phd mathematical finance canada

School of Graduate Studies

Mathematical finance, program overview.

In the 12-month Master of Mathematical Finance (MMF) program , students’ superior math skills are focused on the tools of financial mathematics for an initial four-month period. Students then move immediately into an internship with a firm. Afterwards, students will continue their coursework for the remainder of the school year.

Quick Facts

	Domestic	International
Application deadline	MMF: 18-Dec-2022 (Fall 2023 Entry)	MMF: 18-Dec-2022 (Fall 2023 Entry)
Minimum admission average	MMF:	MMF:
Direct entry option from bachelor's to PhD?	MMF: NA	MMF: NA
Is a supervisor identified before or after admission?	MMF: NA
If a supervisor is identified after admission (as per question above), is admission conditional upon securing a supervisor?	MMF: NA
Is a supervisor assigned by the graduate unit or secured by the applicant?	MMF: NA
Are any standardized tests required/recommended?	MMF: NA	MMF: TOEFL

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MMF Applications Open October 1 2024

Applications for Fall 2025 entry will open on October 1 2024.

If you are interested in joining the MMF Program in the future, click here for more information on MMF’s application criteria, and be sure to follow MMF on LinkedIn , YouTube , Instagram , Twitter , Facebook , and Spotify for more updates throughout the year.

MMF Blog: Innovation and Entrepreneurship

We asked Helen Kontozopoulos, co-founder at ODAIA Intelligence, a Series B SaaS startup, and our Innovation and Entrepreneurship course instructor, what makes a great entrepreneur? She shares her views .

MMF Ranked A Top-25 Quant Program By Risk.net

This year’s Risk.net annual ranking of the top Quant Finance Master’s programs has been released. MMF has moved up five places to 13th, and it’s still the only Canadian university to be in the top 25 programs listed.

Established in 1998 MMF remains at the forefront of training in quantitative finance. MMF is a boutique Program admitting a select number of students each year who will move through the Program as one cohort. The boutique nature of our Program means that students will learn in smaller class sizes, have the opportunity to build lasting bonds with their classmates and work in industry-like teams to complete projects and presentations.

If you have advanced math, statistics and programming skills you may be a great fit for Quantitative Finance. After 12 months of training your Master of Mathematical Finance degree prepares you to join a dynamic and growing industry

Financial Mathematics is one of the fastest growing areas of applied mathematics. Institutions that employ financial mathematicians are among the wealthiest and most sophisticated corporations in the world. A career in financial mathematics provides you with an invigorating combination of intellectual challenge and accelerated professional growth.

A fast-track Program

During your 12 months of training in MMF your superior quantitative skills are focused on the tools of financial mathematics for the initial 4 months of course work. You then move into a full-time 4 month internship with one of our industry partners. Finally, you will complete course work during the last 4 months of the Program.

Applied mathematics in business is as demanding and interesting as it is in the sciences, engineering or technology

You may join an institution (hedge fund, bank, government or pension plan) with multibillion-dollar investment portfolios. You may manage sophisticated hedge funds, complex derivatives, assess the risk in a bank’s commercial loans portfolio or develop original software applications for financial markets. There have been Nobel Prizes awarded for work in financial mathematics.

Graduate Studies

Financial mathematics.

Financial mathematics applies methods of mathematics, statistics, computational science and economics to core problems arising in financial institutions. Its scope ranges from traditional problems such as securities valuation and portfolio optimization to current issues such as risk management and high frequency trading.

Faculty of Science

Program Contact

Degree Options

Financial mathematics (mfm).

The Master of Financial Mathematics (also called M-Phimac) is an intensive one year graduate program. Eight months of coursework taught by recognized experts emphasize the development of both strong technical foundations and professional knowledge, with the goal to understand the applications of advanced mathematics to finance and investments. The major industrial project completed in the third term will explore a topic of current interest with guidance from a finance industry professional and can be completed while working full time or as an intern.

Association of Canadian Universities for Northern Studies (ACUNS) Varied values

Varied values

ACUNS established its scholarship program, the Canadian Northern Studies Trust (CNST) in 1982 to advance knowledge and understanding of Canada’s North. The purpose of the CNST is to develop a cadre of scholars and scientists with northern experience and, at the same time, to enhance the educational opportunities available for northern residents.

For a list of scholarships and funding available, as well as eligibility criteria, award values, application details, and deadlines, visit the ACUNS website.

Canada-U.S. Fulbright Program

The bi-national program is an educational exchange, with a mandate to enhance mutual understanding between the people of Canada and the people of the United States of America. Available to graduate students, faculty, professionals and independent researchers, successful applicants conduct research, lecture, or enroll in formal academic programs in the United States. Fulbright Canada offers various scholarship awards within this program, with further information on the various award opportunities made available through the Canada-US Fulbright Program website.

For eligibility criteria, award values, application details and deadlines, visit the Fulbright website.

CSA Group Graduate Scholarship $$

Deadline Date:

March 31, 2024

The purpose of the CSA Group Graduate Scholarship is to support graduate students in the pursuit of knowledge generation related to standards. Full-time graduate students at the Masters level studying at a publicly funded, accredited Canadian university are eligible to apply.

The research can be conducted in any field (e.g. engineering, social sciences, health sciences) and must include standards as a component of the research. The topic does not need to be related to an area in which CSA Group already has standards. The research may investigate aspects of an existing standard or may explore an area for future standards development.

Dr. J. A. Campbell Young Investigator Award $$

April 30, 2023

The Dr. J. A. Campbell Young Investigator Award of $5,000 for any kind of research into celiac disease and / or gluten sensitivity is available to students and those who have recently completed degrees.

Eligibility criteria, application details and deadlines available on the Canadian Celiac Association website.

E.B. Eastburn Fellowship $$$$

March 3, 2025

Under the terms of a bequest to Hamilton Community Foundation by the late Eugene B. Eastburn, a two-year Fellowship will be awarded for full-time postdoctoral studies in engineering or sciences (Natural or Physical sciences, including Health Sciences).

The fellowship will be awarded for 24 months for a total value of $90,000.

Note: The 2025 competition will be announced in late fall 2024.

Faculty of science graduate scholarship $.

Established in 2019 by a Ph.D. graduate from the Class of ’95. To be awarded by the School of Graduate Studies to full-time students enrolled in a Master’s of Science or Ph.D. program in the Faculty of Science who demonstrate excellence in academic achievement.

Fulbright Canada Student Awards $ – $$$

November 15, 2023

Traditional Fulbright Canada Student awards are intended for Canadian citizens who are graduate students, prospective graduate students, or promising young professionals who wish to study and/or conduct research in the United States. Awards may be held at any university, research centre, think tank, or government agency in the United States.

For eligibility criteria, award values, application details and deadlines, visit the Fulbright Canada website.

GSA Travel Award $

The GSA Travel Assistance Grants are funded from the proceeds of the Graduate Students Association Development Fund, which receives contributions from graduate students and the University. The GSA Travel Assistance Grants fund is administered through the School of Graduate Studies. The GSA Travel Assistance Grants are designed to enable graduate students to travel to undertake research or present at conferences relevant to their field of study. There are a fluctuating number of awards available each semester.

The successful recipients will be determined randomly by selecting one recipient from each faculty (Health Sciences, Engineering, Science, Humanities, Social Sciences, and Business) and the balance of the awards left in a given period will be randomly selected from a list of the remaining applicants from all faculties combined.

Application dates:

Fall competition for September to December travel: Opens September 1, 2023 and closes October 2, 2023
Winter competition for January to April travel: Opens January 2, 2024 and closes February 5, 2024
Summer competition for May to August travel: Opens May 1, 2024 and closes June 3, 2024

H.G. Hilton Master’s Scholarship $$

The H.G. Hilton Master’s Scholarships were established by the income from a bequest in the estate of Hugh G. Hilton, at one time Chief Executive Officer of Stelco and member of the McMaster Board of Governors support a Master’s scholarship. The scholarship is tenable for one year, and is awarded annually to incoming Canadian citizens, permanent residents or, international students from departments which offer full-time Master’s graduate studies. Priority will be given to students intending research in Canadian industry or industrial problems. Other things being equal, preference will be given to deserving children of employees or former employees of Stelco Ltd.

Harvey E. Longboat Graduate Scholarship $$-$$$

March 14, 2024

The Harvey E. Longboat Graduate Scholarship for First Nation, Inuit, and Métis Students was established in 2009 in honour of Harvey E. Longboat, and in recognition of his extraordinary contributions to McMaster University and to the broader community. The School of Graduate Studies, in consultation with the Indigenous Studies program and the Indigenous Education Council, will award the scholarship annually to a First Nation, Inuit, or Métis student(s) who has demonstrated high academic achievement and exceptional promise.

The scholarship is tenable for one year, although previous award winners may re-apply.

Incoming students are eligible to apply.

Health Research Postdoctoral Opportunities

A comprehensive list of funding sources and agencies for postdoctoral fellows in the Faculty of Health Sciences and those doing health-related research can be found in McMaster’s funding database.. On the site, you will find a variety of filters to help you in your search.

Iranian Student Memorial Scholarship $

Established in honour of McMaster Faculty of Engineering PhD students Iman Aghabali and Mehdi Eshaghian, and a former Faculty of Health Science Post-Doctoral Fellow, who lost their lives on the downing of Ukrainian International Airlines Flight PS752. To be awarded by the School of Graduate Studies, on the recommendation of the Associate Deans responsible for graduate studies, to international graduate students from Iran who demonstrate academic excellence.

