The ICMA Centre’s financial engineering degree is highly respected by quantitative analysts and their employers. The credit crunch and subsequent events have emphasised the need to develop better pricing and better hedging models for all complex products. The practical and quantitative skills that you will develop on the programme will equip you to meet this challenge.
Our compulsory modules provide a firm grounding in probability theory, stochastic calculus, derivatives pricing, quantitative and numerical methods, structuring products, volatility analysis, and the modelling of credit, equity, foreign exchange and interest rate derivatives. We also provide a thorough training in C++ and other programming tools.
Optional modules will allow you to focus on risk analysis, portfolio management, designing trading strategies or econometric analysis. This newly structured degree aims to further enhance the strong reputation of its precursor – the MSc in Financial Engineering and Quantitative Analysis, which was established back in 1999. A good background in mathematics is required for acceptance to this programme (see entry requirements below)
|Undergraduate Degree||Minimum 2:1 or the equivalent from an overseas institution*.|
|Degree Discipline||Quantitative discipline – must have a very good existing level of numeracy. Mathematical and engineering degrees are preferred.|
|GMAT||We may ask you to submit a GMAT score if we think it appropriate in your individual case. For example, if you have been out of education for more than a few years or have little evidence of any numerical ability.For information on the GMAT and the location of test centres worldwide, please visit www.mba.com|
* Please note that due to increasing competition for places on our Masters programmes our entry requirements may change. We operate a rolling admissions system and you are therefore advised to apply early in order to be sure of your place on our programmes. We experience high levels of demand, and it is possible we might have to close applications to some programmes once places are filled.
If English is not your first language, you may be required to take one of the following:
TOEFL (Test of English as a foreign language): Overall score of 100 with no less than 20 in Listening, Writing and Reading and 21 in Speaking.
IELTS (British Council International English Language Test): Score of 6.5 overall with no component less than 6 when attending the 6-week pre-sessional English course offered by the University of Reading. Entry to this pre-sessional course with a score of 6.5 fulfils your English language requirement.
Please note that students not attending a Pre-Sessional course will need to pass IELTS with an overall score of 7 and no component less than 6.0. For more options please see the International Study and Language Website or email a member of the Postgraduate Admissions team.
For more details, contact: firstname.lastname@example.org
|MSc Financial Engineering 2016-17||£21,900|
Fees are the same for both EU and overseas students. Please note there is a one-off £30 application fee (one charge regardless of how many courses you apply for). You can pay this by credit/debit card at this link (please contact us if you require details of alternative payment methods).
Living expenses are in addition to the above fees. Overseas full-time participants can expect to spend approximately £9,400 on additional living expenses during the course of their studies. Home/EU full-time participants can expect to spend approximately £8,000 on additional living expenses during the course of their studies. Flexible participants can expect to spend approximately £5,000 during their part 2 studies.
If you are an EU/UK applicant with a minimum 2:1 or equivalent from an overseas institution for your bachelor’s degree you might be eligible for a 50% scholarship. More information is available here
UK/European Union Postgraduate Loans
The UK Government has confirmed that non-means tested loans of up to £10,000 will be available to students studying for postgraduate masters courses from the 2016-2017 Academic year. To be eligible, students will need to be English domiciled. EU students, and individuals falling within certain specified categories, may also be eligible.
Full details of the loan, including how to apply, are due to be published this year. You read more at Introduction of loans for postgraduate students and Government response to the Consultation on Support for Postgraduate Study.
How to Apply
Full-Time MSc Applications
The ICMA Centre operates on a rolling admissions basis, meaning that prospective students can apply for our programmes throughout the year, however we do advise to apply early in the year. We aim to return a decision within 4-6 weeks of receiving your application.
Full-time applicants can apply online.
Full-time: 9 months
Full-time: 12 months
The full-time programme is taught at the ICMA Centre. Starting in September each year, both learning options offers the benefit of studying alongside some 200 students from a range of different countries, with academic staff and tutorial assistance at hand.
Is there an application fee?
Yes, there is a £30 application fee (one charge regardless of how many courses you apply for). You can pay this by card at http://www.icmacentre.ac.uk/netbanx-payments (please contact us if you require details of alternative payment methods).
Can I apply for more than one course?
Yes, you are welcome to apply for more than one course. Please also note that if we cannot offer you a place on your chosen course we may suggest a suitable alternative. If you wish to discuss which courses may best suit your career aspirations you are welcome to contact our careers team. You can find more details at http://www.icmacentre.ac.uk/study/careers-and-graduate-destinations
Will I need to take an English test i.e. IELTS or TOEFL?
An English test may be required. You would be advised of this if we were to make you an offer. You would also be advised of Pre-Sessional courses available. English conditions are monitored by the Postgraduate Admissions office. If you have a question regarding English please contact email@example.com
I have a conditional offer but have not met my academic conditions. Can I keep my place on the course?
