Master of Quantitative Finance
Encyclopedia
A masters degree in quantitative finance concerns the application of mathematical methods to the solution of problems in financial economics
.http://www.math.nyu.edu/financial_mathematics/content/02_financial/02 There are several like-titled degrees which may further focus on financial engineering, financial risk management
, computational finance
and/or mathematical finance
. In general, these degrees aim to prepare students for roles as "quants" (quantitative analyst
s), including analysis
, structuring, trading
, and investing
; in particular, these degrees emphasize derivatives
and fixed income
, and the hedging
and management
of the resultant market
and credit risk
. Formal masters-level training in quantitative finance has existed only for the last 20 years.http://www.ederman.com/new/docs/risk-job_market.pdf
builds quantitative skills, and simultaneously develops the underlying finance theory.
The quantitative component draws on applied mathematics
, computer science
and statistics
- and emphasizes stochastic calculus
, numerical methods
and simulation techniques
http://www.math.nyu.edu/financial_mathematics/content/02_financial/02; some programs also focus on econometrics
/ time series analysis http://www.cefims.ac.uk/cgi-bin/programmes.cgi?func=programme&id=42 http://www.few.eur.nl/few//index.cfm/site/Erasmus%20School%20of%20Economics/pageid/730795C2-C036-5AA1-D277EA76AEDFF510/index.cfm.
The theory component usually includes a formal study of financial economics
, addressing asset pricing and financial markets; some programs may also include general coverage of economics
, accounting, corporate finance
and portfolio management
http://www.iafe.org/resources_core.html.
The components are then integrated, addressing the modelling, valuation
and hedging
of equity derivative
s, commodity derivatives, Foreign exchange derivative
s, and fixed income instrument
s and their related credit-
and interest rate derivative
s. Some programs also cover quantitative portfolio
management
and construction http://www.math.columbia.edu/~greyser/CUcourse.html. See List of finance topics: Financial mathematics.
The title of the degree will depend on emphasis http://www.math.nyu.edu/financial_mathematics/content/02_financial/02, the major differences between programs being the curriculum’s distribution between mathematical theory, quantitative techniques and financial applications http://www.iafe.org/resources_faq.html. The more theoretically oriented degrees are usually termed “Masters in Mathematical Finance” or “Masters in Financial Mathematics” while those oriented toward practice are termed “Masters in Financial Engineering” (MFE or MSFE), “Masters in Computational Finance” (MSCF), or sometimes http://www.princeton.edu/bcf/graduate/http://mitsloan.mit.edu/academic/mfin/, simply "Masters in Finance
" (MFin). “Masters in Quantitative Finance” is the more general degree title, although "MQF" degrees are often less theoretical. The practice oriented programs are often positioned as professional degrees (and in the United States
, are sometimes offered as Professional Science Masters
http://www.sciencemasters.com/PSMProgramList/ProgramsbyField/tabid/81/Default.aspx#Math).
The program is usually one to one and a half years in duration, and may additionally include a thesis
component. Entrance requirements are generally multivariable calculus
, linear algebra
, differential equation
s and some exposure to computer programming
(usually C++
) http://www.iafe.org/resources_faq.html; programs emphasizing financial mathematics may require some background in Measure theory.
s as opposed to "quants", and therefore focus on corporate finance
, accounting, equity valuation and portfolio management
. The treatment of any common topics - usually financial modeling
and risk management
- will be less (or even non) technical. Entrance requirements are similarly less mathematical. Note that Master of Finance
(M.Fin.) and MSc. in Finance degrees, as distinct from the MSF, may be substantially similar to the MQF.
