Please note: This website is currently under construction. See the Admission Requirements/Application Process website for accurate information.
Click here for the list of all questions (with answers omitted, but with questions linked to their answers).
Click here for the list of questions typically of interest to prospective students (with answers omitted, but with questions linked to their answers).
If you want to know if your application is complete, please write to Bonny Fleming at b-flem@umn.edu.
If you have questions about our timeline, please see Q3.
If you are unsure of whether you have been recommended for admission, rejected, or put on the waiting list, please write to Bonny Fleming at b-flem@umn.edu.
If you know that the Graduate School has issued your I-20, but you want to know if it was mailed out (see Q77).
If you have questions about your Graduate School application, please see Q30.
If you seek permission to take FM 5001/5002, please read Q56 and Q86, and then write to the MFM/FQF Program Director, email address: mfmath@umn.edu.
For other registration questions, please read Q56. If that doesn't resolve the issue, contact One Stop (see Q133), and, if there are still problems, try Bonny Fleming, at b-flem@umn.edu.
For billing quesitons, see Q71 and Q110 and then, if necessary, contact One Stop (see Q133).
Other questions can go to the Director of MFM, email address: mfmath@umn.edu.
For fall admission to MFM or to FQF, please refer to the IMPORTANT DEADLINES information on on our Admission Requirements/Application Process website at:
Early application is encouraged for all MFM candidates. Candidates who have complete applications (both to the School of Mathematics and to the Graduate School) prior to 1 February will be evaluated and notified of admission decisions by 15 March. Some applicants not admitted will be placed on our waiting list, and there is the possibility of further offers being made during the second and final round of offers on May 1.
We do not start to review applications before 1 March, so there is no need to complete your application before 1 February, unless you want to.
Applications received by the deadline will be given priority consideration for admission. In keeping with the "April 15 resolution" (see see Q138), we attempt to complete the review of March applications in time to make a round of offers on 10 April. (We do not offer financial support, but we nevertheless follow the resolution, and hope that other programs like ours will as well.)
If you decide to apply, it is to your advantage to complete your application as early as possible since it is possible that we will "fill up" and have to turn away applicants, not based on their qualifications, but only on our need to keep a reasonable bound on class sizes.
We hope that applicants who do not receive an early offer of admission will give us until 15 April before they make a final decision (see Q138M). We recommend that, if we have not offered admission by 15 April, and if they have another offer with a 15 April deadline for decision, then they should accept it, even if they are on our waiting list.
If you want to check on the status of your application following 15 April, we recommend writing at the beginning of May and/or at the beginning of June, since we will likely not have information at other times. (Please write to Bonny Fleming, see Q1.) Notification of final decisions will go out toward the end of June.
WARNING: You may be required to submit a GRE exam score. (Please point to http://www.math.umn.edu/finmath/admission_requirements/ for information about our admission requirements. Also, see Q8.) If so, we recommend that you register during early summer, so that you can take the October or November exam, so that the score can be reported by the 1 February deadline for early decision. You could also take the April exam, but you would not hear about a decision about waiving the prep course until after the results of that exam are reported.
Similarly, if you need to take TOEFL, you should register very early, probably in early summer, several months before applications are due.
For FQF, the situation is slightly different. Because of the "40% rule" (see Q234), we do have the possibility of spring admission, but only for those who are taking or have taken FM 5001 at the time that they apply. Those students must complete their application by 5 January, including letters of recommendation, transcripts and all the other elements (see Q117).
There is no summer admission for FQF or for MFM.
See Q113 for ways that you can participate in MFM/FQF without being a student in one of those programs.
In addition, The Travelers Companies, Inc. has set up a fellowship endowment fund to which Alternative Strategy Advisors has contributed. The income from this fellowship is matched through a program at the University of Minnesota Foundation, and the income, together with the match, typically totals $2,500 to $3,000 each year. This amount is then offered to one of our applicants, to defray cost of their first year of tuition. All applicants for the early admission program to MFM will be considered for this fellowship. You do not need to do anything additionally to apply for it, and no materials outside of your regular application will be considered. FQF applications are not considered for this fellowship.
There are many other sources of support for education
outside of the department. For general information about financing
graduate school, here are three sources:
http://www.grad.umn.edu/prospective_students/Financing/other.html
http://www.onestop.umn.edu/onestop/financialaid.html
http://www.grad.umn.edu/prospective_students/Financing/index.html
We do help MFM/FQF students who are doing well in coursework to seek summer internships, but we don't require them, nor are they guaranteed. (See Q70.)
Again, please be aware that these are tuition-based professional programs, and the School of Mathematics does not offer Teaching Assistantships, Research Assistantships, Scholarships or Fellowships for students MFM or FQF.
There are five course sequences in the MFM program, FM 5001, FM 5002, FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091 and FM 5092. All but FM 5001 and FM 5002 are required. We may ask that some admitted students take FM 5001 and FM 5002 in preparation for the rest of the courses. (See Q15.)
Point to http://www.math.umn.edu/finmath/courses/ for information about all MFM courses.
For FQF:
There are four required courses: FM 5001, FM 5002, FM 5091 and FM 5092.
Point to http://www.math.umn.edu/finmath/courses/online_courses.shtml for information about all FQF courses.
It is possible for a student with the proper background, and working as a full-time student, to complete the entire program in one year. However, to do this, the student must have the preparatory course sequence FM 5001/5002 waived, and that, requires that, at the time of the application, a GRE Mathematics Subject score needs to be submitted. If FM 5001/5002 is not waived, then the minimum amount of time to complete the MFM program is two years.
For those who have FM 5001/5002 waived and wish to complete MFM in one year, the estimated work time would be 45 hours per week (when class is in session), and 12.5 of those 45 hours would be in-class hours.
The amount of time to completion for a part-time student would vary significantly, depending on how many courses they take per semester. For example, a part-time student might start with FM 5001/5002 and FM 5091/5092 in their first year, continue with FM 5011/5012 and FM 5021/5022 in the second year and finish with FM 5031/5032 in the third year. We ask that all students in the program take at least one FM designated course each fall semester and one FM designated course each spring semester. We hope to avoid leaves of absence as much as possible.
One bit of information that can help you with this question: The goal is that each credit-hour of coursework will involve about three hours per week of work and roughly 50 minutes of that three hours would be in-class time. So, if, in one semester, you take two three-credit courses (totaling six credits), and if you're the mythical "average student", then you would have a work load of 18 hours per week, and five of those 18 hours would be in-class hours.
However, please do bear in mind that, here in Minnesota, all of the students are above average.
The following applies both to MFM and to FQF:
If you are applying for admission in Fall 2011, and if your undergraduate graduation date is after September 2005, then we require either a GRE Mathematics Subject score or a GRE General score, as part of our MFM/FQF admissions requirements (see Q23). If you are planning (before or after admission to MFM) to take our preparatory courses, then you may choose to submit only a GRE General test, but one of these two scores (GRE General or GRE Math Subject) is required for admission from any applicant who has graduated from college after September 2005 (even from those who are taking or have completed the preparatory course sequence). We would also be happy to see GRE Subject scores in other science related areas, but it is neither required nor sufficient for admission.
It's hard to make definite recommendations, since much depends on the background and goals of the individual. We have many applicants who are recent college graduates (since Sept 2005) and who either are currently taking FM 5001/5002 or who intend to take it on entry to the program. Most such applicants decide to take the GRE General test, but not the GRE Math Subject. It does no harm to take both, but, if an applicant takes only the GRE Math Subject test and scores poorly, we will not be able to compare him or her against others who have taken only the GRE General test.
If your undergraduate graduation date is during or before September 2005, you are not required to take the GRE. However, you may choose to do so, if you think it will enhance your application. If you do not, we will be making an evaluation based on your work experience and will be especially interested in your work activities related to finance.
WARNING: If you wish to take the GRE Mathematics Subject exam, then we recommend that you register during early summer, so that you can take the October or November exam, so that the score can be reported by the 1 February deadline for early decision. You could also take the April exam, but you would not hear about a decision about waiving the preparatory course sequence until after the results are reported.
The GMAT is not a substitute for the GRE, and we do not require it, nor do we evaluate it.
Please see also Q127.
Please also see Q105.
There are two regular Mathematics courses that are available to University of Minnesota studnts and cover some of the subject matter of the program. They are:
Taking these even may provide some credit toward the MFM program; see Q53. Other MATH courses related to the program can be found at Q25.
Also currently available is a small on-line lecture series, at http://www.math.umn.edu/finmath/lectures/.
If you are not asked to take this course sequence, but you want to, you are welcome to do so, but be aware that this will increase the total cost of the program.
If you wish to have FM 5001/5002 waived, you must take the GRE Math Subject test; however, it is possible to take it in April, after acccepting an offer of admission. Once that score is reported we can consider your request for a waiver. If you do not take the GRE Math Subject test before the start of your first semester here, then FM 5001/5002 will not be waived.
You can also try typing "quantitative analyst", selecting "100 miles" and typing the zip code "55455" in a search in monster.com, but there may be a good deal of local employment (particularly in insurance) for which quantitative tools are important, but which don't formally use "quantitative analyst" in the job title. You can also point to http://www.math.umn.edu/finmath/local_industry/ which is our local industry website. In the MCIM (http://www.math.umn.edu/mcim/), we have a partner with a great deal of experience in helping our students find internships, and note that three recent students have found internships in the local finance industry. Starting in 2008, in addition to MCIM, the MFM program will be using the Institute of Technology Career Center for Science and Engineering to seek internships. (See Q70.)
There are many possibilities for careers in finance that use mathematical skills. Typically, as in the preceding paragraph, one thinks of "quantitative analyst" or "quant", but there are jobs available that may not have that kind of designation. Careers for our graduates are available in many different industries from insurance to hedge funds to asset management funds to banks to pension funds. Moreover, many large companies that are not specifically oriented toward finance nevertheless need to manage large portfolios of assets, and sometimes (e.g., Cargill) even even run their own trading desks to help hedge their risks. So it's difficult to give a precise answer to which career paths exist, only because the overlapping need for mathematical and finance skills is so ubiquitous.
Our alumni details website, at http://www.math.umn.edu/finmath/Alumni/details.shtml may give you some idea of what kinds of jobs some of our graduates have found. Note that we only reveal information as our graduates give us permission.
See also Q70.
NOTE: This question/answer overlaps with Q64.
