastic, financial and insurance modelling, statistical analysis and computational methodology, as well as in a wide range of elective topics from economics, econometrics, finance, mathematics and probability.

Graduates of this course are likely to enter specialist careers in research departments within banks, insurance and consultancy firms or work on derivatives valuation and portfolio management within investment houses.

The School of Mathematical Sciences sits within the leading Faculty of Science at Monash University. This vibrant, dynamic and successful School is undergoing a period of growth with the appointment of several new senior academic staff including Professor Gregoire Loeper, Course Director for the Masters of Financial Mathematics. With mathematics as the fundamental underpinning of so many subject areas, sectors and disciplines, the School is also building ever stronger collaborations with relevant industries, including the financial sector.

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At a glance

Course Details

Location
  • On-campus at Clayton: Full time & part time
Duration 1 year/1.5 years/2 years (full time), depending on prior qualifications. See entry requirements.
Start date Semester one (February), Semester two (July)
Qualification Master of Financial Mathematics
Course Handbook

Entry Requirements

You need to satisfy the following entrance requirements to be considered for entry to this course.

Minimum Entry Requirements (Domestic students)

Qualifications

Depending on prior qualifications:

Entry level 1:
Duration: 2 years full-time, 4 years part-time (96 points to complete)

An undergraduate degree (equivalent to an Australian undergraduate degree) with a strong mathematical content* with at least a 65% average or qualification/experience that the faculty considers to be equivalent or a satisfactory substitute for the above. *i.e. Completion of units of mathematics with an emphasis on multivariable calculus, linear algebra, probability, statistics and differential equations.

Entry level 2:
Duration: 1.5 years full-time, 3 years part-time (72 points to complete)

An undergraduate degree (equivalent to an Australian undergraduate degree) in mathematics with at least a 65% average or qualification/experience or satisfactory substitute that the faculty considers to be equivalent.

OR

An Australian graduate certificate/diploma (or equivalent) with a strong mathematical content* with at least a 65% average or qualification/experience that the faculty considers to be equivalent or a satisfactory substitute for the above. *I.e. Completion of units of mathematics with an emphasis on multivariable calculus, linear algebra, probability, statistics and differential equations.

Entry level 3:
Duration: 1 years full-time, 2 years part-time (48 points to complete)

A four-year Australian honours degree (or equivalent) in mathematics with at least 65% average or qualification/experience or a satisfactory substitute that the faculty considers to be equivalent.

English requirements

Applicants must also meet the English language requirements.

University entrance requirements

Minimum entrance requirements for admission to Monash University Australia.

Making the application

Future students

Semester one (February)

Apply directly to Monash using course code S6001

Semester two (July)

Apply directly to Monash using course code S6001

Current Monash students

You may apply to transfer from another Monash course. Transfers are a competitive process. You may apply mid-year for available courses however consideration will be given as to whether you will be able to follow your course progression.

Please note that if you apply for a course transfer, you should still enrol in your current course as if you were continuing so as not to jeopardise your enrolment in the Faculty if your transfer application is unsuccessful. More about Course Transfer...

Self assess for credit eligibility

Check for study credit using the "Credit search" link on the Credit for prior study page

Fees

Fees are subject to change annually.

Full fee

Fees are per 48 credit points which represents a standard full-time course load for a year.

A$36,000

Fee assistance

As a full fee-paying student, you may be eligible to apply for the optional FEE-HELP to assist you to pay all or part of your tuition fees.

Fee information specific to this course

Study grant

For new applicants to the Master of Financial Mathematics commencing their studies in 2020, a bursary of $8000 will be available. This bursary will be in the form of a fee discount.

Scholarships

We offer over 360 types of scholarships, valued at up to $280,000. Some scholarships offer one-off payments while others continue for the length of your course. Learn more about Monash Scholarships.

Other costs and fees

For information on other study costs and fees, see other study costs.

The course is structured in three Parts. Part A. Orientation studies, Part B. Specialist studies, Part C. Applied professional practice. All students complete Part B.  Depending upon prior qualifications, you may receive credit for Part A or Part C or a combination of the two.

Part A. Orientation studies

These studies provide an orientation to the field of Financial Mathematics. You will choose studies that complement your current knowledge relevant to financial mathematics, including principles of econometrics, mathematical methods and stochastic processes.

Part B. Specialist studies

These studies will provide you with advanced knowledge and skills relevant to thoughtful, innovative and evidence-based practice in financial modelling and analysis. You will acquire core knowledge of and skills in financial econometrics, and advanced mathematical modelling and computational methods in finance. You will complement these with study in areas of your choice, including interest rate modelling, Markov processes, statistical learning in finance, and global financial markets.

Part C. Applied professional practice

These studies will provide you with the opportunity to apply your knowledge skills developed in Part A and B to "real life" problems, through completing an industry project or an industry internship. Students admitted to the course who have a recognised honours degree or graduate diploma or graduate certificate in a cognate discipline including mathematics or statistics, will receive credit for this part however, should they wish to complete a 24 point research project as part of Part B they should consult with the course convenor.