Quant Guide 2022: Rutgers University

Piscataway, New Jersey, US

Photo: Nick Romanenko/Rutgers

 

 

Master’s in Mathematical Finance

The larger sibling of two featured programmes at the university, Rutgers’ Master’s in Mathematical Finance course has undergone significant changes since its appearance in last year’s Risk.net Quant Guide. Paul Feehan has been replaced as programme director by Triet Pham, a professor of mathematics and mathematical finance specialising in stochastic analysis and path-dependent partial differential equations.

The three-semester course has also doubled in size since last year, with 31 students in the latest cohort, versus 15 in the most recent guide. There are now 13 teaching staff on the programme, versus last year’s 10, and the programme’s employment rate has climbed to 93%. More graduates are moving into further study, too.

Despite this strong growth, average graduate compensation has fallen slightly since the course’s last appearance, to $80,079, versus last year’s mean of $87,000. A large proportion of grads enter fintech positions – over 25% for the most recent graduating cohort – with asset management and banking roles tied for second place. 

Course instructors include: Norman Swanson, who teaches classes in econometrics; mathematics professor Kasper Larsen; and assistant professor Kim Weston, who specialises in stochastic analysis and mathematical finance.

Master’s in Financial Statistics and Risk Management 

The other Rutgers degree represented in this year’s Quant Guide, the Master’s in Financial Statistics and Risk Management programme, is also the smaller course by intake. Last year, the master’s admitted 15 students – this year, the intake comprised just six, five of whom are international.

Students should expect plenty of contact time, with 20 instructors on the programme, seven of whom have industry affiliations. The course is led by two co-directors: Cun-Hui Zhang, a professor in the department for statistics and biostatistics; and Sijian Wang, an associate professor in the statistics department.

Zhang’s specialisms include high-dimensional data and probability theory, while Wang’s research focuses on big data analytics, statistical learning, and topics including proteomics – the study of proteins – and cancer genomics.

Students tackle a range of modules across the three-semester programme. At present, core courses include classes in: regression analysis in finance; financial statistics and risk management; and probability and statistical inference with financial applications.

The master’s reported a slight fall in average graduate salaries, from $83,573 to $71,842. Employment routes have also undergone some changes, with a slightly higher proportion of graduates entering asset management, and fewer going into banking and consulting roles.

View this institution’s entry in the 2021 guide

View other universities and a guide to the metrics tables