WPCS 2.1.2
Tuition Fees:$3,483 /year
Applications Begin:April 2021
Final Award:Master of Philosophy (MPhil)
Start Date:January 2022
Academic Unit:Faculty of Commerce
Campus:Upper Campus
Course Type:Master by Coursework & Dissertation
Application Deadline: 30 September 2021
Programme Overview

The African Institute of Financial Markets and Risk Management in association with the Department of Finance & Tax offers an MPhil in Mathematical Finance by coursework and dissertation.

The programme has been designed to accommodate candidates from a wide variety of backgrounds. This degree is mathematical in nature and requires a high level of skill in statistics and mathematics.

The programme is intensive and challenging‚ and combines training in applied mathematical‚ statistical and computing skills with a solid understanding of financial markets and asset pricing theory. It consists of 2 preliminary courses that run 4 weeks prior to the start of the rest of the degree‚ 120 credits of coursework and a 60 credit minor dissertation.

Graduates of this degree are well-equipped for careers in the most sophisticated areas of investment banking‚ asset management‚ risk management‚ or any career where a solid quantitative finance or financial engineering background is useful. They may also pursue doctoral research in quantitative finance


First Semester
Introduction to Finance and Derivatives (compulsory)
South African Financial Markets (compulsory)
Stochastic Calculus for Finance I (compulsory)
Numerical Methods in Finance I (compulsory)

Second Semester
Stochastic Calculus for Finance II (compulsory)
Numerical Methods in Finance II (compulsory)
Risk Management of Financial Instruments

Minor Dissertation (not exceeding ten thousand words)

Admission Requirements

Admission Requirements
There are limited places on the degree and admission is based on merit. Applicants must have an Honours (or four–year equivalent) degree from one of the Faculties of Science‚ Commerce or Engineering. Applicants should be aware that this is predominantly a mathematical degree and preference will be given to candidates with a strong background in mathematical science. Admission is at the discretion of the admissions committee and meeting the minimum requirements does not guarantee acceptance. Once admitted, candidates must pass or gain credit for the pre-courses to continue with the degree

Application Process
Application Fees for South African and SADC Students: $6
Application Fees for International Students: $18

How to apply
Postgraduate applications are only possible online and must be submitted at

If you need help in completing your application, or advice about your choice of programme, contact:
Tel: (021) 650-2128 or email:
The Admissions Office is located on Level 4, Masingene Building, Middle
Campus, and will where necessary refer you to a faculty office or department for more details information or advice.

Career Opportunities

Some career opportunities are;
– Risk manager.
– Financial engineer.
– Derivatives trader.
– Asset manager.
– Fund manager.
– Consultant.

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Tuition Fees for South African and SADC Students: $3,483
Tuition Fees for International Students: $0

Please note that fees and payment requirements differ for local and international students. A further distinction is made between international students from the SADC region, international students from elsewhere in Africa, and international students from outside Africa. The following information does not apply to students registering at the Graduate School of Business (GSB).

Students must pay the Course Fees for the selected courses, plus an International Admin Service Fee of R4, 000 plus the International Term Fee where applicable
– International Admin Service Fee – R4000
– International Term Fee from outside Africa- R49900
– International Term Fee Non-SADC – R37263
– South Africa and SADC Application fee – R100
– Outside of SADC region – R300

Relevant Contact

Prof. David Taylor
Programme Convener
Mrs Lizzy Starck
Administrative Officer