The "with emphasis" optional courses are taught by professors from the department that is the focus of the option.
Let's assume a student comes here in 2009-2010 and takes the four required course sequences (FM 5011/5012 for 4+4=8 credits, FM 5021/5022 for 4+4=8 credits, FM 5031/5032 for 4+4=8 credits and FM 5091/5092 for 3+3=6 credits), but not the preparatory course sequence (FM 5001/5002), all in that one year. The total credit count is 8+8+8+6=30 credits, and, at $600 per credit, tuition for 2009-2010 is $18,000. The 2009-2010 amount for the I-20 minimum is just under $17,000. (This includes $1,480 for student fees, $980 for books and $14,034 for living expenses.) The approximate total then comes to $18,000+17,000, or $35,000.
If you do not own a laptop, you will also need to buy one, and there will likely be some expenses buying software. Perhaps the laptop will be around $2,000-$2,500, and the software around $500. So, adding this expense, we get about $38,000. (Please see Q83 for our laptop and calculator policies.)
Please bear in mind that this is only a very rough guess! Please read the assumptions carefully, and do calculate your own number, after adjusting them to fit your own situation!
Also, please bear in mind that your I-20 (see Q91) may say something very different than what appears in this answer, because, on the I-20, the point is to get at minimum expenses. Most students will seek to draw some balance between time in the program and cost per year, and will likely pay more than the minimum, so as to finish more quickly.
For an estimate of tuition rates in future years, please point to http://www.math.umn.edu/finmath/tuition/, and read the second paragraph, which begins "WARNING: Tuition is very low because this is a new program, but it may rise rapidly."
If you are currently in another academic program at UMN, and seek to join MFM/FQF, we require that you terminate that program before beginning MFM/FQF. (See Q193.) Whether you are graduating or leaving the other program without graduating, you will need to submit a Change of Status (see Q131), and you should not apply through the regular application process. (See, also, Q130.)
For GPA, the preferred minimum standard for admission to our Graduate School is 3.0. A Bachelor's degree from an accredited U.S. university or its foreign equivalent is required.
Please see Q115 for more information about our GPA standards.
Regarding GRE scores, see Q120.
A good showing on the GRE Mathematics Subject test is needed to be exempted from those courses. (We use the 75th percentile as a benchmark, but there is no specific minimum requirement, as the final decision will be based on the entire application.) Students planning to take the preparatory courses are not required to submit a Mathematics Subject GRE test score.
For English language proficiency, we follow the Graduate School's requirements, which can be found at http://www.grad.umn.edu/prospective_students/application_information/TOEFL.html and which, as of this writing (26 Oct 2009), states, in part:
The operational standard for admission to the Graduate School is a score of at least 79 on the Internet based TOEFL with section scores of 21 on writing and 19 on reading (550 on the paper based TOEFL), or a score of 6.5 on the IELTS or 80 on the MELAB. Please note that individual programs may have higher TOEFL, MELAB or IELTS requirements, so you should check with your program of interest for any specific scores that might be listed.
WARNING: The Graduate School Admissions department may offer admission to an applicant who does not meet their language requirements, but wait for improved scores to issue the I-20. They sometimes do not inform the applicant that the I-20 is being withheld, so it is important to that international applicants take the initiative to be sure that English language requirements are fulfilled. Also, in order to issue the I-20, the Graduate School does need to have an official score report on file.
The Graduate School requires that English language scores be valid at the time of the student's arrival in Minnesota. So, for example, if you have taken TOEFL less than two years ago, but your score will be more than two years old at the time you would arrive to take courses at Minnesota, you should retake the exam.
The School of Mathematics supports the need for standards to ensure that students who arrive here can learn through English-language instruction. However, we don't make policy about this matter. Questions about Graduate School language requirements should go to the Graduate School, see 30.
Graduate School language requirements can be strict, but, in the School of Mathematics, we look at the full application, so we don't have any specific minimum (or maximum!) for any one particular item. Any stated goals on our websites really are only goals, and not absolutes.
It is possible that strength in one area of an application can offset weakness in another. Also, there is no level for any score above which an applicant is guaranteed admission.
We accept recent college graduates and we accept people with work experience in finance, and the program is structured with these two "groups" in mind. Hopefully, the interactions between those with recent coursework and those who have had experience in finance will be lively. You do not need to have been a math major to be accepted in the program (see Q59), nor do you need to have taken courses in finance, nor do you need to have held a job in finance.
For our admission requirements, please point to http://www.math.umn.edu/finmath/admission_requirements/
We also require a full year of calculus (with good performance) for entry into the MFM/FQF program. Beyond that, the stronger your mathematics background, the better it is for your application. We do accept students from all majors, but, since this program is primarily a mathematics program focused on finance (and not the other way around), the material can be very challenging to a student who does not have the prerequisite mathematical knowledge.
Please see Q94 for information about which mathematics courses might help your application.
For more information about these three optional business courses, click here.
The two math courses that are most closely related to MFM/FQF are
MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
and
MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II.
Taking these even may provide some credit toward the MFM program; see Q53. Other relevant courses are
MATH 2243 - Linear Algebra and Differential Equations
MATH 2263 - Multivariable Calculus
MATH 2373 - IT Linear Algebra and Differential Equations
MATH 2374 - IT Multivariable Calculus and Vector Analysis
MATH 4065 - Theory of Interest
MATH 4242 - Applied Linear Algebra
MATH 4457 - Methods of Applied Mathematics I
MATH 4458 - Methods of Applied Mathematics II
MATH 4512 - Differential Equations with Applications
MATH 4653 - Elementary Probability
MATH 5067 - Actuarial Mathematics I
MATH 5068 - Actuarial Mathematics II
MATH 5485 - Introduction to Numerical Methods I
MATH 5486 - Introduction To Numerical Methods II
MATH 5487 - Computational Methods for Differential and Integral Equations
in Engineering and Science I
MATH 5488 - Computational Methods for Differential and Integral Equations
in Engineering and Science II
MATH 5525 - Introduction to Ordinary Differential Equations
MATH 5587 - Elementary Partial Differential Equations I
MATH 5588 - Elementary Partial Differential Equations II
MATH 5651 - Basic Theory of Probability and Statistics
MATH 5652 - Introduction to Stochastic Processes
MATH 5654 - Prediction and Filtering
MATH 5711 - Linear Programming and Combinatorial Optimization
This list is, of course, quite long, but don't worry: We don't have
specific course requirements (except for a full year of calculus, with
grades of "B" or better, see Q94) to apply to our program. It's
just that, the more you know, the better your chances of acceptance
into MFM/FQF (and, ultimately, of success in completing MFM/FQF).
In terms of setting priorities, the most important courses you could
take in preparation for MFM would be courses that cover multilinear
algebra, differential equations and basic probability. You might
therefore focus on one of these two
MATH 2263 - Multivariable Calculus
MATH 2374 - IT Multivariable Calculus and Vector Analysis,
combined with one of these two
MATH 2243 - Linear Algebra and Differential Equations
MATH 2373 - IT Linear Algebra and Differential Equations,
combined with, say
MATH 4653 - Elementary Probability.
Do keep in mind that this is only a recommendation; many people apply,
and they have quite varying backgrounds. Also keep in mind that there
is no suite of courses which you can take to guarantee you entry to
MFM or FQF. (However FM 5001/5002 can be very useful, do see Q145.)
If you're not attending classes at Minnesota, but at another school,
and you wish to find equivalent classes at your school, it may help
you to see descriptions of all of these courses. For the collection
of all math courses, with descriptions,
point to
http://onestop2.umn.edu/courses/tc/designators.jsp,
select "MATH - Mathematics" and
click on "Show the courses".
See also Q113 for ideas about how to participate in MFM/FQF before admission.
Our application system is on-line, starting at http://www.math.umn.edu/finmath/online_application/. We discontinued sending out hardcopy forms some time ago; for us and for most of our applicants, the on-line system is more convenient.
See also Q178.
If you wish to check your online application status, plase see the The Graduate School's Application Information website.
If you are not in an undergraduate program, and do not have a full year of freshman calculus (with grades of "B" or better in all
freshman-level calculus courses, see Q94), please note that the University of Minnesota offers many calculus
courses, some on-line, and some in the evenings. To obtain information about this, point to:
http://onestop.umn.edu/
then, near the top of the right sidebar, click on "Class Schdeule"
then, under "Term" select, e.g., "Spring 2012" (or "Term" you wish to search)
then, under "Subject" select "Mathematics - MATH",
then click on "View".
Then search on "1271" for fall term calculus offerings and/or on "1272" for spring term calculus offerings.
NOTE: Do search through the entire website, since, e.g., the on-line course offerings are not placed together with the regular course offerings.
The descriptions for these two courses are:
MATH 1271 (Calculus I): Differential calculus of functions of a single variable. Introduction to integral calculus of a single variable, separable differential equations. Applications: max-min, related rates, area, volume, arc-length. Overview: Tangent lines; limits and continuity; differentiation: definition, basic rules, chain rule, rules for trig, exp and log functions; implicit differentiation; rates of change, max-min, related rates problems; 2nd derivative test; curve sketching; linear approximation and differentials; L'Hospital's rule; integration: definition, antidifferentiation, area; simple substitution; volumes of solids by cross sections and shells; work; average value of a function.
MATH 1272 (Calculus II): Techniques of integration. Calculus involving transcendental functions, polar coordinates. Taylor polynomials, vectors/curves in space, cylindrical/spherical coordinates. Overview: Techniques of integration, including integration by parts, simple trig substitutions, partial fractions. Basic numerical integration; improper integrals; arc length; area of surface of revolution. Separable differential equations, Euler's method, exponential growth and decay. Parametric curves and polar coordinates. Review of conic sections. Sequences and series, comparison and ratio tests, Taylor series and polynomials. Vectors in three dimensions, dot product, cross product, lines, planes, cylinders, quadric surfaces; cylindrical and spherical coordinates.
If you are admitted, the University will then request official copies of this material.
Click here for more information about transcripts and credentials.
We also prefer that applicants never have the letters of recommendation in their possession; they should be submitted directly by the recommenders.
However, if there is no choice in this matter then there is a procedure to follow, see Q58. Other relevant information can be found at Q67 and Q122.
Unofficial transcripts or academic records should be uploaded directly to the online application. Please do not mail in paper copies of your transcripts, there is no need for official transcripts or academic records for initial review.
