Postgraduate Programs 2023/24
Master of Science Program in Financial Mathematics
Award Title

Master of Science in Financial Mathematics

Program Short Name


Mode of Study

Student may choose to enroll in either face-to-face or real-time online mode.


Face-to-face mode:

Both full- and part-time


Real-time online mode:


Normative Program Duration

Full-time : 1.5 years
Part-time : 2.5 years

Program Fee


Program Advisor

Program Director:
Prof Kani CHEN, Professor of Mathematics

Associate Director:
Prof Lixin WU, Professor of Mathematics

Financial mathematics is an amalgam of mathematics, statistics, finance theory and computer science to bring efficiency and rigor to financial markets and the investment process. The MSc program is continuously enhanced with new courses in machine learning and Blockchain technology, among others, to connect to emerging trends in quantitative finance.

On successful completion of the program, graduates will be able to:

  1. Design and evaluate quantitative models for derivatives pricing, portfolio management and trading strategies;
  2. Formulate appropriate risk monitoring procedures in financial transactions and perform effective scenario simulation using statistical techniques in risk assessment;
  3. Devise computer systems for analysis of financial data and design numerical methods for calibration of model parameters from market data;
  4. Make appraisal of dynamics of financial markets and formulate quantitative strategies to seek investment opportunities in fund management; and
  5. Analyze problems from finance in quantitative terms and develop strategies for effective solution of the problems.
  1. Minimum Credit Requirement

    36 credits 

  2. Required Courses  

    At least 27 credits

MAFS 5010
MAFS 5020
MAFS 5030
MAFS 5040
MAFS 5110
MAFS 5130
MAFS 5140
MAFS 5210
MAFS 5220
MAFS 5240
MAFS 5270
MAFS 5280
MAFS 5310
MAFS 5330
MAFS 5340
MAFS 5360
MAFS 5370
MAFS 5380
MAFS 6000
MAFS 6001
MAFS 6010
MATH 5311
MATH 5520


  1. Elective Courses

    Up to 9 credits

    The elective courses can be any mathematics courses at 4000-level or above, or any courses outside the department at 5000-level or above, and/or MAFS 6100.

MAFS 6100


  1. Remarks

    Part-time students may take a maximum of 9 credits in each term.

Last update: 30 May 2024

To qualify for admission, applicants must meet all of the following requirements. Admission is selective and meeting these minimum requirements does not guarantee admission.

1. General Admission Requirements of the University
  • Applicants seeking admission to a master's degree program should have obtained a bachelor’s degree from a recognized institution, or an approved equivalent qualification.

2. English Language Admission Requirements

Applicants have to fulfill English Language requirements with one of the following proficiency attainments:

  • TOEFL-iBT: 80*

  • TOEFL-pBT: 550

  • TOEFL-Revised paper-delivered test: 60 (total scores for Reading, Listening and Writing sections)

  • IELTS (Academic Module): Overall score: 6.5 and All sub-score: 5.5

* refers to the total score in one single attempt

Applicants are not required to present TOEFL or IELTS score if

  • their first language is English, or

  • they obtained the bachelor's degree (or equivalent) from an institution where the medium of instruction was English.

3. Program-Specific Admission Requirements
  • A bachelor's degree in Mathematics, Engineering or Physical Sciences

4. Additional Information

Integrated Bachelor-Master Pathway

  • Only for HKUST students in Year 3 or above who are studying a bachelor’s degree in Mathematics, Engineering or Physical Sciences with a CGA of 3.5 or above.
  • Successful applicants will receive a conditional offer for admission to MSc(MAFM) and need to pay a deposit at the prevailing deposit rate.
  • They will be allowed to start taking MSc(MAFM) courses in their final year of undergraduate study, and will enter the MSc(MAFM) Program upon successful completion of the undergraduate degree.
  • Upon entering MSc(MAFM), they can transfer up to 9 credits taken during the undergraduate study to fulfill the MSc(MAFM) program requirements. They will pay tuition fee for the remaining credits on a pro-rata basis, with a minimum payment for 27 credits.