PhD in Mathematical Finance
The PhD in Mathematical Finance is for students seeking careers in research and academia. Doctoral candidates will have a strong affinity for quantitative reasoning and the ability to connect advanced mathematical theories with real-world phenomena. They will have an interest in the creation of complex models and financial instruments as well as a passion for in-depth analysis.
After matriculation into the PhD program, a candidate for the degree must register for and satisfactorily complete a minimum of 32 graduate-level credits at Boston University. More courses may be needed, depending on departmental requirements.
PhD in Mathematical Finance Curriculum
The curriculum for the PhD in Mathematical Finance is tailored to each incoming student, based on his or her academic background. Students will begin the program with a full course load to build a solid foundation in understanding not only math and finance but also the interplay between them in the financial world. As technology plays an increasingly larger role in financial models, computer science is also a part of the core coursework.
Once a foundation has been established, students work toward a dissertation. Working closely with a faculty advisor in a mutual area of interest, students will embark on in-depth research. It is also expected that doctoral students will perform teaching assistant duties, which may include lectures to master’s-level classes.
The minimum course requirement is 16 courses (64 credits). Students’ course choices must be approved by the Mathematical Finance Director prior to registration each semester.
- GRS EC 701 Microeconomic Theory
- GRS EC 702 Macroeconomic Theory
- GSM FE 918 Doctoral Seminar in Finance
- GSM MF 793 Statistical Methods of Mathematical Finance
- GRS EC 703 Advanced Microeconomic Theory
- GRS EC 704 Advanced Macroeconomic Theory
- GSM FE 920 Advanced Capital Market Theory
- GSM MF 728 Fixed Income Securities
- GRS EC 712 Econometric Time Series
- GSM 730 Portfolio Theory
- GSM 770 Advanced Derivatives
- GSM 772 Credit Risk
- GSM MF 794 Stochastic Optimal Control and Investment
- GSM MF 796 Computational Methods of Mathematical Finance
- GSM MF 921 Dynamic Asset Pricing with Frictions
- GSM MF 930 Advanced Corporate Finance
During coursework, candidates are expected to prepare a paper suitable for publication. This paper will typically be presented to the Questrom School of Business faculty and doctoral students before the end of the second Summer Session in the program. Students should consult with their department for individual department policies regarding the paper. The curriculum paper must be successfully completed and passed by the department in order for a student to sit for the comprehensive qualifying exam.
Students must appear for a qualifying examination after completion of all coursework and the curriculum paper to demonstrate that they have:
- acquired advanced knowledge of literature and theory in their area of specialization;
- acquired advanced knowledge of research techniques; and
- developed adequate ability to craft a research proposal.
Guidelines for the examination are available from the departments. Students who do not pass either the written and/or oral comprehensive examination will be reviewed by the Mathematical Finance Program Development Committee (MF PDC), which will determine if the student will be withdrawn from the PhD program. In addition, the PhD fellowship (if applicable) of any student who does not pass either the written and/or oral comprehensive examination on the first attempt will be suspended the semester after the exam was attempted.
Following successful completion of the qualifying examination, the student will develop a research proposal for the dissertation. The final phase of the doctoral program is the completion of an approved dissertation. The dissertation must be based on an original investigation that makes a substantive contribution to knowledge and demonstrates capacity for independent, scholarly research.
Doctoral candidates must register as continuing students for DS 999 Dissertation, a 2-credit course, for each subsequent regular semester until all requirements for the degree have been completed. PhD students graduating in September are required to register for Dissertation in Summer Session II preceding graduation.
Time Limit for Degree Completion
After matriculation into the PhD program, a candidate for the degree must meet certain milestones within specified time periods (as noted in the table below) and complete all degree requirements within six years of the date of first registration. Those who fail to meet the milestones within the specified time, or who do not complete all requirements within six years, will be reviewed by the PhD PDC and may be dismissed from the program. A Leave of Absence does not extend the six-year time limit for degree completion.
|Milestone||Maximum Time Period|
|Complete all required courses (no Incompletes)||End of fall of 3rd year|
|Successfully complete comprehensive examination||End of 3rd year|
|Have a dissertation committee with at least three members, a committee chair, and a dissertation topic||End of fall of 4th year|
|Have a defended dissertation proposal||End of 4th year|
|Complete dissertation||End of 6th year|
The Mathematical Finance Program Development Committee will review the progress of each doctoral candidate. Students must maintain a 3.30 cumulative grade point average in all courses to remain in good academic standing. Students who are not in good academic standing will be allowed one semester to correct their status. Prior to the start of the semester, the student must submit a letter to the Executive Director (who will forward it to the PDC) explaining why he/she has fallen short of the CGPA requirement and how he/she plans to correct the situation. Failure to so increase the CGPA to acceptable levels may result in probation or withdrawal from the program, at the discretion of the PhD Program Development Committee (PDC).
Students must submit a graduation application at least seven months before the date they expect to complete degree requirements. Students must initiate the process for graduation. The application is available in the Graduate Programs office, and should be returned there for graduation in September, January, or May.
If graduation must be postponed beyond the semester for which the application is submitted, students should contact the PhD Associate Director to defer the date. If students wish to postpone their graduation date past the six-year time limit for completion, they must formally petition the PhD Program Development Committee (PDC) for an extension. The petition, which must include the reason(s) for the extension as well as a detailed timetable for completion, is subject to departmental and PDC approval.
PhD degree requirements are complete only when copies of the dissertation have been certified as meeting the standards of the Questrom School of Business and have been accepted by Mugar Memorial Library.