DEPARTMENT OF MATHEMATICS - Student Handbook MSc in Mathematical Finance by Online Distance learning Version 130903

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DEPARTMENT OF MATHEMATICS

       Student Handbook

  MSc in Mathematical Finance
   by Online Distance learning

                                 Version 130903

               1
Contents
1. Purpose of this Handbook ....................................................................................................... 3
2. General Information for Students............................................................................................ 3
    a. Studying at York .............................................................................................................. 3
    b. Developing Your Academic/Study Skills .......................................................................... 3
    c. The Library ...................................................................................................................... 4
    d. Computing and Technology .............................................................................................. 4
    e. Support, Welfare and Health ............................................................................................. 4
    f. If things go wrong ............................................................................................................ 4
    g. Graduation........................................................................................................................ 5
    h. University governance ...................................................................................................... 5
    i. Other University policies that affect you ........................................................................... 5
3. Contacts: Academic and Administrative Support .................................................................... 5
    a. Departmental Contact Details ........................................................................................... 5
    b. Academic Staff Involved in the Online MSc in Math Finance ........................................... 5
    c. Support Staff in the Mathematics Department ................................................................... 6
    d. Support by University ....................................................................................................... 6
4. Being an Online MSc Student................................................................................................. 7
5. Your Responsibilities ............................................................................................................. 8
6. Computing and Internet .......................................................................................................... 9
    a. Hardware Requirements ................................................................................................... 9
    b. Software Requirements ................................................................................................... 10
    c. Services Provided by the University ............................................................................... 11
7. Programme Structure ............................................................................................................ 12
    a. Outline ........................................................................................................................... 12
    b. Structure of Taught Modules .......................................................................................... 13
    c. Structure of Dissertation Module .................................................................................... 13
    d. Pathways ........................................................................................................................ 14
    e. Teaching and Vacation Periods ....................................................................................... 15
8. Assessment, Reassessment and Progression.......................................................................... 15
    a. Assessment of Taught Modules ...................................................................................... 15
    b. Mark Scale ..................................................................................................................... 15
    c. Assessment of the Dissertation ....................................................................................... 16
    d. Feedback on assessed and non-assessed work ................................................................. 17
    e. Compensation ................................................................................................................. 17
    f. Reassessment.................................................................................................................. 18
    g. Missed Deadlines ........................................................................................................... 20
    h. Mitigating Circumstances ............................................................................................... 20
    i. Progression ..................................................................................................................... 21
    j. Exit Awards.................................................................................................................... 21
    k. Leave of Absence ........................................................................................................... 22
9. Withdrawing from the Programme ....................................................................................... 23
10. Appeals Procedure................................................................................................................ 23
    a. Students Wishing to Appeal Against The Final Result .................................................... 23
    b. Students Wishing to Appeal Against the Mark of a Specific Assessment ........................ 24
11. Complaints ........................................................................................................................... 24
12. Academic Misconduct: University Guidelines ...................................................................... 24
13. Online Academic Integrity Tutorial and Test ........................................................................ 26
14. Student Support and Welfare Services .................................................................................. 26
15. Disclaimer ............................................................................................................................ 27

                                                                      2
1.   Purpose of this Handbook

This handbook is designed to give you information about the course and the
assessment procedures for the MSc in Mathematical Finance by Online Distance
Learning (referred to as the Online MSc programme in what follows).

This handbook also contains a variety of other information concerning the University
of York, the Department of Mathematics, the Library and other facilities.

Please note that details contained in this handbook may change from time to time: you
will be kept fully up-to-date.

2.   General Information for Students

General information for all students can be found at the student home page:
https://www.york.ac.uk/students/

     a.    Studying at York

           Here you will find information about your course and services to assist you
           in managing your studies.

           You will be able to access your student record. New and returning students
           are provided with enrolment details and deadlines and access to the
           university’s system that holds your record: e:Vision.

           Please read the information about your University card.

           You will find advice if you decide to change your plans and change or
           withdraw from your programme or take a break from your studies. If you
           are a taught postgraduate student and need to apply for an extension, you
           will find the criteria and application form here.

           Please read the information on assessment and examination regulations
           and arrangements for students with a disability or medical condition (if
           applicable to you).

           You will also find information on the rules for progression and award
           https://www.york.ac.uk/about/departments/support-and-admin/registry-
           services/guide.
           This highlights the key rules and requirements concerning progression
           through your programme and your award at the end of your programme.

     b.    Developing Your Academic/Study Skills

           The University provides opportunities for you to develop your skills:
           https://www.york.ac.uk/students/studying/develop-your-skills/study-skills/

                                          3
These include academic study skills, such as referencing and citation. All
     students are required to complete the academic integrity tutorial in order to
     develop this skill: http://www.york.ac.uk/integrity/

     The University also provides access to Turnitin, a text matching system to
     help with the integration of source material into your assignments.

     Other support available can help you develop your Maths and IT skills and
     we also have a suite of courses to help you develop transferable skills.

     There is a suite of support for international students to help with language
     and writing skills.

     Further advice and opportunities to develop your employability skills is
     provided by the Careers Service: https://www.york.ac.uk/students/work-
     volunteering-careers . Here there are details on events, guidance and on-
     line support such as the employability tutorial.

c.   The Library

     Please read the information about the University Library. This includes
     how to access the library catalogue and your library account, guidance on
     how to use the service, availability of electronic resources, access to the
     digital library, and on-line tutorials and workbooks to help you develop
     your skills.

     You are also provided with access to York Information Connections where
     you will be able to access resources for your subject and locate your
     academic liaison librarian who can help you use resources effectively.

d.   Computing and Technology

     The Computing and Technology page provides details about online
     systems and services.

e.   Support, Welfare and Health

     This information includes emergency contacts and covers support provided
     by Colleges and the Student Groups. It also details support and services
     provided by Student Support Services, such as emotional and
     psychological support, health care and support for disabled and
     international students. Faith contacts are found here too.