There is some overlap with degrees in actuarial science
http://www.nuigalway.ie/ecn/ugrad/fme-details/actuary-details.pdf, and both degrees are occasionally offered by the same department.http://www.poly.edu/academics/programs/financial-engineering-ms/curriculum Nevertheless, the programs are almost always separate and distinct http://web.wits.ac.za/NR/rdonlyres/C8C5074B-17A9-49E3-BFCA-B03D3C3236E2/0/MathematicalFinanceSA.doc. Specifically, whereas actuarial programs cover risk and uncertainty as applied to pension
s, insurance
and investment
s, quantitative finance programs are broader (although offer less depth in these areas), and prepare graduates for various of the highly numerate roles in finance http://www.nuigalway.ie/ecn/ugrad/fme-details/actuary-details.pdf - and for other areas that require "quants" http://www.ederman.com/new/docs/risk-job_market.pdf.
There is similarly overlap with a Master of Financial Economics
, although the emphasis is very different. That degree focuses on the underlying economics
, and on developing and testing theoretical models, and aims to prepare graduates for research
based roles and for doctoral study. The curriculum therefore emphasises coverage of financial theory, and of econometrics
, while the treatment of model implementation (through mathematical modeling and programming), while important, is secondary. Entrance requirements are similarly less mathematical. Some Financial Economics degrees are substantially quantitative, and are largely akin to the MQF.
For students whose interests in finance are commercial rather than academic, a Masters in Quantitative Finance may be seen as an alternative to a PhD
in finance. At the same time though, “Masters in Mathematical Finance” programs are often positioned as providing a basis for doctoral study
.
in 1990, under Dr. Michael Ong. http://www.riskltd.com/MichaelOngBio.pdf (The programs offered were the "Masters of Science in Quantitative Finance" and "Masters of Science in Financial Markets and Trading", and were combined in 2008 to become the "Masters of Science in Finance, with Financial Engineering Concentration".http://www.stuart.iit.edu/graduateprograms/ms/finance/concentrations/financial_engineering.shtml) The NYU-Poly Financial Engineering degree was the second program of its kind.http://www.poly.edu/academics/departments/finance/overview Carnegie Mellon introduced its "Masters of Computational Finance" program in 1994. http://tepper.cmu.edu/master-in-computational-finance/the-mscf-program/index.aspx OGI
's Computational Finance Program (1996, now discontinued) was the first such program based in a computer science
department. http://www.icsi.berkeley.edu/~moody/#teachinghttp://mst.ogi.edu/news/S03_Newsletter.html#CF Other pioneering programs in financial engineering include those at Columbia
, Princeton
, and MIT. Subsequent growth in the number and location of programs, has paralleled the growth of financial engineering - with its growing importance across all aspects of the financial services industries - and of risk management
as profession
s.http://web.archive.org/web/20080323081319/http://www.fenews.com/fen54/spec-report/capstone/capstone.html
Discussion
List of Programs
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
.http://www.math.nyu.edu/financial_mathematics/content/02_financial/02 There are several like-titled degrees which may further focus on financial engineering, financial risk management
Financial risk management
Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. Other types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc...
, computational finance
Computational finance
Computational finance, also called financial engineering, is a cross-disciplinary field which relies on computational intelligence, mathematical finance, numerical methods and computer simulations to make trading, hedging and investment decisions, as well as facilitating the risk management of...
and/or mathematical finance
Mathematical finance
Mathematical finance is a field of applied mathematics, concerned with financial markets. The subject has a close relationship with the discipline of financial economics, which is concerned with much of the underlying theory. Generally, mathematical finance will derive and extend the mathematical...
. In general, these degrees aim to prepare students for roles as "quants" (quantitative analyst
Quantitative analyst
A quantitative analyst is a person who works in finance using numerical or quantitative techniques. Similar work is done in most other modern industries, but the work is not always called quantitative analysis...
s), including analysis
Quantitative analyst
A quantitative analyst is a person who works in finance using numerical or quantitative techniques. Similar work is done in most other modern industries, but the work is not always called quantitative analysis...
, structuring, trading
Trader (finance)
A trader is someone in finance who buys and sells financial instruments such as stocks, bonds, commodities and derivatives. A broker who simply fills buy or sell orders is not a trader, as they are merely executing instructions given to them. According to the Wall Street Journal in 2004, a managing...
, and investing
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
; in particular, these degrees emphasize derivatives
Derivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
and fixed income
Fixed income
Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....
