Emanuel Derman
Emanuel Derman is a Professor of Professional Practice and Director of the Financial Engineering Program at Columbia University. Earlier in his career, he worked on Wall Street, running quantitative strategies research groups in fixed income, equities, and risk management. He developed the Black-Derman-Toy interest rate model and the Derman-Kani local volatility model, two financial models that have become industry standards today. Derman also published countless articles in elementary particle physics, finance, and computer science.
Emanuel Derman Professional Experience / Academic History
Professional Experience
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Professor of Professional Practice and Director of the Financial Engineering Program
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Head of Quantitative Risk Strategies
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Head of Adjustable Rate Mortgage Research
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Assistant Professor
Academic History
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PhD, Theoretical Physics
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Bachelor of Science
- Derman was born in South Africa.
- He has lived most of his professional life in Manhattan in New York City.
- He started out as a theoretical physicist, doing research on unified theories of elementary particle interactions.
- At AT&T Bell Laboratories in the 1980s, he developed programming languages for business modeling.
- He was named the SunGard/IAFE Financial Engineer of the Year in 2000.
- He has appeared as a guest on Real Vision.