     Advice on welfare issues is available and covers accommodation, student
     finance and child care.

f.   If things go wrong

     If, for some reason things go wrong with your academic studies and you
     need advice and guidance about leave of absence or mitigating

                                     4
circumstances, how to make a complaint or an appeal, or advice on
           academic misconduct you will need to read the information provided here
           and then talk to your supervisor.

     g.    Graduation

           Graduation details, including how to register and ceremony dates are
           available here.

     h.    University governance

           How the University is governed is outlined here. It includes the
           University’s Ordinances and Regulations which govern programmes of
           study. All students should read these to familiarise themselves with
           regulations about student discipline, residence and attendance requirement,
           suspension, and procedures for programmes, assessment and awards.

     i.    Other University policies that affect you

           Data protection:
           http://www.york.ac.uk/recordsmanagement/dpa/studentdata/

           Copyright/Intellectual property rights:
           http://www.york.ac.uk/library/servicesandfacilities/copyrightadvisoryservi
           ce/

3.   Contacts: Academic and Administrative Support

Our intention is to make the course structure and the assessment process as clear as
possible. If you have any queries about the course please use the appropriate contacts
from the list below.

     a.    Departmental Contact Details

           Department of Mathematics
           University of York
           Heslington, York YO10 5DD, United Kingdom
           Tel: +44-1904-323070
           Fax: +44-1904-323071
           Web page: http://maths.york.ac.uk/www/Home

           Head of Department
           Professor Ed Corrigan
           Email: edward.corrigan@york.ac.uk

     b.    Academic Staff Involved in the Online MSc in Math Finance

           Professor Tomasz Zastawniak
           Programme Director

                                          5
Email: tomasz.zastawniak@york.ac.uk
     Tel: +44-1904-324138
     Skype username: tz506_mscmf_uoy

     Dr Alet Roux
     Personal Supervisor
     Email: alet.roux@york.ac.uk
     Skype username: ar521_mscmf_uoy

     Professor Marek Capinski
     Lecturer and Tutor
     Email: mc544@york.ac.uk
     Skype username: mc544_mscmf_uoy

     Dr Maciej Capinski
     Lecturer and Tutor
     Email: mc545@york.ac.uk
     Skype username: mc545_mscmf_uoy

c.   Support Staff in the Mathematics Department

     Mr Nicholas Page
     Graduate Secretary
     Email: njp503@york.ac.uk
     Tel: +44-1904-323097 or +44-1904-323070
     Skype username: grad_secretary_maths_york

     Dr Henning Bostelmann
     Computer Officer and VLE (Moodle) support
     and
     Chair of the Mitigating Circumstances Committee
     Email: hb540@york.ac.uk
     Tel: +44-1904-323088

d.   Support by University

     Library
     http://www.york.ac.uk/library/
     Email: lib-enquiry@york.ac.uk
     Online Form: Online Enquiry Service
     Tel: +44-1904-323873

     Services for Distance Learners
     http://www.york.ac.uk/library/informationfor/distancelearners/

     IT Services
     http://www.york.ac.uk/it-services

                                   6
IT Support Office
           http://www.york.ac.uk/it-services/help/itso/
           Tel: +44-1904-323838
           Email: itsupport@york.ac.uk

           Registry Services
           General: http://www.york.ac.uk/about/departments/support-and-
           admin/registry-services/
           Email: registry-services@york.ac.uk

           Resources and support for students: https://www.york.ac.uk/students/

           Fees Office
           http://www.york.ac.uk/admin/finance/findept/fees.htm
           Email: fees-office@york.ac.uk
           Tel: +44-1904-322120

           Support for international students
           http://www.york.ac.uk/study/international/support/

           Student Support Services
           http://www.york.ac.uk/student-support-services/
           Email: student-support@york.ac.uk
           Tel: +44-1904-324140

           Careers Service
           http://www.york.ac.uk/about/departments/support-and-admin/careers/
           Email: careers@york.ac.uk

           Graduate Students' Association
           http://www.yorkgsa.org/
           Email: info@yorkgsa.org
           Tel: +44-1904-322718

4.   Being an Online MSc Student

You will probably find that your life as a graduate student is rather different from
what you were used to as an undergraduate. Following a course by distance learning
also brings its own challenges. However, the differences and challenges are
unpredictable and will vary with the individual. The following are some of the
possibilities that you should be prepared for.

You may already be expecting a challenging amount of mathematics that you have to
learn. You may be used to acquiring mathematical knowledge only from lectures; if
so, you will have to acquire the habit of reading mathematical books and papers. You
should try to develop the skill of being selective in the way you cover material; it is
often not necessary to know every detail of every proof, and even when you do need
to understand the details, it can be helpful to start with a preliminary reading in which
you concentrate on definitions and the statements of theorems, skipping the proofs.

                                            7
You are one of a group of students working in the same area, and you might find that
the Online MSc is a more social activity than you had expected. It can be very helpful
and enjoyable to discuss problems and to share ideas with others. Facilities to do so
are provided within the Virtual Learning Environment (Moodle). This should still be
useful even if you are the sort of person who needs to be on their own to think
effectively. You can still pick up the bones of an idea or a problem from conversation,
without feeling that you really understand it, and then go away and think about it by
yourself until you do understand it. It might be only after doing this that you have
some contribution to make to a discussion. On the other hand, it can be very helpful in
the development of your own ideas to talk about them to other people. Even if they
don't respond, the act of expressing your ideas can help to clarify them to yourself.
Unnoticed mistakes often come to light this way.

As an aspiring professional, you should aim not just to learn and understand
mathematical ideas and their relevance in modern quantitative finance, but most
importantly to communicate them to others, including people who do not have the
same level of technical skill and knowledge as yourself.

If you are to get the maximum benefit from the course, there are two important don'ts
to bear in mind: don’t be afraid to admit your ignorance, and don’t be afraid of asking
a silly question. These are easy to state, and hard to follow. But you should try.

