The mathematical finance major is an interdisciplinary study of financial markets. The major is specifically designed for students considering graduate studies in finance, applied financial economics, mathematical finance, applied mathematics, or actuarial science.
Increasingly, firms of all types–and financial institutions in particular–rely on sophisticated mathematical models to understand financial markets, to evaluate financial instruments, and to measure and manage risk. To understand and utilize these models, students need specific capabilities that can be gained only from study in the fields of economics, finance, and mathematics.
Students who graduate with a degree in mathematical finance have a wide range of career choices, including commercial banking, corporate finance, financial planning, investment banking, money management, and real estate. Students who are interested in applications of mathematics and statistics to risk management and insurance can also consider a career in actuarial science.
I. The common curriculum  
II. Required Courses  
Course Number 
Course Name 
Frequency of Offering 

ACCT 1301 
Fundamentals of Financial Accounting  Every term  
FNCE 3301  Financial Administration of Business Firms  Every term  
ECON 1311  Principles of Microeconomics  Every term  
ECON 1312  Principles of Macroeconomics  Every term  
ECON 3325  Intermediate Microeconomics  Every term  
ECON 4367  Advanced Microeconomic Theory  Every other fall  
ECON 4370  Econometrics  Every Other Fall  
MATH 1311  Calculus I  Every Term  
MATH 1312  Calculus II  Every Term  
MATH 2321  Calculus III  Every Term  
MATH 1320  Statistical Methods MATH 3334, Probability, may be substituted for MATH 1320. 
Every Term  
MATH 3370  Mathematical Finance  Every Other Year  
MATH 3316  Differential Equations and Linear Algebra  Every Other Year  
III. Three Additional Elective Courses from the Following:  
FNCE 3351/ ECON 3356 
Financial Institutions and Markets  Every Term  
FNCE 3352  Investment Principles and Analysis  Every Term  
FNCE 3353  Student Managed Fund I  Every Term  
FNCE/ECON 3361  International Finance  Every Term  
FNCE 4351  Financial Management and Policy  Every Term 
ACCT1301 Fundamentals of Financial Accounting
An introduction to business and the basic concepts of financial accounting. The course incorporates identifying, analyzing, measuring, recording, and communicating financial information for businesses that are organized and operated for profit. Emphasis is placed on applications of these concepts to real world situations.
ECON1311 Principles of Microeconomics
An introduction to the economic organization of society, with emphasis on how markets, prices, profits, and losses guide and direct economic activity. Throughout the course, economic analysis is applied to a wide range of contemporary problems and issues.
ECON1312 Principles of Macroeconomics
The theory and measurement of changes in the levels of prices, employment, national income, and other aggregates. Topics addressed include money and the banking system, international economics, unemployment and inflation, and government stabilization policy.
Prerequisite: ECON 1311.
ECON3325 Intermediate Microeconomics
An analytical study of decentralized economic decisionmaking, with primary emphasis on markets and prices. The range and precision of the analytical techniques developed in Economics 1311 are expanded substantially; these techniques are applied to a variety of economic situations, issues, and problems. Attention is given to the economic efficiency consequences of different market structures in both product and input markets and of various kinds of government intervention in market processes.
Prerequisite: ECON 1311.
ECON4367 Advanced Microeconomic Theory
This course acquaints the student with classical microeconomic theory and enables him or her to construct mathematical economic models. Topics include: consumer theory; theory of the firm; multimarket equilibrium; decisionmaking under certainty; optimization over time; theoretical and applied welfare economics.
Prerequisites: ECON 3325 and MATH 2321.
ECON4370 Econometrics
The development of statistical techniques of measurement and inference especially suited to empirical economics. The course covers linear regression, maximum likelihood estimation, and significance tests. The main emphasis is on the proper formulation and testing of hypotheses.
Prerequisites: ECON 1312, ECON 3325, ECON 2320 or equivalent, and MATH 1312, or permission of instructor.
