University of Minnesota
School of Mathematics
School of Mathematics         Superposition of the cAMP wave (dark blue) and the cell streams.  
    math.umn.edu / finmath / faq

Frequently Asked Questions

 

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).

Q1: Whom can I ask questions not appearing here?
A: If you have questions about the status of your application to the School of Mathematics, and/or whether certain materials have arrived in the School of Mathematics please write to Bonny Fleming at b-flem@umn.edu.

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.

Q2: What if I have trouble applying?
A: Contact the program director, email address: mfmath@umn.edu.
Q3: When are applications due to MFM/FQF? When will we be notified of decisions?
Searching keywords: timeline deadline
A: Students who are taking or have taken FM 5001 can consider applying to FQF for spring admission, but their application must be complete by 5 January. Except for that, there is only fall admission in MFM/FQF. In particular, those who have not completed FM 5001 will not be considered for spring admission to FQF. Moreover, there is no spring admission to MFM. Neither FQF nor MFM has summer admission.

For fall admission to MFM or to FQF, please refer to the IMPORTANT DEADLINES information on on our Admission Requirements/Application Process website at:

http://www.math.umn.edu/finmath/admission_requirements/

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.

Q4: Do you have spring or summer admission?
A: In MFM, we do not. We admit students in fall semester of each year.

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.

Q5: What financial support is available?
A: The School of Mathematics does not offer financial support for MFM or FQF in the form of Graduate Assistantships or Graduate School Fellowships. This is true for arriving students, and for students who have been in the program for a period of time. We certainly understand that there can be financial strains because of expenses, but do not attend the program hoping that financial support will become available after the first year.

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.

Q6: Which courses are required to complete MFM? Which are required to complete FQF?
A: For MFM:

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.

Q7: How long is MFM? How quickly can I complete it? How many hours per week of work is required?
Searching keywords: time to complete, length of program, duration of program, how long, how fast, time to degree
A: We do not follow a "cohort" model, and much depends on how many courses you take each semester. Note that all students are required to take FM 5011/5012, FM 5021/5022, FM 5031/5032, FM 5091/5092. Some students are, in addition, required to take FM 5001/5002, the preparatory course sequence. These four or five course sequences complete MFM graduation requirements, but some students may take additional courses outside of the MFM program; note that we have "with emphasis options" listed at the bottom of http://www.math.umn.edu/finmath/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.

Q8: Do I have to take the GRE? Even if it's not required, do you recommend it? Do you recommend taking the GRE Mathematics Subject test, or the GRE General test, or both? Can the GMAT be used as a substitute for the GRE?
Searching keywords: Do I need to take the GRE, Do I need the GRE require the GRE, Do I need to submit a GRE score
A: If you are applying for admission to MFM in Fall 2011, if you haven't already taken the preparatory course sequence (FM 5001/5002), and if you wish to request exemption from that sequence, then we require that you submit a GRE Mathematics Subject test score, in order to consider you for such an exemption. Only the Mathematics Subject test needs to be taken. Note that, for students who take FM 5001/5002, the program is a minimum of two years in length.

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.

Q9: Is it possible to audit courses in this program or to take them pass/fail?
A: It's possible but strongly discouraged because it is almost never in the student's best interest.
Q10: How many students do you admit each year?
A: We have no lower bound, but we have to limit the number of incoming students each year to a maximum of 50, just to keep our class sizes reasonable. We have admitted a few more than that, under the assumption that some who plan to attend the program will, for one reason or another, be unable. That is, we do slightly "overbook", but we aim for a limit of 45.

Please see also Q127.

Q11: Do you have a PhD program in Financial Mathematics?
A: No, I'm afraid we do not.

Please also see Q105.

Q12: I'm not currently a student in the MFM/FQF program. May I take a Master of Financial Mathematics course?
Searching keywords: not an FQF student, non-FQF student, not a student, courses open to non-FQF students? not an MFM student, non-MFM student, not a student, courses open to non-MFM students? non-degree tuition
A: If you are not a student in the MFM/FQF program you are not allowed to take any of MFM/FQF courses.

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:

  • MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
  • MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II.

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.

Q13: I find it difficult to attend classes at the University of Minnesota. Do you have a distance program or an on-line program?
Searching keywords: online distance, learning on-line, distance education, distance learning
A: Four MFM/FQF courses will be offered by online starting in Fall 2010. These four courses fill the requirements for our post-baccalaureate certificate Fundamentals of Quantitative Finance. Information about our online courses is available at http://www.math.umn.edu/finmath/online_ed/.

Also currently available is a small on-line lecture series, at http://www.math.umn.edu/finmath/lectures/.

Q14: I would like to send you some extra materials to support my MFM/FQF application. How do I do this?
Searching keywords: additional materials to support my application, supplemental materials
A: All application materials are submitted electronically to the Graduate School using the online ApplyYourself application system and it is important that you do not send hard copies of the same material(s) that have been uploaded to your online application. It is also important that you review and follow all the Admission Requirements/Application Process instructions carefully.
Q15: How can I gauge whether the preparatory course sequence FM 5001/5002 would be good for me to take? How can I tell whether it will be required? Is it possible to have it waived?
A: For those who are applying to the MFM program: Our admissions committee will, for each admitted MFM applicant with a GRE Mathematics Subject score (see Q8), make a recommendation about exactly this question, and this recommendation will be communicated to you at the time of admission. For some applicants, we may request that FM 5001/5002 be completed, with grades of "B" or better, before continuing to FM 5011/5012. In deciding whether to require the FM 5001/5002, we'll be trying to evaluate the individual's undergraduate-level knowledge of multivariable calculus, probability theory, numerical analysis, linear algebra and differential equations.

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.

Q16: What jobs are available in the local area for graduates of this program?
Searching keywords: career, market meltdown, employment
A: A good source of information is http://www.quantfinancejobs.com/.

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.

Q17: I'm a full-time professional and my time is limited. How much time will I need to put into this program each week?
A: The program is designed to be as convenient to you as possible, but there are some time requirements. Our goal is that every student in the program will take at least one course per semester, though, in some cases, a "leave of absence" might be unavoidable. Three credit courses are targeted to require nine hours per week of work (including class time) for an average student, should one ever be found. Four credits are targeted to need 12 hours per week.
Q18: Where can I find information about housing at the near campus?
A: Please point to http://www.housing.umn.edu/ or write to housing@umn.edu. Also, if you're an international student, you can, on arrival, seek temporary housing at the International Reception Center.

NOTE: This question/answer overlaps with Q64.

Q19: I'll be coming to the University of Minnesota as an international student. Where can I find information to help with my transition?
A: Information for new admitted international students can be found on the website http://www.isss.umn.edu/new/default.html Also, if you're an international student, you can, on arrival, seek temporary housing at the International Reception Center.
Q20: Who will be teaching the courses?
A: Point to http://www.math.umn.edu/finmath/courses/ for a listing of our courses. Point to http://www.math.umn.edu/finmath/teachers/ for more information about our teachers.

The "with emphasis" optional courses are taught by professors from the department that is the focus of the option.

Q21: How much will it cost me to live in Minneapolis and attend the program for one year as an MFM/FQF student?
Searching keywords: expenses, total price, total cost
A: Of course, this is very difficult to answer, since living situations vary greatly from person to person. An estimate might be based on the I-20 living expense minimum, that is updated each year.

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."

Q22: Could you offer me admission to MFM or FQF as a Professional Development-Coursework Only Non-Degree student?
A: No, all students admitted to MFM or FQF are admitted as degree-seeking students.

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.)

Q23: What GPA do I need to get into the program? What GRE scores are needed? What proof of English language proficiency do you require? Do I need to have work experience in finance? Do I need to have a math or finance background in college? Do you accept recent college graduates? Do you only accept recent college graduates? More generally, what are your admission requirements?
Searching keywords: admission requirements, TOEFL, admissions requirements admission standards, requirements for admission, application requirements, application standards
A: First, MFM and FQF have the same admission requirements, so the rest of this answer applies to both programs.

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.

Q24: Does your program have any connection with the business school, the Carlson School of Management (CSOM)?
A: Yes. We have a "Master of Financial Mathematics with Emphasis in Management". The "with Emphasis in Management" is an unofficial title recognized by our department and CSOM, and requires an additional three courses (for 8 credits) on top of the regular Financial Mathematics coursework. These courses are recommended to those students in our program who wish to enhance their knowledge of business applications.

For more information about these three optional business courses, click here.

Q25: Are there any regular MATH courses that might help me prepare for the MFM/FQF program?
A: Yes, certainly. First, if you have not completed a full year of one-variable calculus, with grades of "B" or better (in all freshman-level calculus courses, see Q94), then we recommend taking those courses before applying to the program, and before attempting any of the mathematics courses listed below. (See Q31.)

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.

Q26: Could you please send me a hardcopy application form through surface mail? Please also send other hardcopy materials.
A: I'm afraid that we no longer send out any hardcopy materials, except for a poster, see Q177. For information about our program's catalog, see Q68.

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.

Q27: To what address should I send my application materials?
A: 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.

Q28: May my recommenders use the UMN Grad School's on-line letters of recommendation feature?
A: Yes, please ask them to. (See Q34.)
Q29: May I apply both to the MFM (Master of Financial Mathematics) and to another UMN (University of Minnesota) program at the same time? May I apply both to the FQF (Fundamentals of Quantitative Finance) and to another UMN (University of Minnesota) program at the same time?
A: You may apply to more than one program, but we strongly prefer that you do not attend both MFM and another program at the same time. The same applies to FQF (See Q193.) If you're accepted both to MFM and to another program (or if you're accepted both to FQF and to another program), and if you decide to attend the other program, then you can still take the MFM/FQF preparatory course sequence, and you could possibly join the MFM/FQF program after completing or leaving the other program. Apropos of this, please look above and read the answer to Q12.
Q30: Whom can I ask questions about my application to the Graduate School, and other questions about admissions that are not particular to the School of Mathematics?
A: Graduate Student Admissions
        phone: (612) 625-3014
        email: gsquest@umn.edu.
         website: http://www.grad.umn.edu/prospective_students/
Q31: Will the preparatory course sequence (FM 5001/5002) give me all the mathematical background that I need to succeed in the other courses in the MFM/FQF program?
A: If you have a good understanding of freshman-level one-variable differential and integral calculus, then, with work, the preparatory course sequence (FM 5001/5002) will cover the necessary undergraduate topics. If you have not completed a full year of one-variable calculus, with grades of "B" or better (in allfreshman-level calculus courses, see Q94), then we recommend taking those courses before starting FM 5001/5002. In fact, if you live in the Twin Cities area, it would be advisable to take a full year of calculus, then take FM 5001/5002 as a part of the FQF program, then apply to MFM - see Q12.