5.       Your Responsibilities

There are a few simple rules we need to ask every student to follow so the Online
MSc programme can run smoothly and efficiently for everyone. Your kind
cooperation will be greatly appreciated.

     •    Keeping contact details up to date. We shall need to contact you many times
          during the programme, including the teaching and holiday periods, and also
          after you complete the programme, so please keep your postal addresses
          (permanent and term-time), telephone numbers (including a mobile number if
          you have one) and private email address up to date by reporting any changes
          to the Graduate Secretary, Nicholas Page, njp503@york.ac.uk, tel. +44-1904-
          323097.
     •    Checking email on a daily basis. We shall be using your University of York
          email address rather than you private email address while you remain
          registered on the programme. Many important and possibly urgent messages
          will be communicated in this way, for example, last minute timetable changes.
          It is your responsibility to check and read your University of York email every
          day. Any messages posted to your University of York email address will be
          deemed to have been read by you after 24 hours.
     •    Maintaining subscription to Moodle forums. Many important messages will
          be emailed to you automatically via the Virtual Learning Environment
          (Moodle). For this to happen, you will be automatically registered for the
          relevant news and discussion forums in Moodle. Though some of the forums
          will allow you to unregister, it is important not to do so as you would then be

                                             8
at risk of missing some important announcements sent in this way. Likewise,
          be weary of setting up a periodic digest of Moodle messages, which may delay
          the delivery of some messages. Remember that all messages sent will be
          deemed to have been received after 24 hours.
     •    Using University of York email address to send email to all academic and
          administrative university staff. We give very high priority to dealing with
          email from current students. Some staff members use filters and email sorting
          software to automatically recognise email from current students so it can be
          dealt with it in an efficient and timely manner. Email sent from accounts other
          than the one provided to students by the University may end up delivered in
          the wrong folders, where it can remain ignored for long periods of time, and in
          some cases blocked, lost or deleted. If you would like your email to be read
          and acted upon quickly, please send it from your University of York email
          account.
     •    Reporting problems in a timely manner. Unfortunately, some students
          might experience problems, such as illness, accident or family bereavement,
          which are beyond their control and serious enough to interfere with the course
          of studies. Such problems need to be reported to the Personal Supervisor,
          Tutor and Graduate Secretary as soon as practicable. This is important in all
          cases, but particularly when assessed work, deadlines, scheduled online
          meetings or vivas are involved. Allowances can only be made if any such
          problems are reported in a timely manner, which in the vast majority of cases
          will mean in advance of any deadline, meeting or viva. However, reporting a
          problem does not necessarily mean that allowances will automatically be
          made: each case will be considered individually, and evidence may be requited
          (e.g. a doctor’s letter). The general rule is that such events must be unforeseen,
          serious, and entirely beyond the control of the student.
     •    Being aware of university and departmental rules and regulations. It will
          be assumed that you have read and understood the university and departmental
          rules and regulations relevant to your programme of study. Please familiarise
          yourself with these at your earliest opportunity (the web links are provided
          earlier in this document). This includes familiarising yourself with this Student
          Handbook, though if you are reading this, perhaps we do not need to say so
          here after all☺. If in doubt, about any rules and regulations, please consult
          your Personal Supervisor, who will be happy to help.

6.       Computing and Internet

         a. Hardware Requirements

            Computer running under Microsoft Windows XP or Vista

            Headset (or built-in microphone and speakers)

            Internet video camera

            CD/DVD reader

                                              9
(Optional) USB tablet attachment (for handwriting) or a tablet laptop or
   tablet monitor or digitising pen
     • An A4 size USB (or wireless) tablet attachment is recommended;
         smaller sizes are uncomfortable and often have insufficient resolution.
     • A digitising pen is also a convenient and affordable option. It works
         like a normal pen with which to write on paper, while the motion is
         captured and digitised by a small device attached to the sheet of paper.
     • A tablet laptop or tablet monitor is usually much more comfortable, but
         more expensive than a tablet attachment.

b. Software Requirements

   Operating system: Microsoft Windows XP or Vista

   LyX mathematical editor
    • LyX is a free mathematical editor, which is used extensively during the
       MSc programme to write exercise and coursework solutions and the
       dissertation. LyX is a user-friendly front end to LaTeX, the
       programming environment for professional mathematical typesetting.
    • Download LyX from http://www.lyx.org/Download under Windows
       binaries (2000/XP/Vista)
    • The standard windows installer is recommended. This will
       automatically install additional packages which are required, such as
       MikTeX (see below).
    • A LyX tutorial is provided as part of the Induction Module.

   MikTeX mathematical typesetting package
    • This is a free Windows implementation of LaTeX, a programming
       environment for professional mathematical typesetting.
    • If the standard Windows installer is used for LyX (see above), the
       MikTeX package will be downloaded and installed automatically.
    • If for some reason MikTeX is not installed together with LyX, it can be
       downloaded separately from http://miktex.org/ (in which case it needs
       to be installed before LyX).
    • Basic LaTeX typesetting skills are introduced during the Induction
       module, as this is useful for entering mathematics when using the
       discussion forums in the Virtual Learning Environment.
    • It will be not be necessary to learn more advanced LaTeX features
       because LyX provides a user-friendly front end to LaTeX.

   Acrobat Reader
    • Download from http://get.adobe.com/uk/reader/

   Skype
    • Download from http://www.skype.com/

                                   10
(Optional) Microsoft OneNote
     • This may be used in one-to-one online tutorials and dissertation
        supervisory meetings.
     • Download free trial version from http://office.microsoft.com/en-
        gb/onenote/default.aspx?ofcresset=1 .

