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DPhil (PhD) studies in Mathematical Finance @ Oxford

The Mathematical and Computational Finance Group (MCFG) at Oxford is one of the largest and most dynamic research environments in mathematical finance in the world.

We combine core mathematical expertise with interdisciplinary approach. We foster lively interactions between researchers coming from different backgrounds and a truly impressive seminar programme, all this within one of the world's top universities, singular through its tradition and unique environment.

If you are passionate about mathematics and research and want to pursue a DPhil in Financial Mathematics, Oxford simply offers one of the best and most exciting places to do it!

 Research Topic and Supervisor Allocation

We welcome students with their own particular ideas of research topic as well as students with a broad interest in the field of Mathematical Finance. You have an opportunity to tell us about your research passions, and indicate potential supervisors, in your application form. This will be followed up during the interview.

In light of this, if you are offered a place, an appropriate supervisor will be proposed prior to your arrival in Oxford. However, there can be some flexibility over this once you arrive.  Keeping with the Oxford tradition, we offer our students independence and respect as early researchers, and always aim to match students with the most appropriate supervisors.

Outstanding students with a strong background in analysis, probability and data science are welcome to apply for our DPhil program. Each year we receive a large number of excellent applications. The selection process is extremely competitive and we can only admit a handful of candidates each year.

In order to apply for DPhil studies in Mathematical & Computational Finance, please indicate your interest in Mathematical and Computational Finance on your application form. Selected applicants will be invited for an interview -- either in person or by video call.

For general information on DPhil please consult our  Doctor of Philosophy (DPhil) admissions pages .

For the CDT Mathematics of Random Systems please consult our  the CDT website .

Or please contact  @email .

Funding for DPhil students is available from a variety of sources. Please note that some funding opportunities have deadlines: it is advised to apply before the deadline in order to maximise your chances of receiving funding.

Funding is also available through the  Centre for Doctoral Training in Mathematics of Random Systems . To apply for this program please How to Apply .

Email:  @email Phone:  +44 (0)1865 615234

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DPhil in Finance University of Oxford

Course options

Qualification.

PhD/DPhil - Doctor of Philosophy

Said Business School

• TUITION FEES
• ENTRY REQUIREMENT
• UNIVERSITY INFO

Course summary

About the programme

Our doctoral training will immerse you in all aspects of academic life.

You will be both a student and a junior research colleague. We provide courses in a wide variety of research methods and you will work closely with your supervisors to define your research question and develop your thesis. In addition, you will have opportunities to gain teaching and research assistant experience and become involved with the intellectual community within both Saïd Business School and the wider University. You will attend academic conferences, make presentations, organise lectures and seminars and contribute to management and academic decisions.

Both of our doctoral programmes run in parallel, with only differences in taught courses and preparation for writing in relevant journals to your subject of choice.

We have deliberately kept the programmes small which means that in the vast majority of cases, students are fully funded to allow them to devote their energies to research. The DPhil corresponds to a PhD degree offered at most other universities.

Programme milestones

Our DPhil offers students the opportunity to engage with internationally renowned faculty who are here to help you become an academic scholar.

The DPhil in Finance embraces subjects such as asset-pricing and corporate finance, the design and regulation of securities markets, corporate financial policy, and the impact of financial markets on real economic activity. During your first year, you will be required to attend taught causes where foundational economic and financial theory will be studied. Based on previous years, these may include, but are not limited to, modules that cover topics such as financial economics, microeconomics, macroeconomics and econometrics.

Following successful completion of all necessary courses, and by the end of your 4th term, you are expected to have successfully submitted and been assessed for your Transfer of Status. This process provides the opportunity to discuss your work with two independent members of staff under examination conditions and to receive feedback.

Tuition fees

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£ 23,580 per year

Tuition fees shown are for indicative purposes and may vary. Please check with the institution for most up to date details.

University information

University of oxford, university league table, campus address.

University of Oxford, University Offices, Wellington Square, Oxford, Oxfordshire, OX1 2JD, England

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PhD Finance

​In-depth training in academic research skills to develop you as a productive scholar. Our doctoral training will immerse you in all aspects of academic life.

You will be both a student and a junior research colleague. We provide courses in a wide variety of research methods and you will work closely with your supervisors to define your research question and develop your thesis. You will also have opportunities to gain teaching and research assistant experience and become involved with the intellectual community within both Oxford Business School and the wider University. You will attend academic conferences, make presentations, organise lectures and seminars and contribute to management and academic decisions.

Both of our doctoral programmes run in parallel, with only differences in taught courses and preparation for writing in relevant journals to your subject of choice.

We have deliberately kept the programmes small which means that in the vast majority of cases, students are fully funded to allow them to devote their energies to research. The DPhil corresponds to a PhD degree offered at most other universities.

Examples of previous research topics include asset-pricing and corporate finance, the design and regulation of securities markets, corporate financial policy, and the impact of financial markets on real economic activity.

What are my next steps?

Assessment and programme milestones.

Our DPhil offers students the opportunity to engage with internationally renowned faculty who are here to help you become an academic scholar.

You will be initially admitted to the status of Probationer Research Student (PRS). During your first year, you will be required to attend taught causes where foundational economic and financial theory will be studied. Based on previous years, these may include, but are not limited to courses that cover topics such as:

- Asset pricing

- Corporate finance

- Financial econometrics

- Economics

During second and third terms, you will select four elective courses offered for the second year of the MPhil in Economics, one of which must be either Financial Economics I or Financial Economics II.

Following successful completion of all necessary courses and within a maximum of six terms as a PRS student (and normally by the fourth term) you will be expected to apply for transfer of status from Probationer Research Student to DPhil status.

A successful transfer of status is required to give a clear indication of whether it would be reasonable to consider submission within the course of a further three terms, if work on the thesis continues to develop satisfactorily. Students who are successful at transfer will also be expected to apply for and gain confirmation of DPhil status within nine terms of admission, to show that your work continues to be on track.

Both milestones normally involve an interview with two assessors (other than your supervisor). This provides important experience for the final oral examination.