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.
Q32: What are your institution and department codes for the GRE and TOEFL?
A: For GRE, the University of Minnesota has institution code 6874, the School of Mathematics has department code 0703 and the Graduate School has no department code. For TOEFL, the University of Minnesota has institution code 6874, the School of Mathematics has department code 72 and the Graduate School has no department code. For either GRE or TOEFL, please use both the institution code and the department code; that way a copy goes both to the department, and -- electronically -- to our Graduate School.
Q33: Where should my school(s) send transcript(s)?
A: 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.

Q34: Where should my recommenders send letters of recommendation?
A: Letters of recommendation are handled by the Graduate School's on-line letters system, but see Q35, if this is infeasible. (We refer questions about the on-line letters system to Graduate School Admissions; see Q30.)
Q35: May I send in letters of recommendation along with the rest of my application materials?
A: If you're doing a regular application and not a Change of Status (see Q130 and Q131), we prefer that you do not send hardcopy letters of recommendation. Letters of recommendation are handled by the Graduate School's on-line letters system. (See Q34.)

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.

Q36: Will the Graduate School accept photocopies I make of my transcript(s), and of my GRE and TOEFL score reports? May I send some of these items to the School of Mathematics and ask you to send them on to the Graduate School?
A: Official GRE and Official TOEFL scores are sent to The Graduate School by ETS and uploaded under the Credentials section.

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

Q37: Could I send some application material to the School of Mathematics and then ask for that material to be copied and sent to the Graduate School? Could I ask that some materials that have already been sent to the School of Mathematics be copied and sent on to the Graduate School?
Searching keywords: send on to the Graduate School
A: Yes, this is fine. Please leave enough time for the material to arrive, and then write to Bonny Fleming, at b-flem@umn.edu. Be sure to indicate exactly what you want copied and forwarded.
Q38: As a student in the Master of Financial Mathematics program, may I take courses in other programs at the University of Minnesota?
A: Some programs limit registration, but if you aren't prevented from registering for a course by the University's registration system (and if you're willing to pay the tuition), then you're certainly permitted to take that course. However, we do recommend that students in our program take care not to underestimate the challenges of keeping up with their Financial Mathematics coursework. As a general rule, we discourage our Financial Mathematics students from taking courses not listed at http://www.math.umn.edu/finmath/courses/.
Q39: Please send me some information and/or an application through surface mail.
Searching keywords: hardcopy materials
A: First, thanks for your interest in our program.

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/.

Q40: What do you seek in a personal statement? How long should it be?
A: There is no particular answer to this. The point of a personal statement is to allow you to tell us anything about yourself that you find relevant, but that does not fit in the rest of the application. If we did not have a place for such things, we would have to expand the application to include anything imaginable that might inform us of your mathematical development, and there are too many different possibilities.

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.

Q41: I'm concerned that my application materials will arrive, but, because of vacation, there will be no one to accept them. What can I do?
Searching keywords: vacation, holidays, days off, gone
A: This really should not be a problem.

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.

Q42: I applied on-line to the Graduate School, but have no AY ID, which is needed for the on-line department application. How can I get this number?
A: If you log in to check the status of your application, you can then print the application, and the AY ID will be displayed in the upper right-hand corner of the application. The AY ID will appear immediately after the application is submitted. (For more details about how to find your AY ID number, please see Q52.)

If you have any questions about this, please check with the Graduate School. (See Q30.)

Q43: I'm an international applicant. Do I need to send in financial certification information with my application to prove my ability to pay tuition?
Searching keywords: send in loan information with application
A: No. Your application will be processed and you will be considered for admission without any financial information. However, if you are recommended for admission, the Graduate School will, at that time, request financial certification, and will not process your I-20 (which is needed for a student visa) without it. We recommend that you think carefully about expenses before applying. (See Q21.)
Q44: Can I take any course at any time, or do some courses have others as prerequisites?
A: If you are a student in the FQF certificate, then you may take any of the four FQF courses at any time that they are offered, except that each spring course (ending in "2") has, as a prerequisite, the corresponding fall course (with the same first three digits, but ending in a "1"). If you are not yet a student in the MFM/FQF program, then the only courses available to you are FM 5001/5002. See Q86. If you are an MFM student, then please continue:

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.

Q45: Is there a final project, a thesis or a final oral requirement for this degree?
A: No. This degree is coursework only, although some of the individual courses may be project oriented, particularly
         FM 5031/5032 A Practitioner's Course in Finance
and
         FM 5091/5092 Programming and Presentation in Finance.
Q46: Is it possible to complete the MFM or FQF degree in nine months?
A: For FQF: Yes, by taking FM 5001 and FM 5091 in the fall and taking FM 5002 and FM 5092 in the spring.

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.

Q47: May I send the School of Mathematics photocopies of my GRE and TOEFL score reports?
A: Please bear in mind that, for your scores to be loaded into the "Credentials" section of the Graduate School's on-line ApplyYourself system, they must be communicated directly by ETS. You may wish to check with Grad Admissions about their requirements, by writing to gsquest@umn.edu. (See Q30.)

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.

Q48: What is your FAX number?
A: The preferred FAX number for the Graduate Office in the mathematics department is 612-624-6702. An alternative mathematics department FAX number is 612-626-2017, if you have any trouble. Please put "To the attention of Bonny Fleming" on the cover sheet. We leave our FAX machines on overnight, so you should be able to send us a FAX at any time. If you do FAX a document, you may want to write to Bonny Fleming at b-flem@umn.edu, to ask if it arrived.
Q49: Are there summer courses in the MFM/FQF program?
A: We may develop a summer program of FM designated courses in the future, but we haven't done that yet. Some of the optional CSOM courses are offered in the summer however -- see the bottom of http://www.math.umn.edu/finmath/courses/ under "Master of Financial Mathematics with Emphasis in Management".
Q50: Is it possible for me, while an MFM/FQF student, to get a TAship or RAship in Mathematics or in another department, and to use the tuition benefit from that assistantship to cover MFM/FQF tuition?
A: No, I'm afraid that that will not work. The tuition benefit goes to the college and not to the MFM/FQF program, and so could not be used to cover the expenses of the program. Even the College of Science and Engineering (in which the MFM/FQF program resides) has said that it will not use the money from graduate assistantship tuition benefits to cover MFM/FQF expenses. This is in keeping with the philosophy that MFM/FQF is a professional program that is supposed to stand apart from the regular educational initiatives of any specific college.
Q51: What is your surface-mail mailing address?
A: Our mailling address is:
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.

Q52: How can I find my AY ID number?
A: Once you've successfully submitted your application, please check status by pointing to https://app.applyyourself.com/?id=UMTC-GRAD. Then enter your existing PIN and password and click on "login". Then click on "Application for Admission" and then click on the "print application" button (in the lower left corner). Then preview or print your application. The AY ID number will be in the upper right corner of the first page, where you will find "AY#" followed by the number.
Q53: I plan to apply to the MFM program, and, at the time that I apply, I will have completed
         MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
         MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II.
Could I use these to count for some credit in the MFM program?
A: Yes, it's possible, but please read the following carefully:

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.)

Q54: How does your program differ from the other financial math and financial engineering programs that are available?
Searching keywords: what's unusual or unique, different, list of programs, compare
A: Ours is a financial math program and is run out of a mathematics department, with a heavy focus on mathematical skills in finance. If you want to do your own comparison, you can find listings of other programs at
         http://www.iafe.org/resources_acad.html
         http://www.siam.org/activity/fme/programs.php
         http://www.fenews.com/directories/universities/index.html
         http://www.global-derivatives.com/schools/quantfinanceprograms.php
and you can find rankings at
         http://www.quantnet.com/mfe-programs-rankings
(Our program does not appear on those rankings; it apparently is not bookmarked often enough and we have not made any effort to increase the rate at which we are bookmarked.)

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.

Q55: I'm a graduate student at the University of Minnesota. Can I get a minor in MFM or FQF?
A: I'm afraid there is no minor for either of these.

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.

Q56: How and when do I register for an MFM/FQF course?
Searching keywords: how to register, how do I register
A: If you are not a UMN student: Please see Q86.

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.

Q57: I'm a recommender and would like to send materials in electronically. Is that an option?
A: Yes, please use the on-line letters system. (See Q34.)
Q58: I'm a recommender and would like to give a sealed letter to the applicant whom I'm recommending so that he/she can send it in with his/her materials. Is this acceptable?
A: This is not preferred -- we prefer that applicants not physically handle their letters of recommendation, and we also prefer that recommenders use the on-line letter system (and not use hardcopy letters).

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.

Q59: I am/was not a math major as an undergraduate. May I still apply to your graduate program?
A: Certainly you may and we admit many students who did not major in mathematics into MFM and FQF. However, in evaluating your application and especially in evaluating whether you may need to go through the preparatory course, we will be looking at your background in undergraduate mathematics. (See Q23.) A student who has less than a full year of calculus (with grades of "B" or better in all freshman-level calculus courses, see Q94) should not attempt the program. (See Q31.)

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.

Q60: Who are appropriate people to write my letters of recommendation?
Searching keywords: writers of letters of recommendation, letter of recommendation
A: This can vary greatly, particularly in the MFM and FQF programs where we envision both working professionals and students just out of college. In reviewing applications we have every financial incentive to admit students, but a serious concern will be the well-intentioned individual who gets in over his/her head, at a mathematical level. As a result, we seek information about the mathematics skills of our applicants, and one important source is through letters of recommendation.

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.)

Q61: English is not my native language, but I've been living and taking classes in an English-speaking country for quite a while. Do I nevertheless need to submit a TOEFL score?
A: Perhaps not. Our TOEFL requirements are simply the Grad School 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 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.

