MS in Mathematical and Computational Finance

The M.S. in Mathematical and Computational Finance (MSMCF) at NJIT provides students with the mathematical and computational tools and with the understanding of financial instruments and markets needed to obtain positions as quantitative analysts in financial institutions including Wall Street investment firms.

The Applied Quantitative Finance Option is designed to combine strong technical knowledge with the professional skills required for senior positions in industry, including emphasis on collaborative projects, communication, and project management.

Why Study Mathematical Finance at NJIT?

Quantitative finance is an established discipline within the financial, investment, banking, and insurance industries and increasingly critical in regulatory agencies. As the financial industry is highly concentrated around the New York City area, quantitative financial engineers are in high demand locally. Mathematical and computational tools are at the heart of these activities. Practitioners combine high-level analytical, computational and modeling skills with a thorough understanding of financial markets and instruments to assess value and risk. The Department of Mathematical Sciences at NJIT has national prominence in several fields of applied mathematics, and annually obtains research funding from national agencies including The National Science Foundation, the National Institutes of Health, the Howard Hughes Institute of Medical Research, the Office of Naval Research, and the Department of Energy. The department has a thriving doctoral program as well as masters programs in applied mathematics and applied statistics.

The MSMCF provides students with the theoretical knowledge as well as the practical methods and skills needed to begin or enhance careers as quantitative analysts in the financial industry.  Because of the evolving nature of financial markets and institutions, practitioners in this field must be ready to learn new ideas and methods across a broad range of disciplines including mathematics, statistics, computational science, finance, and economics.  The program aims to provide the multidisciplinary foundations preparing quantitative analysts for this life-long development of skills and understanding.   Students should have a mathematical background equivalent to that of a typical undergraduate major in the engineering, physical, or mathematical sciences.

Admission Requirements

Admission requires undergraduate courses in multivariable calculus, probability theory, statistical inference, linear algebra, and differential equations.

Program Summary

  • Degree Awarded:  Master of Science in Mathematical and Computational Finance
  • Credits required:  33  (11 three-credit hour courses)
  • Program Objective:  To prepare students in quantitative modeling of financial markets/instruments and analysis of those models to obtain  information of practical value in the financial industry.

MSMCF: Core Courses

  • Fin 641 - Derivative Markets
  • Math 611 - Numerical Methods for Computation
  • Math 605 - Stochastic Calculus
  • Math 646 - Time Series Analysis
  • Math 604 - Mathematical Finance
  • Math 606 - Term Structure Models
  • Math 666 - Simulation for Finance
  • Math 608 - Partial Differential Equations for Finance
  • Math 607 - Credit Risk Modeling
  • Math 609 - Project in Math & Computational Finance

Applied Quantitative Finance Option: Core Courses

  • PTC 601 - Advanced Professional and Technical Communication
  • MATH 604 - Mathematical Finance
  • MATH 605 - Stochastic Calculus
  • MATH 606 - Term Structure Models
  • MATH 607 - Credit Risk Models
  • MATH 608 - Partial Differential Equations for Finance
  • MATH 609 - Projects in Mathematical and Computational Finance
  • MATH 611 - Numerical Methods for Computation
  • FIN 641 - Derivatives Markets
  • MATH 666 - Simulation for Finance
  • MGMT 641 - Global Project Management

How can I find out more?