  Postgraduate taught degrees in financial mathematics have been booming in
popularity in the UK for the last 20 years. The fees for these courses are
considerably higher than other comparable masters-level courses. Why? Vendors
stipulate that they offer high-demand, high-level vocational training for
future employees of the financial services industry, delivered by academics
with an internationally recognised research reputation at world-class
universities.
  We argue here that, as the UK higher education system moves towards a more
commercial environment, the widespread availability of the M.Sc. in financial
mathematics exemplifies a practice of following market demand for the sake of
income, without due consideration for the broader consequences. Indeed, we
claim that, as excellent as such courses can be in intellectual content and
delivery, they are mismatching needs and expectations for such education and
confusing the true value of what is taught.
  The story of the Mathematical Finance MSc serves as a serious case study,
highlighting some of the incongruities and future dangers of free-market
education.