Japan Society for the Promotion of Science (JSPS) Postdoctoral Fellowships

February 1, 2024

The JSPS provides opportunities in universities or other research institutions in Japan for:

Postdoctoral researchers to conduct, under the guidance of their hosts, cooperative research with leading research groups;
Senior scientists/university professors to participate in cooperative activities with researchers. NSERC cooperates with the JSPS by receiving and processing applications, and by nominating candidates to the JSPS.
For eligibility criteria, award values, application details and deadlines, visit the NSERC website .

John Charles Polanyi Prize $$$

December 1, 2023

In honour of the achievement of John Charles Polanyi, recipient of the 1986 Nobel Prize in Chemistry, the Government of the Province of Ontario has established a fund to provide annually up to five prizes to outstanding researchers in the early stages of their career who are continuing to postdoctoral studies or have recently started a faculty appointment at an Ontario university.

Lyle Makosky Values and Ethics in Sport Fund $

April 30, 2024

This award is through the True Sport Foundation of Canada. Open to applicants who are

high-performance athletes enrolled at a Canadian university, community college or other post-secondary educational institution.
post-secondary students active in sport at a non-high-performance level.
sport practitioners active/working in sport as an official, administrator or high-performance coach.
educators working in a sport, sports sciences, sport management/administration or other applicable discipline.

All questions should be directed to the True Sport Foundation of Canada.

Visit their website for all details and contact information.

MacDATA Graduate Fellowship $$

March 15, 2021

The advent of large collection of data and ensuing development in data analysis techniques has made collaboration between data scientists and content experts necessary for cutting-edge research. Furthermore, there is a need for trainees to be exposed to both aspects of such research, namely for data science trainees to learn about real life practical projects and for content expert trainees to gain experience in data analysis and management. The aims of the MacDATA Graduate Fellowship Program are:

To provide trainees with an opportunity to acquire practical and theoretical skills in data science.
To facilitate exchange of expertise and knowledge in data science across faculties.

Mackenzie King Memorial Scholarships $$-$$$

The Mackenzie King Scholarships were set up under the will of the Rt. Hon. W.L. Mackenzie King (1874-1950), who was Prime Minister of Canada 1921-26, 1926-30, and 1935-48.

Two types of the Mackenzie King Scholarship are available to graduates of Canadian universities: the Open Scholarship and the Travelling Scholarship . Both are to support graduate study.

Manulife Life Lessons Scholarship Program $$

March 31, 2023

Manulife has introduced the first Life Lessons Scholarship Program in Canada, for students who’ve experienced the death of a parent or guardian with little to no life insurance. The Scholarship Program helps combat the financial burden of paying for post-secondary education during an emotional time and recognizes the perseverance that so many youth show in such adversity.

The next application call for this scholarship opens on February 1, 2024. Visit the Manulife website for details on that date.

Maple Leaf Centre for Food Security $$$

February 23, 2024

Four scholarships open to master’s and PhD students who are conducting research on determinants, impacts, and policy or program interventions into food insecurity in Canada.

Visit Maple Leaf Centre for Food Insecurity to learn more and apply.

Questions can be directed to [email protected] .

Mary Buzzell Graduate Scholarship for Resilient Aging $

December 1, 2024

The Mary Buzzell Graduate Scholarship for Resilient Aging will be awarded to an outstanding student enrolled in any Master’s Degree program at McMaster University who is preparing for a career in the multidisciplinary field of Aging. This award is sponsored by Hamilton Aging in Community.

About Mary Buzzell

Mary Buzzell, a McMaster University faculty member in Nursing, was recognized by McMaster with an honorary doctorate as a pioneer in resilient aging, especially through innovative educational and community programs.

McMaster Graduate General Bursary $

What is a bursary.

A bursary is based solely on financial need. In most cases, information from your OSAP application is used to determine your financial need (some students who don’t receive OSAP can still apply for a bursary).

The McMaster Graduate General Bursary Program application opens mid-August in AwardSpring. Funding is paid out in mid-February.

Who can apply?

Graduate students who demonstrate financial need can apply for the McMaster Graduate General Bursary Program.

Please note: The McMaster Graduate General Bursary Program is not open to international students enrolled in graduate studies, MBA, medicine or physician assistant programs.

Bursary eligibility requirements:

Be enrolled at McMaster
Submit a completed application by the bursary deadline
OSAP students who receive an income update request must complete it by the income update deadline
Continue to demonstrate financial need throughout the study period
Indigenous students
students with OSAP government aid restrictions include:
academic progress restriction
income verification restriction
provincial and/or federal default restriction
credit check restriction
students with a disability taking a reduced course load
students with out-of-province student aid
part-time students
students receiving social assistance

McMaster Institute for Research on Aging (MIRA) Postdoctoral Fellowship $$$$

July 15, 2020

Prospective postdoctoral fellows are invited to submit a research plan that focuses on interdisciplinary, impact-driven approaches in the study of optimal aging through one or more of the following research areas:

the impact of exercise on mobility;
the interrelationship between psychological function and social function;
causes and consequences of multimorbidity, frailty, and polypharmacy;
the role of caregiving, equity, economics and transportation in optimal aging;
the understanding of the biological mechanisms of diseases of aging;
evaluating approaches to knowledge translation to improve optimal aging; and
the use of technology to promote optimal aging and aging in place.

The applicant and principal supervisor are expected to involve at least two other researchers from two different McMaster faculties (outside of the principal supervisor’s faculty) as mentors in the development of an interdisciplinary research plan.

MIRA Graduate Student Travel Awards $

March 15, 2020

The McMaster Institute for Research on Aging funds up to 10 graduate student travel awards per year – five in each round – valued at $500 each for students working with MIRA researchers. Graduate students travelling to an academic conference to present an accepted abstract in aging research are eligible for up to $500 in travel funding.

For details about this and other funding opportunities, visit MIRA .

Deadlines for 2020: March 15 and September 15

NSERC Postdoctoral Fellowship $$$$

October 17, 2023

The NSERC Postdoctoral Fellowships (PDF) program provides support to a core of the most promising researchers at a pivotal time in their careers. The fellowships are also intended to secure a supply of highly qualified Canadians with leading-edge scientific and research skills for Canadian industry, government and academic institutions.

For eligibility criteria, award values, application details and deadlines, visit the NSERC Postdoctoral Fellowship website.

Please note: There is no internal process for this award; applicants should apply directly to the agency.

OGS for Indigenous Graduate Students $$$

Two OGS-I scholarships are awarded to Indigenous graduate students at McMaster University who face significant financial hardship, with particular priority given to women with family responsibilities.

This criteria has been established in consultation with the Indigenous Education Council (IEC) and is adjudicated by a committee chaired through the Indigenous Studies Program.

Ontario Graduate Scholarship (OGS) and Queen Elizabeth II Graduate Scholarships in Science and Technology (QEII-GSST) $$$

The Ontario Graduate Scholarship (OGS) and The Queen Elizabeth II Graduate Scholarship in Science and Technology (QEII-GSST) programs provide funding to full-time students at the master’s and doctoral levels. They are merit-based scholarships for students with an A- or above average.

Rainbow Fund $

To be granted to graduate students enrolled in any program who identify as 2SLGBTQIA+ students and demonstrate financial need.

Senior Women Academic Administrators of Canada Graduate Student Award of Merit $$

At least three awards, each in the amount of $4000, will be awarded annually to the women graduate students who have demonstrated outstanding leadership in the university or general community while maintaining exemplary academic records.

Women registered in master’s or PhD programs within a designated region. Regions and number of awards rotate each year. SWAAC has designated Ontario as the region for this 2023 competition. There are five awards available for this competition. Each university may nominate one person for the award.

Read about McMaster PhD student Liza-Anastasia DiCecco, who received the 2023 SWAAC Award of Merit .

The Barkleys of Avonmore Scholarship $

The Barkley’s of Avonmore Scholarship was established in 1977 through the generosity of Fred Barkley to assist a student from a developing country to pursue advanced studies at McMaster University. Each year the Dean of Graduate Studies will identify a worthy graduate student from one of the developing countries to receive the award.

The Dr. Colin Webber Graduate Scholarship $$

Established in 2013 to honour the memory of Dr. Colin Webber, McMaster University professor, physicist, radiation safety expert, teacher, mentor, and leader in the field of bone research. To be awarded by the School of Graduate Studies to master’s or doctoral students. Preference will be given to students who demonstrate interest in bone research.

Value: Minimum $1,600

The Edna Howard Bursary $

Established in 2022 by the family of Edna Howard, this bursary honours the support Edna offered graduate students through her work as a cook at The Phoenix Bar and Grill, owned and operated by the Graduate Students Association. Her food warmed the hearts of the McMaster campus community for many years until her retirement. To be granted by the School of Graduate Studies to full-time students in any program who demonstrate financial need.

The Gordon Bruce Bursary $

Established in 2018 by Gordon Bruce BSc. (Class of ’86) & MBA. To be granted by the School of Graduate Studies to students enrolled in a Masters program in the department of Mathematics & Statistics who demonstrate financial need. Preference will be given to students in the Financial Mathematics.

The Graduate Students Association Bursary $

The Graduate Students Association Bursary was established in 1999 by the Graduate Students Association at McMaster University under the McMaster Student Opportunity Fund initiative. To be granted to a full-time or part-time graduate student in one of the following faculties: Engineering, Health Sciences, and Humanities, Science, Social Sciences, or the PhD program in Business. The bursary will be awarded annually by the School of Graduate Studies on the recommendation of the Graduate Students Association.

The H. Vincent Elliott Memorial Travel Bursary $

The H.Vincent Elliott Memorial Travel Bursary was established in 2010 by Dr. Susan J.Elliott (MA `97 and PhD`92), esteemed former Dean of the Faculty of Social Sciences, professor of Geography and Earth Sciences, and senior research fellow at the United Nations Institute on Water (UNU-IWEH), Environment and Health, in memory of her father, H.Vincent Elliott. To be granted by the School of Graduate Studies on the recommendation on the program director of ‘Water Without Borders’ to students registered in a Master’s or PhD program will be given to students in financial need.

