Finmath - Admissions
Explore different ways to to obtain Masters in Mathematical Finance
Degree Student- Full Time/ Part Time
Good at Mathematics and Statistics? Computer Programming? Interested in a career in Quant Trading/Risk/Analytics? The Mathematical Fiance Master's Program is best suited you. Those who have a strong mathematical background are encouraged to apply. Graduates are prepared for rewarding careers in investment banks, hedge funds, asset management companies, financial software and data companies, and insurance companies.
Learn More
Accelerated BA/MS Degree
The accelerated degree program for the Master of Science (MS) in Mathematical Finance is intended for current Rutgers students who wish to earn the MS degree, following their undergraduate degree, with minimum additional time and expense. A full-time student can complete an undergraduate degree in four years and the MS in just one academic year (two regular semesters or 9 months)
Learn More
Dual Degree Applicants
The Graduate School-New Brunswick allows students who are current graduate degree candidates at Rutgers to earn an additional Master of Science Degree in another field. Mathematical Finance Master's Program allow both PhD and MS candidates to pursue MSMF degree.
Learn More
Applicants for Certificates
The Mathematical Finance Master's Program offers certification to the degree candidates in Data Science and Statistics & Risk Management.
For Rutgers graduate students, except for those enrolled in the traditional M.S. in Statistics program, they can earn a Certificate in Mathematical Finance ( not applicable to students who are pursuing MSMF degree).
Learn More
Non-Degree Graduate Student
The Mathematical Finance Master's Program allows Non-degree students to take courses from the curriculum. This a great way to explore the program without getting accepted in the matriculated degree. In the future, if the applicant feels inclined towards pursuing the MS degree they can apply to the program and get degree credits for the courses they took as a NOD.
Learn More
Note: Non-Degree Graduate student option is only applicable to US citizens/ permanent residents.
MSMF as a Second Degree for Current Rutgers Graduate Degree Students
Students enrolled in a PhD program can remain coded in their current program until they complete their PhD degree, after which they must be recoded as students in the program, Mathematical Finance Masters Program (16643).
MS Candidates
Students enrolled in a MS program can remain coded in their current graduate program until they complete their current MS degree or take 12 credits to be counted towards the Mathematical Finance Masters Program, whichever comes first: after this point, they must be recoded as students in the MSMF program (16643).
Admission Procedure
{slider title="Required Material" class="icon" class="grey" open="false"}
- Have fulfilled the program prerequisites.
- Have completed no more than twelve (12) credits of courses in the program already.
- Submit the complete application package with these adjustments:
- Complete the Rutgers School of Graduate Studies "Additional of Second Degree Program Form"
- Provide Cover letter/Personal Statement and résumé
- GRE scores and transcripts may be unofficial copies,
- TOEFL scores or financial documentation are not required.
{slider title="Submission" class="icon" class="grey" open="false"}
- Send the complete application package to Ana Mastrogiovannni; Senior Program Coordinator Supervisor , in Hill 348 and not to the Office of Graduate and Professional Admissions. Do not send application materials by email unless requested.
- Please contact us if you need further information.
{/sliders}
School of Graduate Studies -New Brunswick Degree Requirements
We advise students who are current graduate degree candidates at Rutgers and who wish to earn Master of Science in Mathematical Finance as a second degree to inform themselves of the applicable degree requirements described in the Graduate School-New Brunswick catalog and seek advice from the Graduate Program Director and individual advisor at their home graduate program, following the recommendations of the Graduate School-New Brunswick.
 |
 |
| Admission Process | Prospective Students |
The MSMF program is highly selective. The student body includes both recent college graduates and professionals who are seeking a career change or to enhance their technical skills. Students with strong mathematical quantitative skills from any undergraduate major are encouraged to apply. Applications are only accepted for the fall semester. Early submission is strongly recommended.
 |
 |
| Prerequisites | FAQ |
Students who wish to take graduate courses in our program (part-time or full-time) should apply to Rutgers as a non-degree ("non-matriculated") student in the School of Graduate Studies .
