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Graduate Financial Mathematics Admission Requirements/Application Process

Application Overview

Final deadline for MFM applications - February 1

Final deadline for FQF applications - May 15

The Admission Requirements are listed below

All MFM and FQF application materials are submitted electronically to the Graduate School using the online Application system. It is important that you do not send hard/email copies of any documents. All application documents must be uploaded to your online application. The online application includes all the materials required by the Graduate School, as well as materials specific to the MFM and FQF programs. Selecting the submit button on the online Application does not constitute a completed application. Admission decisions are communicated to applicants using this system. The Admission and Application Process are listed below.

For students who are currently enrolled in a University of Minnesota Graduate Program and wish to change to a higher degree level or to a different type of degree, you must fill out a new online application for a Change of Status. IMPORTANT: This applies to any student who is currently in the FQF Program and wishes to change to the MFM Program.

We can only determine your chances of acceptance by assessing your completed application.

If you have questions about the status of your departmental application please contact Ms. Robin Dixon, at   or Ms. Bonny Fleming, at  . It is important that you include your full name on your emails.

Important MFM Deadlines

Applications, which include all the necessary materials required by the MFM Program, received by the deadline listed below will be given priority consideration for admission.

February 1 MFM application due
March 15 First round of offers made
 April 15  Responses from all applications with a first round offer are due
May 1  Second and final round of offers made
May 15  Responses from applicants with a second round offer are due

   

Important FQF Deadlines

Applications, which include all the necessary materials required by the FQF Program, received by the deadline listed below will be given priority consideration for admission.

May 15 FQF application due
 June 15 FQF offers made
July 15 Responses from all applications are due

General Admission Guidelines

Our admission process is competitive and decisions are made based on a thorough analysis of each application. The requirements are different for the MFM and the FQF programs and both admission guidelines are outlined below. We consider only applications that meet the minimum requirements specified below.

Note: Applicants who are not offered admission to the MFM Program will not be considered for the FQF Program unless the applicant has indicated they would like to be considered for the FQF Program if not offered admission to the MFM Program. If you would like to be considered for the FQF Program if not offered admission to the MFM Program, indicate this in the first paragraph of your Statement of Purpose and email rdixon@umn.edu or b-flem@umn.edu.

MFM Admission Requirements

Minimum Requirements:

    • A Bachelor's degree from an accredited U.S. university or foreign equivalent.
    • GPA: We follow the Graduate School's requirements for the minimum GPA, currently set at 3.0.
    • Mathematical background: All applicants should have completed college level courses in single variable and multi-variable calculus and linear algebra. Background in Probability and familiarity with programming language are highly recommended.
    • GRE: Either a GRE General or a GRE Math Subject test score (no more then two years old) is required. We do not set a minimal score for the GRE test but we definitely use it as well as other factors when making an admissions decision. NOTE: We do NOT require or consider GMAT scores.
    • English Proficiency-TOEFL: We follow the Graduate School's requirements for English language proficiency standards for international students. See the Graduate School's TOEFL page for exact details and latest updates.

 

GRE Exam Codes

University of Minnesota Institutional Code: 6874

School of Mathematics Department Code: 0703

TOEFL Exam Codes

University of Minnesota Institutional Code: 6874

School of Mathematics Department Code: 72

Requirements for Waiver of the MFM Preparatory Sequence: Incoming students may request to waive the sequence FM 5001/5002 during the first day of MFM Orientation. Waivers will be granted to students with sufficient mathematical background (successful completion of upper level mathematical coursework that is equivalent to Mathematics major requirements) and the results of a short test, taken during the first day of Orientation.  Notice that FQF students cannot apply for a waiver for FM 5001/5002.

FQF - Possible Entry Channel into MFM: Some applicants who apply to the MFM program, but are not admitted, are automatically considered for the FQF program. By taking the FQF post baccalaureate coursework and completing your certification, you may apply to the MFM program. If you are successful in transferring to the MFM, your FQF credits from FM 5091-92 will be applied to your MFM degree.  This could help you to potentially finish the program within another year if you plan to be a full time MFM student.  

MFM Application Process

Materials

All application materials should be submitted electronically via the online Application system. We will not review your application until ALL of the materials listed are submitted successfully, including letters of recommendation.

IMPORTANT: If you wish to apply to the Master of Financial Mathematics (MFM) Program, you must choose Financial Mathematics-MFM in the proposed major and degree objectives pull-down menu, not Mathematics MS.

Submission of the following indicate a complete application file:

Application Field: What to Complete/Upload:
Personal Information All fields.
Application Information All fields.
Educational Background All fields. You should list all colleges and universities you have attended, with degrees earned, and grade-point averages.
Test Information-Self Reported GRE General and Subject Test Scores, if known.
TOEFL exam scores,

We follow the Graduate School's
requirements for English language proficiency standards for
international students. See the Graduate School's TOEFL page for exact details and latest updates.

