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Financial modeling is the task of building an abstract representation (a model) of a real world financial situation. [1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project , or any other investment.
Financial engineering is a multidisciplinary field involving financial theory, methods of engineering, tools of mathematics and the practice of programming. [3] It has also been defined as the application of technical methods, especially from mathematical finance and computational finance, in the practice of finance.
Computational finance is a branch of applied computer science that deals with problems of practical interest in finance. [1] Some slightly different definitions are the study of data and algorithms currently used in finance [2] and the mathematics of computer programs that realize financial models or systems. [3]
Hard coding requires the program's source code to be changed any time the input data or desired format changes, when it might be more convenient to the end user to change the detail by some means outside the program. [1] Hard coding is often required, but can also be considered an anti-pattern. [2]
Modeling and simulation (M&S) is the use of models (e.g., physical, mathematical, behavioral, or logical representation of a system, entity, phenomenon, or process) as a basis for simulations to develop data utilized for managerial or technical decision making. [1] [2]
[1] Different models use different elements based on specific needs and contexts. An individual or an organization may keep parts of the ALM process and outsource the modeling function or adapt the model according to the requirements and capabilities of relevant institutions such as banks, which often have their in-house modeling process. [2]
IFPS was an essential financial model-development tool for long range planning and strategic planning, popular business practices in the 1980s. As an "English-like" language, IFPS made it very simple to express relationships among financial concepts without having to worry about sequential logic, as the program would figure out dependencies ...
Students may also choose individual courses based on their needs, without accessing the certification program. The analyst program includes 7 optional prerequisites to review the fundamentals, 11 core courses to build a foundation in financial modeling and valuation, plus a minimum of 3 elective courses that allow more focus on specific topics ...