Q62: What kinds of mathematics should I know if I seek to be exempt from the preparatory course sequence?
A: Please review the preparatory course sequence's syllabus, at http://www.math.umn.edu/finmath/syllabi/#500x. There will likely be many cases where a difficult judgment will have to be made, when an applicant has been through a substantial portion of the material in those syllabus. For a list of UMN courses that can help in preparing for the program, see Q25.
Q63: I've included some information about myself. Please tell me if I should apply, tell me my chances of acceptance if I do apply and/or tell me my chances of success in the program if I'm accepted.
Searching keywords: evaluate my application, chances of success whether or not I should apply, whether I should apply, assess my chances, my partial application am I competitive
A: Of course, there's no way I can accurately gauge your chances of acceptance or success in MFM/FQF without seeing a full application, and without comparing it to other applications. Also, success, once in the program, depends very much on your level of interest, the amount of time you have to put into studying, etc., and this is hard to evaluate from anything you might communicate before your arrival. As to a recommending whether you should apply, I have to decline to do this as well. Again, I cannot make such a recommendation without seeing a full application and without comparing it to other applications. Bear in mind that we look at the full application, and it is possible that strength in one area of the application can offset weakness in another. Moreover, for the MFM/FQF program, since it is a professional program that brings in revenue, it's very much to our advantage to accept applicants. Our main concern, in evaluating applications is that we don't accept students who will be unable to succeed because of a lack of mathematical background. That said, the mathematical requirements for admission are not as high as for our PhD program; the MFM program is a Master's program and the FQF program is a post-baccalaureate certificate.

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.

Q64: I'm interested in knowing about housing availability near campus.
A: Your main source of information on this is http://www.housing.umn.edu/ and you can also write to housing@umn.edu if you have questions.

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.

Q65: I'm an incoming international student. What things do I need to do on arrival?
A: Please point to http://www.isss.umn.edu/new/default.html and for questions, contact
         International Student and Scholar Services (ISSS)
         isss@tc.umn.edu
         http://www.isss.umn.edu/
         (612) 626-7100
Q66: What is the minimum number of credits needed to receive the Master of Financial Mathematics?
A: For students who require the preparatory course sequence, the minimum is 36. For students who do not, the minimum is 30.
Q67: I'm a recommender, and would like to send you my letter of recommendation. Is this acceptable?
A: If the person for whom you are writing is applying for a Change of Status, then there is no on-line application and you, in fact, need to send a hardcopy letter. For regular applicants, it is more convenient if you use the Graduate School's on-line letters system.

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.

Q68: Where can I find a catalog of the program?
Searching keywords: hardcopy advertising materials
A: A catalog for Financial Math is available at http://www.catalogs.umn.edu/grad/programs/g032.html. Also, please see http://www.catalogs.umn.edu/download/TCgrad/GradInfo09.pdf for the full catalog of the Graduate School at UMN.

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/.

Q69: I have been admitted to the MFM/FQF program. When do I need to inform you of whether I'm full-time or part-time? When do I register for courses?
A: The School of Mathematics makes no distinction between full-time and part-time students in the MFM or FQF programs, so there is no need to notify us.

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.

Q70: Do you help students find internships? Do you require them? Will you help graduates with placement? Will you help students find employment during the academic year?
A: We help with summer internships and post-graduation placement, but not with finding employment while classes are in session. We will be sending out job and internship postings as they become available, and the instructions for submitting resumes and cover letters. Students may wish to look at UMN's "Goldpass" job postings at http://goldpass.umn.edu/.

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.

Also, please see Q5 and Q16, and Q127.

Q71: When do I pay tuition and fees?
Searching keywords: payment schedule, billing
A: Each semester, near the start of the semester, you will receive a bill for the tuition and fees that pay for that semester. For due dates, please point to http://onestop.umn.edu/onestop/Tuition_Billing/wwhpay.html. Another good source of information about payment is http://oam.software.umn.edu/bursar/.

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.

Q72: For how many credits do I need to register, to be considered to be a full-time student?
A: Six.
Q73: I'm an international applicant who intends to take an internship in your MFM/FQF program. I would like to use CPT status on my visa. Can you accommodate that?
Searching keywords: practical training
A: Yes, we do this regularly, but care is required to avoid problems, so please read this answer in its entirety, especially the warnings below!

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.

Q74: I would like to respond to your offer? How should I do this?
A: We appreciate an informal notice by email, but, particularly if you are accepting, we also seek as signed acceptance. If you have not already done so, please do check "accept" or "decline" on the offer letter, then sign and date it, and then either mail it or FAX it back to us. (For FAX information, please see Q48.) A email message with a scan of the signed form is acceptable as well, but please send it to gradprog@math.umn.edu.

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).

Q75: How do I register for MFM/FQF classes?
A: First, with the exception of FM 5001/5002, you cannot take FM classes unless you are a student in the MFM program or the FQF certificate. (See Q12.) Entrance into all FM 5001/5002 classes requires permission from the MFM Program Director, and you can write to mfmath@umn.edu, to ask for permission. If the director approves, you'll receive a permission number from our staff, by email. Once you have the permission number, you can register to a class in three ways, see below. 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).

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:

  1. On-line NOTE: A tutorial on how to register on-line can be found at: http://onestop.umn.edu/onestop/Registration/Registration_Tutorial.html
  2. 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.
  3. Link to submit registration by email: http://apps.asr.umn.edu/RegAdd/add.asp
  4. Link to obtain form and instructions on how to submit registration by mail, fax, or in person: http://onestop.umn.edu/onestop/img/assets/9061/regadd1.pdf

See also Q56.

Q76: I have been accepted by the Graduate School and would like to view my admission letter on-line. How can I do this?
A: Please point to http://www.grad.umn.edu/prospective_students/apply_online.html and then click on the third link in the middle column of the page, which reads "Check the status of your application". If you have difficulties, please contact Graduate School Admissions. (See Q30.)
Q77: I'm an international student who has accepted your offer. When will I receive my I-20 form?
A: The I-20 is issued by the Graduate School. When you receive their admission message, you'll be given information about how to fill out the financial certification form and enrollment form on-line. The Graduate School will then process your I-20 form and notify you when it is available. You will be given options to pay for express mail, have it mailed by regular mail, or arrange to have it picked up.

Questions about the I-20 should be addressed to the Graduate School (see Q30).

Q78: What salaries are common for the jobs for which this program trains people? What salaries are common in the Twin Cities area?
Searching keywords: compensation salary, career
A: This is, of course, a difficult question to answer in any definitive way. Some jobs come with large potential bonuses that are not guaranteed. Also, there's the usual fact that salaries vary widely in any profession. However, the best source of answers we know for this appears at http://www.risktalent.com/cm/salary_surveys.
Q79: I have questions about how to fill out financial certification, or about my I-20, or about my visa, or about immigration policies. Can you answer these? If not, whom should I ask?
A: We must refrain from giving answers on any of these topics. The the laws can be complicated and require expertise, and a wrong answer can cause you great difficulties. What little we can say appears in Q77 and Q91.

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.

Q80: I would like to arrange an internship during a fall or spring semester. Is that allowed?
A: No, it's not. We only have internships during summer semesters, and only after completing two semesters in the program. Please see Q70 and Q73 and Q81 for more information about internships.
Q81: May I take an internship at a company where I am currently working?
A: This would typically not be allowed. The point of internships is to help our students get an entree into the working world and to gain experience that they would otherwise not receive. Internships are not required, precisely because working professionals do not require them. Please see Q73 and Q80 for more information about internships.
Q82: Do you have evening classes?
A: Yes, we do. In fact, all FM courses are held in the evening, to accommodate working professionals in the Twin Cities area. Please see http://www.math.umn.edu/finmath/course_schedule/ for our course schedule.
Q83: What are your hardware technology requirements? Specifically, what are your laptop and calculator policies and recommendations?
Searching keywords: technology recommendations, technical requirements, software/hardware requirements
A: First, all policies about whether calculators can be used on exams are the sole decision of the instructor for the course. If calculators are allowed, decisions about which kinds are also up to the instructor. Same policy for laptops.

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.

Q84: When do classes start? What is the academic schedule for the coming year?
A: Please point to http://www1.umn.edu/usenate/calendars/calendarpage.html for our academic calendars. For the 2010-2011 calendar, for the Twin Cities campus, point to http://www1.umn.edu/usenate/calendars/10-11tc.html
Q85: When will I get information about the Orientation?
A: A link to "Orientation" should be posted on the left sidebar to http://www.math.umn.edu/finmath/ sometime in June.
Q86: May I take any MFM courses as a non-degree student, with the intention of starting the MFM/FQF program later?
A: We do not offer an option to take any of the MFM/FQF courses as a non-degree student.
Q87: When will I receive my internet ("x500") id?
A: If you've accepted an offer to our graduate program, try to access the initialization page http://www.umn.edu/initiate to find out your x500 id. If this doesn't work, you can try writing to accounts@umn.edu (or call 612-626-8366) for advice.
Q88: When will I be assigned an advisor?
A: All advising is typically done by the Director of the program, although, during the Orientation, we intend to interview each student, and those interviews will likely be conducted by more than one faculty member.

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.

Q89: I'll be arriving at the University of Minnesota soon. Could you arrange for someone to meet me at the airport and give me a ride to campus?
A: No, that's not a service we provide. However, there are taxis and there's a light rail service that can take you from the airport to a point near the West Bank, about a 15 minute walk away from Vincent Hall (the math building).

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".

Q90: How do I register for the GRE Math Subject test? For what exam date should I register?
A: Please point to                                         http://www.math.umn.edu/finmath/admission_requirements/
look down the section labeled                  "GRE",
and click on the link that reads                  "GRE website".
Then click the radio button labeled          "GRE Subject Test"
and then click on the tab that reads          "Registration".

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.

Q91: How were the amounts on my I-20 calculated for application for admission?
A: The numbers vary from year to year, and to get current numbers, you'll need to speak with Admissions in the Graduate School (see Q30).

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.

Q92: Could I ask that some materials that have already been sent to the School of Mathematics be copied and sent on to the Graduate School?
A: Yes, this is fine. Please write to Bonny Fleming, at b-flem@umn.edu. Be sure to indicate exactly what you want copied and forwarded. (See also Q37.)

Q93: I'm an international student, and my I-20 says that I have been accepted, majoring in "Applied Math". Why does it not say "Financial Mathematics" or "Master of Financial Mathematics"?
A: Please don't worry about this -- it is correct. Not all major titles are part of the SEVIS system and so sometimes we must assign the closest name possible to your actual major that is a SEVIS choice, in order to issue your I-20.
Q94: Are any undergraduate math courses required before I can take an MFM/FQF course? Are any undergraduate math courses required before I can be admitted to MFM or FQF? Are any undergraduate math courses recommended before admission?
Searching keywords: admission requirements, prerequisite
A: The answers to the first two questions is the same:

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.