, and the hedging
Hedge (finance)
A hedge is an investment position intended to offset potential losses that may be incurred by a companion investment.A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, many types of...
and management
Financial risk management
Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. Other types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc...
of the resultant market
Market risk
Market risk is the risk that the value of a portfolio, either an investment portfolio or a trading portfolio, will decrease due to the change in value of the market risk factors. The four standard market risk factors are stock prices, interest rates, foreign exchange rates, and commodity prices...
and credit risk
Credit risk
Credit risk is an investor's risk of loss arising from a borrower who does not make payments as promised. Such an event is called a default. Other terms for credit risk are default risk and counterparty risk....
. Formal masters-level training in quantitative finance has existed only for the last 20 years.http://www.ederman.com/new/docs/risk-job_market.pdf
Structure
The curriculumCurriculum
See also Syllabus.In formal education, a curriculum is the set of courses, and their content, offered at a school or university. As an idea, curriculum stems from the Latin word for race course, referring to the course of deeds and experiences through which children grow to become mature adults...
builds quantitative skills, and simultaneously develops the underlying finance theory.
The quantitative component draws on applied mathematics
Applied mathematics
Applied mathematics is a branch of mathematics that concerns itself with mathematical methods that are typically used in science, engineering, business, and industry. Thus, "applied mathematics" is a mathematical science with specialized knowledge...
, computer science
Computer science
Computer science or computing science is the study of the theoretical foundations of information and computation and of practical techniques for their implementation and application in computer systems...
and statistics
Statistics
Statistics is the study of the collection, organization, analysis, and interpretation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments....
- and emphasizes stochastic calculus
Stochastic calculus
Stochastic calculus is a branch of mathematics that operates on stochastic processes. It allows a consistent theory of integration to be defined for integrals of stochastic processes with respect to stochastic processes...
, numerical methods
Numerical analysis
Numerical analysis is the study of algorithms that use numerical approximation for the problems of mathematical analysis ....
and simulation techniques
Monte Carlo methods in finance
Monte Carlo methods are used in finance and mathematical finance to value and analyze instruments, portfolios and investments by simulating the various sources of uncertainty affecting their value, and then determining their average value over the range of resultant outcomes. This is usually done...
http://www.math.nyu.edu/financial_mathematics/content/02_financial/02; some programs also focus on econometrics
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
/ time series analysis http://www.cefims.ac.uk/cgi-bin/programmes.cgi?func=programme&id=42 http://www.few.eur.nl/few//index.cfm/site/Erasmus%20School%20of%20Economics/pageid/730795C2-C036-5AA1-D277EA76AEDFF510/index.cfm.
The theory component usually includes a formal study of financial economics
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
, addressing asset pricing and financial markets; some programs may also include general coverage of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, accounting, corporate finance
Corporate finance
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
and portfolio management
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
http://www.iafe.org/resources_core.html.
The components are then integrated, addressing the modelling, valuation
Valuation of options
In finance, a price is paid or received for purchasing or selling options. This price can be split into two components.These are:* Intrinsic Value* Time Value-Intrinsic Value:...
and hedging
Hedge (finance)
A hedge is an investment position intended to offset potential losses that may be incurred by a companion investment.A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, many types of...
of equity derivative
Equity derivative
In finance, an equity derivative is a class of derivatives whose value is at least partly derived from one or more underlying equity securities. Options and futures are by far the most common equity derivatives, however there are many other types of equity derivatives that are actively...
s, commodity derivatives, Foreign exchange derivative
Foreign exchange derivative
A Foreign exchange derivative is a financial derivative where the underlying is a particular currency and/or its exchange rate. These instruments are used either for currency speculation and arbitrage or for hedging foreign exchange risk. For detail see:...
s, and fixed income instrument
Fixed income
Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....
s and their related credit-
Credit derivative
In finance, a credit derivative is a securitized derivative whose value is derived from the credit risk on an underlying bond, loan or any other financial asset. In this way, the credit risk is on an entity other than the counterparties to the transaction itself...
and interest rate derivative
Interest rate derivative
An interest rate derivative is a derivative where the underlying asset is the right to pay or receive a notional amount of money at a given interest rate...
s. Some programs also cover quantitative portfolio
Portfolio (finance)
Portfolio is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual.-Definition:The term portfolio refers to any collection of financial assets such as stocks, bonds and cash...
management
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
and construction http://www.math.columbia.edu/~greyser/CUcourse.html. See List of finance topics: Financial mathematics.
