Overview
Financial derivatives are continuing to play increasingly important roles in modern finance, not only with regard to the management of global investment and corporate risk, but also as a means for designing better personal investment and estate planning portfolios. Necessarily, this makes the design of such products more difficult, placing in higher demand experts trained in the advanced mathematics and investment techniques of modern finance.
A Master of Science in Financial Engineering (MSFE) or comparable degree provides only part of the training such experts will need as they work to analyze, price, and invent the innovative products that modern personal, corporate, and global finance will demand. This training, which can lead to the creation of new knowledge in the field, is appropriately achieved through the depth and breadth of study undertaken in the pursuit of a Ph.D.
Requirements
All Financial Engineering Ph.D. students are required to first complete the 48 unit MSFE program at CGU with at least a 3.0 GPA, take 2 advanced (300 level) mathematics courses as part of their MSFE electives, and pass two written preliminary examinations: one in the mathematics of finance, based on the 4 MSFE core courses in mathematics, and one in advanced finance, based on the 4 MSFE core courses in finance. Upon successfully completing these examinations, students are required to take an additional 24 units of advanced course work, independent study, and directed research in mathematics and finance. During completion of the final 24 units, students are required to pass their last two preliminary examinations: one based on their advanced course work in mathematics, and one based on their advanced course work in finance.
Upon completion of the last two written preliminary examinations and the 72 total units, students select a qualifying committee of 4 professors consisting of at least one faculty member representing the School of Mathematical Sciences and at least one representing Finance at the Peter F. Drucker and Masatoshi Ito Graduate School of Management.
The oral qualifying examination is administered by the qualifying committee to examine the student's preparation for research in his or her chosen area of Financial Engineering. Upon Successful completion of the oral qualifying examination, the student is advanced to the candidacy for the Ph.D. At this time, the student chooses a dissertation committee of 4 professors, which much be co-chaired by a School of Mathematical Sciences faculty member and a Peter F. Drucker and Masatoshi Ito Graduate School of Management faculty member in Finance. The completed Ph.D. dissertation, based on the research outlined in the oral qualifying examination, is defended before the dissertation committee.
Admission
Applications are not accepted for the Ph.D. in Financial Engineering. Those interested in the degree must first apply for admission to the MSFE program. Upon completion of 32 units of coursework toward the MSFE, students may apply for admission to the Ph.D. Admission is not guaranteed, and is based on a student's entire record.