Q95: I applied to your department earlier. I've decided to reapply this year. Do I have to resubmit an entirely new application?
Searching keywords: re-apply, defer
A: If you would like some parts of your School of Mathematics application from last year moved into a file that will be considered this year, we can do that for you. Just write to Bonny Fleming at b-flem@umn.edu, and explain which parts should be moved.

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.

Q96: How can I find out the textbooks that will be used in the courses?
Searching keywords: books and recommended reading
A: Each instructor picks required and recommended texts and should post them on the course website a month or two before the start of classes. For course websites, point to
http://www.math.umn.edu/finmath/courses/ and scroll down to the course of interest. Then click on the link to the current instructor's website.

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.

Q97: How is your program different from other Financial Mathematics and Financial Engineering programs?
Searching keywords: what's unusual or unique, different
A: We are less expensive; tuition is only $600 per credit for students in our program in 2008-2009. (See Q21 for more information about expenses.)

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.

Q98: Is programming an important part of the MFM degree or FQF certificate?
A: Programming is an important part of the activities of many quantitative analysts, and so we have a single required course sequence FM 5091/5092 which emphasizes programming and presentation skills. It's not "heavy duty" programming however. Most quants prepare short pieces of code to do tasks and then, if the code works well and becomes important, more serious programmers are involved in optimizing it.

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.

Q99: I'm an MFM/FQF instructor. How can I get a list of my students?
A: Point to Point to http://onestop.umn.edu/onestop/index.html, then click on "Faculty" (located in the top right, with white letters in a maroon background) then you'll see (on the right, in the grey sidebar) "To print a class list ...". This will take you to http://www.umreports.umn.edu/. Then you click on "User Login" and login with your x500 id and password. Then you click on "Class Lists" which will be the fourth link from the bottom in in the middle of the page. Then click on "Class List". It should be straightforward to follow the prompts from there.

See also Q111.

Q100: How much knowledge of math (or finance or economics or computer programming or statistics) do you require of applicants to your program?
A: There are no specific requirements for the program, beyond a requirement of a full year of calculus (with grades of "B" or better, see Q94), which is needed for the preparatory course sequence, FM 5001/5002. However, the admissions committee does give advantage to anyone with extra background in any of the areas mentioned in the question. Since the focus of the program is on quantitative finance, the most important skills, coming in, will be mathematical. Candidates with a good math background are likely to be the most successful.
Q101: I plan to use the IT Lab in Lind 24. Could you please tell me about procedures?
A: Here's some information:
  • To register for IT Labs account:

    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.

  • Link to IT Lab's Classroom/Lab Schedules:
            http://www.itlabs.umn.edu/labs/index.php
    The links are at the bottom of the page.
  • We will close all the student IT Labs accounts after all the grading has been submitted. Normally, we keep the account closing/opening information on the web page: www.itlabs.umn.edu. Look in the upper right hand corner for "Systems Notices".
  • Links to IT Labs UNIX machines:
            http://www.itlabs.umn.edu/labs/itlist.php
  • Be sure to leave the computers turned on at all times. Ask the users to logout before they leave, don't shutdown.
  • www.itlabs.umn.edu has a lot of information you may want to take a look at it.
Q102: I'm a new student. How do I activate my x500 account? How do I activate my IT labs account? How do I get a math department account?
A: To activate your x500 account, please point to https://www.umn.edu/initiate. Please note that you are not required to enter your social security number at that site, even though it indicates you should. Please activate your x500 account before the Financial Mathematics Orientation begins.

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.

Q103: Where can I find information about parking at the University of Minnesota?
A: The main source of information is at http://www1.umn.edu/pts/parking.htm.

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.

Q104: How many international students will you be accepting this coming year? How many women? How many Latinos? How many Chinese? Etc. What are your limits on international students, women, Chinese, etc.?
A: We do not have quotas in any category. We seek to accept as many qualified applicants as we can, the primary concern being mathematical background.

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.

Q105: After getting the Master of Financial Mathematics, will it be possible for me to be admitted directly into the PhD program in Mathematics? Would the Master of Financial Mathematics help me to proceed to a PhD more quickly? How about a PhD in a subject other than Mathematics?
A: It's possible to proceed from MFM or FQF to our PhD program, but the training in MFM and FQF isn't particularly aimed at preparing anyone to pursue a PhD in mathematics, so we don't advise that route. Also, after completing MFM/FQF, any student interested in a PhD would need to apply to the PhD program, and there's no guarantee of acceptance.

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.

Q106: I'm not a student in MFM or FQF, but I would like to sit in on one of your courses, without registering. Is that all right?
A: No, I'm afraid it's not allowed to sit in on our classes without registering. With permission, you may, however, register for and take FM 5001/5002 (see Q12), even if you're not an MFM/FQF student. It is possible to audit FM 5001/5002, or take to FM 5001/5002 pass/fail, but this is usually not a good idea (see Q9).
Q107: Is there a certain minimum GRE Math Subject test score which would indicate to you (and to me) that I don't need to take FM 5001/5002?
A: We don't yet have enough experience in the program to give a policy-based answer to that question. We'll start from the point of view that a score at the 75th percentile is about what we'd seek to skip FM 5001/5002, but that may undergo adjustment based on experience. We'll also be considering what courses a given student has taken. For example, if a student with a high GRE Math Subject score has taken no course in elementary probability, a judgment will have to be made about whether the necessary background in that area is something he or she could reasonably expect to learn ``on the fly''.
Q108: I'd like to register for CSOM (Carlson School of Management) coursework as part of a "with Emphasis" option, as described near the bottom of the list of courses. How does the registration process work for these courses?
A: You'll need to fill out a petition form, and submit it with an unofficial UMN transcript a bit more than one week before classes. Also, do check to be sure that there are open seats by looking at the class schedule, see Q112.

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.)

Q109: Whom can I ask visa and immigration questions?
A: Please contact:
         International Student and Scholar Services (ISSS)
         isss@tc.umn.edu
         http://www.isss.umn.edu/
         (612) 626-7100
Q110: What are the penalties for late registration or for late changes to registration? When do I have to pay my bill? Until when can I drop a course? If it's after the deadline, can I petition to drop?
Searching keywords: add/drop date, withdrawal from a course, billing
A: Be aware that you must register before the first day of each term in order to avoid a late fee. Adding and dropping courses may be done later, but if a student's initial registration is done on or after the first day of classes, he or she will pay a late fee. For information about late registration, please see http://onestop.umn.edu/onestop/Tuition_Billing/Tuition_Rates/latereg.html or http://onestop.umn.edu/registration/guidelines/late_registration_fees.html.

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.

Q111: I'm an MFM/FQF instructor, and I'd like to see a list of registered students. How do I do that?
A: Point to
http://www.umreports.umn.edu/umreports/
then click on "User Login"
then log in with your x500 id and password
then in the box in the upper right, type in "classes"
then click on "Search Reports"
then look down the middle column for "My Classes"
             and click on that
then click on the course you want to see.

Warning: . If you have no students registered, then I believe that the class doesn't even show up.

See also Q99.

Q112: How can I see a schedule of courses offered at UMN?
A: Point to http://onestop.umn.edu/onestop/index.html,
         and click on "Class Schedule" in the right sidebar, near the top.

The MFM/FQF course schedule is at http://www.math.umn.edu/finmath/course_schedule/.

Q113: How can I participate in Financial Math before being admitted to the MFM/FQF program?
Searching keywords: not an MFM/FQF student but want to participate, not a student, non-MFM/FQF student
A: There are many good books to read, see, e.g., our reading list at http://math.lib.umn.edu/mathfinancebooks.html. We have some on-line lectures you can watch; point to http://www.math.umn.edu/finmath/lectures/ and listen to the audio.

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/.

Q114: Is there a dual MBA-MFM degree at the University of Minnesota?
A: Currently there is not, so those wishing to have both degrees would have to enroll in both programs, one after the other. There are serious discussions going on about developing such a program, but it will likely be a year or two at least before a formal proposal is made and approved.

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.)

Q115: What is the average undergraduate GPA of students admitted to your program?
Searching keywords: average GPA
A: We don't have a record of GPAs. It's difficult because different countries use very different grading scales, so GPA is often self-reported and may be, in some cases unreliable. The information in Q23 may give you some idea of what we look for in an application.
Q116: What is a degree program form? What is a plan of study? What is the difference between the two? Why do I have to submit a degree program form or plan of study? When must it be submitted? What courses should I include on my degree program form/plan of study?
A: The degree program form is a Graduate School requirement for Master level programs, and its equivalent for certificates is the plan of study. (So MFM students submit a degree program form, while FQF students submit a plan of study.) This form lists all the courses you've taken that you want counted toward your degree. That is, it states, officially, which courses you want to count.

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.

Q117: Please give me a checklist of materials that are needed to complete my MFM/FQF application to the School of Mathematics at the University of Minnesota.
Searching keywords: check list Check List
A: First, please note that this question only concerns materials needed by the School of Mathematics to review your application. If you have questions about additional materials that may be needed by the Graduate School, please do contact them directly. (See Q30.)

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!

Q118: I'm an MFM/FQF instructor (or TA). How do I submit grades? Where can I read about UMN grading policies?
Searching keywords: submit grades put in grades, enter grades
A: Grades for FM 5031/5032 should be submitted to the MFM Graduate Assistant for that course. For the other courses, point to http://onestop.umn.edu/onestop/faculty.html, find the column labeled "Teaching and Learning", scroll down until you see "Grades" in that column, and then, just below that, click on the link "Enter Final Grades". At this point you may or may not be asked to log in using your x500 userid and password. After that, a new link also saying "Enter Final Grades" will appear, and you should click on that as well. Then click on the current therm, and then click on the link describing your FM designated course, and then follow the prompts from there.

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:

  • Final grades for all courses are due within 72 business hours after the examination.

Also, please see Q146 and Q147.

Q119: I'm an MFM/FQF student, and I'd like to submit a course evaluation. How can I do that?
A: Please point to http://eval.umn.edu/, and the rest should be straightforward. If you have troubles, please write to eval@umn.edu.

