# 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 Black–Scholes 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

 University of Connecticut Four or more years; Public; \$37,698 average out-state tuition; \$15,030 average in-state tuition University of Chicago Four or more years; Private not for profit; \$59,256 average out-state tuition; \$59,256 average in-state tuition Clark University Four or more years; Private not for profit; \$49,950 average out-state tuition; \$49,950 average in-state tuition Stevens Institute of Technology Four or more years; Private not for profit; \$54,780 average out-state tuition; \$54,780 average in-state tuition University of California-San Diego Four or more years; Public; \$41,196 average out-state tuition; \$11,442 average in-state tuition Vanderbilt University Four or more years; Private not for profit; \$54,840 average out-state tuition; \$54,840 average in-state tuition The University of Texas at Dallas Four or more years; Public; \$39,776 average out-state tuition; \$14,564 average in-state tuition

## Scholarships for Financial Mathematics Majors

Bullet name award deadline Link

### Edith Nourse Rogers STEM Scholarship

U.S. Department of Veterans Affairs

Up to \$30,000 Varies

### Edith Nourse Rogers STEM Scholarship

U.S. Department of Veterans Affairs

award

Up to \$30,000

deadline

Varies

### Big Bang Theory Graduate Fellowship-PAID

University of California-Los Angeles (UCLA)

\$20,000 May 01, 2024

### Big Bang Theory Graduate Fellowship-PAID

University of California-Los Angeles (UCLA)

award

\$20,000

deadline

May 01, 2024

### K-State Math Teacher Scholarship

Kansas State University - College of Education

Up to \$18,000 Varies

### K-State Math Teacher Scholarship

Kansas State University - College of Education

award

Up to \$18,000

deadline

Varies

### SEI Native American Education Scholarship

Solar Energy International (SEI)

\$10,000 Varies

### SEI Native American Education Scholarship

Solar Energy International (SEI)

award

\$10,000

deadline

Varies

### SEI Energy Women in Solar Scholarship

Solar Energy International (SEI)

\$10,000 Varies

### SEI Energy Women in Solar Scholarship

Solar Energy International (SEI)

award

\$10,000

deadline

Varies

### EAGLES Scholarship - PSU

Portland State University

\$10,000 Varies

### EAGLES Scholarship - PSU

Portland State University

award

\$10,000

deadline

Varies

### Joseph P. and Helen T. Cribbins Scholarship

Association of the United States Army

\$10,000 May 13, 2024

### Joseph P. and Helen T. Cribbins Scholarship

Association of the United States Army

award

\$10,000

deadline

May 13, 2024

### Veterans and Family Scholarship

For A Bright Future Foundation

Up to \$10,000 May 31, 2024

### Veterans and Family Scholarship

For A Bright Future Foundation

award

Up to \$10,000

deadline

May 31, 2024

### S-Cubed Scholarship

Westminster College, Utah

\$8,000 Varies

### S-Cubed Scholarship

Westminster College, Utah

award

\$8,000

deadline

Varies

### Bannan Scholarship

Seattle University

\$6,000 May 10, 2024

### Bannan Scholarship

Seattle University

award

\$6,000

deadline

May 10, 2024