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University of Minnesota - MSc Financial Mathematics

Discuss In Forums || Updated Oct 2009


University of Minnesota - MSc Financial Mathematics
Minneapolis, MN, United States
Program Contacts: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


The Summary:


The degree is called Master of Financial Mathematics. It is more mathematical than an MBA.

 

The program offers a range of courses, from theoretical to practical, including a mathematical course on stochastic processes and a practitioner's course offering hands-on practice to learn financial software tools. There is also a programming course with a focus on learning to use software to present technical material to a not necessarily technical audience.

 

Courses are offered in the evenings to accommodate working professionals. The program is designed with a possibility for full-time students to complete all requirements in one-year.

 

Course Structure/Topics:


Preparatory Sequence


FM 5001/5002 Preparation for Financial Mathematics (3 credits per semester)

This course covers the prerequisite undergraduate level mathematics needed for the program. While this course sequence is not required of all MFM students, we may request that some MFM students include it in their plan.

This course sequence may be taken at any time.

 

NOTE: This course sequence assumes a knowledge of freshman calculus. If you are not comfortable with differential and integral calculus in one variable, you should take MATH 1271 and MATH 1272 as preparation. (Incidentally, both MATH 1271 and MATH 1272 are offered in the evening, for your convenience, by the College of Continuing Education.)

 

Core Sequences


The following three course sequence form the core of the program. Roughly they are ordered from theoretical to practical.

FM 5011/5012 Mathematical Background for Finance (required) (4 credits per semester)

This is the most theoretical of the course sequences, focusing on the graduate level mathematics needed for the program, and taught specifically with an eye toward finance.

 

For MFM students who are *not* asked to take FM 5001/5002, this can be taken at any time. Those who are asked to take FM 5001/5002 must finish FM 5001/5002, with grades of "B" or better (in both courses) before beginning FM 5011/5012. Any exceptions must be approved by the Director of the MFM program.

 

FM 5021/5022 Mathematical Theory Applied to Finance (required) (4 credits per semester)

This course sequence forms the bridge between theory and application.

 

This sequence cannot be started before FM 5011/5012 is started, though it can be taken at the same time as FM 5011/5012. It also cannot be started before FM 5091/5092 is started, though it can be taken at the same time as FM 5091/5092.

 

FM 5031/5032 A Practitioner's Course in Finance (required) (4 credits per semester)

This course sequence is highly practical, taught by industry professionals and will be taught with an eye toward hands-on real-world problem-solving.

 

This sequence cannot be started before FM 5021/5022 is started, though it can be taken at the same time as FM 5021/5022.

 

Computation, Algorithms, and Coding in Finance Sequence


FM 5091/5092 Computation, Algorithms, and Coding in Finance (required) (3 credits per semester)

 

This course sequence implements popular finance models and numerical techniques using mainstream computational tools/languages.

 

This course sequence may be taken at any time.

 

Concentration areas:

 

This program also offers eight optional areas of concentration:
Master of Financial Mathematics with Emphasis in Management
Master of Financial Mathematics with Emphasis in Statistics
Master of Financial Mathematics with Emphasis in Applied Economics
Master of Financial Mathematics with Emphasis in Economics
Master of Financial Mathematics with Emphasis in Computer Science
Master of Financial Mathematics with Additional Mathematics
Master of Financial Mathematics with Emphasis in Industrial & Systems Engineering
Master of Financial Mathematics with Emphasis in World Economy and Rates

 

Global Derivatives View:


To be compiled

 

Key Stats:


Acceptance Rate: see http://www.grad.umn.edu/data/stats/ad/1216500.html
Annual Intake: Approximately 50
Application Deadline: June 5
Average Age at Entry: n/a
Average Years of Work Experience of Class: n/a
Dissertation/Thesis: not required
Duration of Program: 1 Year
Entry Requirements:
--- GPA: The preferred minimum standard for admission is 3.0.
--- A score of at least 213 on the computer based TOEFL (550 on the paper based TOEFL), 80 on the MELAB, or 6.5 on the IELTS. The TOEFL, MELAB, or IELTS is required of all international applicants whose native language is not English, 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 before entering the University of Minnesota.
--- The Graduate School operational standard for admission on the new Internet-based TOEFL (IBT) is a minimum total score of 79, plus section scores of at least 21 on the writing section and 19 on the reading section.
GMAT: Average n/a
International Students: see http://www.grad.umn.edu/data/stats/ad/1216500.html
Male-Female: see http://www.grad.umn.edu/data/stats/ad/1216500.html
Placement Rate:
Required Courses for Completion: 30 credits
Student-Teacher Ratio: In Fall 2009, 112 students and 9 teachers (some teach mini-courses)
Tuition (2009-10): $700 per credit

 

Additional Information: