Master of Science in Financial Mathematics

Mission

A Master of Science degree in Financial Mathematics prepares students to work effectively in a wide spectrum of financial service industries such as investment firms, commercial banks, brokerage houses, consulting firms, and other related corporations; helps students to synthesize a highly technical branch of mathematics and measure theoretic probability with practical applications that affect everybody’s life; emphasizes problem-solving skills that dramatically increase the graduate value to an employer; and prepares students to pursue Ph.D. programs in Financial Mathematics or related fields.

Total Credits
33

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Program Educational Objectives

The main objectives of the program of the Master of Science in Financial Mathematics are to:

1.Prepare students for successful professional careers in Financial Mathematics or other related areas
2.Equip students with skills relevant to the practice of advanced Financial Mathematics, among which are independent and critical thinking and problem solving techniques;
3.Build up the students’ oral and written Financial Mathematical communication skills which enable them to present their ideas efficiently;
4.Equip students with academic and analytical skills needed to pursue Ph.D. programs in Financial Mathematics or other related disciplines;
5.Promote collaborative work among students to help them function effectively in a professional workplace or in a graduate program.

Program Learning Outcomes

The Master of Science in Financial Mathematics of NDU aims to prepare graduate students to apply mathematical ideas to financial models, based on fundamental analytical principles. It also aims to prepare students to become financial decision-makers. Among the learning outcomes are:

1.Theoretical and practical knowledge of advanced principles and techniques of stochastic and probabilistic methods in mathematics;
2.In depth knowledge of fundamental concepts of mathematics as applied to Financial Mathematics and risk analysis;
3.An overview of the area of scientific research and development in Financial Mathematics, and in depth knowledge of at least one area in this field of applied mathematics, as is demonstrated through a written thesis;
4.The ability to reason mathematically by constructing proofs and logical arguments. Also, students will be able to work with autonomy, make conjectures, construct financial models, solve problems, and test the accuracy of their work;
5.The ability to write and effectively communicate mathematical ideas as will also be demonstrated by the thesis.

Admission Requirements

In addition to the University graduate admission requirements, students holding a BS in mathematics with a cumulative GPA of at least 3.0 or the equivalent will be accepted, while those with a cumulative GPA of 2.7-2.99 or the equivalent will be conditionally accepted. The conditional acceptance will be removed when the student receives a minimum of a “B” average for the 6 credits taken during his/her first semester. Students from other relevant majors may be also given conditional admission pending completion of some supplementary courses over and above the 33 credits required for the MS in financial mathematics, as specified by the faculty graduate committee, with a minimum of a “B” average. These supplementary credits do not count towards the 33 cr. required for the MS degree. Normally, a maximum of nine transfer credits from previous graduate work completed at another accredited institution of higher education may be transferred upon the discretion of the faculty graduate committee.

Graduation Requirements

To satisfy the requirements for the degree of Master of Science in Financial Mathematics, the student must complete a total of 33 credits with an overall average of at least 3.0/4.0.

Thesis

Students in the degree of M.S. Mathematics may consecutively register for the thesis courses MAT 691 & MAT 692, and students in the degree of M.S. Financial Mathematics may consecutively register for the thesis courses FMA 691 and FMA 692.

Only after successfully completing at least 18 credits with a cumulative GPA of at least 3.0/4.0 and after receiving the approval of both the department chairperson and the thesis advisor.

Work Duration

The thesis work is expected to be successfully completed within a duration of two semesters.

Jury

Immediately after receiving a note of completion from the thesis advisor and three copies of the thesis from the student, the department chairperson shall appoint the oral defense jury and its chairperson. It shall consist of the thesis advisor and two full-time faculty members. The department chairperson shall distribute to each member of the jury one copy of the thesis.

Oral Defense Schedule

The oral defense for the thesis shall take place within two weeks from the jury appointment.

Final Grade

Each jury member shall evaluate the student thesis work, then the jury shall thoroughly examine the student during the oral defense and consequently assign the proper grade by a majority vote. In case of a tie, the committee chairperson shall have the casting vote.

Thesis Copies Distribution

The student shall submit four bound copies, two soft bound copies and two unbound copies of the approved final copy of the thesis to the jury chairperson for signatures and distribution to the student, thesis advisor, department, faculty, and the remaining members of the jury. The two unbound copies shall be sent to the university library.