Math background for financial engineering

  • Thread starter Thread starter strugglinginmat
  • Start date Start date
  • Tags Tags
    Engineering
AI Thread Summary
The discussion centers on an individual with a B.S. in biochemistry and a minor in mathematics, who has taken several advanced math courses and is interested in pursuing a career in financial mathematics. They express concerns about their math background and are contemplating whether to apply for a master's program in financial mathematics or a master's in applied mathematics to strengthen their skills. The individual has performed well academically but struggled with summer classes. They seek advice on their qualifications for competitive programs, noting that they meet the basic math requirements for institutions like the University of Michigan but desire to enhance their quantitative skills further. The conversation also touches on the terminology of the field, mentioning "financial engineering," "mathematical finance," and "econophysics," and emphasizes the importance of advanced coursework in calculus, probability, and differential equations for success in these programs.
strugglinginmat
Messages
7
Reaction score
0
I have a B.S in biochemistry and a minor in mathematics. In actuality I have taken additional courses after fulfilling the requirement for the math minor.
The courses that I have taken are: Cal I, II, III, Linear algebra, Mathematical stats I & II, Differential Equation. I am interested in doing financial mathematics so I am takin some more math classes. I am takin graduate linear algebra and multivariate calculus. I will be takin basic probability class next semester. I have all As in my undergraduate class but was not able to pull that off for the summer classes. I feel like my math backgound is not strong enough for math finance so I am thinking of doing masters in applied math to strengthen my math, computing skills. I am havin difficulty deciding as to apply for the math finance program for next year with this profile or goin for masters in applied math. Any suggestions will be greatly appreciated.
thanks
 
Physics news on Phys.org
Here are the http://interpro-academics.engin.umich.edu/fep/prospective_students/admissons.htm :
  • Two years of college mathematics including multivariable calculus, differential equations and linear algebra
  • Two terms of calculus-based probability and statistics
  • Basic microeconomic theory/time value of money/interest
  • An introductory finance course
  • Accounting principles
  • Computer programming experience
I would particularly emphasize probability and statistics and computer programming.

You might also want to read Mark Joshi's essay, "On Becoming a Quant": http://www.markjoshi.com/downloads/advice.pdf
 
Last edited by a moderator:
It seems like I have all the math requirements for U of Michigan. But I want to apply to programs where they want more quantitative skills because that seems the most valued thing for this degree. For instance NYU's program is very mathematical. I am wondering if I am cut for these kinds of program. thanks
 
"Financial Engineering"??

Sounds like a euphamism for cooking the books...:rolleyes:
 
DaveC426913 said:
"Financial Engineering"??

Sounds like a euphamism for cooking the books...:rolleyes:
That's what I thought when I first heard the term as well. :-p In fact, there are three different names for what is essentially the same discipline: "mathematical finance", "financial engineering", and "econophysics", depending on whether one comes from a math, engineering, or physics background.

Getting back to the original question, even if you've already covered the basic prerequisites, you may want to pursue additional study in some of them. For example, an advanced calculus/basic analysis course may be helpful for the graduate-level probability/random processes/stochastic calculus course that you will be required to take in the financial engineering program. A junior/senior level course in partial differential equations might be useful background for the specialized PDE course offered in the financial engineering program.
 
Last edited:

Thread 'What are the best A-Level options for someone wanting to do Physics?'

Bit Britain-specific but I was wondering, what's the best path to take for A-Levels out of the following (I know Y10 seems a bit early to be thinking about A-levels, but my choice will impact what I do this year/ in y11) I (almost) definitely want to do physics at University - so keep that in mind... The subjects that I'm almost definitely going to take are Maths, Further Maths and Physics, and I'm taking a fast track programme which means that I'll be taking AS computer science at the end...
View full post »

Thread 'Hepth programs in Europe'

After a year of thought, I decided to adjust my ratio for applying the US/EU(+UK) schools. I mostly focused on the US schools before, but things are getting complex and I found out that Europe is also a good place to study. I found some institutes that have professors with similar interests. But gaining the information is much harder than US schools (like you have to contact professors in advance etc). For your information, I have B.S. in engineering (low GPA: 3.2/4.0) in Asia - one SCI...
View full post »

Thread 'Should I pursue a masters degree after 4.5 years working in IT?'

I graduated with a BSc in Physics in 2020. Since there were limited opportunities in my country (mostly teaching), I decided to improve my programming skills and began working in IT, first as a software engineer and later as a quality assurance engineer, where I’ve now spent about 3 years. While this career path has provided financial stability, I’ve realized that my excitement and passion aren’t really there, unlike what I felt when studying or doing research in physics. Working in IT...
View full post »

Similar threads

Courses Advanced Math for Computational Material Science Engineering
Replies
2
Views
1K
Applied Math PhD candidate but I hate group theory
Replies
13
Views
2K
Programs Materials Engineering Undergrad Reflection
Replies
8
Views
1K
Courses Need help in choosing math classes for a HS student
Replies
32
Views
2K
Programs BS MSE + Math OR Physics Minor?
Replies
3
Views
2K
Programs From a Nuclear Engineering BS, will I be able to do MS & PhD in Physics?
Replies
6
Views
2K
Courses Math Course Advice -- Harvard freshman planning to double major in physics and mathematics
Replies
41
Views
5K
Which Advanced Math Courses Benefit Robotics and Propulsion Engineering?
Replies
2
Views
1K
Admissions Bachelors in physics to masters in applied math
Replies
11
Views
3K
Which topics are best to focus on in my spare time for engineering?
Replies
16
Views
3K

Hot Threads

Recent Insights

Back
Top