The graduate certificate in Financial Mathematics program provides coverage of the core mathematical tools used in financial modeling for pricing derivative securities, hedging portfolio exposures, and risk managing. These tools are heavily used by financial practitioners for investment management and for mandated regulatory compliance.
Who would be suited to take this program?
A math-centric person interested pursuing a career in financial modeling, banking, finance, insurance, or investment management. Also, this is a program for staff of larger companies with internal financial modeling, such as those within treasury departments which trade and hedge corporate exposures in the financial markets. A related job title would be a Quantitative Analyst, alongside variations of that in the areas of: portfolio management, investment strategy development, risk modeling/managing, etc.
What are the Required Courses?
|MATH 605||Stochastic Calculus||3|
|MATH 604||Mathematical Finance *||3|
|Select two of the following:||6|
|Term Structure Models|
|Credit Risk Models *|
|Partial Differential Equations for Finance|
|Time Series Analysis|
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What will I learn?
Stochastic Calculus - introduces the continuous time analytical methods and models which lie at the heart of quantitative finance.
Mathematical Finance - discusses the mathematical structure of arbitrage free pricing of financial derivative securities in market models.
Term Structure Models - presents the standard industry models for interest rates and explores the hurdles encountered in practical implementation.
Credit Risk Models - examine the mathematical models and consequent pricing methods for credit risk measurement and rating.
Partial Differential Equations - presents classical material on pde’s, with an explicit focus on the pde’s arising in the study of stochastic processes and finance.
Time Series Analysis - introduces the standard models for analyzing time series in financial applications, including the ARIMA and GARCH classes.
Why study Financial Mathematics at NJIT?
The graduate certificate in Financial Mathematics provides students with the theoretical knowledge as well as the practical methods and skills needed to begin or enhance careers as quantitative analysts in the financial industry. Because of the evolving nature of financial markets and institutions, practitioners in this field must be ready to learn new ideas and methods across a broad range of disciplines including mathematics, statistics, computational science, finance, and economics. The program aims to provide the multidisciplinary foundations preparing quantitative analysts for this life-long development of skills and understanding.
A minimum of a 2.8 in related coursework during a completed Bachelor's degree. Students should have a mathematical background equivalent to that of a typical undergraduate major in the engineering, physical, or mathematical sciences.
The Graduate Certificate in Financial Mathematics program relates directly to the NJIT MS in Mathematical and Computational Finance.
Faculty Advisor: Andrew Pole