A PhD course that combines financial computing skills with
science and engineering has been inundated with applicants for its
first year.
London's first centre for financial computing, the
UK Doctoral Training Centre in Financial Computing, based at
University College London (UCL), set a target of up to 15 students
per year, but it has already received 300 applications.
This is despite thousands of IT workers in financial services
companies being made redundant and fierce competition for the
remaining jobs.
The course will train researchers to develop and use analytical
tools for tasks such as risk modelling, algorithmic trading and
managing compliance. Banks use high-powered systems that rely on
mathematical models to predict risks associated with investments.
These systems help banks to protect their financial positions by
making safer investments alongside riskier ones.
Philip Treleaven, professor of computing at UCL, who heads the
course, said he is pleased with the response but warned that many
applicants will be disappointed. "We have had 300 applicants,
including a lot from countries such as China. We are looking to
start with between 10 and 15 students and we can only fund EU
students."