U of Maryland to offer MS Financial Mathematics degree in Fall 2011

[Andy Nguyen]

We received this tip via our member. The program is scheduled to open in Fall 2011.
Thanks for the tip.

In recent years, Financial Mathematics has become a significant area of study within Applied Mathematics. Analysis methods originally developed to solve complex engineering and scientific problems have been successfully applied to problems in finance. Financial institutions have come to recognize the need for quantitative analysts, know as quants, whose mathematical skills go beyond that of the standard financial specialist. The university’s Norbert Wiener Center and the Smith School of Business, in consultation with members of the academic community and the financial industry, have proposed a Professional Master’s in Financial Mathematics (FIMA) program, beginning in fall 2011. The target audience for the program is mathematicians, scientists and engineers who want to learn how to apply quantitative methods to financial problems, as well as business, financial and entrepreneurial professionals who want to understand the underlying mathematics of finance.

The announcement is in this PDF file, bottom of page 15. Attached for redundancy.
http://www.cmps.umd.edu/pdfs/cmps_f09.pdf

 

[bigbadwolf]

*Shrug* -- I wish them luck. I think they're entering a saturated market.

 

[Andy Nguyen]

The respond by UMD to QuantNetwork's request for more information on the plan

The Smith School and the Norbert Wiener Center (associated with the University's Department of Mathematics) have been working on launching a Master's Program in Financial Mathematics. I can not however confirm any date since the program has not yet formally gone through the whole approval process.

I appreciate your interest, and we'll give you more information once it is available.

Alex

Alex Triantis
Professor of Finance
Chair of Finance Department
Robert H. Smith School of Business
University of Maryland

 

[IlyaKEightSix]

UMD? I wonder if Mike Brin is going to be teaching any math course as part of it.

At least that's one guy that knows how to put some smarts into a kid.

 

[yzia]

UMD? I wonder if Mike Brin is going to be teaching any math course as part of it.

At least that's one guy that knows how to put some smarts into a kid.

His work is primarily with dynamical systems, he may teach a math elective but I highly doubt he'll teach in the actual program.

 

[Andy Nguyen]

I emailed them for an update few days ago and here is what I received

Andy,

It is still in the works, but unfortunately not through the approval process yet! I'll try to remember to let you know when it gets a thumbs up and we start marketing it.

Thanks again for your interest!

Alex Triantis
Professor of Finance
Chair of Finance Department
Robert H. Smith School of Business
University of Maryland

 

[myampol]

From the website of the Norbert Wiener Center:

Home :: Education :: FIMA

 

[DominiConnor]

Andy, I wish you luck in your attempt to get information out of Maryland. A small number of my clients are habitually escorted by men with guns, and they are easier to get information from than most MFE programs.

 

[Andy Nguyen]

From the website of the Norbert Wiener Center:

Home :: Education :: FIMA

Looks to me like an dormant place holder than anything substantial there. To recruit for Fall 2011 semester whose deadline several programs are approaching, you need to have everything in place by now.
I'd say next year if it even goes through.

 

[TBeas]

What advice would you give to a student that attends one of the newer programs? Do you think they are then placed at a disadvantage in the job market?

 

[Andy Nguyen]

The savvy applicants are those that frequent Quantnet and know the odd they are facing. If they haven't come across our community when they did pre-MFE research, I don't think I can help but encourage them to be very pro-active.

Many established programs don't even have a record of how their graduates are doing in the market so I can't recommend any program that does not disclose that number in a transparent way.

MFE is a terminal professional degree where students expect good effort by the program to help them navigate the job market. Many students have nobody to blame but themselves when they have unrealistic expectation of the program, the career path. Rest of the blame goes to programs who treat the students as unlimited source of revenue for school.

 

[Ken Abbott]

@TBeas: I've been teaching in quant finance programs since 2002 and this is by far the best source of unofficial information (the kind you need). Most advice-type questions you have already been asked, and if not, just post them and the combination of business people, academics and students will answer them, usually quickly.

My advice: think about how to make yourself useful. Take practical courses, not just the uber-geek ones. Take accounting. Take a fixed income math course (you'd be surprised at how much remedial FI math I have to teach). Learn about trading strategies - maybe take an MBA capital markets course. Take linear algebra.

 

[yzia]

I emailed them for an update few days ago and here is what I received

Andy, there is a contact within the Statistics department that I have to find that can possibly be of more help. Once I get the contact info, I'll forward it to you.

 

[Andy Nguyen]

From the website of the Norbert Wiener Center:

Home :: Education :: FIMA

The link is dead. I can't find any sign that this program has actually been created.