Please consult our Admissions page for advice on how to apply, assistance with special permission numbers, and which tuition rate applies, as this varies according to the courses selected: Graduate School–New Brunswick Standard or Mathematical Finance rate provided by Student Accounting Financial Services for the School of Graduate Studies.
Rutgers as a non-degree graduate student, apply as a mathematical finance (16643) graduate student.
{slider title="How to Apply" open="false" class="icon"}
Non-degree students can take courses from the curriculum for the MS in Mathematics Degree with Option in Mathematical Finance. If you are not enrolled in a degree program at Rutgers and do not wish to pursue the MS degree, you should submit the application package as a non-degree graduate student, with the following adjustments:
- Transcripts may be unofficial.
- Test scores (GRE, TOEFL), letters of recommendation, or personal statement are not required.
- Résumé is recommended.
Transcripts are needed to demonstrate that you have taken the pre-requisites (at Rutgers or elsewhere) for any courses for which you wish to register.
When applying to Rutgers as a non-degree mathematics graduate student, you may choose to apply as a mathematical finance (16643) graduate student.
{slider title="Enrolling in Prerequisites Courses" class="icon"}
Students who wish to take one or more of our undergraduate prerequisite courses (part-time or full-time) should apply to Rutgers as a non-degree ("non-matriculated") undergraduate student in the School of Arts and Sciences, in order to take advantage of the lower undergraduate tuition rate – please consult the tuition rate provided by Student Accounting Financial Services for your chosen campus. If the schedule of classes shows that the class of interest has an open section, you may register online. For undergraduate mathematics classes at the New Brunswick campus, please contact the Undergraduate Mathematics Administrative Assistant, Ms. Patricia Sykes and request the special permission form for non-matriculated students .
We strongly encourage non-degree applicants to apply online by the stated deadline. The School of Arts and Sciences (SAS) may permit online applications after the stated deadline, but the online SAS application form may be removed without notice within a few weeks of the start of the next semester. If the online SAS application form has been removed, prospective students should submit the Non-matriculating Undergraduate Student Late Application (37 KB) after contacting the Undergraduate Mathematics Administrative Assistant to verify that the desired classes are still available.
{slider title="Registration for Mathematical Finance Core Courses" class="icon"}
Non-degree students taking the following core mathematical finance three-credit courses (offered during the Autumn or Spring semesters only) must be enrolled as mathematical finance (16643) graduate students:
- 16:643:621 Mathematical Finance I
- 16:643:622 Mathematical Finance II
- 16:643:623 Computational Finance
- 16:643:624 Credit Derivative Modeling
- 16:643:628 Topics in Mathematical Finance
Tuition for all Rutgers courses (regardless of subject code or whether undegraduate or graduate) while coded as mathematical finance graduate student is billed at the special mathematical finance option rate during regular Autumn or Spring semesters. Students can only be coded in one way for any given semester. If you are a non-degree student with another major (whether standard mathematics (16640), statistics (16960), or other), you must apply for admission as a non-degree mathematical finance option graduate student (16643) to take any one of the above three courses.
When your application has been approved, we will provide you with special permission numbers or pre-requisite overrides for course registration, a process with which our Program Coordinator Supervisor can provide assistance; in addition, you may need to contact a course instructor directly for permission to register for his or her course.
{slider title="Credit Restriction" class="icon"}
No more than twelve (12) credits can be taken as a non-degree student and credited for the MS degree if you later apply to be a degree candidate for the MS in Mathematics with Mathematical Finance Option. This twelve credit limit includes any coursework taken at another university which you request for transfer credit to Rutgers.
{/sliders}
Are you a Rutgers Undergrad Interested in Pursuing Masters in Mathematical Finance?
Complete an undergraduate degree in four years and the MS in just one academic year, with minimum additional time and expense. With careful planning, best begun during the sophomore year.
{slider title="Why choose the accelerated program:" class="icon" open="false"}
- Students with any undergraduate major who have completed the prerequisites can apply.