   Microsoft Office 2007 or later (including Word and Excel)

   Standard web browser (for example, Internet Explorer or Firefox)

   In the "Numerical and Computing Techniques in Finance" module the
   Code::Blocks C++ IDE will be used.
     • This is free to download from http://www.codeblocks.org/

   Internet Connection
     • Online students must have stable access to a Broadband standard or
         faster Internet connection from a location affording suitable conditions
         to participate in one-to-one online tutorials with an audio and video
         link.
     • 2 Mbps nominal download speed is normally sufficient, but this may
         depend on the Internet provider's peak time download speed, which
         could be much lower than the nominal speed.

c. Services Provided by the University

   Username and Password
    • The username and password along with further instructions will be
        posted to all new students.

   Email Account
    • The details will be posted to all new students.
    • IMPORTANT: All registered Online MSc Math Finance students are
       requested to use exclusively their University email account to
       communicate with university academic and support staff. This will
       assist is managing communications efficiently. Email about university
       matters sent from other accounts may cause delays and in some rare
       cases may not be dealt with at all. Thank you for your cooperation.

   VLE (Virtual Learning Environment)
    • Moodle
       http://maths.york.ac.uk/moodle/login/index.php
       This is the VLE used by the Mathematics Department, in particular, for
       the Online MSc in Mathematical Finance.
    • Yorkshare
       http://vle.york.ac.uk
       This is a VLE provided by the University, but its use by the
       Mathematics Department is minimal. For the Online MSc in

                                   11
Mathematical Finance Yorkshare is used only for the Academic
             Integrity Tutorial.

        VPN (Virtual Private Network)
         • The VPN service enables any member of the University remote access
            to the Campus network. It provides a way of accessing your University
            resources from offsite. This also gives your computer a temporary
            University of York IP address so that you can access electronic
            resources (such as e-journals) that need a University of York IP
            address for authentication.
         • For instructions see
            http://www.york.ac.uk/it-services/connect/vpn/

        University web cache (proxy server)
         • This allows you to use your own Internet connection to access
             electronic resources (such as e-journals) that need a University of York
             IP address for authentication. It does this by channelling your web
             access via the university web cache so that you appear to be using a
             university IP address.
         • For instructions see
             http://www.york.ac.uk/it-services/connect/cache/

        Filestore
          • http://www.york.ac.uk/it-services/it/filestore/

        More information:
         • http://www.york.ac.uk/it-services/

7.   Programme Structure

     a. Outline

        The Online MSc in Mathematical Finance comprises three stages,
        Certificate, Diploma and Dissertation, divided into a number of modules,
        and preceded by an Induction Module. Module specifications for all
        credit bearing modules are available by following the links below.

         •   Induction Period
             o   Induction Module
                     no credit bearing
         •   Certificate Stage
             o   Mathematical Methods of Finance (Online Version)
                 http://maths.york.ac.uk/www/MMF_Online
                     20 credits
             o   Discrete Time Modelling and Derivative Securities (Online
                 Version)
                 http://maths.york.ac.uk/www/DTMDS_Online
                     20 credits

                                        12
o   Portfolio Theory and Risk Management (Online Version)
             http://maths.york.ac.uk/www/PTRM_Online
                20 credits
     •   Diploma Stage
         o Stochastic Calculus and Black-Scholes Theory (Online Version)
            http://maths.york.ac.uk/www/SCBST_Online
                20 credits
         o Modelling of Bonds, Term Structure and Interest Rate
            Derivatives (Online Version)
            http://maths.york.ac.uk/www/MBTSIRD_Online
                20 credits
         o Numerical and Computing and Techniques in Finance (Online
            Version)
            http://maths.york.ac.uk/www/NCTF_Online
                20 credits
     •   Dissertation Stage
         o MSc Dissertation (Online Version)
            http://maths.york.ac.uk/www/MFD_Online
                60 credits

b. Structure of Taught Modules

   Each taught module comprises the following elements:
    • Interactive presentations recorded on CD/DVD in lieu of lectures,
        equivalent to 30 one-hour lectures, also available for downloading
        via Moodle.
    • Printed lecture notes, also available electronically via Moodle.
    • 10 one-hour one-to-one online tutorials shared between the three
        modules comprising the current stage of the programme.
    • Exercise sheets with worked solutions.
    • Demonstrations and sample computer code whenever relevant.
    • Support from module lecturer via the Virtual Learning
        Environment (Moodle).
    • Discussion forum in Moodle, moderated by the module lecturer.

 Students are expected to contribute about 200 hours of work for each 20-
 credit taught module, including private study time, online tutorials,
 participation in the discussion forum, background reading, exercises, code
 development, assessed work and other elements of the course whenever
 relevant. The final week (for fast stream students) or two weeks (for
 standard stream students) of each taught stage of the programme are
 devoted to revision and an online viva, and no new material is covered
 during that period.

c. Structure of Dissertation Module

   The dissertation module comprises the following elements:
      • A list of dissertation topics to choose from, including a brief
          description and bibliography. Students are also encouraged to design

                                  13
their own dissertation topic subject to approval by the potential
          dissertation advisor.
      •   6 one-hour one-to-one online supervisory sessions with the
          dissertation advisor scheduled at regular intervals.
      •   6 readings of dissertation drafts by the dissertation supervisor or a
          consultant, with written comments prior to each supervisory session.
      •   Support from the dissertation advisor or consultant via email.
      •   Support through the VLE platform (Moodle), proving file depository
          and other services.

  Students are expected devote approximately 600 hours of work to the
  dissertation. Progress will be monitored in regular online supervisory
  sessions and by requiring students to submit electronic drafts of their work
  in advance of the supervisory sessions. Oral presentation during the online
  viva will provide students with a further opportunity to present their
  dissertation work in addition to the thesis submitted and to address any
  questions that may arise in connection with this work.

d. Pathways

  The programme is divided into three stages:

  •   Certificate
  •   Diploma
  •   Dissertation

  There are two 4-month teaching periods:

  •   1 October to 31 January
  •   1 March to 31 June

  Students can choose how fast they wish to progress by selecting one of
  two streams:

  •   Fast Steam
  •   Standard Stream

  This choice can be made before the beginning of each stage (Certificate,
  Diploma or Dissertation) of the programme. The stage must then be
  completed within

  •   a single 4-month teaching period when following the fast stream
  •   two consecutive 4-month teaching periods (with a vacation period in
      between) when following the standard stream

  The Online MSc programme allows the flexibility to change between the
  fast and standard streams before the start of each stage, but not during
  the stage once it has started.