If you are admitted, the University will then request official copies of this material.
Click here for more information about transcripts and credentials
We do not send out surface mail information or applications anymore only because it is so easy now to get the information you require on the web.
For information about catalogs, please see Q68. For general information, please see our main website at http://www.math.umn.edu/finmath/.
So: If you've had a research experience that was important to you, you might mention it. If you have any mathematical publications, you might mention it. If there was a mentor with a strong influence you might mention it.
The personal statement is intended to reflect your own personality and it cannot be fit into any kind of template, nor is there a particular topic that we seek.
Also, we have no specific length, though one or two pages is typical. Bear in mind that the committee members who are reading your application will also be looking at many others, so a very long statement is not likely to be read as carefully as a shorter one. Concision is a virtue here.
See also Q224.
Our staff works on almost every day that mail might be delivered and, most postal services make more than one attempt at delivery, leaving notes. There should be someone here to accept your mail, and to sign for it if necessary. I don't know of a case where an application was returned because no one was available to accept it at the School of Mathematics.
We do recommend that you send your application materials using a postal system that allows you to track the package, even if it may cost a bit more.
If you have any questions about this, please check with the Graduate School. (See Q30.)
There are prerequisites, and you can read about them at the
websites linked from
http://www.math.umn.edu/finmath/courses/.
Note, for example, that, at that website, under
FM 5021/5022 Mathematical Theory Applied to Finance
you'll see text that reads, "This sequence cannot be started
before FM 5011/5012 is started, though it can be taken at the
same time as FM 5011/5012."
Our basic prerequisite rules are contained in the inequality
FM 5001/5002 < FM 5011/5012 <= FM 5021/5022 <= FM 5031/5032.
So, for example, students must finish FM 5001/5002 before starting FM
5011/5012, unless they FM 5001/5002 has been waived.
(See Q8 and Q15
for information about obtaining a waiver for FM 5001/5002.)
Also, they may take FM 5011/5012 and FM 5021/5022 simultaneously, but,
cannot take, for example, FM 5021/5022 before starting FM 5011/5012.
The sequence FM 5091/5092 may be taken at any time, but we advise that students who do not have a strong background in MATLAB and C# should take this course in their first year, since many of the projects in other courses depend on good programming skills in those languages.
Also, each FM courses ending in a "2" is the spring semester of a sequence and must be taken after the corresponding FM course ending in a "1".
Also, to receive permission to take FM 5011, an MFM student who has not received a waiver for FM 5001/5002 must, in fact, obtain grades of "B" or better both in FM 5001 and in FM 5002.
Formally, students are allowed to continue to, say, FM 5021 with poor grades in FM 5011/5012, but we encourage students who are experiencing coursework trouble to discuss the matter with their advisor, who may recommend some adjustment to their completion plan (see Q157).
Keep in mind that, while in the MFM/FQF program, one may also take other (non-"FM-designated") courses at the University. We have several recommendations about such non-FM courses, in the form of "with emphasis" options.
For information about courses offered in the MFM program, and about other related "with emphasis" courses, please point to http://www.math.umn.edu/finmath/courses/.
For information about courses offered in the FQF program, please point to http://www.math.umn.edu/finmath/courses/online_courses.shtml.
For MFM: Yes, but there are conditions:
First, if you need preparatory course (FM 5001/5002), you will not be able to complete in one year, because FM 5011 cannot be begun until FM 5001/5002 is completed, with grades of "B" or better.
Second, you will need to register for 15 credits per semester, which is quite a heavy load. It is not recommended that students who have employment try to do this. Third, you must pass all of your courses with a grade of "B" or better.
Third, you should only take the required four course sequences:
FM 5011/5012 Mathematical Background for Finance
FM 5021/5022 Mathematical Theory Applied to Finance
FM 5031/5032 A Practitioner's Course in Finance
FM 5091/5092 Programming and Presentation in Finance
and you should avoid any optional courses.
For now, you might consider sending your scores to the School of Mathematics by FAX or regular mail, if ETS has mailed you a hardcopy notification of your results. (For the departmental surface mail address, see Q51. For FAX information, please see Q48.) An email message with a scan is also fine, but please send it to b-flem@umn.edu.
If you decide to send a hardcopy of your scores, it's best to send them to the School of Mathematics, or else to send them both to the School of Mathematics and to the Graduate School.
University of Minnesota
School of Mathematics
Financial Mathematics Program
127 Vincent Hall
206 Church St SE
Minneapolis, MN 55455
NOTE: All application materials are submitted electronically through the online ApplyYourself application system.
If you wish to check your online application status, plase see the The Graduate School's Application Information website.
If you have taken both MATH 5075 and MATH 5076, both on A-F basis, and if you received grades of "B" or better in both, then, together, they can replace the single course FM 5021 (Mathematical Theory Applied to Finance). They do not replace FM 5022.
WARNING: There are restrictions on putting coursework taken in one program on the degree program form of another. You may find yourself unable to put MATH 5075 and MATH 5076 on your MFM degree program. Please keep in mind the fact that, in any event, you will need to reach a minimum of 30 credits on your MFM degree program, in order to finish the Master of Financial Mathematics degree.
You may want to check, in advance, with Grad Student services to see if you will be able put MATH 5075 and MATH 5076 on your MFM degree program. They can be reached, by email, at gscmte@umn.edu. or, by phone, at (612) 625-3490. (See Q191.)
One major clearinghouse for financial math and financial engineering
programs is the International Association of Financial Engineers
http://www.iafe.org/
It's hard to say exactly what is different about our program, compared to all the rest since there are so many. I'll indicate below some unusual features, but any one of these features might be found in some other program.
We aim to have a focus on "programming and presentation", that is,
both the development of the needed programming skills, and also on the
use of technology to present financial mathematics material to
non-technical people. The programming and presentation course is a
required element of our degree, see
http://www.math.umn.edu/finmath/courses/
for a full list of our courses.
Concordant with our focus on presentation, we intend to make full use
of technology in our teaching in the program itself, and you can
sample this a bit by looking at our on-line lectures at
http://www.math.umn.edu/finmath/lectures/
Since the Twin Cities area is home to quite a bit of mathematical finance, our program is able to offer a series of minicourses, taught by industry professionals, covering topics they use in their work. We call these minicourses "modules", and, together, they comprise the course sequence FM 5031/5032.
Our program will also focus on insurance and commodities markets,
since the Twin Cities area is home to quite a bit of insurance and
agriculture. For example, one finds here the Minneapolis Grain
Exchange. In keeping with a focus on insurance (including property
and casualty insurance), we plan to talk a bit more about incomplete
markets and the use of "real-world" probabilities (as opposed to
risk-neutral probabilities) than, perhaps, some other financial math
programs. Information on our local finance community can be found
at
http://www.math.umn.edu/finmath/local_industry/
Our program is unusual (though not unique) in that it has a preparatory course sequence (FM 5001/5002) that can help new students who may not be ready for graduate-level mathematics coursework. This course sequence is specifically designed to conain all the material between the end of a full year freshman-level calculus sequence and the beginning of the graduate-level mathematics appearing in FM 5011/5012. FM 5001/5002 is available to non-MFM/FQF students, and those non-MFM students who do well in that sequence have a good chance of acceptance to MFM, if they decide to apply. (See Q145.)
Finally, we're inexpensive:
MFM/FQF costs significantly less than the typical professional
degree program. Tuition information is at
http://www.math.umn.edu/finmath/tuition/
For more information about our program costs,
see Q21.
Please see Q97.
This is a professional program and it's not really set up so that people from other programs can take MFM/FQF courses without first enrolling into the program. There is a slight exception, but it involves taking preparatory courses, which would not be reasonable to count as fulfilling minor requirements. Please see Q12, for more information about courses and MFM/FQF related activities that are available to graduate students not in MFM/FQF.
Instead of an MFM or FQF minor, you might want to consider taking
MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II,
and both of those courses could contribute toward a regular
Mathematics Minor. Please see
http://www.math.umn.edu/grad/math_minors.html
for information about Mathematics Minors.
For others:
As to when you register, please see Q69.
As to how to register:
If you have only recently been admitted to the MFM program, please wait until Orientation, when we meet with each student to make a plan for completion of the MFM degree. New MFM students are given permission numbers soon after that meeting.
If you are to this point in this answer, you should be a UMN student, but not one that was recently admitted to the MFM program. (You may, for example, be an FQF student.)
Assuming this, You can register using the university's regular on-line registration system, but you'll need a permission number for each course. For MFM/FQF students, requests for registration of MFM/FQF courses will be considered during the regular registration period. If you are a UMN student, but not an MFM/FQF student, then the only courses that are available to you are the preparatory courses FM 5001/5002, and you can point to http://www.math.umn.edu/finmath/courses/ for information about them. They are available, with permission, even if you are not in MFM or FQF. Permission is dependent on the level of mathematical preparedness; the prerequisite for FM 5001/5002 is a full year of calculus (with grades of "B" or better in all freshman-level calculus courses, see Q94). To request permission, please write to mfmath@umn.edu.
See also Q75.
However, if there is no choice, then we do allow applicants' handling of hardcopy letters, subject to two requirements:
First, the person for whom you're writing has must elect to make your letter offline (see Q122).
Second, we ask that you please put the letter into an envelope and to sign across the seal. So both the envelope and the letter itself will have a signature. The applicant can then put your letter in a package with other hardcopy materials and mail it all to MFM or FQF, using the address in Q51.
Also, applicants should be aware that, fundamentally, this is a mathematics program, and that, in this program, one never "finishes up the math" to be able to move on to something, say, more interesting. This program is not advised for those who tend to think this way about mathematics requirements.
Therefore we recommend that even students who have been out of school for a while get at least one recommendation from a professor (preferably a math professor) who can attest to their mathematical abilities.
All three letters should comment on the applicant's suitability for the MFM/FQF program. A letter from a person (e.g., a friend or neighbor) who is not able to make such an assessment will have little weight.
Please ask your recommenders to use the Graduate School's on-line letters system. (See Q57 and Q122.)
The TOEFL, MELAB, or IELTS is generally required of all international applicants whose native language is not English, regardless of U.S. Citizenship status, except those who will have completed 24 quarter credits/16 semester credits (within the past 24 months) in residence as a full-time student at a recognized institution of higher learning in the United States, or other English-speaking country, before entering the University of Minnesota.
