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 01, 2020 See Details
 

SMART Scholarship

Department of Defense

award

Up to $38,000

deadline

December 01, 2020
See Details
 

Keynote Scholarship

National Space Club

$10,000 December 02, 2020 See Details
 

Keynote Scholarship

National Space Club

award

$10,000

deadline

December 02, 2020
See Details
 

STEM Scholarship

Avomeen Analytical Services

$2,500 April 01, 2021 See Details
 

STEM Scholarship

Avomeen Analytical Services

award

$2,500

deadline

April 01, 2021
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Regeneron Science Talent Search

Society for Science and the Public

Up to $250,000 November 12, 2020 See Details
 

Regeneron Science Talent Search

Society for Science and the Public

award

Up to $250,000

deadline

November 12, 2020
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PixelPlex STEM Scholarship

PixelPlex

$2,000 December 05, 2020 See Details
 

PixelPlex STEM Scholarship

PixelPlex

award

$2,000

deadline

December 05, 2020
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FIRST Scholarship - Robert Morris University

FIRST

$1,000 May 01, 2021 See Details
 

FIRST Scholarship - Robert Morris University

FIRST

award

$1,000

deadline

May 01, 2021
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STEM Scholarship

B&G Refrigeration

$1,000 June 30, 2021 See Details
 

STEM Scholarship

B&G Refrigeration

award

$1,000

deadline

June 30, 2021
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FIRST Scholarship - Molloy College

FIRST

$500 March 01, 2021 See Details
 

FIRST Scholarship - Molloy College

FIRST

award

$500

deadline

March 01, 2021
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Science Ambassador Scholarship

Cards Against Humanity

100% of tuition December 14, 2020 See Details
 

Science Ambassador Scholarship

Cards Against Humanity

award

100% of tuition

deadline

December 14, 2020
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SBC Scholarship

East Central University

Varies April 01, 2021 See Details
 

SBC Scholarship

East Central University

award

Varies

deadline

April 01, 2021
See Details