- The accelerated degree program allows students to count towards the MS degree up to 12 credits of graduate coursework taken while an undergraduate, provided they were in excess of requirements for the undergraduate degree.
- The accelerated MS degree program allows significant cost savings: Tuition for the Mathematical Finance Option is higher than undergraduate tuition rates and 45% higher than the standard Graduate School-New Brunswick rate..
- Summer school tuition rates are discounted from regular undergraduate tuition rates.
{slider title="How to get in to the accelerated program" class="icon" open="false"}
- During the sophomore year, meet the Mathematics Undergraduate Vice Chair or Mathematics Head Advisor - Advising Office and ensure
- Prerequisites for at least two of our required graduate courses will be completed by the end of your junior year
- Submit an application during their senior year by the program deadline
- All our undergraduate prerequisites will be completed by the end of your senior year.
- During the senior year, take at least two (but most four) of the seven required graduate courses: Mathematics 621-622, Mathematics 573,623 Econ 608-607. Students may consult the Mathematical Finance Program Director for advice on course selection. Special permission is needed to register for graduate courses.
- Schedule a GRE General Test in time for ETS to send results to Rutgers before the application deadline.
- Submit an application well in advance of the deadline for Fall admission for the Mathematical Finance Option.
{/sliders}
Interested students are welcome at any time to seek the advice of the:
- Mathematical Finance Master's Program Director (finmath (at) math.rutgers.edu)
Students are encouraged to use Summer school, especially following the junior and senior years, to ensure their courses are completed on schedule. The Departments of Mathematics and Statistics offer most of the advanced prerequisite undergraduate courses during the Summer semesters, and some graduate courses (for example, Statistics 16:960:563 and 16:960:583). Summer school tuition rates are discounted from regular undergraduate tuition rates and some courses are offered during the evening.
|
|
Required Application Materials |
| Additional Application Information |  |
Application Status Check |
Official University Transcripts
Arrange for one official copy of your transcripts from all post-high school (post-secondary school) colleges or universities attended (including Rutgers) to be sent directly to the Office of Graduate Admissions. Transcripts received opened are not official and will not be used in the review process. If you are admitted, you will be asked to provide a final official transcript reflecting your completed degree.
Official, translated copies of all undergraduate and graduate transcripts must be sent to Rutgers Office of Graduate and Professional Admissions. Applicants are required to obtain an official evaluation of their foreign transcript through an accredited organization such as World Education Services (WES) or Globe Language Services. Transcripts must be certified for authenticity and for U.S. equivalency.
All test scores must be submitted directly by ETS to the Office of Graduate Admissions on request of the applicant. Self-reported test scores, including copies of ETS reports mailed to students, will not be used for evaluating an application for admission. Rutgers University (New Brunswick/Piscataway campus) Institution code: 2790. Rutgers does not utilize department codes. Enter "00" when asked for a department code.
International applicants whose first language is not English and who have not recently completed a degree requiring two or more years of study in an English-speaking country must take the TOEFL. A Minimum TOEFL score requirements are occasionally waived in exchange for a commitment from the applicant to take English as a Second Language (ESL) courses at Rutgers or prior to admission.
IELTS
Acceptable IELTS score is a band of 7 again broken into 4 categories but an average of 7 final score.
Applicants are required to submit three letters of recommendation.
Current or former university instructors familiar with your academic performance in prerequisite courses should write your recommendations; letters from current employers or managers are rarely useful. Your recommendations should directly address your suitability for admission to the Mathematical Finance program, including your quantitative and analytic strengths and weaknesses, communication skills (in English), maturity and focus, and potential for future excellence. The most helpful letters give specific examples of the writer's direct observation of the applicant's accomplishments during class or office hours and avoid merely describing the applicant in positive but vague terms. Here is a recommendation letter form (pdf), if you forget to request recommendation letters by email when completing the online application.
The Supplementary Form allows our Admissions Committee to accurately assess whether or not you have the prerequisites (or equivalent courses) necessary to succeed in our program.