                                  14
For examples of pathways follow this link:
        http://maths.york.ac.uk/www/OnlineMScMFTiming

     e. Teaching and Vacation Periods

        Teaching periods:

        15 Sep to 30 Sep      Induction for new students starting in the autumn
        1 Oct to 31 Jan       Autumn teaching period
        15 Feb to 28 Feb      Induction for new students starting in the spring
        1 Mar to 30 Jun       Spring teaching period

        Vacation periods:

        1 Feb to 28 Feb       Winter vacation
        1 Jul to 30 Sep       Summer vacation

8.   Assessment, Reassessment and Progression

     a. Assessment of Taught Modules

        Each taught module is assessed by means of four equally weighted
        coursework assignments comprising in total 100% of the final mark,
        followed by a recorded online viva to authenticate the work submitted for
        assessment. Coursework assignments may comprise and combine a variety
        of work, including essay type work, tests and exercises, including online
        tests, computer programming assignments, and the like. The timing of
        individual coursework assignments is provided in the schedule available in
        Moodle.

        Marking is based on work submitted electronically for each assignment,
        whereas a recorded online viva scheduled at the end of each stage of the
        programme (Certificate, Diploma and Dissertation) serves to authenticate the
        work submitted for assessment, but does not otherwise affect the marks.
        Assessed work is routinely screened using online tools for the detection of
        unfair means such as unacknowledged copying of material or collusion.

        The final mark for each taught module is calculated as a weighted average
        mark from all assessed parts of the module.

     b. Mark Scale

        The University mark scale for taught postgraduate programmes, which is
        applied throughout the Online MSc programme, is 0–100 with the pass mark
        set at 50:

        Distinguished performance at postgraduate level          70–100

                                        15
Good performance at postgraduate level                      60–69
   Satisfactory performance at postgraduate level              50–59
   Fail                                                         0–49

   A mark of 70 or above for distinguished performance at postgraduate level
   should be given for performance that is excellent but need not be
   exceptional.

   For students joining the September 2011 or a later intake, a fail mark of 40-
   49 is potentially compensatable (see below), and marks of 0-39 are outright
   fails.

c. Assessment of the Dissertation

   The dissertation is assessed independently by two internal examiners, who
   produce a joint report to be approved by the External Examiner. A recorded
   online viva at the end of the Dissertation Stage serves to authenticate the
   work submitted for assessment, but in normal circumstances does not affect
   the mark assigned for written work, unless there is evidence emerging
   during the viva that the student fails to have thorough understanding of the
   work submitted or has used unfair means (such as submitting work that is
   not their own).

   The examiners are looking for evidence of: (1) use of quantitative skills in a
   broad sense (i.e. one or more of mathematics, statistics, and computation)
   applied in finance, (2) attainment of research skills, (3) understanding of
   subject matter, (4) reading around the subject of the dissertation, and (5) an
   ability to communicate ideas clearly. The examiners make allowance for
   cases in which positive results proved hard to achieve; you can report, for
   instance, ‘negative’ results, discussion of shortcomings, and proposed future
   research.

   Guidelines for dissertation marks (out of 100):

   0 - 20   Chaotic write-up. No useful results obtained. No understanding
            demonstrated.
   21-39    Distinctly inadequate write-up. Results very skimpy. Rationale
            of the study unclear. Interpretation of results very weak.
            Substantial misunderstanding of the subject matter.
   40-49    Weak write-up. Results scarce or perhaps with a large quantity of
            low-quality results.       Worthwhile results not presented or
            interpreted properly. Some misunderstanding of subject matter.
            Format neither that of a scientific paper nor an appropriate
            alternative. Little or no evidence of the student having understood
            the source materials, or evidence to the contrary.
   50-55    Reasonable, “passing”, though rather run-of-the-mill write-up.
            Perhaps showing some misunderstanding or flair - but little of
            either. Little evidence of extra reading. Some use of a
            combination of maths/statistics/computation skills developed in
            the MSc course and/or elsewhere.

                                    16
56-65  Good write-up. Work properly introduced and presented. Format
          following the correct model. Methods clear and appropriate.
          References used properly. Evidence of some extra reading.
          Thoughtful but not inspired discussion. Placement integrated
          into a wider context. Significant use of a combination of
          maths/statistics/computation skills developed in the MSc course
          and/or elsewhere.
   65-69 Very good write-up. As above but with wide extra reading,
          succinct and clear presentation and some insight in the discussion.
          Substantial use of a combination of maths/statistics/computation
          skills developed in the MSc course and/or elsewhere.
   70-100 Excellent write-up, clearly worthy of a mark of distinction. Easy
          to read and clearly presented. Problem enunciated fully,
          approached with sophistication and interpreted with detailed
          knowledge of the literature. Report of a publishable standard
          with little modification.

d. Feedback on assessed and non-assessed work

   Written feedback on assessed work is in the form of marker’s comments
   inserted in the lyx file uploaded by the student (not available when a student
   does not follow the prescribed lyx format to submit their work).

   Oral feedback on assessed and non-assessed work is provided during one-to-
   one online tutorials. In addition, written model solutions are provided for all
   non-assessed work.

   Feedback in the dissertation takes the form of written comments in
   successive drafts (provided such drafts are submitted by the scheduled
   deadlines and uploaded in the prescribed lyx format) and oral feedback
   during online supervisory meetings.

