UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry:  Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ‘ Level 2 ’ (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

ucl computational finance phd

PhD Structure

  • The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
  • Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
  • Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
  • We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. 

All modules in the MRes year are core modules, there are no optional modules. 

  • ECON0107 - Macroeconomics, 15 credits  
  • ECON0106 - Microeconomics, 15 credits  
  • ECON0108 - Econometrics, 15 credits  
  • ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
  • MSIN0234 - Topics in Financial Economics, 30 credits  
  • MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.  

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.

Why choose us

What makes us different:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.

If you want to become an academic economist conducting research in finance, this programme is for you.  

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career. 

As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

Applications

Applying for our mres/phd programme.

Entry requirements and admissions criteria:

Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications. 

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.

In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests. 

Application Deadline

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:

  • Official Transcripts of Grades / Course marks
  • A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
  • Your  GRE  score report, if you took the test.
  • Your IELTS/TOEFL score report, if English is not your first language.

Funding/Scholarships

We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.  Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy. 

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

Video Library

Frequently Asked Questions about the UCL School of Management MRes/PhD Programme

Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )

ucl computational finance phd

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Quant Guide 2022: University College London

University College London

  • By Quant Guide 2022: University College London
  • 26 Jan 2022
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Computational Finance MSc

University College London’s (UCL) Computational Finance MSc has grown slightly in size this year, hosting 42 students, while becoming significantly more popular among applicants, boasting 708 for the latest intake versus 377 in 2020. And the programme became significantly more selective this year: 93 hopefuls received an offer for most recent student cohort – almost the same number as in 2020.

The programme is led by professor of computational science Guido Germano. Classes are split across compulsory and optional modules. Core topics for the latest programme include: numerical methods for finance; data science; machine learning; and a project or dissertation component, worth 60 of the programme’s 180 credits.

Optional courses on offer include: operational risk measurement for financial institutions; market microstructure; algorithmic trading; blockchain technologies; and market risk and portfolio theory.

Since the programme’s appearance in the 2020 Quant Guide, average graduate salaries have remained fairly level, with the course now reporting a compensation figure of £42,932 ($57,882). Following completion of the MSc, a majority of graduates find work in banking and asset management, with smaller numbers going into fintech and academia.

Financial Risk Management MSc

UCL’s Financial Risk Management MSc, directed by professor of complex systems Fabio Caccioli, is the smaller of the university’s two programmes by intake, with 26 students in its latest cohort, all of whom are international. It’s more popular with applicants, however, receiving 1,067 applications for the most recent intake.

The programmes share some elective modules, and both require projects or dissertations. The core classes are different, however, save for a class in financial engineering. In the Financial Risk Management MSc, core modules are taken in: data-driven modelling of financial markets; probability theory and stochastic processes; and market risk and portfolio theory.

The programme’s optional modules include classes in machine learning, algorithmic trading, networks and systemic risk.

The two MScs also share some teaching staff. Such instructors include: professor of complexity science Tomaso Aste, who teaches a module in financial data and statistics; economist Paolo Tasca, director of the university’s blockchain tech centre; and the respective programme directors, Caccioli and Guido Germano.

Employment routes taken by Financial Risk Management MSc graduates are similar to those following from the Computational Finance course: most take roles in banking, asset management and fintech. Average starting salaries are lower, however, with graduates earning £37,667 on average following completion of the course. The Financial Risk Management MSc has a slightly higher employment rate, however, reporting 85%, versus 82% for the Computational Finance course.

View this institution’s entry in the 2020 guide

View other universities and a guide to the metrics tables

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Computational Finance

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Banks and investment funds are increasingly basing their competitiveness on the quality of their quantitative technology, including programming techniques, analytical methods, and applications such as financial forecasting, option pricing, and risk management, which are all essential elements of the field of computational finance.

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Chaiyakorn Yingsaeree, Philip Treleaven , Giuseppe Nuti

Year                   

Computer, (43)12, 36–43.

Computational Finance, Finance, Financial markets, and General Finance

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Computational Finance MSc

Ucl (university college london), different course options.

  • Key information

Course Summary

Tuition fees, entry requirements, university information, similar courses at this uni, key information data source : idp connect, qualification type.

