This course, commonly referred to as Part III, is a nine-month taught master's course in mathematics. It is excellent preparation for mathematical research and it is also a valuable course in mathematics and in its applications for those who want further training before taking posts in industry, teaching, or research establishments.

Students admitted from outside Cambridge to Part III study towards the Master of Advanced Study (MASt). Students continuing from the Cambridge Tripos for a fourth-year study towards the Master of Mathematics (MMath). The requirements and course structure for Part III are the same for all students irrespective of whether they are studying for the MASt or MMath degree.

There are around 250 Part III (MASt and MMath) students each year; almost all are in their fourth or fifth year of university studies. Each year the Faculty offers up to 80 lecture courses in Part III, covering an extensive range of pure mathematics, probability, statistics, applied mathematics and theoretical physics. They are designed to cover those advanced parts of the subjects that are not normally covered in a first-degree course, but which are an indispensable preliminary to independent study and research. Students have a wide choice of the combination of courses they take, though naturally, they tend to select groups of cognate courses. Example classes and associated marking of (unassessed) example sheets are provided as complementary support to lectures.

As a taught masters course, the main emphasis is on lecture courses, and assessment is almost entirely based on exams, which are taken at the end of the academic year starting in the last week of May. The standard graduation dates for successful candidates are in June and July.