Boston University: Masters of Arts in Mathematical Finance Program


Degrees Awarded and Program Duration
The full-time option allows students to complete the M.A. degree in fewer than 11 months (10 courses over 3 semesters, starting early July). In the part-time option, the degree can be earned within 2 years.

Program Size
Currently 30 students are enrolled. The 7 faculty members in the program are: Jerome Detemple, Marvin Freedman, Paolo Guasoni, Konstantinos Kardaras, Andrew Lyasoff (Director), Murad Taqqu, Tanya Zlateva.

Contact Information

Ms. Lois Solomon
Boston University
Mathematical Finance Program
143 Bay State Road, 4th Floor
Boston, MA 02215
Phone: + 1 (617) 353-0943
E-mail: mathfn@bu.edu
Website: www.bu.edu/mathfn

In brief, the field of study can be described as Finance that is mathematical — not a set of computational, statistical and programming techniques that have relevance to Finance. The course curriculum is built around the crux of concepts that led to the development of the Black and Scholes option pricing method and have grown into powerful methods for risk analysis, pricing of exotic securities, fixed income market models, optimal consumption, assets management, corporate investment/acquisition decisions. In addition, students gain knowledge in stochastic calculus, dynamic programming, advanced numerical and simulation techniques. The program is hosted by the Dept. of Mathematics and Statistics and is coordinated by the Dept. of Economics and the Graduate School of Management.

Typical Graduate Career Paths
Graduates of the program are prepared to seek employment in investment banking and with financial services firms, insurance companies, software companies, and government agencies. Some of the companies/organizations that have hired graduates of the program are AlphaSimplex, Arrowstreet Capital, L.P., Banco de México, Bank of America, Bloomberg, L.P., Blue Cross Blue Shield of Massachusetts, Calyon, Citigroup, Credit Lyonnaise, Credit Suisse Asset Management, Council of Economic Advisers (Executive Office of the President, The White House), Deutsche Bank, Fidelity, Fleet, GE Money Thailand, Goldman Sachs, House Ways and Means Committee (U.S. Government), JPMorgan Chase, Manulife Financial/John Hancock, Kasikorn Bank, Morningstar, Inc., Murex, NERA Economic Consulting, Nuveen Investments, PCA Securities Investment Trust Co., Polaris Securities Co. Ltd., Putnam Investments, Recon Capital, Standard Chartered Bank, State Street Associates, State Street Global Advisors, SunGard Trading and Risk Systems, Sun Life Financial, and Wellington Management.

Prerequisites and Entry Process
The program’s prerequisites are 4 semesters of college-level calculus, linear algebra, differential equations, and basic computer programming skills. One semester of Real Analysis, Partial Differential equations and/or Finance is strongly recommended. Applicants should have a high GPA and a GRE General Test score (quantitative section) in the mid or upper 700’s. Three academic letters of recommendation and a personal statement are required. The letters should specifically address an applicant’s ability to do highly quantitative and analytical coursework. Applicants with an undergraduate degree in the mathematical and physical sciences tend to be better prepared than those with non-technical backgrounds. Interested candidates should submit an application for admission to the Graduate School of Arts and Sciences.

Associated Programs
A Certificate in Mathematical Finance may be earned by students who pass at graduate level five specific courses from the M.A. in Mathematical Finance Program. The certificate program should appeal to professionals who do not need a degree in mathematical finance, but would like to acquire some core knowledge in this field or enhance their own knowledge base.

Program’s Unique Features
The course curriculum is not only relevant and current, but is also coherent, consistent and efficient -- all courses in the program were developed specifically for the purpose of graduate education in Mathematical Finance. The courses are simultaneously very theoretical and very practical (down to the actual computer code). Students have an opportunity to apply for part-time internships. The program maintains a close working relationship with several financial services and mathematical software engineering firms. Students in the program have exclusive access to the Mathematical Finance Computer Lab and Library.

Other Information
The program is equally suitable for students who have just finished their undergraduate education or for practitioners with some experience in the financial industry. Students currently enrolled have diverse cultural and educational backgrounds.