The Master of Science in Quantitative Finance is a programme designed for students with a strong background in the mathematical sciences who wish to enhance their professional skills and qualifications in quantitative finance at postgraduate level.  The programme may be completed in one year of full-time study or two to four years of part-time study.  The programme is offered by the Department of Mathematics with the cooperation of the Department of Economics and the Department of Statistics and Applied Probability.  The university-level Saw Centre for Quantitative Finance is entrusted with providing the necessary support to manage the programme.

Department and Centre

The National University of Singapore has been ranked consistently among the top universities in the world.  The Department of Mathematics is the largest department within the Faculty of Science. Faculty members of the department are actively engaged in teaching and research in all major areas of mathematics and its applications, and include a strong group in financial mathematics.  The Department runs a highly successful undergraduate programme in quantitative finance.  Some of the graduates of the undergraduate (Honours) programme in quantitative finance have established careers in the financial industry.

The Saw Centre for Quantitative Finance is engaged in cutting-edge research and education in finance with emphasis on quantitative finance.  The Centre organises regular conferences, seminars, workshops, public lectures and talks which the students can attend to gain extra knowledge about the various aspects of finance.  The Director of the Centre also does some teaching in the M.Sc. programme.

Programme Objective

As financial markets become more complex and sophisticated, higher level mathematical knowledge is required to better understand and analyze financial models and products and to mitigate risk.  In the past thirty years, quantitative finance has developed into an active and fully-fledged branch of mathematics.  The objective of the programme is to provide advanced coursework-based training in quantitative finance.  Graduates of the programme are expected to acquire advanced knowledge in quantitative finance which will enable them to meet the growing demands by the financial sector for professionals with in-depth knowledge in quantitative finance.  Elective modules offered by the Department of Economics and the Department of Statistics and Applied Probability provide the opportunity for the student to broaden and deepen his understanding of the background and implications of the use of quantitative methods in the financial industry.

Programme Structure

The programme is a 40-modular credit (MC) programme consisting of six essential modules and four elective modules.  Each module is a semester-long course, generally requiring 3 hours of lecture per week for 12 weeks.  A student who enrolls full time in the programme can complete it within one year (two regular semesters plus two special terms).

Graduation Requirements

a.      Read and pass six essential modules:

Code                            Module Title

·          MA4257                   Financial Mathematics II

·          MA5233                   Computational Mathematics

·          MA5248                   Stochastic Analysis in Mathematical Finance

·          QF5201                   Interest Rate Theory and Credit Risk

·          QF5202                   Structured Products

b.      Read and pass four elective modules chosen from the following list and such that at most one elective module is at Level 4000:

Code                            Module Title

·          MA5245                   Advanced Financial Mathematics

·          QF4102                   Financial Modelling

·          QF4201                   Financial Time Series: Theory and Computation

·          QF5204                   Numerical Methods in Quantitative Finance

·          QF5205                   Topics in Quantitative Finance

·          EC5102                   Macroeconomic Theory

·          EC5103                   Econometric Modelling & Applications I

·          EC5332                   Money and Banking

§   ECA5315                 Financial Econometrics

§   ECA5334                 Corporate Finance

§   ST4245                   Statistical Methods for Finance

§   ST5201                   Non-parametric regression

§   ST5210                   Multivariate Data Analysis

§   ST5218                   Advanced Statistical Methods in Finance

c.      Obtain a minimum Cumulative Average Point (CAP) of 3.00

Note:

·          Modules with codes beginning with MA or QF are offered by the Department of Mathematics.  Modules with codes QF5xxx are offered exclusively to students in the Master of science in Quantitative Finance programme.

·          Modules with codes beginning with EC or ECA are offered by  the Department of Economics

·          Modules with codes beginning with ST are offered by the Department of Statistics and Applied Probability

Period of Candidature

The candidature for full-time students in the programme is from a minimum of two semesters to a maximum of six semesters.

The candidature for part-time students in the programme is from a minimum of four semesters to a maximum of eight semesters.

Continuation of Candidature

A student obtaining CAP < 3.00 in any semester will be issued with an academic warning.

A student’s candidature will be terminated without re-admission if:

·          The CAP is < 2.50 for 2 consecutive semesters of study, or

·          The CAP is < 3.00 for 3 consecutive semesters of study

CAP for continuation is computed based on all modules read (be it pass or fail), regardless of whether they are counted towards graduation later on.

