Master of Science in Mathematical Finance and Risk Analytics (MSc MFRA)


The pace of change in the ­financial services sector has never been faster than it is today. Rapid technological advances combined with ever heightening customer expectations require ­firms and their employees to generate idea, calculate business cases and build prototypes faster than ever before. The Master of Science in Mathematical Finance and Risk Analytics offered at the Institute of Mathematical Sciences, Strathmore University, provides all the fundamental building blocks for a successful graduate working in an analytical role in this challenging environment.


Master of Science in Mathematical Finance and Risk Analytics is offered every May and September every year

Mode of Delivery

Evening: Classes run for 4 days in a week from 5:30 pm to 8:30 pm


2 Years

Program Structure

The course covers 16 course units offered over 4 academic semesters and a subsequent dissertation project. The program relies on MATLAB, R, C++ as the computing languages for modelling. Some of the core modules include the following:

  • Discrete Time Modelling and Derivative Securities
  • Financial Time Series Analysis
  • Asset Pricing and Portfolio Theory
  • Object Oriented Programming with Applications in Finance
  • Empirical Finance
  • Energy Analytics and Derivatives
  • Stochastic Control and Dynamic Asset Allocation
  • Mathematical Methods of Finance
  • Numerical Methods of Finance

Entry Requirements

  1. Holders of First Class (or GPA of 3.45 – 4) or Upper Second class (or GPA of 2.85–3.44) in Mathematics or related discipline; OR
  2. Holders of Lower Second Class or at least 2.5 GPA degrees in Mathematics or a related discipline plus:
      • Postgraduate Diplomas in relevant areas OR
      • At least two years working experience from the day of graduation OR
  3. Holders of other related qualifications from recognized universities
  4. In addition, the applicant must have obtained the minimum university entry requirement i.e. scored at least a C+ in their KCSE (or its equivalent).

Admission Process

If the applicant meets the above entry requirements, they are then invited to sit a written Graduate Entrance Exam (GEE). All applicants MUST sit and pass our GEE that comprises of a written exam followed by an oral interview. The written exam entails English comprehension and grammar, arithmetic plus an essay. Once the applicant has completed and passed the written exam, they are scheduled for an oral interview.

NB: The GEE is administered every Wednesday and Friday at 2:00 pm.

Admission Requirements

  1. Duly filled in the Graduate Application Form (Download the form here).
  2. Two (2) completed Reference Forms from your former professors particularly qualified to attest to the applicant’s qualifications for graduate study (Download reference formhere).
  3. Certified copies of undergraduate degree certificate and transcript of records (TOR) in English giving full details of subjects studied and grades/marks obtained.
  4. Certified copy of Secondary/High School Certificate or its equivalent.
  5. An updated Curriculum Vitae. You may use the Europass CV template (
  6. A current passport size photo.
  7. A copy of National Identity card (ID) or a copy of valid Passport (bio-data page).
  8. KShs 2,500 Non-refundable Interview fee payable on the interview day.
  9. Applicants with foreign degree qualifications are required to provide a Letter of Recognition from CUE (The Commission of University Education) which can be applied for through the link here.
  10. Applicants with foreign High School qualifications are required to provide a Letter of Recognition from KNQA (Kenya National Qualification Authority) which can be applied for through the link here.


NB: Certified copies: Please note the copies of the certificates and transcripts should be certified by the awarding institution or by an advocate of the high court.

Fees and Funding

The programme fee is Kshs 834,600 which is payable over the six (6) semesters of the programme). Ps: the fees may change in a given academic year.




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Course Duration:2 Years