NJIT - Undergraduate Programs: Mathematics of Finance and Actuarial Science

Mathematics of Finance and Actuarial Science

Administered By: Department of Mathematical Sciences

mathematics

4
s1	*	Joint appointment with Department of Biomedical Engineering
s2	**	Joint appointment with the Department of Information Systems
s3	***	Joint appointment with the Federated Department of Biological Sciences
s4	****	Joint appointment with the Department of Electrical and Computer Engineering

Administration

Chair

Ahluwali

Associate Chair.

depapa

Associate Chair Undergraduate Program

michalop

Director, Graduate Studies

kondic

Director Statistics Program

bhattach

Departmental Coordinator

gulati

Administration

Chair	Daljit S. Ahluwalia
Associate Chair.	Demetrius Papageorgiou
Associate Chair Undergraduate Program	Zoi-heleni Michalopoulou
Director, Graduate Studies	Lou Kondic
Director Statistics Program	Manish Bhattacharjee
Departmental Coordinator	Padma Gulati

Faculty

Foundation Chair

grkrie

Distinguished Professors

grkrie,miura[s1]

Professors

ahluwali,andrushk,bhattach,blackmor,bose,deek[s2], lacker[s1],levy,lukej,milojevi,depapa,perez,michalop[s4],misieg,farzan[s3]

Associate Professors

bechtold,booty,bukiet,chase,wychoi,dhar,dios,golowasc[s3],horntrop,kappraff,katzen,kondic,lieb,peterp,plastock,sran,sundars,xwang,muratov

Assistant Professors

boubendi,goodman,peterg,jiang,matveev,rmoore,tao,yyoung

Special Lecturers

Jain,Rappapor,Ratnaswa,venkates

Lecturers

abdel, hunter, mohebbi, zaleski

Post Doctoral Fellows

rbarros,sbm4,zorych,abg3

Research Professors

Booth,Thomas Erneux,elmer, Georgiev,kj22, Roberto Mauri,dalc,Jean Vanden-Broeck,raymond

Faculty

Foundation Chair	Gregory A. Kriegsmann
Distinguished Professors	Gregory A. Kriegsmann, Robert M. Miura ^*
Professors	Daljit S. Ahluwalia, Roman I. Andrushkiw, Manish Bhattacharjee, Denis L. Blackmore, Amitabha K. Bose, Fadi Deek ^** , H M. Lacker ^* , Dorothy Levy, Jonathan H. Luke, Petronije Milojevic, Demetrius Papageorgiou, Manuel Perez, Zoi-heleni Michalopoulou ^** , Michael S. Siegel, Farzan Nadim ^*
Associate Professors	John K. Bechtold, Michael R. Booty, Bruce G. Bukiet, Hamilton A. Chase, Wooyoung Choi, Sunil K. Dhar, Rose Dios, Jorge P. Golowasch ^*** , David J. Horntrop, Jay M. Kappraff, Martin Katzen, Lou Kondic, Murray I. Lieb, Peter G. Petropoulos, Roy A. Plastock, Kewal S. Sran, Sundarraman Subramanian, Sheldon Wang, Cyrill B. Muratov
Assistant Professors	Yassine Boubendir, Roy H. Goodman, Peter Gordon, Shidong Jiang, Victor V. Matveev, Richard O. Moore, Louis Tao, Yuan-nan Young
Special Lecturers	Aridaman K. Jain, Karen D. Rappaport, Jeyakumaran Ratnaswamy, Venkatasubraman Venkateswaran
Lecturers	Soha R. Abdeljaber, John Hunter, Soroosh Mohebbi Forushani, Joseph Zaleski
Post Doctoral Fellows	Ricardo A. Lopes barros, Stefan B. Maehlmann, Ivan Zorych, Arnaud B. Goullet
Research Professors	Booth, Thomas Erneux, Christopher E. Elmer, Georgiev, Kenneth A. Johnson, Roberto Mauri, dalc, Jean Vanden-Broeck, Christopher S. Raymond

* Joint appointment with Department of Biomedical Engineering

** Joint appointment with the Department of Information Systems

*** Joint appointment with the Federated Department of Biological Sciences

**** Joint appointment with the Department of Electrical and Computer Engineering

Administered By: Department of Mathematical Sciences, Cullimore Hall, Room 606

The undergraduate program in Mathematical Sciences with an option in Mathematics of Finance and Actuarial Science prepares students for the application of mathematics to financial management, market transactions, business analysis, investments, insurance and pensions. NJIT's Department of Mathematical Sciences is one of the few departments in New Jersey with a strong program in Mathematics of Finance and Actuarial Science.

