Operational Research, Applied Statistics and Financial Risk (MSc)
- Duration: 1 year
- Mode: Full time
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.
Tailor your learning
This course will give you the opportunity to study risk models in greater depth, particularly those models used in financial markets.
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.
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.
We allocate places on a first-come, first-served basis, so we recommend you apply as early as possible.
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.
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
- 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.
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.
|Module title||Module code||Credits|
|Computational Methods||MAT004||10 credits|
|Financial Mathematics and Modern Actuarial Risk Theory||MAT011||10 credits|
|Credit Risk Scoring||MAT012||10 credits|
|Foundations of Operational Research and Analytics||MAT021||20 credits|
|Foundations of Statistics and Data Science||MAT022||20 credits|
|Further Operational Research||MAT031||10 credits|
|Module title||Module code||Credits|
|Time Series and Forecasting||MAT005||10 credits|
|Supply Chain Modelling||MAT006||10 credits|
|Statistics and Operational Research in Government||MAT007||10 credits|
|Healthcare Modelling||MAT009||10 credits|
|Stochastic Search and Optimisation||MAT061||20 credits|
|Statistical Programming with R and Shiny||MAT514||10 credits|
|Mathematical Methods for Data Mining||MAT700||10 credits|
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.
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
Your tuition fees and how you pay them will depend on your fee status. Your fee status could be home, island or overseas.
Fees for home status
Students from the EU, EEA and Switzerland
If you are an EU, EEA or Swiss national, your tuition fees for 2022/23 be in line with the overseas fees for international students, unless you qualify for home fee status. UKCISA have provided information about Brexit and tuition fees.
Fees for island status
Learn more about the postgraduate fees for students from the Channel Islands or the Isle of Man.
Fees for overseas status
More information about tuition fees and deposits, including for part-time and continuing students.
Financial support may be available to individuals who meet certain criteria. For more information visit our funding section. Please note that these sources of financial support are limited and therefore not everyone who meets the criteria are guaranteed to receive the support.
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.
An important feature of the MSc programme is to undertake a project dissertation. This allows you to apply the methods and skills acquired in the taught programme in a real-world setting, and will typically involve working with a company on a project of importance. Some of these placements will be abroad given our strong international connections. Cardiff School of Mathematics already has well established links with many organisations that employ Operational Researchers, Statisticians and Financial Modellers including Admiral, Nationwide, ONS, Lloyds Banking Group and Ernst and Young amongst others.
Other course options
HESA Data: Copyright Higher Education Statistics Agency Limited 2021. 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 2019/20, published by HESA in June 2022.