Financial Modelling and Optimization MSc Level: Postgraduate taught Subject: Mathematics and Statistics Year of entry: 2026 Study options Mode of study On campus Full-time MSc | 1 year | Start date: September 2026 Part-time MSc | 2 years | Start date: September 2026 Key facts School School of Mathematics College College of Science and Engineering Programme website Financial Modelling and Optimization Study location King's Buildings campus Accreditation Not available Apply now 19 to 21 November 2025: Postgraduate Virtual Open Days Join us live to explore postgraduate taught and research study at Edinburgh and gain key insights before you apply. Register now Overview About the degree programme This programme gives you a flexible syllabus to suit the demands of employers that use modern financial tools and optimization techniques in areas such as the financial sector and energy markets.We will give you sound knowledge in financial derivative pricing, portfolio optimization and financial risk management.We will also provide you with the skills to solve some of today’s financial problems, which have themselves been caused by modern financial instruments. This expertise includes:modern probability theoryapplied statisticsstochastic analysisoptimization In this video our academic staff and students outline what to expect as part of a Masters in the area of Financial Mathematics. The FMO MSc introduced me to the world of financial mathematics in a way that was both rigorous and accessible. Coming in with a statistics background, I initially felt unsure, but the programme’s structured approach and dedicated support system helped me adapt quickly. It gave me the tools to tackle real financial problems using solid mathematical reasoning. Grace Enato MSc Financial Modelling and Optimization, graduated 2025 Fees, costs and funding Tuition fees Tuition fees by award and duration Tuition fees for full-time and part-time options are listed for one academic year. Full-time MSc Financial Modelling and Optimization (1 year) tuition fees Part-time MSc Financial Modelling and Optimization (2 years) tuition fees Graduate discount If you are a University of Edinburgh graduate, you will be eligible for a 10% discount on your tuition fees for this programme. You may also be eligible if you were a visiting undergraduate student.Find out how to receive your graduate discount Deposit You do not have to pay a deposit to secure your place on this programme. Costs Accommodation and living costs You need to cover your accommodation and living costs for the duration of your programme.We estimate that you might spend £1,167 to £2,330 per month if you are a single student.Living costs include:foodutility billstravel, clothes, books and stationeryrecreational costs (for example, TV subscriptions and social events)Living costsAccommodation costs depend on where you live while studying and the type of accommodation you choose.University postgraduate accommodation options and costs Funding opportunities Funding for postgraduate study is different to undergraduate study, and many students need to combine funding sources to pay for their studies.Most students use a combination of the following funding to pay their tuition fees and living costs:borrowing moneytaking out a loanfamily supportpersonal savingsincome from workemployer sponsorshipscholarshipsExplore sources of funding for postgraduate study Search for other funding opportunities You can find scholarships, bursaries and other funding you might be eligible for on our Scholarships and Student Funding site.Postgraduate funding opportunities Entry requirements These entry requirements are for the 2026-27 academic year and requirements for future academic years may differ. Entry requirements for the 2027-28 academic year will be published on 1 Oct 2026. Qualifications A UK 2:1 degree, or its international equivalent, in mathematics or a mathematical subject such as statistics, physics or engineering. International qualifications To find international equivalent qualifications, select where you studied from the country or region list. Where you studied - Select a country or region -AfghanistanAlbaniaAngolaArgentinaArmeniaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBelarusBelgiumBelizeBeninBoliviaBosnia and HerzegovinaBotswanaBrazilBulgariaBurkina FasoBurundiCambodiaCameroonCanadaChileChinaColombiaCosta RicaCôte d'IvoireCroatiaCubaCyprusCzech RepublicDemocratic Republic of CongoDenmarkDominican RepublicEcuadorEgyptEl SalvadorEritreaEstoniaEswatiniEthiopiaFinlandFranceGabonThe GambiaGeorgiaGermanyGhanaGreeceGuatemalaGuineaHaitiHondurasHong Kong-SAR ChinaHungaryIcelandIndiaIndonesiaIranIraqIrelandIsraelItalyJamaicaJapanJordanKazakhstanKenyaKorea, Republic ofKuwaitLatviaLebanonLesothoLiberiaLibyaLithuaniaLuxembourgMacau-SAR ChinaMadagascarMalawiMalaysiaMaldivesMaliMaltaMauritiusMexicoMoldovaMongoliaMontenegroMoroccoMozambiqueMyanmarNamibiaNepalNetherlands, TheNew