You will be expected to submit a thesis, which provides a significant and substantial contribution to the field of learning in finance, which should not exceed 100,000 words after four years from the date of admission. It should be good enough to be published in book form or as a series of academic articles. To be successfully awarded a DPhil in Finance you will need to defend your thesis orally (viva voce) in front of two appointed examiners.

Supervision

You will be assigned two initial supervisors who will guide you through your first year.

They will help you to identify your specialist area of interest and further suitable advisers in that field. You will work closely with them to define your research question and develop your thesis. It is an important relationship and also a very personal one: it is shaped by you, your supervisors and the ways you interact. You will have a minimum of nine meetings, or equivalent per year with your supervisor.

You do not need to contact any faculty in advance of making your application but you can review the profiles of our faculty to look for at the areas of research covered at the School. You can note within your application if you feel that you are interested in a particular research area and working with a specific faculty member.

The allocation of a supervisor is the responsibility of Oxford Business School, it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the School.

Potential Careers

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Marketing Manager

Develops and implements marketing strategies to promote products or services, increase brand awareness, and drive sales.

Operations Manager

Manages day-to-day operations within a business, focusing on optimizing efficiency, productivity, and quality.

Fees and Costs

The tuition fee shown is for one year only. Tuition fees increase every year in the majority of cases. You should take this annual tuition fee increase into consideration when you estimate your fees for a degree.

Undergraduate

Duration: 3 Years

Application Fee: $150 (On application)

ICT/Library: $150 Per year

Student Assoc: $10 Per year

Annual Fee: $5,850

Duration: 1.8 Years

ICT/Library: $175 Per year

Annual Fee: $5,450

PhD/ Doctorate

Annual Fee: $6,250

Stay In Touch

If you have a question about this course, our enquiries team will be happy to help.

Contact Information

Visit Us: 3 Bauhinia Str Centurion, Pretoria, South Africa, 0046

Phone: +27 (0) 12 004 0028 OR +27 (0) 72 573 8221

Email: [email protected] OR [email protected]

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Study In Uk > Colleges In Uk > University Of Oxford > Programs > Ph.D[Finance]

Doctor of Philosophy [Ph.D] [Finance] From University of Oxford

Doctor of Philosophy [Ph.D] (Finance)

Field of Study : 

₽3,497,993 /Yr

• Ph.D. in Finance at the  University of Oxford  offered a program for a duration of 4 years.
• This course is offered on a full-time basis.
• This doctoral program at the Said Business School offers high-caliber finance researchers the chance to work closely with faculty at the forefront of their fields, to be part of a vibrant research community, and to benefit from the resources and reputation of the University.
• In this course, students will be required to attend taught courses where foundational economic theory will be studied.
• Financial Economics
• Microeconomics
• Macroeconomics
• Econometrics
• Transfer of Status (after 4 terms)
• Confirmation of Status (after 9 terms)
• Submission of the thesis (after 12 terms)
• The faculty and student ratio for this program is 1:11.
• The average salary goes up to 113,500 USD after completing this program.
• The Employment rate of the University of Oxford is 91%.

Important Dates

Tuition Fees

Other Expenses

Eligibility & Entry Requirement

Academic Eligibility:

• Applicants have a first-class or a strong upper second-class undergraduate degree with honors in a four-year undergraduate degree (to the level of a master's degree) in a relevant subject, or
• A first-class or a strong upper second-class undergraduate degree with honors in a three-year BSc/BA degree and a master's degree with distinction in a relevant subject.
• For this program, the minimum GPA sought is 3.6 out of 4.0.
• Cambridge Certificate of Advanced English (CAE) or C1 Advanced - 185.
• Cambridge Certificate of Proficiency in English (CPE) or C2 Proficiency - 185.
• Students must be qualified in  IELTS  or  TOEFL  and  PTE  to get admission in this program.

Indian Student Eligibility:

Indian students are eligible to apply if they meet one of the following eligibility criteria:

• Completed a 4-year UG degree with first class in a relevant field from a recognized institution.
• Or, completed graduation in B.Sc.(H) Computer Science or B.Sc. Applied Physical Sciences with Mathematics and Computer Science.

Along with the minimum eligibility requirements, international students hailing from non-English speaking countries need to prove English proficiency through IELTS/TOEFL/any equivalent test.

Scores Required

Avg. Score in

Minimum gpa

Required Document List

The Documents required are:

• Higher Secondary School Certificate -  The certificate provided by the education board after completion of the Higher secondary education.
• Statement of marks -  The marks statement provided by the education board.
• Financial Documentation -  The Proof that shows the financial background of the student.
• Letter of Recommendation -  This shows who recommended the student to pursue the degree.
• Statement of Purpose -  This is an essay or any written statement written by the student while applying.
• Resume/CV -  This provides a summary of your experience and skills.
• English Language Requirement Scores like  TOEFL ,  IELTS ,..etc.
• Exam scores like GMAT , GRE   are to be submitted .

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University of oxford: finance.

Full-Time, 3 years starts Oct 2024

**The information provided on this page was correct at the time of publication (November 2023). For complete and up-to-date information about this course, please visit the relevant University of Oxford course page via www.graduate.ox.ac.uk/ucas.**

Our doctoral training will immerse you in all aspects of academic life.

You will be both a student and a junior research colleague. We provide courses in a wide variety of research methods and you will work closely with your supervisors to define your research question and develop your thesis. In addition, you will have opportunities to gain teaching and research assistant experience and become involved with the intellectual community within both Saïd Business School and the wider University. You will attend academic conferences, make presentations, organise lectures and seminars and contribute to management and academic decisions.

Both of our doctoral programmes run in parallel, with only differences in taught courses and preparation for writing in relevant journals to your subject of choice.

We have deliberately kept the programmes small which means that in the vast majority of cases, students are fully funded to allow them to devote their energies to research. The DPhil corresponds to a PhD degree offered at most other universities.

Full-Time, 3 years started Oct 2023

**The information provided on this page was correct at the time of publication (October/November 2022). For complete and up-to-date information about this course, please visit the relevant University of Oxford course page via www.graduate.ox.ac.uk/ucas**

You will be assigned two initial supervisors who will guide you through your first year.

