Best institutions to study Financial Mathematics
A program that focuses on the application of mathematics and statistics to the finance industry, including the development, critique, and use of various financial models.
127 U.S. institutions graduated 5,694 Financial Mathematics students in 2024–25 (IPEDS). It is CIP 27.0305, a specialization of Applied Mathematics (CIP 27.03), and leads most directly to the Mathematicians occupation (BLS SOC 15-2021).
About Financial Mathematics programs
A program that focuses on the application of mathematics and statistics to the finance industry, including the development, critique, and use of various financial models. Includes instruction in probability theory, statistical analysis, numerical methods, computation and simulation methods, stochastic processes, economics, and financial markets and applications.
Source: National Center for Education Statistics, Classification of Instructional Programs (CIP 2020).
The Financial Mathematics program, a subset of Applied Mathematics, focuses on applying mathematical and statistical techniques to the finance industry. It encompasses the development and critique of financial models, preparing students for various roles in finance and analytics. This program is ideal for those interested in quantitative analysis and financial decision-making.
Students in this program gain essential skills in mathematics, statistical analysis, and computational methods. Coursework typically includes probability theory, stochastic processes, and financial markets, equipping graduates with the knowledge needed to tackle complex financial problems.
Credentials awarded
What Financial Mathematics graduates earned in 2024–25, by award level (IPEDS completions).
- Master's degree4,896 graduates / yr · 105 institutions86%
- Bachelor's degree742 graduates / yr · 34 institutions13%
- Doctor's degree - research/scholarship25 graduates / yr · 9 institutions0.4%
- Postbaccalaureate certificate21 graduates / yr · 6 institutions0.4%
- Post-master's certificate10 graduates / yr · 1 institution0.2%
Graduates over time
Financial Mathematics completions reported to IPEDS each year, all award levels combined.
| Year | Graduates |
|---|---|
| 2012 | 319 |
| 2013 | 616 |
| 2014 | 886 |
| 2015 | 984 |
| 2016 | 1,357 |
| 2017 | 2,126 |
| 2018 | 3,271 |
| 2019 | 3,982 |
| 2020 | 4,399 |
| 2021 | 4,556 |
| 2022 | 4,667 |
| 2023 | 5,483 |
| 2024 | 5,294 |
| 2025 | 5,694 |
Top 50 institutions for Financial Mathematics, ranked by graduates
Graduates (IPEDS completions), 2024–25. Award levels show which credentials each institution confers in this specialization.
| # | Institution | Graduates / yr | Grad rate | Net price | Field earnings* (1 yr) |
|---|---|---|---|---|---|
| 1 | Fordham University Bronx, NYPrivate not-for-profitBachelor'sMaster's | 299 | 82% | $38,931 | — |
| 2 | Washington University in St Louis St. Louis, MOPrivate not-for-profitMaster's | 269 | 94% | $14,126 | — |
| 3 | University of Southern California Los Angeles, CAPrivate not-for-profitMaster'sBachelor's | 190 | 92% | $26,873 | $71,622 |
| 4 | University of Illinois Urbana - Champaign Champaign, ILPublicMaster'sDoctoral | 181 | 85% | — | — |
| 5 | Northeastern University Boston, MAPrivate not-for-profitMaster's | 164 | 91% | $18,925 | — |
| 6 | University of Chicago Chicago, ILPrivate not-for-profitMaster's | 151 | 96% | $13,333 | — |
| 7 | University of California - San Diego La Jolla, CAPublicMaster's | 144 | 86% | — | $42,859 |
| 8 | Massachusetts Institute of Technology Cambridge, MAPrivate not-for-profitMaster'sBachelor's | 137 | 96% | $11,666 | — |
| 9 | Stevens Institute of Technology Hoboken, NJPrivate not-for-profitMaster'sBachelor'sPost-degree cert.Doctoral | 131 | 87% | $34,827 | $97,700 |
| 10 | The University of Texas at Dallas Richardson, TXPublicMaster's | 126 | 76% | — | — |
| 11 | The University of Texas at Austin Austin, TXPublicMaster'sDoctoral | 121 | 89% | — | — |
| 12 | University of Utah Salt Lake City, UTPublicMaster's | 117 | 65% | — | — |
| 13 | University of California - Irvine Irvine, CAPublicMaster's | 112 | 87% | — | — |
| 14 | Carnegie Mellon University Pittsburgh, PAPrivate not-for-profitMaster'sBachelor's | 109 | 94% | $23,803 | — |
