In today’s business world, financial managers and other associated professionals play an essential role in various efforts to maximize profit and reduce risks. Individuals who are interested in pursuing a finance degree may inquire about a variety of options, including master’s in quantitative finance. A Master’s in Quantitative Finance is a unique program that prepares students for career options in an interdisciplinary and specialized field.
Overview
A master’s degree in quantitative finance provides instruction on using mathematical concepts to solve issues in financial economics. The programs focus on financial analysis, derivatives, credit risk, and financial management. The curricula commonly focus on the study of quantitative concepts in statistics, applied mathematics, and computer science and students gain essential quantitative abilities. A variety of theories are covered, including financial economics, financial markets, and corporate finance. The credit requirements vary by school and program, but many consist of 45 to 50 credits that can be completed either full or part-time. The program usually takes about one to one and half years to complete if students are enrolled full-time. Some schools require students to complete an introduction to finance course. Many programs have prerequisites, such as accounting, linear algebra, multivariate calculus, statistics, financial analysis, and integral calculus. Prospective students should have an undergraduate degree in a quantitative area, such as engineering, mathematics, physics, computer science, or economics.
Course Requirements
The required core courses differ depending on the institution and program, but common classes include: financial modeling, financial econometrics, numerical analysis, calculus for finance, basics of derivatives, simulation applications, finance theory, and programming in finance. In addition to the core course requirements, most programs require students to complete elective classes to gain a further understanding of the field and even specialize in a certain area. Examples of common elective courses offered include financial management, analysis of financial statements, data mining, hedge funds, investment banking, portfolio management, risk management, and international capital markets.
Other Requirements
Many programs in quantitative finance require students to complete an internship component of the program to instill further understanding of class instruction and assignments and give students a view of future career opportunities. Other programs include a thesis component where students complete rigorous research on a specific topic in quantitative finance to demonstrate their solid understanding of the field.
Career Options
The program prepares students for quantitative analysis positions in the business field. Graduates will usually have the ability to plan and employ portfolio management tactics, model and value complex securities, and perform a wide range of financial tasks that add value to employers. Common employers include major investment banks, money managers, hedge funds, and other entities needing business professionals with an advanced understanding of finance and strong quantitative abilities. Examples of job titles include quantitative analyst, credit analyst, equity analyst, investment associate, and risk management specialist.
A master’s in quantitative finance produces professionals who are industry-savvy and very marketable to a variety of employers. Individuals interested in pursing a degree in this field should only consider programs offered from accredited institutions. The master’s degree in quantitative finance is the first step to success for students interested in this aspect of the business world.
