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Operational Research, Applied Statistics and Financial Risk (MSc)

1 year (full-time) / 2-3 years (part-time) / n/a (distance / e-Learning)

Course Aims

Our innovative MSc programme will equip you with the necessary analytical skills, methods and ways of thinking to tackle and analyse complex organisational problems, help make better decisions, and to become confident statistical analysts.

This is ideal training and experience for those looking for career opportunities in areas such as Operational Research, management science, statistics, risk analysis, financial modelling, actuarial risk and credit scoring, management consultancy, business analytics, supply chain management, government operational research /statistics.

Special Features

Course Description

You will study a variety of problem-solving techniques, allowing you to build and use mathematical and statistical models, alongside skills to develop your abilities to communicate effectively to others. The programme will prepare you with essential techniques in Operational Research and Applied Statistics, and then allow you to select from optional courses in topics such as supply chain modelling, healthcare, and Statistics and Operational Research for Government (delivered with input from the Office for National Statistics and Welsh Assembly Government). As well as studying the foundations in Operational Research and Applied Statistics, you will study further topics in actuarial risk, financial modelling and credit risk scoring, and is ideal for those who wish to study in greater depth risk models, particularly for application to financial markets but also to other sectors.

Our programmes give you the opportunity for you to put the theory into practice, through case studies and project work in the ‘real-world’. An important feature of the MSc is the project dissertation, allowing you to work with an external company.

Course Structure

We have designed and structured our programmes with both full and part-time students in mind.

Full-time students will complete the programme in 12 months, which includes a 3 month period working with a company on a real problem of importance to that company.

Part-time students will typically only need to be in the University for lectures and workshops for the equivalent of one day per week over 24 weeks each year. You will usually complete the taught component of the programme over two years with up to a further year to complete the project dissertation.

Available Modules

The modules available in 2015/16 as part of the MSc programme include:

  • Operational Research Methods
  • Statistical Methods
  • Communication and Research Skills
  • Computational Methods
  • Time Series and Forecasting
  • Supply Chain Modelling
  • Statistics and Operational Research for Government
  • Advanced Use of Statistical Packages
  • Healthcare Modelling
  • Business and Risk Strategy
  • Financial Maths and Actuarial Risk
  • Credit Risk Scoring

Career Prospects

Cardiff School of Mathematics has well established and strong links with many employers of Operational Researchers and Applied Statisticians, who regularly offer projects and/or recruit our students.

Student Views

'The breadth of material covered is impressive'

Eleanor Evans, MSc Operational Research, Applied Statistics and Risk

Read Eleanor's full testimonial


'I have found my time on the MSc in Operational Research and Applied Statistics course thoroughly rewarding. The breadth of material covered is impressive, as is the exposure to different software packages and the opportunities to improve transferable skills.

'The programme enables you to develop problem solving skills and apply these to a range of applications. I particularly enjoyed the dissertation project, working with an external company. The support you receive throughout the degree is second to none. Many employers came to speak to us over the academic year, and I have successfully obtained employment as a Research Officer at the Office for National Statistics.'

Entry Requirements

Note: International students pursuing part-time programmes of study are not eligible for Tier 4 (General Student) visas and must have alternative leave to remain in the UK if they intend to study at the University in person.

Tuition Fees 2016/17

Fees quoted are for the academic session 2016/17. For programmes lasting more than one year, tuition fees for subsequent years of study are subject to an increase of no more than 4.5% per year.

  UK & EU International
Full-time £7,750 £18,250
Part-time £3,875* £12,250**
Deposit n/a Includes a £1,000 deposit. More information about our deposit policy.
Notes * part-time students pay a further £1,200 for the dissertation (subject to the same annual increase as outlined above)
** International students part-time fee is only payable in Years 1 and 2.

Next intake: September each year

School Contact

Name: Lauren Trundle  

Telephone: +44 (0)29 2068 7760 



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