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Master of Science in Financial Mathematics

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  • Course description
    The Financial Mathematics program at FSU offers studies leading to master’s (M.S.) and doctoral (Ph.D.) degrees in Mathematics with a focus on computational and mathematical aspects of finance and economics. The program, established in 1998 and one of four graduate areas in Mathematics, is supported by thirteen faculty members of the Mathematics Department along with participating faculty from six other Departments in three Colleges. About fifty Financial Mathematics students share a common interdisciplinary core of courses in mathematics, statistics, economics, finance, and computer science.

    The MS degree, earned as a terminal degree or en route to the PhD, carries the Professional Science Master's designation. MS graduates are prepared to join the many mathematical scientists who work in quantitative finance as financial engineers. For students interested in Actuarial Science , our MS program offers courses and seminars that prepare students for actuarial exams leading to an actuarial career. Professionals in the field, including distinguished alumni, advise the program and participate in our annual Financial Mathematics Festivals .

    The MS degree requires 36 letter-graded graduate hours, and 3 hours of Proseminar, for a total of 39 hours.

    Required courses:

    MAP 5601 Introduction to Financial Mathematics 3 hrs,
    Fall MAP 5611 Introduction to Computational Finance 3 hrs,
    Spring ECO 5281 Financial Economics I 3 hrs,
    Spring FIN 5515 Investment Management Analysis 3 hrs,
    Fall STA 5326 Distribution Theory and Inference 3 hrs,
    Fall MAP 6621 Financial Engineering I 3 hrs,
    Fall MAP 6437 Current Topics in Financial Mathematics 3 hrs,
    Spring MAP561X Monte Carlo Methods in Financial Mathematics 3 hrs,
    Spring MAT 5939r Financial Mathematics
    Proseminar 1 hr (Fall, Spring)  (Proseminar should be taken during the first three semesters for a total of 3 hrs)

    Note: If a student has taken one of the required courses elsewhere, a waiver can be granted by the Director. In that case, the student will take another course to satisfy the thirty-six hour requirement. Consult the Director for details.

    Recommended Electives
    The following courses are regularly offered electives -- additional choices are announced by the Director each semester. Consult the Director if you want to take a course that is not announced or listed here.

    Certain pairs of courses are listed as Concentrations, which are suggested two-course sequences for students interested in that topic.

    Math Electives:
    Concentration in Actuarial Science:

    MAP 5177 (Actuarial Models I, 3 hrs, Fall)
    MAP 5178 (Actuarial Models II, 3 hrs, Spring)
    Students must take both courses to receive degree credit; MAP 5177 is a prerequisite for MAP 5178. First year actuarial seminars are also available; students are encouraged to contact the Director at the start of their first semester if interested in this Concentration. Follow this link for more information.
    MAP 5345-5346 Elementary PDE I & II (3 each, Fall, Spring)
    MAA 5616-5617 Measure & Integration I & II (3 each, Fall, Spring) [required for the PhD degree]
    MAA 6416, Topics in Stochastic Calculus (3, odd-year Springs)
    MAA 5406-5407 Complex Analysis I & II (3 each, Fall, Spring)
    MAD 5403-5404 Foundations of Computational Mathematics I & II (3 each, Fall, Spring)
    MAD 5420 Numerical Optimization (3, Spring, odd years)
    MAD 5738 Numerical PDE (3, Fall)
    MAP 5932 Stochastic Differential Equations (3, Spring)
    MAD 5932 Numerical Linear Algebra (3, Fall?)
    MAT 5845r, Internship in Financial Mathematics , (1) ( London Program 1-3 hrs. TBA)

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