Let's manke money...
The most happening field of study as of now is Financial Engineering (FE). Students, mainly MBA graduates, specializing in Finance are working in financial careers. Companies are clearly feeling that MBAs alone are not doing fine (they are looking for students with basic computer knowledge) and looking for bright students with Mathematical back grounds. This is where students of applied mathematics have greater chance.
FE is a cross-disciplinary field which relies on mathematical finance, numerical methods and computer simulations to make trading, hedging and investment decisions, as well as facilitating the risk management of those decisions. Utilizing various methods, practitioners of computational finance aim to precisely determine the financial risk that certain financial instruments create. All put together, it is applied mathematics drawing applications from various fields.
Generally, individuals who fill positions in computational finance are known as “quants”, referring to the quantitative skills necessary to perform the job. Specifically, knowledge of the C++ programming language, as well as of the mathematical subfields of: multivariate calculus, linear algebra, differential equations, probability theory and statistical inference are often entry level requisites for such a position. [C++ has become the dominant language for two main reasons: the computationally intensive nature of many algorithms, and the focus on libraries rather than applications.]
Computational finance was traditionally populated by PhDs in finance, physics and mathematics who moved into the field from more pure, academic backgrounds (either directly from graduate school, or after teaching or research) prior to the 1980s. However, as the actual use of computers has become essential to rapidly carrying out computational finance decisions, a background in pure computer science is now also needed, and hence many computing graduates enter the field as well. Masters level degree holders are also increasingly making their presence felt as more terminal programs become available at the leading schools (hence field practitioners are almost exclusively recruited).
Financial Engineering Analyst -
Duties and Responsibilities
Ø Develop and refine trading models leading to trading decisions.
Ø Conduct research and statistical analyses for one of the following asset classes: equity indices, fixed income, foreign exchange, and commodities.
Ø Build analytical tools and functions to analyze and manipulate data.
Ø Work closely with other quantitative researchers to maintain and update existing models, programs, and applications.
Ø Conduct client interviews and facilitate client presentations and data gathering sessions.
Ø Solid graduate-level training in finance or a related field.
Ø Strong and/or proficient C/C++ coding skills and proficiency with one or more statistical packages (e.g. Splus, MatLab or SAS).
Ø Comfortable in a complex, demanding and highly technical environment.
Ø Demonstrated empirical skill; comfortable with analysis of large datasets.
Ø Strong analytical skills and time-series analysis.
Ø Excellent English grammar, written and oral communication skills including communication.
Ø Strong technical skills in MS Excel (including VBA knowledge)
Ø A solid background in mathematics and statistics will also be a major consideration.
Ø SQL (Structured Query Language for Database Management)
Ø Sense of humor (!!!).
Pursuing a M.A or M.S in finance, financial engineering, economics, statistics, mathematics, operations research computer science, physics or related fields with demonstrated ability to complete high-level, investments related research.
Below is a listing of academic programs in financial engineering / financial mathematics. While I have made every effort to make this list as complete as possible, there may be other existing programs not listed below.
Ball State University
Bar Ilan University
Carnegie Mellon University
Carnegie Mellon University
Cass Business School
City University of Hong Kong
Claremont Graduate University
MA, Mathematics, with specialization in the Mathematics of Finance
Financial Engineering courses available
MS Finance/Risk Management/Financial Engineering
Dublin City University - Ireland
MSc Financial & Industrial Mathematics
Erasmus University Rotterdam
Fairfield University-Dolan School
FAME: International Center for Financial Asset Management and Engineering - Geneva
Executive Education Program, including courses in Alternative Investments and Financial Engineering.
Florida State University
George Washington University
Georgia Institute of Technology
Georgia State University
Glasgow Caleonian University
BS Financial Mathematics
Golden Gate University
Hong Kong University
Hong Kong University of Science and Technology
Illinois Institute of Technology
Imperial College of Science, Technology and Medicine
International University of Monaco
James Madison University
Johns Hopkins University Graduate School of Business
The Karol Adamiecki Academy of Engineering
Kent State University
King's College London
Liverpool John Moores University
London Business School
Louisiana State University
Manchester Business School-Manchester University
Massachusetts Institute of Technology
Middle East Technical University
Multimedia University, Malaysia
Nanyang Technological University
National Tsing Hua University, Taiwan
National University of Singapore
New York University
MS Statistics and Operational Research, Financial Engineering Specialization
New York University, Courant Institute of Mathematical Sciences
North Carolina State University
Financial Engineering Concentration available
Oklahoma State University
Queen's University Belfast
Rutgers Business School
Master of Quantitative Finance
Rutgers University (New Brunswick/Piscataway campus)
Stevens Institute of Technology
Graduate Certificate in Financial Engineering
State University of New York at Buffalo
Stony Brook University
Suranaree University of Technology
Texas A&M University
Universidad Carlos III of Madrid
Universisad de Belgrano
MA Financial Engineering
Universidad Nacional de Educación a Distancia
Université de Montreal
Universiteit van Amsterdam (Korteweg-de Vries Institute)
With Vrije Universteit & Universiteit Utrecht
University College Dublin
University of Alabama
University of Arizona-Eller
University of California at Berkeley
University of Capetown
University of Chicago
University of Connecticut
University of Dayton
University of Denver-Daniels
University of Edinburgh
in partnership with Heriot Watt University
University of Exeter
University of Florida
Warrington College of Business Administration
University of Hong Kong
Masters of Finance - Financial Engineering and Risk Management Tracks
University of Houston-Bauer
University of Illinois at Urbana-Champaign
College of Business
University of Karlsruhe
University of Leicester
University of London
University of Melbourne
University of Michigan
University of Minnesota
University of New South Wales
University of North Carolina, Charlotte
University of Oxford
Diploma in Mathematical Finance
University of Piraeus (in Greek)
University of Pittsburgh
University of Pretoria
University of Reading
ISMA Centre, the Business School for Financial Markets
University of Rochester
Simon School of Business Administration
University of Southern California
University of St. Gallen
University of Stellensboch
University of Thai Chamber of Commerce
University of Technology, Sydney
University of the Free State
MSc Mathematical Statistics
University of Torino, Italy
Masters in Quantitative Finance
University of Toronto
University of Tulsa
University of Twente, the Netherlands
University Of Valencia, Spain
University of Warwick
University of Waterloo
University of Western Ontario
University of Westminster
University of the Witwatersrand-Johannesburg
University of York
Vanderbilt University- Owen School
Vienna Institute of Technology
Virginia Commonwealth University
Vrije Universteit Amsterdam, Universiteit Utrecht & Universiteit van Amsterdam
MSc in Stochastics and Financial Mathematics
Worchester Polytechnic Institute
MSc Financial Mathematics