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Offered by the Department of Mathematics

The MSc/PG Diploma in Financial Mathematics aims to provide a professional development package for professionals in the discipline of Finance, Insurance, Banks, Financial Analysis, Financial Consultancy and Financial Simulation sectors. The award of the degree will provide its recipients with a valuable professional qualification.
Considering new trends in the field of quantitative finance, starting from year 2020 batch, the program provides two pathways, namely,

  • Financial Engineering
  • Financial Analysis

Financial Analysis is focused more towards qualitative aspects, and Financial Engineering is focused on deeper quantitative aspects. Both pathways require core concepts and tools of financial mathematics in the areas of finance, applied mathematics, statistics and computer science. They form the common set of courses delivered in semester I. The split into the two pathways is introduced in semester II based on student demand. In semester III, a related industry project is introduced to strengthen the acquired knowledge in the industry setting.


A Bachelor of Science with Pure Mathematics or Applied Mathematics as a subject,

Bachelor of Science in Engineering from a recognized university,

any other equivalent qualification acceptable to the senate of the University of Colombo.

Course Fees

LKR 310,000/-

Application Fee: LKR 3,000/-
Course Fee: 310,000/- (Subject to change)

*The course fee cannot be paid as installments. However, students are eligible for Bank Ceylon Student Loan system. Please contact Bank of Ceylon, Thummulla Branch for more details.

On-line Application for 2020 intake

Apply on or before August 31, 2020

Please create an account to apply MSc in Financial Mathematics

Tentative dates

Call for Applications: 19th July 2020
Commencement: November 2020

Programme Intended Learning Outcomes

The end of the two years (SLQF Level 9) MSc in Financial Mathematics Degree holders should be able to:

  • ILO I: demonstrate knowledge and proficiency in the terminologies, theories, concepts, practices and skills specific to the field of finance, financial instruments, financial markets and financial product development.
  • ILO II: display critical awareness of current local/global financial issues/environments
  • ILO III: observe and interpret financial markets to uncover potential opportunities and construct financial portfolios.
  • ILO IV: apply best practices in financial product development / analysis to make plans, organize projects, monitor outcomes and provide financial leadership.
  • ILO V: apply the Standards of Practice and Codes of Conduct of Financial Practitioners to address ethical challenges within the business environment and demonstrate intellectual maturity in a global setting.
  • ILO VI: practice professionalism and uphold ethical standards and improve/update skills required for employment and life-long learning.
  • ILO VII: effectively communicate & disseminate knowledge, information and ideas to specialist and a wider society
  • ILO VIII: perform independently as well as interdependently
  • ILO IX: demonstrate self-direction and originality in tackling and solving problems and be able to plan and implement tasks at professional levels

Program Structure

The MSc program will consist of two parts (Part I and Part II), Part I consists of coursework (25 C) and Part II consists of an independent guided project (5 C). The duration of the entire programme is two years (three semesters). Semester I is common for both Financial Engineering and Financial Analysis paths.

Those who obtain a GPA of not less than 2.5 for part I of the programme will be allowed to proceed to Part II of the programme. Students who fail to obtain a GPA of 2.5 but maintain a GPA of not less than 2.00 in Part I will be eligible for the award of the Postgraduate Diploma in Financial Mathematics. The students who proceed to Part II will be assigned an independent guided project of six months duration. Satisfactory completion of the research project, the other module in Part II of the programme and obtain a GPA 2.5 or above will make these students eligible for the award of MSc in Financial Mathematics. In addition to this, the general guidelines of the Faculty of Science are applicable to the award of the MSc and the Postgraduate Diploma in Financial Mathematics.

FA – Financial Analysis path
FE – Financial Engineering path

PART I: PG Diploma

First Semester

Course Module Name Details FA FE
MFM 5041 Applied Finance 30L, 30P, 3C X X
MFM 5042 Optimization Methods for Finance 30L, 30P, 3C X X
MFM 5043 Financial Products & Pricing 30L, 30P, 3C X X
MFM 5044 Computing for Finance 60P, 2C X X
MFM 5045 Case Study on Financial Markets 90P, 3C X X

Second Semester

Course Module Name Details FA FE
MFM 5046 Corporate Finance 30L, 2C X
MFM 5047 Financial Risk Management 30L, 2C X
MFM 5048 Economics for Finance 30L, 2C X
MFM 5049 Financial Reporting and Analysis 30L, 2C X
MFM 5050 Quantitative Methods in Finance 30L, 30P, 3C X
MFM 5051 Investment Analysis 30L, 30P, 3C X
MFM 5052 Quantitative Risk Analysis 30L, 30P, 3C X
MFM 5053 Financial Econometrics 30L, 30P, 3C X
MFM 5054 Computational Models in Financial Engineering 60P, 2C X
TOTAL NOTIONAL HOURS (PG Diploma) – SLQF Level 8 1250 1250
TOTAL CREDITS (PG Diploma) - SLQF Level 8 25C 25C

PART II: MSc Coursework - Third Semester

Course Module Name Details FA FE
MFM 5055 Quantitative Finance Project 150P, 5C X
MFM 5056 Financial Analysis Project 150P, 5C X
TOTAL NOTIONAL HOURS (MSc) - SLQF Level 9 1750 1750
TOTAL CREDITS (MSc Coursework) - SLQF Level 9 30C 30C

*Please find the more details of the programme: MSc in Financial Mathematics Course catalog

Further Information

Further information regarding the MSc Program can be obtained by contacting the program coordinator or Head/Mathematics

Contact details of the program coordinator and Head/Mathematics are as follows.

Name Coordinator Email Phone No Mobile No
Dr. Sanjeewa Perera Head/Mathematics 0112507010 0715352616
Dr. JK Wijerathna Coordinator