They will help you to identify your specialist area of interest and further suitable advisers in that field. You will work closely with them to define your research question and develop your thesis. It is an important relationship and also a very personal one: it is shaped by you, your supervisors and the ways you interact.

You do not need to contact any faculty in advance of making your application but you can review the profiles of our faculty to look for at the areas of research covered at the School. You can note within your application if you feel that you are interested in a particular research area and working with a specific faculty member.

About Saïd Business School

Saïd Business School at the University of Oxford blends the best of new and old. We are a young, vibrant, and entrepreneurial business school deeply embedded in a world class university.

We deliver cutting-edge education and ground-breaking research that transform individuals, organisations, business practice, and society.

We educate people for successful business careers and, as a community, we seek to harness our collective expertise and knowledge to help solve pressing global issues such as demographic change, natural resource scarcity and technological challenges.

Our participants are challenged to think expansively:

• What are the rules of the game: …

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Course details

Financial analysis and analytics (online).

Sign up for  course news  for updates on future courses.

This course will provide you with a condensed, non-technical (but very practical) introduction to key concepts and techniques of financial (statement) analysis. 

You will be taken through classical methods, ratios and measures, and later combine those with forecasting techniques, newer data and analytics capabilities. 

This course will also reflect and show-case best cases from industry, how financial analysis and (data) analytics in particular can build ground for: 

data-centric management decisions 

making product value chains more efficient 

Making products smarter 

helping to make customer responses more personalized. 

By taking this course, you will gain the foundational knowledge, confidence and awareness of how to use financial analysis and what (data) analytics could add to the overall financial analysis equation, having the potential to enhance the top and bottom line of an enterprises’ modus operandi.

Dates, Times and Delivery 

The Financial Analysis and Analytics (online) course runs over two weeks, from 4 - 15 November 2024, with online sessions delivered via Microsoft Teams.

There will be a combination of virtual presentations, interactive group work/discussions and hands-on application exercises.

Sessions will be held on Mondays and Fridays from 19:00-20:30 (UK time) on:

Monday, 4 November

Friday, 8 November

Monday, 11 November

Friday, 15 November

A world clock, and time zone converter can be found here: https://bit.ly/3bSPu6D  

This is a ‘virtual classroom’ course. 

To replicate the experience of a classroom, the sessions are ‘live’ and are not recorded. 

No in-person attendance at Oxford is required and you do not need to purchase any software.

Accessing Your Online Course 

Details about accessing the private MS Teams course site will be emailed to you during the week prior to the course commencing.  

Please get in touch if you have not received this information within three working days of the course start date. 

Programme details

Session 01: introduction to financial statements and associated terminology.

• Financial statements and associated terminology
• Definitions, background information for a first general understanding
• The financial analysis process
• Analysis of a company’s modus operandi (via qualitative analysis approaches)

Session 02: Introduction to financial statement analysis

• Common size horizontal and vertical financial analysis
• Financial ratio analysis (activity, liquidity, solvency, profitability) and Credit risk
• Introduction to ratios for valuation and the Du-Pont formula / model
• Typical value creation drivers of a firm

Session 03: Introduction to forecasting and data 

• Pro forma analysis and typical value (creation) drivers (financial & non-financial)
• Introduction to financial forecasting techniques
• Big data revolution: turning data into business (advantages)
• Different sources of data, data mining techniques & data visualization
• Introduction to data analysis (learning from data, measuring it, controlling it and communicating results)
• how to leverage data and analytics to drive strategy and innovation across firms

Session 04: From Business Intelligence to Analytics

• Introduction to analytics and its different forms
• Real-life cases and applications from different industries and business functions such as sales, marketing, customer / client services, inventory management
• Pros, Cons and Limits of data-driven decision making
• Course wrap-up, further readings & sources

Certification

To complete the course, you will be required to attend and participate in all of the live sessions on the course in order to be considered for a certificate. Participants who complete the course will receive a link to download a University of Oxford digital certificate. Information on how to access this digital certificate will be emailed to you after the end of the course.

The certificate will show your name, the course title and the dates of the course you attended. You will also be able to download your certificate or share it on social media if you choose to do so.

Fees include electronic copies of course materials.

All courses are VAT exempt.

Register immediately online 

Click the “book now” button on this webpage. Payment by credit or debit card is required.

Konrad Kleinfeld

Application

If you would like to discuss your application or any part of the application process before applying, please click Contact Us at the top of this page.

Level and demands

This course is designed for those in middle management and/or those who have recently moved into a managerial role, who need a refresh or introduction to financial statement analysis, data and analytics.   

It will also be beneficial to entrepreneurs, individuals and start-ups that want to gain a good overview of the wider subject area.  

IT requirements

This course is delivered online using  Microsoft Teams . You will be required to follow and implement the instructions we send you to fully access Microsoft Teams on the University of Oxford's secure IT network.

To participate you must be familiar with using a computer for purposes such as sending email and searching the Internet. You will also need regular access to the Internet and a computer meeting our recommended  minimum computer specification .

It is advised to use headphones with working speakers and microphone.

Terms & conditions for applicants and students

Information on financial support

Sign up for course news

Economics, Accounting or Finance

MPhil or PhD

Find a course

Start dates.

January 2024 / June 2024

Application deadline

Applications for international candidates must be received in full by:

• 31 May 2024 (for September 2024 entry)
• 30 September 2024 (for January 2025 entry)
• 31 January 2025 (for June 2025 entry)

Applications for home and distance learning candidates must be received in full by:

• 30 June 2024 (for September 2024 entry) - only entry for Doctor of Coaching & Mentoring
• 31 September 2024 (for January 2025 entry)
• 28 February 2025 (for June 2025 entry)

Distance learning

Course length

Full time: minimum 3 years

Part time: minimum 4 years

Oxford Brookes Business School

Funding status

Self-funded

Attend an open day or webinar

Write your research proposal

Apply direct

Economics is a broad discipline that helps us understand historical trends by studying the past, interpret today’s major challenges and predict trends about the future. It is the study of scarcity, that examines how people can use limited resources and respond to incentives or the study of decision making. It includes the study of wealth and finance (such as inclusive finance or the role of financial markets on economic development) as well as corporate governance and responsible accounting.

