Master of Mathematical Finance

Collaborative program with the Stuart School of Business

The objective of the Master of Mathematical Finance program is to provide individuals interested in pursuing careers in financial risk management with advanced education in theoretical, computational, and business aspects of relevant quantitative methodologies. This is a collaborative program between the Stuart School of Business and the Department of Applied Mathematics, and as such, it gives students the chance to benefit from the strength of both units. Students are required to complete a total of eleven semester courses, including eight core courses and three elective courses.

Admission Requirements

Admission to the Master of Mathematical Finance program requires a bachelor’s degree in a quantitative discipline such as mathematics, quantitative finance, engineering, or statistics with a minimum cumulative GPA of 3.0/4.0. If required, TOEFL scores should be a minimum of 90/250 (internet-based/computer-based test score) or the IELTS score should be a minimum of 6.5. A professional statement of goals/objectives (two pages) and a curriculum vitae must be submitted. Three letters of recommendation are required (at least two must be from academia, the third may be from industry). An interview may also be required.

Typically, admitted students score at least 156 on the quantitative portion of the GRE and at least 3.0 on the analytical writing portion. However, meeting the minimum or typical GPA test score requirements does not guarantee admission. GPA and test scores are just some of several important factors considered for admission to the program, including grades in mathematics courses, letters of recommendation, and the student’s overall record of achievements.



Core Courses (24)
MSF 505Futures, Options, and OTC Derivatives3
MSF 526Computational Finance3
MSF 575C++ with Financial Markets3
MATH 542Stochastic Processes3
MATH 548Mathematical Finance I3
MATH 565Monte Carlo Methods in Finance3
MATH 582Mathematical Finance II3
MATH 586Theory and Practice of Fixed Income Modeling3
Applied Mathematics Elective Courses (3)
Select a minimum of one course from the following:3
Advanced Data Mining3
Partial Differential Equations3
Mathematical Modeling3
Stochastic Analysis3
Stochastic Dynamics3
Stochastic Partial Differential Equations3
Introduction to Time Series3
Multivariate Analysis3
Advanced Design of Experiments3
Statistical Learning3
Computational Mathematics I3
Computational Mathematics II3
Complexity of Numerical Problems3
Theory and Practice of Modeling Risk and Credit Derivatives3
Numerical Methods for Partial Differential Equations3
Meshfree Methods3
Finance Elective Courses (3)
Select a minimum of one course from the following:3
Models for Derivatives3
Term Structure Modeling and Interest Rate Derivatives3
Structured Fixed Income Portfolios3
Quantitative Investment Strategies3
Market Risk Management3
Credit Risk Management3
Time Series Analysis3
Bayesian Econometrics3
.NET and Database Management3
OOP and Algorithmic Trading Systems3
High Frequency Finance3
Equity and Equity Derivatives Trading3
Foreign Exchange Market and Fixed Income Strategies3
Additional Elective Course (3)
Select one course 13
Total Credit Hours33

One graduate level elective may be taken from outside the prescribed mathematical finance courses described above, provided that it is consistent with the Master of Mathematical Finance program objectives and has been approved by the program director prior to the student's registration.

Core Requirement

All mathematical finance students must complete the eight core classes unless they have obtained written permission from their academic adviser to substitute an alternative class for a core class.

Course Substitutions

To the extent that students have completed commensurate coursework or professional experience, substitutions to the required curriculum may be permitted, with the approval of the academic adviser.

Transfer Credit

Students may also transfer up to two classes from a graduate program at another accredited university if the student has not used the classes to satisfy the requirements for a degree at the previous university. Additional classes may be transferred with the permission of the program director.

Prerequisite Courses

Some students may be required to take prerequisite courses in mathematics, statistics, or computer programming before being admitted to a graduate course.