Master of Science Curriculum
The MS in Financial Mathematics is a twoyear degree involving coursework from the Mathematics, Statistics, and Scientific Computing Departments, and available electives from Economics, Finance, and Computer Science. Students participate in a weekly Proseminar during the first year,
and in the final semester students may complete an individual project as a capstone experience. A summer internship experience is encouraged.
For a list of past sample course descriptions, see our course description page. See below for some sample course schedules.
There are four track options within the twoyear MS program:

Financial Mathematics, Quantitative Finance track (PhD preparation option)
This option prepares PhD intenders for further PhD study. (more)

Financial Mathematics, Quantitative Finance track (terminal MS option)
The quantitative finance track gives a general mathematical background for work in investments and trading. (more)

Financial Mathematics, Actuarial Science track
The actuarial science track focuses on preparation for an Actuarial career. (more) Qualified MS students in this track are eligible for special Actuarial Teaching Assistantships. See the support page.

Financial Mathematics joint degree with Juris Master of Law
This joint degree program leads to simultaneous awarding of the M.S. in Financial Math and the J.M. in Law.
All four tracks require 33 letter graded hours (11 courses) plus 2 S/U graded Proseminar hours, including the following required Common Core courses:
Common Core Courses
 MAP 5601 Introduction to Financial Mathematics, 3 hrs, Spring
 MAP 6621 Financial Engineering I, 3 hrs, Fall
 MAP 5615 Monte Carlo Methods in Financial Mathematics, 3 hrs, Spring
 MAT 5939r Financial Mathematics Proseminar, 1 hour in Fall, Spring of First Year for a total of 2 hours.
Financial Mathematics, Quantitative Finance track (PhD preparation option)
To complete the degree, students take the Common Core courses above, plus the following courses,
 MAD54034 Foundations of Computational Math, III, 3 hrs each, Fall and Spring
 MAA 5406/MAA 5616, Analysis Qualifier Sequence, 3 hrs each, Fall and Spring
 ECO 5281 Financial Economics I, 3 hrs, Spring
 MAA56XX Stochastic Analysis, 3 hrs, Fall
and two additional approved elective courses.
Financial Mathematics, Quantitative Finance track (terminal MS option)
To complete the degree, students take the Common Core courses above, plus the following courses:
 MAD 5403 Foundations of Computational Mathematics I, Fall OR MAP5611 Intro to Computational Finance, Spring, 3 hrs
 ISC 5305 Scientific Programming, 3 hrs, Fall
 ECO 5281 Financial Economics I, 3 hrs, Spring
 STA 5326 Distribution Theory and Inference, 3 hrs, Fall
and four additional approved elective courses.
Financial Mathematics, Actuarial Science track
Applicants should indicate an interest in this track at the time of the application. Students in this track will take the Common Core courses above, plus the following courses:
 MAP5611 Intro to Computational Finance, Spring, 3 hrs
 ISC 5305 Scientific Programming, 3 hrs, Fall
 MAP 5932 Short Term Actuarial Math I, 3 hrs, Spring
 MAP 5932 Short Term Actuarial Math II, 3 hrs, Fall
 MAP 5177 Actuarial Models, 3 hrs, Fall
 MAP 5178 Advanced Actuarial Models, 3 hrs, Spring
and two additional approved electives. Students may take two additional actuarial seminars in the first year. Typically, to maximize preparation for Actuarial exams, students in this track select as their electives STA 5207 Applied Regression Methods, and STA 5856 Time Series and Forecasting.
(More information regarding actuarial science options after a bachelor's degree can be found here.)
Financial Mathematics and Juris Master joint degree track
See the MSJM joint degree page for more information.
Approved electives offered by the department of Mathematics
Consult the Coordinator of the Financial Math MS program if you want to take a course that is not announced or listed here. ( = Qualifier courses)

Number 
Title 
Term 
Area 

MAA 5616 
Measure & Integration I 
Spring 
Analysis 

MAA 5617 
Measure & Integration II 
Fall 
Analysis 

MAA 6416 
Topics in Stochastic Calculus 
Spring  Odd years 
Analysis 

MAA 5406 
Complex Analysis I 
Fall 
Analysis 

MAA 5407 
Complex Analysis II 
Spring 
Analysis 

MAP 5207 
Optimization 
Spring 
Analysis 






MAD 5403 
Foundations of Computational Mathematics I 
Fall 
Computational Mathematics 

MAD 5404 
Foundations of Computational Mathematics II 
Spring 
Computational Mathematics 