If you have questions about this, you should contact the Graduate School (see Q30).
See also Q23.
We always hope for many qualified applicants, and I hope you'll decide to apply, but the choice has to be your own. The answer to Q23 might help you to come to a decision.
FOR INTERNATIONAL STUDENTS: We also have in "International Reception Center", where incoming international students can stay for a few days on arrival. For information about that, please point to http://www.isss.umn.edu/new/temphousing.html. Also, for incoming international students, please see Q65.
NOTE: This question/answer overlaps with Q18.
If the person whom you are recommending has elected to make your letter offline (see Q122), then you can submit your letters in hardcopy form through the regular surface mail. In this case, we recommend sending directly to the MFM/FQF program. The address can be found at Q51.
NOTE: For hardcopy letters, we do not have a form for you to fill out. Simply write a letter in your usual narrative style, and it can be addressed to the MFM/FQF Admissions Committee.
You may also want to review Q58, as well.
The person for whom you'll be writing may be able to help you with this, if you haven't already received email about it. We refer further questions to Graduate School Admissions (see Q30), as this is not a system under the direct control of the School of Mathematics.
You can also find information at http://www.catalogs.umn.edu/grad/index.html. For the general listing of all catalogs, click on the link that reads "Degree Programs and Faculty". These catalogs contain crucial general information about degree requirements, registration requirements and many other topics of interest to prospective and current students. The MFM/FQF catalog appears in this listing; scroll down to "F" for Financial Math.
Finally, of course, a good deal of information appears on our MFM/FQF websites, which start at http://www.math.umn.edu/finmath/.
At the MFM Orientation, we'll ask each incoming MFM student to fill out a plan for completion of their MFM degree. For students who request it, we'll have a discussion to help them make out their completion plan. Shortly after your plan is submitted, you should receive permission numbers so that you can register.
If you wish to take "with emphasis" courses, please be aware that they my fill up, and so you may wish to register early for those, even before the MFM Orientation. To see our array of "with emphasis" concentrations, point to http://www.math.umn.edu/finmath/courses/ and scroll down until you see "with Emphasis".
If you wish to take Carlson School (CSOM) courses, it's a good idea to petition for those early, before the MFM Orientation, since the deadline is often more than a week before the first day of classes. (See Q108.)
Please be aware of penalties for late registration and for late changes to your registration, see Q110.
Please see also Q56 for information on how and when to register.
MFM helps in the search for internships for our students who want them. However, we don't require them, nor are they guaranteed. In addition, the MFM program has help from CCSE (the Institute of Technology Career Center for Science and Engineering) in seeking internships and job placements.
Of course, good performance in the MFM program is ultimately necessary to success in any kind of placement, and students who receive below a "B" in an MFM course may find that we are unable to find suitable work for them.
All students seeking department help in their job/internship search
must set up an appointment to meet with
"Laurie Derechin" <lderechi@umn.edu>
(the MFM/FQF Executive Director) by the end of the third week of September. Bring
your most recent resume to the meeting.
For international students: Please remember that immigration issues
are handled by the students themselves, and international students
hoping for paid internships or employment will need to think through
the visa requirements. Students can seek advice on these matters
from
International Student and Scholar Services (ISSS)
isss@tc.umn.edu
http://www.isss.umn.edu/
(612) 626-7100
You can see information about some of the internships that our students have found, at our internship webpage at http://www.math.umn.edu/finmath/internships/.
For information about the placements of our graduates, point to http://www.math.umn.edu/finmath/Alumni/details.shtml. Note that we only reveal information as our graduates give us permission.
MFM/FQF has a per credit tuition rate, and it applies to any UMN course taken by an MFM/FQF student, even if the course is not in the MFM/FQF program. That rate varies from year to year, and, for more information, please point to http://www.math.umn.edu/finmath/tuition/.
In MFM/FQF, we do not have separate in-state and out-of-state tuitions. All students pay the same.
Further questions about tuition and fees should go to One Stop Student Services, see Q133.
Students sign up for the directed study course, MATH 8991 - Independent Study. Please go to Vincent 115 to obtain the form to request a permission number for that course.
Students then fill out a form for the ISSS, who approves it. To see the form, point to http://www.isss.umn.edu/forms/pdf/f1/cpt_application.pdf and scroll down to pages 4-6. (The rest of this PDF consists of instructions.)
The instructor is typically an assigned advisor for the student, but could be any professor in our department. The student and instructor should then follow up to make sure the approval went through and the student received a grade for the course.
WARNING: Immigration rules require international students to graduate as soon as the degree requirements of their program are met. So, if you intend to take an internship on CPT status, then you must plan your required coursework accordingly to end after it. Keep in mind that another possibility is OPT status, and you may wish to discuss the issues involved with that choice.
For any such discussion, the group that specializes in these issues is ISSS, and their contact information appears in Q109.
WARNING: We are not offering this program to help students with visa issues. Internships are simply a part of the regular program, and they are only offered in the summer. Moreover, they are not offered until after the student has completed two semesters in the program.
Please see Q80 and Q81 for more information about internships. See Q202 for questions about optional practical training and the visa gap.
For admission, you also need to accept the Graduate School's offer of admission. There is information about how to do that in their offer letter, which you can view on-line (see Q76).
WARNING: MFM/FQF classes begin with "FM" not "MFM" or "FQF", and the full list is FM 5001, FM 5002, FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091, FM 5092. Course numbers ending in a "1" are offered in the fall, while those ending in a "2" are offered in the spring.
If you have trouble registering please call 612-625-4848 or write to the undergraduate program at ugrad@math.umn.edu.
Three ways to register:
One way to register on-line is:
Go to http://onestop.umn.edu/onestop/index.html, and click on "Register for Classes" under the Quick Links.
If you know your x.500 login name and password, you will be able to enter the system and register. If you do not know your x.500 login name and password, there is a link in which you can initiate your student account.
WARNING: When you search for the class to which you wish to register, be sure to select "All sections"; otherwise the system will search for only open sections. All MFM/FQF classes are closed, and therefore require a permission number for entrance. After selecting the MFM/FQF class, it will prompt you for your permission number.
Another way to register if you know your x.500 login name and password, is:
Go to http://onestop.umn.edu/onestop/index.html,
click on "Class Schedule" under the Quick Links,
select "Financial Mathematics" for term and subject,
select "Add now" for the class to which you wish to register.
See also Q56.
Questions about the I-20 should be addressed to the Graduate School (see Q30).
Note that some information about program expenses appears in Q21, and it might help you in filling out the financial certification form, but details need to be worked out with people who have more expertise than we do in the School of Mathematics.
For questions about financial certification and the I-20, you best source of information is the Graduate School, see Q30. For questions about your visa or about general immigration policies, your best source of information is International Student and Scholar Services (ISSS); for ISSS contact info see Q109.
Second, please bear in mind that, for this program, you will need to buy a laptop with software, if you haven't already. For the hardware we suggest the IBM ThinkPad "T" model, with 2GB memory, available from www.thinkpad.com, or something more powerful. Projects in the 5091/5092 class sequence will likely require the use of a multi-core processor, so that should also be a consideration when purchasing a new machine In the past we have required Windows XP, however Windows Vista or Windows 7 is acceptable for the 2009-2010 school year and beyond. Windows XP is also acceptable if that is preferred by the user. You should also plan on having a thumb drive with at least 1GB capacity.
You'll also need to buy a TurningPoint "clicker" (also known as a "ResponseCard Radio Frequency keypad" or "RF--RFC-01") for use in class review sessions, at an cost of $29 as this is written (29 August 2008). To purchase your clicker, start by pointing to http://www.techmart.umn.edu/turningpoint and then click on "Personal Purchases". You will need your x500 internet ID and password to continue. For the schedule of Clicker Review Sesssion, point to http://www.math.umn.edu/~adams/Clicker/.
In the past, students have inquired about the use of Apple computers running a virtual machine with Windows XP or Vista. In our experience, assuming the Apple meets hardware requirements and is configured properly, software required for the 5091/5092 coursework has been run successfully on a virtual machine configuration. However, it should be noted that no support or guidance will be offered by the MFM/FQF program to achieve the necessary configuration.
For calculators, we recommend the TI-89 Titanium, but no calculator is required for the program.
See Q163 for the corresponding software question.
In some circumstances, if a student requires an unusual amount of help, that student may be referred to another faculty member participating in the Financial Mathematics program, but we don't anticipate this happening often.
If you do decide to take light-rail, you can find information about it at http://www.metrotransit.org/rail/, with a more detailed map at http://www.metrotransit.org/rail/station_detail.asp. Your trip will be northbound, or "up" on these two maps.
At the airport you can find the light-rail system by following signs, or by asking. You'll want to get off at the Cedar-Riverside Station and you'll need to find your way from there to the Washington Avenue bridge.
The Cedar-Riverside Station is the fuzzy red dot just south of Currie Park at http://metrotransit.com/rail/stations/05_cedar.asp, and you can also see, on that map, "Anderson Hall", which is located just south of "Washington Ave SE".
The Washington Avenue bridge is just north of Anderson Hall, see http://www1.umn.edu/twincities/maps/AndH/AndH-map.html You'll be traveling eastbound or "right" on this map. After crossing the bridge you can get to Vincent Hall, by examining the map http://www1.umn.edu/twincities/maps/VinH/VinH-map.html. Note that Washington Avenue runs along the bottom of that map.
Also, do review Q18, for information about housing. If you're an international student, you may wish to head to the "International Reception Center".
As you go through the registration process, you'll find out what the available test dates are.
You should plan your test date so that we receive the GRE Math Subject score by the admission deadline of 1 February if you want to apply for early decision. Assuming the GRE testing schedule doesn't change, the last available test date will be in November of the preceding year.
For those admitted in Fall 2008,
the breakdown of the minimum amount was:
$3,886 for mandatory student fees and health insurance,
$ 980 for books and supplies
and
$7,200 academic year tuition.
There was also
$11,908 for living expenses.
Tuition for MFM/FQF students for 2008-2009 was $600 for each credit; students are required to register for a minimum of 12 credits for the academic year, and 12 x $600 = $7,200.
NOTE: The tuition amount stated above is the minimum. Many students will be paying considerably more, especially if they seek to complete the program in one year. So don't think that the tuition amount that was used to compute the I-20 is necessarily the amount you will pay.