Our PhD research programme will develop your knowledge of advanced economic theory and econometric methods. An essential feature of the MPhil and PhD process is the close working relationship between research students and supervisors. Specialist training courses are provided through an initiative that Oxford Brookes Business School (OBBS) is part of, enabling you to to produce innovative research and pioneering research papers. We provide expert academic support and supervision alongside a commitment to your economics research.

Research expertise

Our team of doctoral supervisors includes experts in the following research areas: Behavioural Economics, Experimental Economics, Environmental Economics, Economics of Sustainable Development, Macroeconomics, Applied Econometrics, Financial Economics, Financial Markets and Institutions, Corporate Governance, Corporate Social Responsibility, Responsible Accounting Practices.

If you study for a PhD in Economics, Accounting and Finance you will normally be linked to one of the four OBBS research centres depending on your chosen topic within Economics, Accounting or Finance. For example, the Centre of Business Society and Global Challenges (BSGC) or Oxford Regions Innovation, Enterprise Lab (ORIEL) .

For further information about how your proposed topic might fit please explore the research centre pages.

Institutes and Centres

• Centre for Diversity Policy Research and Practice
• International Centre for Coaching and Mentoring Studies
• Centre for Business, Society and Global Challenges
• Oxford Regions, Innovation & Enterprise Lab

Degree routes

All students enrol as probationer research students. The degree for which you register will depend on your academic qualifications and research experience. During the first year you will formally register your research proposal for one of the below routes.

If you undertake an MPhil you will:

• critically investigate and evaluate an approved topic
• demonstrate understanding of research methods appropriate to the chosen field
• present and defend a substantial thesis by oral examination.

Thesis: 50,000 words

Length of study: Full-time: 2-3 years. Part-time: 3-4 years.

The criteria for a PhD are similar to those for an MPhil, with the key difference that:

• the research carried out will result in an independent and original contribution to knowledge.

Thesis: 100,000 words

Length of study: Full-time: 3-4 years. Part-time: 4-6 years.

Why Oxford Brookes University?

You will benefit from:

• a supervisory team of two to three supervisors who can provide the best combination of expertise to support your work
• training courses in research methods provided by the Business School and wider University
• regular seminars and learning activities at department, school and university level
• experience of presenting work to different audiences
• opportunities to network and discuss your work with staff and fellow students.
• engage with our entrepreneurs in residence and visiting entrepreneurs
• Work with local businesses
• collaborative opportunities, including receiving industrial funding and sponsorship.

You will be supported in developing and sharing your expertise through:

• opportunities to present at internal seminars and conferences
• dupport in attending, and ultimately presenting at external conferences (some financial assistance is available)
• training as an Associate Lecturer and the opportunity to engage in teaching activity on appropriate modules offered by the Business School.

Learning and assessment

While every candidate’s exact experience will vary according to their particular discipline, topic and methodology, there are a number of common elements that all students will undertake:

• critically investigating and evaluating an approved topic
• undertaking an analytical review of the existing literature in your topic area to set the theoretical context for your work and help demonstrate the gap in knowledge you will address
• developing and then implementing a rigorous and appropriate methodology for researching your topic
• demonstrating that your research conforms to all relevant ethical codes of practice
• extensive primary field research, analysis and evaluation.

Your progression will be monitored through an annual process undertaken at the end of each academic year, and through two key progression points after approximately six months and eighteen months of study respectively.

Learning and teaching

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How to apply

Entry requirements.

Applicants should have a good honours degree and a good master's degree at merit level or above that includes a thesis component.

Applicants with equivalent experience will be considered.

Application process

• Complete your research proposal
• Gather your supporting documents (listed below)
• Make a direct application .

If you have any difficulty completing your application, please visit our Frequently Asked Questions page .

Supporting documents

When applying for this programme of study please upload all of the required supporting documents listed below to the online application portal .

We suggest merging your supporting documents into a single PDF file. Please note there are two specifically designated options for you to upload your two references to.

• copies of your previous degree transcripts and certificates (both undergraduate and postgraduate)
• a scan of your passport
• two academic references
• a 2,000-word Research Topic Proposal
• evidence of funding (we require evidence of personal funds or letter from funder if being sponsored)
• international students must also provide an English Language Certificate with an IELTS score of at least 7.0.

Tuition fees

Fees quoted are for the first year only. If you are studying a course that lasts longer than one year, your fees will increase each year.

For International fees the following factors will be taken into account by the University when it is setting the annual fees: inflationary measures such as the retail price indices, projected increases in University costs, changes in the level of funding received from Government sources, admissions statistics and access considerations including the availability of student support. 

Home fees are set by UK Research and Innovation (UKRI) and are released approximately five months before the start of each academic year.

If you have any questions about fees, get in touch with the Research Degrees Team at  [email protected] .

How and when to pay

Tuition fee instalments for the semester are due by the Monday of week 1 of each semester. Students are not liable for full fees for that semester if they leave before week 4. If the leaving date is after week 4, full fees for the semester are payable.

• For information on payment methods please see our Make a Payment page.
• For information about refunds please visit our Refund policy  page

Compulsory costs

Optional costs

Funding your studies

Financial support and scholarships.

Featured funding opportunities available for this course.

All financial support and scholarships

View all funding opportunities for this course

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Economics, Accounting or Finance PhD

Oxford brookes university, different course options.

• Key information

Course Summary

Tuition fees, entry requirements, university information, similar courses at this uni, key information data source : idp connect, qualification type.

PhD/DPhil - Doctor of Philosophy

Subject areas

Finance / Accounting (General) Economics Accounting

Course type

Economics is a broad discipline that helps us understand historical trends by studying the past, interpret today’s major challenges and predict trends about the future. It is the study of scarcity, that examines how people can use limited resources and respond to incentives or the study of decision making. It includes the study of wealth and finance (such as inclusive finance or the role of financial markets on economic development) as well as corporate governance and responsible accounting.

