Road to Financial Mathematics


IAM’s Financial Mathematics Program is known for rigorous training in the core areas of probability, statistics, modeling, investment theory, stochastic processes, programming, and economics. The depth of understanding prepares students to respond to today’s rapidly evolving, world-wide economic and financial landscape. During the program, students are encouraged to build on the core with a focus in areas such as business management, statistics, mathematics, or risk management.

IAM Financial Mathematics graduate program offers studies leading to the MSc. and Ph.D. degrees in Mathematics, with a special focus on the mathematics of finance and economics. We invite applications from students with a strong mathematics background to join our interdisciplinary program.

The name “Financial Mathematics” means that we focus on the rigorous mathematical understanding of financial problems. Our MSc. students share core courses with our beginning Ph.D students (see the IAM pages for more details), and we are also the unique program in TURKEY offering a Ph.D specifically in Financial Mathematics.

The program at IAM continues METU’s tradition of interdisciplinary programs, and is a joint venture between five departments

  • Department of Mathematics,
  • Department of Statistics,
  • Department of Business Administration,
  • Department of Computer Engineering,
  • Department of Actuarial Sciences.

Why Financial Mathematics?

The recenlty developed financial tools, products and software are becoming increasingly complex and sophisticated. There’s a high demand for market-aware graduates who can demonstrate an understanding of mathematical models used in these products.

The MSc and Ph.D. in Financial Mathematics – an innovative cross-enstitute alliance between the Strathclyde Business Administeration and the Faculty of Science – has been developed to address this need. The program has been designed so that students who have a strong aptitude for mathematics, statistics and computing but who have not studied these topics in detail in their first degree can learn the necessary skills to move into the financial industry.

This program will prepare you for a career in financial mathematics and risk management. Careers include roles as a hedge fund manager or financial analyst.

You’ll gain:

  • a good understanding of financial theory and analysis,
  • an appreciation of financial markets,
  • a practical understanding of numerical methods in finance,
  • an introduction to programming for financial applications,
  • an understanding of the role of computers in business processes.


Our program is matched with a full range of career services and counseling.

Financial tools, products and software are becoming increasingly complex and sophisticated and there’s a need for the finance industry to self-regulate as it witnesses unprecedented growth. Market aware finance graduates, who understand the mathematical models used to develop these products and their computer implementations will be much in demand by international organisations.

Drawing on expert academic input from three departments – Finance, Mathematics & Statistics, and Computer – this programme has been developed to prepare participants for careers within areas such as financial mathematics and risk management, and for highly quantitative roles, such as hedge fund managers and financial analysts.

Recommended Background:

  • We strongly offer the following specific courses:
  1. Calculus I, II, and III (multivariate calculus),
  2. Real Analysis or Advanced Calculus,
  3. Differential equations,
  4. Linear algebra,
  5. Numerical analysis (Some prior exposure to numerical methods of mathematics is recommended ),
  6. Finance and Economics (Some prior coursework in economics and/or finance is recommended (BA825, BA802)  ),
  7. Probability and Statistics (S154, S201, S272, S155, S271).
  • You should have some experience programming in a compiled computer language like MATLAB, R, C++, Python etc.

NOTE: Our graduates applying for jobs as “Quants” in the financial sector need to show a good knowledge of programming. Our courses in Scientific Computing help to provide this.

If your passion is to be in Mathematical Finance or you are interested in learning about the most recent applications of mathematics to the financial sector, follow that passion to IAM, where we provide you to pursue a career in finance with the academic understanding and professional services you need to succeed!

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