ZealandNicaraguaNigeriaNorth MacedoniaNorwayOmanPacific IslandsPakistanPalestinian TerritoriesPanamaParaguayPeruPhilippinesPolandPortugalQatarRomaniaRussiaRwandaSaudi ArabiaSenegalSerbiaSierra LeoneSingaporeSlovakiaSloveniaSomaliaSouth AfricaSouth SudanSpainSri LankaSudanSwedenSwitzerlandSyriaTajikistanTaiwanTanzaniaThailandTogoTrinidad and TobagoTurkeyTurkmenistanUgandaUkraineUnited Arab EmiratesUnited States of AmericaUruguayUzbekistanVenezuelaVietnamWest Indies and CaribbeanZambiaZimbabweMy country or region is not listed English language requirements You must prove that your English language abilities are at a high enough level to study this degree programme.This is the case for all applicants, including UK nationals.You can meet our English language requirements with one of the following:an English language testa degree that was taught and assessed in Englishcertain professional qualifications English language tests we accept We accept any of the following English language tests, at the specified grade or higher: IELTS Academic: total 6.5 with at least 6.0 in each component. We do not accept IELTS One Skill Retake to meet our English language requirements. TOEFL-iBT (including Home Edition): total 92 with at least 20 in each component We do not accept TOEFL MyBest Score to meet our English language requirements. C1 Advanced (CAE) / C2 Proficiency (CPE): total 176 with at least 169 in each component. Trinity ISE: ISE II with distinctions in all four components. Oxford ELLT: total 7 with at least 6 in each component. Oxford Test of English Advanced: total 145 with at least 135 in each component. How old your English language tests can be Tests no more than two years oldThe following English language tests must be no more than two years old on the 1st of the month in which your programme starts, regardless of your nationality:IELTS AcademicTOEFL-iBT (including Home Edition)Trinity ISEOxford ELLTOxford Test of English AdvancedTests no more than three and a half years oldAll other English language tests must be no more than three and a half years old on the 1st of the month in which your programme starts, regardless of your nationality. Degrees taught and assessed in English We accept an undergraduate or postgraduate degree that has been taught and assessed in English in a majority English-speaking country, as defined by UK Visas and Immigration.UKVI list of majority English speaking countriesWe also accept a degree that has been taught and assessed in English from a university on our list of approved universities in non-majority English-speaking countries (non-MESC).Approved universities in non-MESCHow old your degree can beIf you are not a national of a majority English-speaking country, then your degree must be no more than five years old on the 1st of the month in which your programme starts.This time limit does not apply to your degree if you are a national of a majority English-speaking country. Find out more about our English language requirements Find out about other English language qualifications we accept, including professional qualifications.English language requirements Programme details What you will study This programme involves two taught semesters of compulsory and optional courses followed by your dissertation project. Compulsory courses Compulsory courses have previously included:Discrete-Time FinanceFundamentals of OptimizationNumerical Probability and Monte CarloOptimization Methods in FinanceResearch Skills for Financial MathematicsRisk-Neutral Asset PricingStochastic Analysis in Finance Option courses Optional courses have previously included:Algorithmic Game Theory and its Applications*Credit ScoringFinance, Risk and UncertaintyFinancial Risk TheoryFundamentals of Operational ResearchLarge Scale Optimization for Data ScienceMachine Learning in PythonNumerical Partial Differential EquationsPython ProgrammingStochastic Control and Dynamic Asset AllocationStochastic ModellingTime Series*delivered by the School of Informatics Find courses for this programme Find out what courses you can study on this programme and how each of them are taught and assessed. The courses on offer may change from year to year, but the course information will give you an idea of what to expect on this programme. Full-time MSc Financial Modelling and Optimization (1 year) (2025-2026) Part-time MSc Financial Modelling and Optimization (2 years) (2025-2026) We link to the latest information available. This may be for a previous academic year and should be considered indicative. Teaching and assessment Assessment Dissertation projectsDissertation projects on this programme can be undertaken in partnership with public and private sector organisations. You may also choose an academic project without a direct link to an external organisation. Learning outcomes At the end of this programme you will have:developed personal communications skills, initiative, and professionalism within a mathematical contextdeveloped