Our PhD research programme will develop your knowledge of advanced economic theory and econometric methods. An essential feature of the MPhil and PhD process is the close working relationship between research students and supervisors. Specialist training courses are provided through the Southern Economics Doctoral Online Training (SEDOT) initiative that Oxford Brookes Business School (OBBS) is part of, enabling you to to produce innovative research and pioneering research papers. We provide expert academic support and supervision alongside a commitment to your economics research.

UK fees Course fees for UK students

For this course (per year)

International fees Course fees for EU and international students

Applicants should have a good honours degree and a good master's degree at merit level or above that includes a thesis component. Applicants with equivalent experience will be considered.

Based in the historic student city of Oxford, Oxford Brookes is one of the UK’s leading modern universities. It enjoys an international reputation for teaching excellence, innovative approaches to learning, and strong links with business and industry. The university welcomes students from more than 140 countries around the world and is proud of its diverse, inclusive community. Oxford Brookes is known for great teaching, equipping students... more

Finance MSc

Full time | 12 months | SEP-24

Accounting and Finance MSc

Full time | 12 months | 23-SEP-24

Real Estate Investment Finance MSc or PGDip

Distance without attendance | 18 months | SEP-24

Strategic Professional Accounting and Finance MSc

Full time | 1 year | SEP-24

Economics, Accounting or Finance MPhil

Full time | 2 years | JAN

MSc in Mathematical and Computational Finance

• Entry requirements
• Funding and costs

College preference

• How to apply

About the course

The course provides you with a strong mathematical background with the skills necessary to apply your expertise to the solution of problems. You will develop skills to formulate mathematical problems that are based on the needs of the financial industry. You will carry out relevant mathematical and financial analysis, develop and implement  appropriate tools to present and interpret model results.

The course lays the foundation for further research in academia or for a career as a quantitative analyst in a financial or other institution.

You will take four introductory courses in the first week. The introductory courses cover partial differential equations, probability and statistics, financial markets and instruments, and Python.

The first term focuses on compulsory core material, offering 64 hours of lectures and 24 hours of classes, plus one compulsory computing course offering 16 hours of lectures. 

Core courses

• Stochastic Calculus (16 lectures, and 4 classes of 1.5 hours each)
• Financial Derivatives (16 lectures, and 4 classes of 1.5 hours each)
• Numerical Methods (16 lectures, and 4 classes of 1.5 hours each)
• Statistics and Financial Data Analysis (16 lectures, and 4 classes of 1.5 hours each)

Computing course

• Financial computing with C++ I (16 hours of lectures, plus 4 classes of 2 hours each over weeks 1-9)

The second term will be a combination of core material, offering 48 hours of lectures (18 hours of classes) and 48 hours of electives (students will choose four electives).

• Deep Learning (16 lectures, and 4 classes of 1.5 hours each)
• Quantitative Risk Management (8 lectures, and 2 classes of 1.5 hours each)
• Stochastic Control (8 lectures, and 2 classes of 1.5 hours each)
• Fixed Income (16 lectures, and 4 classes of 1.5 hours each)

Elective courses

• Advanced Volatility Modelling (8 lectures, and 2 classes of 1.5 hours each)
• Advanced Monte Carlo Methods (8 lectures, and 2 classes of 1.5 hours each)
• Advanced Numerical Methods (8 lectures, and 2 classes of 1.5 hours each)
• Asset Pricing (8 lectures, and 2 classes of 1.5 hours each)
• Market Microstructure and Algorithmic Trading (8 lectures, and 2 classes of 1.5 hours each)
• Decentralised Finance (8 lectures and 2 classes of 1.5 hours each)
• Financial computing with C++ II (24 hours of lectures and classes)

The third term is mainly dedicated to a dissertation project which is to be written on a topic chosen in consultation with your supervisor. This may be prepared in conjunction with an industry internship.

Supervision

The allocation of graduate supervision for this course is the responsibility of the Mathematical Institute and it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the Mathematical Institute.

You will be assigned an initial supervisor on arrival in Oxford whose role is to act as an academic advisor during the first two terms of the course. In the third term, your supervisor will usually change when you start work on your dissertation.

The examination will consist of the following elements:

• Three written examinations assessing the core material in the first and second terms
• One written examination assessing elective material in the second term
• Two projects assessing one of the core courses in the first term and one of the core courses in the second term
• Two practical examinations assessing two courses in financial computing with C++
• One dissertation in the third term.

Graduate destinations

MSc graduates have been recruited by prominent investment banks and hedge funds. Many past students have also progressed to PhD-level studies at leading universities in Europe and elsewhere.

Changes to this course and your supervision

The University will seek to deliver this course in accordance with the description set out in this course page. However, there may be situations in which it is desirable or necessary for the University to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. In addition, in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.

Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.

For further information please see our page on changes to courses and the provisions of the student contract regarding changes to courses.

Entry requirements for entry in 2024-25

Proven and potential academic excellence.

The requirements described below are specific to this course and apply only in the year of entry that is shown. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

Please be aware that any studentships that are linked to this course may have different or additional requirements and you should read any studentship information carefully before applying. 

Degree-level qualifications

As a minimum, applicants should hold or be predicted to achieve the following UK qualifications or their equivalent:

• a first-class or strong upper second-class undergraduate degree with honours in mathematics or a related discipline. 

Applicants should have a background in probability, statistics, ordinary and partial differential equations, linear algebra and analysis. They must demonstrate their aptitude for, and knowledge of, mathematics, particularly in the area of real analysis, through their performance at interview. Applicants with undergraduate degrees that are not purely mathematical will still be expected to demonstrate they have sufficient knowledge to perform well on the course.

For applicants with a degree from the USA, the minimum GPA sought is 3.6 out of 4.0.

If your degree is not from the UK or another country specified above, visit our International Qualifications page for guidance on the qualifications and grades that would usually be considered to meet the University’s minimum entry requirements.

GRE General Test scores

No Graduate Record Examination (GRE) or GMAT scores are sought.

Other qualifications, evidence of excellence and relevant experience

Publications are not expected.

