The financial industry is vast, and so is the need for specialized quantitative professionals with a practical understanding of mathematics and financial instruments who are prepared to work with real-life data, analyze and model, and embark on a challenging and well-rewarded career.
The University of Miami’s Master of Science in Mathematical Finance (MSMF)
Offered by the University of Miami (UM) College of Arts & Sciences, the MSMF degree positions you for advancement in the field of quantitative and computational finance. It opens career opportunities in:
• Investment and corporate banks;
• Financial data providers and software companies;
• Asset management firms;
• Brokerage firms and stock exchanges;
• Insurance companies;
• Credit rating agencies;
• Treasury and finance departments of major corporations.
UM’s MSMF can be completed in 3 semesters or less than 18 months.
The courses you will take cover a broad array of topics and prepare you for success in the worlds of finance, risk management, and financial computing. Our top rated faculty, together with our Advisory Board made up of senior professionals from the industry, bring expertise from various segments of the financial community and ensure the curriculum is effective for today’s financial landscape.
- • Begin in August (2017 fall semester) for a total of 3 semesters (fall 2017, spring 2018 and fall 2018)
- • 34-credit degree
- • Completion time: 16 months
- • Scholarships are available for qualified applicants
- • DEADLINE TO APPLY: March 15, 2017 (accepting applications starting November 1, 2016)
UM’s MSMF Graduates Career Directions
Quantitative analysts ("quants") are employed across the financial industry. Some of the positions you may occupy upon graduation include:
• Front office/ trading desk quant
• Research quant
• Quantitative software developer
• Statistical arbitrage analyst
• Capital quant
• Quantitative portfolio manager
Benefits of the MSMF at UM
Ranked as a top 50 national university 6 years in a row, U.S. News & World Report, 2015. Ranked 1st in Florida, U.S. News & World Report, 2015.
Graduating in 3 semesters keeps the program focused and fast-paced, while still giving you an opportunity to customize your degree with a wide selection of elective courses.
Courses are taught by expert faculty from UM’s Mathematics, Computer Science and Finance departments. Click for details +
• Hamed Amini, Ph.D.
Specialty: Random Structures, Randomized Algorithms, Systemic Risk
• Timothy R. Burch, Ph.D.
Specialty: Mergers and Acquisitions, Market Efficiency
• Brian Coomes, Ph.D.
Specialty: Differential Equations, Dynamical Systems
• Alexander Dvorsky, Ph.D
Specialty: Representation Theory, Computational Finance
• Ilie Grigorescu, Ph.D.
Specialty: Probability, Stochastic Differential Equations
• Neil Johnson, Ph.D.
Specialty: Complex Systems, Complexity in Finance
• Lev Kapitanski, Ph.D.
Specialty: Nonlinear Evolution Equations, Control Theory
• Victor C. Pestien, Ph.D.
Specialty: Probability, Optimization
Our MSMF Advisory Board members are high-level leaders in the financial industry. You will be connected to the industry practitioners who ensure your curriculum is up-to-date and relevant. Click for details +
• Director at RBC (Capital Markets Arbitrage)
• Executive Director at JP Morgan Chase (EMEA trading)
• Advisor at itBit, Director at Societe Generale
• Director at Credit Suisse (NYC, Global Arbitrage)
• Vice President at Bayview Asset Management
Core Course Descriptions
The core of the program consists of six Mathematics courses and two Finance courses (22 credits total). These courses are designed to provide the necessary mathematical and statistical foundations of the degree.
MTH 642: Statistical Analysis, 3 credits.
Statistical inference about one or two populations from interval, ordinal, and categorical data; analysis of variance; simple and multiple linear regression; designing research studies.
MTH 643: Statistical Analysis II with Financial Applications, 3 credits.
Exploratory data analysis. Designing parametric models and assessing their uncertainty. Techniques for resampling. Using multivariate distributions to model financial data; families of copulas. Analyzing time series, including ARIMA and GARCH models.
MTH 645: Optimization Methods, 3 credits.
Linear optimization: simplex method and simplex tableaus, sensitivity analysis. Quadratic optimization and its applications in finance: risk modeling and portfolio construction. Integer programming techniques, branch and bound method. Dynamic programming – deterministic and probabilistic techniques. Software tools of optimization.
MTH 647: Introduction to Mathematical Finance, 3 credits.
Models of financial markets. Derivative securities: European and American options. Tools of mathematical finance: binomial trees, martingales, stopping times. Concepts of arbitrage and hedging. Risk-neutral valuation of financial derivatives; the Black-Scholes formula and its applications.
MTH 648: Stochastic Calculus with Applications to Finance, 3 credits.
An introduction to Stochastic Calculus developing the basic probabilistic techniques necessary to study analytic models of financial markets. Brownian motion and the stochastic integral, stochastic differential equations, the Black-Scholes formula, Girsanov’s theorem and applications to option pricing.
MTH 649: Computational Methods of Finance, 3 credits.
Solutions of nonlinear equations, interpolation, Monte Carlo methods, survey of matrix factorizations, numerical integration and differentiation, and introduction to finite difference and finite element methods for PDEs with applications to finance.
FIN 650: Financial Investments, 2 credits.
This course builds on FIN 641 and FIN 642 to provide a more advanced knowledge of the field of investments, particularly the fixed income markets, portfolio construction, asset pricing, and behavioral biases affecting financial decisions.
FIN 651: Advanced Topics in Investments, 2 credits.
This course is about applying finance theory to the practice of investments. Topics include building a term structure model, building a fixed income portfolio, performance standards and measurement, and the role of futures and options in portfolios.
* Complete an online application.
* Pay application fee as part of your online application (currently $65)
* 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.
DEADLINE TO APPLY: For full consideration we encourage applicants to have application materials submitted by March 15, 2017.
Send paper documents to:
Graduate Admissions - MSMF
Department of Mathematics
University of Miami
P.O. Box 249085
Coral Gables, Florida 33124-4250
ETS reporting codes:
TOEFL: Institution Code 5815, Department code 072
GRE: Institution Code 5815, Department code 0799.
Tuition and scholarships available
The three semester MSMF program requires between 34 and 40 credits. Tuition for students starting the program during the fall of 2017 is $1,940/credit*.
* Projected amount, subject to change. All students accepted for the fall of 2017 are eligible for scholarships (typically a tuition waiver worth 25% - 30% of tuition).
Estimated tuition and fees (class of 2018):
♦ 37 credits, after 25% tuition waiver : $55,600 ($54,000 tuition + $1600 University fees)
♦ 37 credits, after 30% tuition waiver : $52,100 ($50,500 tuition + $1600 University fees)
Health Insurance: All international students are required to purchase the health insurance provided through the University of Miami Student Health Service.
|MSMF Home | MSMF Admissions | Academics
"A successful quant is one with three main weapons: programming fluency, ability to understand mathematical models and a feel for the data. One can build a fulfilling career just by being strong in one of these areas, and our program will aim to make you good in all three."
- Dr. Alexander Dvorsky, MSMF Program Director
"Mathematical models increasingly drive the future of global financial markets. University of Miami, with its location in metropolitan South Florida, is perfectly positioned to teach the requisite quantitative skills."
- Rao Parlapalli, MSMF Advisory Board Member (AlphaCrest Capital Management)