Please see the instructions below to complete the from:
- Please download the supplementary form and complete the form by filling the relevant and accurate information.
- Upload your completed Supplementary Form (see below for instructions) at the Graduate Admissions Uploading Your Supporting Materials web page within three (3) days of submitting your main online application form and fee to the Office of Graduate Admissions.
- Do not email the Supplementary Form to the Office of Graduate Admissions or the Mathematical Finance Program Office.
Example ?
Example: Your undergraduate major is Engineering and your transcript lists a one-year course called "Advanced Mathematics", beginning on 1 October 2007 and ending on 31 May 2008, offered by the Department of Mathematics at the University of Dublin, in Ireland. The three main topics covered were multivariable differential and integral calculus, linear algebra, and ordinary differential equations. Your instructor spent approximately 45 lecture hours on multivariable calculus (Autumn 2007), 40 lecture hours on linear algebra (Winter 2008), and 55 lecture hours on ordinary differential equations (Spring 2008). Enter the following information in Part 2 of the Supplementary Form for the subject Multivariable Calculus:
- Institution: University of Dublin
- Department: Mathematics
- Course Number: Leave blank if not known
- Course Title: Advanced Mathematics
- Grade: Your final grade or percentage mark for "Advanced Mathematics"
- Credit Hours: Leave blank if not known.
- Semester Year: Autumn 2007
- Textbook Author and Title: Enter primary textbook used for the Multivariable Calculus part of this course.
Repeat this procedure for the linear algebra and ordinary differential equations parts of your "Advanced Mathematics" course, and for any other courses corresponding in whole or part to our prerequisites.
Do not list the same course twice or more in any part of your application.
Your personal statement should be concise, two (2) pages maximum, with one (1) page preferred. This is not an essay. Please explain in simple, plain language why you are interested in pursuing a degree in Mathematical Finance, describe any current or past employment or internship in the financial industry, what type of career you plan to pursue upon graduation, and how our degree program will help you achieve your career goals.
You must submit a resume (curriculum vitae), two (2) pages maximum, one (1) page preferred.
Prerequisites for Admissions
Prospective students with any undergraduate major are welcome to apply if they will have completed the minimum prerequisites prior to entering the program, which include individual one-semester courses mentioned below.
Advice for Prospective Applicants
Recommended Additional Courses
Optional Advanced Mathematics Courses
Multivariable Calculus
| Subject | Rutgers Course (Credit Hours) | Course Abstract | Primary Textbook |
|---|---|---|---|
| Calculus I | Math 01:640:151 (4) Calculus I for Mathematical and Physical Sciences |
Analytic geometry, differential calculus with applications, logarithmic and exponential functions, introduction to the integral, additional theory and numerical applications. | Calculus Early Transcendentals by Jon Rogawski, Freeman & Co, 2007. |
| Calculus II | Math 01:640:152 (4) Calculus II for Mathematical and Physical Sciences |
Techniques of integration, elementary differential equations, sequences, infinite series, Taylor series, parametric equations, polar coordinates. Prerequisite: Calculus I - Math 01:640:151. |
Calculus Early Transcendentals by Jon Rogawski; Freeman & Co, 2007. |
| Multivariable calculus | Math 01:640:251 (3) Calculus III – Multivariable Calculus |
Analytic geometry of three dimensions, partial derivatives, optimization techniques, multiple integrals, vectors in Euclidean space, and vector analysis. Prerequisite: Calculus II - Math 01:640:152. |
Calculus Early Transcendentals by Jon Rogawski; Freeman & Co, 2007. |
Linear Algebra
| Subject | Rutgers Course (Credit Hours) | Course Abstract | Primary Textbook |
|---|---|---|---|
| Linear algebra | Math 01:640:250 (3) Introduction to Linear Algebra |