English language proficiency

This course requires proficiency in English at the University's  higher level . If your first language is not English, you may need to provide evidence that you meet this requirement. The minimum scores required to meet the University's higher level are detailed in the table below.

*Previously known as the Cambridge Certificate of Advanced English or Cambridge English: Advanced (CAE) † Previously known as the Cambridge Certificate of Proficiency in English or Cambridge English: Proficiency (CPE)

Your test must have been taken no more than two years before the start date of your course. Our Application Guide provides  further information about the English language test requirement .

Declaring extenuating circumstances

If your ability to meet the entry requirements has been affected by the COVID-19 pandemic (eg you were awarded an unclassified/ungraded degree) or any other exceptional personal circumstance (eg other illness or bereavement), please refer to the guidance on extenuating circumstances in the Application Guide for information about how to declare this so that your application can be considered appropriately.

You will need to register three referees who can give an informed view of your academic ability and suitability for the course. The  How to apply  section of this page provides details of the types of reference that are required in support of your application for this course and how these will be assessed.

Supporting documents

You will be required to supply supporting documents with your application. The  How to apply  section of this page provides details of the supporting documents that are required as part of your application for this course and how these will be assessed.

Performance at interview

Interviews are not normally held for this course. 

How your application is assessed

Your application will be assessed purely on your proven and potential academic excellence and other entry requirements described under that heading.

References  and  supporting documents  submitted as part of your application, and your performance at interview (if interviews are held) will be considered as part of the assessment process. Whether or not you have secured funding will not be taken into consideration when your application is assessed.

An overview of the shortlisting and selection process is provided below. Our ' After you apply ' pages provide  more information about how applications are assessed . 

Shortlisting and selection

Students are considered for shortlisting and selected for admission without regard to age, disability, gender reassignment, marital or civil partnership status, pregnancy and maternity, race (including colour, nationality and ethnic or national origins), religion or belief (including lack of belief), sex, sexual orientation, as well as other relevant circumstances including parental or caring responsibilities or social background. However, please note the following:

• socio-economic information may be taken into account in the selection of applicants and award of scholarships for courses that are part of  the University’s pilot selection procedure  and for  scholarships aimed at under-represented groups ;
• country of ordinary residence may be taken into account in the awarding of certain scholarships; and
• protected characteristics may be taken into account during shortlisting for interview or the award of scholarships where the University has approved a positive action case under the Equality Act 2010.

Initiatives to improve access to graduate study

This course is taking part in a continuing pilot programme to improve the selection procedure for graduate applications, in order to ensure that all candidates are evaluated fairly.

For this course, socio-economic data (where it has been provided in the application form) will be used to contextualise applications at the different stages of the selection process.  Further information about how we use your socio-economic data  can be found in our page about initiatives to improve access to graduate study.

If you wish, you may submit an additional contextual statement (using the instructions in the How to apply section of this page) to provide further information on your socio-economic background or personal circumstances in support of your application.  Further information about how your contextual statement will be used  can be found in our page about initiatives to improve access to graduate study.

Processing your data for shortlisting and selection

Information about  processing special category data for the purposes of positive action  and  using your data to assess your eligibility for funding , can be found in our Postgraduate Applicant Privacy Policy.

Admissions panels and assessors

All recommendations to admit a student involve the judgement of at least two members of the academic staff with relevant experience and expertise, and must also be approved by the Director of Graduate Studies or Admissions Committee (or equivalent within the department).

Admissions panels or committees will always include at least one member of academic staff who has undertaken appropriate training.

Other factors governing whether places can be offered

The following factors will also govern whether candidates can be offered places:

• the ability of the University to provide the appropriate supervision for your studies, as outlined under the 'Supervision' heading in the  About  section of this page;
• the ability of the University to provide appropriate support for your studies (eg through the provision of facilities, resources, teaching and/or research opportunities); and
• minimum and maximum limits to the numbers of students who may be admitted to the University's taught and research programmes.

Offer conditions for successful applications

If you receive an offer of a place at Oxford, your offer will outline any conditions that you need to satisfy and any actions you need to take, together with any associated deadlines. These may include academic conditions, such as achieving a specific final grade in your current degree course. These conditions will usually depend on your individual academic circumstances and may vary between applicants. Our ' After you apply ' pages provide more information about offers and conditions . 

In addition to any academic conditions which are set, you will also be required to meet the following requirements:

Financial Declaration

If you are offered a place, you will be required to complete a  Financial Declaration  in order to meet your financial condition of admission.

Disclosure of criminal convictions

In accordance with the University’s obligations towards students and staff, we will ask you to declare any  relevant, unspent criminal convictions  before you can take up a place at Oxford.

The Mathematical Institute's home is the purpose-built Andrew Wiles Building, opened in 2013. This provides ample teaching facilities for lectures, classes and seminars. The Mathematical Institute provides IT support, and students can use the department's Whitehead Library, with an extensive range of books and journals.

In addition to the common room, where graduate students regularly gather for coffee and other social occasions, there is also a café in the Andrew Wiles Building.

Mathematics

Mathematics has been studied in Oxford since the University was first established in the 12th century. The Mathematical Institute aims to preserve and expand mathematical culture through excellence in teaching and research.

The Mathematical Institute offers a wide range of graduate courses, including both taught master’s courses and research degrees. Research and teaching covers the spectrum of pure and applied mathematics with researchers working in fields including:

• number theory
• combinatorics
• mathematical physics
• mathematical finance
• mathematical modelling
• mathematical biology
• numerical analysis.

Graduate students are an integral part of the department, interacting with each other and with academic staff as part of a vibrant community that strives to further mathematical study. As a graduate student at Oxford you will benefit from excellent resources, extensive training opportunities and supportive guidance from your supervisor or course director.

The Mathematical Institute has strong ties with other University departments including Computer Science, Statistics and Physics, teaching several courses jointly. Strong links with industrial and other partners are also central to the department.

View all courses   View taught courses View research courses

The University expects to be able to offer over 1,000 full or partial graduate scholarships across the collegiate University in 2024-25. You will be automatically considered for the majority of Oxford scholarships , if you fulfil the eligibility criteria and submit your graduate application by the relevant December or January deadline. Most scholarships are awarded on the basis of academic merit and/or potential. 