transferable skills that maximise your prospects for future employment, including writing, oral presentation, team-working, numerical and logical problem-solving, planning and time-managementimproved your ability to convey ideas in an articulate fashion, to build upon previous mathematical training and further develop logic and deductive skillsmastered standard and advanced mathematical tools used to solve applied problems relevant to the mathematical finance industrydeveloped quantitative and computational skills for the proficient fulfilment of tasks in the financial sector Support for your studies Student Support TeamIn the School of Mathematics, we have a dedicated Student Support Team consisting of six staff members.You will have a Student Adviser who is your first point of contact during your time at the University of Edinburgh, and who is available to help and advise on a range of issues connected to your postgraduate study.Study support will be provided by academics acting as Cohort Leads, with wider teaching teams, who will work with students to connect you with your programme of study and provide you with more specialist subject support. Where you will study Study location Teaching for School of Mathematics courses will take place at the King's Buildings campus, usually in the James Clerk Maxwell Building (JCMB).The MScHub in JCMB is specifically for School of Mathematics MSc students, and offers a dedicated space for studying and socialising, including its own kitchen facilities. Academic facilities Full details of the facilities available at King’s Buildings (including libraries, study spaces and catering outlets) are available on the College of Science and Engineering website:Facilities at King's Buildings Careers and further study Career opportunities Graduates have gone on to work in major financial institutions or to continue their studies by joining PhD programmes.The School of Mathematics Business Development Team can also put students in touch with Edinburgh Innovations, who offer services for students interested in enterprise and entrepreneurship. There are several events during the year to explore and develop start-up ideas.Edinburgh Innovations Professional links The School of Mathematics has connections with a wide number of industrial partners, organisations, charities and government departments. As an MSc student in the School, you will have opportunities to engage with these external organisations through regular employability events, careers workshops, and our annual analytics challenge (whose recent partners have included Edinburgh Airport and the Data and Marketing Association). There is also the opportunity to undertake a dissertation project with an external partner.Recent partners for industry-based dissertations in the Financial Modelling and Optimization MSc include:Moody's AnalyticsBarclaysDirectorate-General for Economic and Financial Affairs – European Commission (ECFIN)ExperianSopra Steria Further study After completing this programme, you may wish to consider applying for a PhD or other research programme.Applying for research degreesMoving on to a PhD (advice from the University's Careers Service) Graduate profiles You can browse some recent graduate testimonials on our School website.Student experience Careers Service Our Careers Service can help you to fully develop your potential and achieve your future goals. The Careers Service supports you not only while you are studying at the University, but also for up to two years after you finish your studies. With the Careers Service, you can: access digital resources to help you understand your skills and strengthstry different types of experiences and reflect on how and what you developget help finding work, including part-time jobs, vacation work, internships and graduate jobsattend careers events and practice interviewsget information and advice to help you make informed decisions Visit the Careers Service website Applying How to apply You apply online for this programme. After you read the application guidance, select your preferred programme, then choose 'Start your application' to begin. If you are considering applying to more than one programme, you should be aware that we cannot consider more than 3 applications from the same applicant. When to apply Due to high demand, the school operates a number of selection deadlines.We strongly recommend you apply as early as possible. Applications may close earlier than the published deadlines if there is exceptionally high demand.We may make a small number of offers to the most outstanding candidates on an ongoing basis. However, the majority of applications will be held until the advertised deadline.We aim to make the majority of decisions within eight weeks of the selection deadline.If we have not made you an offer by a specific selection deadline this means one of two things:your application has been unsuccessful, in which case we will contact you to let