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

SMART Scholarship

Department of Defense

Up to $38,000 December 03, 2019 See Details

SMART Scholarship

Department of Defense

award

Up to $38,000

deadline

December 03, 2019
See Details

Keynote Scholarship

National Space Club

$10,000 December 02, 2019 See Details

Keynote Scholarship

National Space Club

award

$10,000

deadline

December 02, 2019
See Details

Lisa Kaminski Memorial Scholarship

Pay It Forward Cincinnati

$2,500 January 15, 2020 See Details

Lisa Kaminski Memorial Scholarship

Pay It Forward Cincinnati

award

$2,500

deadline

January 15, 2020
See Details

Hans P. Loewen Scholarship

American Nuclear Society

$2,000 February 01, 2020 See Details

Hans P. Loewen Scholarship

American Nuclear Society

award

$2,000

deadline

February 01, 2020
See Details

Influenster Women in STEM Scholarship

Influenster

$1,000 November 22, 2019 See Details

Influenster Women in STEM Scholarship

Influenster

award

$1,000

deadline

November 22, 2019
See Details

Women in STEM Study.com Scholarship

Study.com

$500 April 01, 2020 See Details

Women in STEM Study.com Scholarship

Study.com

award

$500

deadline

April 01, 2020
See Details

THINK Scholars Program

MIT THINK Scholars Program

Up to $500 January 01, 2020 See Details

THINK Scholars Program

MIT THINK Scholars Program

award

Up to $500

deadline

January 01, 2020
See Details

The Boeing Company Scholarship

Antelope Valley College

Varies Varies See Details

The Boeing Company Scholarship

Antelope Valley College

award

Varies

deadline

Varies
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Dr. Fenggang Zhang Math Scholarship Endowment

Antelope Valley College

Varies Varies See Details

Dr. Fenggang Zhang Math Scholarship Endowment

Antelope Valley College

award

Varies

deadline

Varies
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David P. Cooley Memorial Scholarship

Antelope Valley College

Varies Varies See Details

David P. Cooley Memorial Scholarship

Antelope Valley College

award

Varies

deadline

Varies
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