For further details about searching for funding as a graduate student visit our dedicated Funding pages, which contain information about how to apply for Oxford scholarships requiring an additional application, details of external funding, loan schemes and other funding sources.

Please ensure that you visit individual college websites for details of any college-specific funding opportunities using the links provided on our college pages or below:

Please note that not all the colleges listed above may accept students on this course. For details of those which do, please refer to the College preference section of this page.

Further information about funding opportunities for this course can be found on the department's website.

Annual fees for entry in 2024-25

IMPORTANT : Please note that while most of the content of these pages relates to the course starting in 2024-25, this information about course fees and the additional information section on this page relate to entry in 2025-26 . The remaining content will be updated for 2025-26 entry later in September.

Information about course fees

Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). For courses lasting longer than one year, please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges .

Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Unless specified in the additional information section below, course fees do not cover your accommodation, residential costs or other living costs. They also don’t cover any additional costs and charges that are outlined in the additional information below.

If your application is successful, you will be asked to pay a deposit against your course fees at the application stage as a condition of your offer. The deposit amount and date by which payment must be made are shown below.

The department's website provides  further information about deposits for this course .

Where can I find further information about fees?

The Fees and Funding  section of this website provides further information about course fees , including information about fee status and eligibility  and your length of fee liability .

Additional information

There are no compulsory elements of this course that entail additional costs beyond fees and living costs. However, as part of your course requirements, you may need to choose a dissertation, a project or a thesis topic. Please note that, depending on your choice of topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.

Living costs

In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course.

For the 2024-25 academic year, the range of likely living costs for full-time study is between c. £1,345 and £1,955 for each month spent in Oxford. Full information, including a breakdown of likely living costs in Oxford for items such as food, accommodation and study costs, is available on our living costs page. The current economic climate and high national rate of inflation make it very hard to estimate potential changes to the cost of living over the next few years. When planning your finances for any future years of study in Oxford beyond 2024-25, it is suggested that you allow for potential increases in living expenses of around 5% each year – although this rate may vary depending on the national economic situation. UK inflationary increases will be kept under review and this page updated.

Students enrolled on this course will belong to both a department/faculty and a college. Please note that ‘college’ and ‘colleges’ refers to all 43 of the University’s colleges, including those designated as societies and permanent private halls (PPHs). 

If you apply for a place on this course you will have the option to express a preference for one of the colleges listed below, or you can ask us to find a college for you. Before deciding, we suggest that you read our brief  introduction to the college system at Oxford  and our  advice about expressing a college preference . For some courses, the department may have provided some additional advice below to help you decide.

If you are a current Oxford student and you would like to remain at your current Oxford college, you should check whether it is listed below. If it is, you should indicate this preference when you apply. If not, you should contact your college office to ask whether they would be willing to make an exception. Further information about staying at your current college can be found in our Application Guide. 

The following colleges accept students on the MSc in Mathematical and Computational Finance:

• Christ Church
• Exeter College
• Kellogg College
• Lady Margaret Hall
• Linacre College
• Lincoln College
• Magdalen College
• Mansfield College
• New College
• Oriel College
• Pembroke College
• Reuben College
• St Anne's College
• St Catherine's College
• St Cross College
• St Edmund Hall
• St Hugh's College
• St John's College
• St Peter's College
• Somerville College
• Wadham College
• Wolfson College
• Wycliffe Hall

Before you apply

Our  guide to getting started  provides general advice on how to prepare for and start your application. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

If it's important for you to have your application considered under a particular deadline – eg under a December or January deadline in order to be considered for Oxford scholarships – we recommend that you aim to complete and submit your application at least two weeks in advance . Check the deadlines on this page and the  information about deadlines and when to apply  in our Application Guide.

Application fee waivers

An application fee of £75 is payable for each application to this course. Application fee waivers are available for the following applicants who meet the eligibility criteria:

• applicants from low-income countries;
• refugees and displaced persons; 
• UK applicants from low-income backgrounds; and 
• applicants who applied for our Graduate Access Programmes in the past two years and met the eligibility criteria.

You are encouraged to  check whether you're eligible for an application fee waiver  before you apply.

Do I need to contact anyone before I apply?

You do not need to make contact with the department before you apply but you are encouraged to visit the relevant departmental webpages to read any further information about your chosen course.

If you have any questions, you are welcome to make contact with the  Course Director . It is not necessary to contact a potential supervisor as this will be arranged on your arrival.

Completing your application

You should refer to the information below when completing the application form, paying attention to the specific requirements for the supporting documents .

For this course, the application form will include questions that collect information that would usually be included in a CV/résumé. You should not upload a separate document. If a separate CV/résumé is uploaded, it will be removed from your application .

If any document does not meet the specification, including the stipulated word count, your application may be considered incomplete and not assessed by the academic department. Expand each section to show further details.

Referees: Three overall, of which two must be academic

Whilst you must register three referees, the department may start the assessment of your application if two of the three references are submitted by the course deadline and your application is otherwise complete. Please note that you may still be required to ensure your third referee supplies a reference for consideration.

Your references will support intellectual ability, academic achievement and motivation. At least two of the references must be academic.

Official transcript(s)

Your transcripts should give detailed information of the individual grades received in your university-level qualifications to date. You should only upload official documents issued by your institution and any transcript not in English should be accompanied by a certified translation.

More information about the transcript requirement is available in the Application Guide.

Contextual statement

If you wish to provide a contextual statement with your application, you may also submit an additional statement to provide contextual information on your socio-economic background or personal circumstances in support of your application.

Submit a contextual statement

It is not necessary to anonymise this document, as we recognise that it may be necessary for you to disclose certain information in your statement. This statement will not be used as part of the initial academic assessment of applications at shortlisting, but may be used in combination with socio-economic data to provide contextual information during decision-making processes.

Please note, this statement is in addition to  completing the 'Extenuating circumstances’ section of the standard application form .

You can find  more information about the contextual statement  on our page that provides details of the continuing pilot programme to improve the assessment procedure for graduate applications.

