M.A. Program in Mathematical Finance

The program leading to the degree Master of Arts in Mathematical Finance is offered every year. As of Academic Year 2008/2009, the program will start in the Fall Semester (the first week of September). The coursework will be completed by the last week of June and the graduation date will be in the last week of September. The full-time option allows students to complete 10 courses over 3 semesters (in 10 months) and a 2-month internship before their graduation (usually the last week of September).

In the part-time option, the degree can be earned within 2 years. The program is hosted by the Department of Mathematics and Statistics and coordinated by the Department of Economics and the School of Management. It includes courses offered by the Department of Mathematics and Statistics, the Department of Computer Science, and the Department of Finance and Economics.

Prerequisites

• Calculus I, II and III (CAS MA 123, 124, 225 or equivalent)
• Linear Algebra (CAS MA 242 or equivalent)
• Differential Equations (CAS MA 226 or equivalent)
• Basic programming skills (CAS CS 111 or equivalent)

Important Information About the Prerequisites:

Even though students may have satisfied all of the prerequisites, they may not be academically qualified to enter the program. There are differences in the level at which these mathematics courses are being taught at various educational institutions. Since there are no universal teaching standards, it is not always possible to make the determination that the completion of these courses is adequate preparation to ensure a student's success in the Mathematical Finance Program.

In many educational institutions, the goal of undergraduate education is to provide students with a broad sampling of subjects. Often, the student may acquire only a general understanding of the subject matter. In a professional graduate-level degree program, however, there are more specific tasks that graduates of the program will be expected to do. This may require that students focus on the subject matter at a level of intensity that is unfamiliar to them.

Fall 2008 Course Schedule (Sep 2-Dec 22, 2008)

Spring 2009 Course Schedule (Jan 14-May 12, 2009)

Summer 2009 Course Schedule (May-June, 2009)

Note: Updated syllabi for Fall 2008, Spring 2009 and Summer 1 2009 courses will be available at the start of the new semester.

Part-Time (2 years) option

Part-time students will meet with their academic adviser to set up a plan that allows for the program to be completed within 2 years.

Certificate in Mathematical Finance

A Certificate in Mathematical Finance may be earned by students who pass at graduate level the five courses from the M.A. in Mathematical Finance Program that are noted directly below. Students must satisfy the prerequisites for all courses that they take.

1. Fundamentals of Finance (MF502), or Introduction to Mathematical Finance (MF572)
2. Introduction to Probabiliity Theory (MA590), or Mathematical Statistics (MA582)
3. Stochastic Methods of Mathematical Finance (MF795)
4. Computational Methods of Mathematical Finance (MF796)
5. Statistical Analysis of Financial Data (MF593)

The following requirements of the M.A. in Mathematical Finance do not apply to the certificate program:

1. Preliminary Qualifying Examination
2. Master of Arts Comprehensive Examination

The certificate program is appropriate for professionals who do not need a degree in mathematical finance, but would like to acquire some core knowledge in this field or enhance their knowledge base.

Students enrolled in the certificate program will have non-degree status. If a student applies for a change from nondegree to degree status, no more than two courses may be credited toward the M.A. in Mathematical Finance Degree. (Refer to Page 6 of the GRS Bulletin.) Those who transfer to the M.A. degree program must receive a passing grade in the Preliminary Qualifying Exam.

Exams

A Preliminary Qualifying Exam will be given at the end of the Fall semester. This exam will focus on students' ability to synthesize the material from the courses taught during the Fall semester. Students must receive a passing grade in this exam in order to continue in the Master of Arts program.

A final Master of Arts Comprehensive Examination will be given in the first week of July. It will again test students' ability to apply their theoretical knowledge and technical skills in specific practical situations.

Credit and Transfer of Credit

• Students must receive a grade of (B-) or higher to receive graduate credit for each course.
• Students who transfer into the program from another university may apply to receive credit for as many as 2 courses (8 credits) for equivalent courses completed elsewhere with a grade of (B-) or higher.
• Students currently registered in another Boston University graduate degree program may transfer into the Mathematical Finance Program and will receive credit for any courses in the Mathematical Finance Program they have already taken while enrolled in the other degree program.

Internship

After their course work, students must complete a 2-month internship.

Additional Information

The Mathematical Finance Program itself does not offer financial aid or graduate fellowships; however, Federal and private loans may be available for qualified applicants.

For more information, contact the Graduate School of Arts and Sciences Financial Aid Office at grsaid@bu.edu or (617) 353-2696.

The only valid date of intended enrollment is September. A student may not begin the program in the Summer or Spring semester.

Each student is responsible for becoming familiar with the general regulations of the Graduate School of Arts and Sciences and the more specific requirements of each department, division, or program, which may go beyond or supplement the Graduate School standards.

More information about policies and procedures may be obtained by contacting the Graduate School of Arts and Sciences.