Online PhD in Mathematical Finance

Students who pursue an online PhD in Mathematical Finance do so because these top online degrees can open doors for research, high-level corporate positions, and the freedom to pursue the lifestyle of their choice. An online PhD Mathematical Finance degree can take students up to six years to complete and will focus heavily on performing research into existing and potential financial models and gaining mastery of research instruments. The online doctorate in Mathematical Finance program is solidly math focused with courses in advanced calculus, linear algebra, statistics, and differential equations. Throughout the course of earning this degree, PhD students will be responsible for observing practices and procedures involved with working in mathematical and finance settings, documenting their research, studying and understanding financial models, and being able to identify and find solutions for everyday issues that will arise in real life situations. At the end of the online doctoral degree in Mathematical Finance program, PhD students are also required to produce a lengthy dissertation, which is a book-type analysis and findings of knowledge, concepts, procedures, and experience learned while researching and working within the field.

About Online PhD Programs in Mathematical Finance

Online doctorate programs in Mathematical Finance are ideal for those individuals that are highly research-oriented and detail conscious. These natural inclinations and abilities will be supplemented with courses that teach students to develop complicated financial models and instruments for financial analysis. Other areas of focus for obtaining an online PhD in Mathematical Finance involve creating consumption portfolios, and studying derivative securities, equilibrium asset pricing, population finance, and more. In order to be able to fully understand these concepts, students will likely be required to take part in projects that will ensure the mastery of funds management, financial analysis, the application of mathematics in finance and economics, investment analysis, and using financial tools and instruments. For example, students may be required to produce major collaborative research papers to show progress on learning models, theories, research, and concepts learned. In addition, students in online PhD programs in Mathematical Finance may also be required to take part in online chats and forums with inputs in discussion, debates, issues, and controversies and/or to discuss concepts and opinions in assigned reading or research.

Year One:

  • Business Operations. This course allows students to get a better understanding of how business operates in a global environment with concepts and topics covering supply chain management, process management, decision-making, innovating, and quality.
  • Calculus I. This course covers maxima, minima, and convexity of functions. The definite integral, the fundamental theorem of integral calculus, and applications of integration are also discussed.
  • Applied Research Methods. This course will help students develop the skills they will need to perform advanced research, be able to critique concepts and knowledge, and be able to learn about various methods and designs of research.

Year Two:

  • Information Systems. Students in this course will learn about the trends, theories, practices, and concepts of information systems management and how to effectively implement them.
  • Calculus II. Logarithmic, exponential, and trigonometric functions are the focus of this course. Additionally, sequences and series, and Taylor’s series with the remainder are covered along with methods of integration.
  • Finance. The focus of this course is to enable students to use principles of finance to manage practices and functions in the field. Students will study cases, models, theories, and functions in fiance to be able to apply them to real life settings.

Year Three:

  • Change Management. This course is necessary to ensure that students will learn about new and coming trends and how to transition themselves and others as part of a team effectively.
  • Linear Algebra. In this course, Gaussian elimination, fundamental theory, row-echelon form, matrix algebra, solution of linear systems and determinants are covered. Additionally, norms, vector spaces, and bases are a focus along with computer methods, eigenvalues and eigenvectors, and canonical decomposition.
  • Differential Equations. First-order linear and separable equations and second-order equations and first-order systems are the focus of this course. Additionally, linear equations and linearization, numerical and qualitative analysis and laplace transforms comprise course content.

Year Four:

  • Stochastic Analysis. In this course students will learn about the theories of probability and other models and applications as they relate to finance and mathematics.
  • Applied Statistics. Students in this course will learn how to turn data into useful information through the use of tools, formulas, and models.
  • International Finance. This course allows students to view and understand investments, transactions, and global trades in world economies.

Throughout the course of earning a online Mathematical Finance PhD degree, students will also be responsible for mastering exams administered by their professors. While exams will differ between programs and professors, many PhD professors give comprehensive exams, which means students are tested on material learned throughout the course of the semester. Exams can be administered in standard form or can be given in the form of a research paper, assignment, or an evaluation or critique of a specific piece of research, theory, or journal article. The final hurdle in earning an online doctorate degree in Mathematical Finance is writing a dissertation with detailed experiences, knowledge learned, and opinions expressed about the field. Dissertations are generally lengthy and include research findings and practices observed in math and finance settings, as well as conflicts and solutions in the field, and the understanding of financial and mathematical methods.

