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Program in Mathematics of Finance and Risk Management
The program in Mathematics of Finance and Risk Management (or Mathematics of Finance for short) is designed to provide a broad education in the quantitative aspects of risk management and finance. Today's financial instruments require sophisticated mathematical techniques for their valuation. These techniques come from the fields of probability, statistics and differential equations.
Mathematics of Finance & Risk Management Subplan Checklist
I. Prerequisites
Prerequisite to concentration in Mathematics of Finance is one of the pair of courses 215 & 217, 285 & 217, or 295 & 296. In addition, each student must complete two introductory courses in Economics (Econ 101 and 102), and acquire a working knowledge of a highlevel computer language (e.g. Fortran, C or C++) at a level equivalent to completion of EECS 183.
The concentration program must include at least ten courses: 4 basic courses (II.), 4 special Mathematics of Finance courses (III.), and 2 related courses (IV.) as described below.
II. Basic Courses
Basic courses consist of one from each of the following groups completed with a grade of at least C:
 Differential Equations: Math 286 or 316
 Probability: Math 525
 Statistics: Stats 426
 Analysis: Math 351, or 451
More advanced students, such as those who have completed Math 396, may substitute higher level courses with the approval of a major advisor.
III. Special Courses
The special Mathematics of Finance courses must include Math 423, 474, 471 or 472 (472 is preferred), and 526. Careful planning is essential.
IV. Related Courses
To complete the major program each student should elect two additional intermediate or advanced courses related to Financial Mathematics. Some, but not all, of the courses numbered 300 and above offered by Accounting, Computer Science, Economics, Finance, Industrial and Operations Engineering, and Statistics are appropriate here. Some specific approved courses are:
422  Risk Mgmt & Insurance  FIN 408 & 
(1.5 Credits Each) 
462  Mathematical Models  FIN 409 
Capital Markets AND Fixed Inc Sec 
623  Computational Finance  IOE 310 
Intro Optim Methods 
ECON 401  Inter Micro Theory  IOE 452  Corporate Finance 
ECON 402  Inter Macro  BL 305  (Bus Ad) Legal Envir Bus 
ECON 409  Game Theory  PHIL 361  Ethics 
ECON 452  Intro to Econometrics  PHIL 414  Math Logic 
FIN 302  Financial Decisions 
PHIL 429  Ethical Analysis 
FIN 317  Corp Financing Decisions 
 Some Statistics courses numbered above 400
 All Accounting courses 300 and above, except 471
Other courses may sometimes be appropriate and in all cases approval of the advisor in Financial Mathematics is required.
Accelerated Master's Degree Program
Currently enrolled University of Michigan undergraduates majoring in Financial Mathematics are eligible to apply to the Accelerated Master's Degree Program (AMDP) in Quantitative Finance and Risk Management. More information is available on the AMDP webpage.