Majors: The undergraduate curriculum provides students with training in a broad range of mathematical techniques and problem solving strategies. Students learn about the many facets of financial analysis through courses in Mathematics, Accounting, Economics, and Finance. A strong background in Computers and Scientific Computing make our students an even greater asset to the industry.

Double Majors: Students may earn a second major in addition to their primary major in Mathematical Sciences with an option in Mathematics of Finance and Actuarial Science. Two of the most popular double majors with the Mathematical Sciences major are the Computer Science (B.S.) major and the Biology (B.S.) major. Completion is usually feasible within four years of full-time study.

Contact the Department of Mathematical Sciences for a list of appropriate courses to complete a double major with the major in Mathematical Sciences with an option in Mathematics of Finance and Actuarial Science. For general rules about double majors, see Degree Options in the Academic Policies and Procedures section of this catalog.

Curriculum: The curriculum described below is for students who entered NJIT in the Fall of 2002 or later. Students who entered NJIT before that date have been moved into this new program and should consult their faculty advisor in the Department of Mathematical Sciences if they have any questions regarding this new curriculum.

B.S. in Mathematical Sciences with option in Mathematics of Finance and Acturial Science

129 credits minimum

B.S. in Mathematical Sciences with option in Mathematics of Finance and Acturial Science (129 credits minimum)

FIRST YEAR
1st Semester: (15 credits) math111,cs115,cs115a,hum101,phys111,phys111a,frshsem,{Elective;Physical Education:GUR;0-1-1}

		Math 111	Calculus I (4-1-4)
		CS 115	Intro. to CS I in C++ (3-0-3)
		CS 115A	Computer Science I Lab/C++ (0-1.5-0)
		HUM 101	English Composition: Writing, Speaking, Thinking I (3-0-3)
		Phys 111	Physics I (3-0-3)
		Phys 111A	Physics I Laboratory (0-2-1)
		Frsh Sem	Freshman Seminar (1-0-0)
		Elective	(Physical Education:GUR) (0-1-1)

2nd Semester: (17 credits) math112,acct115,eps202,phys121,phys121a,{Elective;Communication/Cultural History:GUR;3-0-3}

		Math 112	Calculus II (4-1-4)
		Acct 115	Principles of Accounting I (3-0-3)
		EPS 202	Society, Technology, and the Environment (3-0-3)
		Phys 121	Physics II (3-0-3)
		Phys 121A	Physics II Laboratory (0-2-1)
		Elective	(Communication/Cultural History:GUR) (3-0-3)

SECOND YEAR:
1st Semester: (17 credits)

math213,math226,math244,econ265,{Elective;Cultural History:GUR;3-0-3}

		Math 213	Calculus III B (4-0-4)
		Math 226	Discrete Analysis (4-0-4)
		Math 244	Introduction to Probability Theory (3-0-3)
		Econ 265	Microeconomics (3-0-3)
		Elective	(Cultural History:GUR) (3-0-3)

2nd Semester: (17 credits) math222,math340,math337,math341,econ266,{Elective;Physical Education:GUR;0-1-1}

		Math 222	Differential Equations (4-0-4)
		Math 340	Applied Numerical Methods (3-0-3)
		Math 337	Linear Algebra (3-0-3)
		Math 341	Introduction to Statistics (3-0-3)
		Econ 266	Macroeconomics (3-0-3)
		Elective	(Physical Education:GUR) (0-1-1)

THIRD YEAR:
1st Semester: (18 credits)

math447,math346,math345,fin315,{Elective;Humanities and Social Sciences Upper Level Elective:GUR;3-0-3},{Elective;Lit/Hist/Phil/STS:GUR;3-0-3}

		Math 447	Applied Time Series Analysis (3-0-3)
		Math 346	Mathematics of Finance I (3-0-3)
		Math 345	Multivariate Distributions (3-0-3)
		Fin 315	Fundamentals of Corporate Management (3-0-3)
		Elective	(Humanities and Social Sciences Upper Level Elective:GUR) (3-0-3)
		Elective	(Lit/Hist/Phil/STS:GUR) (3-0-3)

