 Undergraduate Math Courses
 Major and Minor Programs

 Declaring a Mathematics Major
 Actuarial Mathematics
 Honors Mathematics
 Mathematics of Finance and Risk Management
 Mathematical Sciences
 Pure Mathematics
 Secondary Mathematics Teaching Certificate
 Mathematics Minor
 Advising
 Research and Career Opportunities
 Awards, Scholarships, and Prizes
 Extracurricular Activities
 Frequently Asked Questions
 Resources
 Policies
 Graduating?
Program in Mathematics of Finance and Risk Management
The program in Mathematics of Finance and Risk Management (or Mathematics of Finance for short) is designed to provide a broad education in the quantitative aspects of risk management and finance. Today's financial instruments require sophisticated mathematical techniques for their valuation. These techniques come from the fields of probability, statistics and differential equations.
I. Prerequisites
Prerequisite to concentration in Mathematics of Finance is one of the pair of courses 215 & 217, 255 & 217, 285 & 217, or 295 & 296. In addition, each student must complete two introductory courses in Economics (Econ 101 and 102), and acquire a working knowledge of a highlevel computer language (e.g. Fortran, C or C++) at a level equivalent to completion of EECS 183.
The concentration program must include at least ten courses: 4 basic courses (II.), 4 special Mathematics of Finance courses (III.), and 2 related courses (IV.) as described below.
II. Basic Courses
Basic courses consist of one from each of the following groups completed with a grade of at least C:
 Differential Equations: Math 216, 286, or 316
 Finance: Math 423
 Probability: Math 425
 Statistics: Stats 426
More advanced students, such as those who have completed Math 396, may substitute higher level courses with the approval of a major advisor.
III. Special Courses
The special Financial Mathematics courses must include Math 451, 471 or 472 (472 is preferred), 525, and 526. As noted above careful planning is essential.
IV. Related Courses
To complete the major program each student should elect two additional intermediate or advanced courses related to Financial Mathematics. Some, but not all, of the courses numbered 300 and above offered by Accounting, Computer Science, Economics, Finance, Industrial and Operations Engineering, and Statistics are appropriate here. Some specific approved courses are:
 Math 422, 427, 462 and 623
 All Accounting courses over 300, except 471
 Econ 401, 402, 409, 452, 453, or 454
 Finance 302, 317, or 408 AND 409 (1.5 credits each)
 IOE 310 and 452
 LHC (Bus. Ad.) 305
 Some Statistics courses numbered above 400
 Sociology 330
 Philosophy 361, 414 and 429
Other courses may sometimes be appropriate and in all cases approval of the advisor in Financial Mathematics is required.
Print a Financial Mathematics Worksheet
Accelerated Master's Degree Program
Currently enrolled University of Michigan undergraduates majoring in Financial Mathematics are eligible to apply to the Accelerated Master's Degree Program (AMDP) in Quantitative Finance and Risk Management. More information is available on the AMDP webpage.