FNCE3301 Financial Administration of Business Firms
Financial decision making in organizations; planning and managing cash flows, raising, and allocating funds. Topics include cost of capital, capital budgeting, working capital management, and financial planning. Emphasis on nonfinancial corporations.
Prerequisites: ACCT 1301, ECON 1311, and BUSN 2301.
FNCE3351 / ECON 3356 Financial Institutions and Markets
Analytical investigation of the structure, efficiency, and regulation of financial markets and institutions. Topics include determination of the level and structure of interest rates, asset valuation and the flow of funds between markets, theory and practice of financial intermediation, and the social utility of the financial sector.
Prerequisites: ECON 1311, and ECON 1312, and junior standing.
FNCE3352 Investment Principles and Analysis
Analysis of common stock, bonds, options, and futures. Topics include financial markets, valuation of securities, technical analysis, market efficiency, and portfolio theory.
Prerequisites: FNCE 3301 and junior standing.
FNCE3353 Student Managed Fund I
Combines study of the security analysis and portfolio management with practical demands of handson money management. Provides opportunity to invest University endowment funds. Economic, industry, and company analysis. Economic and financial forecasts. Valuation models. Portfolio theory. Investment philosophy. Ethics in investing. Capital market performance history. Managing endowment funds. Portfolio performance measurement. To be taken in the first semester of the academic year.
Prerequisites: FNCE 3301, FNCE 3352, and consent of instructor.
FNCE3361 International Finance
This course emphasizes the study of the global exchange rate and associated derivatives markets with particular emphasis on foreign risk hedging; the study of financial equilibrium relations and their effects on the international capital markets, and the potential arbitrage opportunities that result in the absence of equilibrium; and the use of case studies to illustrate the application of theoretical tools on the multinational corporate environment. (Also listed as ECON 3361.)
Prerequisite: FNCE 3301 or consent of instructor.
FNCE4351 Financial Management and Policy
Advanced study of financial theories and practices. Emphasis on case studies to develop analytical thinking about problems faced by businesses. Topics include capital budgeting, risk analysis, leasing, bankruptcy, and mergers.
Prerequisites: FNCE 3301 and junior standing.
MATH1311 Calculus I
A study of functions including transcendental and trigonometric: Limits and continuity; differential and integral calculus; and applications. MATH 1307 and 1311 cannot both be taken for credit.
Prerequisite: Successful completion of either MATH 1301 or the equivalent. Students who have completed the equivalent of MATH 1301, as opposed to taking MATH 1301 at Trinity, must take the Mathematics Placement Exam to determine readiness for this course.
MATH1312 Calculus II
A study of methods of integration, series, and an introduction of differential equations and linear algebra.
Prerequisite: MATH 1307 or 1311 or the equivalent.
MATH1320 Statistical Methods
Methods of analyzing data, statistical concepts and models, estimation, tests of significance, and regression. MATH 1320 and 3320 cannot both be taken for credit.
Prerequisite: MATH 1307 or 1311 or the equivalent.
MATH2321 Calculus III
The study of partial differentiation, multiple integrals, and vector calculus.
Prerequisite: MATH 1308 or 1312.
MATH3316 Differential Equations and Linear Algebra
The theory and applications of first order equations, linear second order equations, linear systems of equations, Laplace transforms, the eigenvalue problem, matrix algebra, and vector spaces. MATH 3316 and MATH 3366 may not both be taken for credit.
Prerequisite: MATH 1308 or 1312.
MATH3370 Financial Mathematics
Problems that arise in the area of finance and the mathematics of their solutions. Examples include portfolio selection, option pricing, arbitrage, singleagent optimization, the Fundamental Theorem of Asset Pricing, and the BlackScholes formula.
Prerequisites: MATH 1320 or 3320 or 3334 and MATH 3316 or 3323.
Combining courses from economics, finance, and mathematics, the mathematical finance major is an interdisciplinary study of financial markets, utilizing mathematical models to understand markets, evaluate financial instruments, and measure and manage risk.