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University of Chicago and the Stevanovich Research Center to Establish Financial Mathematics Graduate Program and Collaborative Research Initiative in Singapore

Posted on: Tuesday, 5 February 2008, 12:00 CST

The University of Chicago's Financial Mathematics Department will establish its graduate program in Singapore -- it will also be the first time it is offered outside the United States. The department will be offering its full curriculum leading to a Master of Sciences Degree in Financial Mathematics, beginning with the 2007/08 academic year, it was announced today.

The Financial Mathematics Graduate Program provides an intensive one-year curriculum of integrated studies in theoretical and applied mathematics and practical applications to derivatives pricing and the management of financial assets. The faculty consists of distinguished professors from the Departments of Mathematics, Statistics and Economics of the University of Chicago, and experienced financial professionals.

"This is a singular and exciting event that underscores the global confluences in financial markets, and one that will meet the increasing demand we have experienced for individuals with formal education in financial mathematics both from students and businesses in the Asia-Pacific region," said Niels Nygaard, Ph.D., Director of both the Financial Mathematics Program and the Stevanovich Center, both of which he helped found. "We view this program in Singapore, our first venture abroad, as an integral extension of our offerings at the University, and one in which our existing faculty will be intimately and actively involved."

"EDB gladly welcomes the University of Chicago's Financial Mathematics Graduate Program in Singapore," said Toh Wee Khiang, Director, Education & Professional Services, of the Economic Development Board of Singapore ("EDB"). "This would be a good addition to the University's already successful presence in Singapore with their Graduate School of Business. EDB believes that the Financial Mathematics Graduate Program in Singapore will enhance our Global Schoolhouse Initiative, which envisions for Singapore to be a world-class education hub offering a diverse and distinctive mix of quality education services."

The Monetary Authority of Singapore also supports the establishment of the Financial Mathematics Graduate Program in Singapore. "This development would certainly enhance the offering of high quality programs available in Singapore, which would support talent development for the financial services sector," said the MAS' spokesperson.

Under the program, the University of Chicago's faculty members will travel on a regular schedule from Chicago to Singapore to conduct lectures and meet with students. Lectures will also be televised on a real time interactive basis so that students in Singapore classrooms will be able to see, hear and participate along with their counterparts in Chicago.

The Program foresees an initial enrollment of 15 students and hopes to increase this figure to a steady state of 25 participants over four years. To consolidate the University's offerings in Singapore, the Department of Financial Math will eventually co-locate with the University of Chicago's Graduate School of Business at their Asian campus - this will serve to further raise the profile of the University in Singapore and around the region.

In addition, the University of Chicago's Stevanovich Center for Financial Mathematics, a recently launched innovative research-oriented affiliate located in Chicago, will likewise look to establish an active presence in Singapore.

The Stevanovich Center at the University of Chicago, brings together leading academic researchers and financial professionals whose insights from daily experience in the markets can help translate theory into improved practice. The Center's objective is to create more sophisticated tools to address challenges ranging from analyzing, visualizing and interpreting massive data sets, to building more accurate, tractable and robust models by which to measure price and hedge risks.

About the University of Chicago Financial Mathematics Program

The University of Chicago's innovative one-year Master of Science in Financial Mathematics Graduate Program pioneered the integration of theoretical applied math and practical applications of pricing derivatives and managing financial assets. Staffed with professors from the University's distinguished Departments of Mathematics, Statistics and Economics, as well as experienced financial industry professionals, the Program's curriculum provides an exceptional understanding of the underlying assumptions of various financial models, enabling students to critically ascertain applicability and limitations.

About the Stevanovich Center for Financial Mathematics

The Stevanovich Center advances the understanding of the increasingly complex world of financial markets by integrating mathematics, statistics, and economics. The Center brings together leading academic researchers and financial professionals whose insights from daily experience in the markets can help translate theory into improved practice. The Center holds workshops and conferences, publishes papers, and disseminates presentations via internet. When its newly refurbished building is open in 2009, it will provide physical space where University of Chicago researchers as well as visitors from academia and the marketplace can work, meet, discuss, share and debate ideas that advance our understanding of the mathematical basis of financial markets.

Source: Business Wire

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