An online doctorate program in financial mathematics combines applied mathematics and financial market analysis. Candidates for an online PhD program in financial mathematics must have a strong background in economics, quantitative finance, applied mathematics and statistics. Many industries rely on financial mathematics specialists to provide analytical and research support around financial models, risk assessment and future growth opportunities. This in-demand field provides a wide variety of career opportunities; in fact, many top companies require a PhD degree for positions involving financial mathematics. In addition, as an online doctoral program in financial mathematics provides the student the opportunity to work and earn their degree simultaneously, candidates do not lose work or research experience during their studies. This benefit is advantageous when a doctoral graduate is pursuing career options .
Online PhD in Financial Mathematics Requirements
Pursuing an online PhD in financial mathematics requires time, diligence and significant background knowledge in subjects associated with the degree. Most courses assume prior knowledge and research; thus, most students hold a related Masters degree prior to application to the program. Some students are permitted to pursue a Masters concurrently with the online PhD program, although this is rare.
Commonly held Masters degrees for students pursuing the best online doctoral programs in financial mathematics include:
- Master of Science in Financial Mathematics
- Master of Science in Quantitative Mathematics
- Master of Science in Financial Economics
- Master of Science in Mathematics
- Master of Science in Economics
- Master of Science in Computational Finance
- Master of Science in Economic Sciences
- Master of Science in Statistics
- Master of Science in Computer Science
In addition, students may also have prior work and research experience as financial managers, portfolio analysts and statisticians.
Online PhD in Financial Mathematics Education
Online PhD programs in financial mathematics take 4-5 years to complete. Candidates earning their Masters degree concurrently with their PhD can expect 6-7 years to complete an online doctoral program. During the program, students will conduct extensive research, analyze financial models and submit a lengthy dissertation.
Information on Financial Mathematics Courses
Some common courses found in top online doctorate programs in financial mathematics include:
- Financial Engineering
Financial engineering is the application of engineering methods to financial models. This course gives students the opportunity to apply their risk management skills to case studies in order to develop strategic goals for a model of an institution.
- Financial Mathematics
This course provides extensive knowledge of stochastic models, hedging strategies and management of risk. The course applies this knowledge to the study of forward and futures contracts.
- Computational Finance
Students explore advanced data analysis and economic modeling in this course using concepts from microeconomics, probability models, statistical analysis and econometrics.
- Statistical Methods in Finance
This course combines financial applications and statistical models. Topics include regression analysis, estimation and modeling volatilities and value at risk. In addition, students experience hands-on statistical modeling.
- Functional Analysis
Candidates will examine and apply the following topics: differential equations, integral equations, distributions and advanced calculus problems. Previous courses in applied mathematics are essential to success in this course.
- Computations, Coding and Algorithms in Finance
This course implements popular finance models and techniques using common computer science tools and languages. For candidates pursing a concentration in financial engineering, this course is vital.
Specializations and Concentrations
The study of financial mathematics is a relatively narrow field, so while specializations exist in the doctoral programs, they are strongly intertwined. Candidates complete all core classes and can pursue a particular concentration while completing their dissertation.
Common specializations in a doctorate in financial mathematics include:
- Statistics and Probability
- Computer Science/Financial Engineering
- Statistical Modeling
- Actuarial Science/Financial Mathematics
Careers in Financial Mathematics
A student graduating from an accredited online PhD program in financial mathematics has a variety of career options. Some common career opportunities for online doctoral graduates in financial mathematics are:
- Research Analyst
A research analyst provides statistical models and comparisons important to a particular industry. For instance, in working with a hedge fund company, a research analyst might predict compensation scenarios.
- Operations Researcher
This career path offers many employment opportunities for candidates with from a top online PhD degree in financial mathematics. Operations researchers formulate and apply financial modeling to help managers make decisions and solve problems. They are employed in almost every industry, from financial institutions to the military.
- Financial Engineer
Financial engineers work closely with software engineers and product developers to create analytic software products used in financial and insurance institutions. Candidates for this position should have a strong background in computer science.
- Equity Research Analyst
An equity research analyst applies statistical skills and financial mathematics knowledge to evaluate options and recommend trading opportunities to a firm’s trader. They evaluate financial data and advise on risk-management issues.
University professors perform a significant amount of research in the subject they teach. They also must keep up with new developments in their field and may consult with government, business, nonprofit, and community organizations.
- Actuarial Mathematicians
Actuarial mathematicians hold a similar career path to a research analyst, yet they work primarily in the insurance field. Graduates in this position develop and analyze mathematical and statistical data to solve complex financial questions relating to insurance issues.
Advanced careers in financial mathematics require a PhD in the subject from an accredited program. An online doctorate program in financial mathematics is an excellent method of increasing employee value, skills and experience.