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.

* Description and images provided by Wikipedia under CC-BY-SA 3.0 license .

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
 

FIRST Scholarship - Bay Atlantic University

FIRST

$13,500 August 15, 2021 See Details
 

FIRST Scholarship - Bay Atlantic University

FIRST

award

$13,500

deadline

August 15, 2021
See Details
 

CodeWizardsHQ Educational Scholarship

CodeWizardsHQ

$2,500 October 01, 2021 See Details
 

CodeWizardsHQ Educational Scholarship

CodeWizardsHQ

award

$2,500

deadline

October 01, 2021
See Details
 

Women in STEM Scholarship

Dynamic Edge, Inc.

$2,000 August 15, 2021 See Details
 

Women in STEM Scholarship

Dynamic Edge, Inc.

award

$2,000

deadline

August 15, 2021
See Details
 

Regeneron Science Talent Search

Society for Science and the Public

Up to $250,000 November 10, 2021 See Details
 

Regeneron Science Talent Search

Society for Science and the Public

award

Up to $250,000

deadline

November 10, 2021
See Details
 

NSHSS Foundation STEM Scholarship

National Society of High School Scholars

$1,000 October 15, 2021 See Details
 

NSHSS Foundation STEM Scholarship

National Society of High School Scholars

award

$1,000

deadline

October 15, 2021
See Details
 

SMART (Science, Mathematics & Research for Transformation) Scholarship

University of California, Davis

Varies Varies See Details
 

SMART (Science, Mathematics & Research for Transformation) Scholarship

University of California, Davis

award

Varies

deadline

Varies
See Details
 

National Oceanic and Atmospheric Administration (NOAA), Ernest F. Hollings

University of California, Davis

Varies Varies See Details
 

National Oceanic and Atmospheric Administration (NOAA), Ernest F. Hollings

University of California, Davis

award

Varies

deadline

Varies
See Details
 

Hight School AEOP Apprenticeships

Army Educational Outreach Program (AEOP)

Varies Varies See Details
 

Hight School AEOP Apprenticeships

Army Educational Outreach Program (AEOP)

award

Varies

deadline

Varies
See Details
 

AEOP Undergraduate Apprenticeships

Army Educational Outreach Program (AEOP)

Varies Varies See Details
 

AEOP Undergraduate Apprenticeships

Army Educational Outreach Program (AEOP)

award

Varies

deadline

Varies
See Details
 

SURFO Program

University of Rhode Island - Oceanography

Varies February 21, 2022 See Details
 

SURFO Program

University of Rhode Island - Oceanography

award

Varies

deadline

February 21, 2022
See Details