Modelling of any type in or outside of academics is always a useful tool to be learned.

Dennis

Dennis Mazur

Financial modelling is a reality in accounting. IFRS 9 is introduced from 1st of January 2018 and replaces current IAS 39 implement forward looking approach for all financial instruments. Organizations have to calculate ECL (expected credit loss) and recognized the loss allowance in financial statements. New IFRS 17 for Insurance contract also implement forward looking calculations.

Modeling is becoming very important constant activity in organizations.

Ok. In practice YES, but what about as a science field? Do applied mathematicians still have motivation to work in this field?

Yes, financial modelling is still popular area of research & probably will continue to be so. The difference will lie in the fields - pricing models, valuation models, risk management models, etc.. and yes, applied mathematicians have a lot of scope in this area. In these times of big data analytics & quant finance, there is an increased scope & motivation to work in this area.