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PhD in Mathematical Finance

The PhD in Mathematical Finance is for students seeking careers in research and academia. Doctoral candidates will have a strong affinity for quantitative reasoning and the ability to connect advanced mathematical theories with real-world phenomena. They will have an interest in the creation of complex models and financial instruments as well as a passion for in-depth analysis.

Learning Outcomes

The PhD curriculum has the following learning goals. Students will:

Demonstrate advanced knowledge of literature, theory, and methods in their field.

Be prepared to teach at the undergraduate, master's, and/or doctoral level in a business school or mathematics department.

Produce original research of quality appropriate for publication in scholarly journals.

Residency

After matriculation into the PhD program, a candidate for the degree must register for and satisfactorily complete a minimum of 16 graduate-level courses at Boston University. More courses may be needed, depending on departmental requirements.

PhD in Mathematical Finance Curriculum

The curriculum for the PhD in Mathematical Finance is tailored to each incoming student, based on their academic background. Students will begin the program with a full course load to build a solid foundation in not only math and finance but also the interplay between them in the financial world. As technology plays an increasingly larger role in financial models, computer programming is also a part of the core coursework.

Once a foundation has been established, students work toward a dissertation. Working closely with a faculty advisor in a mutual area of interest, students will embark on in-depth research. It is also expected that doctoral students will perform teaching assistant duties, which may include lectures to master's-level classes.

Course Requirements

The minimum course requirement is 16 courses (between 48 and 64 units, depending on whether the courses are 3 or 4 units each). Students' course choices must be approved by the Mathematical Finance Director prior to registration each term. The following is a typical program of courses.

Year 1

Fall

CAS EC 701 Microeconomic Theory

CAS MA 711 Real Analysis

CAS MA 779 Probability Theory I

QST FE 918 Doctoral Seminar in Finance

Spring

CAS EC 703 Advanced Microeconomic Theory

CAS MA 776 Partial Differential Equations

CAS MA 781 Probability Theory 2

QST FE 920 Advanced Capital Market Theory

Year 2

Fall

CAS EC 702 Macroeconomic Theory

CAS MA 783 Advanced Stochastic Processes

QST MF 850 Advanced Computational Methods

QST MF 922 Advanced Mathematical Finance

Spring

CAS EC 704 Advanced Microeconomic Theory

CAS MA 751 Statistical Machine Learning

QST MF 810 FinTech Programming

QST MF 921 Topics in Dynamic Asset Pricing

Additional Requirements

Qualifying Examination

Students must appear for a qualifying examination after completion of all coursework to demonstrate that they have:

acquired advanced knowledge of literature and theory in their area of specialization;

acquired advanced knowledge of research techniques; and developed adequate ability to craft a research proposal.