The African Institute of Financial Markets and Risk Management (AIFMRM) offers the Master of Financial Engineering [CM043FTX19] in association with the Department of Finance and Tax. Please note: The Master of Financial Engineering (MFE) has replaced the previous MPhil specialising in Mathematical Finance.

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.

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 apply to pursue doctoral research in quantitative finance.

Career prospects

Our graduates typically find employment in financial engineering, research and quantitative trading in all areas of banking, advisory/consulting services, insurance and asset management.

Entrance requirements

There are limited places on the degree, and admission is based on merit. Entrance is at the discretion of the Admissions Committee, and meeting the minimum requirements does not guarantee entrance.

  • Applicants must have a high-class 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. Preference will be given to candidates with a strong background in a mathematical science.
  • Once admitted, candidates must pass or gain credit for the preliminary courses to continue with the degree.

Prescribed curriculum structure

The courses total 180 credits. All courses are compulsory, except students must choose one of the two electives.

The degree is offered over one year, full-time and begins in January. Submission of the minor dissertation is in late January the following year.

Course code and name NQF credits HEQSF level
Preliminary courses    
FTX4090Z Quantitative Finance Skills 0 8
FTX4088Z Mathematical Computing Skills 0 8
First semester    
FTX4089F Introduction to Financial Engineering 0 8
FTX5058F Stochastic Financial Modelling I 30 9
FTX5056F Computational Finance I 15 9
Second semester    
FTX5059S Stochastic Financial Modelling II 15 9
FTX5060W Financial Engineering Research 45 9
First and Second semesters    
FTX5057S Computational Finance II 30 9
FTX5055H Financial Instruments, Risk and Regulation 30 9
STA5073Z Data Science for Industry 15 9
INF5006S Financial Systems Design 15 9

Apply online. Please note that applicants must submit academic transcripts, a curriculum vitae and a letter of motivation. The application deadline is 30 September of the year preceding study.

Although we cannot guarantee financial support, our graduates are in high demand, and numerous companies offer bursaries and scholarships for AIFMRM students. Application for these takes place after acceptance and are for South African citizens only.

For more information on the courses, please refer to the Commerce Postgraduate Handbook.