Q120: What is average GRE General test score of applicants who were admitted in Fall 2008?
A: First, while we occasionally look at verbal and writing scores, we focus on the Quantitative score, and only have statistics for that. Second, bear in mind that not everyone applying was required to submit a GRE score and so some admitted applicants are excluded. Third, bear in mind that some applicants submitted a GRE Math Subject score instead of GRE General scores, and they are excluded from this analysis, as well. With those caveats, the average of the Quantitative scores for applicants offered admission in Fall 2008 was 768.48. (In Fall 2007, it was 770.17.)

Q121: Are there guidelines for MFM/FQF resumes? Where are MFM/FQF resumes posted?
A: Yes, we follow the NYU model, see http://www.math.nyu.edu/financial_mathematics/content/04_current/01.html. Some MFM/FQF resumes are posted at http://www.math.umn.edu/finmath/current_students/. Also, see Q71.
Q122: I'm applying to MFM or FQF. Even though MFM/FQF is using the on-line letters system, I have some recommenders who would prefer to send in paper letters. Is there a way to do that?
A: Yes, just make those letters offline by selecting the radio button for this when you create those recommenders. (See also Q35, Q58 and Q67).
Q123: I will be working at the University of Minnesota while a student in the MFM/FQF program. Can I be exempted from tuition?
Searching keywords: employee discount
A: First, like all those wishing to take FM designated courses, you must first be accepted into the MFM/FQF program, the one exception being the preparatory course sequence FM 5001/5002. (See Q12.)

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

Q124: What are the minimum graduation requirements from FQF? What are the minimum graduation requirements from MFM?
Searching keywords: Minimum GPA, minimum gpa, minimum GPA, MINIMUM GPA
A: The FQF program's graduation requirements are that a student must be able to list FM 5001, FM 5002, 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. For more information about, this, please contact Graduate Student Services (see Q191).

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.

Q125: I'm applying to the MFM or FQF program. The 4.0 GPA system is not followed in my university. How should I calculate my GPA?
A: GPA calculation is not standardized, see http://en.wikipedia.org/wiki/GPA .

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).

Q126: How does your program differ from an MBA program, from CFA certification and from an FSA?:
A: This program focuses on the mathematics of finance. It involves significantly more graduate-level mathematics than any of the options mentioned in the question.

Q127: I would like information about your admission statistics, your progress statistics, your completion statistics. Also, please give me information about the internships your students have held, and about placement and current location of your graduates.
Searching keywords: statistics, current location of grads, how many international, employment record of grads
A: For admission, progress or completion statistics please point to http://www.grad.umn.edu/data/stats/1216500.html and click on "Admissions", "Fall Term Enrollment", "Graduate Student Progress" or "Degrees Conferred".

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.

(See also Q70, Q104 and Q120.)

Q128: What is it like living in Minnesota?
A: It's wonderful.

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

    Arts & Culture, Business & Community, International Resources, Gophersports, News Service.

Another source of information is http://en.wikipedia.org/wiki/Minnesota and http://en.wikipedia.org/wiki/Minneapolis-Saint_Paul.

Q129: Could you recommend what classes I should take to enhance my application to the MFM/FQF program?
A: This is really a job for a local advisor, since no one here knows you or your school. Moreover, it is really your advisor's prerogative to give such advice, not ours.

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.

Q130: I've been (or currently am) a graduate student at the University of Minnesota. Do I need to reapply to the Graduate School to join the MFM/FQF program?
A: If you have been registered in the Graduate School, even for a single term, and now wish to enter the MFM/FQF program, you need to apply to the Grad School for a Change of Status/Readmission and apply to the MFM/FQF program for admission. (See Q131.)

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.)

Q131: I'm currently a student at the University of Minnesota, and would like to apply to the MFM/FQF program via a Change of Status. How is a Change of Status different from a regular application for admission?
A: First, you must follow the Graduate School's Change of Status procedures, see http://www.grad.umn.edu/current_students/registration/readmission.html.

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.

Q132: Where is the mathematics building at the University of Minnesota?
A: It's Vincent Hall, and the address is
         206 Church St. SE
         Minneapolis, MN 55455.

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.

Q133: How can I contact One Stop Student Services?
Searching keywords: One Stop, onestop, Onestop
A: The contact information is:
         onestop@umn.edu
         http://onestop.umn.edu/
         (612) 624-1111
Q134: What are the University procedures for completing my MFM/FQF degree, once all of my coursework is finished?
Searching keywords: before graduation before you can graduate
A: Please point to http://www.math.umn.edu/finmath/current_students/degreecompletion.pdf and to The Graduate School's Information for Master's Degree for information about this. Also note Q116 and Q135.
Q135: I'm planning to graduate MFM or FQF soon. When must I submit my Graduate Application for Degree?
Searching keywords: before graduation before you can graduate
A: For graduation information, please see The Graduate School's Information for Master's Degree. Click on the link for Graduation Packet Request.

Please see also Q134 and Q116.

Q136: Is the MFM/FQF program designed for actuaries?
A: Not specifically, though our program was designed to emphasize insurance products, because the Twin Cities area has so much involvement in that industry. Two of our Advisory Board members are FSAs, and one of them has, in the past, taught a four-week mini-course, as a part of FM 5032, see http://www.math.umn.edu/~garyh/FM5032.html This course taught the pricing and hedging of modern insurance products.

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.

Q137: I would like access to the prospective employers website http://www.math.umn.edu/finmath/prospective_employers/, but it's password protected. May I see it?
A: Access is restricted to current MFM/FQF students and teachers. If you are a current MFM/FQF student or teacher, you should have received a username and password, and, if you don't have them, feel free to write to Bonny Fleming, at b-flem@umn.edu, and request them.
Q138: I'm an MFM/FQF applicant, and I have an offer from another school, but have not heard yet from MFM/FQF. Could I get a quick decision in my case?
A: First, if today is before 15 April and the school participates in the "April 15 resolution" (and most major US universities do), then you should be able to wait until that date, for any offer with financial support. For programs (like MFM) that do not offer support, it's typically possible to negotiate an extension, but, if not, please notify us of the situation. See http://www.cgsnet.org/portals/0/pdf/CGS_Resolution.pdf for the text of the resolution. If the school requesting a decision from you is one of the signers on that website, and if they are requiring a decision before 15 April, and if they are offering you financial support, then you may choose to send us their request, and we will check with the director of the other program, not mentioning you by name.

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.

Q139: I've been accepted to MFM/FQF, but would like to defer the admission to sometime in the future. Can you do that?
Searching keywords: deferred admission
A: I'm afraid not. You would have to reapply when you're ready to join. However, in your reapplication, you can mention (e.g., in your personal statement) that you were accepted to the program in an earlier year, and that would certainly be taken into consideration.
Q140: I've have applied, but not been offered admission, to the MFM or FQF program. I'll be able to supply you with additional information during the summer, and that additional information may make my application more attractive. Could you offer me conditional admission, conditioned on, e.g., a high score on a certain standardized test?
Searching keywords: conditional admission
A: No, presently we don't do that.
Q141: I've have not been offered admission to the MFM or FQF program, but I will be living in the Twin Cities area next year and would be interested in attending some of your courses, with plans to reapply. Can I do that?
A: Yes, our preparatory course sequence (FM 5001/5002) is available to you, as a non-degree student. Please see Q12 for details.
Q142: I applied to MFM/FQF, and have been placed on the waiting list. Could you tell me my position on that list? Am I near the top? When can I expect to know if I'm accepted or not?
Searching keywords: rank waiting list
A: We don't order our waiting list. The problem is that decisions about additional admissions depend on who accepts our offer early. For example, if no professionals working in the Twin Cities area accept before about April10 , we might decide to make a few more offers to applicants in that group. If, on the other hand, we have plenty of "local" acceptances, but not many from people just graduating from college, we may seek more from that latter group. As a result, there really is no order to our waiting list.

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.

Q143: When can I take the GRE General exam?
A: This is subject to change by the ETS and you should check with them for a definitive answer (using the phone numbers given below, or by going to "Contact Us" within the website given below).

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.

Q144: I was unable to register in time to take the GRE Math Subject test before beginning the MFM program. May I take only FM 5091/5092 in my first year, and, during the year, then take the GRE Mathematics Subject Test to see about waving FM 5001/5002?
A: This is a allowed, but carries one serious concern: We now require the GRE Math Subject test as part of the requirements for waiving FM 5001/5002 exactly so that we can let students know, before they begin the program, what all of the course requirements are. If a new student thinks he or she will be able to skip FM 5001/5002 and is told, after starting the program, that it's not allowed, then there is some concern that he or she may feel "baited and switched".

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.

Q145: If I take FM 5001/5002 as a non-MFM student and do well, does it guarantee me admission to the MFM program?
A: We cannot guarantee admission to the MFM program. All FQF students applying for MFM will be considered based on their complete and timely application. Performance in the FQF will be strongly considered in the application process, see Q235.
Q146: I'm an MFM/FQF instructor. By when must grades be submitted?
A: For all courses, grades must be submitted by 72 hours after the final exam. For FM 5031/5032, the MFM/FQF Director will calculate and submit grades, based on module grades. Assuming the final is, as usual, on a Wednesday evening, he needs to have all the module grades posted on Moodle by Friday at 2pm, which means that they should be reported to the TA by Friday at noon.

Also, please see Q118 and Q147.

Q147: How can I find out when the final exam will be in a class?
A: Please point to http://onestop.umn.edu/onestop/, scroll down to heading "Calendars" (written in red) in the middle section, and, under that, then click on the link that reads "Final Exams".
Q148: I have a form on which I need the signature of the MFM/FQF Director. How can I get the form signed?
Searching keywords: forms
A: First, fill out the form, except for the signature. A blank form will not be signed.

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.

Q149: Do I have to submit all of my application materials simultaneously, or can I submit different items at different times?
A: All application materials are submitted electronically through the online ApplyYourself application system.

If you wish to check your online application status, please see the The Graduate School's Application Information website.

Q150: I'm an MFM or FQF student. Is there an MFM/FQF policy about course grading? About incompletes?
A: Each MFM/FQF instructor makes his or her own decisions about these matters, but we discourage the use of an incomplete grade as a way of avoiding a poor course grade that's based on poor course performance.
Q151: I'm an MFM/FQF instructor. What items should I put on my syllabus?
A: This, in the end is up to you, but we recommend discussing your basic grading policies, office hours, incomplete policy, extra credit policy. You may want to include information about whether exams are open book or closed book, about the amount of allowed interaction between students on work done outside of class and about whether calculators are allowed on exams, and, if so, which kinds.
Q152: I have a serious disagreement with another member of the university. (This often refers to a dispute between a student and an instructor over a grade, but is not limited to that.) Is there a student dispute resolution center at UMN?
Searching keywords: dispute resolution, conflict resolution
A: Yes, please point to http://www.sos.umn.edu/.