MSc - Master of Science

Subject areas

Financial Modelling Computational Mathematics / Cybernetics Modelling / Simulation Systems Finance / Accounting (General)

Course type

Students develop an advanced knowledge of computational methods in finance, which is a prerequisite for a successful career in the financial industry within 'quant' teams. Quants (development analysts) design and implement complex models and are sought after by banks, fund managers, insurance companies, hedge funds, and financial software and data providers. This degree comprises advanced modules on quantitative and modelling skills, which are essential for quant roles in trading research, regulation and risk. This applied MSc programme is distinctive in that it provides a solid mathematical and statistical foundation together with an education in advanced-level programming.

This is a relatively new programme and therefore no specific information on graduate destinations is currently available. UCL Computer Science graduates typically find work in financial institutions such as Credit Suisse, JP Morgan, Morgan Stanley, and Deutsche Bank as financial analyst application developers, quant developers, and business managers. The University of Cambridge and UCL are among top further study destinations.

Our graduates are particularly valued as a result of the department's international reputation, strong links with industry, and ideal location close to the City of London. Graduates are especially sought after by leading finance companies and organisations.

UK fees Course fees for UK students

For this course (per year)

International fees Course fees for EU and international students

An upper-second class UK Bachelor's degree (or equivalent overseas qualification) in computer science, mathematics, statistics, physics, engineering or a similarly quantitative subject. Programming experience is an advantage but is not mandatory. Relevant work experience is also taken into account.

UCL (University College London) is consistently ranked among the top ten universities in the world, conducting leading research across a wide range of subject areas. Throughout its long and prestigious history, it has inspired and educated countless minds and produced 30 Nobel prize recipients. With one campus located in the heart of Bloomsbury and a second campus in vibrant east London, the university is home to around 42,000 students... more

Financial Mathematics MSc

Full time | 1 year | 23-SEP-24

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Computational Finance MSc

Entry requirements.

A minimum of an upper second-class UK Bachelor's degree (or an international qualification of an equivalent standard) in a relevant discipline with a strong quantitative component evidenced by good performance in mathematics and statistics examinations. Good performance is defined as scores in these subjects not falling below a UK upper second-class or international equivalent level. There is not an exhaustive list of relevant disciplines, but individuals with a background in mathematics, statistics, physics, computer science, engineering, economics, or finance are encouraged to apply.

The English language level for this programme is: Level 2.

Further information can be found on our English language requirements page.

UCL Pre-Master's and Pre-sessional English courses are for international students who are aiming to study for a postgraduate degree at UCL. The courses will develop your academic English and academic skills required to succeed at postgraduate level.

Months of entry

Course content.

The rising sophistication of the financial sector is bringing a great demand for experts with skills across mathematics, finance, statistics and computer science. The Computational Finance MSc produces talented quantitative analysts or 'quants' in these areas, in just one year. This fast-paced and innovative programme is taught at UCL Computer Science, a renowned centre of academic excellence, with world-class credentials in computational statistics and machine learning.

Fees and funding

Please see UCL website for full information about fees and costs for this programme.

Qualification, course duration and attendance options

  • Campus-based learning is available for this qualification

Course contact details

SoE Main Quad

The Mathematical and Computational Finance Program at Stanford University (“MCF”) is one of the oldest and most established programs of its kind in the world. Starting out in the late 1990’s as an interdisciplinary financial mathematics research group, at a time when “quants” started having a greater impact on finance in particular, the program formally admitted masters students starting in 1999. The current MCF program was relaunched under the auspices of the Institute for Computational and Mathematical Engineering in the Stanford School of Engineering in 2014 to better align with changes in industry and to broaden into areas of financial technology in particular. We are excited to remain at the cutting edge of innovation in finance while carrying on our long tradition of excellence.

The MCF Program is designed to have smaller cohorts of exceptional students with diverse interests and viewpoints, and prepare them for impactful roles in finance. We are characterized by our cutting edge curriculum marrying traditional financial mathematics and core fundamentals, with an innovative technical spirit unique to Stanford with preparation in software engineering, data science and machine learning as well as the hands-on practical coursework which is the hallmark skill-set for leaders in present day finance.

