New certificate program provides strong mathematical background for solving problems in economics, finance and risk management

A new certificate aims to further increase a students’ employment probability.

The Mathematics for Finance (MAFI) certificate, which will be offered starting in the fall, focuses on giving students an advantage in fields like banking, risk management and more.

The 12-credit certificate will teach students modern mathematical and computational skills motivated by applications in finance and economics, expose the students to the mathematics of randomness with a rigorous but applied probability course, and prepare students for graduate programs in the field of financial mathematics.

Department of Mathematics and Statistics Chair Jennifer Zhao said the idea for the certificate came from student demand and advice from University of Michigan colleagues to develop a sophisticated financial program with a math base.  

The program is open to all students—including guest students—who have taken Math 115: Calculus I and Math 116: Calculus II or equivalencies.

For the past 20 years, Zhao said financial markets and their impact on world economies have significantly increased their reliance on advanced mathematically based methods in assessing risk and implementing financial strategies. The mathematics department designed an academic financial program rooted in math to give students an edge.

“The MAFI certificate focuses on assessment methods that are rooted from the fields of probability, statistics and differential equations,” Zhao said. “We want students to take that math interest and learn how to better apply it to financial knowledge for more career options.”