Financial Mathematics & Statistics

What is Financial Mathematics and Statistics?
The modern financial industry is one of the largest and most sophisticated of all industries in the world. It demands graduates with diverse, quantitatively oriented skills, possessing deep knowledge of mathematics, statistics, and statistical and computational techniques, complemented by backgrounds in economics, finance, and public policy.

At UCSB, the curriculum leading to the Bachelor of Science (BS) in Financial Mathematics and Statistics is one of few such programs in the nation and unique to the West Coast. It is offered jointly by the Department of Statistics and Applied Probability and the Department of Mathematics. This is a very focused degree to prepare you for Masters or PhD programs in financial mathematics. The best paying and most interesting jobs in financial math require an advanced degree. However, companies need support to program models and run simulations. This kind of work requires only a BS. For an employee to be immediately useful to a firm, it is important to have a good background in programming, with C++ and MatLab at a minimum.

General Major Information

How Can I Tell If I Would Like Financial Mathematics and Statistics?
This demanding major is intended for students interested in the role that mathematics, probability and statistics play in pricing and hedging securities in the financial markets.

What Are Potential Topics Within This Major?
Although the following list can provide students with topics that may be covered in this major, look at the UCSB catalog and consult with the undergraduate advisor for more detailed information about requirements and course offerings.

  • Partial Differential Equations
  • Numerical Analysis
  • Probability and Statistics
  • Statistical Software

To learn more about whether you might enjoy this major, check with a peer in the Career Resource Room for details on:
- Focus 2 to explore college majors and careers.
- The Strong Interest Inventory®, an assessment that compares your interests against six broad categories of work. This assessment helps match your interests and suggests potential careers to explore.

What Can I Do To Make My Major More Marketable?

  • Pursue relevant work, internship, volunteer, and/or research experience.
  • Choose a complementary minor.
  • Specialize in an area; take courses in related fields.
  • Develop your computer skills.
  • Learn a foreign language.
  • Study abroad.
  • Join professional associations.
  • Get involved in student clubs.
  • Participate in community organizations.
  • Seek out leadership positions.
  • Research specific prerequisites for different positions.
  • Network with others in fields that interest you.

 

General Career Information

What Are Some Possible Career Options?
Note: On its own, your major does not dictate what your job will be.  The following list provides only a handful of possibilities.  Financial Mathematics and Statistics majors with strong liberal arts background may pursue career options in many fields.  Depending on experience, specialized coursework, and possible graduate study options include:

  • Commercial Banking
  • Corporate Finance
  • Financial Planning
  • Insurance
  • Investment Banking
  • Money Management
  • Real Estate
  • Quantitative Modeler/Trader
  • Financial Engineer

To learn more about these and other occupations, please visit:
O*Net Online
Occupational Outlook Handbook

Come visit the Career Resource Room to see our vast collection of career books and resources.

See what other UCSB alumni are doing with their major on LinkedIn.

Additional Resources
Finance Careers 
Potential career options for a financial mathematics and statistics major. Organized into finance careers, marketing careers, and other career options.

Financial Edge
Math-related careers in the financial sector ranked by annual wage.

Careers in Financial Mathematics
A guide of careers involving financial mathematics.

Graduate and Professional Schools

PhD's.org
Click on "Graduate School" for information on how to choose a graduate school, how to pay for graduate school, how to survive and flourish in graduate school.

GradSchools.com
This is a comprehensive website that provides information about where graduate programs are offered throughout the nation.

Peterson's
This is a databases to help find where graduate programs are offered througout the U.S.

CHOICES
Come to the Career Resource Room to view the CHOICES lab version of graduate schools.
 

Experience Search Strategies

Get Experience
Build your qualifications by exploring various opportunities to get experience in your field of interest

Job Listings
Indeed.com
A list of financial mathematics jobs that is updated frequently.

CareerJet.com
Potential careers in financial mathematics.

StatsCareers.com
Careers in statistics and mathematics.

Math-Jobs.com
Local, national, and internation jobs in mathematics.

Federal Government Jobs
Mathematics and Statistics employment in the federal government sector.

UCSB Career Services “Job Search” section
Check out job links in the following categories: Local/CA, National, Industry Specific, and UCSB Careers By Majors.

LinkedIn
When you join LinkedIn, the world’s largest professional network, you get access to people, jobs, news, updates, and insights that help you be great at what you do.

Professional Associations

Association for Financial Professionals
AFP is the professional society that represents financial executives globally.

Financial Planning Association 
FPA is the largest membership organization for CFP professionals in the US and also includes members who support the financial planning process.

Financial Management Association
The FMA promotes the research that extends the frontier of financial knowledge and provides opportunities for interactions between professionals and students.

 

UCSB Resources

Statistics Department Web Page

UCSB Library Statistics Subject Homepage

UCSB Campus Organizations

  • Check out The Finance Connection

UCSB General Catalog

UCSB Minors

  • Mathematics for High School Teaching
  • Mathematics
  • Spatial Studies
  • Statistical Science

Career Resource Room