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Mathematics and Physics BSc

London, Bloomsbury Mathematics and Physics BSc (2024)

Physics and mathematics are inextricably linked. It is not really possible to understand the basic concepts of physics such as elementary particle theory without a strong grounding in both pure and applied mathematics. This BSc combines the study of mathematics and physics on an equal basis, each reinforcing the other.

UK tuition fees (2024/25)

Overseas tuition fees (2024/25), programme starts, application deadline, ucas course code.

  • Entry requirements

Contextual offer information

Contextual offers are typically one to two grades lower than the standard offer. Grade and subject requirements for contextual offers for this programme will be published in Summer 2024.

Contextual offer

Contextual offers are typically one to two grade boundaries (equivalent to A levels) lower than the standard offer. IB Diploma grade and subject requirements for contextual offers for this programme will be published in Summer 2024.

UK applicants qualifications

For entry requirements with other UK qualifications accepted by UCL, choose your qualification from the list below:

Equivalent qualification

Not acceptable for entrance to this programme.

D2,D2,D3 in three Cambridge Pre-U Principal Subjects, including D2 in Mathematics and D3 in Physics. Or D2,D3,D3 in three Cambridge Pre-U Principal Subject Certificates, including D2 in Mathematics and D3 in Physics and a 2 in any STEP paper

A1,A1,A at Advanced Highers including A1,A1 in Mathematics and either Mathematics of Mechanics or Statistics and A in Physics, or A1,A,A at Advanced Highers including A1,A in any order in Mathematics and either Mathematics of Mechanics or Statistics, and A in Physics, plus a 2 in any STEP paper

International applications

Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website .

This programme does not accept resits. A resit is a second or subsequent attempt to improve a qualification outcome, for which you already hold an award. For further information on what UCL considers a resit, please see UCAS explained .

Additional tests

Sixth term examination papers (step), access and widening participation, undergraduate preparatory certificates.

The Undergraduate Preparatory Certificates (UPC) prepare international students for a UCL undergraduate degree who don’t have the qualifications to enter directly. These intensive one-year foundation courses are taught on our central London campus.

Typical UPC students will be high achievers in a 12-year school system which does not meet the standard required for direct entry to UCL.

For more information see: ucl.ac.uk/upc .

  • English language requirements

The English language level for this programme is: Level 1

Information about the evidence required, acceptable qualifications and test providers can be found on our English language requirements page.

A variety of English language programmes are offered at the UCL Centre for Languages & International Education .

Course overview

In the first and second years of the programme you will cover a balanced selection of modules in both UCL Mathematics and UCL Physics & Astronomy. Having laid the basic foundations there is a wide range of modules from both subjects in the third year of the degree. Most of the modules will be selected from those followed by single-subject students. Students taking this programme do not have to do any practical work, although this may be possible if so desired.

This programme is offered as a three-year BSc or a four-year MSci degree. The first two years of the programme are identical, and students are advised to apply for the MSci degree in the first instance, as it is possible to transfer to the BSc during the first three years.

What this course will give you

Gain transferable skills such as numeracy, problem-solving and logical thinking, which can lead to a large variety of interesting, diverse and well-paid careers.

Internationally renowned, UCL Mathematics is home to world-leading researchers in a wide range of fields, especially geometry, spectral theory, number theory, fluid dynamics and mathematical modelling.

Three of the six British winners of the Fields medal (the mathematician's equivalent of the Nobel Prize) have associations with the department.

UCL ranks 6th in the UK for Mathematics in the QS World University Rankings by Subject 2023 .

Teaching and learning

In each year of your degree you will take a number of individual modules, normally valued at 15 or 30 credits, adding up to a total of 120 credits for the year. Modules are assessed in the academic year in which they are taken. The balance of compulsory and optional modules varies from programme to programme and year to year. A 30-credit module is considered equivalent to 15 credits in the European Credit Transfer System (ECTS).

Upon successful completion of 360 credits, you will be awarded a BSc (Hons) in Mathematics and Physics.

Please note that the list of modules given here is indicative. This information is published a long time in advance of enrolment and module content and availability is subject to change. Modules that are in use for the current academic year are linked for further information. Where no link is present, further information is not yet available.

