Financial Mathematics

Mathematical finance, also known as quantitative finance, is a field of applied mathematics, concerned with mathematical modeling of financial markets. Generally, mathematical finance will derive and extend the mathematical or numerical models without necessarily establishing a link to financial theory, taking observed market prices as input. Mathematical consistency is required, not compatibility with economic theory. Thus, for example, while a financial economist might study the structural reasons why a company may have a certain share price, a financial mathematician may take the share price as a given, and attempt to use stochastic calculus to obtain the corresponding value of derivatives of the stock (see: Valuation of options; Financial modeling; Asset pricing). The fundamental theorem of arbitrage-free pricing is one of the key theorems in mathematical finance, while the BlackÔÇôScholes equation and formula are amongst the key results.

Mathematical finance also overlaps heavily with the fields of computational finance and financial engineering. The latter focuses on applications and modeling, often by help of stochastic asset models (see: Quantitative analyst), while the former focuses, in addition to analysis, on building tools of implementation for the models. In general, there exist two separate branches of finance that require advanced quantitative techniques: derivatives pricing on the one hand, and risk- and portfolio management on the other.

French mathematician Louis Bachelier is considered the author of the first scholarly work on mathematical finance, published in 1900. But mathematical finance emerged as a discipline in the 1970s, following the work of Fischer Black, Myron Scholes and Robert Merton on option pricing theory.

Today many universities offer degree and research programs in mathematical finance.

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Matching Financial Mathematics Colleges

Tulane University of Louisiana

Four or more years; Private not for profit; $48,920 average out-state tuition; $48,920 average in-state tuition

University of Connecticut

Four or more years; Public; $34,066 average out-state tuition; $11,998 average in-state tuition

Pepperdine University

Four or more years; Private not for profit; $51,740 average out-state tuition; $51,740 average in-state tuition

Massachusetts Institute of Technology

Four or more years; Private not for profit; $49,580 average out-state tuition; $49,580 average in-state tuition

University of Chicago

Four or more years; Private not for profit; $53,292 average out-state tuition; $53,292 average in-state tuition

University of California-Los Angeles

Four or more years; Public; $39,516 average out-state tuition; $11,502 average in-state tuition

Boston University

Four or more years; Private not for profit; $50,980 average out-state tuition; $50,980 average in-state tuition

Scholarships for Financial Mathematics Majors

Bullet name award deadline Link
 

UNCF 3M Science Applied To Life Scholarship

UNCF, Inc

Up to $25,000 June 16, 2022 See Details
 

UNCF 3M Science Applied To Life Scholarship

UNCF, Inc

award

Up to $25,000

deadline

June 16, 2022
See Details
 

Science Post Graduate Scholarship Fund

American Indian Graduate Center

Up to $30,000 June 01, 2022 See Details
 

Science Post Graduate Scholarship Fund

American Indian Graduate Center

award

Up to $30,000

deadline

June 01, 2022
See Details
 

FIRST Scholarship - Bay Atlantic University

FIRST

$13,500 August 15, 2022 See Details
 

FIRST Scholarship - Bay Atlantic University

FIRST

award

$13,500

deadline

August 15, 2022
See Details
 

Joseph P. and Helen T. Cribbins Scholarship

Association of the United States Army

$10,000 July 31, 2022 See Details
 

Joseph P. and Helen T. Cribbins Scholarship

Association of the United States Army

award

$10,000

deadline

July 31, 2022
See Details
 

HBCU Sustainable Communities Initiative Scholarship Program

UNCF, Inc

$5,000 June 30, 2022 See Details
 

HBCU Sustainable Communities Initiative Scholarship Program

UNCF, Inc

award

$5,000

deadline

June 30, 2022
See Details
 

Nicholas D. Chabraja Scholarship

Association of the United States Army

$5,000 July 31, 2022 See Details
 

Nicholas D. Chabraja Scholarship

Association of the United States Army

award

$5,000

deadline

July 31, 2022
See Details
 

Liz Colantuono and Mark Sanz Scholarship

UNCF, Inc

$4,400 June 20, 2022 See Details
 

Liz Colantuono and Mark Sanz Scholarship

UNCF, Inc

award

$4,400

deadline

June 20, 2022
See Details
 

Bayer Fund STEM Scholarship

UNCF, Inc

$4,400 July 13, 2022 See Details
 

Bayer Fund STEM Scholarship

UNCF, Inc

award

$4,400

deadline

July 13, 2022
See Details
 

DFBSST Scholarship

Development Fund for Black Students in Science and Technology

Up to $3,000 June 15, 2022 See Details
 

DFBSST Scholarship

Development Fund for Black Students in Science and Technology

award

Up to $3,000

deadline

June 15, 2022
See Details
 

Olay Face the Stem Gap Scholarship

UNCF, Inc

$2,500 May 31, 2022 See Details
 

Olay Face the Stem Gap Scholarship

UNCF, Inc

award

$2,500

deadline

May 31, 2022
See Details