If you should, in addition, wish to find counseling services, please see Q166. See also Q192.

Q153: I would like to contact a recent graduate of the MFM/FQF program to find out what they think. Could you put me in touch with one of your alumni?
A: Very few of our alumni actually give us permission to give out their contact information. However, a few do, and, in those cases, we put their email addresses at http://www.math.umn.edu/finmath/Alumni/details.shtml.
Q154: I noticed that all of the MFM/FQF courses are closed. Does that mean I can't register?
A: Not necessarily. It only means that registration is controlled by permission numbers given from the MFM/FQF program administration. If you are an MFM or FQF student, please see Bonny Fleming, and she can give you permission numbers in accordance with your completion plan (see Q157).

If you are not an MFM/FQF student, please read through Q12 and Q86 to see about how you might take MFM classes.

Q155: I'm an MFM/FQF student. Must I attend every Orientation event?
A: First, note that, while there are many Orientations offered at the University, only the MFM Orienation http://www.math.umn.edu/finmath/orientation/ is required, and it is only required of incoming MFM students. Continuing MFM students (those who were in the program in earlier years) need not attend the Orientation. Those in the regular (in-person) FQF program are required to attend Orientation. For those in the distance (online) FQF program, Orientation is not required, but, if it's of interest to them and if they live close enough to attend, they are welcome to.

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.

Q156: Please give me a brief description of the MFM program and FQF.
A: Perhaps the text in our MFM poster, at http://www.math.umn.edu/finmath/poster/umn_finmath_poster.pdf may be the best response here, for MFM. It reads:
  • This Master's level program familiarizes students with the tools needed for high-level mathematical quantitative analysis in finance. Its duration can be as short as one-year, and it includes hands-on experience with financial software and programming. Courses are offered in the evening, for the convenience of working professionals.

    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.

Q157: What is the "plan for completion" or "completion plan"? Is it the same as the "degree program form"?
A: They are NOT the same, though they appear on similar looking forms.

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.

Q158: I'm not an MFM or FQF student, but I'm interested in one of those two programs, and am considering applying. May I attend Orientation? Must I attend Orientation if I will be taking MFM/FQF courses as a non-degree student?
A: Non-MFM students need not attend any Orientation event. This includes FQF students.

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.

Q159: I'm an undergraduate Mathematics major at the University of Minnesota. Does this guarantee me admission to the MFM or FQF program, if I decide to apply?
A: No, it does not. However, while it's not promised, it is our operating standard that undergraduate Mathematics majors at the University of Minnesota
  • who have a cumulative GPA of 3.0 or better;  and
  • who receive a positive recommendation to the MFM program from the Mathematics Director of Undergraduate Studies.
are offered admission to one of these programs, assuming there are no significant "red-flags" in their application, and assuming that both of their applications (to the School of Mathematics and to the Graduate School) are complete by 1 February, in time for consideration for early admission. (See Q3.)

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.

Q160: I was recently admitted to the MFM or FQF program, and sent in a signed acceptance, but now would like to delay enrollment for a year? Is this possible?
First, we're very sorry to hear that you may not join our program this year, and hope you'll reconsider. During the 2008 recruitment season, we turned away several qualified late applicants, simply because we didn't have space in the program, so we count on those who have sent in a signed acceptance to honor their commitment.

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.

Q161: Is a leave of absence from the MFM or FQF program possible?
Searching keywords: not coming after all, wait a year, leave of absence
A: I'm afraid it's typically not. 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.

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".

Q162: Please give me a short description of the subject of financial mathematics (a.k.a. financial engineering or quantitative finance).
A: Point to http://www.math.umn.edu/finmath/faq/descr.shtml. Please send comments or questions to mfmath@umn.edu. See also Q156 for a brief decscription of MFM and FQF.
Q163: What are the main software tools (e.g., MATLAB, C++, etc.) that will be used in MFM/FQF courses?
Searching keywords: technology recommendations, technical requirements, software/hardware requirements
A: The primary tools we'll be using are MATLAB and C#. In addition, students will need Visual Studio 2008 Professional, since it happens to have some features we will be using. Finally, we will use Excel occasionally, so students should have Microsoft Office.

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.

Q164: If I want to find the name and contact information of the current DGS from some department, how do I do it?
A: Point to the current DGS roster, at http://www.grad.umn.edu/faculty_rosters/DGS_roster.html, and scroll down to the department of interest. That will give you the name of the DGS. You can then find contact information using Q166.
Q165: How can I find contact information of someone at UMN, assuming I know their name or internet ID?
Searching keywords: email address
A: Point to the UMN search website http://search.umn.edu/ and fill in the information you know about them.

See also Q180 and Q207.

Q166: What counseling services does the University have?
Searching keywords: distress, emotional problems, mental health
A: For information about this, please point to http://www.ucs.umn.edu/outreach/outreach_outreach3.html and to http://www.ucs.umn.edu/.

If you, in addition, need dispute resolution services, see Q152 and Q192.

Q167: How do I post my resume at http://www.math.umn.edu/finmath/current_students/, and do I change it, once it's posted?
A: You may post your resume, or post a new version, at any time by contacting Bonny Fleming, at b-flem@umn.edu.

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.

Q168: I'm an MFM or FQF student. Is there a group on campus that can help me with writing issues? Especially with writing a resume? Is there anyone that can help me with internship and employment issues?
A: For resumes and other writing issues, see
         The Center for Writing
         http://writing.umn.edu/
         writing@umn.edu.
         (612) 626-7579
         10 Nicholson Hall, 216 Pillsbury Drive SE
.

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.

Q169: There's a hold on my records. Could you please have it removed?
A: The School of Mathematics almost never puts holds on student records, but if you have any reason to think that it did, then please contact the MFM/FQF director for help.

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.

Q170: Are your Financial Mathematics Seminars open to the public?
A: Yes, they are. See also Q113 for other ways to participate in the MFM or FQF programs without necessarily being a student one of them.

Point to http://www.math.umn.edu/finmath/seminar/ for information about our seminars.

Q171: How can I find out what material is covered in each FM course?
A: Most of our courses stay relatively constant over time, so you can look at the archived material for last year's version of the course. Be aware, though, that the practitioner's course FM 5031/5032 is in more of a state of flux, since we are trying to stay current in events in the industry. So, for those courses, you may wish to consult the instructor, but keep in mind that the course may be under construction until close to the date that it's offered.

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".

Q172: I'm a UMN student, and I want to set up forwarding from my UMN x500 account to another email address. How do I do that?
A: Please point to https://www.umn.edu/dirtools?which=show&form=forward. This website should be self-explanatory, but, if you have questions, there's an assistance phone number on the left side of the page, near the top.
Q173: I'm a UMN student. Could you please change the class list for a particular class so that you write to me at another email address?
A: No, we're supposed only to write to x500 email addresses about class related issues. The x500 addresses for students registered for a class is generated automatically, and the list changes every time someone adds or drops the course. It might be possible to make a manual change to the list every time a class email message is sent, but the chance forgetting or mistyping means that this is not a good idea.

Instead, please follow the instructions at Q172 and set up forwarding from your x500 email account to your preferred email address. Thanks!

Q174: How can I see the reservation schedule for the IT Lab Lind 24?
A: Point to http://www.itlabs.umn.edu/labs/classrooms.php, then scroll down to the bottom and click on "Lind 24 schedule".
Q175: Where are computer labs located in Vincent Hall that I can use?
A: There's one in the basement (in the middle, on the west side), one on the north side of the second floor and one on the south side of the third floor. All required door codes for access and Bonny can provide the door codes to our students. The labs are available to all graduate students in the MFM and FQF programs.
Q176: Please describe the typical MFM student.
A: This really depends on what you mean. For public statistical information, see Q127.

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.

Q177: Please send me your advertising brochures and other sales materials.
A: Our advertising is almost entirely through our website and we don't send many materials by hardcopy, only because it's so easy to obtain and print information from the web.

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.

Q178: How do I apply to your program?
A: Please point to http://www.math.umn.edu/finmath/online_application/ and follow through the instructions appearing there. The first step will be to apply to the University of Minnesota Graduate School. See also Q26.
Q179: I wish to transfer some credits from another institution or program to MFM or FQF. Can I do that?
A: The graduation requirements for MFM and FQF are quite specific (see Q124). Transferring in credits would not help you to progress more quickly through the either program.

As a consequence, we don't approve any transfers of credits.

Q180: I'm trying to reach a specific person at the University of Minnesota. If I give you their name, could you please give me their contact information?
A: I'm sorry but privacy considerations do not allow us to do this. Some individuals request that their contact information be suppressed, but, for those that do not, you can often find out how to reach them by using the "Search U of M" website, at http://search.umn.edu/.

See also Q165 and Q207.

Good luck.

Q181: Written in late 2008: Will the subprime lending crisis exert a very bad influence on future employment? Is there a possibility that this program will reduce the number of students due to the crisis?
Searching keywords: market meltdown
A: We do expect that it may be difficult, in the coming months to find jobs in quantitative finance, though the better trained people will always be in demand. Some students who are graduating this year from MFM may experience trouble, unfortunately. The longer term prospects are still very unclear, and it could be that, in a more heavily regulated environment, the need for a higher quality of risk-analysis becomes paramount, with a corresponding improvement in "quant" employment prospects.

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.

Q182: I'm an MFM/FQF instructor. What's the difference between required and recommended textbooks? Do recommended textbooks automatically get put on reserve in the library?
A: If you label a textbook as requred on your myUPortal textbook space (see Q184), then we'll ask the bookstore to try to order it. (Otherwise, we won't.)

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.

Q183: How can I contact the Mathematics Library in Vincent Hall?
A: Please point to http://math.lib.umn.edu/contactus.phtml for contact information, and to http://math.lib.umn.edu/ for general information about the Mathematics Library.
Q184: I'm an MFM/FQF instructor. How do I put my textbook requirements and recommendations into myUPortal?
A: First, if you haven't done it already, you will need to add the Master of Financial Math page to your myUPortal, as follows:
  1. Point to http://myu.umn.edu and log in.
  2. Find the my Favorites box in the bottom left column of the home page.
  3. Click "Edit" inside the my Favorites box.
  4. Find the first empty line and enter Master of Financial Math in the Link Name field.
  5. Paste the URL of the collaboration site into the URL field. The URL is https://www.myu.umn.edu/metadot/index.pl?id=4380783
  6. Click Save.
  7. Click Back to Previous Page.
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.

