University of Chicago Financial Mathematics Program Enjoys Resiliency Despite Difficult Derivatives Market

Business Wire, June 17, 2008

Job Demand High for Class of 2008, and Fall Enrollment Strong

New Singapore-Based Arm of School Off to Vigorous Start

CHICAGO -- Despite recent critical focus on financial derivatives, and weakness in the financial sector, demand for its practitioners remains strong.

That, at least, is the view at the University of Chicago's pioneer Financial Mathematics Program, based on the job hunting experience of its Class of 2008.

"We've been pleasantly surprised at the strength of demand for our graduates, especially in the local market," says Niels Nygaard, Ph.D., Director of the Program. "We harbored the same trepidation for our students regarding employment this year as have other colleges and universities, because of the economy and especially conditions in the financial industry. However, we have been fortunate with placements, especially in the local market, where there are numerous medium sized to smaller firms still quietly and actively practicing their trade. Most of our graduating class seeking employment utilizing the new financial mathematics skills we've helped them develop over the past year has received offers."

The University of Chicago's one-year Master of Science in Financial Mathematics program pioneered the teaching of an integrated program of theoretical and applied mathematics and practical applications to derivatives pricing and the management of financial assets.

What's more, reports Dr. Nygaard, applications and enrollment for the new semester that gets underway in September have also been robust. The same is true at the Program's newly launched school in Singapore, which, established in cooperation with the Economic Development Board of Singapore, will offer its full curriculum leading to a Master of Sciences Degree in Financial Mathematics. Announced only this past February, the Singapore-based Program also begins classes in September, staffed by faculty members from Chicago who will periodically travel to Singapore to teach.

"As our experience suggests, there clearly is a great deal of interest, among students and companies alike, in the field of financial mathematics and derivatives," said Dr. Nygaard. "This dynamic market continues to evolve, and while there may be occasional excesses, interest in business of prudently assessing and protecting oneself from risk remains an integral part of the financial landscape.

"Having completed its eleventh year, the University's Financial Mathematics Program is designed to provide students with the skills and judgment to do just that. At its heart is a unique faculty comprised of distinguished University of Chicago professors and highly experienced professionals. Our experience in this very difficult market environment, and the acceptance accorded our students, is, we believe, testament to our dedicated program."

About the University of Chicago Financial Mathematics Program

The University of Chicago's innovative one-year Master of Science in Financial Mathematics Graduate Program pioneered the integration of theoretical applied math and practical applications of pricing derivatives and managing financial assets. Staffed with professors from the University's distinguished Departments of Mathematics, Statistics and Economics, as well as experienced financial industry professionals, the Program's curriculum provides an exceptional understanding of the underlying assumptions of various financial models, enabling students to critically ascertain applicability and limitations.