MSc Financial Mathematics and Statistics

Year of Entry


Application Deadline

Application Closed

Mode of Study


Mode of Funding


Indicative Intake Target


Minimum No. of Credits Required


Class Schedule

Courses will be delivered on weekday evenings or Saturday afternoons/evenings.

Normal Study Period

Full-time: 1 year (2-3 semesters);
Part-time: 2 years (4-5 semesters)

Maximum Study Period

Full-time: 2.5 years;
Part-time/Combined mode: 5 years

Mode of Processing

Applications are processed on a rolling basis. Review of applications will start before the deadline and continue until all places are filled. Early applications are therefore strongly encouraged.
Programme Leader
Dr Heng LIAN
Brown University, USA
+852 3442 6418
Deputy Programme Leader
Dr Pierre NOLIN
Université Paris-Sud 11 & École Normale Supérieure, France
+852 3442 8569
General Enquiries
+852 3442 8441
+852 3442 0250
Programme Aims and Objectives


This programme is offered by the Department of Mathematics of City University of Hong Kong. The programme emphasizes the development of students’ ability to evaluate and develop financial business and statistical models. It also provides students with the theoretical knowledge necessary for complex financial and insurance operations. Furthermore, the programme enhances their mathematical and computational skills in Financial Mathematics and Risk Management.

Graduates should be able to price various modern financial and insurance products and to assess and manage financial and insurance risks. The programme will significantly enhance the competitiveness of its graduates in the job market. It is expected that students majoring in areas like Financial Engineering, Actuarial Science, Mathematics, Statistics, Physics, Engineering, Computing and Information Technology, as well as professionals from both finance and insurance industries will benefit from this master degree programme.

Unique Features

The programme aims at producing analytical graduates with business awareness as well as solid background in financial engineering and risk management, and to equip students with relevant theoretical knowledge as well as statistical and computational skills in a global business context.

Students will conduct research projects with faculty members. Through classroom learning and interaction with their supervisors, students will understand the new cutting-edge techniques and develop their interests in research. Such experience will serve as the foundation for students to pursue a PhD degree.

Graduates will be equipped with mathematical skills, contemporary finance theory and information technology knowledge, and be ready for a professional career in finance/statistical industries.

Department of Mathematics at City University of Hong Kong

The Department specializes in applied and computational mathematics. It possesses a strong team of academics who are experts in a wide range of applied topics. They are active researchers with excellent track records. The Department provides ideal learning environment for students and trains them in practical problem solving.

Entrance Requirements

To be eligible for admission, you must satisfy the General Entrance Requirements and the following programme-specific entrance requirement:

  • have a first degree or a postgraduate degree in science and engineering (Mathematics, Physics, Statistics, Computer Science, Engineering, etc.), or in a related discipline (Economics, Finance, Actuarial Science); or equivalent.

Applicants whose entrance qualification is obtained from an institution where the medium of instruction is NOT English should also fulfill the following minimum English proficiency requirement:

  • a score of 59 (revised paper-delivered test) or 79 (internet-based test) on the Test of English as a Foreign Language (TOEFL)@#; or
  • an overall band score of 6.5 in International English Language Testing System (IELTS)@; or
  • a score of 450 in the College English Test (CET-6) of Chinese mainland; or
  • other equivalent qualifications.​

@ TOEFL and IELTS scores are considered valid for two years.  Applicants are required to provide their English test results obtained within the two years preceding the commencement of the University's application period.

# Applicants are required to arrange for the Educational Testing Service (ETS) to send their TOEFL results directly to the University.  The TOEFL institution code for CityU is 3401.

In view of the recent development of COVID-19, ‘TOEFL iBT Home Edition’ and ‘IELTS Indicator’, as indicated below, are accepted as equivalent qualifications for the fulfillment of the University’s minimum English proficiency requirement for admission to TPg programmes with immediate effect for 2022/23 cohort:

•    TOEFL iBT Home Edition: a score of 79; or
•    IELTS Indicator: an overall band score of 6.5

Course Description

Students are required to complete a minimum of 30 credit units.

Course Type

Core courses 15 credit units
Elective          15 credit units
Total               30 credit units

Students are required to take the following cores and select courses from a pool of elective courses listed below:


Financial Mathematics in Derivative Markets
Statistical Data Analysis
Stochastic Analysis in Finance
Advanced Stochastic Analysis in Finance
Statistical Modelling for Data Mining


Applied Partial Differential Equations
Numerical Partial Differential Equations
Dissertation (6 credit units)
Stochastic Interest Rate Models
Programming and Computing in Financial Engineering
Introduction to Statistical Learning
Special Topics
Statistical Analysis of Financial Big Data
Statistical Methods and Calibration in Finance and Actuarial Science
Corporate Finance (Department of Economics and Finance)
Credit Risk Management (Department of Economics and Finance)

* All courses to be offered or not will be subject to host department's final decision and may vary from term to term.

† Combined mode: Local students taking programmes in combined mode can attend full-time (12-18 credit units per semester) or part-time (no more than 11 credit units per semester) study in different semesters without seeking approval from the University. For non-local students, they will be admitted to these programmes for either full-time or part-time studies. Non-local students must maintain the required credit load for their full-time or part-time studies and any changes will require approval from the University.