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An online doctorate program in quantitative finance prepares students for the research and application of quantitative financial models and risk management. This is an interdisciplinary degree requiring extensive understanding of mathematics, economics, statistics, engineering and computer science. An online PhD program in quantitative finance is a relatively new and expanding degree and provides many lucrative career opportunities. As an online doctoral program in quantitative finance can be earned during non-work hours, candidates can continue current employment opportunities and advancement, which provides a beneficial edge when pursuing postgraduate careers.

Online PhD Programs in Quantitative Finance Requirements

An online PhD in quantitative finance requires a strong foundation in financial models, mathematics, statistics and computer science. Most candidates for an online doctorate in quantitative finance hold a Masters degree prior to application, although some are permitted to earn their Masters degree concurrently with the online PhD programs. Commonly held Masters degrees for online doctorate programs in quantitative finance include:

• Master of Statistics
• Master of Economics
• Master of Quantitative Finance
• Master of Financial Engineering
• Master in Computational Finance
• Master in Computer Science

In addition, most candidates for an online doctorate in quantitative finance have prior work or research experience in statistics, computer science and financial engineering. This prior knowledge is extremely helpful in understanding the application of theoretical financial models within the program. A strong skill set acquired in work or research experience is assumed for most courses.

Online PhD Programs in Quantitative Finance Education

Earning an online PhD in quantitative finance requires strong determination, extensive research hours and motivation. Students must be committed to their program and make it a priority outside of normal work hours. Most online doctorate programs in quantitative finance take 4 years to complete and 6 years if a Masters degree is earned concurrently with the PhD.

Information on Quantitative Finance Education

Some common courses found in accredited online PhD programs in quantitative finance include:

• Advanced Financial Theory
  This course provides insight and a deep understanding of current financial theory, combining both theoretical and practical approaches. Students examine issues surrounding corporate financial theory, derivative asset pricing, and optimal portfolio/consumption choices in uncertainty.
• Market Microstructure
  Students are introduced to market structure and design, price theory, timing costs and investor behavior. This course intends to advance student intuition in the market, providing them with strong intangible skills that will benefit their future in financial management.
• Stochastic Differential Equations
  Students build on their knowledge of statistics and probability to further explore differential equations. In this course, students work with various models of stochastic differential equations, including equations relating to Poisson random measures, for general Markov processes, change of measure and application to finance.
• Statistical Computing
  This course expands student knowledge of data structures and statistical computing software applications. Statistical Computing also provides an overview in computation of data analysis.
• Regression Analysis
  Students work through advanced problem sets of single equation regression techniques. The course will also focus on improving comfort level with common analysis software.

Specializations and Concentrations

An online doctorate in quantitative finance provides the candidate with an interdisciplinary degree that can be applied in many different areas. Most students focus their research to a particular subject of quantitative finance, although core classes will remain the same for all candidates.

Specialties and concentrations related to online PhD programs in quantitative finance include:

• Risk Management
• Financial Support and Research
• Software Development
• Operations Strategies
• Financial Mathematics
• Applied Probability and Statistics
• Stochastic Processes
• Research and Applications
• Product Development

Careers in Quantitative Finance

Candidates in the best online PhD in quantitative finance programs have their choice of career options upon graduation. Some common careers for online doctoral candidates in quantitative finance include :

• Alternative Investment Trader
  Trading in alternative investments is done for the direct benefit of the corporation, rather than for the benefit of the customers. Management of hedge funds is the primary business activity for alternative investment traders. Alternative investment traders earns between $39,310 and $166,550 per year.
• Trader Support
  Trader support professionals are critical in making fast, knowledgeable decisions at a trading desk. Quantitative financial analysts provide insight and risk management information for traders. Trader support professionals earn a median of $82,190 per year.
• Consulting/Customer Support
  Consultants and customer support professionals provide customers with research reports and analytic support. Many companies and individuals hire quantitative financial analysts to provide support and research in management of extensive portfolios. Consultants earn between $54,930 and $141,070 per year or more, depending on clientele.
• Product Development
  As investment banks are increasingly trading in exotic options, product developers assist in risk management of these products, as well as research and support in trading them. Product developers earn an average of $90,160 per year.
• Risk Management
  With recent upheavals in financial markets, quantitative financial analysts with a risk management focus are increasingly in demand. These professionals focus on maintaining infrastructure to manage risk and tackle difficulties in real-time processing, high performance databases and visualization. Risk management professionals earn between $72,030 and $135,070 per year.
• Academic Research
  Quantitative financial analysts with a focus on academic research can solve real-life problems with financial research and provide support and analysis of computational theory. Researchers earn a median of $69,750 per year.

Most advanced career opportunities in quantitative finance require a doctoral degree. An online doctorate in quantitative finance offers a wide range of specialization and in-demand career opportunities.