.

Note: Official GRE and Official TOEFL scores are sent to The Graduate School by ETS and uploaded under the Credentialssection.

Languages All fields.
Awards & Activities All fields.
Employment/Residence Information All fields.
Financial Support All fields.
Applicant Statements Statement #1: Personal Statement of Purpose and Goals is very important for us to assess your sincerity, motivation, and expectations.

The other statements are not required, but they will be considered if you submit them. All application materials are submitted electronically to the Graduate School using the online 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.

Program Supplementary Information
  • Graduate Program Additional Application
  • Writing Sample
  • Description of Research or Work Experience
  • Resume' or CV
  • Other Credentials
  • Upload 1
  • Upload 2
  • There is no Graduate Program Additional Application required.
  • Writing Sample is not required. but will be considered if submitted.
  • Description of Research or Work Experience may be uploaded and will be considered.
  • Resume or CV may be uploaded and will be considered.
  • Other Credentials are not required, but will be considered if submitted.

Any additional materials are not required, but will be considered if submitted.

Supporting Documents
Three (3) Letters of Recommendation You should list the three people who will write your letters of recommendation. These letters are a very important part of your application, since they are used to estimate your potential and motivation for the Financial Mathematics program. We recommend that applicants 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. Letters should comment on the applicant's suitability for the Financial Mathematics program, including: analytical ability, communication skills, teamwork, ethics and integrity.

Only letters from those listed by the applicant on the online Application system will be accepted. Letter writers should upload letters to the online Application system. 

Transcripts 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 uploading transcripts.

Application Fee Click here for more information about fees.

Optional Materials: What to Complete/Upload:
Publications Upload your publications and articles into the Other Information portion on the Graduate Program Supplementary Informationsection of the online Application system.

Click here to access the online application.

FQF Admission Requirements

Minimum Requirements:

    • A Bachelor's degree from an accredited U.S. university or foreign equivalent.
    • GPA: We follow the Graduate School's requirements for the minimum GPA, currently set at 3.0.
    • Mathematical background: Applicants should have a good background in mathematics, but not necessarily at the level of mathematics major. In particular, all applicants must have taken at least three semesters of college calculus, covering two semesters of single variable calculus and an additional semester of either multivariable calculus or linear algebra. A grade of "B" or better is required in all freshman level calculus courses. Exposure to probability and statistics as well as familiarity with a programming language is highly recommended.
    • English Proficiency-TOEFL: We follow the Graduate School's requirements for English language proficiency standards for international students. See the Graduate School's TOEFL page for exact details and latest updates.

TOEFL Exam Codes

University of Minnesota Institutional Code: 6874

School of Mathematics Department Code: 72

FQF Application Process

Materials

All application materials should be submitted electronically via the online Application system. We cannot review your should select the "Fundamentals of Quantitative Finance - Certificate" option under the "Application Information". Applicants who plan to complete FQF online should select the "Fundamentals of Quantitative Finance - Distance - Certificate" option under the "Application Information".

Submission of the following indicate a complete application file:

Application Field: What to Complete/Upload:
Personal Information All fields.
Application Information All fields.
Educational Background All fields. You should list all colleges and universities you have attended, with degrees earned, and grade-point averages.
Test Information-Self Reported TOEFL exam scores, if you did not grow up speaking English in your home as a native language.

Note:Official TOEFL scores are sent to The Graduate School by ETS and uploaded under the Credentials section.

Languages All fields.
Awards & Activities All fields.
Employment/Residence Information All fields.
Financial Support All fields.
Applicant Statements Statement #1: Personal Statement of Purpose and Goals should describe or emphasize aspects of the applicant that are not manifested in the rest of the submitted documents. This open-end document is an important tool to assess applicant's motivation, expectations and sincerity.
Program Supplementary Information
  • Graduate Program Additional Application
  • Writing Sample
  • Description of Research or Work Experience
  • Resume' or CV
  • Other Credentials
  • Upload 1
  • Upload 2
    • Description of Research or Work Experience may be uploaded and will be considered.
    • Resume' or CV may be uploaded and will be considered.
    • Other Credentials are not required, but will be considered if submitted.
    • Any additional materials are not required, but will be considered if submitted.

Supporting Documents
One (1) Letter of Recommendation The applicant should list the person who will write their letter of recommendation. The letter should evaluate applicant's mathematical ability, communication skills and integrity.

Only letters from those listed by the applicant on the online Application system will be accepted. Letter writers should upload letters to the online Application system.

Transcripts 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 uploading transcripts.

Application Fee Click here for more information about fees.