you knowyour application is still being considered, it will be carried forward for consideration in the next selection deadline, and we will be in touch once a decision is madeThe final deadline may be extended if any places remain on the programme.If the final deadline is extended, we encourage you to apply at least one month prior to entry so that we have enough time to process your application. If you are also applying for funding or will require a visa then we strongly recommend you apply as early as possible.Selection deadlinesRoundApplication deadlineDecisions made or applications rolled to the next deadline115 December1 March231 March31 May331 May31 July When to submit your supporting documentsYou must submit all supporting documents by the application deadline, or we will be unable to consider your application. Regardless of when you apply, you have 28 days from submitting your application to supply any supporting documents through the Application Hub, after which we will automatically reject your application. Application fee There is no fee to apply to this programme. What you need to apply As part of your online application, you will need to provide: a personal statementdetails of relevant knowledge/training skillsYou will also need to submit some or all of the following supporting documents:copies of your degree certificates and academic transcripts that confirm your current or final marksreferencesevidence you meet the English language requirementscertified translations if your original documents are not in EnglishWhen you start your application, you will be able to see the full list of documents you need to provide. ReferencesYou must submit one reference with your application. Apply Select the award, duration and delivery mode you want to study. Then select the start date you want to apply for. Select programme - Select a programme -MSc Financial Modelling and Optimization (1 year)MSc Financial Modelling and Optimization (2 years) After you apply Once you have applied for this programme, you will be able to track the progress of your application and accept or decline any offers.Checking the status of your applicationWe will notify you by email once we have made a decision. Due to the large number of applications we receive, it might take a while until you hear from us.Receiving our decisionWhat to do if you receive an offer:Receiving an offerAccepting an offerSubmitting supporting documents Life at Edinburgh What our students say Student blogsLearn about what life is like as a MSc student in the School of Mathematics by hearing from the people that have experienced it first-hand! Our student bloggers come from all across the world, and have studied on a variety of our MSc programmes.Postgraduate blogs Accommodation We guarantee an offer of University accommodation for all new, single postgraduate taught students from outside the UK and new, single postgraduate research (typically PhD) students who:apply for accommodation by 31 July in the year when you start your programmeaccept an unconditional firm offer to study at the University by 31 Julystudy at the University for the whole of the academic year starting in SeptemberUniversity accommodation websiteAccommodation guarantee criteriaWe also offer accommodation options for couples and families.Accommodation for couples and familiesIf you prefer to live elsewhere, we can offer you advice on finding accommodation in Edinburgh.Accommodation information from the Edinburgh University Students' Association Advice Place Societies and clubs Our societies and sports clubs will help you develop your interests, meet like-minded people, find a new hobby or simply socialise.SocietiesSport Clubs The city of Edinburgh Scotland's inspiring capital will form the background to your studies — a city with an irresistible blend of history, natural beauty and modern city life. Find out more about living in Edinburgh Exercise, leisure and support facilities Outside of your studies, we offer a range of facilities that you might find useful day-to-day, including:sport and exercise facilitiesUniversity cafes and cateringEdinburgh University Students' Association (EUSA) venues and shopsa multi-faith chaplaincy for all faiths and nonea University nursery (based at King’s Buildings campus) Health and wellbeing support You will have access to free health and wellbeing services throughout your time at university if you need them.The support services we offer include: a student counselling service a health centre (doctor's surgery) support if you're living in University accommodation dedicated help and support if you have a disability or need adjustmentsHealth and wellbeing support services Disability and Learning Support Contact General enquiries AdmissionsSchool of MathematicsJames Clerk Maxwell BuildingThe King's Buildings CampusEdinburghEH9 3FD futurestudents@ed.ac.uk Academic contact Dr Jiawei Li Programme Director Contact details Email: fmomsc@ed.ac.uk