Yes, you must have had a full year of calculus, meaning two full semesters or three quarters (with grades of "B" or better in all freshman-level calculus courses). A one semester short calc or business calc course is insufficient. Please see also Q23, Q25, Q31 and Q59 for more details about our coursework admission requirements.
If you have not had a full year of calculus (with "B"s or better), we recommend you consider starting in a calc sequence. (See Q31.)
If you are seeking admission to MFM or FQF, then, of course, transcripts are required (see Q117).
The question of whether some courses are recommended before admission is a difficult one, and should probably involve discussions with an advisor who knows your academic background. We do list several college-level mathematics courses that are relevant to our program in Q25.
Please be aware, however, that it's important to get to us any information you can about your development in math and/or finance since you applied. In particular, it would be good to have at least one new letter of recommendation from someone who can comment on the activities in which you've been involved during that time. In some sense, the more you can make the case that you've improved over the last time you applied, the more likely it is that you'll be accepted. In particular, since most people's knowledge increases over time, if you retake the GRE Mathematics Subject test, there's a reasonable chance you would get a higher score, which would improve your chances of admission to any school to which you apply.
You need to reapply to the Graduate School. (You should not use Change of Status/Readmission unless you've been you have been registered in the Graduate School in the past, see Q130.) You need to set up a new application for admission. When filling out the application and submitting it, the system will give you a warning because it recognizes you. You should ignore this warning and submit the application anyway. You can contact the Graduate School directly to use the transcripts from your previous submission so you won't have to pay the transcripts fee again; however you will have to pay the fee for the application itself. You will also have to enter all of your info again into the ApplyYourself system. You can use the same personal statement and letters of recommendation, though, again, we recommend having at least one new letter of recommendation that can comment on any development you've had in mathematics or finance, since your last application.
For your Graduate School application, you should ask them about their policies. See Q30 for information about contacting Graduate School Admissions.
Also, do note that we have a recommended reading list, maintained by the mathematics library, which appears at http://math.lib.umn.edu/mathfinancebooks.html.
It is possible to complete our program in one year. (See Q7 for details.)
We have more of an emphasis on the "buy-side" than a typical Financial Math program.
We also have more of a mathematical emphasis than a typical Financial Engineering program.
We offer a prepartory course sequence, as well as a course sequence that is taught by industry professional covering topics that they use in their work.
For more detail, please see also Q54.
Also, a significant part of FM 5092 will be devoted to the use of technology in presentation of technical ideas to a non-technical audience.
See also Q111.
In Lind 24 (or any IT Lab): Users should login to the computer with a username of register and a password of register. This is for windows or linux/UNIX.
Any other location on the Internet: https://wwws.cs.umn.edu/account-management/
In either case, the web browser will come up to the page you can use to register for an IT Labs account. They need to authenticate with their X.500 username (U of M Internet ID) to initialize their IT Labs account.
If you've had a previous IT Labs account (within the last year), your old account will be re-opened.
For the IT lab account, please see Q101.
Your math department account will be generated automatically and you'll receive information about that during the Orientation.
If you have questions or difficulty with any of these three accounts, we'll address them during the lab demo at Orientation.
If you're an MFM/FQF teacher, or if you're only taking one course, you may be interested in the "Limited Use Parking Contract". For $90, one can buy the one-time right to park 22 times in any University ramp for a year starting October 1st. For more information, point to http://www1.umn.edu/pts/parking/contract%20parking%20newsletter.pdf, then scroll all the way to the last page and look in the leftmost column.
If you're an MFM/FQF student taking at least two courses per week, the student discount is a good deal. Details can be found at http://www1.umn.edu/pts/studentcontracts.htm and the rate can be found at http://www1.umn.edu/pts/parkingrates.htm#contract. The nearest lot available to student evening parking is at lot C33, near 4th Street and 16th Avenue about 10 minute walk to Vincent Hall. It's a surface lot.
Also, note that the Oak Street ramp apparently goes off peak at 2pm.
There is no upper or lower limit on the number or percentage of international students we can accept into this program. There are no upper or lower limits on any type of group.
Our PhD requirements are such that anyone who gets a PhD here will get a Master's degree along the way, automatically, after passing the preliminary oral examination. So, if one were to do MFM, then complete a PhD, he or she would then have to fulfill quite a number of PhD requirements, and, in the process, be awarded a second Master's degree, ultimately leaving with both a Master of Financial Mathematics and a Master's of Science in Mathematics.
It's certainly possible that what a student learns in MFM or FQF could help him or her to proceed more quickly through the elementary aspects of our PhD program, but these programs aren't specifically designed to do that, and none of the MFM/FQF requirements are directly equivalent to any PhD requirements.
Similar remarks apply to most other PhD programs as well, though different programs can have quite different expectations and admissions requirements. If you're interested in, say, a PhD program in Finance, then MFM or FQF might provide some preparation for the more quantitative aspects of such a course of study. However, once again, neither has been designed with that in mind.
Please also see Q11.
The deadline is just over a week before the start of classes, and the exact date is on the petition form, which appears at http://www.csom.umn.edu/assets/97119.pdf.
To print out an unofficial transcript, point to http://onestop.umn.edu/onestop/index.html, and look near the bottom of the right sidebar, for the link that reads "Unofficial Transcript".
After filling out the petition form, you can FAX it and the transcript to (612) 626-7785. (NOTE: The unofficial transcript is required so that CSOM can verify that you have not already taken three CSOM courses. They limit non-CSOM students to three CSOM courses.)
For information about penalties for changes to registration and for drop/add deadlines, see http://onestop.umn.edu/onestop/Calendars/Refund_and_DropAdd_Deadlines.html.
To get a petition to drop a course after the drop deadline, point to http://www.grad.umn.edu/current_students/forms/gs05.pdf. (Return this form to the Graduate Student Services office in 316 Johnston Hall.) Note that this form requires you to state "the circumstances that prevented you from correctly registering during the official registration period". You cannot drop a course after the deadline simply because you have changed your mind about the course.
For information about when to pay your bill, please see Q71.
Questions about this should go to One Stop Student Services, see Q133.
Warning: . If you have no students registered, then I believe that the class doesn't even show up.
See also Q99.
The MFM/FQF course schedule is at http://www.math.umn.edu/finmath/course_schedule/.
If you're a student at UMN:
First, you can attend our seminar, which is open to the public; point to
http://www.math.umn.edu/finmath/seminar/.
Second, you might consider taking
MATH 5075 - Mathematics of Options, Futures,
and Derivative Securities I
MATH 5076 - Mathematics of Options, Futures,
and Derivative Securities II.
Third, if you wish to strengthen your mathematics background, in preparation for the MFM/FQF program, you could consider taking FM 5001/5002. Also, FM 5091/5092 are available as online courses to students outside MFM. See Q12. See Q12.
Fourth, if you are a Mathematics graduate student at UMN, you might want to seek an internship with a focus in Financial Mathematics, through the MCIM. For more information, point to http://www.math.umn.edu/mcim/.
Fifth, you might consider applying to the program described at http://www.math.umn.edu/finmath/modeling/.
In the meantime, it is possible to seek an MFM with Emphasis in Management, and you can read about that by pointing to http://www.math.umn.edu/finmath/courses/ and then searching on "Master of Financial Mathematics with Emphasis in Management". This involves fulfilling the MFM requirements with three CSOM courses. (CSOM is the University of Minnesota business school.)
Some people have complicated educational plans, but MFM and FQF are really very simple, so the degree program form/plan of study is relatively straightforward. If you were, say pursuing two completely different Master's degrees at the same time, it can get confusing, because some courses might pertain to one degree and others to the other. The degree program form allows the Graduate School to know which courses you believe go with which degree.
Once the DGS of each of the relevant departments signs the degree program form, they are certifying that the student has met the departmental requirements of that degree.
As to when the form must be submitted: MFM/FQF operating standards are that our students should submit their degree program/plan of study by the end of their first semester in the program.
To obtain a blank degree program form, point to http://www.grad.umn.edu/current_students/masters/index.html click on "Forms", then click on "Degree Program Form".
To obtain a blank plan of study, point to http://www.grad.umn.edu/current_students/postbac/pbc.html, then scroll down to "Step 2", then to the text reading "The Plan of Study Form is available in 316 Johnston, or online", and then click on the word "online" in that sentence.
As to which courses to put on the degree program form: MFM students must include FM 5011/5012, FM 5021/5022, FM 5031/5032 and FM 5091/5092. Beyond that, if you intend to get a minor in another department, you need to include the required courses for that minor. Exactly which courses are required is something to be discussed with the DGS of that department, but many of our "with emphasis" options do cover the requirements for a minor. (Point to http://www.math.umn.edu/finmath/courses/ and scroll down to the bottom of the page to see a list of our "with emphasis" options.) You should check the column labeled "Other Prog. Crs.+" next to your minor courses, and you'll need to have the DGS of the minor program sign your degree program form under "SIGNATURE OF DIRECTOR OF GRADUATE STUDIES (MINOR FIELD)".
It is your choice, but we recommend that you don't include courses beyond the ones described in the last paragraph, and the reason is this: If, at some point in the future, you should decide to pursue another degree at UMN, then you will have to fill out a degree program form/plan of study for that degree, and you may wish to use courses you take while in MFM or FQF on that degree program form/plan of study. However, there are limits on the extent to which coursework from one degree program form or plan of study can be used on another. Therefore it could be to your benefit to minimize the number of courses that you list on your MFM degree program form/FQF plan of study, in order that they remain free for use in the future.
Required materials can vary a bit, from applicant to applicant, and
details can be found at
http://www.math.umn.edu/finmath/admission_requirements/
and also in Q23.
All applicants need to submit
three letters of recommendation,
a personal statement,
and
copies of all of their transcripts and diplomas.
International students may need to provide the Graduate School with
proof of English proficiency.
Recent college graduates must send either
GRE General scores,
or
a GRE Math Subject score
(or both). Anyone wishing to skip FM 5001/5002 (the preparatory course
sequence) needs to submit
a GRE Math Subject score.
For more information about our GRE requirements,
see Q8.
NOTE: The on-line application system used by the Graduate School (called ApplyYourself) now has three personal statements. In our program, we tend to look most closely at the first one, so you may want to focus your energy there.
To begin applying, please point to http://www.math.umn.edu/finmath/online_application/ and follow the instructions there. Thanks for your interest in our program!