Systems of linear equations, Gaussian elimination, matrices and determinants, vectors in two- and three-dimensional Euclidean space, vector spaces, introduction to eigenvalues and eigenvectors. Possible additional topics: systems of linear inequalities and systems of differential equations. Prerequisite: Calculus II - Math 01:640:152. |
Elementary Linear Algebra: A Matrix Approach by Spence, Insel, & Friedberg; Prentice-Hall |
Ordinary Differential Equations
| Subject | Rutgers Course (Credit Hours) | Course Abstract | Primary Textbook |
|---|---|---|---|
| Ordinary differential equations | Math 01:640:244 (4) Calculus IV – Ordinary Differential Equations for Engineers or |
First- and second-order ordinary differential equations; introduction to linear algebra and to systems of ordinary differential equations. Prerequisite: Calculus III - Multivariable Calculus Math 01:640:251. |
Elementary Differential Equations by William Boyce & Richard Di Prima; Wiley 2004. |
| Math 01:640:252 (3) Elementary Differential Equations |
First- and second-order ordinary differential equations; systems of ordinary differential equations. Prerequisites: Calculus III - Multivariable Calculus Math 01:640:251, Introduction to Linear Algebra Math 01:640:250. |
Differential Equations by Paul Blanchard, Robert Devaney & Glen Hall; Brooks/Cole, 2006. |
Probability (calculus-based)
| Subject | Rutgers Course (Credit Hours) | Course Abstract | Primary Textbook |
|---|---|---|---|
| Probability (calculus-based) | Math 01:640:477 (3) Mathematical Theory of Probability or |
Basic probability theory in both discrete and continuous sample spaces, combinations, random variables and their distribution functions, expectations, the law of large numbers, central limit theorem. Prerequisite: Calculus III - Multivariable Calculus Math 01:640:251. |
A First Course in Probability by Sheldon Ross; Prentice-Hall, 2005 |
| Stat 01:960:381 (3) Theory of Probability |
Probability distributions; binomial, geometric, exponential, Poisson, normal distributions; moment generating functions; sampling distributions; applications of probability theory. Prerequisite: Calculus III - Multivariable Calculus Math 01:640:251. |
N/A |
Computer Programming**
| Subject | Rutgers Course (Credit Hours) | Course Abstract | Primary Textbook |
|---|---|---|---|
| Introduction to computer programming ** (Java, C, or C++) |
CS 01:198:111 (4) Introduction to Computer Science (Java) or |
Intensive introduction to computer science. Problem solving through decomposition. Writing, debugging, and analyzing programs in Java. Algorithms for sorting and searching. Introduction to data structures, recursion. Prerequisite: any course equal or greater than pre-Calculus II Math 01:640:112. |
How To Think Like A Computer Scientist: Java Version by Allen Downey; Green Tea Press, 2003 |
| ECE 14:332:252 (3) (pdf) Programming Methodology I (C++) (recommended) |
Principles of block-structured languages and data systems. Syntax, semantics and data types of C programming languages. structured programming. Arrays, structures, lists, queues, stacks, sets and trees. Recursion and pointers. Searching, sorting, and hashing algorithms. Introduction to complexity analysis. Prerequisite: Introduction to Computers for Engineers ECE 14:440:127. |
Data Abstraction & Problem Solving with C++ by F. Carrano; Prentice Hall, 2006. | |
| ECE 14:332:254 (1) (pdf) Programming Methodology I Lab (C++) (recommended) |
Laboratory course to go along with Programming Methodologies I. Implementation of basic C++ programs. Prerequisite: Introduction to Computers for Engineers ECE 14:440:127. |
C++ How to Program, by Deitel & Deitel; Prentice Hall, 2006 |
* Another course, such as Real Analysis (Advanced Calculus 01:640:311 (3) or Mathematical Analysis 01:640:411 (3)), Numerical Analysis (01:640:373 (3)), or Complex Variables (01:640:403 (3)) may be accepted, but a course on partial differential equations is preferred.
** Another course, such as Computing for Mathematics & Physical Sciences (MATLAB, Maple, Mathematica, Python, or Visual Basic) (01:198:107), may be accepted instead, but a course on computer programming with C, C++, Python or Java is preferred. For students who cannot take ECE 14:332:252 & 254 or CS 01:198:111 during the regular Fall or Spring semesters, our program accepts CSC-133 (Introduction to Computer Science with C++) offered in Summer School by Middlesex County College, Edison, NJ.