The James F. Harvey and Helen S. Harvey Travel Scholarships $

Established in 1995 with funds from the estate of Helen S. Harvey. James F. Harvey was a member of the first McMaster graduating class in Hamilton in 1935. This travel scholarship will enable students to engage in research requiring travel. To be awarded by the School of Graduate Studies to graduate students who demonstrate academic excellence.

The Lambda Scholarship Foundation Canada Graduate Award

Established in 2022 by the Lambda Scholarship Foundation Canada. To be awarded by the School of Graduate Studies to a graduate student who is currently enrolled in their first year of any program who identifies as a member of the queer, trans community and is Black, racialized, or Indigenous.

The Mary and Harold Waterman Graduate Science Bursary $

Established in 2019 by Mary (Class of ’48) and Dr. Harold Waterman (Class of ’48 & ’49). To be granted to a graduate student enrolled in the Faculty of Science who demonstrates financial need.

The Myra Baillie Academic Grant $

Established in 2005 by the Surgical Associates in memory of Myra Baillie. To be granted to a graduate student in any degree program who attains and “A” average and demonstrates financial need. Preference will be given to a female graduate student.

Award Value: 2 awards of $1,000 each

The School of Graduate Studies Grant in Aid for Research Travel $-$$

March 8, 2024

The SGS Grant is intended to be a grant in aid of research; students should not expect the grants to cover the full cost of travel or field work.

The School of Graduate Studies (SGS) Grant is not intended for conference or course work travel .

It is not meant to replace sources of funding already available from the tri-agencies (CIHR, NSERC, and SSHRC), other external granting sources, or internal scholarships and bursaries.

It is not intended to fund the research itself, but the travel to do the research.

Application Date

The application will open in Mosaic on January 8, 2024, and close on March 8, 2024.

The Yi MFM International Scholarship

Established in 2019 by Chuang Yi MSc (Class of ‘05) & PhD (Class of ’08) to bridge the gap between domestic and international tuition. To be awarded by the School of Graduate Studies, to full-time international students in the Master of Financial Mathematics (MFM) program who, on the recommendation of the Department of Mathematics and Statistics, demonstrates excellence in academic achievement.

Wilson Leadership Scholar Award $$-$$$

March 28, 2022

The Wilson Leader Scholarship Award for graduate students is different. Valued at $12,000 in direct funding and up to $2,000 for experiential funding, it’s a leadership development and career launcher program that builds on your studies. It involves about 15 hours/month, including time for synchronous group events between 8:30 a.m. and 4:30 p.m. ET.

Awarded to up to three graduate students annually.

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Programs & Courses › Specializations

Schulich’s PhD in Finance program focuses on developing ground-breaking research in the field of Finance. Through exposure to world-renowned faculty, strong preparatory coursework, and access to comprehensive data sources, the program prepares its graduates to discover and publish new research that can alter how financial markets, individuals, and corporations raise money and invest for the future.

Specialization Details by Category

Study options.

Student admission is restricted to full-time study exclusively for the first four years. It is not recommended to be working outside of the PhD program during your studies. Students must be able to participate in the PhD program in Toronto.

The PhD program normally takes four to five years to complete. The actual length of study depends strongly on each student’s academic background, exact thesis topic and outside commitments.

Choose a study option to view its details and requirements

Available delivery options

Full-time 48 to 72 months

Location(s)

Keele Campus Toronto

The requirements to successfully complete the program are outlined below in “Curriculum Overview.”

FIRST YEAR DOCTORAL STUDENTS: Please click on and review the attached program structure document , which relates to specialization requirements.

Doctoral students must complete the following components of the PhD program:

Core Courses (finance seminars, microeconomic and macroeconomic theories and econometrics)
Summer Research Papers
Comprehensive Examination (Written and Oral Exam, Research Paper)
Dissertation

The focus of this course is on individuals' consumption and portfolio decisions under uncertainty and their implications for security valuations. The discussions of related topics are cast in both the discrete- and the continuous-time framework.

This course is designed to guide students through a variety of corporate finance topics. Students will study both theoretical and empirical papers on corporate decision-making and financial markets. Students will also have an opportunity to start a research project of their own.

This course takes advantage of the research expertise of individual faculty members in the finance area. Students are exposed to specific topics at the forefront of financial research, such as financial institution, risk management, and asset allocation.

GS/ECON 5100 3.0: Microeconomics Theory GS/ECON 6220 3.0: Advanced Econometric Theory I GS/ECON 6250 3.0: Advanced Econometric Theory GS/ECON 5110 3.0: Topics in Macroeconomic Theory GS/ECON 6100 3.0: Topics in Microeconomic Theory

Two Elective Courses These two courses are selected with the assistance of the Finance PhD program director from among those offered in other fields in Schulich or from other relevant postgraduate programs at York University.

Two Summer Research Papers In the summer semester of first and second years students write a research paper under the supervision of a faculty member.

Comprehensive Examinations

The comprehensive field examination takes place in the summer of both first year and second year. Students must demonstrate clear and coherent writing ability, methodological mastery and a deep comprehension of the literature relevant to the topic. Their academic writing style should mimic what is expected by top journals in the field. Students receive a grade of pass or fail on their comprehensive exams. Those who fail have the opportunity to retake the exams once, within six months of the date of the first comprehensive exam. Those who fail to pass a second time are not allowed to continue in the PhD program.

The program regards the comprehensive examination as a pivotal point for deciding whether students should be allowed to proceed with their studies or be encouraged to withdraw from the program.

Dissertation Proposal and Oral Defence

Candidates must prepare a written proposal to conduct original dissertation research carried out under the supervision of a supervisory committee, and must defend this to the satisfaction of the thesis supervisor and members of the supervisory committee.

Dissertation and Oral Examination

Candidates must prepare a dissertation based on original research carried out under the supervision of a supervisory committee and submit the results in appropriate dissertation form. After the formal submission of the dissertation, an oral examination is held. It is expected that all or part of the dissertation will be published following professional or scientific review.

We recommend further consultation with your area Ph.D. rep concerning any impending changes to the program requirements and guidance on selecting appropriate optional courses.

PhD students have the opportunity to work with some of the top experts in the field of finance. Our faculty has published a variety of research on behavioural finance, corporate governance, executive compensation, personal finance, institutional behavior, and international finance in leading finance and economic journals.

Through collaboration and mentorship with these leading researchers, our PhD graduates are well positioned to produce high quality research that will eventually lead to publications with high scholarly impact.

Selected faculty members

Professor of Finance; Bob Finlayson Chair in International Finance

Program Director, Master of Finance; Program Director, Financial Engineering; Professor of Finance

Professor of Finance

Assistant Professor of Finance

Associate Professor of Finance

Professor of Finance; Scotiabank Chair in International Finance

Professor of Finance; Area Coordinator, Finance

Professor of Finance and the Nigel Martin Chair in Finance

Career Opportunities

Placement of recent graduates.

The PhD in Finance program will prepare you for an academic career at a top research university in Canada, the US, or the rest of the world. The program will help you build a strong theoretical and empirical foundation in finance. Combined with our faculty’s wide-ranging research expertise, our program will position you for a strong career in finance research.

Xinyao Joseph Zhou	Assistant Professor, Finance, OntarioTech Business & IT
Michael Densmore	Assistant Professor of Finance, Faculty of Management, University of New Brunswick, Fredericton
Rui Duan	Assistant Professor, Institute for Finance and Banking, WU Vienna
Daniel Tut	Assistant Professor, Ted Rogers School of Management, Ryerson
Rejo Peter	CEO of DeepR Analytics
Shiu-Yik Au	Assistant Professor of Finance, University of Manitoba
Yelin Zhang	Assistant Professor of Finance, Gonzaga University
Jie Zhu	Industry
Andreanne Tremblay Simard	Assistant Professor of Finance at Universite Laval
Minjie Zhang	Assistant Professor, Odette School of Business, University of Windsor
Jisok Kang	Post-doctural Researcher at Cambridge Endowment for Research in Finance (CERF)
Markus Broman	Assistant Professor at Whitman School of Management, Syracuse University
Feng Zhan	Assistant Professor in Finance, Boler School of Business, John Carroll University (Ohio)

Research Requirements

Students must work as research assistants for the first three years of the program in order to receive financial support and be prepared for their dissertation.

When they are at the dissertation stage, Ph.D. candidates are expected to actively dialogue – both formally in seminars and informally – with other area members within the confines of their dissertation. In addition, students should plan to attend or present their research at well-known academic conferences such as the Northern Finance Association, the Financial Management Association, the American Finance Association and the Western Finance Association. They may also be asked to help review manuscripts and journal articles by editors and associate editors.

Students are required to teach one finance course before they go on the job market. This will help students to accumulate teaching experience which is an important ability to acquire in order to have a successful academic career.

Student Research

Research is the most critical element of the development of student’s careers. Schulich’s Finance PhD program supports student’s research through interaction with faculty, access to major databases, and other research support.

Selected Publications

Markus Broman (Forthcoming), “The Geography of Sub-advisors, Managerial Structure, and the Performance of International Equity Mutual Funds,” Review of Asset Pricing Studies (with Densmore, M. and Shum Nolan, P.)