Leave of Absence

Leave of absence may be granted for up to 1 year only.  The period of absence will be included in the maximum period of candidature.

Application for leave of absence (with reason) must be submitted via e-mail at least one month before the start of a semester, where possible. Application is subject to approval.

A candidate who has to leave the programme for longer than one year will need to withdraw from the programme.

Substitution of Modules

a.     Subject to departmental approval, students in the programme may be allowed to substitute a maximum of two modules in the programme with other approved modules for the same of higher levels to fulfill the graduation requirements.

b.     Students who have taken and passed a module in the programme prior to admission into the programme will be required to take another module (at the same or higher level) approved by the Department

Admission Requirements

Candidates applying for admission into the programme should ordinarily possess or be expecting to obtain an Honours degree (or a 4-year Bachelor’s degree) in a discipline with strong training in quantitative finance or mathematics at university level, or an equivalent qualification.

In addition, a candidate whose native tongue or medium of undergraduate instruction is not English must complete the TOEFL, IELTS, or Diagnostic English Test (DET) administered by the NUS Centre for English Language Communication.  The minimum acceptable scores are: TOEFL – 580, IELTS – 6, and DET – pass.

Application

There is only one intake every year coinciding with the beginning of the academic year in August.

There is a non-refundable application fee of S$20 per online application / S$40 per paper application.

For both online and paper application methods, applicants must also email a PDF version of the completed application form and supporting documents to before the closing date, in addition to sending them to the department by post.

Postal address:

MSc in Quantitative Finance

Saw Centre for Quantitative Finance

National University of Singapore

S17, Level 3, Faculty of Science

Singapore 117543

Fax:

+65-67795452

The deadline for receipt of application for the August 2010 intake is 15 April 2010.

Mode of Payment

Application Fee:

·          Local applicant

o    Cheque – Address payee as “National University of Singapore” and post it together with the application form.

o    Cash – Make payment at NUS Student Service Centre personally with payment form, and submit the proof of payment with the application form thereafter.

·          International applicant

o    Bank Draft or cashier’s order – Address payee as “National University of Singapore”, with amount in Singapore currency and drawn on a Singapore bank.  Post it together with the application form.

Tuition Fee (1^st Installment):

·          Local applicant – Send cheque together with acceptance form

·          International applicant – Send bank draft or cashier’s order together with acceptance form.

Tuition Fee (2^nd and subsequent installments) and Other Fees:

·          Payment can be made via GIRO for convenience.

·          Other acceptable modes of payment include cheque, bank draft / cashier’s order, credit card, internet banking.

·          Penalty charges will be levied on late payments.

Information for International Applicants

The office of Student Affairs has overall responsibility for student welfare and student life on campus.

Its International Student Services division offers assistance to international students during their stay in Singapore.  Refer to its International Student Guide for Graduate students for an estimate of living and incidental expenses in Singapore.

The Residential Services division provides information and assistance with accommodation on and off-campus.

Fees Structure for August 2010 Intake

Note:

·          Fees are subject to change / inflation

·          Fees paid are not refundable in the event of non-completion of the programme by the candidate

·          Students who do not meet fee payment deadlines may incur penalty fees.  If fees are not paid, or only partially paid, by the due date indicated in the bill, a late fee will be imposed.  They will also be barred from registering for modules and attending classes.

·          Students whose fees are in arrears after the final deadline will have their names deleted from the student register.  Their names will only be reinstated, if within the grace period stipulated by the University, they re-register as a candidate and settle all outstanding fees including a re-registration fee of S$50.00 (excluding GST)

Module Registration

Adding Modules

Students will register for / add modules manually.  They must complete and submit the form to the department before the closing date to add module.

Dropping Modules

Students will drop modules online.  They should note the various deadlines for dropping without penalty, with “W” grade and with “F” grade.

Important Notes

Not all modules in the programme are offered in the same semester.  Students are responsible in ensuring that:

·          They register for modules that are offered in the semester;

·          They are able to attend the classes and sit for examinations as scheduled;

·          There are no class and examination timetable clashes in the modules registered in the same semester;

·          They plan their study wisely based on the graduation requirements