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University Financial Mathematics, Career prospect

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tkhin
post Sep 4 2014, 10:43 PM

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QUOTE(moonnightsilver @ Sep 1 2014, 05:06 PM)
Just as you'd said, there are elective courses for the course I'm taking. I will take note of it when I'm going to enter Year 2 since we are only required to choose it in Year 2. Thank you so much! =D
Here is my course subjects: http://www.utar.edu.my/media/Programmes/Fi...y%202014%29.JPG and it's also mentioned that they will teach MATLAB, SAS, R and etc. Guess I would be okay with the software since I don't have much problem learning using computer -- except Photoshop which I still have no idea how to use the Wacom tablet to draw. Sorry out of topic. :'D

By the way, how to differentiate between Financial Engineering and Financial Mathematics. I Google around and people mentioned that there are differences. I tried to read it but was still clueless. Is there any simple answer for this one?
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in concise terms,
Think Fin eng is more geared towards structuring ie combining basic building blocks (financial derivatives ie swaps,options) to form a structured product to suit clients reqs.
Look for neftci's book ..

Fin math is u learn the math that leads to no arbitrage pricing of various financial derivatives ie black scholes for option pricing..
Also stochastic calculus ie ito's lemma etc... ...

For career advice in quantitative stuff in the financial industry, U should try to contact people who actually work in the industry ie real practitioners who can give you the real picture
The internet is a double edged sword..

Im surprised utar has such a course..the syllabus should include classes conducted by practitioners , not solely depend on academics who have never worked in a bank serving in a quantitative capacity .. The course director should engage practitioners for the course

Anyways good luck..
TSmoonnightsilver
post Sep 5 2014, 10:44 AM

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QUOTE(Critical_Fallacy @ Sep 1 2014, 11:12 PM)
I know, but it doesn't matter, because I'm telling you to learn on your own. Learning alone is your opportunity to search for and choose your own learning material. Students in traditional classrooms usually don’t get to decide how they are going to master course content, because the lecturers decide for them in the form of textbook selection, quizzes, tests, group assignments, etc. As an independent learner, you can make your study time more effective by using only the learning methods that work for you. icon_rolleyes.gif
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Ouh I see. Thanks biggrin.gif

QUOTE(tkhin @ Sep 4 2014, 10:43 PM)
in concise terms,
Think Fin eng is more geared towards structuring ie combining basic building blocks (financial derivatives ie swaps,options) to form a structured product to suit clients reqs. 
Look for neftci's book ..

Fin math is u learn the math that leads to no arbitrage pricing of various financial derivatives ie black scholes for option pricing..
Also stochastic calculus ie ito's lemma etc... ...

For career advice in quantitative stuff in the financial industry, U should try  to contact  people who actually work in the industry ie real practitioners who can give you the real picture
The internet is a double edged sword..

Im surprised utar has such a course..the syllabus should include classes conducted by practitioners , not solely depend on academics who have never worked in a bank serving in a quantitative capacity .. The course director should engage  practitioners for the course

Anyways good luck..
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I tried to look through Google for stochastic process and ito's lemma. Everything is really alien to me. rclxub.gif Thanks for the info. biggrin.gif
Critical_Fallacy
post Sep 5 2014, 08:39 PM

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QUOTE(moonnightsilver @ Sep 5 2014, 10:44 AM)
I tried to look through Google for stochastic process and ito's lemma. Everything is really alien to me. rclxub.gif Thanks for the info. biggrin.gif
The Brownian motion that you learned in Form 1 Science is an example of stochastic process.

The maths related to the Brownian motion can be modeled using Fick's 2nd Law of Diffusion. You will learn more about transport phenomena in Chemical Engineering. sweat.gif

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maximR
post Sep 5 2014, 10:00 PM

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QUOTE(Critical_Fallacy @ Sep 5 2014, 08:39 PM)
The Brownian motion that you learned in Form 1 Science is an example of stochastic process.

The maths related to the Brownian motion can be modeled using Fick's 2nd Law of Diffusion. You will learn more about transport phenomena in Chemical Engineering. sweat.gif

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Interestingly, Avogadro's Number was calculated by Einstein in his Brownian Motion paper.

Even more interesting, Avogadro's Number was first approximated by a monk named Chrysostomus Magnenus in 1646. He burned a grain of incense in an abandoned church and assumed that there was one 'atom' of incense in his nose at soon as he could faintly smell it. He then compared the volume of the cavity of his nose with the volume of the church. In modern language, the result of his experiment was NA≥10^22.

Credits to Quora.

Now, I'm thinking about how to calculate NA using Magnenus's method. Any thoughts?
tkhin
post Sep 6 2014, 09:10 AM

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QUOTE(moonnightsilver @ Sep 5 2014, 10:44 AM)
Ouh I see. Thanks biggrin.gif
I tried to look through Google for stochastic process and ito's lemma. Everything is really alien to me. rclxub.gif Thanks for the info. biggrin.gif
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It is a quantum leap compared to deterministic math...
Best is u get in an environment that u can apply/ see directly its uses..

Try highams papers on stochastic differential equation, with matlab code ie
http://www.caam.rice.edu/~cox/stoch/dhigham.pdf
If you can understand it without major/any help, then you could consider quantitative finance as a career choice
Actuarists do not need to consider such things..
Anyone can google up information, but to understand truly and apply to your job is the real skill that brings real value
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