Michael Densmore (Forthcoming), “The Geography of Sub-advisors, Managerial Structure, and the Performance of International Equity Mutual Funds,” Review of Asset Pricing Studies (with Markus Broman and Pauline Shum Nolan)

Xinyao Joseph Zhou (Forthcoming), “Does Social Interaction Spread Fear among Institutional Investors? Evidence from COVID-19,” Management Science (with Au, S. and Dong, M)

Shiu-Yik Au (Forthcoming), “Does Social Interaction Spread Fear among Institutional Investors? Evidence from COVID-19,” Management Science (With Zhou, X. J., and Dong, M)

Shiu-Yik Au (Forthcoming), “How Much Does Workplace Sexual Harassment Hurt Firm Value?” Journal of Business Ethics (with M. Dong, and A. Tremblay)

Andreanne Tremblay (Forthcoming), “How Much Does Workplace Sexual Harassment Hurt Firm Value?” Journal of Business Ethics (with M. Dong, and S. Au)

Andreanne Tremblay (2022), “Does Board Gender Diversity Reduce Workplace Sexual Harassment?” Corporate Governance: an International Review (with You, L. and Au, S.)

Shiu-Yik Au (2022), “Does Board Gender Diversity Reduce Workplace Sexual Harassment?” Corporate Governance: an International Review (with You, L. and Tremblay, A.)

Andreanne Tremblay-Simard (2022), “Global weather-based trading strategies,” Journal of Banking and Finance 143(C), 106558 (with Dong, M.)

Daniel Tut (2022), “Policy Uncertainty and Cash Dynamics,” Journal of Financial Research , 45(2), pp.422-444.

Daniel Tut (2022), “Debt Dynamic, Debt Dispersion and Corporate Governance,” International Journal of Managerial Finance

Daniel Tut (2022), “Investment, Q and Diseases,” Finance Research Letters 47, 102943

Markus Broman (2022), “Naïve Style-level Feedback Trading in Passive Funds,” Journal of Financial and Quantitative Analysis , May 2022, pp. 1083 – 1114.

Andreanne Tremblay (2021), “Employee Flexibility, Exogenous Risk, and Firm Value,” Journal of Financial and Quantitative Analysis 56(3), 853–884 (with Au, S. and Dong, M)

Shiu-Yik Au (2021), “Employee Flexibility, Exogenous Risk, and Firm Value,” Journal of Financial and Quantitative Analysis 56(3), 853–884 (with Tremblay, A. and Dong, M)

Andréanne Tremblay (2021), “Does the Weather Influence Global Stock Returns?” Critical Finance Review 10(2): 207-249 (with Dong, M.)

Jisok Kang (2021), “Why is Stock Market Concentration Bad for the Economy?” Journal of Financial Economics 140, 436-459. (with Bae, K. and Bailey, W.)

Markus Broman (2020), “Local Demand Shocks, Excess Co-movement and Return Predictability,” Journal of Banking and Finance , Volume 119, 105910.

Rejo Peter (2020), “Public‐to‐private buyouts and innovation,” British Journal of Management , 31(4), 811–829. (with Cumming, D. and Tarsalewska, M.)

Rejo Peter (2020), “Market manipulation and innovation,” Journal of Banking & Finance , 120, 105957, 1-17 (with Cumming, D., Ji, S. and Tarsalewska, M.)

Xinyao Joseph Zhou (2020), “The Dynamic Effect of Macroeconomic News on the Euro/US Dollar Exchange Rate,” Journal of Forecasting , vol. 39-1, 2020, pp. 84-103. (with Omrane, W. B. and Welch, R.)

Jisok Kang (2019), “Nominal Stock Price Anchors: A Global Phenomenon?” Journal of Financial Markets 44, 31-41. (with Bae, K., Bhattacharya, U., and Ghon Rhee, S.)

Minjie Zhang (2019), “Angel investors around the world,” Journal of International Business Studies , 50, 692–719. (with Cumming, D.)

Rejo Peter (2019), “Pre-going private ownership around the world,” British Journal of Management , 30(3), 692-711. (with Cumming, D., Sannajust, A. and Tarsalewska, M.)

Xinyao Joseph Zhou (2019), “Time-varying Effects of Macroeconomic News on the Euro-Dollar returns,” North American Journal of Economics and Finance , 50, pp. 1-20. (with Omrane, W. B., Savaser, T. and Welch, R.)

Yelin Zhang (2019), “What is mutual fund flow?” Journal of International Financial Markets, Institutions and Money, 62, 222-251 (with Cumming, D. and Johan, S.)

Yelin Zhang (2019), “Governance in entrepreneurial ecosystems: venture capitalists vs. technology parks,” Small Business Economics, 52, 455–484 (with Cumming, D. and Werth, J.C.)

Yelin Zhang (2019), “The role of due diligence in crowdfunding platforms,” Journal of Banking & Finance (with Cumming, D. and Johan, S.)

Recent Dissertation Topics

2023: Alireza Mahalati Rayeni – Essays on Innovation

2022: Xinyao Joseph Zhou – Three Essays in Empirical Asset Pricing

2021: Michael Densmore – Essays in Asset Management and Corporate Liquidity Management

2021: Rui Duan – Three Essays in Corporate Finance

2020: Daniel Tut – Essays on Creditor Rights Protection, Corporate Debt and Corporate Liability

2018: Rejo Peter – Empirical Essays on Finance and Innovation

2018: Shiu-Yik Au – Essays on Corporate Intangibles and Misconduct

2018: Yelin Zhang – Empirical Essays on Entrepreneurial Finance

2017: Jie Zhu – Two Essays on Investments: Corporate and Institutional Perspective

2017: Andreanne Tremblay Simard – Three Essays on Finance, Culture and Investor Behavior

2017: Minjie Zhang – Empirical Studies in International Entrepreneurial Finance

2016: Jisok Kang – Essays on International Corporate Finance

2015: Markus Broman – Essays on Exchange-Traded Fund Mispricing and Liquidity

2014: Feng Zhan – Essays On International Market Efficiency And Manipulation

Current PhD students in the Finance Area:

as of Fall 2023

Ray Bawania
Afshin Cheraghi
Arshia Farzamfar
Seyedeh Dorsa Ghamkhar
Hosein Hamisheh Bahar
Chengcheng Huang
Hossein Naderi Khorshidi
Mohammadreza Nafissi
Samir Mourad
Seyyedeh Elham Tabatabaei

Browse through the list of Canadian Mathematical Finance bachelor, masters, and doctorate courses, programs and degrees offered by universities in Canada.

Financial mathematics (also called mathematical finance) is a branch of applied mathematics concerned the application of stochastic analysis and probability theory to the understanding and modeling of financial markets. This includes the pricing of derivatives, the evaluation of risk, and the management of portfolios.

Study and Work in Mathematical Finance in Canada

Mathematical Finance Admission Requirements The prequisites required to become accepted in an undergraduate program in Mathematical Finance.

Graduate Mathematical Finance Admission Requirements The prequisites required to become accepted in an graduate and/or postgraduate PhD program in Mathematical Finance.

What Mathematical Finance Students Learn Topics and concepts that are covered and the overall approach or focus taken in studying Mathematical Finance.

Research in Mathematical Finance Research areas, topics, interests projects in Mathematical Finance.

Career and Employment Opportunities in Mathematical Finance Professions or occupations available to graduates in Mathematical Finance and links to employment resources.

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Mathematics & Statistics (PhD)

Program description.

The Doctor of Philosophy (Ph.D.) in Mathematics and Statistics offered by the Department of Mathematics and Statistics in the Faculty of Science is a research-intensive program that emphasizes specialized and challenging learning opportunities. The program's objective is to equip students with skills in resourceful thinking, problem-solving, and information synthesis to pursue professional opportunities in academia or industry.

Unique Program Features

Students admitted to the program receive funding and benefit from access to a state-of-the-art computer network available for research and educational purposes;
Students have access to a Statistical Consulting Service which provides statistical advice;
Faculty members are leading researchers in various areas including Algebra, Algebraic Geometry, Analysis, Applied Mathematics, Category Theory, Combinatorics, Differential Geometry, Differential Equations, Discrete Mathematics, Mathematical Physics, Number Theory, Probability, and Statistics.

University-Level Admission Requirements

An eligible Bachelor's degree with a minimum 3.0 GPA out of a possible 4.0 GPA
English-language proficiency

Each program has specific admission requirements including required application documents. Please visit the program website for more details.

Visit our Educational credentials and grade equivalencies and English language proficiency webpages for additional information.

Program Website

PhD in Mathematics and Statistics website

Department Contact

Graduate Program grad.mathstat [at] mcgill.ca (subject: PhD%20in%20Mathematics%20%26%20Statistics) (email)

Available Intakes

Application deadlines.

Intake	Applications Open	Application Deadline - International	Application Deadline - Domestic (Canadian, Permanent Resident of Canada)
FALL	September 15	January 15	January 15
WINTER	February 15	July 15	September 1
SUMMER	N/A	N/A	N/A

Note : Application deadlines are subject to change without notice. Please check the application portal for the most up-to-date information.

Application Resources

Application Steps webpage
Submit Your Application webpage
Connecting with a supervisor webpage
Graduate Funding webpage

Application Workshops

Consult our full list of our virtual application-focused workshops on the Events webpage.

Department and University Information

Graduate and postdoctoral studies.

Doctor of Philosophy in Mathematics (PhD)
Graduate School
Prospective Students
Graduate Degree Programs

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Mathematicians use theoretical and computational methods to solve a wide range of problems from the most abstract to the very applied. UBC's mathematics graduate students work in many branches of pure and applied mathematics. The PhD program trains students to operate as research mathematicians. The focus of the program is on substantial mathematical research leading to the PhD dissertation. Students also develop their skills in presenting and teaching mathematics and its applications.

For specific program requirements, please refer to the departmental program website

What makes the program unique?