MAD 5738 
Numerical PDE 
Fall 
Computational Mathematics 

MAD 5420 
Numerical Optimization 
Fall 
Computational Mathematics 

MAD 5932 
Numerical Linear Algebra 
Fall 
Computational Mathematics 






MAP 5345 
Elementary PDE I 
Fall 
Differential Equations 

MAP 5346 
Elementary PDE II 
Spring 
Differential Equations 

MAP 5932 
Stochastic Differential Equations 
Fall 
Differential Equations 

MAP 6XXX 
Financial Engineering II 
Fall 
Financial Mathematics 






MAT 5945r 
Internship in Financial Mathematics 
Summer 
Internship & Seminar 

MAP 6939r 
Research Seminar in Financial Mathematics 
F / S 
Internship & Seminar 
Approved electives offered by collaborating departments

Number 
Title 
Term 
Department 

CAP 5638 
Pattern Recognition 
F / S 
Computer Science 

ISC 5318 
High Performance Computing 
Fall 
Computer Science 






ECO 5204 
Macroeconomic Theory I 
Fall 
Economics 

ECO 5282 
Financial Economics II 
Fall 
Economics 

ECO 5715 
International Finance 
Fall 
Economics 

ECO 5416 
Econometrics I 
various 
Economics 

ECO 5423 
Econometrics II 
various  but not also STA 5167 
Economics 

ECO 5408 
Computational Economics I 
Fall 
Economics 

ECO 5428 
Time Series Analysis 
Summer 
Economics 






FIN 5515 
Investment Management and Analysis 
Fall 
Finance 

FIN 5935 
Financial Derivatives and Risk Management 
Spring 
Finance 






STA 5167 
Statistics in Applications II 
Spring 
Statistics 

STA 5207 
Applied Regression Methods 
Fall 
Statistics 

STA 5327 
Statistical Inference 
Spring 
Statistics 

STA 5635 
Applied Machine Learning 
Fall 
Statistics 

STA 5807 
Topics in Stochastic Processes 

Statistics 

STA 5856 
Time Series and Forecasting Methods 
Spring 
Statistics 
M.S. Sample Schedules  students entering 2016 or later
Financial Mathematics
Here are typical schedules leading to the MS degree. Each student's actual schedule is planned individually with the Director or Coordinator.
= PhD qualifier course; = Elective course option
Schedule A: A typical schedule for PhD students.
1st Fall 
1st Spring 
Summer 
2nd Fall 
2nd Spring 
MAD5403 Foundations of Computational Math, I 
MAD5404 Foundations of Computational Math, II 

MAP6621 Financial Engineering I 
MAP6XXX Financial Engineering II 
MAP5601 Intro to Financial Mathematics 
ECO5281 Financial Economics 
elective or optional approved internship 
MAA5617 Measure and Integration II, OR STA5326 Distribution Theory and Inference 
MAP5615 Monte Carlo in Financial Math 
MAA5406 Complex Analysis, I 
MAA5616 Measure and Integration, I 

MAA56XX Stochastic Analysis 
Elective 
MAT5939 Financial Math Proseminar 
MAT5939 Financial Math Proseminar 



Schedule B: A sample schedule for MS students.
1st Fall 
1st Spring 
Summer 
2nd Fall 
2nd Spring 
MAP5601 Intro to Financial Mathematics 
MAP5611 Intro to Computational Finance 

MAP6621 Financial Engineering I 
MAP6XXX Financial Engineering II 
ISC 5305 Scientific Programming 
ECO5281 Financial Economics 
elective or optional approved internship 
FIN5515 Investment Management and Analysis 
MAP5615 Monte Carlo in Financial Math 
STA5326 Distribution Theory and Inference 
STA5167 Statistics in Applications II 

Elective 
MAP6437 Financial Mathematics Projects 
MAT5939 Financial Math Proseminar 
MAT5939 Financial Math Proseminar 



Schedule C: A typical schedule for the Actuarial Science Track.
1st Fall 
1st Spring 
Summer 
2nd Fall 
2nd Spring 
MAP5601 Intro to Financial Mathematics 
MAP 5932 Short Term Actuarial Math I 

MAP 5932 Short Term Actuarial Math II 
MAP6437 Financial Math Projects 
ISC 5305 Scientific Programming 
MAP5611 Intro to Computational Finance 
optional approved internship 
MAP6621 Financial Engineering 
MAP 5615 Monte Carlo in Financial Math 
STA 5207 Applied Regression Methods 
STA 5856 Time Series and Forecasting Methods 

MAP 5177 Actuarial Models 
MAP 5178 Advanced Actuarial Models 
MAT 5939 Financial Math Proseminar 
MAT 5939 Financial Math Proseminar 



Actuarial PSeminar 
Actuarial FMSeminar 



Last Revised 12/19/2017