Why no American students in financial math programs?

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<p>[Mathematical</a> finance - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Mathematical_finance]Mathematical”>Mathematical finance - Wikipedia)</p>

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Mathematical finance is a field of applied mathematics, concerned with financial markets. The subject has a close relationship with the discipline of financial economics, which is concerned with much of the underlying theory. Generally, mathematical finance will derive and extend the mathematical or numerical models suggested by financial economics. Thus, for example, while a financial economist might study the structural reasons why a company may have a certain share price, a financial mathematician may take the share price as a given, and attempt to use stochastic calculus to obtain the fair value of derivatives of the stock (see: Valuation of options).</p>

<p>In terms of practice, mathematical finance also overlaps heavily with the field of computational finance (also known as financial engineering). Arguably, these are largely synonymous, although the latter focuses on application, while the former focuses on modeling and derivation (see: Quantitative analyst), often by help of stochastic asset models. The fundamental theorem of arbitrage-free pricing is one of the key theorems in mathematical finance. Many universities around the world now offer degree and research programs in mathematical finance;

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The first quantitative finance masters programs were offered by** Illinois Institute of Technology** in 1990, under Dr. Michael Ong. [19]<a href=“The%20programs%20offered%20were%20the%20%22Masters%20of%20Science%20in%20Quantitative%20Finance%22%20and%20%22Masters%20of%20Science%20in%20Financial%20Markets%20and%20Trading%22,%20and%20were%20combined%20in%202008%20to%20become%20the%20%22Masters%20of%20Science%20in%20Finance,%20with%20Financial%20Engineering%20Concentration%22.%5B20%5D”>spam link?</a> The NYU-Poly Financial Engineering degree was the second program of its kind.[21] Carnegie Mellon introduced its “Masters of Computational Finance” program in 1994. [22] OGI’s Computational Finance Program (1996, now discontinued) was the first such program based in a computer science department. [23][24] Other pioneering programs in financial engineering include those at Columbia, Princeton, and MIT. Subsequent growth in the number and location of programs, has paralleled the growth of financial engineering - with its growing importance across all aspects of the financial services industries - and of risk management as professions.[25]</p>

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[Master</a> of Quantitative Finance - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/Master_of_Mathematical_Finance]Master”>Master of Quantitative Finance - Wikipedia)</p>

<p>more universities that offer Master Programs
[International</a> Association of Financial Engineers - Academic Programs](<a href=“http://www.iafe.org/html/resources_acad.php]International”>http://www.iafe.org/html/resources_acad.php)</p>