The title of the degree will depend on emphasis http://www.math.nyu.edu/financial_mathematics/content/02_financial/02, the major differences between programs being the curriculum’s distribution between mathematical theory, quantitative techniques and financial applications http://www.iafe.org/resources_faq.html. The more theoretically oriented degrees are usually termed “Masters in Mathematical Finance” or “Masters in Financial Mathematics” while those oriented toward practice are termed “Masters in Financial Engineering” (MFE or MSFE), “Masters in Computational Finance” (MSCF), or sometimes http://www.princeton.edu/bcf/graduate/http://mitsloan.mit.edu/academic/mfin/, simply "Masters in Finance
Master of Finance
A Master of Finance is a Master's degree designed to prepare graduates for careers in financial analysis, investment management and corporate finance. An alternate degree title is Master in Finance or Master of Science in Finance...
" (MFin). “Masters in Quantitative Finance” is the more general degree title, although "MQF" degrees are often less theoretical. The practice oriented programs are often positioned as professional degrees (and in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, are sometimes offered as Professional Science Masters
Professional Science Masters
The Professional Science Masters degree is a graduate degree awarded by universities in the United States, Canada and the U.K. As of August 2010, there were over 200 recognized PSM programs being offered by 100 universities.-The PSM degree:...
http://www.sciencemasters.com/PSMProgramList/ProgramsbyField/tabid/81/Default.aspx#Math).
The program is usually one to one and a half years in duration, and may additionally include a thesis
Thesis
A dissertation or thesis is a document submitted in support of candidature for an academic degree or professional qualification presenting the author's research and findings...
component. Entrance requirements are generally multivariable calculus
Multivariable calculus
Multivariable calculus is the extension of calculus in one variable to calculus in more than one variable: the differentiated and integrated functions involve multiple variables, rather than just one....
, linear algebra
Linear algebra
Linear algebra is a branch of mathematics that studies vector spaces, also called linear spaces, along with linear functions that input one vector and output another. Such functions are called linear maps and can be represented by matrices if a basis is given. Thus matrix theory is often...
, differential equation
Differential equation
A differential equation is a mathematical equation for an unknown function of one or several variables that relates the values of the function itself and its derivatives of various orders...
s and some exposure to computer programming
Computer programming
Computer programming is the process of designing, writing, testing, debugging, and maintaining the source code of computer programs. This source code is written in one or more programming languages. The purpose of programming is to create a program that performs specific operations or exhibits a...
(usually C++
C++
C++ is a statically typed, free-form, multi-paradigm, compiled, general-purpose programming language. It is regarded as an intermediate-level language, as it comprises a combination of both high-level and low-level language features. It was developed by Bjarne Stroustrup starting in 1979 at Bell...
) http://www.iafe.org/resources_faq.html; programs emphasizing financial mathematics may require some background in Measure theory.
Comparison with other qualifications
The program differs from that of a Master of Science in Finance (MSF), and an MBA in finance, in that these degrees aim to produce finance generalistGeneralist
Generalist may refer to:* a person with a wide array of knowledge, the opposite of which is a specialist.* a physician who is focused on primary care and is not a specialist in a certain medical field...
s as opposed to "quants", and therefore focus on corporate finance
Corporate finance
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
, accounting, equity valuation and portfolio management
Investment management
Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
. The treatment of any common topics - usually financial modeling
Financial modeling
Financial modeling is the task of building an abstract representation of a financial decision making situation. This is a mathematical model designed to represent the performance of a financial asset or a portfolio, of a business, a project, or any other investment...
and risk management
Financial risk management
Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. Other types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc...
