After detail coverage of specialization in finance as a specialization for MBA Students, B-School.com team decided to throw a light on advanced and more practical branch of finance that deals with problems of practical interest in finance.
Popularly known as Computational Finance, this branch of study is generally related to specialization of data and algorithms which are used in finance besides the mathematics of computer finance that realizes financial models and systems.
Coined by Harry Markowitz, a leading economist and financial expert, in the early 1950s and further developed in the late 60s by Hedge fund managers Ed Thorp and Michael Goodkin, Computational Finance is generally related to use of computers in arbitrage trading and efficient market analysis besides analyzing large amount of financial data.
Probably the backbone of trading houses, hedge fund organizations, insurance companies and investment banks Computational Finance came a long way since its inception till becoming a full fledged specialization which involves many market crashes and a cold war. After 30 years of research by various researchers, Carnegie Mellon University was the first to offer a full fledged course in computational finance in the early 90s.During last twenty years the demand of computational finance has grown very rapidly because of its application in every area of the finance department in the industry but very few top colleges have come up with a full fledged course in computational finance. Most universities require an applicant to hold a B.S. or M.S. in Computer Science to pursue masters in computational finance.
B-School.com decided to cover MS in Computational Finance Program from Carnegie Mellon University, Tepper School and its Structure.
Carnegie Mellon University – Tepper School: – Ranked among top 20 b-schools in the world, Tepper School from Carnegie Mellon University is one of the b-schools whose academic structure is deeply rooted in analytical decision making in complex, dynamic and business environments. Carnegie Mellon University, Tepper School of Business offers following specialization for its undergraduate, post graduate and doctorate programs:
- Financial Engineering,
- Operations Management,
- Consulting & Strategy,
- Computational Marketing and Technology.
Carnegie Mellon University – Tepper School, MS Computational Finance: – Started in the year 1994, the MS program in Computation Finance at Tepper School of Business is a joint venture four departments at Carnegie Mellon University which includes the Tepper School of Business, the Mathematical Sciences Department, the Department of Statistics, and the Heinz College. Administered by the Tepper School of Business the participants of Tepper school of Business enjoy the network, environment of Tepper School of Business besides enjoying the additional benefits of three other departments.
Course Curriculum of MSCF: – The participant at Carnegie Mellon University – Tepper School of Business for MS in Computational Finance will master in :
- Advanced Derivative Modeling
- Credit Derivatives
- Deutsche MSCF Trading Competition
- Financial Computing
- Financial Economics for Computational Finance
- Financial Optimization
- Financial Products and Markets
- Financial Time Series Analysis
- Fixed Income
- Macroeconomics for Computational Finance
- MSCF Finance
- Multi-Period Asset Pricing
- Numerical Methods
- Presentations for Computational Finance
- Simulation Methods for Option Pricing
- Statistical Arbitrage
- Statistical Inference
- Statistical and Machine Learning Methods for Financial Data
- Stochastic Calculus for Finance
- Studies in Financial Engineering
According to Placement Cell of Carnegie Mellon University Masters of Computation Finance is one of the preferred course in the financial industry and Tepper School of Business enjoys highest placement rate.