The first two years are almost all compulsory, studying the core ideas of modern mathematics and theoretical physics and also including an introduction to coding. The content is delivered through lectures supported by regular problem sheets, tutorials and computer labs. Additionally you will take part in a group project and presentation, researching a topic in mathematics related to the second year syllabus.

In the third year you continue to follow core topics in physics, and there is a wide range of advanced topics in mathematics available, the majority building on the knowledge mastered in earlier years. These include modules in areas such as geometry, analysis and its applications, combinatorics, fluid mechanics, financial mathematics and mathematical biology, mathematical education and history of mathematics. An option outside the departments of Mathematics and Physics is available, subject to suitability and availability.

Compulsory modules

Optional modules, your learning.

Teaching is mainly carried out through lectures and tutorials. In lectures you will focus on learning important theory and techniques for your course, which will be reinforced by expert-led tutorials where we will expound upon these ideas with exercises designed to encourage thought and discussion amongst your peers. In addition, an 'office hours' system for each module allows you to meet with tutors on a one-to-one basis to review parts of the degree you find interesting or that need clarifying. UCL runs a Student Mentor scheme offering support and advice to first-year students.

Typical timetabled contact hours for Mathematics degree programmes are approximately 16 hours per week in year 1 reducing to 12 hours in year 3. In year 1 and the first half of year 2, these hours consist of lectures (typically 12 hours per week), and tutorials (4 hours a week). In year 3 they consist of 12 hours of lectures. In addition, students are expected to undertake approximately 15-20 hours of independent study per week.

Most modules are assessed by written examinations in the third term, with a small element of coursework assessment.

Accessibility

Details of the accessibility of UCL buildings can be obtained from AccessAble . Further information can also be obtained from the UCL Student Support and Wellbeing team .

The foundation of your career

A mathematics degree is highly valued by employers due to the skills in logical thinking, analysis, problem-solving and, of course, numeracy, that it develops.

The knowledge and skills gained on the programme can also be used in fields including forecasting, risk analysis and trading; financial services, such as accountancy, banking and insurance; and scientific research, information technology and industry.

This programme prepares you to continue in further study such as a Master's degree, or a PGCE qualification.

Employability

We aim to develop your skills in mathematical reasoning, problem-solving and accurate mathematical manipulation. You will also learn to handle abstract concepts and to think critically, argue logically and express yourself clearly.

  • Fees and funding

Fees for this course

The fees indicated are for undergraduate entry in the 2024/25 academic year. The UK fees shown are for the first year of the programme at UCL only. Fees for future years may be subject to an inflationary increase. The Overseas fees shown are the fees that will be charged to 2024/25 entrants for each year of study on the programme, unless otherwise indicated below.

Full details of UCL's tuition fees, tuition fee policy and potential increases to fees can be found on the UCL Students website .

Additional costs

This programme does not have any additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.

A guide including rough estimates for these and other living expenses is included on the UCL Fees and funding pages . If you are concerned by potential additional costs for books, equipment, etc., please get in touch with the relevant departmental contact (details given on this page).

  • Funding your studies

Various funding options are available, including student loans, scholarships and bursaries. UK students whose household income falls below a certain level may also be eligible for a non-repayable bursary or for certain scholarships. Please see the Fees and funding pages for more details.

Scholarships

The Scholarships and Funding website lists scholarships and funding schemes available to UCL students. These may be open to all students, or restricted to specific nationalities, regions or academic department.

Your application

We look for significant levels of enthusiasm for the challenges and rewards of studying mathematics together with its applications.

  • How to apply

Application for admission should be made through UCAS (the Universities and Colleges Admissions Service). Applicants currently at school or college will be provided with advice on the process; however, applicants who have left school or who are based outside the United Kingdom may obtain information directly from UCAS.

For further information on UCL's selection process see: How we assess your application .

Please note that this programme does not consider applicants who are resitting qualifications. For further information on UCL’s selection process see: How we assess your application . The department is supportive of the Year in Industry scheme which involves deferring entry for a year to gain valuable work experience.

Got questions? Get in touch

Mathematics

Mathematics

[email protected]

UCL is regulated by the Office for Students .

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