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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Master of Commerce in Quantitative Finance 
SAQA QUAL ID QUALIFICATION TITLE
97520  Master of Commerce in Quantitative Finance 
ORIGINATOR
University of Johannesburg 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Master's Degree  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  180  Not Applicable  NQF Level 09  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of this qualification is for the learners to develop applied competence in the interpretation, reflection and application of principles in the broader field of quantitative finance. Through the master's dissertation, a qualifying learner shows evidence of scientific research, application of scientific research methodologies and an ability to reflect thereon in the holistic context of quantitative finance.

Rationale:
The rationale for this qualification is to broaden the current academic offering of the institution's Department of Finance and Investment Management. This Department will offer this qualification to learners from the Bachelor of Commerce (BCom) Honours in Quantitative Finance degree as well as other quantitative finance (including mathematical finance) honours degrees from other institutions. Learners from other academic institutions who meet the minimum admission requirements will be considered for the qualification. The qualification will provide education and training to researchers so that they can contribute to the development of knowledge at an advanced level. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Recognition of Prior Learning (RPL):
The Faculty accepts Recognition of Prior Learning (RPL) as an integral part of education and academic practice. It is acknowledged that all learning has value and the Faculty will assess prior learning and award credit that is aligned to the qualification to promote lifelong learning. An example of prior learning refers to work experience relevant to the quantitative finance field, such as experience on systems used in the quantitative finance industry.

The purpose of the institution's RPL policy, which directs the Faculty's RPL procedure, is to recognise prior learning in order to provide for access into programmes, grant advanced placement in programmes and grant credits for modules on the principles and processes that serve as basis for faculty-specific RPL practices.

Entry Requirements:
Admission requirements for this qualification include the following:
  • Bachelor of Commerce Honours (Quantitative Finance), at NQF Level 8.
    Or
  • Any other qualification at NQF Level 8 in the cognate field of quantitative finance.
    Or
  • Quantitative finance experience which is deemed applicable by the Institution's Department of Finance and Investment Management. 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of compulsory modules at NQF Level 9, totalling 180 Credits.
  • Dissertation: Quantitative Finance, 90 Credits.
  • Dissertation: Quantitative Finance, 90 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Examine multiple options of applying and integrating quantitative finance knowledge to solve theoretical, applied or real life quantitative finance problems.
    2. Present an understanding of key aspects and implications of specified systems, situations, specified bodies of content and the effect in the field of quantitative finance.
    3. Show an understanding in the field of quantitative finance in order to analyse available data, formulate and construct a dissertation.
    4. Show an engagement with own learning, learning strategies, and how new knowledge can be acquired in the field of quantitative finance.
    5. Discuss and reflect on the importance of scientific paradigms and methods in understanding scientific concepts and their changing nature 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Quantitative finance problems are thoroughly identified and analysed.
  • Problems are evaluated and insightful solutions provided.
  • Problems are identified and solved.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Advanced understanding of the subject matter relevant to the quantitative finance market industry is demonstrated.
  • An accurate understanding of the subject matter is shown with regard to the knowledge and understanding of all content in the quantitative finance market industry.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • Information on quantitative finance is collected, analysed and evaluated.
  • A scientific dissertation in the field of quantitative finance is constructed and written.
  • A research problem is defined and a research objective is derived in the field of quantitative finance.
  • A proposal is presented and defended at a departmental meeting.
  • An academic article based on the research conducted is successfully written.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Critical thought process and leadership skills and initiative are demonstrated.
  • Appropriate course of action to ensure minimal loss or damage in the quantitative market industry is concluded on.
  • The ability to reflect with self and others and also on own and other peoples thoughts and actions is demonstrated.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • Science and technology is used in quantitative finance.
  • Scientific paradigms and methods in understanding scientific concepts are considered to stay on course with the changing nature of the environment.

    Integrated Assessment:
    Learners will receive feedback on their progress from their supervisor. The following methods will be used for providing feedback: written, one-on-one meeting, and verbally. Constructive feedback which takes the purpose of the assessment into account will be provided. Learners will also be guided on how to avoid making similar mistakes and how to improve their performance. 
    		•

    INTERNATIONAL COMPARABILITY 
    International comparability was conducted with similar international qualifications from countries known to have best practice in quantitative finance. The qualification is proven to compare very well with similar qualifications offered at leading institutions such as the University of Waterloo in Canada and the Erasmus University Rotterdam in the Netherlands.

    The Master of Quantitative Finance (MQF) qualification from the University of Waterloo in Canada focuses on the fundamental disciplines of mathematics, statistics, econometrics, computer science and finance. It provides the analytical tools to solve practical problems in the complex and rapidly evolving world of today's financial industry. Learners from the MQF will be well equipped with knowledge and skills for positions with financial institutions, corporations and government regulatory organisations.

    Career opportunities upon completion of the qualification include:
  • Financial engineers in model vetting and risk compliance.
  • Analysts in portfolio credit risk, market risk, investment banking and audit.
  • Asset mix and portfolio managers.
  • A range of positions requiring advanced skills in quantitative finance.

    At Erasmus University Rotterdam in the Netherlands the Masters' Degree of econometrics and management science involves doing quantitative analyses in order to solve problems faced by the government and businesses. The content focus areas of the qualification includes; asset pricing (QF variant), financial derivatives, financial econometrics, quantitative methods in international finance and macroeconomics, quantitative risk management, and portfolio management. Economic aspects usually play a major role in such problems. This study programme is mainly geared to teaching learners the necessary economic theory and quantitative skills.

    The aim of the qualification is to provide high-quality academic training so that learners can pursue careers in business and politics, or excel in science. Learners should be able to apply existing econometric and management science techniques independently to complex real-life problems, including the execution and/or implementation of the techniques in computer programs. Furthermore, learners will be able to develop and apply new models for new problems. Within the Master of Science (MSc) in Econometrics and Management Science four Masters' specialisations are offered, namely:
  • Business Analytics and Quantitative Marketing.
  • Econometrics.
  • Operations Research and Quantitative Logistics.
  • Quantitative Finance.

    Career opportunities upon completion of the qualification include:
  • Career in business, government.
  • Career with an international organisation.
  • Further studies leading to a Doctorate of Philosophy and an academic career.

    Conclusion:
    The results of the comparability studies conducted reveal that this qualification compares very well with the international Masters' qualifications. The Master's Degree from the University of Canada shows similarities to this current qualification as both focuses on similar content areas, except there are no coursework modules as this master's degree is a full research dissertation. In addition this Master's Degree is closely related to the qualification from the University of Rotterdam as both focus on similar content areas. 
    		•

    ARTICULATION OPTIONS 
    This qualification articulates vertically and horizontally as follows:

    Horizontal Articulation:
  • Master of Business Administration in Strategic Financial Management, at NQF Level 9.
  • Master of Business Administration in Management of Financial Institutions, at NQF Level 9.

    Vertical Articulation:
  • Doctorate of Philosophy, at NQF Level 10 (in the same area of specialisation). 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. University of Johannesburg 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.