Frequently Asked Questions
- General Information
- What is Quantitative Finance?
- What is the Stony Brook training in Quantitative Finance?
- How is this program different from similar programs in Financial Engineering, Computational Finance, etc.?
- Application and Admission Requirements
- What background do I need to be admitted the program?
- How do I apply for admission to the program?
- Degree and Graduation Issues
- What degrees are offerred by the program?
- Where can I find out information about degree requirements?
- Is it possible to get a degree studying part-time?
- Points of Contact
- Whom do I contact to find out more about graduate admission?
- Who is the best person to talk to if I have specific questions about the program itself?
What is Quantitative Finance?
Quantitative Finance is an applied science dealing with the application of mathematics and computer science to develop or exploit financial opportunities for return enhancement and risk control. The discipline is also known as financial mathematics, financial engineering and computational finance, depending upon the problems or techniques emphasized.
What is the Stony Brook training in Quantitative Finance?
The objective of the Stony Brook training in Quantitative Finance is to produce practitioners and researchers who can function as researchers and practitioners at the highest levels of the profession. In contrast to other institutions whose programs have few options and often do not go beyond the Masters, Stony Brook's program is designed with considerable flexibility that can dovetail with traditional academic study in the mathematical sciences.
i) Students can specialize in quantitative finance by following the requirements of the M.S. track in Operations Research and Quantitative Finance with all or most electives in Quantitative Finance. For details, see M.S. Requirements These students have the option of taking the OR-QF PhD Qualifying Exams and continuing for doctoral study in Quantitative Finance.
ii) Students in other graduate tracks (statistics, computational applied mathematics and computational biology) can earn an Advanced Certificate in Quantitative Finance, or simply take selected QF courses as electives.
How is this program different from similar programs in Financial Engineering, Computational Finance, etc.?
The goal of this program is to produce applied mathematicians who specialize in finance, rather than finance majors who are well-trained mathematically. Our objective is to produce professionals who are capable of making significant, leading edge contributions at the highest levels of practice and research. Unlike many programs which offer a terminal Masters degree with no opportunity to go on to a doctorate, students who are sufficiently motivated and talented can continue on towards a Ph.D. at Stony Brook. They also have the opportunity to work with a number of different professors involved in research across a number of different fields.
The interdisciplinary nature of the Department gives students involved in research unusual flexibility. Thus, a student interested in portfolio management may work with a professor in Operations Research who specializes in optimization. Another who wishes to study methods for using market data to calibrate options models might work with a professor in Statistics. Another who wanted to explore the use of parallel computing in Monte Carlo techniques might work with a professor in Computational Applied Mathematics or Computer Science.
How do I apply for admission to the program?
You apply for admission by following the instructions for the Graduate School and for the Department of Applied Mathematics and Statistics.
What background do I need to be admitted to the program?
The minimum requirements for admission to the Department of Applied Mathematics and Statistics can be found in the Graduate School. To get a better idea of background knowledge, also see the syllabi and prerequisites of courses in the Operations Research-Quantitative Finance track. Links to webpages for each of these courses can be found on the QF Degree Requirements webpage.
What degrees are offerred by the program?
The Department of Applied Mathematics and Statisitics offers B.S., M.S. and Ph.D. degrees as well as Advanced Graduate Certificates in various fields. It is important to note that, by design, the various programs in the Department exist as tracks within the Department and not as separate degree programs. Upon successful completion you will be awarded a degree in Applied Mathematics and Statistics.
Where can I find out information about degree requirements?
The department's M.S. Degree Requirements webpage has course requirements for the Operations Research-Quantitative Finance track as well as other tracks. There are no course requirements for the Ph.D., just a Qualiflying Exam, a Preliminary Exam, and a dissertation; for details about the Ph.D. program, see Ph.D. Degree Requirements.
Is it possible to get a degree studying part-time?
There are two parts to this answer. First, right now it is possible to be admitted as a part-time student; however, there is no organized part-time program per se which will guarantee that all required classes are available in the evening. Thus, successful completion of the Masters program will typically require some daytime classes.
Second, a part-time program at Stony Brook Manhattan is in the planning stage. It will be possible to complete the requirements for an Advanced Graduate Certificate in Quantitative Finance by attending evening classes. That program is still in development. Check back regularly for news.
Whom do I contact to find out more about graduate admission?
The links above cover several contact points for both the Graduate School and the Department of Applied Mathematics and Statistics. General inquiries about the Department can be sent to AMS@notes.cc.sunysb.edu. However, before you email it's in your best interest to read through the admission procedures first.
Who is the best person to talk to if I have specific questions about the program itself?
If you have questions about the Program in Quantitative Finance, please contact the Endowed Chair for Quantitative Finance, Professor Svetlozar Rachev.
Where can I view and upload Quantitative Finance preprints?
http://www.ams.sunysb.edu/research/preprints/QF_index.html