UBC has one of the largest and most vigorous departments of mathematics in Canada. Our faculty routinely win national and international awards for their research and teaching achievements. We have an engaged and sociable cohort of graduate students who are essential members of a broad selection of active research groups. Each group holds a variety of seminars and events that allow graduate students, postdoctoral fellows, visitors and faculty to enjoy regular interaction.

UBC is the headquarters for the Pacific Institute of Mathematical Sciences (PIMS). PIMS hosts a plethora of mathematical events such as conferences and summer schools, greatly enriching the scientific environment in the quantitative sciences at UBC. Our mathematics students are also regular participants at the nearby Banff International Research Station for Mathematical Innovation and Discovery. Finally, our Institute for Applied Mathematics provides options for interdisciplinary studies for PhD students who wish to work in applied and computational mathematics.

UBC's math program has a high reputation and there are many renowned professors in the department. This was a selling point of the UBC math graduate program for me.

Pardis Semnani

Quick Facts

Program enquiries, admission information & requirements, 1) check eligibility, minimum academic requirements.

The Faculty of Graduate and Postdoctoral Studies establishes the minimum admission requirements common to all applicants, usually a minimum overall average in the B+ range (76% at UBC). The graduate program that you are applying to may have additional requirements. Please review the specific requirements for applicants with credentials from institutions in:

Canada or the United States
International countries other than the United States

Each program may set higher academic minimum requirements. Please review the program website carefully to understand the program requirements. Meeting the minimum requirements does not guarantee admission as it is a competitive process.

English Language Test

Applicants from a university outside Canada in which English is not the primary language of instruction must provide results of an English language proficiency examination as part of their application. Tests must have been taken within the last 24 months at the time of submission of your application.

Minimum requirements for the two most common English language proficiency tests to apply to this program are listed below:

TOEFL: Test of English as a Foreign Language - internet-based

Overall score requirement : 100

IELTS: International English Language Testing System

Overall score requirement : 7.0

Other Test Scores

Some programs require additional test scores such as the Graduate Record Examination (GRE) or the Graduate Management Test (GMAT). The requirements for this program are:

The GRE is not required.

2) Meet Deadlines

3) prepare application, transcripts.

All applicants have to submit transcripts from all past post-secondary study. Document submission requirements depend on whether your institution of study is within Canada or outside of Canada.

Letters of Reference

A minimum of three references are required for application to graduate programs at UBC. References should be requested from individuals who are prepared to provide a report on your academic ability and qualifications.

Statement of Interest

Many programs require a statement of interest , sometimes called a "statement of intent", "description of research interests" or something similar.

Supervision

Students in research-based programs usually require a faculty member to function as their thesis supervisor. Please follow the instructions provided by each program whether applicants should contact faculty members.

Instructions regarding thesis supervisor contact for Doctor of Philosophy in Mathematics (PhD)

Citizenship verification.

Permanent Residents of Canada must provide a clear photocopy of both sides of the Permanent Resident card.

4) Apply Online

All applicants must complete an online application form and pay the application fee to be considered for admission to UBC.

Tuition & Financial Support

Fees	Canadian Citizen / Permanent Resident / Refugee / Diplomat	International
	$114.00	$168.25
Tuition *
Installments per year	3	3
Tuition	$1,838.57	$3,230.06
Tuition (plus annual increase, usually 2%-5%)	$5,515.71	$9,690.18
Int. Tuition Award (ITA) per year ( )		$3,200.00 (-)
Other Fees and Costs
(yearly)	$1,116.60 (approx.)
	Estimate your with our interactive tool in order to start developing a financial plan for your graduate studies.

Financial Support

Applicants to UBC have access to a variety of funding options, including merit-based (i.e. based on your academic performance) and need-based (i.e. based on your financial situation) opportunities.

Program Funding Packages

All full-time students who begin a UBC-Vancouver PhD Mathematics program in September 2018 or later will be provided with a funding package of at least $24,256 for each of the first four years of their PhD. The funding package may consist of any combination of internal or external awards, teaching-related work, research assistantships, and graduate academic assistantships.

Average Funding

52 students received Teaching Assistantships. Average TA funding based on 52 students was $13,784.
48 students received Research Assistantships. Average RA funding based on 48 students was $11,580.
3 students received Academic Assistantships. Average AA funding based on 3 students was $1,814.
54 students received internal awards. Average internal award funding based on 54 students was $13,279.
4 students received external awards. Average external award funding based on 4 students was $27,083.

Scholarships & awards (merit-based funding)

All applicants are encouraged to review the awards listing to identify potential opportunities to fund their graduate education. The database lists merit-based scholarships and awards and allows for filtering by various criteria, such as domestic vs. international or degree level.

Graduate Research Assistantships (GRA)

Many professors are able to provide Research Assistantships (GRA) from their research grants to support full-time graduate students studying under their supervision. The duties constitute part of the student's graduate degree requirements. A Graduate Research Assistantship is considered a form of fellowship for a period of graduate study and is therefore not covered by a collective agreement. Stipends vary widely, and are dependent on the field of study and the type of research grant from which the assistantship is being funded.

Graduate Teaching Assistantships (GTA)

Graduate programs may have Teaching Assistantships available for registered full-time graduate students. Full teaching assistantships involve 12 hours work per week in preparation, lecturing, or laboratory instruction although many graduate programs offer partial TA appointments at less than 12 hours per week. Teaching assistantship rates are set by collective bargaining between the University and the Teaching Assistants' Union .

Graduate Academic Assistantships (GAA)

Academic Assistantships are employment opportunities to perform work that is relevant to the university or to an individual faculty member, but not to support the student’s graduate research and thesis. Wages are considered regular earnings and when paid monthly, include vacation pay.

Financial aid (need-based funding)

Canadian and US applicants may qualify for governmental loans to finance their studies. Please review eligibility and types of loans .

All students may be able to access private sector or bank loans.

Foreign government scholarships

Many foreign governments provide support to their citizens in pursuing education abroad. International applicants should check the various governmental resources in their home country, such as the Department of Education, for available scholarships.

Working while studying

The possibility to pursue work to supplement income may depend on the demands the program has on students. It should be carefully weighed if work leads to prolonged program durations or whether work placements can be meaningfully embedded into a program.

International students enrolled as full-time students with a valid study permit can work on campus for unlimited hours and work off-campus for no more than 20 hours a week.

A good starting point to explore student jobs is the UBC Work Learn program or a Co-Op placement .

Tax credits and RRSP withdrawals

Students with taxable income in Canada may be able to claim federal or provincial tax credits.

Canadian residents with RRSP accounts may be able to use the Lifelong Learning Plan (LLP) which allows students to withdraw amounts from their registered retirement savings plan (RRSPs) to finance full-time training or education for themselves or their partner.

Please review Filing taxes in Canada on the student services website for more information.

Cost Estimator

Applicants have access to the cost estimator to develop a financial plan that takes into account various income sources and expenses.

Career Outcomes

88 students graduated between 2005 and 2013: 1 is in a non-salaried situation; for 19 we have no data (based on research conducted between Feb-May 2016). For the remaining 68 graduates:

$phd mathematical finance canada$

Sample Employers in Higher Education

Sample employers outside higher education, sample job titles outside higher education, phd career outcome survey, career options.

A great majority of our PhD graduates move on to postdoctoral fellowships and faculty positions at universities and research institutes in North America and around the world. However, a significant fraction of students move into careers in industry. Students considering non-academic careers are encouraged to complete an industrial internship (for instance through the Mitacs Accelerate program - headquartered at UBC) during their studies.

Enrolment, Duration & Other Stats

These statistics show data for the Doctor of Philosophy in Mathematics (PhD). Data are separated for each degree program combination. You may view data for other degree options in the respective program profile.

ENROLMENT DATA

	2023	2022	2021	2020	2019
Applications	155	167	176	176	114
Offers	30	21	27	29	22
New Registrations	12	11	17	13	17
Total Enrolment	72	68	64	65	72

Completion Rates & Times

Upcoming doctoral exams, thursday, 15 august 2024 - 3:00pm - room 200.

Research Supervisors

Advice and insights from UBC Faculty on reaching out to supervisors

These videos contain some general advice from faculty across UBC on finding and reaching out to a supervisor. They are not program specific.

This list shows faculty members with full supervisory privileges who are affiliated with this program. It is not a comprehensive list of all potential supervisors as faculty from other programs or faculty members without full supervisory privileges can request approvals to supervise graduate students in this program.

