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The Founding of the MFM

The MFM program was developed by Professor Scot Adams and officially launched in September, 2007. Scot was successful in getting the program created within a year’s time because of his characteristic determination and a collaborative, creative team. There was enthusiastic support from then Department Head, Dr. Larry Gray. As well, Scot was fortunate to find a dedicated full time staff person, Bonny Fleming. She spent the first few years of the MFM putting in place all the processes for the smooth running of the program. They all remain in place today!

Scot also found great curriculum development resources for the creation of the MFM by identifying and working with a phenomenal group of local quantitative finance practitioners (quants). Many of them are still teachers in the MFM Program or on the MCFAM Advisory Board to this day. The Twin Cities is home to a diversified financial industry including a large presence in Insurance, Banking, Asset Management, Agribusiness and many Fortune 500 firms. So our group of supportive and involved quants believed an MFM program would be successful here; and they worked hard with Scot to make that happen.

Over the years the MFM has also become a great asset to the local, national and international quantitative finance community. There are many international students in our program, and Minnesota is now a preferred location for them to remain after graduation. Both Minnesota resident and international MFM alumni find great quant jobs right here. Others have branched out across the US and Canada and still others have gone home. But all have been successful at finding their own unique places to contribute in this ever changing industry.

Scot and his program development team put the University of Minnesota’s MFM program on the map. Today, with more than 80 such programs across North America and the rest of the world, the MFM at the University of Minnesota is well known. It is consistently ranked in the top 25 Master of Financial Mathematics Programs in North America.

We thank Scot and the entire launch team for their dedication and creativity in helping the MFM become a mature and very successful program!

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Master of Financial Mathematics
Class of 2016

 Model risk management (and risk management) in general was my favorite area when I was a student in the MFM. I see elegant mathematical theories being applied in finance within risk, and it never gets boring.