For UMN grading deadlines for Spring 2009, point to http://onestop.umn.edu/pdf/policies_spring2009.pdf, then go to page 81, then go to the left column, then go down to "grades" then go down to "ACADEMIC STAFF", and then go down to "Final Grades", which says, in part:
That said, University faculty and staff are eligible for the Regents scholarship program (which covers tuition) if they have at least a 75% time appointment for the entire semester in which the coursework is taken. The only Regents scholarship provisions for postdocs is Post Doctoral Associate (9546). Other Professionals-in-training appointments do not qualify. The coursework must be for academic credit (A-F or S/N--pass/fail) and the application is approved by the supervisor or responsible departmental administrator.
Policy information restrictions, etc. may be found on-line at: http://www1.umn.edu/ohr/benefits/tuition/index.html
The MFM program's graduation requirements are that a student must be able to list FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091 and FM 5092 on his or her degree program form. By Graduate School standards, this requires that the student receive a "C-" or better in each of these eight courses. (We hope, and expect, that our students will do better!) Note that the Graduate School may have additional requirements. In particular, they do require a minimum GPA of 2.80 for graduation. (This GPA averages grades only for those courses listed the student's Degree Program Form.) For more information about, this, please contact Graduate Student Services (see Q191).
Please note that, with grades below the level of "B", it becomes increasingly difficult to make a strong recommendation for the student who is seeking an internship or job placement.
The Graduate School asks you to report your own GPA, using your best judgment as to how to put your grades on their 4.0 scales. Many schools not operating on the 4.0 scale offer some guidance about this, but there is not a single answer.
Further questions about this should go to Graduate School Admissions (see Q30).
We had 123 applicants requesting admission in Fall 2009, we offered admission to 95 of them, and we are currently expecting (based on acceptances) an incoming class of 50. We had 151 applicants requesting admission in Fall 2008, we offered admission to 100 of them, and we ended up with an incoming class of 42. (We also had four others who started MFM in Fall 2008 as "Change of Status" from other programs, bringing the total from 42 to 46.) We had 115 applicants requesting admission in Fall 2007, we offered admission to 91 of them, and we ended up with an incoming class of 49.
Some characteristics of the 42 incoming students in Fall 2008: They were 21% female, 74% international and 5% minority. Some characteristics of the 49 incoming students in Fall 2007: They were 27% female, 53% international and 24% minority.
For placement information about our graduates, point to our alumni website, at http://www.math.umn.edu/finmath/Alumni/. Note that we only reveal information as our graduates give us permission, and this detailed information is posted at http://www.math.umn.edu/finmath/Alumni/details.shtml.
Our program is only two years old as of this writing (6 July 2009), and we have only had nine graduates, and we are writing to each of them to collect data. We expect more to graduate by the end of the summer. Many more have completed all the necessary MFM courses, but will continue taking additional coursework in other programs to help bolster their resumes.
Of course, a more detailed answer depends a lot on the context of the question. One can find some information by pointing to http://www1.umn.edu/twincities/index.php and clicking on the left sidebar links that read
Another source of information is http://en.wikipedia.org/wiki/Minnesota and http://en.wikipedia.org/wiki/Minneapolis-Saint_Paul.
At a more general level, though, one of our primary concerns in evaluating applicants is their knowledge of mathematics, and to this end it may help to review Q25. Note that that FAQ indicates (at the end) how you can obtain course descriptions of the courses mentioned there. I hope that, with that information in hand, you and your advisor can make good choices.
We strongly prefer that you do not pursue the MFM degree or FQF certificate while you are in another program at the University. (See Q193.)
Second, you will need to have hardcopy letters of recommendation sent directly to the School of Mathematics at the address given in Q51. FAX is okay too, see Q48. Your recommenders may also, if they wish, email a PDF file with their scanned letter to Bonny Fleming at b-flem@umn.edu. PDF files are preferred, and there are some file formats that we are unable to open.
Third, please submit your Personal Statement by hardcopy, using again the address or FAX number in Q51 and Q48.
Fourth, if you wish to submit a GRE score (either GRE General or GRE Mathematics Subject), you should send copy of the score to the School of Mathematics at the address given in Q51. FAX is okay too, see Q48. If you are unsure about whether or not you should submit a GRE score, please see Q8.
Fifth, you should not have to worry about arranging for transcripts and diplomas, since all that material should be forwarded by the Graduate School to the School of Mathematics, along with your Change of Status application.
Sixth, if you have any questions about special procedures, they should go to Grad School Admissions, and the contact information is in Q30.
WARNING: If you make a Change of Status to MFM or FQF, you must make MFM or FQF your primary plan. You cannot take MFM/FQF courses unless MFM or FQF is your primary plan. See Q193.
For a map to Vincent Hall, point to http://onestop.umn.edu/Maps/VinH/index.html. Nearest parking is at http://www1.umn.edu/twincities/maps/WashRamp/index.html or http://www1.umn.edu/twincities/maps/ERivRdGar/index.html or http://www1.umn.edu/twincities/maps/4StRamp/index.html.
For a Google Map, click here.
The MFM/FQF office is Vincent 262, and Bonny Fleming is in Vincent 127.
While some of the material we teach overlaps with some parts of the actuarial exams, we do not offer any direct help in passing those exams.
Our decision timeline is, roughly, as follows: If your applications to both the School of Mathematics and the Graduate School were complete as of 1 February, then you should receive information from us by 31 March. (That information might be acceptance or rejection or the waiting list.) If your applications were not complete by 1 February, then there's no set timeline, though we try to make additional offers in early to mid-April, early to mid-May and early to mid-June. For more information about our timeline, please see Q3.
If it appears that you will have to give a response to the other school before hearing from us, then do feel free to write to us hoping for a quick decision, but understand that we may not be able to speed up the process, since (especially during the month of March) we are working as fast as we can, on reviewing applications. We're sorry if this puts you in an awkward position, and will certainly understand if you must accept the other offer, but do at least consider requesting an extension.
Depending on the rate of acceptances in various categories, we may make another review of waitlisted files near April 15, and may consider making additional offers at that time. We will also be re-reviewing files in early April, in early May and in early June.
We understand if you cannot wait that long, but do note the "April 15 Resolution", see Q138.
As of this writing (25 March 2008), the GRE general test is offered most places in the US every week Monday through Saturday. Test takers can register at any time subject to the seat availability, and there is no set time for registration. For Computer-based GRE general test registration, point to http://www.ets.org/bin/getprogram.cgi?test=gre or call 1-443-751-4820 or 1-800-473-2255.
We do not intend to mislead anyone. If you feel that, after starting the program and paying tuition and taking coursework, you would be very unhappy with a late decision that FM 5001/5002 could not be waived, then we strongly recommend waiting, and applying a year later, with a GRE Math Subject score as part of your application.
Please leave the form with with Bonny Fleming, who can give it to me. I will examine it and, if I don't find any difficulties, I will sign it and give it to Bonny Fleming, who will put a copy in your files for future reference. Please indicate what should be done with the form after it is signed -- the default is that she'll write and ask you to pick it up.
If you wish to check your online application status, please see the The Graduate School's Application Information website.
If you should, in addition, wish to find counseling services, please see Q166. See also Q192.
If you are not an MFM/FQF student, please read through Q12 and Q86 to see about how you might take MFM classes.
Second, for each Orientation event, there is a note indicating whether it is required. See http://www.math.umn.edu/finmath/orientation/ for the Orientation schedule.
Note that most of the required events are on Monday, so, if you're an incoming student you should plan to attend that day, in full. Please do look through other Orientation days, though, so see what else you might need to attend.
Also, do keep in mind that many of the events are intended to help you get to know your classmates, so you may wish to come to a few of those that are not required.
The program is housed in the School of Mathematics at the University of Minnesota, a large department with a growing focus on interdisciplinary research and with strong groups in both probability and numerical analysis. Moreover, it also has affiliation with the Minnesota Center for Industrial Mathematics, which has a long successful history of internships and job placement in industry. The finance industry in the Twin Cities is well- developed; see our "Local Industry" website http://www.math.umn.edu/finmath/local_industry/.
We provide a high-quality educational experience, with special emphasis on presentation and the use of technology to expose sophisticated ideas in a down-to-earth way. Our tuition compares favorably with other similar programs. For application and tuition information please visit our website www.math.umn.edu/finmath See www.math.umn.edu/finmath/lectures for our on-line lecture series.
Questions? See www.math.umn.edu/finmath/faq or contact mfmath@umn.edu.
For the FQF poster, point to http://www.math.umn.edu/finmath/poster/MFMPost-BaccalaureateCertificatePoster.pdf.
See also Q54, for information about how our program differs from other financial engineering programs. See also Q162 for a short description of the subject of financial mathematics.
The plan for completion (or completion plan) is internal to the MFM program and is not used by the rest of the university. By contrast, the degree program form is used by the Graduate School. The plan for completion can be altered with relative ease; the degree program form is harder to change, and, in some cases, may require students to go through a petition process. Bonny Fleming will help students in preparation of the degree program form, and we typically try to minimize the number of courses appearing, though some care is required if the student is, e.g., seeking a minor in another department. More information on this point (and on other aspects of the degree program form) can be found in Q116.
Each student's plan for completion is based on a document that they fill out during Orientation, as they matriculate into the MFM program. It may be changed several times, and each student is responsible for getting permission for changes; usually an email request is sufficient. The plan for completion should indicate, at any given moment, the student's best guess as to which courses they plan to take and when. Each of the MFM required courses must be in the plan. (These are FM 5011/5012, FM 5021/5022, FM 5031/5032 and FM 5091/5092.) Students who are taking the preparatory course sequence (FM 5001/5002) need to include those two courses as well. Finally, students who plan to do a with emphasis option, or to take other additional coursework, should indicate, as best they can, which courses and when.
We request that each student take responsibility, if their plans change, to let us know as soon as possible, so that we may update the completion plan in our files. This is particularly important for international students, since, in some cases ISSS might contact us asking for information about the students plans. If you should provide them with information that contradicts what we say, then some confusion can result.
Our general expectation is that non-MFM students will not attend any Orientation events. However, most of the Orientation is open to the public, and if you have a strong interest in some Orientation events, we're happy to accommodate you as best we can, within limits of space. Do note that the cruise is restricted. We have large rooms for most of the lecture events, but, of course, we could conceivably run out of seats.
