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Operational Research, Applied Statistics and Financial Risk (MSc) Part-time

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 part-time course is available over three years.

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

Key facts

Next intakeSeptember 2020
Duration3 years
QualificationMSc
ModePart-time
Other ways to study this course
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Admissions criteria

  •  A minimum 2:2 degree from a recognised university in a numerate subject such as Mathematics, Science, Economics or Engineering.
     
  • Applicants whose first language is not English will be required to demonstrate proficiency in the English language (IELTS 6.5 or equivalent, with a minimum of 5.5 in each part). Please see our English Language Requirements guidance for more details

Find out more about English language requirements.

Applicants who require a Tier 4 visa to study in the UK must present an acceptable English language qualification in order to meet UKVI (UK Visas and Immigration) requirements

As a part-time student you will typically need to be in the University for lectures and workshops for the equivalent of one day per week over 24 weeks each year. You will usually complete the taught component of the programme over two years with up to a further year to complete the project dissertation.

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).

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 available in 2016/17 as part of the MSc programme include:

The modules shown are an example of the typical curriculum and will be reviewed prior to the 2020/21 academic year. The final modules will be published by September 2020.

Year one

If you are a part-time student, you will complete a number of core and optional modules in year one.

Year two

If you are a part-time student, you will complete any outstanding taught and optional modules in year two.

Year three

If you are a part-time student, you will complete your dissertation project in year three.

Module titleModule codeCredits
DissertationMAT09960 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.

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 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.

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.

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.

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.

Our School of Mathematics has well established and strong links with many employers of Operational Researchers and Applied Statisticians, who regularly offer projects and/or recruit our students.

Due to the duration of this programme only Welsh and EU domiciled students who meet residency requirements (English domiciled students are excluded) are eligible for a postgraduate loan. See more information about eligibility for UK Government Postgraduate loans.

Tuition fees

UK and EU students (2020/21)

Tuition feeDepositNotes
£4,850None

More information about tuition fees and deposits, including for part-time and continuing students.

EU students entering in 2019/20 will pay the same tuition fee as UK students for the duration of their course. Please be aware that fees may increase annually in line with inflation. No decisions regarding fees and loans for EU students starting in 2020/21 have been made yet. These will be determined as part of the UK's discussions on its membership of the EU and we will provide further details as soon as we can.

Students from outside the EU (2020/21)

Tuition feeDepositNotes
£10,975£1,000

More information about tuition fees and deposits, including for part-time and continuing students.

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.