Stevens launches undergraduate Quantitative Finance program

[Andy Nguyen]

Program is first in the country geared towards undergraduates
By: Sheeraz Hyder
Posted: 9/4/09

Approximately one and a half years ago, a group of professors and administrative officials led by Prof. George Calhoun, of the Howe School of Technology Management, made an interesting observation: the majority of the students graduating from the Business & Technology program were ending up with jobs in finance. With that observation in hand, the team started thinking of ways they could sharpen Stevens' potential in the financial sector. With the existing graduate program in Financial Engineering, Stevens already had one foot in the door.

However, they also found that there are 250 graduate programs in Quantitative Finance across the country. The number of undergraduate programs? Zero. According to Calhoun, this was one place Stevens could make its mark. Calhoun said that given Stevens' proximity to New York, it gave a "decisive competitive advantage" over programs located elsewhere. He noted that they would leverage their location in order to attract the best talent in Quantitative Finance. This coupled with a strong "science and engineering foundation" gave Stevens "all the pieces necessary to assemble" such a program. Calhoun is the director of the quantitative finance program here at Stevens.

To that end, Stevens hired three new faculty that combined academic fortitude with "real world experience." They have a core spine that will teach the students about quantitative finance as well developing courses in Financial and Risk Engineering to help with the "elite program we intend to build." Calhoun noted that all finance is heavily based in quantitative science and that "financial markets are heavily computerized" whether they "optimize efficiency or process." Quantitative Finance has a huge impact in the real world, as every company from Apple to Zeiss are in the business of "mitigating and managing risk." They all want to minimize the amount of exposure they have in the financial markets.
In response to concerns about the ailing economy, Calhoun said that "When the first bridge fell, did they give up? No! They made a stronger bridge." He believes that there will be an increased demand for the skill set and Stevens will be there to offer it.

As of now 18 students, both entering freshmen as well as transfer students, are in the curriculum. The professors are a mix of industry professionals and career academics, all with doctorates in subjects ranging from Computer Science to Economics.
They have been employed at companies such as American Express and have worked on Wall Street. The Quantitative Finance course curriculum mixes computer science courses with economics and business topics, along with a heavy quantitative course load with courses in mathematics and financial engineering. There is also a Quantitative Finance Spine of core courses beginning with QF-101 and QF-102, Intro to Quantitative Finance, and ending with QF-401 and QF-402, the senior design project. Each year will also focus on a different aspect of finance from investment strategies to portfolio and hedge fund management.
Source: The Stute

Program website Quantitative Finance at Stevens Institute of Technology - A New Undergraduate Program

 

[CGiuliano]

JMU - About the programs

Or, better yet.

http://www.jmu.edu/cob/finance/wm_library/QFIN_with_Math_major_Effective_Fall_2008.pdf

 

[Andy Nguyen]

Someone needs to alert Mr. Calhoun about his program being "the first undergrad QF" program in the country.
I'm trying to determine when JMU first offered their QF undergrad program. No luck but it's definitely before Stevens
JMU - Quantitative Finance

 

[CGiuliano]

I have a friend in Columbia MSFE (Began Fall 09) who holds a B.S. in QF From JMU. That can give you a weak lower estimate :D.

 

[Andy Nguyen]

I can find reference to the JMU undergrad program as early as 2005 so it's safe to say it's been there for several years.
UVA finance major VS. JMU Quantitative Finance major - College Confidential

Now, back to the Stevens first program in the country announcement
Stevens to Launch First Undergraduate Quantitative Finance Program in the New York region Office of University Communications: Stevens Institute of Technology, Hoboken, New Jersey, USA

Program in fast-growing, multi-disciplinary field to begin in fall semester 2009

By John Holl
Special to the Stevens News Service

Beginning in September 2009, Stevens Institute of Technology will launch the first undergraduate program in Quantitative Finance in the country.
[IMGa=left]http://www.stevens.edu/press/cgi-bin/wordpress/wp-content/uploads/2009/07/georgecalhoun1.jpg[/IMGa]
This fast-growing, multi-disciplinary field is based on applying modern science, mathematical and engineering methods, and advanced technology to model and execute decisions in the financial domain. Quantitative Finance applications extend from classical investment portfolio management and the design of sophisticated hedging strategies to mitigate business risks.

“Quantitative Finance is becoming essential in the business world,” said George M. Calhoun, Executive-in-Residence at Stevens. “It is not simply enough to stand on the trading floor. The next generation of finance experts will come up with ways to out think the market.”

Quantitative finance – typically used with hedge funds – is more than just analyzing stock portfolios. It is at the heart of all modern financial strategies and operations, from managing pension funds and insurance companies to controlling operations operational risks at manufacturing companies and modeling the behavior of financial markets.

Offered through Stevens’ Howe School of Technology Management, the four-year Bachelor of Science undergraduate program will have a heavy emphasis on math and statistics, but will also teach student to get the understanding of the underlying economic substance of financial decision making, said Calhoun.

When it starts at the beginning of the 2009/2010 academic year, the program will have 20 students, but Calhoun believes there is room for as many as 80 students in years to come. Potential students or those who would like to learn more about the program are invited to visit qf-stevens.com

Each student accepted to the program will launch an investment program at the start of the sophomore year. Using a web-based investment platform, the student will start with $1 million in virtual cash, to be invested according to a graded series of financial criteria as the semesters progress. Over the subsequent semesters students will have a chance to focus on everything from common stock in US-listed companies to commodities and exchange-traded options. By their senior year, students will be ready to focus on a project involving real-world implementation challenges – for example, the design and management of a Hedge Fund, or the construction of an Electronic Trading Platform.

“This is a program where being smart gives you an advantage. This is where the employment growth is going to be.”

Stevens’ campus along the Hudson River is uniquely suited to host such a focused undergraduate major, given its proximity to New York City and Wall Street – the financial capital of the world. Students will have unparalleled opportunities to have direct contact with the world’s elite finance firms, bankers, traders, regulators and policymakers.

Members of the Stevens faculty have worked diligently to design the program. They received input from both financial and non-financial firms. As such, the graduates of the program will be part of a broad trend towards a more rigorous management of the world’s financial assets and risks.

“Risk is going to be the name of the game for the next 20 years,” said Calhoun, “and Quantitative Finance will be key.”

Given the recent problems in the global economy, Calhoun and Stevens believe there is no more appropriate a time to launch such a program, continuing a tradition of forward-looking education that fills a major industry need.

“Quantitative Finance is here to stay,” said Calhoun. “In fact, we believe it will become the benchmark for a modern financial education.”

 

[Andy Nguyen]

When I revisited the program site mentioned in the press release (qf-stevens.com) today, somehow it turns into a car insurance, payday loan site.
When I looked at the undergrad programs site (Undergraduate - Howe School of Technology Management), it lists Quantitative Finance as one of its three majors but oddly enough, there is no link for the QF major.

I have tried to contact the Stevens people for clarification but no luck so far.

Any idea what happened there?

 

[Andy Nguyen]

I contacted the Director of the program and he confirmed that the site is broken at the moment but should be working at some point in the future.

 

[davlinmp]

I contacted the Director of the program and he confirmed that the site is broken at the moment but should be working at some point in the future.

Hello Andy,

I'm a graduate of the Quantitative Finance program at JMU. I am not certain when the first class matriculated, but I do know of 'Q-Fin' graduates from the late 1990s.

Typically, 10-20 students graduate from the program each year. Most students elect to double major with economics or mathematics being the second major. You are only required to take 4 additional classes for each, since minors (in each field) are required for the program. In the past, at least one student per year elect to major in all three.

Let me know if you have any specific questions regarding the program.