Madison Institute for Mathematical Finance
James Madison University
About
Our goal is advancing Mathematical reserach in Quantitative Finance.
James Madison University current students are all encouraged to join regardless of their major, or year. The only two vital aspects are: a passion for Quantitative Finance, and a desire to learn more about the field. Those students, who pass the recruitment process, will be able to join MIMF and will be participate in the following activities:
- Learning more about Quantitative Finance, Financial Derivatives, and Algorithm Development for securities pricing.
- Writing reports and making pitches for algorithmic trading strategies based on advances technical analysis.
- Making industry connections, attending academic (and industry) conferences, and gaining mentorship in the Quant world.
The Madison Institute for Mathematical Finance aims to advance research, education, and practical innovation at the intersection of quantitative modeling, financial derivatives, and risk management, empowering the next generation of financial engineers and thought leaders. Among other things, MIMF members will be:
- Deepen their understanding of high-level industry mathematics and capital markets research.
- Get papertrading experience with high-frequency trading implementation and algorithmic spread trading.
- Collaborating with industry professionals to connect academia with real-world financial applications.
Career
In the Quantitative Finance field, or simply Quant, the number of career options filters down to following three:
Quantitative Researcher
Quantitative researchers apply advanced mathematics and statistical modeling to complex financial problems, developing pricing models and trading strategies. The key in their work is to connect academic rigor with practical market applications across asset classes.
Quantitative Developer
Quantitative developers build and optimize the technological infrastructure that powers financial models and trading systems. They combine software engineering expertise with financial knowledge to implement complex algorithms efficiently.
Quantitative Trader
Quantitative traders use models developed by researchers and algorithms built by developers to execute trading strategies across financial markets. The key in their work is analytical skills with market intuition combined with the ability to adapt quickly to changing market conditions.
Colleagues
Quants collaborate with Math Olympiad winnners, and profound researchers on groundbreaking strategies.
Technology
Quants build trading systems using AI, low-latency infrastructure, and proprietary tools unmatched in traditional finance.
Compensation
Quant roles at top firms offer entry-level packages exceeding $200K, with top performers earning million-dollar bonuses.
Impact
Quant models directly influence global liquidity, executing trades that move billions daily across equities, derivatives, and crypto
Recruitment
Students interested in joining MIMF will need to pass the annual recruitment process.
Lectures
Applicants attend a series of lectures covering intermediate to advanced topics in mathematics and finance. The lectures are 3 hours long and take place 4 times a week for the first 8 weeks of Fall semester.
Final
Outside of weekly quizes on definitions, at the end of the 8 weeks, candidates take a comprehensive final to assess their understanding of the topics covered. The exam a has 50% pass/fail threshold.
Research
Students who pass the final begin working a research topic of their choice (upon unanimous approval of current members) that they will present at the end of week 11.
Frequently Asked Questions
Are the lectures recorded or must I attend live?
No, lectures are not recorded. Attendance and active participation are expected, as the material is intensive and builds quickly week to week. Students get up to 2 unexcused absences.
Can I retake the final if I do not pass on the first try?
Unfortunately, no. The recruitment process is competitive, and the final exam can only be taken once per recruitment cycle.
Can I collaborate with another student on the research project?
Research projects must completed and presented individually. However, collaboration on solving the problems is permitted and encouraged.
How big of a commitment is MIMF?
MIMF would be a significant commitment for any student. Starting with the rigorous and time-constrained recruitment process, follwing with continuous advanced research.