If your results are much lower than our requirements we may not be able to offer you a place. However, if you only missed out by a small amount we will ask the admissions team to review your results and make a decision. This will take a few days although we will try to get back to you as soon as possible.
Can I defer my place?
We usually allow deferrals for one year. Please email firstname.lastname@example.org if you wish to request a deferral.
Will I have to pay a deposit?
Yes, we require a non-refundable £1000 deposit within six weeks of receiving your offer recommendation. We advise waiting for your official offer (listing all conditions) before paying this. Please notify us when you have paid your deposit so that we do not send you any reminders.
What will I need to make an application?
You will need a card to pay the £30 fee (please contact us if you require alternative payment methods). The very least we need, aside from your completed application form and fee, is a current academic transcript. All other items can be set as conditions to be met at a later date (e.g. degree certificate, references etc).
Do you need references?
Yes, we require 2 references. If you have been out of education for longer than 5 years we are happy to accept professional references from a current manager/supervisor. When submitting your online application you will be asked to enter contact details for your referees. The application system will then send an automated request to your referees. Please note that if you have entered their personal email address (rather than professional), we will require the references to be uploaded on professional headed paper.
How many intakes do you have per year?
Our Full-Time courses only have one intake – September.
Will I need to take a GMAT?
We will need to assess your application to determine whether a GMAT is necessary. A GMAT condition tends to be applied when there is not sufficient evidence of a satisfactory level of numeracy or if candidates have been out of education for a significant period of time. We advise submitting an application as early as possible so that you have plenty of time to satisfy this condition if applied to your offer.
Are there any courses which do not have a quantitative requirement?
Yes, a GMAT is not required for the following courses:
- MSc Capital Markets, Regulation & Compliance
- MSc International Shipping & Finance
Please note that we do not assign a GMAT condition for MSc Financial Engineering applications as we require a quantitative degree for admission.
What is the application deadline?
We have not set an absolute deadline yet but recommend applying before the end of June to ensure there is enough time to complete all administrative procedures.
How do I apply?
Please submit an online application at http://www.reading.ac.uk/Study/apply/pg-applicationform.aspx . You will be prompted to upload your documents.
How long will the decision take?
We aim to give you a decision within 5-10 working days. It can be shorter or longer than this depending on the time of year. Offers need to be confirmed by Postgraduate Admissions; this takes a further 2-3 weeks after we give you the offer recommendation.
You have recommended that I am made an offer but I have not received my official offer yet. Why is this?
It usually takes 2-3 weeks for Postgraduate Admissions to confirm an offer and give you further details of your conditions etc. We ask you to be patient during this time. However, if it has been longer than 3 weeks, please email us at email@example.com and we will follow it up for you. Before you do this please check the email has not gone to your SPAM folder.
Why have I been rejected?
The most common reason that we cannot offer a place is that the admissions team do not feel that you meet our entry requirements. If you wish to question this, you are welcome to email firstname.lastname@example.org to request feedback. We also reject applications if they are not completed within a certain time frame (usually 1-2 months) – we will send you reminders before this point.
How many students do you take?
Our student numbers vary year to year but we tend to have around 250-350 Postgraduate students and 60-90 Undergraduates. We also co-teach for degrees offered by other departments.
Does the ICMA Centre have a code for the TOEFL/GMAT exam?
The TOEFL code for the University of Reading is 0769 and our GMAT reference is SH0-BR-04
Can I pay my Tuition fee in instalments?
We can offer two instalments – half to be paid before the start of the course and half before the start of part 2.
Careers in Financial Engineering
Many of our financial engineering graduates are now working as Quants in large London banks and other financial institutions. Others have pursued PhDs and have successful academic careers. Financial instruments are becoming ever more sophisticated, so graduates that understand complex modelling techniques are always in great demand. The high quantitative content of this programme opens many doors to a wide range of careers. You could structure and develop new debt or equity solutions to meet clients funding and hedging needs, or you could become a proprietary trader in exotic derivatives, or a software specialist or a quantitative analyst supporting the traders. There are excellent opportunities on the buy-side, with hedge funds and investment institutions, as well as in investment banking and in software analytics. Opportunities in quantitative research, or with a rating agency, are among the many other attractive alternatives. Outside of mainstream banking and investment, you might also consider firms involved in commodity and energy trading, or the treasury divisions of leading multinationals and management consultancies. For more information regarding graduate destinations, please visit www.icmacentre.ac.uk/careers.
Professional Development and Accreditation
Students are eligible for exemption from one Diploma module:
- Financial Derivatives
ICMA Fixed Income Certificate
To obtain the requisite knowledge to pass the rigorous FIC exam, students are required to take the ICMA Centre Fixed Income Cash and Derivatives Markets module at Part 2. In order to receive the FIC certificate, students will need to register and pass the FIC exam through ICMA.
Further information is available regarding exemptions in MScs and Professional Qualifications