Financial Mathematics
Earners of this microcredential will acquire knowledge and skills across the mathematical & computational spectrum. This microcredential provides a solid foundation in quantitative and computational finance within a hands-on, application-oriented learning environment. Course work includes basic financial mathematics, continuous-time finance, and financial engineering. Participants will gain quantitative method skills that can be leveraged across a diverse field of applications.
Admission requirements for application:
- Matriculation into a Farmingdale State College degree program, excluding Applied Mathematics in the Financial Mathematics Track
- MTH 130 or 150: (Calculus I, or the equivalent) with a C or better
- Completion of the Microcredential Application on Etrieve
For Non-matriculated students:
- Completion of the non-matriculated student application
- MTH 130 or 150: (Calculus I, or the equivalent) with a C or better
- Completion of the Microcredential Application on Etrieve (Instructions will be emailed after completing the non-matriculated student application)
Requirements to earn the microcredential:
To achieve the Financial Mathematics microcredential, participants will need to be enrolled at FSC and successfully complete a three-course sequence (MTH 246, 346, and 446), with a B or better, which will include assignments, exams, and projects. The final course, MTH 446, will include a final project and student presentation that will be evaluated by the microcredential advisor prior to the award of the microcredential.
Time to complete:
3 semesters
Cost to attend:
Standard tuition rates apply. For tuition and student consumer information, please click here.
Contact Information
Mathematics
Whitman Hall, 180
934-420-2182
mathematics@farmingdale.edu
MTH 246 Introduction to Financial Mathematics
This is a course designed to introduce the basic concepts of financial mathematics including cashflows, the time value of money, compounding, and present and future value calculations for loans, annuities, and bonds. The course presents the basic no-arbitrage principal to derive forward interest rates and stock prices as well as the prices of futures contracts. Students will be introduced to options, their characteristics, and put-call parity and will analyze the valuation of calls and puts, and general contingent claims, in the framework of the classical one-period binomial model. Prerequisite(s): MTH 130 or MTH 150
MTH 346 Quantitative Finance
This course introduces more advanced topics in financial mathematics. Multi-period, discrete-time asset pricing will be presented within the framework of the classic binomial tree model and it's application to pricing and hedging contingent claims, such as stock options and callable bonds, will be analyzed. The Black-Scholes option pricing formula will be presented and it's relationship to the discrete-time model will be explored. Option and bond risk-factors, such as delta/gamma and duration/convexity, will be introduced. Finally, mean-variance portfolio analysis will be presented, including the efficient frontier and optimal asset allocation. Throughout the course, students will gain insight via lab-projects to gain real-world experience in quantitative finance. Prerequisite(s): MTH 246
MTH 446 Financial Engineering
This course will use advanced mathematical and computational techniques to solve real-world problems in quantitative finance. Topics will include optimal asset-liability matching, yield curve construction, option valuation, hedging and strategies, portfolio analysis, and risk management. Coursework will emphasize the integration of topics from calculus, linear algebra, and probability with financial theory and applications. Students will develop computational skills using application software such as Excel and MATLAB. Prerequisite(s): MTH 346