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Our Program  Overview & Curriculum
The Department of Mathematics at the University of Chicago offers a one year graduate program leading to the degree of Master of Science in Financial Mathematics.
Theory Applied to the Real World
This program teaches applied mathematics and its applications in the financial industry. Students learn the theoretical background for pricing derivatives and for managing assets, but also attain a real understanding of the underlying assumptions and an ability to critically ascertain the applicability and limitations of the various models. Courses are taught by faculty of the University of Chicago and by professionals from the financial industry.
Expectations
Entering students should have mathematical knowledge and ability comparable to an undergraduate degree in mathematics or a physical science. Some exposure to the financial industry is desirable. Graduates find work in all areas of the financial industry.
Program Schedule
| September |
First Quarter |
Second Quarter |
Third Quarter |
Review
Period |
Mathematics |
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Probability and Stochastics
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Economics |
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Financial Applications |
Review Period
The first component is the September review period. The intent is partly to review known material but also to introduce material that will be new to many students and to bring everyone up to speed before the start of the Master's program. We encourage all entering students to attend the review sessions. They cover linear algebra, measure theory, probability, finance, a bit of accounting and also include some beginning applications of MATLAB. The review courses are free of charge.
Quarterly Schedule
Three courses meet three times per week each quarter, for three to four hours in the evening. Mathematics and Probability Theory courses are taught by faculty members from the Mathematics and Statistics departments, respectively. Topics in Economics is led by a professor from the Department of Economics. Professionals from leading financial institutions conduct courses in Financial Applications.
Contents and curriculum are jointly researched and developed by Chicago faculty members and professionals in the field. Program instruction often relies on the use of computer simulations to illustrate concepts and allow students to implement theories at every stage of a financial model.
Resources
The program maintains a computer laboratory on the Hyde Park campus, where workstations and necessary software packages are available to students around the clock. Course material and assignments are made available and submitted on-line. All lectures are video taped and made available for viewing on the web within a couple of days of the lecture, so students can revisit a lecture or catch up on a missed lecture.
Scheduling and Graduation
The program is structured to allow part-time enrollment to complete the program over two or three years. Part-time students follow the Mathematics sequence their first year and finish by taking the Financial Application courses; thus to complete the degree over three years a student would take Mathematics in the first year, Probability and Stochastics followed by Economics in the second year, and Financial Applications in the third year.
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