| 15 | Boston University Boston, MAPrivate not-for-profitMaster'sDoctoral | 101 | 89% | $21,956 | — |
| 16 | University of Miami Coral Gables, FLPrivate not-for-profitMaster's | 96 | 84% | $26,589 | — |
| 17 | University of Notre Dame Notre Dame, INPrivate not-for-profitMaster's | 94 | 95% | $19,452 | — |
| 18 | University of Minnesota - Twin Cities Minneapolis, MNPublicMaster's | 91 | 85% | — | — |
| 19 | Ohio State University - Main Campus Columbus, OHPublicMaster's | 90 | 88% | — | $82,523 |
| 20 | William & Mary Williamsburg, VAPublicMaster's | 90 | 89% | — | — |
| 21 | Babson College Wellesley, MAPrivate not-for-profitMaster's | 88 | 93% | $30,326 | — |
| 22 | Georgia Institute of Technology - Main Campus Atlanta, GAPublicMaster's | 87 | 94% | — | — |
| 23 | Duquesne University Pittsburgh, PAPrivate not-for-profitBachelor'sPost-degree cert.Master's | 87 | 77% | $32,060 | — |
| 24 | University of New Haven West Haven, CTPrivate not-for-profitMaster'sBachelor's | 85 | 63% | $32,614 | — |
| 25 | Vanderbilt University Nashville, TNPrivate not-for-profitMaster's | 84 | 94% | $14,854 | — |
| 26 | University of California - Berkeley Berkeley, CAPublicMaster's | 83 | 93% | — | $71,814 |
| 27 | Arizona State University Campus Immersion Tempe, AZPublicMaster's | 77 | 68% | — | $55,173 |
| 28 | University at Buffalo Buffalo, NYPublicMaster's | 77 | 75% | — | — |
| 29 | Indiana University - Bloomington Bloomington, INPublicMaster's | 74 | 80% | — | — |
| 30 | Yale University New Haven, CTPrivate not-for-profitMaster's | 71 | 96% | $27,025 | — |
| 31 | University of Connecticut Storrs, CTPublicMaster'sBachelor's | 70 | 83% | — | $61,741 |
| 32 | DePaul University Chicago, ILPrivate not-for-profitMaster's | 68 | 68% | $28,141 | — |
| 33 | Boston College Chestnut Hill, MAPrivate not-for-profitMaster's | 65 | 91% | $21,126 | — |
| 34 | Southern Methodist University Dallas, TXPrivate not-for-profitMaster's | 65 | 84% | $33,246 | — |
| 35 | Golden Gate University San Francisco, CAPrivate not-for-profitMaster's | 63 | — | — | — |
| 36 | University of Cincinnati - Main Campus Cincinnati, OHPublicMaster'sBachelor'sPost-degree cert.Doctoral | 59 | 75% | — | — |
| 37 | University of Kentucky Lexington, KYPublicMaster'sBachelor's | 56 | 71% | — | — |
| 38 | George Washington University Washington, DCPrivate not-for-profitMaster's | 51 | 84% | $29,789 | — |
| 39 | Florida State University Tallahassee, FLPublicMaster's | 49 | 86% | — | — |
| 40 | Georgia State University Atlanta, GAPublicMaster's | 48 | 53% | — | — |
| 41 | East Texas A&M University Commerce, TXPublicBachelor'sMaster's | 48 | 43% | — | — |
| 42 | University of Iowa Iowa City, IAPublicMaster'sDoctoral | 47 | 75% | — | — |
| 43 | Brandeis University Waltham, MAPrivate not-for-profitMaster's | 46 | 86% | $25,074 | — |
| 44 | University of Houston Houston, TXPublicMaster's | 45 | 65% | — | — |
| 45 | University of California - Los Angeles Los Angeles, CAPublicBachelor's | 43 | 93% | — | $61,188 |
| 46 | Clark University Worcester, MAPrivate not-for-profitMaster'sBachelor's | 43 | 77% | $23,332 | — |
| 47 | CUNY Bernard M Baruch College New York, NYPublicMaster'sBachelor's | 43 | 72% | — | — |
| 48 | Pennsylvania State University - Main Campus University Park, PAPublicMaster's | 42 | 86% | — | — |
| 49 | University of Massachusetts - Amherst Amherst, MAPublicMaster's | 39 | 83% | — | — |
| 50 | University of Virginia - Main Campus Charlottesville, VAPublicMaster's | 38 | 96% | — | — |
* Median earnings 1 year after graduation for the broader Applied Mathematics field (CIP 27.03) at these institutions; College Scorecard does not publish earnings at the 6-digit level.
Offered in 32 states
Where Financial Mathematics graduates come from. Each state links to all Applied Mathematics programs offered there.
Careers & outlook
The payoff after graduation: occupation 15-2021, Mathematicians, and its national outlook.
Graduates of the Financial Mathematics program often pursue careers as mathematicians, financial analysts, or data scientists. The job outlook indicates little or no change in employment opportunities, with an annual opening of about 100 positions and a median wage of $121,680, typically requiring a master's degree.