Value and Criticisms of a PhD in Mathematical Finance

The sophisticated financial and mathematical knowledge obtained by those who complete the best online PhD degrees in Mathematical Finance means that a variety of high level, well-paying, top jobs are available within the field. Many industries rely on financial mathematics specialists to provide analytical and research support around financial models, risk assessment and future growth opportunities and the Mathematical Finance PhD online degree prepares graduates for that. With technology being an integral and vital part of businesses and organizations today, it is very important for high level executives and leaders in the field to have knowledge on how to operate technology and computer systems. Earning this degree online will teach students how to navigate through the Web and Internet and familiarize them with programs, software, and tools they can use later in the workplace. However, a possible downside to earning the online PhD in Mathematical Finance entirely online is that students that have difficulty understanding an aspect of the formulas or methods may have a hard time seeking help or tutorials if they need to be done online. As long as the PhD student doesn't have issues solving problems and getting help through the use of web/video chats, emails, or online discussions, it shouldn't really be a problem.

Application & Admission Requirements

While specific admission requirements will vary between programs and learning institutions, there are some general admission requirements for PhD programs that students should know. Students looking to pursue a online Mathematical Finance doctorate must already have a bachelor's and master's degree and three letters of recommendation. Degrees should be in finance, statistics, mathematics, or a closely related discipline and must have been awarded by a learning institution that is accredited. Most universities also require that students have at least three years of work experience in a closely related field, with other requirements being school specific. For example, the University of Phoenix also requires that PhD candidates have at least a 3.0 GPA on graduate school transcripts and membership with a research library. Interested candidates must submit their application and required paperwork to the appropriate department, typically an admissions department, and await approval into the program.

Career Options & Job Market

Graduates of Mathematical Finance doctorate degrees online are ready to pursue a number of different careers in a number of different fields and industries. Some of the fields graduates can go into include (but are not limited to): government, finance, business, financial planning, economics, and education. Some of the actual careers that graduates of Mathematical Finance PhD programs online can pursue include (but are not limited to): investment banker, actuary, financial planner, operations research analyst, quantitative trading technologist, quantitative analyst, or credit quantitative analyst. Graduates of online PhD programs in Mathematical Finance should have good job opportunities as occupations in the field are in relatively high demand. In fact, the Bureau of Labor Statistics reported that the employment of Operations research analysts is expected to grow by 22% over the next several years adding more than 13,000 jobs to the industry. The Bureau also reported that the employment of Actuaries is expected to grow much faster than the average occupation with an increase by 21% over the next several years.

Where to Find Information

How to Get Funding

Just as with undergraduate and graduate school, PhD students pursuing a online doctoral program in Mathematical Finance may also look for financial assistance options to ease the burden of tuition costs for PhD programs. Tuition costs are likely to vary between schools, for example, the tuition rate at The University of Phoenix is $770 per credit hour. Interested individuals looking to earn the online Mathematical Finance PhD have the option of applying for federal loans, but can also apply for scholarships and/or grant money, which is money that can be used for tuition but does not need to be paid back.

  • This site offers a section for graduate school scholarships to help graduate students find a number of different scholarship, grant, fellowship, and programs that aid with financial assistance.
  • College Scholarships. This site offers college and graduate school scholarships from a variety of different organizations and programs for math, chemistry, and physical science graduate students.
  • This website allows PhD students to look through various categories to find grant and scholarship opportunities that relate to their field of study.

Essential Advice

  • For those individuals that are still unsure whether the online doctorate in Mathematical Finance is right for them, consider speaking to current and past students of the program to get more informative details about the curriculum and scope of the program.
  • Take some time to familiarize yourself with the scope of the program and what careers you will be able to pursue. This includes the job descriptions, qualifications, salaries, and demand of the industry to ensure that you have an interest in pursuing a career in this field after graduation.
  • Before you decide to pursue this specific degree program, remember that the program is rigorous and will require hard work, dedication, time management and may take up to six years to complete, so it is important to ensure that you will have the time the program requires to dedicate to studies.
  • Be sure to seek the help and advice of a knowledgeable and reliable mentor or advisor so that you can look to them for guidance or assistance when you need to do so.