What is the differences between the FSRM master's program, the MS in Mathematical Finance (MSMF) program, and the Master's in Quantitative Finance (MQF) program at Rutgers?
The three programs are related in that they all aim to train students to work in the financial industry. However, each program has a very different focus. This is reflected in substantial differences in the programs' requirements.
The MSMF program is a mathematics program. It focuses on mathematical models for financial assets and numerical methods required to utilize these models. Typical applications of these methods include derivative security pricing. Students in the MSMF program are trained to become quantitative analysts in investment banks.
The MQF program trains students to become financial managers and professionals in other related fields, with expertise in mergers, consolidations, global expansion, and financing.
On the other hand, the FSRM program is a statistics program, tailored to train the next generation of professional financial statisticians and risk managers. The graduates from the FSRM program will be able to take immediate employment as financial statisticians and risk managers. Students who are interested in mathematical modeling and stochastic differential equations should consider the MSMF program, and students who are interested in becoming financial managers should consider the MQF program. The FSRM program is most suitable for students who are interested in statistical methods, analyzing large financial data set, identifying statistical arbitrage opportunities, proprietary trading strategies, stress testing, and risk management.