The Smith's Prize Examination was founded by bequest of Robert Smith upon his death in 1768 to encourage the study of more advanced mathematics than that found in the undergraduate course. T. W. Körner notes In 1883 this was replaced by an exam called Part III and the Smith's Prize awarded for an essay rather than examination. In 1886 this exam was renamed Part II, and later in 1909 Part II, Schedule B. In 1934 it was again renamed Part III. In the 1980s the Certificate of Advanced Study in Mathematics was introduced; for those students successfully completing Part III of the Mathematical Tripos in Easter Term 2011 CASM was replaced by two new degrees, the Master of Mathematics and Master of Advanced Study. All who have passed the course since 1962 are entitled to these new degrees. The first retrospective M.Math and M.A.St. degrees were conferred as part of a celebration of the University's 800th anniversary. The course is often still referred to as Part III.
Students who have completed their undergraduate degree at Cambridge will be awarded both a Bachelor of Arts and the Master of Mathematics degree for four years of study, provided they have not previously graduated with a B.A. This allows Cambridge graduates to remain eligible for government funding for the course. Progression from Part II of the Mathematical Tripos to Part III normally requires either a first in Part II or very good performances in Parts IB and Part II. Students who complete Part III of the Mathematical Tripos, but did not complete undergraduate studies at Cambridge will be awarded the Master of Advanced Study in Mathematics degree for the one-year course. The program previously resulted in a Certificate of Advanced Study in Mathematics instead of a Master's degree.
Current course structure
The course lasts one year, divided into three eight-week terms. There are a wide variety of lectures on both pure and applied maths, mostly concentrated in the first two terms. The third term is primarily for examinations which, together with the option of writing a part III essay, determine one's final grade entirely.
Grading
The grades available are Fail, Pass, Merit, and Distinction. Cambridge recognises that in Part III of the mathematical tripos a merit is equivalent to a First Class in the other parts of the Tripos. The level of achievement required for a distinction is yet higher. Traditionally, results are announced in the University's Senate House. Standing on the balcony, the examiner reads out the class results for each student, and printed copies of the results are then thrown to the audience below. The students' exact rankings are no longer announced, but highest-ranked student is still identified, nowadays by the tipping of the examiner's academic hat when the relevant name is read out.