Once that is completed, to add or remove textbooks, proceed as follows:

  1. If you haven't already logged in to myUPortal, then do so, by pointing to http://myu.umn.edu and logging in.
  2. Find the my Favorites box in the bottom left column of the home page.
  3. Click on "Master of Financial Math" inside the my Favorites box.
  4. Click on the *INSTRUCTORS* link.
  5. Click on the link to your name.
  6. Click on *Enable Editing* (in the top-right corner)
  7. To add/remove required textbooks click *edit* in the required textbooks section.
  8. In the *section content* box, put in your textbook information.
  9. Click *save* at the bottom of the page.
  10. Do the same steps to add/remove recommended textbooks.
  11. Once you are finished editing your textbooks click on *disable editing* (at the top or bottom of the page)
  12. Click on *sign out* in the top of the page just left of center.
Q185: I'm taking an MFM/FQF class and would like to offer feedback. How can I do that? Are there course evaluations?
A: Of course you can always speak directly with a course instructor, and we all welcome feedback. If you wish to offer anonymous feedback, we do have an on-line system of course evaluations. For information about that, please point to http://eval.umn.edu/, and note the FAQ file at http://eval.umn.edu/faq_students.html. Questions about the on-line system can be sent by email to eval@umn.edu.

Note, from that FAQ file, that

  • "end-of-semester evaluations may be completed during the final two weeks of instruction for these terms. The evaluation period closes on the last day prior to the official start of the final examination period."
Note also, from that FAQ file, that
  • "evaluation periods are firm and established in accordance with policy pertaining to course evaluations",
so if you miss the evaluation period, you cannot use this on-line system.

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.

Q186: I'd like to check to see if a certain room on campus is reserved on a certain date. How can I do that?
A: Some rooms are reserved by individual departments, and, in those cases, you need to check with the department in question. However, most rooms on campus are reserved by the Office of Classroom Management, and they have an on-line system that is publicly accessible. To see their reservations, point to http://www.classroom.umn.edu/ and then, in the left hand sidebar, click on
         "Classroom | Schedule Viewer"
and then select the desired building and date.
Q187: Do I have a choice in the classroom for my class?
A: For MFM/FQF students: Please talk with your instructor, remembering that he or she may need to accommodate competing requests. (Some people like large rooms, some like small rooms, some are more bothered by basement classrooms that others, etc.)

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.

Q188: I would like to join one of your UMConnect class meetings (or view the archive). What technology requirements are there?
A: Flash Player 8 or 9, a browser web connection and speakers.
Q189: I'm an MFM/FQF student, seeking an summer internship through MCIM, but am also graduating soon. Is it all right if my graduation date is before the end of the internship?
A: It is not. Please be careful when you submit graduation paperwork not to select a graduation date that is before the ending date of your internship.
Q190: I understand that one of your classes will be offered by webinar. How can I see the class?
A: We run our webinar classes through UMConnect, which offers web-based conferencing software hosted by the University of Minnesota optimized for use by people with moderate-to-high speed Internet access (Broadband or faster).

  • Technical Requirements for Meeting Guests:

    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


  • Attending a Live UMConnect Meeting:

    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.


  • Viewing a Recorded UMConnect Meeting:

    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.


Q191: How can I contact Graduate Student Services within the Graduate School?
A: Graduate Student Services
        phone: (612) 625-3490
        email: gscmte@umn.edu.
        website: http://www.grad.umn.edu/current_students/
Q192: I'm an MFM/FQF instructor and am concerned about one of my students' emotional well-being. Whom can I contact?
Searching keywords: distress, emotional problems
A: One good reference is the "Behavioral Consultation Team". For their contact information, please ask Bonny Fleming.

See also Q166 and Q152 .

Q193: Is it possible to take MFM/FQF classes and to pursue another UMN degree at the same time?
Searching keywords: another degree, simultaneous degree
A: First, with permission, you can take FM 5001/5002 without being an MFM or FQF student, so you take those two classes, while pursuing another UMN degree. However, be aware that, if you have a tuition benefit through your program (see Q50), or if you are not a student in CSE, then your tuition payments will not go in full to the right college. In order to be sure that tuition is paid, and paid to the right college, we need you to register as a non-degree student, which allows us to list CSE as the college for our courses.

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.

Q194: I'm an MFM/FQF instructor, and would like to check that the room(s) I need for my classes have been reserved. How can I check that?
A: Point to
           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.

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".

Q195: I'm an MFM/FQF instructor, and would like to pass out hardcopy evaluation forms to get feedback from my students. Is there something already available to use?
A: For a possible form, please point to http://process.umn.edu/groups/senate/documents/policy/stureleasequestions.html.

For additional questions, please point to http://www1.umn.edu/ohr/teachlearn/resources/supervisor/resources/early/index.html.

See also Q185.

Q196: Is there a University Student Conduct Code or University Student Honor Code at the University of Minnesota?
A: There is a University Student Conduct Code. Please point to http://www1.umn.edu/regents/policies/academic/Student_Conduct_Code.html.

There is no University Student Honor Code.

See also Q185.

Q197: If I encounter academic dishonesty, how should I report it?
A: First, it should be discussed in MFM/FQF and in the department, and an attempt should be made to resolve the issue. If necessary the student dispute resolution center may be involved, to help (see Q152).

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:

  • Allegations of scholastic dishonesty frequently are first raised by the affected instructor and are resolved simply by the assignment of a grade or other academic consequence in the class and the acceptance of that grade or consequence by the student. 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. The OSCAI is the central repository for all reports of scholastic dishonesty violations.

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.

Q198: I'd like to offer a talk in the Financial Mathematics Seminar. How can I do that?
A: Please just write to the MFM/FQF Program Director; see Q1 for contact information.

See also Q214 through Q221.

Q199: If I complete the requirements for a "with emphasis" option, does the area concentration appear on my diploma? How were the courses in the "with emphasis" options selected?
A: The "with emphasis" designation is informal and does not appear in the diploma. On the other hand, many "with emphasis" options fulfill the requirements for a minor in another department. (See Q116.) For any minor, advance consultation with the Director of Graduate Studies (DGS) in the minor department is strongly encouraged, just to avoid unpleasant suprises. The signature of the minor DGS is required before the minor is granted.

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.

Q200: Could you please waive the application fee?
A: The School of Mathematics does not assess an application fee; rather the Graduate School does. This question therefore has to go to Grad School admissions, see Q30.
Q201: I have been offered admission. When is my decision required? What if I need more time to decide, beyond the deadline?
A: The date by which we request a decision will appear in the letter MFM/FQF sends you recommending admission. (This is different from the final offer of admission, which comes from the Graduate School, and not from MFM or FQF.) For offers made on or before 1 April, we set a 15 April deadline, following the "April 15 resolution", see Q138. For offers made on or after 1 April, we typically give two weeks, but we always allow until at least 15 April. Consult your letter for the exact date.

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.

Q202: I'd like to know whether I can get the STEM extension of optional practical training (OPT) on my visa after completing the MFM program. What is the Classification of Instructional Programs (CIP) code for MFM? For FQF?
Searching keywords: visa gap, practical training, stem code, stem extension, CIP code, STEM code, STEM extension
A: It is 27.0301 Applied Math. It is one of the so-called "STEM codes" that allows for a 17-month extension of OPT from 12 months to 29. This closes the "visa gap".

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.

Q203: I'm an MFM/FQF instructor and I need to change a grade that was already submitted to the registrar. How do I do that?
Searching keywords: grade change, change grade, Grade Change, Change Grade
A: Go to the Supplemental Grad Reporting website at http://onestop.umn.edu/faculty/grades/supplemental/index.html, then click on "Enter Supplemental Grades". The rest of the process should be straightforward, but, if you have trouble, there an FAQ for this, at http://onestop.umn.edu/faculty/grades/supplemental/faq.html. Further questions would go to One Stop, see Q133.
Q204: How can I get contact information to ask questions about TOEFL and GRE?
A: Contact the ETS (Educational Testing Service). Point to http://www.ets.org/ then look for the "Contact Us" link at the right of the blue horizontal bar near the top of the page, just above the picture. (The ETS has many contact offices, listed on the right column of their contact page.)

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.

Q205: As a student in the MFM/FQF program, am I restricted to MFM/FQF courses? Am I restricted to MFM/FQF courses together with the courses in the "with emphasis options" listed at http://www.math.umn.edu/finmath/courses/ at the bottom of the page?
A: No, you are not so restricted. If you are an MFM/FQF student, then most courses at the University of Minnesota are available to you to take, and the tuition charge will be the MFM/FQF per credit tuition, for all courses. A few programs do place restrictions that limit availability of their courses. For example, non-Carlson School students can only take three Carlson courses during their entire time at the University. (The Carlson School of Management is UMN's business school.) With that caveat, the vast majority of courses available in academic departments are open to all U students, though early registration is recommended, since popular courses do fill early.

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).

Q206: I want to contact the DGS (Director of Graduate Studies) of a program at the University of Minnesota. How can I find out who he or she is? How can I get his/her email address?
A: The DGS roster is at http://www.grad.umn.edu/faculty_rosters/DGS_roster.html

Contact information for faculty, staff and students is available from the Search the U of M website (see Q180).

Q207: I have questions about student life at Minnesota. Could you please either give me the contact info of a student at the U whom I could ask some questions? Alternatively, could you please ask a student to contact me?
A: Our apologies, but we don't ask our students to provide this service, and privacy considerations don't allow us to arrange contacts like this. However, you may be able to do this yourself, using public information, as follows. A list that includes most of our current MFM/FQF students is at http://www.math.umn.edu/finmath/current_students/ and some of them have posted resumes with current email addresses. Also, once you have a student's name, it's often possible to find the email address using "Search U of M" (see Q165 and Q180).
Q208: I'm a PhD student in the mathematics department, and I am considering working as the TA for MFM/FQF. What background experience is expected for a potential TA for MFM/FQF?
A: Different courses have different levels of mathematical sophistication. In particular, the courses FM 5001/5002 cover undergraduate level math, but FM 5011/5012 are at a higher level. Also, there's a language to finance that one needs to learn.

