The graduate faculty in mathematics, in partnership with the graduate
faculty in statistics, offers the option in mathematical finance for
the degree of master of science in mathematics. The degree is awarded
by the Graduate School–New Brunswick on recommendation of the graduate program in mathematics.
The degree prepares students for careers in quantitative
finance and risk management at investment banks, hedge funds, financial
software and systems providers, financial consulting firms, and other financial
institutions. The curriculum is periodically reviewed by the faculty in
consultation with an advisory board of academic researchers, professional financial
engineering societies, and industry practitioners in quantitative finance.
Applications for the fall semester are accepted through February
15, though earlier submission is recommended; strong applications received
after the deadline may be considered if space is available. We welcome students
with any undergraduate major who will have completed the prerequisite courses:
multivariable calculus, differential equations, calculus-based probability,
linear algebra, and computer programming. Applicants are required to submit GRE
General Test scores, but not Subject Test scores. Please visit our website at
www.finmath.rutgers.edu for application forms and further information, or
contact the mathematical finance program director.
Students complete 31.5 credits of coursework (six required
courses, four elective courses, and a seminar in mathematical finance), a
practical training experience, and submit an approved master's degree essay.
The six required courses are: (a) two of mathematics 16:642:573, 16:642:574, or 16:642:575;
(b) 16:642:621, 16:642:622; and (c) statistics 16:960:563, 16:960:565. The four
elective courses may be chosen from a list of courses offered by Rutgers
Business School: Graduate Programs-Newark and New Brunswick and the graduate programs in computer
science, economics, electrical and computer engineering, mathematics, operations
research, and statistics. Subject to approval by the mathematical finance
program director, certain other graduate courses may be chosen as electives.
There is no comprehensive examination.
The electives 16:332:503 (Programming Methodology (C++) for
Numerical Computing and Computational Finance) and 16:642:623 (Computational
Finance) are strongly recommended and should be taken by most students; the
final exam project in 16:642:623, 624, or 625 can serve as the basis for the
master's degree essay.
Students are encouraged to seek summer internships in the
financial industry. A report on a suitable summer internship project can serve
as the basis for the master's degree essay.
Students may pursue the degree full time or part time. The
Graduate School–New Brunswick normally requires students to complete the degree
within three years, with a minimum of one year for full-time students.
Full-time students can complete the degree in three semesters. The minimum
cumulative grade-point average required for graduation is 3.0 (B) for all
courses taken at Rutgers after admission to the mathematical finance option.
Part-time students must complete their degree within five
It also is possible to apply
for admission to the mathematical finance option as a nondegree
student. As many as 12
coursework taken as a nondegree student can count toward the degree if
the student is subsequently admitted to the degree program.
Students who wish to pursue a Ph.D. in mathematics with a research
emphasis in mathematical finance should consult the section on the graduate program in mathematics for admission
requirements, application procedures, and information about the
doctoral program in mathematics.