Statement of purpose/personal statement: A maximum of 1,000 words

Your statement should be written in English and briefly explain your motivation for applying for the course at Oxford, your relevant experience and education, and the specific areas that interest you and/or you intend to specialise in. 

If possible, please ensure that the word count is clearly displayed on the document.

This will be assessed for:

• your reasons for applying
• evidence of motivation for and understanding of the proposed area of study
• commitment to the subject, beyond the requirements of the degree course
• capacity for sustained and intense work
• reasoning ability
• ability to absorb new ideas, often presented abstractly, at a rapid pace. 

Start or continue your application

You can start or return to an application using the relevant link below. As you complete the form, please  refer to the requirements above  and  consult our Application Guide for advice .

Application Guide   Apply

ADMISSION STATUS

Closed to applications for entry in 2024-25

Register to be notified via email when the next application cycle opens (for entry in 2025-26)

12:00 midday UK time on:

Wednesday 29 January 2025

Latest deadline for most Oxford scholarships Final application deadline for entry in 2025-26

*Three-year average (applications for entry in 2021-22 to 2023-24)

Further information and enquiries

This course is offered by the Mathematical Institute

• Course page  and FAQs on the institute website
• Funding information from the institute
• Academic and research staff
• Departmental research
• Mathematical, Physical and Life Sciences
• Residence requirements for full-time courses
• Postgraduate applicant privacy policy

Course-related enquiries

Advice about contacting the department can be found in the How to apply section of this page

✉ [email protected] ☎ +44 (0)1865 280102

Application-process enquiries

See the application guide

Popular links

• Salary Scales
• Budgeting & Forecasting
• Travel Insurance
• Oracle Financials Live Login
• Finance Community

The Finance Division is here to support the academic, research and administrative community at the University with sound financial advice and timely information with a range of support services including financial operations, financial reporting, financial support and professional services.

Payroll & Pensions

Pay dates, pension information etc.

Accounts receivable, cash & banking, donations, and online payments etc.

Expenditure & Purchasing

Purchasing goods and services, claiming expenses, petty cash, Barclaycard making payments etc.

Oracle, SAP Concur, BFT, TIRS and associated training information.

Raising claims, invoices and statements, to the customers of research, studentship and departmental projects, reporting financial aspects of these areas, and management of their associated debt.

Financial accounting, including: chart of accounts, month and year end process, financial statements, assets, inventory, donations and subsidiaries.

Financial Planning

Financial planning and analysis, budgeting and forecasting (BFT) - including costing (TRAC).

Specialist Services

Assurance, Tax and VAT, International Working, Insurance and Treasury.

NatureFinance@Oxford Seminar Series

The new collaborative NatureFinance@Oxford seminar series brings together Oxford's leading researchers and collaborators to explore the critical intersection of biodiversity and nature financing. This dynamic series offers an exciting opportunity to share and discuss research that is shaping the future of this rapidly evolving field.

The series will run throughout Michaelmas Term 2024 and is a collaboration between Resilient Planet Finance Lab and the Oxford Nature Positive Hub, Department of Biology.

Inaugural Seminar, 16 September 2024

Mapping financial system interactions with ecosystem tipping points: evidence from the brazilian amazon and indonesian peatlands.

Professor Josh Ryan-Collins, University College London

📅 Monday, 16 September 2024, 5-6pm

🏛 Board Room, Department of Biology, Mansfield Road

Read Paper Abstract

Large-scale ecosystem breakdown may pose systemic macroeconomic and financial risks due to the loss of key ecosystem services, including carbon sequestration, upon which swathes of economic activity relies. Yet there has been little empirical work identifying the financial flows - as opposed to equity holdings - that support activity associated with such ecosystem degradation. In this paper, we examine financial flows in two ecosystems, the Brazilian Amazon rainforest and tropical peatlands in Indonesia, where breaching ecosystem ‘tipping points’ could have systemic and irreversible impacts.

We use supply chain data to identify 39 companies linked to significant land use change in these ecosystems and connect this to a newly constructed granular dataset of financial flows – covering lending and capital markets (equity and debt issuances) activities – over the past decade. Flows to these companies were facilitated by a relatively concentrated group of commercial and investment banks, presenting a possible intervention point for influencing sustainability transitions. In the case of the Brazilian Amazon, flows were headquartered mainly in Global North financial hubs. In contrast, for Indonesia, the majority of flows were domestically based or from the surrounding East Asian region.

To assess the potential impact of regulatory restrictions on these flows through changes to the cost or availability of financial capital, we undertake an initial exploration of the financial vulnerability of the larger companies in our sample and find significant heterogeneity. Whilst targeting financial flows could be impactful for some companies, such as those in the Brazilian beef sector, others have comparatively high retained earnings and low debt burdens. This may insulate them from (macro)prudential regulations. This latter case, combined with the challenges of connecting a globalised financial system to on-the-ground impacts through networks of multinationals and their subsidiaries, suggests (global) policy coordination across financial, fiscal and environmental policy spheres will be needed to decrease harmful economic pressures on ecosystems with tipping points.

Speaker Profile

Dr Josh Ryan-Collins is Professor in Economics and Finance at the Institute of Innovation and Public Purpose at UCL. His research focuses on macroeconomic policy, sustainable finance, and the economics of land and housing. Josh has worked closely with central banks and financial supervisors in supporting environmental sustainability goals, including advising the Network for Greening the Financial System . He has developed the concept of 'precautionary financial policy ' as a new framework to support financial policy makers in dealing with the uncertainty posed by climate change and environmental transition. His work in this field has featured in internationally peer-reviewed journals including Ecological Economics ,  Nature Climate Change and Climate Policy . His work has been funded by the European Commission, the UK government, the KR Foundation, Partners for a New Economy, the European Climate Foundation, Climateworks, the Laudes Foundation and Sunrise, among others.

Josh has published three books: Where Does Money Come From? (NEF, 2012),  Why Can't You Afford a Home  (Polity, 2018) and Rethinking the Economics of Land and Housing (Zed books, 2017), which was included in the Financial Times’ Top 12 Economics Books of 201 7.

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