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.

See also Q209, Q210, Q211 and Q212.

Q209: I'm a PhD student in the mathematics department, and I am considering working as the TA for MFM/FQF. Are you looking only for senior TAs?
A: No, not necessarily. In fact, we're pleased to have a TA who might stay with us for a few years -- someone who, in future years, "knows the ropes".

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.

See also Q208, as well as Q210, Q211 and Q212.

Q210: I'm a PhD student in the mathematics department, and I am considering working as the TA for MFM/FQF. How many evenings per week will be required of me? How much of my TA load will this cover?
A: Usually the TA will hold evening office hours on a day other than the class day and will return homeworks in class. So two evenings would be typical. Of course, returning homeworks only takes a few minutes.

Serving as an MFM/FQF TA is the equivalent of TAing for two regular MATH courses per semester.

See also Q208 and Q209, as well as Q211 and Q212.

Q211: I'm a PhD student in the mathematics department, and I am considering working as the TA for MFM/FQF. What would be my duties as an MFM/FQF TA?
A: MFM/FQF TAs will not lead recitations, and will not typically have contact time in front of a full class, unless requested by the instructor. Nevertheless, good communication skills are essential, since there will be student contact, typically one-on-one.

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.

See also Q208, Q209 and Q210, as well as Q212.

Q212: I'm a PhD student in the mathematics department, and I am considering working as the TA for MFM/FQF. How much of my TA load would this cover?
A: Serving as an MFM/FQF TA is the equivalent of TAing for two regular MATH courses per semester.

See also Q208, Q209, Q210 and Q211.

Q213: How can I find out who the TA is for one of the MFM/FQF courses?
A: A few days before the start of each academic year, this information is posted at the Instructors and TAs website at http://www.math.umn.edu/finmath/teachers/.
Q214: I'm planning to speak in the Financial Mathematics Seminar. What kind of audience should I expect?
A: It is a challenge! We have, in attendance, students who are just learning the preparatory material for the program and local practitioners with a PhD in mathematics and many years of experience in quantitative analysis. We prefer that you aim your talk so that it's accessible to students with a basic understanding of statistics and stochastic processes; those who have not had this background will probably not follow, but will hopefully be motivated to learn. Many of our talks are not technical at all, and that's just fine, too. We hope to have a broad array of topics from those that are highly mathematical to those that describe, e.g., job prospects and networking opportunities in finance.
Q215: I'm planning to speak in the Financial Mathematics Seminar. What reimbursement should I expect?
A: Arrangements are made on a case by case basis. Many/most of our speakers are offered travel and local expenses, but please verify this before making plans. If we offer travel reimbursement, it includes reasonable airfare and ground transportation to and from airports. If we offer local expenses, it includes reasonable hotel and a per diem. We do not offer an honorarium.
Q216: I'm planning to speak in the Financial Mathematics Seminar. What dates are available?
A: That information is kept current at http://www.math.umn.edu/finmath/seminar/.
Q217: I'm planning to speak in the Financial Mathematics Seminar. Do I need to make my own travel arrangements? To what airport should I fly? Do I need to make my own hotel accommodations? Where should I stay?
A: Yes, please make your own travel arrangements, flying to Minneapolis-St. Paul International Airport (MSP). Please do let us know, before purchasing the ticket, if the round-trip cost exceeds $500.

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.

Q218: I'm planning to speak in the Financial Mathematics Seminar. What information do you need from me?
A: The sooner we can get your dates of travel, the better, see Q217. It helps if you can send your host your cell phone number, in case of last minute difficulties. You should also request the cell phone number of your host for the same reason.

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.

Q219: I'm planning to speak in the Financial Mathematics Seminar. When and where will it be?
A: Please point to our seminar website at http://www.math.umn.edu/finmath/seminar/ for a definitive answer to this question, but most of our talks are held in the basement of the Vincent Hall (the mathematics building) in room 16. They are typically held on Fridays at 5:30pm.

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.
         Address of Vincent: 206 Church St. SE, Minneapolis, MN 55455
         GPS coordinates of Vincent: 44.9745,-93.23475

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.

Q220: I'm planning to speak in the Financial Mathematics Seminar. How long should my talk be?
A: We usually aim for about one hour. To some extent it depends on the audience. If there are lots of questions, we might let it run a few minutes extra, and, occasionally, as the hour mark approaches, we need to remind the speaker to be thinking about finishing.
Q221: I'm planning to speak in the Financial Mathematics Seminar. Will I have an opportunity to meet some of the people who attend the talk?
A: It is our habit to go out for drinks and shared appetizers after our seminars, and we hope you'll join us for that. It's a good way to get to know a few of the students. The department covers shared appetizers, but not individual meals or drinks.
Q222: I'm hosting a presentation in the Financial Mathematics Seminar. What are my duties?
A: You should contact the speaker in advance to be sure that you both understand what equipment will be available. In particular, if the host is expecting the speaker to bring a laptop and vice versa, then there can be a problem. (In our seminar, we typically ask the speaker to provide the laptop -- see Q219 - but it's a good idea to have a second one, in case of difficulty.)

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.

Q223: What is the minimum number of credits that students need to complete the MFM program? What is the minimum number of credits that students need to complete the FQF program?
A: For MFM: For students who take the preparatory courses (FM 5001/5002), the answer is 36 credits (and the required courses are FM 5001, FM 5002, FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091, FM 5092).

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/.

Q224: There seem to be several personal statements required in the Graduate School applications. Are some of them more important than others? Can some of them be identical?
A: The Graduate School application has room for three personal statements, but in MFM and FQF we tend to look most closely at the first of the three (which begins "a statement outline your immediate educational and long-term career objectives...").

For more information about the personal statement, see Q40.

Q225: I'm preparing an application to MFM or FQF. Do I need to tell you which "with emphasis option" courses I plan to study if I'm accepted?
A: No, not unless you want to. For MFM students, if you accept an offer of admission, we'll meet with you (and all other incoming students) during Orientation week and make a "completion plan" at that time (see Q157).

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.

Q226: I am currently finishing my last year of college, so I don't have a college diploma yet. Also, I don't yet have grades for the courses I'm currently taking. Are the diploma and last term's grades needed for my application?
A: No, they're not. We will base our decision on your current transcript (which should show your grades for all but your last term in college), so please do send that, but don't worry about diplomas or grades that have not yet been assigned.

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.

Q228: I see MFM/FQF tuition rates posted at http://www.math.umn.edu/finmath/tuition/ but I also found a Graduate School or OneStop website that shows a different tuition rate. Which is correct?
A: The MFM/FQF tuition website
       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.
Q229: I wish to be considered both for MFM and for FQF. Do I need to submit two applications?
A: If you've already completed an application to MFM, but now wish to transfer that application to FQF, then we can do that for you at no cost to you. This is true as long as your MFM application has not been rejected. Simply write to Bonny Fleming at b-flem@umn.edu, and she can transfer your application.

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.

Q230: If I apply to FQF this year, and am accepted, and, assuming I do well in my courses and proceed into MFM, will I be able to finish MFM with those who are accepted to MFM this year?
A: First, please note that we do not have a "cohort" program, and not all students who enter together finish together. See Q7.

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.

Q231: I've been put on the waiting list for the MFM program and am considering applying to FQF. Should I wait until I get a definite answer from MFM, or should I apply right away to FQF?
A: This decision is ultimately yours, but it may help you to know that, after 30 April, very few offers of admission are made to people on the waiting list. Moreover, we have a limited number of seats available, and we have to limit our class sizes because of that. So, if you wait, there's a chance you won't be accepted simply because we don't have room. This doesn't apply to those who apply to FQF as an on-line student, since they would not be taking up classroom space.
Q232: I have an offer from another program and they require an answer from me before June, but I prefer MFM, where I've been put on the waiting list. Why don't you make final decisions about waitlisted MFM applications until June?
A: Most of the admissions decisions we make become final by 30 April, but we don't typically issue formal rejections until we have to, at the end of the application season, in mid- to late-June. This is for two reasons.

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.

Q233: I live in the Twin Cities area. May I take FM 5001/5002 and/or FM 5091/5092 as on-line courses?
A: Yes, with permission from the MFM Executive Director. The in-person educational process is, in some ways, better, and is encouraged for all local students, but we do understand that it's sometimes not feasible, and we will make accommodations wherever we can. However, please note that we require anyone living in the Twin Cities area to take all exams (midterms and final exams) in person, even if the rest of the MFM course is handled on-line.
Q235: I would like to get both the FQF and the MFM degree. Is that possible? Would I be required to take any course twice?
A: Yes, you can get both degrees. No, you are not required to take any course twice to do this.

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.

Q236: When I register, do I need to indicate whether I'll be taking a given course in person vs. online?
A: Yes. In our four courses that are offered online (FM 5001, FM 5002, FM 5091 and FM 5092), there are two sections: Section 001 is for in-person students, while Section 002 is for online students. You must be sure to register for the correct section, or it could affect your grade.

If you are registering yourself, then you will need to enter the correct section number.

Q237: Is it possible to have FM 5001/5002 waived for FQF students?
A: No, it's not. FM 5001 and FM 5002 must appear on the degree program form, for the student to graduate, as part of the definition of FQF. So those courses cannot be waived.
Q238: Are FQF in-person and FQF online both eligible for federal financial aid?
A: As of this writing (20 August 2010), we are waiting for approval from the Department of Education. The process, we are told, could take 4-6 weeks, but we are trying to get it expedited. We will update this FAQ as soon as more information becomes available.
Q239: I'm a new FQF student. Is it possible to get FM 5001/5002 waived within the FQF program?
A: I'm afraid not. While FM 5001/5002 is not a graduation requirement for MFM, it is for FQF.
Q240: I would like to sign up for a financial math class for undergraduate credit. Will this cause me any problems?
A: The basic rule is that a course taken for undergraduate credit cannot be used on a graduate-level Degree Program form or Plan of Study.

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.

Q241: Are there other midwestern financial math and financial engineering programs?
A: Yes, there are several. We define the midwetern states as Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Ohio and Wisconsin. Here is a list, culled from the IAFE list.

 

Address: 127 Vincent Hall, 206 Church St. SE, Minneapolis, MN 55455     Phone: 612-625-2004     Contact the School of Math