Postgraduate Diploma Mathematics and Finance

Program Overview

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Our Postgraduate Diploma in Mathematics and Finance produces graduates with a sound mathematics and finance background, and with the necessary skills like computing, use of algorithms and analysing data, to be applied to problems arising in finance. Postgraduate Diplomas last for six to nine months (full-time) and include the modules and assessed work of a Masters, without a dissertation. This allows you to proceed to a Masters in mathematics if your undergraduate degree was in a different subject. In recent years, finance has been one of the areas where high-calibre mathematicians have been in great demand. With the advent of powerful and yet economically accessible computing, online trading has become a common activity, but many have realised that a certain amount of mathematics is necessary to be successful in such fields. You explore topics including:

• Models and mathematics in portfolio management
• Risk management in modern banking
• Financial modelling
• Actuarial modelling
• Applied statistics

Our interdisciplinary research recognises that mathematics, including what can be very abstract mathematics, is an essential part of research in many other disciplines. Our Department of Mathematical Sciences has an international reputation in many areas including semi-group theory, optimisation, probability, applied statistics, bioinformatics and mathematical biology. We are genuinely innovative and student-focused. Our research groups are working on a broad range of collaborative areas tackling real-world issues. Here are a few examples:

• Our data scientists carefully consider how not to lie, and how not to get lied to with data. Interpreting data correctly is especially important because much of our data science research is applied directly or indirectly to social policies, including health, care and education.
• We do practical research with financial data (for example, assessing the risk of collapse of the UK’s banking system) as well as theoretical research in financial instruments such as insurance policies or asset portfolios.
• We also research how physical processes develop in time and space. Applications of this range from modelling epilepsy to modelling electronic cables.
• Our optimisation experts work out how to do the same job with less resource, or how to do more with the same resource.
• Our pure maths group are currently working on two new funded projects entitled ‘Machine learning for recognising tangled 3D objects’ and ‘Searching for gems in the landscape of cyclically presented groups’.
• We also do research into mathematical education and use exciting technologies such as electroencephalography or eye tracking to measure exactly what a learner is feeling. Our research aims to encourage the implementation of ‘the four Cs’ of modern education, which are critical thinking, communication, collaboration, and creativity.

Why we're great.

• Maths has become an indispensable tool for finance – our course allows those with a background in maths to study finance.
• Our students run a renowned Maths Support Centre which offers advice to other departments at Essex and far beyond – we have calls from as far afield as China.
• Gain key employability skills include data analysis, use of algorithms and mathematical modelling.

Our expert staff

Our department is committed to providing you with the academic support you need to succeed. Our flexible policy means some staff are always available, whilst others maintain regular drop-in times. Staff are always happy to arrange appointments for longer discussions, and no issue is too big or too small. Our academics are strongly committed to research and teaching. They have published several well-regarded articles and books and are leaders in their fields, with papers appearing in journals such as Journal of American Statistical Association, Journal of the Royal Statistical Society, Bernoulli, and Scandinavian Journal of Statistics .

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Specialist facilities

• Reach your potential and enhance your chances of success with maths and statistics classes, workshops, drop-in clinics and online resources provided by the Skills for Success team
• We have our own computer labs for the exclusive use of students in the Department of Mathematical Sciences – in addition to your core maths modules, you gain computing knowledge of software including Matlab and Maple
• We host events and seminars throughout the year
• Our students run a lively Mathematics Society, an active and social group where you can explore your interest in your subject with other students

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Your future

There is undoubtedly a shortage of mathematicians in general, and an even greater one of those with knowledge of finance. Our course produces graduates with a sound background in mathematics and finance. Key employability skills include computing, use of algorithms, data analysis, mathematical modelling and understanding financial statements. Our graduates are highly sought after by a range of employers and find employment in financial services, scientific computation, decision making support and government, risk assessment, statistics, education and other sectors. We also offer supervision for PhD, MPhil and MSc by Dissertation. We have an international reputation in many areas such as semi-group theory, optimisation, probability, applied statistics, bioinformatics and mathematical biology, and our staff are strongly committed to research and to the promotion of graduate activities. We additionally work with our Employability and Careers Centre to help you find out about further work experience, internships, placements, and voluntary opportunities.

Program Outline

Course structure

Our research-led teaching is continually evolving to address the latest challenges and breakthroughs in the field. The following modules are based on the current course structure and may change in response to new curriculum developments and innovation. We understand that deciding where and what to study is a very important decision for you. We’ll make all reasonable efforts to provide you with the courses, services and facilities as described on our website. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, we’ll let our applicants and students know as soon as possible.

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Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose. Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

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Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits. In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available. Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

HR	100	4	FY
The department or school the module will be taught by. In this example, the module would be taught by the Department of History.	The module number.	The UK academic level of the module. A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course. A standard postgraduate taught course will comprise of level 7 modules. A postgraduate research degree is a level 8 qualification.	The term the module will be taught in. AU : Autumn term SP : Spring term SU : Summer term FY : Full year AP : Autumn and Spring terms PS: Spring and Summer terms AS: Autumn and Summer terms

Year 1 This module will enable you to expand your knowledge on multiple statistical methods. You will learn the concepts of decision theory and how to apply them, have the chance to explore “Monte Carlo” simulation, and develop an understanding of Bayesian inference, and the basic concepts of a generalised linear model. View Statistical Methods on our Module Directory Ever considered becoming an Actuary? This module covers the required material for the Institute and Faculty of Actuaries CT4 and CT6 syllabus. It explores the stochastic process and principles of actuarial modelling alongside time series models and analysis. View Stochastic Processes on our Module Directory How do you formulate financial decision problems mathematically? And how do you identify an appropriate method of solution? Understand the basic models and mathematical methods underlying modern portfolio management. Assess the limitations of these models and learn to correctly interpret your results from calculations. View Mathematics of Portfolios on our Module Directory What are the principles of actuarial modelling? And what are survival models? Examine how calculations in clinical trials, pensions, and life and health insurance require reliable estimates of transition intensities/survival rates. Learn how to estimate these intensities. Build your understanding of estimation procedures for lifetime distributions. View Survival Analysis on our Module Directory Why are arbitrage arguments important in modern finance? How can a binomial model evaluate derivatives? What are the main models for interest rates? Understand the mathematical techniques underlying the modelling of derivative pricing. Acquire skills in the development of pricing and risk management. Explore stochastic methods and credit risk. View Financial Derivatives on our Module Directory COMPONENT 06: OPTIOL Option(s) from list (55 CREDITS) What skills do you need to succeed during your studies? And what about after university? How will you realise your career goals? Develop your transferable skills and experiences to create your personal profile. Reflect on and plan your ongoing personal development, with guidance from your personal advisor within the department. View Research Skills and Employability on our Module Directory

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Teaching

• Core components can be combined with optional modules, to enable you to gain either in-depth specialisation or a breadth of understanding
• Learn to use LATEX to produce a document as close as possible to what professional mathematicians produce in terms of organisation, layout and type-setting
• Our postgraduates are encouraged to attend conferences and seminars

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Assessment

• Courses are assessed on the results of your written examinations, together with continual assessments of your practical work and coursework