University Senate Proposed:
November 15, 2007

Adopted:

RESOLUTION
TO ESTABLISH A PROGRAM LEADING TO THE COMBINED MA IN MATHEMATICS OF FINANCE / MASTER’S
IN SCIENCE AND TECHNOLOGY IN APPLIED MATHEMATICS AT THE ECOLE POLYTECHNIQUE IN
PARIS

WHEREAS

WHEREAS this
combined MA/MS program will provide training in Probability and Finance at Ecole Polytechnique for students
who have completed an MA in Mathematics of Finance at Columbia and training in
Mathematics of Finance at Columbia for students who have completed a year
toward an MS in Probability and Finance at Ecole Polytechnique, and

WHEREAS the
proposed program neither replaces nor duplicates programs/courses offered by
other units of the University, and

WHEREAS there
is a clear need in the

THEREFORE BE IT RESOLVED that the Senate establish the combined MA in Mathematics of
Finance / Master’s in Science and Technology in Applied Mathematics at the
Ecole Polytechnique, and

BE IT FURTHER RESOLVED that the Senate forward this resolution to the Trustees
for appropriate action.

Proponent:

Committee
on Education

*Proposed Dual Degree Program:*

o *M.A. in
Mathematics of Finance (Columbia University in New York)*

o *Master’s in
Science and Technology in Applied Mathematics with specialization in
Probability and Applications and with concentration in Probability and Finance
(Ecole Polytechnique in
Paris)*

**Executive Summary**

Proposed here is a three-year
agreement creating a dual degree program between Columbia University Department
of Mathematics and Ecole Polytechnique
in Paris. The program will expand the
current cooperation under the Alliance Program between Columbia University,
Sciences Po, University of Paris I, and Ecole Polytechnique).

Initially four students from each
institution will spend an academic year at the other institution (paying the
full-time tuition of that other institution) and will receive two degrees. Ecole students will spend two semesters at Columbia taking
the same courses as students enrolled in the Master’s program in Mathematics of
Finance and will receive a Columbia MA in addition to the Master’s at Ecole Polytechnique. Columbia
students will first complete the Columbia MA in Mathematics of Finance and will
spend the next year at Ecole Polytechnique
taking courses (complementary to their Columbia coursework) which leads to the
Master’s in Science and Technology in Applied Mathematics at Ecole Polytechnique.

The Alliance currently has secured four scholarships of $8,000 each from BNP Paribas for participants and may have other scholarships.