Master of Science in Mathematical Finance
Over the course of three semesters of study, the students in the program receive 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. Courses cover a broad array of topics that prepare students to enter the worlds of finance, risk management, and financial computing.
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 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 MSMF program is administered by the Department of Mathematics in consultation with a Program Steering Committee.
Our Program Offers:
- Comprehensive curriculum. Courses cover a broad array of topics that prepare students to enter the worlds of finance, risk management, and financial computing. We seek to integrate theory, methods, and computations in our curriculum.
- Adaptability. We keep our class sizes small, so we can devote individual attention to each MSMF student. We also offer the opportunity to tailor the program with a wide selection of elective courses in Finance, Mathematics, and Computer Science.
- Ties to the industry. As the top-ranked university in Florida, the University of Miami is highly regarded by the Florida financial community. We provide a window to the finance industry including seminars on trends and relevant topics.
- Location. We are located just minutes from downtown Miami, a global city tightly integrated into the financial systems of both North and South America. South Florida is home to a large and diverse financial community.
In addition to the 22 credits of the core courses, the program requires at least 12 credits of Mathematics, Computer Science and Finance electives. The program is structured to be completed in three semesters of study.
Note: The students may be admitted to the program with only one semester of introductory Computer Science. Students who are not proficient in C, C# or C++ may be required to take CSC 322: C Programming and UNIX during their first or second semester in the program.
Semester 1 (Fall)
- MTH 642 (Statistical Analysis)
- MTH 647 (Introduction to Mathematical Finance)
- FIN 650 (Financial Investments)
- one elective.
Semester 2 (Spring)
- MTH 643 (Statistical Analysis II with Financial Applications)
- MTH 648 (Stochastic Calculus with Applications to Finance)
- FIN 651 (Advanced Topics in Investments)
- one elective
- CSC 322 (if required).
Summer internship or summer project (optional).
Semester 3 (Fall)
- MTH 645 (Optimization Methods)
- MTH 649 (Computational Methods of Finance)
- one or two FIN electives
- Additional elective course, if needed to complete the program.
- Bachelor’s degree, typically in an engineering field, mathematics, physics, computer science, or economics.
- 1 semester of Linear Algebra.
- 1 semester of Differential Equations.
- 1 semester of calculus-based Probability and Statistics.
- 1 semester of Programming. Knowledge of C/C#/C++ is helpful.
- GRE General Test.
- TOEFL for all applicants whose native language is not English.
- Knowledge of basic finance is helpful but not required.
Additional Requirements for International Students
Applicants from the following countries must send the official transcripts and diplomas as follows:
- China: Official transcripts and diplomas (in English and Chinese) must be sent directly to the Graduate Admissions - MSMF by CHESICC or China Academic Degrees and Graduate Education Development Center (CDGDC).
- India: Applicant must send all individual mark-sheets indicating all subjects taken and marks obtained for all years of post-secondary study. Consolidated mark sheets will NOT be accepted:
- All mark sheets must be issued by the university responsible for conducting the examinations and sent directly to your Graduate Program by the university.
- Photocopies of original mark sheets and diplomas/degrees must be attested by the Controller of Examinations or Registrar’s Office of the university responsible for conducting the examinations.
International Student Financial Statement
Any international student who requires a student visa must submit, upon admission to a graduate program, a bank verification statement or an official letter of sponsorship from their government or agency (in English). The bank verification must include the student's name and relationship to the sponsor, if other than the student, and confirm that there are sufficient funds to cover the amount listed on the expense sheet provided to the international student upon admission. The expense sheet covers all estimated educational expenses including; tuition, books, housing, meals, personal expenses, fees and medical insurance for a minimum of one year's study.
If the student wishes to include their family, the following is additionally required: 1) In the bank verification or letter of sponsorship list each family member's name, date of birth, country of citizenship and relationship, and 2) financial support of approximately $8,113 for a spouse and $2,000 for each child per year.
No Certificate of Eligibility (I-20) will be issued unless the above documentation is on file. The bank verification or sponsorship letter must be dated no more than 6 months prior to enrollment. International students are encouraged to apply early to allow sufficient time to process the I-20 form. The I-20 form will be sent to the student upon receipt of a deposit confirming the student's intent to enroll in the program.
Graduate Admissions - MSMF, Department of Mathematics, University of Miami, P.O. Box 249085, Coral Gables, Florida 33124-4250, USA
The three-semester MSMF program requires between 36 and 40 credits. Tuition for students starting the program during the fall of 2019 is $2,050/credit*.
* Projected amount, subject to change. All students accepted for the fall of 2018 are eligible for scholarships (typical scholarship amount: 25% - 30% of program tuition).
Estimated program costs for three semesters (class of 2020):
- 35 credits, with 25% scholarship award : $55,600 ($53,800 tuition + $1800 University fees)
- 35 credits, with 30% scholarship award : $52,000 ($50,200 tuition + $1800 University fees)
Health Insurance: All international students are required to purchase the health insurance provided through the University of Miami Student Health Service.