   In all cases, feedback is provided within two weeks of the work being
   submitted by the student (and in fact much sooner in the vast majority of
   cases) as long as the submission deadlines are met.

e. Compensation

   Compensation applies only for students who joined the September 2011 or
   later intakes. Students who joined earlier intakes are not eligible for
   compensation.

   Compensation is applied at the end of the taught component of the
   programme. Independent study modules (Dissertation) cannot be
   compensated.

                                    17
Compensation in Masters
   If a student fails one or more taught module (i.e. achieves a mark below 50)
   s/he may still receive credit for the failed module(s) provided that
   (i) s/he has failed no more than 40 credits.
   (ii) no marks are lower than 40.
   (iii) the rounded credit-weighted mean over all taught modules (including
          the failed module(s) is at least 50.

   Compensation in Postgraduate Diplomas
   If a student fails one or more taught module (i.e. achieves a mark below 50)
   s/he may still receive credit for the failed module(s) provided that
   (i) s/he has failed no more than 40 credits.
   (ii) no marks are lower than 40.
   (iii) the rounded credit-weighted mean over all taught modules (including
          the failed module(s) is at least 50.

   Compensation in Postgraduate Certificates
   If a student fails one or more taught module (i.e. achieves a mark below 50)
   s/he may still receive credit for the failed module(s) provided that
   (i) s/he has failed no more than 20 credits.
   (ii) no marks are lower than 40.
   (iii) the rounded credit-weighted mean over all taught modules (including
          the failed module(s) is at least 50.

f. Reassessment

   Reassessment is an opportunity for students to redeem failure for the award
   of credit to meet award requirements.

   A student may only be reassessed in a particular module on one occasion.

   If a student receives a final mark of 50 or more in a module, then the student
   will have no right to be reassessed in that module, even if some of the marks
   for individual assessed elements (such as coursework assignments) of that
   module are below 50.

   Students who joined before the September 2011 intake

   Students whose final mark is below 50 in no more than one module
   comprising no more than 20 credits per each stage of the programme
   (Certificate, Diploma or Dissertation) have the right to be reassessed in that
   module at the end of that stage.

   Students whose final mark is below 50 in two or more modules comprising
   no more than 20 credits per each stage of the programme (Certificate,
   Diploma and Dissertation) have no right to be reassessed.

                                   18
Students who joined the September 2011 or later intake

If it is not possible for a student to achieve the credit required for her/his
intended award by reassessment, s/he is entitled to be reassessed for a lower
credit volume award, as appropriate. The number of credits in which s/he is
entitled to be reassessed will be capped at the number permitted for the
lower credit volume award.

For taught modules, marks obtained following reassessment will not be
capped. The reassessment mark will appear on the transcript but it will
clearly indicate where marks have been achieved at first attempt and at
reassessment.

Masters: taught modules
Where a student has failed modules and the award requirements cannot be
met by application of the compensation criteria, s/he is entitled to
reassessment in a maximum of 40 credits-worth of failed modules provided
they have failed no more than 60 credits, with no more than 40 credits-worth
of outright fail (i.e. module marks less than 40).

Note that modules reassessed during the Certificate stage as well as those
reassessed during the Diploma stage count towards the number of modules
reassessed for the purpose of awarding a Masters degree.

Masters: independent study module (dissertation)
Where a student has failed a Masters’ dissertation with a mark below 40
there will be no opportunity for reassessment. However, where a student has
been awarded a ‘marginal fail’ mark of between 40 and 49 they will have an
opportunity to make amendments which would enable a passing threshold to
be reached. The mark after resubmission will be capped at 50.

Postgraduate Diploma
Where a student has failed modules and the award requirements cannot be
met by application of the compensation criteria, s/he is entitled to
reassessment in a maximum of 40 credits-worth of failed modules provided
they have failed no more than 60 credits, with no more than 40 credits-worth
of outright fail (i.e. module marks less than 40).

Note that modules reassessed during the Certificate stage count towards the
number of modules reassessed for the purpose of awarding a Postgraduate
Diploma.

Postgraduate Certificate
Where a student has failed modules and the award requirements cannot be
met by application of the compensation criteria, s/he is entitled to
reassessment in a maximum of 20 credits-worth of failed modules provided
they have failed no more than 30 credits, with no more than 20 credits-worth
of outright fail (i.e. module marks less than 40).

                                19
g. Missed Deadlines

   When the deadline is 10 days or more the penalty for late submission of
   coursework and dissertations, unless stated otherwise in writing, will be as
   follows:
   • For the first five days, each day or part day will incur a penalty of 10%
       of the maximum mark. This includes days at weekends or holidays.
       Work submitted after five days will receive a mark of 0.
   • When the deadline is less than 10 days any work submitted late will
       receive an automatic a mark of 0.

   Online tests and online viva appointments will be treated like scheduled
   examinations, that is, a mark of 0 will be recorded if an online test is not
   taken by the closing time or the viva not attended as scheduled.

   Extensions and changes of the deadlines, test closing times or viva
   appointments will only be allowed in the presence of exceptional mitigating
   circumstances that are documented, unforeseen, beyond the control of the
   student and of serious enough nature to satisfy the Mitigating Circumstances
   Committee that an extension of the deadline or test closing time is
   appropriate. Examples include a serious accident or a life threatening illness
   requiring hospitalisation. In all such cases students are requested to contact
   the department before the deadline whenever possible.

   Students are expected to make allowances for the possibility of minor
   illness, work, business and domestic duties, commitments and minor
   emergencies, traffic and travel delays, and other similar events that are to be
   expected to occur from time to time in modern life. Such circumstances will
   not be considered as unforeseen, beyond the control of the student or of
   serious enough nature to justify an extension of a deadline or test closing
   time or rescheduling an online viva.

h. Mitigating Circumstances

   The University defines mitigating circumstances as problems that students
   have encountered which go beyond the normal difficulties experienced in
   life and that have affected their academic performance adversely during the
   assessment period for which they are claiming.