Adem, Alejandro (Cohomology of finite groups, orbifolds, stringy topology, algebra, sporadic simple group, group actions, arithmetic groups, K-theory, homotopy theory, spaces of homomorphisms)
Alacaoglu, Ahmet
Angel, Omer (Probability theory, percolation, random graphs, random walks, particle processes, scaling limits)
Bachmann, Sven (Mathematics and statistics; Mathematical Analysis; quantum phenomena; Mathematical physics; Quantum statistical physics; Topological states of matter)
Balmforth, Neil (Fluid mechanics, nonlinear dynamics and applied partial differential equations)
Behrend, Kai (Moduli spaces, Gromov-Witten invariants, string theory, Donaldson-Thomas invariants, Euler characteristics, categorification)
Bennett, Michael (Number Theory, Diophantine Approximation and Classical Analysis)
Bryan, Jim (Algebraic and differential geometry; Algebraic geometry, moduli spaces, enumerative invariants related to theoretical physics.)
Cautis, Sabin (Mathematics and statistics; Geometry)
Chau, Albert (Differential Geometry and Partial Differential Equations)
Chen, Jingyi (Algebraic and differential geometry; Differential Geometry, Partial Differential Equations)
Colliander, James (hamiltonian dynamical systems; partial differential equations; harmonic analysis)
Coombs, Daniel (Mathematical biology; Cellular immunology; Complex physical systems; Epidemiology (except nutritional and veterinary epidemiology); Cell Signaling and Infectious and Immune Diseases; Cell biophysics; Disease models; Epidemiology; Immune cell signalling; Mathematics)
Cytrynbaum, Eric (Bacterial cell division, Microtubule and cellular organization, Wave propagation in excitable media)
Dao Duc, Khanh (Genomics; Mathematical biology; Neurocognitive patterns and neural networks; Agricultural spatial analysis and modelling; combine mathematical,computational and statistical tools to study fundamental biological processes; regulation and determinants of gene expression and translation; Machine Learning for Biological Imaging and Microscopy; Database development and management; Biological and Artificial Neural Networks for geometric representation)
Doebeli, Michael Walter (Mathematical ecology and evolution, evolution of diversity, adaptive speciation, evolution of cooperation, game theory, experimental evolution in microorganisms)
Feng, James (Chemical engineering; Mathematics and statistics; Biophysics; Complex fluids; Fluid mechanics; Mathematical biology)
Fraser, Ailana (Differential Geometry, Geometric Analysis)
Friedlander, Michael (numerical optimization, numerical linear algebra, scientific computing, Scientific computing)
Frigaard, Ian (Fluid mechanics (visco-plastic fluids))
Ghioca, Dragos (Drinfeld modules, isotrivial semiabelian varieties, Lehmer inequality)
Gordon, Julia Yulia (Representation theory of p-adic groups and motivic integration; Trace Formula and its applications)
Gustafson, Stephen James (Mathematics and statistics; Mathematical Analysis; Differential Equation; Global and Non-Linear Analysis; Mathematical physics; Nonlinear partial differential equations; Nonlinear waves; Topological solitons)
Hauert, Christoph (Mathematics and statistics; Modelization and Simulation; Evolution and Phylogenesis; Biological Behavior; dynamical systems; evolution; game theory; social dilemmas; stochastic processes)
Hermon, Jonathan (probability theory; Markov chains and the cutoff phenomenon; particle systems; percolation)

Doctoral Citations

Year	Citation
2024	Dr. Oliveira studied a new class of surfaces of interest to researchers in different areas of mathematics and provided many previously unknown examples. His research contributes to an understanding of the deeper relationships between seemingly separate subjects.
2024	Dr. Gheorghiu has made a contribution to algebra. One of the simplest algebraic structures are groups. Cohomology is an algebraic tool that can discern geometric objects by looking at their "holes". Then group cohomology is a tool that can discern different groups. Dr. Gheorghiu has developed a generalization of a specific form of group cohomology.
2024	Dr. Hamidi studied elliptic curves over quadratic imaginary fields. Using a new and robust technique, Dr. Hamidi proved significant results about the vanishing and bounding of certain invariants. His results could have applications in number theory, cryptography, and other areas of mathematics.
2024	Dr. Bajpai made theoretical and algorithmic contributions to the study of integer solutions to polynomial equations. He developed methods to resolve several new families of such equations, and applied these methods to prove novel results on approximations to complex numbers.
2023	Dr. Huet developed numerical tools that allow fast and accurate simulations of complex fluid systems, ranging from rockfall dynamics to cell-resolved biological flows. His open-source software contributions can be used to better design microfluidic cell-sorting devices, thus speeding up many labour intensive tasks in biotechnology research.
2023	Dr. Zhang developed the gluing method to construct the bubble tower of the ancient solutions and infinite time blow-up solutions for the critical heat equations, and finite time blow-up solutions simultaneously at any prescribed N points for the Landau-Lifshitz-Gilbert equation.
2023	Dr. Jana rigorously investigated algebraic invariants of two spaces: Classifying space for commutativity and Unordered flag manifolds. Their research explored algebraic topology, employing algebraic methods to analyze shapes. The core of the research lies in the pursuit of simplification through decomposition, marking its fundamental significance.
2023	Dr. Michta studied how phase transitions occur in finite volume for some classical models from statistical physics. This work contributes to a better and rigorous understanding of finite-size scaling theory in high dimensions. This is useful to the wide spectrum of people working at the interface between physics and mathematics.
2023	Counting sums and differences between sets is a central part of many questions in additive combinatorics. Dr. White developed a new technique combining harmonic analysis and optimization to nearly resolve a longstanding question in this field. He expects that his new method can be extended to other problems in additive combinatorics.
2023	Dr. Lawrence unified elements from reinforcement learning and control theory to solve industrially relevant problems. His framework enables learning stable control policies directly from data. This ensures that maintaining controllers in an industrial setting is efficient, safe, and automated.

Sample Thesis Submissions

On problems of regularity and existence for critical drift elliptic equations and Navier-Stokes equations
Symmetry-breaking bifurcations in compartmental-reaction diffusion systems with comparable diffusivities
The polynomial method over finite rings and fields
Global well-posedness and localized patterns of several reaction-diffusion systems involving advection
Topics in arithmetic combinatorics
Free boundary minimal submanifolds in geodesic balls of simply connected space forms
On a completion of cohomological functors generalizing Tate cohomology
Distribution of integral points on varieties
Effective and explicit S-unit equations with many terms
Classifying space for commutativity and unordered flag manifolds
Finite-size scaling of a few statistical physics models in high dimensions
Residual supersingular Iwasawa theory and μ-invariants for Zₚ²-extensions
Numerical methods for biological flows laden with deformable capsules and solid particles
The construction of blow-up solutions for some evolution equations
Topics in discrete analysis

Related Programs

Same specialization.

Master of Science in Mathematics (MSc)

At the UBC Okanagan Campus

Further information, specialization.

UBC Calendar

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Departments/Programs may update graduate degree program details through the Faculty & Staff portal. To update contact details for application inquiries, please use this form .

Nicholas Richardson

Having grown up outside of Toronto and completed my undergrad and master's degree at the University of Waterloo, I was ready to change the scenery and go study somewhere else. I joke that is it the farthest I could move without leaving Canada, but more truthfully it was the campus that felt "right...

Gabriel Currier

I quite like the kind of math that people do here, and enjoy working with my supervisors. The campus is also a beautiful place and the graduate student community is pretty laid back and friendly.

Nathan Lawrence

Many factors contributed to my choice of UBC for graduate school. I was attracted to Vancouver’s geographical similarities to Portland in the pacific northwest. Also, I have family in the area. However, most importantly, I was intrigued and inspired by my professors and advisors to take on the...

Start calling Vancouver “Home”

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Mathematics and Statistics

Doctor of Philosophy (PhD)

Thesis-based program

Program overview.

Doctoral students in mathematics and statistics contribute original thought to a discipline that has developed in richness and complexity from antiquity to the present day. Students will choose to focus on a pure mathematical area such as combinatorics, discrete mathematics, geometry, logic, number theory and cryptography, analysis or even mathematical physics; or on theoretical research in probability or statistics. Or you may choose to work in industrial mathematics and operations research, with application in biology and medicine, biomedical statistics, energy or financial markets, mathematical finance, actuarial science, geoscience, medical imaging, software and computer applications, and big data analysis.

Completing this program

Mathematics Courses: Topics may include measure and integration, analysis, algebraic geometry, number theory, scientific modelling and more.
Statistics Courses: Topics may include probability, estimation, hypothesis testing and more.
Seminars: In addition to required courses, students register in a research seminar in either actuarial science, biostatistics, mathematics, or statistics (depending on student's specialization).
Presentations: Students are required to give three invited or contributed presentations during the degree program.
Preliminary Examinations: Doctoral students must pass written Preliminary Examinations no later than 18 months from the beginning of their program and before completing Candidacy.
Candidacy: Students will complete both oral and written candidacy exams.
Thesis: Students will be required to submit and defend an original research thesis.

Specializations

Mathematics
Biostatistics (Interdisciplinary)
Actuarial Science
Mathematical Finance

Universities and colleges, Government of Canada (Canadian citizens only), banking and finance, information technology and cybersecurity, energy, risk management and insurance, health, pharmaceuticals, environmental management, quantum computing, data analytics, medical imaging.

A PhD in math and statistics is usually considered a final degree.

Students are required to prepare a thesis and successfully defend in an open oral defense.

Eight courses

Learn more about program requirements in the Academic Calendar

Classroom delivery

Time commitment.

Four years full-time; six years maximum

A supervisor is required, but is not required prior to the start of the program

See the Graduate Calendar for information on fees and fee regulations, and for information on awards and financial assistance .

Virtual Tour

Explore the University of Calgary (UCalgary) from anywhere. Experience all that UCalgary has to offer for your graduate student journey without physically being on campus. Discover the buildings, student services and available programs all from your preferred device.

Supervisors

Learn about faculty available to supervise this degree. Please note: additional supervisors may be available. Contact the program for more information.

Mina Aminghafari

Tracey Balehowsky

Kristine Bauer

Karoly Bezdek

Elena Braverman

Thierry Chekouo

Clifton Cunningham

Rob Deardon

Wenjun Jiang

Wenyuan Liao

Admission Requirements

A minimum of 3.0 GPA on a 4.0 point system, over the past two years of full-time study (a minimum of 10 full-course equivalents or 60 units) of the undergraduate degree.

Minimum education

A master’s degree or equivalent in the subject of the specialization.

Work samples

Reference letters, test scores, english language proficiency.

An applicant whose primary language is not English may fulfill the English language proficiency requirement in one of the following ways:

Test of English as a Foreign Language (TOEFL ibt) score of 97 (Internet-based, with no section less than 20).
International English Language Testing System (IELTS) score of 7.0 (minimum of 6.0 in each section).
Pearson Test of English (PTE) score of 68, or higher (Academic version).
Canadian Academic English Language test (CAEL) score of 70 (70 in some sections – up to the program, 60 in all other).
Academic Communication Certificate (ACC) score of A- in one or two courses (up to the program), “B+” on all other courses.
Cambridge C1 Advanced or Cambridge C2 Proficiency minimum score of 191.