- will be less (or even non) technical. Entrance requirements are similarly less mathematical. Note that Master of Finance
Master of Finance
A Master of Finance is a Master's degree designed to prepare graduates for careers in financial analysis, investment management and corporate finance. An alternate degree title is Master in Finance or Master of Science in Finance...
(M.Fin.) and MSc. in Finance degrees, as distinct from the MSF, may be substantially similar to the MQF.
There is some overlap with degrees in actuarial science
Actuarial science
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience...
http://www.nuigalway.ie/ecn/ugrad/fme-details/actuary-details.pdf, and both degrees are occasionally offered by the same department.http://www.poly.edu/academics/programs/financial-engineering-ms/curriculum Nevertheless, the programs are almost always separate and distinct http://web.wits.ac.za/NR/rdonlyres/C8C5074B-17A9-49E3-BFCA-B03D3C3236E2/0/MathematicalFinanceSA.doc. Specifically, whereas actuarial programs cover risk and uncertainty as applied to pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
s, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
s, quantitative finance programs are broader (although offer less depth in these areas), and prepare graduates for various of the highly numerate roles in finance http://www.nuigalway.ie/ecn/ugrad/fme-details/actuary-details.pdf - and for other areas that require "quants" http://www.ederman.com/new/docs/risk-job_market.pdf.
There is similarly overlap with a Master of Financial Economics
Master of Financial Economics
A master’s degree in financial economics provides an understanding of theoretical finance and the underlying economic framework. The degree is postgraduate, and may incorporate a thesis or research component. Programs are often a joint offering by the business school and the economics department;...
, although the emphasis is very different. That degree focuses on the underlying economics
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
, and on developing and testing theoretical models, and aims to prepare graduates for research
Research
Research can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method...
based roles and for doctoral study. The curriculum therefore emphasises coverage of financial theory, and of econometrics
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
, while the treatment of model implementation (through mathematical modeling and programming), while important, is secondary. Entrance requirements are similarly less mathematical. Some Financial Economics degrees are substantially quantitative, and are largely akin to the MQF.
For students whose interests in finance are commercial rather than academic, a Masters in Quantitative Finance may be seen as an alternative to a PhD
PHD
PHD may refer to:*Ph.D., a doctorate of philosophy*Ph.D. , a 1980s British group*PHD finger, a protein sequence*PHD Mountain Software, an outdoor clothing and equipment company*PhD Docbook renderer, an XML renderer...
in finance. At the same time though, “Masters in Mathematical Finance” programs are often positioned as providing a basis for doctoral study
Doctorate
A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder to teach in a specific field, A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder...
.
History
The first quantitative finance masters programs were offered by Illinois Institute of TechnologyIllinois Institute of Technology
Illinois Institute of Technology, commonly called Illinois Tech or IIT, is a private Ph.D.-granting university located in Chicago, Illinois, with programs in engineering, science, psychology, architecture, business, communications, industrial technology, information technology, design, and law...
in 1990, under Dr. Michael Ong. http://www.riskltd.com/MichaelOngBio.pdf (The programs offered were the "Masters of Science in Quantitative Finance" and "Masters of Science in Financial Markets and Trading", and were combined in 2008 to become the "Masters of Science in Finance, with Financial Engineering Concentration".http://www.stuart.iit.edu/graduateprograms/ms/finance/concentrations/financial_engineering.shtml) The NYU-Poly Financial Engineering degree was the second program of its kind.http://www.poly.edu/academics/departments/finance/overview Carnegie Mellon introduced its "Masters of Computational Finance" program in 1994. http://tepper.cmu.edu/master-in-computational-finance/the-mscf-program/index.aspx OGI
OGI School of Science and Engineering
The OGI School of Science and Engineering, located in Hillsboro, Oregon, United States is one of the four schools of the Oregon Health and Science University . Until June 2001, it functioned independently as a public graduate school, the Oregon Graduate Institute . OGI operates four departments and...