We recommend to students that, if they are planning to take advantage of this operating standard, they should talk with the Director of Undergraduate Studies far enough in advance to avoid surprises or disappointments.
Finally, see Q25, for undergraduate course recommendations.
We do not have a mechanism for delaying enrollment. Any MFM/FQF student who has not completed graduation requirements (see Q124), and who does not take one FM-designated course each fall semester and one more each spring semester, is considered to have dropped out of the program, and typically must apply for readmission (see Q95), unless prior arrangements have been made.
In certain situations, permission for a leave might be granted by the Director of MFM/FQF, but this would be quite unusual. More typically, the route to restart the program is by readmission. (See Q95.)
Note that, if a leave is granted, you should continue to register, every fall and spring semester, for Grad 999, so that your status will not change to "Discontinued".
NOTE: Students can download VS2008 for free: The website http://channel8.msdn.com is run by Microsoft to serve as a download portal. In the upper-right corner of the screen there is a "DreamSpark" link that allows students to download various MS products for free. VS2008 is a disc image (.ISO) and roughly 3.3GB. It is unfortunately somewhat tedious for a user to prove to Microsoft that he or she is indeed a student, so the process is generally protracted, but bear in mind that the retail version runs $800 as of this writing (31 July 2008).
NOTE: MATLAB can be acquired from the U as a free download. However, it is recommend that a hard copy be purchased through Techmart to verify that all the necessary toolboxes are included. At the time of this writing (20 May 2010), MATLAB's cost through Techmart is roughly $100.
See Q83 for the corresponding hardware question.
If you, in addition, need dispute resolution services, see Q152 and Q192.
We strongly recommend that all students keep a resume posted at all times, but it is only required of those seeking departmental help with their job/internship search.
For internship and employment issues, see
The Minnesota Center for Industrial Mathematics (MCIM)
http://www.math.umn.edu/mcim/
and
The Career Center for Science and Engineering (CCSE)
http://www.ccse.umn.edu.
Note: CCSE can help with all sorts of career services,
including resumes.
More likely, though, you will have to work with the Graduate School. If you are a new student, their admissions department may be waiting on official transcripts and diplomas, and you can contact them directly, see Q30.
Point to http://www.math.umn.edu/finmath/seminar/ for information about our seminars.
To see archived course material, start at http://www.math.umn.edu/finmath/courses/, pick an FM course and click on it. Then look for the word "ARCHIVE".
Instead, please follow the instructions at Q172 and set up forwarding from your x500 email account to your preferred email address. Thanks!
If you are asking about what our students studied in college, there's quite a variety, and but most of our students come from engineering disciplines, mathematics and physics. Other students can certainly be successful, but the less mathematics a student knows entering the program, the more difficult the program will be, and the more will be needed.
One exception: If you'd like to request a glossy hardcopy of the poster at http://www.math.umn.edu/finmath/poster/umn_finmath_poster.pdf, we can send that to you; just write to Bonny Fleming, at b-flem@umn.edu and request one, letting her know your surface mail address.
We also have a catalog, and you can print a hardcopy of that. See Q68.
We distribute t-shirts to our MFM and FQF students!
We do have quite a lot of information on ou program website, at
http://www.math.umn.edu/finmath/:
You can read about our courses at
http://www.math.umn.edu/finmath/courses/,
and you may be interested in our on-line lecture series at
http://www.math.umn.edu/finmath/lectures/.
Do feel free to write to us if you have questions;
see Q1, for contact information.
As a consequence, we don't approve any transfers of credits.
Good luck.
Right now, we do not have specific plans to lower
our rate of admission, but we may see a reduced
number of applicants, and, most likely, that would lead to a
corresponding reduced total number of admissions. It
is our hope, however, that a more reasoned view of the situation will
lead those interested in this area to the conclusion that quantitative
financial analysis will become increasingly important (indeed,
unavoidable) as the complexity of the financial system increases. For
the long term, mathematical finance is here to stay; it's only a
question of which models will be used and how they're implemented.
We don't automatically put recommended textbooks on reserve. If you
want a book put on reserve, you can either contact Bonny Fleming, at
b-flem@umn.edu,
or work directly with the library, see Q183.
Once that is completed, to add or remove textbooks, proceed
as follows:
Note, from that FAQ file, that
In addition, some individual MFM/FQF instructors may choose to offer their
own hardcopy course evaluations, but that isn't something organized or
required by MFM/FQF.
See also Q195.
For MFM/FQF instructors:
Classroom assignment is handled by the Office of Classroom Management,
and they will automatically assign a room to your class. Typically
they select a classroom that is only slightly larger than the number
of registered students, so the room will feel crowded. For evening
classes as in MFM/FQF, it's usually possible to change classrooms after
the first week of classes. Following Q186, you can identify rooms that
are available at the time of your class and request a change, by
talking to Stephanie Lawson, or other staff in the Undergraduate
Office in Vincent 115. Be sure consider whether the room to which
you'll move meets all of your technology requirements (e.g., computer
LCD projector).
Generally, it's nice to have twice as many seats as students, if a
suitable room can be found, but there's no specific MFM/FQF policy about
room size.
As a guest in one of our UMConnect course meetings, you will need a
computer (Windows, Macintosh or Linux), a Broadband or faster Internet
connection, web browser and the latest Adobe Flash Player plug-in
installed to work with your web browser. Your computer will also need
speakers and a sound card. You may download the Flash Player plug-in
at:
http://get.adobe.com/flashplayer
You can test your computer in advance of a live meeting
with the Adobe Connect Connection test at:
https://umconnect.umn.edu/common/help/en/support/meeting_test.htm
Note: for meeting guests, Step 4 of the test does not apply
- you do not need the Adobe Connect Add-in (only the
meeting host or a meeting presenter needs the Add-in).
You may also find more information about UMConnect meetings
at the FAQ site at:
http://umconnect-support.umn.edu/support/meeting/faq/index.html
If your computer is properly set up, on the day of the live
meeting simply open your web browser and navigate to the
meeting URL, which should be posted at the class website.
Once you join the session, the meeting page will open
automatically and you will join the live meeting. The
meeting screen is divided into various "pods" which will be
used in the meeting, including a large presentation pod to
display material.
If you need to leave the meeting early, you will click on
the "Meeting" pull-down menu in the upper left corner and
select the choice to leave the meeting. You my rejoin a
meeting in progress at any time by navigating the meeting URL.
If your computer is properly set up, you may view a recording of a
meeting simply open your web browser and navigate to the recording URL
which should be available on the class website. You will be able to
control the recording with the controls at the bottom left of the
screen (pause, volume, etc.).
Once you have completed viewing the recording, you can close the
window.
If you seek to be in both MFM and another program at the same time, it's possible, but is strongly discouraged for a variety of
reasons. You must get permission from the directors of both programs before doing this. This also applies to FQF.
In the rare instances where it may be allowed, the MFM or FQF program must be listed as your primary plan, and the director of the other program must be notified that MFM or FQF will be primary. This has significant effect on the amount you pay in tuition and on the
allocation of those dollars within the university. It's quite important.
See also Q131.
WARNING: The mathematics building is "Vincent Hall". The physics
building is under "T" for "Tate Lab of Physics" and EE/CS is called
"Elec Eng/Computer Sci".
For additional questions, please point to
http://www1.umn.edu/ohr/teachlearn/resources/supervisor/resources/early/index.html.
See also Q185.
There is no University Student Honor Code.
See also Q185.
In addition, scholastic dishonesty should be reported to the Office
for Student Conduct and Academic Integrity (OSCAI); please point to
http://www.policy.umn.edu/groups/ppd/documents/procedure/StudentConductCode_proc1.cfm,
which reads in part:
Note particularly that this says, "Instructors or their college should
report all cases of scholastic dishonesty to the Office for Student
Conduct and Academic Integrity, even if the matter is resolved."
There is a form for making a report to the OSCAI, see
http://www1.umn.edu/oscai/integrity/scho_dishonest.html.
In the first two years of operation of our MFM program, we sought
recommendations (typically from leaders in graduate education in
various departments) for students who wish to go beyond what's taught
in our FM designated courses. These recommendations were encapsulated
in the "with emphasis" options. Some students may decide to take other
non-FM courses besides those recommended, and that's completely
acceptable. However, in this case, if a minor is expected,
consultation with the minor DGS becomes even more important.
We do not count your acceptance until we receive the offer letter back
with "accept" checked, and with your signature. You may send us a FAX
of the letter, or email us a scan, but it needs to be signed.
(See Q74.)
If you respond by accepting, but do it after the date in your
letter, we still hope to accommodate you, and we often can, but a spot
is not guaranteed.
Typically, the only problem comes when we reach about 50 acceptances,
in which case we have to stop, to keep our class sizes manageable.
During the 2008 recruitment season, we turned away several qualified
late applicants, simply because we didn't have space in the program,
though this didn't happen until late May. You can always write to
Bonny Fleming at
b-flem@umn.edu,
and find out how many signed acceptances we have. If it's above
40 and your response is late, you may be at risk of losing your slot.
We hope that the same will be true for FQF, but, as of this
writing (23 February 2010), that decision has not been made.
For questions about this, please contact ISSS
(see Q109).
See Q73 for questions about
curriculur practical training.
To go directly to the ETS contact page, click
here.
To see the GRE website page, click
here.
To see the TOEFL website, click
here,
and don't forget to admire the picture all the happy faces.
It is also recommended to MFM students that additional coursework
outside of the MFM program be discussed with the student's advisor,
and appear on the student's completion plan
(see Q157).
Contact information for faculty, staff and students is available from
the Search the U of M website
(see Q180).
By the standards of our mathemtaics PhD courses, the material should
be relatively easy -- it's all at the 5xxx level -- but, as with most
things, there's a learning curve.
What we really care about is a commitment to do the work well and in a
timely fashion and, also, to be concerned about all issues raised by
students. The students pay tuition that goes directly to the
department, and it's important that we to react to their questions and
(reasonable!) requests quickly. Our reputation in the local finance
community is instantly hurt by ineffective teaching and TAing.
Serving as an MFM/FQF TA is the equivalent of TAing for two regular
MATH courses per semester.
MFM TAs will be expected to grade and return homework, keep office
hours, keep a grade book in Moodle, and post solutions for homework
and exams. Posted solutions need to be timely and of good quality.