   Mitigating circumstances applications must be submitted to the Chair of the
   departmental Mitigating Circumstances Committee, Dr Michael Bate,
   michael.bate@york.ac.uk with a copy to the Programme Director, Professor
   Tomasz Zastawniak, tomasz.zastawniak@york.ac.uk prior to the normal
   deadline for completion of the assessment whenever possible, and in any
   case no later than a week after the deadline. Evidence in support of the claim
   will be expected in normal circumstances.

                                    20
Further information and the Mitigating Circumstances Claim Form can be
     found at http://www.york.ac.uk/students/support/academic/

i.   Progression

     To progress from the Certificate Stage to the Diploma Stage a student must
     satisfy the criteria for the pass award of a Postgraduate Certificate.

     To progress from the Diploma Stage to the Dissertation Stage a student must
     satisfy the criteria for the pass award of a Postgraduate Diploma.

j. Exit Awards

     Students become eligible for the highest award earned to-date on completing
     the programme or upon leaving the programme prior to completion, but not
     for any intermediate award(s).

     The exit awards are listed below in the order from the lowest to the highest
     award.

     Students who joined before the September 2011 intake

     Postgraduate Certificate: Pass
     To be recommended to Senate for the award of a Postgraduate Certificate a
     student has to achieve a weighted average mark of at least 50% from the
     modules comprising the Certificate Stage.

     Postgraduate Diploma: Pass
     To be recommended to Senate for the award of a Postgraduate Diploma a
     student has to achieve a weighted average mark of at least 50% from the
     modules comprising the Certificate and Diploma Stages.

     Masters Degree: Pass
     To be recommended to Senate for the award of a pass Masters Degree a
     student has to achieve a weighted average mark of at least 50% from the
     modules comprising the Certificate, Diploma and Dissertation Stages.

     Masters Degree: Distinction
     To be recommended to Senate for the award of a Masters Degree with
     Distinction a student has to:
     (i) achieve a final weighted average mark of at least 70% from all
           modules comprising the Certificate, Diploma and Dissertation Stages;
     (ii) achieve a mark of at least 70% in the dissertation.

     Students who joined the September 2011 or later intake

     Postgraduate Certificate: Pass
     To be recommended to Senate for the award of a Postgraduate Certificate a
     student has to pass or pass by compensation the modules comprising the
     Certificate Stage to the total value of 60 credits.

                                     21
Postgraduate Diploma: Pass
   To be recommended to Senate for the award of a pass Postgraduate Diploma
   a student has to pass or pass by compensation the modules comprising the
   Certificate and Diploma Stages to the total value of 120 credits.

   Postgraduate Diploma: Merit
   To be recommended to Senate for the award of a Postgraduate Diploma with
   Merit a student must achieve the following at the first attempt:
   (i) a rounded credit-weighted mean of at least 60% over all modules
        comprising the Certificate and Diploma Stages to the total value of 120
        credits;
   (ii) have no failed modules.

   Postgraduate Diploma: Distinction
   To be recommended to Senate for the award of a Postgraduate Diploma with
   Distinction a student must achieve the following at the first attempt:
   (i) a rounded credit-weighted mean of at least 70% over all modules
         comprising the Certificate and Diploma Stages to the total value of 120
         credits;
   (ii) have no failed modules.

   Masters Degree: Pass
   To be recommended to Senate for the award of a pass Masters Degree a
   student has to pass or pass by compensation the modules comprising the
   Certificate, Diploma and Dissertation Stages to the total value of 180 credits.

   Masters Degree: Merit
   To be recommended to Senate for the award of a Masters Degree with Merit
   a student must achieve the following at the first attempt:
   (i) a rounded credit-weighted mean of at least 60% over all modules
         comprising the Certificate, Diploma and Dissertation Stages to the total
         value of 180 credits;
   (ii) a mark of at least 60 for the dissertation;
   (iii) have no failed modules.

   Masters Degree: Distinction
   To be recommended to Senate for the award of a Masters Degree with
   Distinction a student must achieve the following at the first attempt:
   (i) a rounded credit-weighted mean of at least 70% over all modules
         comprising the Certificate, Diploma and Dissertation Stages to the total
         value of 180 credits;
   (ii) a mark of at least 70 for the dissertation;
   (iii) have no failed modules.

k. Leave of Absence

   Grounds for Leave of Absence include: medical, compassionate, financial,
   motivational, maternity reasons, work experience.

                                    22
Leave of Absence will normally be granted for a maximum of one year at a
         time.

         Leave of absence is decided by the Special Cases Committee at the
         recommendation of the Board of Studies.

         Students should seek advice from their Personal Supervisor or Programme
         Director prior to applying for Leave of Absence.

9.    Withdrawing from the Programme

      Withdrawal requests need to be made in writing. The effective date of
      withdrawal will be the date when a signed letter requesting withdrawal is
      received by the Department of Mathematics.

      If a student withdraws from the programme, then the tuition fee due for any
      stage (Certificate, Diploma or Dissertation) that the student has registered for
      will be charged as follows:
      (i) if the effective date of withdrawal is before the first half of the stage, 50%
             of the fee for that stage,
      (ii) if the effective date of withdrawal is after the first half of the stage, 100%
             of the fee for that stage.

      Readmission following withdrawal
      If a former student wishes to resume the programme after withdrawing, it will
      be necessary to reapply. Admission cannot be guaranteed, but in normal
      circumstances every effort will be made to prioritise applications from students
      returning after withdrawal from the programme, and to accept such students
      whenever possible. Circumstances when re-admission may not be granted
      include students whose performance prior to withdrawal had been consistently
      below the pass level.

10.   Appeals Procedure

      This is only an outline of the procedure and is condensed from University
      Ordinances        and        Regulations.      For       details,    see
      https://www.york.ac.uk/students/help/appeals/.

      a. Students Wishing to Appeal Against The Final Result

         The university regulations are quite clear that there is no appeal available
         against the judgement of the examiners (Regulation 2.9c, 6.4ci). There is
         only appeal against the decision to allow reassessment or if there is prima
         facie evidence that one or more of the following has occurred: seriously
         inadequate supervision; examinations conducted unfairly or improperly or
         examiners showed prejudice against the student.