*Please contact your program of interest if you have any questions about ELP requirements.

For admission on September 1:

Canadians and permanent residents: Jan. 15 application deadline
International students: Jan. 15 application deadline

If you're not a Canadian or permanent resident, or if you have international credentials, make sure to learn about international requirements

Are you ready to apply?

Learn more about this program, department of mathematics and statistics.

Mathematical Science Room 462 612 Campus Place NW Calgary, AB T2N 4V8 403.220-6299

Contact the Graduate Program Administrator

Visit the departmental website

Biological Sciences, Room 540 2500 University Drive NW Calgary, AB T2N 1N4 403.220.8600

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Related programs

If you're interested in this program, you might want to explore other UCalgary programs.

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Computer science.

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Medical Science

Physics and astronomy, veterinary medicine, curious about the university of calgary.

Located in the nation's most enterprising city, we are a living, growing and youthful institution that embraces change and opportunity with a can-do attitude.

Mathematical Finance

$Sabrina Zhai$

“I really like the culture at Waterloo. It’s so inclusive — you get to meet a lot of students from different backgrounds and a lot of other people who are passionate about math. Interacting with them on a daily basis is really exciting.”

What is Mathematical Finance?

Mathematical Finance is an elite program designed for students with outstanding mathematical skills who want a career in high-level quantitative finance. In one of the most advanced undergraduate finance programs in the world, you’ll take courses in corporate finance, real analysis, asset liability management and forecasting. The program delivers solid mathematical training and a modern understanding of the financial market to prepare you for the broad field of banking and finance after graduation

Available as a co-op or regular program
There are 40 courses for this degree
Graduate with a Bachelor of Mathematics, major in Mathematical Finance

First-year courses

MATH 135/145 - Classical Algebra
MATH 137/147 - Calculus 1
CS 115/135/145 - Computer Science
A communications course
One non-math elective

See full courses in our undergraduate calendar .

Upper-year courses

ACTSC 372 - Corporate Finance
PMATH 351 - Real Analysis
STAT 443 - Forecasting
ACTSC 445 - Quantitative Enterprise Risk Management

Sample co-op jobs

Quantitative Analyst, BMO
Product Manager Assistant, AVIVA — COFCO Life Insurance
Portfolio Analyst — GCM — Derivatives, CPP Investment Board
Audit Co-op Student — Market Risk, Scotiabank
Quantitative Analyst, Manulife Financial

Sample careers

Derivatives Analyst, Canada Pension Plan Investment Board
Director, International Strategy and Banks Research, China Construction Bank International
Finance Operation Analyst, GE Canada Inc.
Investment Analyst, Dancap Global Asset Management
Treasury Manager, Avolon

Student stories

Nidhi is double major in Mathematical Finance and Statistics. She is from United Arab Emirates and was attracted to study at the University of Waterloo because of the institution's international reputation in math and co-op. She's worked as an Accounting Analyst, Financial Analyst and Actuarial Analyst and hopes to hone these experiences to work in finance-related careers. She's a member of the UW Finance Club and UW Ballroom Club and enjoys rock climbing, crocheting ,art and reading.

Meet Sabrina

While at the University of Waterloo, Sabrina has taken advantage of the global opportunities that the school has to offer - including a co-op term in Switzerland. When on-campus in Waterloo, she is part of the Archery Club and in her spare time she likes to practice and play the piano.

Similar programs

If you're interested in Mathematical Finance, you may also be interested in these programs that offer similar courses or career opportunities:

Actuarial Science with a Finance Option
Mathematics/Business Administration
Mathematics/Financial Analysis and Risk Management
Pure Mathematics

How to apply

Apply to Mathematics for admissions consideration. If admitted, speak with an academic advisor after first year to declare Mathematical Finance as a major.

Find out more information on the steps to apply .

Explore more mathematics and computer science programs .

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Master of Science (MSc)

Master's programs

Thesis-based

Academic background : Bachelor's degree in mathematical finance or an undergraduate degree in a field related to mathematical finance, such as stochastic processes, probability, statistics, mathematics, economics or finance.

Course load : One seminar course and five courses at graduate level which must include two courses from List E, one from List F and one from List G.

Thesis or project : A thesis has to be written and defended orally in front of an exam committee.

Completion time : On average, two years. The maximum time allowed is four years.

Is part-time available : Yes. The maximum time allowed is six years.

Course performance level : Should maintain a minimum cumulative GPA of 3.00 (calculated on a four-point scale) at the end of each registration year and attain at least a B- on each course taken for credit.

Funding : Funded for up to two years or sponsored.

Course-based

Academic background : A bachelor's degree in mathematical finance or an undergraduate degree in a field related to mathematical finance, such as stochastic processes, probability, statistics, mathematics, economics or finance.

Course load : One seminar course and eight courses which must include two courses from List E, two from List F and two from List G (or 2 from List E, three from List F and one from List G (if the courses from List G do not run annually))

Thesis or project : Must register and attend MATH 600A in Fall and MATH 600B in Winter and obtain a pass grade.

Completion time : 1-2 years. The maximum time allowed is four years.

Funding : Unfunded.

Research supervisors

Alexandru Badescu : Mathematical finance, actuarial science
Jinniao Qiu : Mathematical finance, analysis, PDE, operation research
Deniz Sezer : Mathematical finance, operation research, modelling of wind and solar energy
Anatoliy Swishchuk : Mathematical finance, energy market modelling, stochastic calculus, random evolutions, stochastic processes
Antony Ware : Computational finance, energy markets modelling, numerical methods

Course lists

List E courses

ACSC 515 Models for Financial Economics MATH 681 Stochastic Calculus for Finance MATH 683 Computational Finance

List F courses

STAT 507 Introduction to Stochastic Processes (or MATH 685 Stochastic Processes) MATH 605 Differential Equations III MATH 601 Measure and Integration STAT 701 Theory of Probability I STAT 721 Theory of Estimation

List G courses

MATH 691.01 Lévy Processes in Finance MATH 693.01 Monte Carlo Methods for Quantitative Finance MATH 691.05 Stochastic Optimal Control & Applications in Finance MATH 693.03 Energy, Commodity and Environmental Finance MATH 691.03 Credit Risk MATH 693.05 Advanced Topics in Mathematical Finance

Haskayne Courses:

FNCE 613 - Investment and Portfolio Management FNCE 631 - FinTech FNCE 645 - Futures and Options FNCE 667 - Financial Risk Management FNCE 668 - Topic: Sustainable Finance

Please refer to haskayne.ucalgary.ca/haskayne_info/courses/f23 for course offerings in Fall 2023
Please refer to haskayne.ucalgary.ca/haskayne_info/courses/w24 for course offerings in Winter 2024
Please refer to the UCalgary Calendar for the most updated Finance course list and course descriptions.
There are differential fees for FNCE 6XX MBA courses (the fee is attached to the course).
Haskayne School of Business Courses: Students may be granted exemption from required courses (e.g., Prerequisite: Finance 601) based upon prior academic preparation and with the approval of the Associate Dean (MBA Program). Change of Course Registration Form

Thesis and thesis oral examination

A master’s thesis-based student must complete a thesis on a topic to be agreed to by the student and their supervisor.

After completion of the thesis, the student must pass a thesis oral examination
A master's thesis oral exam committee contains a supervisor, a co-supervisor (if applicable), an examiner (an additional member of the University of Calgary academic staff), and an internal examiner (a member of the University of Calgary academic staff)
The exam must be scheduled at least four weeks prior to date of oral exam
Examiners must have a copy of the thesis at least three weeks prior to the date of oral exam
Final thesis oral examinations are open

More information can be found on the Faculty of Graduate Studies websites under examinations .

For more information on requirements, please visit the Faculty of Graduate Studies website.

Université de Montréal / Faculté des arts et des sciences Département de mathématiques et de statistique

Doctorate in mathematics.

The Department offers a doctoral program in Mathematics (PhD) . A wide variety of advanced courses are offered in pure and applied mathematics. The large number of scientific activities in Montréal and the quality of courses makes our programs among the best in North America.

In general, a Master's degree in mathematics or a related field is required to apply for admission to the doctoral program in mathematics. However, it is possible to pass directly to the PhD program from the undergraduate or master's program without writing a memoire.

Fall and winter admission
Limited enrolment
Daytime classes
Includes 12 course credits, 78 credits for research and dissertation
Usually completed over 4 academic years
Possibility of admission without a Master

Questions about this program?

Robert Gwyn Owens (Program supervisor) : Tél. : 514 343-2315

Marie Lyne Martel (TGDE) : Tel.: 514 343-6686

Prospective students

Program structure (french), practical study guide (french), comprehensive examination, financial support, international students and exchange programs, fast track transfer to doctorate, joint phd program (french), the + of studying mathematics at the université de montréal.

Our faculty includes 3 Canada Research Chairs in the fields of number theory, differential geometry and topology, and geometry and spectral theory, as well as prominent figures in other, more applied fields such as mathematical physics, optimization and fluid mechanics.
An especially rich scientific milieu thanks to the presence in the same building of the Centre de recherches mathématiques , an international hub that organizes theme years, offers a lecture series and hosts a wide variety of visitors and postdoctoral fellows.
The Séminaire de mathématiques supérieures , an annual summer school, and mathematics seminars given by graduate students , for students.
Financial support may be available from the Department, the Université de Montréal or various federal and provincial organizations (NSERC, FQRNT, etc.).
An exciting research setting with more than one hundred experienced researchers.
Access to a variety of specialized software , including Mathematica, MATLAB, Maple, Sage, GNU Octave, Maxima , and more.
According to British firm QS, UdeM ranks among the top 100 universities in the world in mathematics.
The Université de Montréal occupies the 32nd world rank in statistics and operational research in the 2019 rankings of QS.

