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Operational Research, Applied Statistics and Financial Risk (MSc)

  • Duration: 1 year
  • Mode: Full time

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Open day

Find out more about studying here as a postgraduate at our next Open Day.

Why study this course

A unique MSc degree aimed at those who wish to study in greater depth risk models, particularly for applications to financial markets, but also to other sectors.

Our MSc in Operational Research, Applied Statistics and Financial Risk aims to equip you with the necessary analytical skills, methods and ways of thinking to tackle and analyse complex organisational problems, help make better decisions, and to become confident statistical analysts.

This course is ideal training for those who wish to study, in greater depth, risk models, particularly for application to financial markets but also to other sectors. 

You will undertake case studies and project work which will give you the opportunity to put your skills into practice and provides valuable experience of working in the field. The dissertation project, typically undertaken with an industrial partner, will allow you to work with complex data in a creative manner and a problem-solving environment, as well as to communicate your ideas and findings effectively.

This is a one year full-time programme.

Distinctive features

  • This course will give you the opportunity to study risk models in greater depth, particularly those models used in financial markets.
  • The skills you will develop are highly transferable for use within industry, business and the public sector.
  • The School of Mathematics has excellent links with a number of organisations who employ Operational Researchers, Statisticians and Financial / Risk Modellers

Where you'll study

School of Mathematics

Our intellectually exciting degrees are accredited to meet the educational requirements of the Chartered Mathematician designation.

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  • Telephone+44 (0)29 2087 4811
  • MarkerSenghennydd Road, Cathays, Cardiff, CF24 4AG

Admissions criteria

Academic requirements: 

Typically, you will need to have either: 

  • a 2:2 honours degree in a relevant subject area such mathematics, science or engineering, or an equivalent international degree
  • a university-recognised equivalent academic qualification.

English Language requirements:

IELTS with an overall score of 6.5 with 6.0 in all subskills, or an accepted equivalent. 

Application deadline:

We allocate places on a first-come, first-served basis, so we recommend you apply as early as possible. 

Selection process: 

We will review your application and if you meet the entry requirements, we will make you an offer. 

Find out more about English language requirements.

Applicants who require a Student visa to study in the UK must present an acceptable English language qualification in order to meet UKVI (UK Visas and Immigration) requirements.

Criminal convictions

You are not required to complete a DBS (Disclosure Barring Service) check or provide a Certificate of Good Conduct to study this course.

If you are currently subject to any licence condition or monitoring restriction that could affect your ability to successfully complete your studies, you will be required to disclose your criminal record. Conditions include, but are not limited to:

  • access to computers or devices that can store images
  • use of internet and communication tools/devices
  • curfews
  • freedom of movement, including the ability to travel to outside of the UK or to undertake a placement/studies outside of Cardiff University
  • contact with people related to Cardiff University.

Course structure

This one year course includes a three month period working with a company on a real problem that they have identified.

You will take 110 credits of core modules and 10 credits of optional modules in the taught component of the programme. This is followed by a 60 credit summer project.

The programme will prepare you with essential techniques in Operational Research and Applied Statistics, and then allow you to select from optional courses in topics such as supply chain modelling, healthcare, and Statistics and Operational Research for Government (delivered with input from the Office for National Statistics and Welsh Assembly Government).

As well as studying the foundations in Operational Research and Applied Statistics, you will study further topics in actuarial risk, financial modelling and credit risk scoring.

You will have the opportunity to put the theory into practice, through case studies and project work in the ‘real-world’. An important feature of the MSc is the project dissertation, allowing you to work with an external company.

 

The modules shown are an example of the typical curriculum and will be reviewed prior to the 2022/23 academic year. The final modules will be published by September 2022.

The University is committed to providing a wide range of module options where possible, but please be aware that whilst every effort is made to offer choice this may be limited in certain circumstances. This is due to the fact that some modules have limited numbers of places available, which are allocated on a first-come, first-served basis, while others have minimum student numbers required before they will run, to ensure that an appropriate quality of education can be delivered; some modules require students to have already taken particular subjects, and others are core or required on the programme you are taking. Modules may also be limited due to timetable clashes, and although the University works to minimise disruption to choice, we advise you to seek advice from the relevant School on the module choices available.

Learning and assessment

How will I be taught?

The methods of teaching we employ will vary from module to module, as appropriate depending on the subject matter and the method of assessment. We teach using a mixture of lectures, seminars, computer workshops and tutorials.

You will apply the skills you develop through presentations, research assignments, case studies and the summer project.

How will I be assessed?

During the course your development will primarily be monitored via tutorial sheets, with other means where appropriate.

Written examinations, often in combination with an in-course element forms overall assessment.

How will I be supported?

All of our students are allocated a personal tutor when they enrol on the course. A personal tutor is there to support you during your studies, and can advise you on academic and personal matters that may be affecting you. You should have regular meetings with your personal tutor to ensure that you are fully supported.

You will have access to the Trevithick Library, which holds our collection of mathematical and computer science-related resources, as well as to the other Cardiff University Libraries.

We will provide you with a copy of the Student Handbook, which contains details of each School’s policies and procedures. We also support students through the University’s virtual learning environment, Learning Central, where you can ask questions in a forum or find course-related documents.

Cardiff University also offers a wide range of support services which are open to our students, such as the Graduate Centre, counselling and wellbeing, financial and careers advisors, the international office and the Student Union.

Feedback

We offer written and oral feedback, depending on the coursework or assessment you have undertaken. You will usually receive your feedback from the module leader. If you have questions regarding your feedback, module leaders are usually happy to give advice and guidance on your progress. We aim to provide you with feedback in a timely manner after you have submitted an assessment.

What skills will I practise and develop?

You will study a variety of problem-solving techniques, allowing you to build and use mathematical and statistical models, alongside skills to develop your abilities to communicate effectively to others.

This course has particular value in developing transferable skills including critical analysis and evaluation, the ability to undertake original and creative research, team working and the development of IT and presentational skills. 

Tuition fees for 2022 entry

Students from the UK

Fees for entry 2022/23 are not yet available.

Students from the EU, EEA and Switzerland

We are currently awaiting confirmation on tuition fees for the 2022/23 academic year.

Students from the rest of the world (international)

We are currently awaiting confirmation on tuition fees for the 2022/23 academic year.

Additional costs

Living costs

We’re based in one of the UK’s most affordable cities. Find out more about living costs in Cardiff.

Careers and placements

This programme prepares you for a career in areas such as operational research, management science, statistics, risk analysis, financial modelling, actuarial risk and credit scoring, management consultancy, business analytics, supply chain management, government operational research /statistics.

Placements

Funding

Master's Excellence Scholarships

An award open to students with a home fee status intending to study one of our taught master’s degrees.

UK Government master’s funding

If you are starting your master’s degree in September 2021 or later, you may be able to apply for UK Government postgraduate funding to support your study at Cardiff University.

Next steps

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HESA data: Copyright Higher Education Statistics Agency Limited 2020. The Higher Education Statistics Agency Limited cannot accept responsibility for any inferences or conclusions derived by third parties from its data. Data is from the latest Graduate Outcomes Survey 2017/18, published by HESA in June 2020.