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

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Edith Nourse Rogers STEM Scholarship

U.S. Department of Veterans Affairs

Up to $30,000 Varies See Details
 

Edith Nourse Rogers STEM Scholarship

U.S. Department of Veterans Affairs

award

Up to $30,000

deadline

Varies
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Science Post Graduate Scholarship Fund

Native Forward Scholars Fund

Up to $30,000 June 01, 2023 See Details
 

Science Post Graduate Scholarship Fund

Native Forward Scholars Fund

award

Up to $30,000

deadline

June 01, 2023
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K-State Math Teacher Scholarship

Kansas State University - College of Education

Up to $18,000 November 01, 2023 See Details
 

K-State Math Teacher Scholarship

Kansas State University - College of Education

award

Up to $18,000

deadline

November 01, 2023
See Details
 

Alice P. Gast STEM Scholarship

Lehigh University

$12,500 Varies See Details
 

Alice P. Gast STEM Scholarship

Lehigh University

award

$12,500

deadline

Varies
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SOLV Energy Women in Solar Scholarship

Solar Energy International (SEI)

$10,000 Varies See Details
 

SOLV Energy Women in Solar Scholarship

Solar Energy International (SEI)

award

$10,000

deadline

Varies
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TMCF | PPG Foundation Scholarship

Thurgood Marshall College Fund

Up to $10,000 March 27, 2023 See Details
 

TMCF | PPG Foundation Scholarship

Thurgood Marshall College Fund

award

Up to $10,000

deadline

March 27, 2023
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Lockheed Martin STEM Scholarship

Lockheed Martin

$10,000 March 31, 2023 See Details
 

Lockheed Martin STEM Scholarship

Lockheed Martin

award

$10,000

deadline

March 31, 2023
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BMO Capital Markets Lime Connect Equity Through Education Scholarship

Lime Connect, Inc.

$10,000 April 09, 2023 See Details
 

BMO Capital Markets Lime Connect Equity Through Education Scholarship

Lime Connect, Inc.

award

$10,000

deadline

April 09, 2023
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S-Cubed Scholarship

Westminster College, Utah

$8,000 Varies See Details
 

S-Cubed Scholarship

Westminster College, Utah

award

$8,000

deadline

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Milton Rose Science Fellows Scholarship

Pfeiffer University

Up to $8,000 December 19, 2023 See Details
 

Milton Rose Science Fellows Scholarship

Pfeiffer University

award

Up to $8,000

deadline

December 19, 2023
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