Hi MRL,You are applying to UK universities that are 1 year in length.Two things, firstly you already have a UG degree in Maths and CS so whether you do a 1 year applied maths masters or a 1 year MFE ,how much difference can it really make in your intellectual ability. Secondly if one were to chose from an Applied Math PhD and a Mathematical Finance PhD then Applied Maths PhD may be better sheerly because of the quantitative ability.However choosing between a 1 year Applied Maths and similar MFE , MFE seems better because you cannot differentiate yourself on the basis of intellectual muscle developed in a 1 year degree but career services in MFE may help you land a job in a tough market.This is true if cost of the program is not a big issue for you.Some firms may prefer Applied Maths Masters but there is no evidence to suggest that this is true for all firms.If this was true so many expensive MFE degrees wouldn't be running in the first place.PS: By MFE I mean MFE as well as Mathematical Finance programs.

Why do you want to do MSc at all? If you wanna get into financial industry, you don't need MSc. Just try to get in without wasting time and money. If you go MFE route, you will notice that none of your profs teaching you finance would have one though some may have MSc App Math. Quant roles are generally hard to get without PhD (though it's not a strict requirement). If you want to go that way, just do PhD directly after undergrad.

if you want to do quant work, I think it's best to do a phd, applied math is a very good choice.

Dominic, on a different note, do you need a PhD to get into a market risk role, or an MSc for that matter?

QuoteOriginally posted by: MRLX69QuoteOriginally posted by: sheepskiMRLX69,Throughout my course, I've done loads of PDE, ODE, Numerical analysis and coding (In Java, C++ and recently Matlab). My third year project is to investigate higher order methods to the solutions of non-linear equations. I've opted to study the finite difference method, developed it to a point where I'm about to apply it to some finance formulae to play around with now! Cool stuff I think that doing these courses at the undergrad level is different than at the graduate level. Your typical undergrad applied math courses mostly teach you methods developed in the 19th century. They are fundamental but the more modern stuff is key to developing new pricing models. One advantage in having an applied math masters instead of a fin math masters is that you have the tools to approach the problems differently. For example, take the applications in filtering, dynamical processes, SPDEs, etc. You wont be bringing something new to the table by having a math fin degree. Right now they need new approaches to everything.

I'd do the MSc In Financial Maths. You already have quite a broad BSc, and a masters in financial maths would not only show dedication towards the subject, but will also broaden your knowledge in the area where you want to work.

QuoteOriginally posted by: neilmathsI'd do the MSc In Financial Maths. You already have quite a broad BSc, and a masters in financial maths would not only show dedication towards the subject, but will also broaden your knowledge in the area where you want to work.To be honest, neither MS in Mathematics nor MSc in Financial mathematics is going to be enough to be a quant. As people mentioned, PhD is a good choice but again it won't be enough to do the job well enough. I work in a group of 30 people out of which 25 have PhDs in Math, Physics, or engineering. Although most are smart in understanding quant aspect and doing coding, they miss the finance aspect. Most even ridicule finance although they are still in this field because they could not make more more in their own field. If you talk to them about kalman filters, they are smart but they won't be able to explain to a broad audience as to why you need kalman filters , i.e.,the economic aspect. Same goes for people not knowing CAPM or even Modigliani miller theory. In the long run, if you want to be successful, try to pay more attention to the economics and your math background should help you solve the economic models. If you have the following background real analysis, stochastic processes, PDE, C++ and linear albegra, you are good enough to be a quant at least to start with. Try to focus on the application of stochastic calculus in pricing derivatives, theory of probability, if possible measure theory (although you will never use it but it help you understand complex problems/papers). Rest, numerical methods of PDE is important and so is finite differences. After this most of the mathematics is sort of wasted and you might need good econometrics if you are on the high frequency side or equity research (especially). Some topics such as regression (general, linear, weighted, etc), MLE, Time series analysis and bayesian statistics might be good enough. If you are really interested in time series, try and get into cointegration - it is sexy and puts you in the same league as many PhDs (in fact, many PhDs find it harder). Rest, in finance, try and read a book on investments, starting with harry markowitz to the variations of CAPM, APT, derivatives, credit derivatives (although it is the worst field as of today), and even fundamentals of stocks (financial ratios). Rest, you shall learn on the job. So, financial mathematics might give you that finance exposure, which you won't find in MSc mathematics. However, if you apply your Mathematics to something like astronomy or biostatistics they you could find a job in alternative fields and not necessarily be in finance (the market is pretty tough already). Long story short, if you are not interested in finance, don't do financial mathematics, there are other applications of mathematics that you might find equally interesting. The sooner you decide the better it shall be.

Dominic, on a different note, do you need a PhD to get into a market risk role, or an MSc for that matter? Depends what level you want to go in at, but risk does have a wider variety of education levels.

Hi everyone. Sorry for bringing up an old thread, but I'd like to hear what the general opinion is on this issue right now, a couple of years later.I am currently doing a BSc in industrial engineering and have just finished a BSc in economics (doing both degrees simultaneously, kind of). I've been offered a place for the MSc in Mathematics at Warwick. After my degree, I might want to do a PhD, which makes me think that a maths degree is more suitable than a financial maths degree. At the same time, I would like to be able to get a job after finishing the MSc if I feel like it, in finance or elsewhere.Since I've not majored in mathematics, I personally feel the need to improve my maths. The Warwick degree seems to offer quite a lot of flexibility in terms of module selection, which is nice. I should add that I'm currently at a non-target school outside of the UK, and I feel like going to Warwick or another target school, regardless of which subject I study, would improve my career options. I've also applied to the MSc in Mathematics and Finance at Imperial College and am awaiting their response.Any thoughts would be greatly appreciated. Thanks in advance!