2nd Semester: (15 credits) math331,math344,math347,{Elective;Senior Seminar-Humanities and Social Science:GUR;3-0-3},{Elective;Management:GUR;3-0-3}

		Math 331	Introduction to Partial Differential Equations (3-0-3)
		Math 344	Regression Analysis (3-0-3)
		Math 347	Mathematics of Finance II (3-0-3)
		Elective	(Senior Seminar-Humanities and Social Science:GUR) (3-0-3)
		Elective	(Management:GUR) (3-0-3)

FOURTH YEAR:
1st Semester: (16 Credits)

{Elective;Mathematics 400+:3-0-3},math432,{fin416|R390:330},{Elective;Option Elective-Math 440, 441, 442, 480, 481, Fin 401, 402, 422, 423;3-0-3},{Elective;Free;3-0-3}

		Elective	(Mathematics 400+:3-0-3)
		Math 432	Mathematics of Financial Derivatives I (3-0-3)
		Fin 416	Advanced Corporate Finance (3-0-3) or
		R390:330	Corporate Finance (3)
		Elective	(Option Elective-Math 440, 441, 442, 480, 481, Fin 401, 402, 422, 423) (3-0-3)
		Elective	(Free) (3-0-3)

2nd Semester: (15 credits) math477,math 448,math433,{Elective;Option Elective-Math 440, 441, 442, 480, 481, Fin 401, 402, 422, 423;3-0-3},{Elective;Free;3-0-3}

		Math 477	Stochastic Processes (3-0-3)
		MATH 448
		Math 433	Mathematics of Financial Derivatives II (3-0-3)
		Elective	(Option Elective-Math 440, 441, 442, 480, 481, Fin 401, 402, 422, 423) (3-0-3)
		Elective	(Free) (3-0-3)

General University Requirements and Electives

All students are required to satisfy the General University Requirements (GUR). All GUR courses and additional mathematics, technical, and free electives are to be selected in consultation with a faculty advisor in the Department of Mathematical Sciences. Refer to the General University Requirements section of this catalog for further information on electives.

Engineering Technology GUR (6 credits): Two courses selected from among the following: any lower division or upper division courses in engineering (including EG, FED, and Mech courses); any upper division courses in architecture, computer science, or engineering technology, or MIS 345 .

Management GUR: Students take IE 492 or Mgmt 390

Physical Education GUR: Students who register as full-time undergraduates for two or more consecutive semesters must take two PE courses, one of which must be a 100-level fitness core course. Students are urged to complete the requirement as soon as possible.

Basic Social Sciences GUR: Three credits of the basic social sciences requirement must be taken in economics; acceptable courses are SS 201,Econ 265, or Econ 266 . The remaining 3 credits may be satisfied by HSS 202,STS 257, or STS 258 . Students also may take approved introductory courses in basic social sciences at Rutgers-Newark to fulfill this requirement.

Cultural History GUR: Take two courses (6 credits) from among HSS 211,HSS 212 ,HSS 213, and 200-level history courses at Rutgers-Newark.

Lit/Hist/Phil/STS GUR: Students must take one 300-level course from any of the following fields: literature; history; philosophy; or science, technology, and society (STS); or an approved 300-level course at Rutgers-Newark.

Open Elective in Humanities and Social Science GUR: Students must take one 300-level course from any of the following fields: English (Eng); history (Hist); literature (Lit); philosophy (Phil); science, technology, and society (STS); social science (SS); or theater (Thtr). Students also may satisfy this requirement with Architectural History IV (Arch 382) or by taking an approved 300-level course at Rutgers-Newark.

Capstone Seminar in Humanities and Social Science GUR: All students, except those enrolled in the honors college, take one of the following: HSS 403,HSS 404,HSS 405,HSS 406,HSS 407,HSS 408,HSS 409.Students enrolled in the honors college take one from HSS 491H-499H .

Electives

Mathematics, Technical, and Free Electives: Any mathematics course numbered 331 or above may be used as a mathematics, technical, or free elective. Any NJIT course at or above the 100 level may be used as a technical or free elective; except a technical elective is a course that has a significant mathematical and/or scientific content. All elective courses are to be chosen in consultation with a faculty advisor in the Department of Mathematical Sciences.

Co-op Courses
In Mathematical Sciences, the co-op courses, Math 310 and Math 410, bear degree credit and count as technical or free electives, subject to approval by a faculty advisor in the Department of Mathematical Sciences.

Catalog and curricula information approved by the relevant academic department.