's Computational Finance Program (1996, now discontinued) was the first such program based in a computer science
Computer science
Computer science or computing science is the study of the theoretical foundations of information and computation and of practical techniques for their implementation and application in computer systems...
department. http://www.icsi.berkeley.edu/~moody/#teachinghttp://mst.ogi.edu/news/S03_Newsletter.html#CF Other pioneering programs in financial engineering include those at Columbia
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, Princeton
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
, and MIT. Subsequent growth in the number and location of programs, has paralleled the growth of financial engineering - with its growing importance across all aspects of the financial services industries - and of risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
as profession
Profession
A profession is a vocation founded upon specialized educational training, the purpose of which is to supply disinterested counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain....
s.http://web.archive.org/web/20080323081319/http://www.fenews.com/fen54/spec-report/capstone/capstone.html
See also
- Mathematical financeMathematical financeMathematical finance is a field of applied mathematics, concerned with financial markets. The subject has a close relationship with the discipline of financial economics, which is concerned with much of the underlying theory. Generally, mathematical finance will derive and extend the mathematical...
- Quantitative analystQuantitative analystA quantitative analyst is a person who works in finance using numerical or quantitative techniques. Similar work is done in most other modern industries, but the work is not always called quantitative analysis...
- List of quantitative analysts
- Master of FinanceMaster of FinanceA Master of Finance is a Master's degree designed to prepare graduates for careers in financial analysis, investment management and corporate finance. An alternate degree title is Master in Finance or Master of Science in Finance...
- Master of Financial EconomicsMaster of Financial EconomicsA master’s degree in financial economics provides an understanding of theoretical finance and the underlying economic framework. The degree is postgraduate, and may incorporate a thesis or research component. Programs are often a joint offering by the business school and the economics department;...
- :Category:Professional certification in finance
- Financial modelingFinancial modelingFinancial modeling is the task of building an abstract representation of a financial decision making situation. This is a mathematical model designed to represent the performance of a financial asset or a portfolio, of a business, a project, or any other investment...
External links and references
Subject matter- Financial Engineering Core Body of Knowledge, International Association of Financial EngineersInternational Association of Financial EngineersThe International Association of Financial Engineers is a non-profit professional society dedicated to fostering the field of financial engineering. The IAFE hosts several panel discussions throughout the year to discuss the issues that affect the industry from both academic and professional angles...
- What Quants Don't Learn at College, Emanuel DermanEmanuel DermanEmanuel Derman is a South African-born academic, businessman and writer. He is best known as a quantitative analyst, and author of the book My Life as A Quant: Reflections on Physics and Finance....
Discussion
- Guide To Studying The Field, International Association of Financial Engineers
- The Top 10 Things Practitioners Really Want from Financial Engineers, Quant Network
- Quantitative Finance, Joel Hasbrouck NYU Stern
- Why should students still consider a Masters degree in a finance related subject?, Brian Scott-Quinn, ICMA CentreICMA CentreThe ICMA Centre is a centre of higher education based in the English town of Reading, Berkshire. It offers undergraduate, postgraduate and executive education tailored to the capital markets industry....
University of ReadingUniversity of ReadingThe University of Reading is a university in the English town of Reading, Berkshire. The University was established in 1892 as University College, Reading and received its Royal Charter in 1926. It is based on several campuses in, and around, the town of Reading.The University has a long tradition... - The sorry state of Financial Engineering education, Quant Network
- Finding a job in finance, Emanuel DermanEmanuel DermanEmanuel Derman is a South African-born academic, businessman and writer. He is best known as a quantitative analyst, and author of the book My Life as A Quant: Reflections on Physics and Finance....
- Interview and Resume Tips, International Association of Financial Engineers
- Interview Preparation for Junior Quants, Michael Page InternationalMichael Page InternationalMichael Page International plc is a leading British-based recruitment business. It is headquartered in Weybridge, Surrey and is a constituent of the FTSE 250 Index.-History:...
- Banks tighten tuition reimbursement policy, quantnet.com
List of Programs