(The instructor can give more details about this, but, typically,
solutions should be posted within two or three days of the due date,
and the posted solution should be one that, had a student wrote it,
would have received full credit.) There may also be additional work,
as specified by the instructor of the course, but total work will not
exceed 20 hours per week.
MFM TAs must be available in the evening weekday hours for office
hours and returning homework. We expect serious commitment to helping
students to understand the material. Email related to the course must
be answered promptly.
Typically, after course grades are assigned, the MFM TA will submit
the grades to the registrar, unless the instructor prefers to do it
himself/herself.
For our online courses (FM 5001/5002 and FM 5091/5092): The MFM
standard for electronic communication is PDF format, so students will
typically send their scanned homework in PDF format, the TA will print
it, grade it, re-scan it, and email it back in PDF format. Starting in
Fall 2011, MFM TAs handling online FM courses will be expected to hold
online office hours in the MCFAM office (Vincent 112), with desktop
sharing and with the document camera (or "elmo") displaying on the
TA's desktop. Typically, students will call in by phone (though voice
over internet may be another possibility) and will be watching the
TA's work under the document camera.
For the MFM TA who handles FM 5031/5032: Each of those two courses is
split into several "mini-courses" (which we call "modules"). Each
module grade is reported by the instructor for that module to the MFM
TA for those courses, and those module grades need to be posted on
Moodle for students to see. At the end of the semester, the MFM TA
will need to calculate a course grade, using the formula at
http://www.math.umn.edu/finmath/courses/grading.shtml.
You can make your own (reasonably priced!) hotel arrangements if you
prefer to, but, for most of our speakers who are not local, we help
out by making their hotel reservations, as soon as we receive their
exact dates of travel.
Hotel accommodations are usually made by
Sam Richter (email:
rich0684@math.umn.edu),
so it's convenient if you could copy him on correspondence
about your dates of travel.
The best affordable accommodation is at the nearby Radisson Hotel (a
five minute walk from the mathematics building,
see Q219), but it can fill up, so the
earlier you send us your exact travel dates, the more likely you'll be
to get a room there.
The Radisson is at 615 Washington Ave SE in Minneapolis and its phone
number is (612) 379-8888. For a Google Map,
click here.
For most speakers, the host is the MFM director,
email address: mfmath@umn.edu
Please write to mfmath@umn.edu
with your affiliation and the title of your talk at
your earliest convenience. Abstracts are not required, but they can
help with attendance, as some people will avoid a talk if they don't
have some idea of its content. A short biography is recommended for
the same reason. Other relevant materials like slides, papers, links
to papers, etc., are also welcome. Again, just send them to
mfmath@umn.edu.
Many attendees will want to review the slides for your talk, and some
even like to have a look at them before the talk itself. If you can
send us a draft of your slides early, we appreciate that, and we're
also happy to update them as many times as you send us revisions
(including after the talk is given). However, no one is required to
post their presentation materials.
Vincent 16 has an LCD projector and a transparencies ("foils")
projector. It does NOT
have a computer, so, if you inted to do a
computer presentation, you should bring your own laptop. Also, you
should learn, in preparation for the talk, how to set the resolution
on your laptop and how to connect it to an LCD projector via a 15 pin
connector. (If you ask in advance, we can provide a laptop, but if
your presentation expects special software to run, we cannot promise
that that software will be avaialable. This is why we recommend
bringing your own.)
The MFM/FQF office is Vincent 262. For a map to Vincent Hall, point to
http://onestop.umn.edu/Maps/VinH/index.html.
For a Google Map pointing to Vincent Hall,
click here.
Note that the Radisson (where most of our speakers stay, see
Q217) is located just north of
SE Washington Ave (the yellow E-W street in the middle of the map)
between Harvard and Walnut.
You should plan to meet with the speaker about 15 minutes in advance
of the talk to erase the boards and to set up. If there are
difficulties, the Mathematics Systems Staff office is Vincent 11, but
keep in mind that they typically leave at about 5:30pm.
Before the talk, it's a good idea to suggest that everyone turn off
cell phones and PDAs. You should introduce the speaker and moderate
the Q and A period after the talk.
It's not required, but, typically, the speaker, the host and others go
out for drinks after the talk. You should ask the server to give you
a separate itemized bill, with only appetizers that you order on
it. Ask those who go out with you after the talk if they would print
their names on the back of that bill. Then, at your earliest
convenience, get the bill to Bonny Fleming
(b-flem@umn.edu),
so that you can be reimbursed.
For MFM: For students who have the preparatory courses waived,
the answer is 30 (and the required courses are
FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091, FM 5092).
For a list of all 10 courses in our program (and the number of
credits for each), please point to
http://www.math.umn.edu/finmath/courses/.
For more information about the personal statement,
see Q40.
That's the first point at which you need to inform us of any
coursework decisions.
Typically FQF students don't take with emphasis courses, though it's
not prohibited.
Do be aware however, that, if you receive and accept an offer of
admission, a hold will be placed on your UMN records by our Graduate
School, pending receipt of official transcripts and diplomas; this
will prevent you from registering for classes at UMN until those
materials are received. (See Q169.)
So, assuming you accept an offer of admission, you will need to take
care of this eventually, in order to register for classes here. We
recommend that, before you leave the area where you are going to
college, you should make arrangements for these official materials to
be sent.
On the other hand, after receiving a rejection from MFM, in order to
apply to FQF, you would need to submit a new application and pay a new
application fee. Most of our rejections to MFM do not come until very
late, in June.
We do not consider simultaneous applications to MFM and FQF.
Do not apply to both programs at the same time.
If you are accepted to MFM, then please do not apply to FQF; your
application would not be considered. On the other hand, MFM students
who complete FQF requirements, can, if they wish submit paperwork and
obtain the FQF degree on the way to completing their MFM degree.
A few who are admitted to MFM are given a waiver for FM 5001/5002, see
Q15. For them, it's possible to complete the MFM program in one
year, while those going through FQF followed by MFM will take a
minimum of two years to complete both degrees (one for MFM and one for
FQF).
Most of our admissions do not have such a wavier, and for those who
are admitted to MFM without a waiver of FM 5001/5002, the time to
complete MFM is also two years. In fact, any sequence of courses open
to such a student is also open to a student going through FQF and then
MFM, assuming both get the same grades.
First, it does happen that circumstances change, we may wish to make
an additional offer or two. Late rejection gives us this flexibility.
Keep in mind, though, that this is quite rare after 30 April.
Second, and more importantly, some applicants, undestanding
that there is little chance for acceptance into MFM, may choose
to transfer their application to FQF, see
http://www.math.umn.edu/finmath/certificate/.
If they've been rejected by MFM, then we cannot do such a
transfer, and they would have to submit a new application from
scratch (including letters of recommendation, transcripts,
etc.), paying a new application fee.
If you want a definite yes-or-no decision on your waitlisted MFM
application by some specific date, then we can make a quick review,
but this would typically lead to the application being declined.
Before requesting this, do think carefully about whether you might
wish to have the application transferred to FQF.
For more information about our timeline for making decisions,
see Q3.
You can start with either program and then add the other by doing a
"Change of Status" (see Q131). Be sure to fill out the form so
that the other program is not elminated. There is a small fee to
submit the Change of Status. Questions about the fee or other aspects
of the Change of Status application should go to Graduate Student
Services (see Q191).
To graduate from both programs, you will need to take all 10 of our
FM-designated courses (namely, FM 5001, FM 5002, FM 5011, FM 5012,
FM 5021, FM 5022, FM 5031, FM 5032, FM 5091 and FM 5092) once. The two
courses FM 5091 and FM 5092 will have to appear both on your MFM
degree program form, and on your FQF plan of study. (See
Q116 for information about the degree
program and plan of study.) You may also choose to share other courses
if you wish, and the Graduate School does not limit the amount that
can be shared between these two forms.
If you are registering yourself, then you will need to enter the correct section number.
For MFM: If you take FM 5001/5002 for undergraduate credit, then proceed to MFM, there should be no difficulty, because FM 5001/5002 is not a graduation reuqirement, and so need not be listed on your Degree Program form. All other FM designated courses are required for graduation from MFM, so you should not take them for undergraduate credit; if you do, you would have to re-take them before you could use them (on your Degree Program form) to graduate from MFM.
For FQF: FM 5001/5002 and FM 5091/5092 are required for graduation from FQF, so you should not take them for undergraduate credit; if you do, you would have to re-take them before you could use them (on your Plan of Study) to graduate from FQF.
Searching keywords:
market meltdown
A link to "Master of Financial Math" has been added to my Favorites
box on your myU pages. The my Favorites box is on most pages in myU,
so you can access the link from anywhere.
Note also, from that FAQ file, that
so if you miss the evaluation period, you cannot use this on-line
system.
"Classroom | Schedule Viewer"
and then select the desired building and date.
phone: (612) 625-3490
email:
gscmte@umn.edu.
website:
http://www.grad.umn.edu/current_students/
Searching keywords:
distress, emotional problems
Searching keywords: another degree, simultaneous degree
http://www.classroom.umn.edu/
and then click on
"Classroom | Schedule Viewer" on the left sidebar.
Then click on the building of interest.
Then click on the date of interest.
Then scroll down to the room of interest.
Then scroll over to the time of interest.
Searching keywords:
visa gap, practical training, stem code, stem extension, CIP code,
STEM code, STEM extension
Searching keywords:
grade change, change grade, Grade Change, Change Grade
Address of Vincent: 206 Church St. SE, Minneapolis, MN 55455
GPS coordinates of Vincent: 44.9745,-93.23475
http://www.math.umn.edu/finmath/tuition/
shows the correct tuition rate for students in MFM/FQF. (Note that some
of the future rates are only tentative, and are subject to approval by
the Board of Regents.) Many graduate programs charge the standard
Graduate School tuition rate, but MFM/FQF does not. You may have seen a
website that shows an undergraduate rate, or shows the standard
Graduate School rate, but these would not be correct for MFM/FQF
students.
BS Financial Mathematics
MS Finance/Risk Management/Financial Engineering
MS Computational Finance
MS Finance
MS Financial Markets
MS Financial Engineering
MS Computational Finance
MS Financial Mathematics
Masters of Financial Mathematics
MS, Finance
MS Financial Engineering
Financial Engineering Program
Master of Financial Mathematics