The Masters in Computational Finance Degree—better known as the Master of Science in Computational Finance (MSCF or M.S. in Computational Finance)—is a graduate-level degree for people who wish to apply quantitative computational finance and risk management skills to the financial services industry. It is a more focused degree than the traditional Masters in Finance degree. Students earning their Masters in Computational Finance are trained to be practitioners of financial engineering, which is a multidisciplinary field that involves using a variety of technical skills in creating or managing financial products. One of such tools is financial mathematics, which is a branch of math applied to financial markets. The MSCF is traditionally offered at accredited institutions of higher learning, such as colleges and universities, and students wishing to earn their degree around their own schedule can choose to pursue an online Masters in Computational Finance Degree. People who wish to obtain an MSCF must have at least a Bachelor of Science (B.S.) degree, which can be in mathematics, economics, statistics or computer science. Stronger candidates usually have a M.S. degree or a Master in Business Administration degree (M.B.A.) based in a computational or quantitative field.
College Options, Course Details, and Possible Careers For the Masters in Computational Finance Degree
Two examples of higher institutions that offer the MSCF are the University of Washington via its Computational Finance & Risk Management department; and Carnegie Mellon University, which touts its program as the top choice in the United States.
Typical Masters in Computational Finance courses focus on nurturing or honing skills in financial engineering, financial forecasting, applied mathematics, computing techniques and financial management. The most common course is Derivatives, which focuses on the computational methods of creating, valuing and hedging of products such as interest rate and credit derivatives. Financial computing courses usually deal with acquiring computing skills necessary to combat finance-related problems. The financial optimization course is for learning a variety of numerical optimization techniques for solving financial applications, and risk management courses are for estimating and reducing credit risks. Students spend the first year of the MSCF program learning conventional finance theories while taking introductory courses on anything from capital markets to economic trading. MSCF courses are usually designated as math or economics related courses. Each program is ideally designed to complete within two years. Depending on the institution, an M.S. in Computational Finance student might take up to 70 credits in order to graduate, with about 20 or more of them required.
With the Masters in Computational Finance degree, a graduate can become a financial engineer, a professional who is responsible for creating new and improved financial products and managing risk. Other paths of employment with a Masters in Computational Finance degree include computational scientist or even a research associate or lecturer at an educational institution.