Informez-vous!

PhD in administration - Financial Engineering

Phd in administration – financial engineering.

Tuition fees and Funding
Students wanted

Be part of a community of multidisciplinary researchers, with solid internationally recognized expertise.

Do your PhD in a rigorous milieu, renowned for its resources and the quality of support available for junior researchers.

Your PhD in short

Offered by HEC Montréal jointly with Concordia and McGill universities and the Université du Québec à Montréal (UQAM). This partnership gives you access to resources (faculty and courses) rarely available elsewhere in the world.
This specialization offers a variety of high-level courses in finance and mathematics. The mathematics courses are recognized by the Institut des sciences mathématiques (ISM) and may be taken by PhD in mathematics students at the main universities in the region.
Full-time program allowing you to complete your studies in 4 years.
Tuition fees waived and competitive funding for the first four years of your studies.

For a career in academia or business

Around 40% of graduates from this specialization between 2006 to 2022 hold positions as professors at universities in Canada or the United States.

The others are working as executives or consultants for leading firms or investment funds, e.g. Deloitte, KPMG, PSP Investment and the Abu Dhabi Investment Authority.

Among the best

The work of PhD students in the Financial Engineering specialization has been recognized for its outstanding quality and has earned them many awards and scholarships:

awards for the best PhD dissertation in 2008 and 2014
two Alexander Graham Bell Canada Graduate Scholarships from the Natural Sciences and Engineering Research Council of Canada (NSERC) , in 2010 and 2012
four Bourse de Montréal awards, in 2014, 2015, 2017 and 2018
a scholarship from the Society of Actuaries
a “Women in Finance” scholarship from the National Bank

Papers based on dissertations by PhD students in the Financial Engineering specialization are published in top-tier journals in the field, including:

European Journal of Operational Research
Journal of Banking and Finance
Journal of Economic Dynamics and Control
Journal of Risk and Insurance
The Energy Journal
The Review of Financial Studies
Quantitative Finance

Varied research interests

Credit risk
Derivatives pricing
Dynamic optimization
Energy market
High-frequency data
Machine learning
Mean field games
Monte Carlo simulation
Numerical methods
Operational research
Optimal hedging
Optimization
Risk management
Probability and statistics
Statistical methods
Stochastic control
Stochastic processes
Text mining

Our PhD students and candidates

See the list of students in this specialization on Google Scholar.

Top-flight research infrastructure

PhD students in this specialization benefit from the best possible infrastructure, allowing them to carry out advanced research in financial engineering.

National Bank Financial trading room
Computing and Data Mining Laboratory (LACED) and its computing grid
Access to major databases, including CRSP, Compustat, TAQ, Thomson Financial, FISD, TRACE, WRDS, OptionMetrics and Moody’s Credit Risk

World-class research in financial engineering

HEC Montréal offers doctoral students in financial engineering an exceptional scientific milieu, with a research chair and two professorships.

Canada Research Chair in Decision Making Under Uncertainty , held by Professor Érick Delage
Canada Research Chair in Risk Management , directed by Professor Georges Dionne
Research Professorship in derivatives analysis: Professor Jean-Guy Simonato
Research Professorship in Financial Engineering: Professor Geneviève Gauthier
Research Professorship in financial risk factors and derivatives: Professor Christian Dorion
Research Professorship in Sentometrics: Professor David Ardia
Research Professorship in statistics: Professor Debbie J. Dupuis

The professors are members of various internationally renowned research centres or institutes:

Canadian Derivatives Institute
Centre for Interuniversity Research and Analysis on Organizations (CIRANO)
Centre de recherches mathématiques (CRM)
Group for Research in Decision Analysis (GERAD)

All the members of the Decision Sciences group have individual grants from the Natural Sciences and Engineering Research Council of Canada (NSERC) .

An internationally renowned multidisciplinary team

Members of the Department of Decision Sciences associated with the Financial Engineering specialization

David Ardia
Hatem Ben Ameur
Michèle Breton
Michel Denault
Debbie Dupuis
Dena Firoozi
Geneviève Gauthier
Chantal Labbé

Members of the Department of Finance associated with the Financial Engineering specialization

Tolga Cenesizoglu
Philippe d’Astous
Georges Dionne
Christian Dorion
Pascal François
Pascale Valery
Simon van Norden
Jean-Guy Simonato
100% distance
Côte-des-Neiges
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Why Study for a Mathematical Finance PhD?

I was emailed by a reader recently asking about mathematical finance PhD programs and the benefits of such a course. If you are considering gaining a PhD in mathematical finance, this article will be of interest to you.

If you are currently near the end of your undergraduate studies or are returning to study after some time in industry, you might consider starting a PhD in mathematical finance. This is an alternative to undertaking a Masters in Financial Engineering (MFE), which is another route into a quantitative role. This article will discuss exactly what you will be studying and what you are likely to get out of a PhD program. Clearly there will be differences between studying in the US, UK or elsewhere. I personally went to grad school in the UK, but I will discuss both UK and US programs.

Mathematical finance PhD programs exist because the techniques within the derivatives pricing industry are becoming more mathematical and rigourous with each passing year. In order to develop new exotic derivatives instruments, as well as price and hedge them, the financial industry has turned to academia. This has lead to the formation of mathematical finance research groups - academics who specialise in derivatives pricing models, risk analysis and quantitative trading.

Graduate school, for those unfamiliar with it, is a very different experience to undergraduate. The idea of grad school is to teach you how to effectively research a concept without any guidance and use that research as a basis for developing your own models. Grad school really consists of a transition from the "spoon fed" undergraduate lecture system to independent study and presentation of material. The taught component of grad school is smaller and the thesis component is far larger. In the US, it is not uncommon to have two years of taught courses before embarking on a thesis (and thus finding a supervisor). In the UK, a PhD program is generally 3-4 years long with either a year of taught courses, or none, and then 3 years of research.

A good mathematical finance PhD program will make extensive use of your undergraduate knowledge and put you through graduate level courses on stochastic analysis, statistical theory and financial engineering. It will also allow you to take courses on general finance, particularly on corporate finance and derivative securities. When you finish the program you will have gained a broad knowledge in most areas of mathematical finance, while specialising in one particular area for your thesis. This "broad and deep" level of knowledge is the hallmark of a good PhD program.

Mathematical Finance research groups study a wide variety of topics. Some of the more common areas include:

Derivative Securities Pricing/Hedging: The technical term for this is "financial engineering", as "quantitative analysis" now encompasses a wide variety of financial areas. Some of the latest research topics include sophisticated models of options including stochastic volatility models, jump-diffusion models, asymptotic methods as well as investment strategies.
Stochastic Calculus/Analysis: This is more of a theoretical area, where the basic motivation stems from the need to solve stochastic differential equations. Research groups may look at path-dependent PDEs, functional Ito calculus, measure theory and probability theory.
Fixed Income Modeling: Research in this area centres on effectively modelling interest rates - such as multi-factor models, multi-curve term structure models as well as interest rate derivatives such as swaptions.
Numerical Methods: Although not always strictly related to mathematical finance, there is a vast amount of university research carried out to try and develop more effective means of solving equations numerically (i.e. on the computer!). Recent developments include GPU-based Monte Carlo solvers, more efficient matrix solvers as well as Finite Differences on GPUs. These groups will almost certainly possess substantial programming expertise.
Market Microstructure/High-Frequency Modeling: This type of research is extremely applied and highly valued by funds engaged in this activity. You will find many academics consulting, if not contracting, for specialised hedge funds. Research areas include creating limit order market models, high frequency data statistical modelling, market stability analysis and volatility analysis.
Credit Risk: Credit risk was a huge concern in the 2007-2008 financial crisis and many research groups are engaged in determining such "counterparty risks". Credit derivatives are still a huge business and so a lot of research goes into collateralisation of securities as well as pricing of exotic credit derivatives.

These are only a fraction of the total areas that are studied within mathematical finance. The best place to find out more about research topics is to visit the websites of all the universities which have a mathematical finance research group, which is typically found within the mathematics, statistics or economics faculty.

The benefits of undertaking a PhD program are numerous:

Employment Prospects: A PhD program sets you apart from candidates who only possess an undergraduate or Masters level ability. By successfully defending a thesis, you have shown independence in your research ability, a skill highly valued by numerate employers. Many funds (and to a lesser extent, banks) will only hire PhD level candidates for their mathematical finance positions, so in a pragmatic sense it is often a necessary "rubber stamp". In investment banks, this is not the case so much anymore, as programming ability is generally prized more. However, in funds, it is still often a requirement. Upon being hired you will likely be at "associate" level rather than "analyst" level, which is common of undergraduates. Your starting salary will reflect this too.
Knowledge: You will spend a large amount of time becoming familiar with many aspects of mathematical finance and derivatives theory. This will give you a holistic view into the industry and a more transferable skill set than an undergraduate degree as you progress up the career ladder. In addition, you will have a great deal of time to learn how to program models effectively (without the day-to-day pressure to get something implemented any way possible!), so by the time you're employed, you will be "ahead of the game" and will know best practices. This aspect is down to you, however!
Intellectual Prospects: You are far more likely to gain a position at a fund after completing a PhD than without one. Funds are often better environments to work in. There is usually less stress and a more relaxed "collegiate" environment. Compare this to working on a noisy trading floor, where research might be harder to carry out and be perceived as less important.

I would highly recommend a mathematical finance PhD, so long as you are extremely sure that a career in quantitative finance is for you. If you are still unsure of your potential career options, then a more general mathematics, physics or engineering PhD might be a better choice.

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