Top-paying metros
Career pathways for CIP 27.0305
The occupations the NCES crosswalk maps this 6-digit code to, with BLS pay and 10-year outlook.
| Occupation | US median pay | Growth | Openings / yr | Typical entry education |
|---|---|---|---|---|
Mathematiciansprimary SOC 15-2021 | $126,710 | -0.7% Little or no change | ~100 | Master's degree |
Financial and Investment Analysts SOC 13-2051 | $102,740 | +5.7% Faster than average | ~25,100 | Bachelor's degree |
Data Scientists SOC 15-2051 | $120,230 | +33.5% Much faster than average | ~23,400 | Bachelor's degree |
Financial Specialists, All Other SOC 13-2099 | $81,100 | +3.1% About as fast as average | ~10,300 | Bachelor's degree |
Natural Sciences Managers SOC 11-9121 | $167,220 | +3.7% About as fast as average | ~8,500 | Bachelor's degree |
Financial Risk Specialists SOC 13-2054 | $117,330 | +6.5% Faster than average | ~4,800 | Bachelor's degree |
Mathematical Science Teachers, Postsecondary SOC 25-1022 | $79,940 | +2.3% About as fast as average | ~4,400 | Doctoral or professional degree |
Economists SOC 19-3011 | $124,720 | +1.2% Little or no change | ~900 | Master's degree |
Mathematical Science Occupations, All Other SOC 15-2099 | $81,490 | +4.0% About as fast as average | ~300 | Bachelor's degree |
Job Zone Five: Extensive Preparation Needed
- Education
- Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).
- Experience
- Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.
- Training
- Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.
Related careers
Skills & knowledge in Financial Mathematics programs
From the U.S. Dept. of Labor for the occupation this specialization most leads to.
Skills you'll build
Knowledge areas
Abilities that matter most
Day-to-day work activities
What graduates do on the job
- Mentor others on mathematical techniques.
- Maintain knowledge in the field by reading professional journals, talking with other mathematicians, and attending professional conferences.
- Develop new principles and new relationships between existing mathematical principles to advance mathematical science.
- Disseminate research by writing reports, publishing papers, or presenting at professional conferences.
- Assemble sets of assumptions, and explore the consequences of each set.
- Perform computations and apply methods of numerical analysis to data.
Tools and technology used
Other Applied Mathematics specializations
The 5 other 6-digit CIP codes under Applied Mathematics (CIP 27.03).
- Applied MathematicsCIP 27.03013,917 graduates / yr224 institutions
- Computational and Applied MathematicsCIP 27.0304815 graduates / yr45 institutions
- Computational MathematicsCIP 27.0303389 graduates / yr22 institutions
- Applied MathematicsCIP 27.0399221 graduates / yr18 institutions
- Mathematical BiologyCIP 27.0306partial data14 graduates / yr4 institutions
Common questions
What degrees can I earn in Financial Mathematics?+
You can earn a master's degree, bachelor's degree, or a postbaccalaureate certificate in Financial Mathematics.
What skills will I develop in this program?+
You will develop skills in mathematics, critical thinking, and statistical analysis, among others.
What careers can I pursue with this degree?+
You can work as a mathematician, financial analyst, or data scientist, among other roles.
What is the job outlook for Financial Mathematics graduates?+
The job outlook shows little or no change, with about 100 annual openings and a median wage of $121,680.
What is the CIP code for Financial Mathematics?+
Financial Mathematics is CIP 27.0305 in the NCES Classification of Instructional Programs (CIP 2020), a 6-digit specialization within Applied Mathematics (CIP 27.03). NCES defines it as: A program that focuses on the application of mathematics and statistics to the finance industry, including the development, critique, and use of various financial models. Includes instruction in probability theory, statistical analysis, numerical methods, computation and simulation methods, stochastic processes, economics, and financial markets and applications.
How many institutions offer Financial Mathematics programs?+
127 U.S. institutions reported Financial Mathematics graduates in IPEDS 2024–25, across 32 states, awarding 5,694 credentials in the year. That is 51.5% of all Applied Mathematics graduates.
How much do Financial Mathematics graduates earn?+
Earnings are not published at the 6-digit CIP level by any federal source. The Mathematicians occupation, which Financial Mathematics most directly leads to, pays a median of $126,710 a year nationally (BLS OEWS May 2025), and graduates of the broader Applied Mathematics field report median earnings of $61,741 one year after graduation (College Scorecard).
About the data on this page
Every figure comes from an official federal or public source. Here is each one and the release it is currently on.
Program definitions are from the NCES Classification of Instructional Programs (CIP 2020). Skills, knowledge, abilities, work activities, tools, and job zones are from the O*NET database by the U.S. Department of Labor, used under the CC BY 4.0 license.
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