QMF Program Curriculum

Candidates must fulfill the following mathematical prerequisites prior to entering the program:   3 semesters of calculus (including advanced calculus), and 1 semester each of linear algebra, differential equations and probability theory. 

The QMF curriculum consists of 10 core courses, which are required, and 6 electives.  The 10 core courses are listed below. 

QMF Core Courses (all courses are 3 credits)
Economics:	ECON 711 Microeconomics
Econometrics:	ECON 709 Econ Statistics and Econometrics I ECON 710 Econ Statistics and Econometrics II
Finance:	FIN 720 Investments FIN 330 Futures and Options FIN 830 Derivatives FIN 920 Theory of Finance I FIN 799 Independent Study project
Statistics/Math:	MATH 635 Introduction to Brownian Motion & Stochastic Calculus MATH 714 Methods of Computational Math I

 

A core course requirement may be satisfied by (1) taking the course during the program, (2) waiving out of the course (if the student took the course at UW-Madison prior to entering the program) or, (3) transferring credits from a suitable substitute course at an approved institution. Waivers and Transfer Credits must abide by the rules governing their use (See Degree Requirements listed below).

 

Beyond the core courses, a minimum of 18 credits of elective courses is required.  Elective courses are often chosen from the list provided below. In choosing their electives students must take at least two courses from the Econometrics and/or Statistics/Math areas.  The remaining credits can be chosen to tailor the curriculum to the student’s interest.  Students should be advised that not all courses are offered every semester; thus, the opportunity set during any one semester may be much smaller than the list presented below.  Students wishing to take a course not on this approved list must get approval from the QMF Director prior to taking the course.

QMF Elective Courses (all courses are 3 credits)
Accounting:	ACCT 603 Financial Statement Analysis
Economics:	ECON 302 Intermediate Macroeconomics
Econometrics:	ECON 715 Econometric Methods ECON 718 Time Series Analysis ECON 719 Econ Statistics and Econometrics III GBUS 806 Panel Data
Finance:	FNCE 635 Security Analysis FNCE 820 Intermediate Investment Theory
Statistics/Math:	STAT 632 Intro Stochastic Processes STAT 701, 702 Applied Time Series Analysis
Risk/Insurance	RI      815 Risk Financing Techniques
Real Estate	RE     870 Advanced Real Estate Finance Theory

 

In addition to the core and elective courses, a student is responsible for gaining the necessary background in basic finance (FNCE 700), accounting (ACCT 700) and numerical methods ( CS 302, CS 412) either through independently directed study prior to, or concurrent with, the first semester of required course work, or through coursework prior to entering the program (possibly the Summer before).  This background is important for students to fully comprehend the required upper level finance classes. In addition,  we would like to have each of our students participate in an internship in the Summer between their first and second year. 

Degree Requirements

Once students are admitted to the program, they must abide by and satisfy the degree requirements in order to remain in the program and receive their degree.  Specifically, students must remain in good standing while in the program by carrying at least 9 credits each semester and maintaining a 3.0 GPA.  In addition, students wishing to waive out of a course or use transfer credits to satisfy a course requirement must abide by the following rules.

Waivers and Transfer of Credits

• Waivers/transfers must be approved by the QMF Director
• Waivers of advanced courses must be replaced by an equal number of advanced elective credits, approved by the director and taken for a letter grade (minimum grade of B)
• Courses used for transfer must have been taken: (1) within 4 years of the beginning of the Fall semester of the beginning of the program; (2) at the graduate level course work; and (3) a student must have received a letter grade of B or higher.
• No more than 4 credits of Independent Reading and Research may be counted toward the MS degree.

A Sample Program of Study

Prerequisites
Calculus (3 semesters)
Linear Algebra
Differential Equations
Probability (such as Math 431)

 

Fall Year I	Spring Year I
Microeconomics ECON 711	Economic Statistics and Econometrics II ECON 710
Economic Statistics and Econometrics I ECON 709	Security Analysis FNCE 635
Futures and Options FNCE 330	Investments FNCE 720
Intro Brownian Motion and Stochastic Calculus MATH 635	Theory of Finance I FNCE 920
Fall Year II	Spring Year II
Econometric Methods ECON 715	Intermediate Macroeconomics ECON 302
Intermediate Investment Theory FNCE 820	Time Series Econometrics ECON 718
Advanced Derivatives FNCE 830	Independent Project FNCE 799*
Methods of Computational Math I MATH 714

*Satisfactory completion of the Independent Project (FNCE 799) requires approval from the QMF Program Director. When working on the Independent Project, students will be expected to be proficient in computer programming using C ++. Such proficiency should be attained either through a course or self-study prior to the beginning of the student's second year in the program.