The course

Course type
Entry date



This programme covers the advanced mathematics that has revolutionised finance since the works of Black, Scholes and Merton in the early 1970's. It is aimed at students who are passionate about mathematics and driven to make a career amongst the many and varied financial institutions throughout the world.

The programme is part of the Maxwell Institute for Mathematical Sciences, the joint research institute of mathematical sciences at the University of Edinburgh and Heriot-Watt University, and provides an intensive training in the mathematical ideas and tools vital to the finance industry. By developing essential new mathematical concepts, especially in stochastic calculus, and placing the mathematics in the contexts of financial markets, derivative pricing and credit risk, the programme equips students for a range of exciting and potentially lucrative career opportunities.

Programme duration

This full-time taught MSc programme lasts for 12 months.

This programme is delivered jointly between Heriot-Watt University and the University of Edinburgh. This allows students to enjoy the benefits of being a fully enrolled student at both univerities and access to all the services and facilities provided by each.

Teaching is delivered by renowned academics from both Heriot-Watt and the University of Edinburgh who are experts in their field and classes will take place across both university campuses.

The MSc degree is awarded jointly by Heriot-Watt and the University of Edinburgh and successful students will receive a degree certificate with both universities named as the awarding bodies.

The application process is currently being administered by Heriot-Watt University and accommodation will therefore be offered in our university managed accommodation.

Course content

   Detailed course guide

Core courses:

  • Derivatives Markets
  • Derivative Pricing and Financial Modelling
  • Financial Markets
  • Discrete-Time Finance
  • Stochastic Analysis in finance
  • Credit Risk Modelling
  • Special Topics, including industry lead projects


  • Statistical Methods
  • Financial Econometrics
  • Time Series Analysis
  • Modern Portfolio Theory
  • Optimisation Methods in Finance
  • Numerical Methods for PDEs
  • Simulation in Finance
  • Deterministic Optimisation Methods in Finance

For more detailed course descriptions, please visit our current student website