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Mathematical Finance, M.Sc.

  • Application Deadline
  • 18 months
    Duration
University rank #201 (WUR) Miami, FL, United States
The students in the program receive a rigorous training in mathematics, especially in the area of probability and stochastic calculus, in statistical analysis, and in computation, together with an overview of the institutional operation of financial markets and exchanges. 

Overview

The Master of Science in Mathematical Finance program is dedicated to producing technically trained professionals with an understanding of how to analyze and value complex investments, and assess the associated risks. Over the course of three semesters of study, the students receive a rigorous training in mathematics, especially in the area of probability and stochastic calculus, in statistical analysis, and in computation, together with an overview of the common financial instruments and the institutional operation of markets and exchanges.

The financial landscape is constantly changing, and we design the MSMF curriculum to equip students with skills and knowledge that will provide the foundation for their future success. Our program seeks the proper balance between the mathematical and statistical theory, programming practice and financial applications.

The finance industry is one of the largest employers of mathematically trained professionals in the world. One can find the quantitative analysts ("quants") not only in investment banks and central banks but also in associated software companies, hedge funds, broker-dealer firms, insurance companies and the finance departments of large corporations. The common language of modern financial markets is mathematics and those who work in this field have the opportunity for challenging and well-rewarded careers. Increasingly, a Master's degree is regarded as a prerequisite qualification to work in the industry.

Programme Structure

Courses include:

  • Statistical Analysis
  • Statistical Analysis II with Financial Applications
  • Optimization Methods
  • Introduction to Mathematical Finance
  • Stochastic Calculus with Applications to Finance
  • Computational Methods of Finance
  • Financial Investments
  • Advanced Topics in Investments
  • Introduction to Parallel Computing
  • Introduction to Artificial Intelligence
  • Machine Learning
  • Neural Networks

For more information, please visit the programme website.

Detailed Programme Facts

  • Programme intensity Full-time
    • Full-time duration 18 months
  • Credits
    34 alternative credits
  • Languages
    • English
  • Delivery mode
    On Campus

English Language Requirements

  • Minimum required score:

    6.5

    The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

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  • Minimum required score:

    92

    The TOEFL iBT ® measures your English-language abilities in an academic setting. The test has four sections (reading, listening, speaking, and writing), each with a score range of 0-30, for a total score range of 0-120. Read more about TOEFL iBT ®.

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  • Minimum required score:

    580

    The TOEFL®PBT is administered in a paper format and measures your ability to use and understand English in a classroom setting at the college or university level. It accurately measures how well you can listen, read and write in English while performing academic tasks. Read more about TOEFL®PBT.

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Academic Requirements

  • The University of Miami requires a minimum score of 297 (total of verbal + quantitative) for acceptance into any Graduate School program.

    This programme accepts GRE® scores and has provided a recommended score range.

    Recommended Analytical Writing score:

    3.5

    The recommended range represents scores typically accepted at this institution. Scores outside the range may still be considered.

    Schedule GRE®

    The GRE® General Test is a widely administered admissions test that measures the skills needed in today's graduate and business school programs worldwide. The GRE® General Test contains three sections - Verbal Reasoning, Quantitative Reasoning, and Analytical Writing. Three scores are reported: a Verbal Reasoning score on a 130 - 170 score scale in one-point increments, a Quantitative Reasoning score on a 130 - 170 score scale in one-point increments, and an Analytical Writing score on a 0 - 6 score scale in half-point increments.

General Requirements

  • Complete an online application
  • Pay application fee as part of your online application (currently $85)
  • Provide official GRE scores. Note that the GRE scores can be at most 5 year old
  • Provide official TOEFL score, if your native language is not English 
  • Provide 2 letters of reference
  • Provide a resume with exact dates of employment (note: work experience is NOT required for MSMF)
  • Provide official transcripts from all undergraduate institutions attended
  • Provide a purpose statement: In 300 words or less, describe your area of interest and what your goals are upon completion of the MSMF program

Tuition Fee

  • International

    1960 USD/credit
    Tuition Fee
    Based on the original amount of 1960 USD per credit and a duration of 18 months.
  • National

    1960 USD/credit
    Tuition Fee
    Based on the original amount of 1960 USD per credit and a duration of 18 months.
We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

Living costs for Miami

  • 1508 - 2610 USD/month
    Living Costs

The living costs include the total expenses per month, covering accommodation, public transportation, utilities (electricity, internet), books and groceries.

Funding

Studyportals Tip: Students can search online for independent or external scholarships that can help fund their studies. Check the scholarships to see whether you are eligible to apply. Many scholarships are either merit-based or needs-based.

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