                                           23
If an appeal is desired then it must be made in writing to the Registrar within
         four weeks of being notified of the decision.

      b. Students Wishing to Appeal Against the Mark of a Specific Assessment

         Again the university regulations state that there is no appeal against the
         judgement of the examiners (Regulation 2.9c). However, if a student wishes
         to draw the attention of the external examiner to a particular mark, which
         they believe to be in error, then they should write to the examinations officer
         stating their case.

         All special cases, including late submissions, will be marked with no
         allowance made but will be brought to the attention of the external examiner.
         Any particular circumstance that might affect performance in an
         examination should be made clear, in writing, to the examinations officer.
         This should be done as near to the time of the assessment as possible. In the
         case of illness a doctor's note is required (Regulation 5.3.1d). These
         circumstances will be brought to the attention of the external examiner and,
         if necessary, considered by the Board of Examiners before it considers
         examination results.

         There should be no correspondence and no contact between the student and
         the external examiner. All material will be passed on by the examinations
         officer before the final examiner's meeting.

         All appeals will be treated in strictest confidence.

11.   Complaints

      You may complain about your experience of any academic or non academic
      service you have received as a student.

      If you are not happy with the outcome of an initial investigation of your
      complaint you can pursue your complaint further under the formal Complaints
      Procedure,          which           can        be          found         at
      https://www.york.ac.uk/students/help/appeals/.

12.   Academic Misconduct: University Guidelines

      You are responsible for ensuring that your work does not contravene the
      University’s rules on academic misconduct, which are set out in regulation 5.4.
      The University takes a very serious view of such misconduct and penalties will
      be applied to students who are found to have attempted to mislead examiners.
      Forms of academic misconduct include:

                                           24
cheating         deliberate failure to comply with the rules governing
                 examinations, e.g. by making arrangements to have
                 unauthorised access to information;

collusion        assisting another individual to gain advantage by unfair means,
                 or receiving such assistance yourself;

fabrication      misleading the examiners by presenting work for assessment in
                 a way which intentionally or recklessly suggests that you have
                 collected factual information which has not in fact been
                 collected, or falsifies factual information;

impersonation producing work to be submitted as that not of yourself but of
              another, or assuming the identity of another individual in order
              to deceive the examiners, or soliciting another individual to act
              or appear as yourself, or to produce work on your behalf;

plagiarism       incorporating within your work without appropriate
                 acknowledgment material derived from the work (published or
                 unpublished) of another.

If you have any queries about what constitutes academic misconduct, and in
particular about the proper attribution of material derived from another’s work,
you should seek advice from your supervisors or tutors before submitting your
work for assessment.

The important University regulations on plagiarism and collusion are
reproduced below:
1) Candidates must not by implication or otherwise represent the work of
     others as their own. All sources, whether published books and articles or
     unpublished material of any kind must be explicitly acknowledged, and
     quotations and close paraphrases clearly attributed.
2) Candidates must not by implication or otherwise represent work done in
     collaboration with others as their own unaided work, nor may any member
     of the University, whether or not he or she is a candidate in the
     examination, knowingly allow his or her work to be used without
     acknowledgement by examination candidates.
3) The examiners will take full account of any breach of the requirements in
     1) and 2) above in determining a mark for the work affected. In serious
     cases this may result in a mark of zero for the paper or papers concerned
     with consequent effects on the assessment of the candidates overall
     performance, even failure in the examination as a whole.

The penalties for academic misconduct will depend on the seriousness of the
offence. If, in the opinion of the examiners, the case is of particular gravity, they
may recommend disciplinary action.

The penalties available in such cases are:
1) Suspension or exclusion from the University.

                                      25
2)   A lowering of the class of degree to be awarded.
      3)   Withholding the award of a degree.
      4)   Withdrawal of any entitlement to repeat the examination concerned.
      5)   Asking the student to leave the University

13.   Online Academic Integrity Tutorial and Test

      All new students at the University of York are required to complete the online
      Academic Integrity Tutorial and pass an online test. This is a condition for
      progression.

      The         tutorial     and       test       can      be       found       at
      http://vle.york.ac.uk/webapps/portal/frameset.jsp by logging in with your
      University username and password. The tutorial should take about 45 minutes to
      complete, but you can take as long as you wish.

      The test can be attempted as many times as you like. When completed
      successfully, you will be able to print off a certificate. Please upload the
      certificate in Moodle (a facility to do so is provided within the Induction
      Module) by the end of the Induction Module, so it can recorded that you have
      undertaken and passed the test, and therefore can progress with the course of
      study.

14.   Student Support and Welfare Services

      The University's Student Support Network is designed to provide students with
      quick and easy access to a variety of sources of help and advice on all aspects of
      life as a student. Personal supervisors in academic departments are responsible
      for overseeing both academic progress and general welfare. In addition each
      college has a welfare team which includes the Provost and a College Dean, who
      has special responsibility for student welfare. Every full-time student is a
      member of a college and part-time students can request membership of a
      college. Students may approach their college welfare team for help and advice
      whether or not they are resident in the college at the time.

      Central support services available to all students include
         • the Accommodation Office http://www.york.ac.uk/admin/accom/,
         • the Open Door Team http://www.york.ac.uk/opendoor/,
         • Counselling Service for Students http://www.york.ac.uk/admin/scs/,
         • Disability Services http://www.york.ac.uk/admin/disability/,
         • the Student Support Office http://www.york.ac.uk/admin/sso/,
         • the Equal Opportunities Office http://www.york.ac.uk/admin/eo/,
         • the International Office http://www.york.ac.uk/admin/intnat/,
         • the             Student            Financial          Support      Unit
             http://www.york.ac.uk/studentmoney/

                                          26
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