Select a frequently asked question from the categorizes listed below:
Admission Queries
- What are the deadlines?
- To view, deadline click here
- Can the MSMF be taken part-time?
Yes, we welcome part-time students. - What are the minimum GPA, GRE, or TOEFL scores required?
We do not have minimum scores. Your application as a whole is more important than individual scores and weaknesses can be balanced by strengths in other parts of the application. Still, we prefer (a) GPA of 3.0 (B average) or above in prerequisite and recommended courses, (b) GRE verbal scores of 154 or above and quantitative scores of 165 or above, (c) TOEFL scores of 213 for the computer version, 550 for the paper version, and 83 for the internet version with 22 for writing, 23 for speaking, 21 for reading and 17 for listening. - Can the requirement to submit GRE scores be waived?
As noted in the test scores section of our admission process page, all external applicants are required to submit GRE General Test scores, with a few exceptions. Please review the exceptions carefully.
We do not rely on GRE scores in making admission decisions. We give by far the most weight to grades for courses that fulfill or exceed our prerequisite and recommended courses. - Can a GMAT score replace the GRE?
No, unfortunately, it cannot. - Where do I mail my application materials?
All application materials should be uploaded to your online application. Official transcripts should be mailed directly to:
Office of Graduate and Professional Admissions
Rutgers, The State University of New Jersey
56 Bevier Road
ASB Annex I
Piscataway, NJ 08854 U.S.A. - I have not taken all the mathematics prerequisite courses. Should I still apply?
Your mathematics background should be solid and, ideally, you should have completed the prerequisites before the start of the program. However, we will consider applications from students who show promise. Students lacking prerequisites may still be admitted to the program but will need to take some of the prerequisite courses during their first semester or preceding summer. Courses may be taken at any institution of higher education. In some cases, it may be possible to take some prerequisite courses at Rutgers during the summer semester prior to entering the program properly in the fall. Please note, only in-class courses will be accepted. We do not accept courses taken online. - Do you have rolling admission? When can I begin the program?
External applicants should follow the regular deadline. Internal Rutgers applicants, including Rutgers five-year BS/MS undergraduates or Ph.D. students who have passed their qualifying exams, may apply by November 1 for admission by the Spring semester or August 1 for the Fall semester. - What counts as relevant work experience? You should mention work experience (including internship) in the financial industry in your application, as well as experience which involves relevant skills (for example, software development, economics, statistics, mathematics, management consulting, etc.). Work in areas closer to those in which you expect to find a job upon graduating is most valuable, typically in the form of an internship or employment in an investment bank or a hedge fund. This also helps in the future when seeking a full-time position with a similar employer.
Prospective Student Queries
- Can MSMF courses be taken as a non-degree student?
Only US Citizens and permanent residents can take courses as non-degree students. Non-degree students are permitted to take a maximum of 12 credits that can later be transferred to MSMF should you decide to pursue the degree. Please visit our information page for non-degree students. - I am currently pursuing a graduate degree at another university. What are the procedures for transferring to your program and can my credits be transferred?
Students may apply to the program who have already completed one or more advanced courses as graduate students at other universities. However, there is no formal transfer procedure. Students intending to transfer should visit the How to Apply page for instructions. Transfer applicants should draw attention to any advanced coursework they have taken, as this may help their application.
Students can apply to transfer up to 9 credits of graduate courses with a grade of B or better, provided they replace appropriate courses offered by our program, and credit for such courses was not used to earn a previous undergraduate degree. Permission to transfer credit is granted on a case-by-case basis and is not granted automatically. Please see the general Graduate School-New Brunswick rules for transfer of credit for full details.
Transfer Credit, Dual Credit, and Course Waivers
Students seeking to transfer a course from another university, have a course credited to more than one Rutgers master's degree program, or waive a course requirement should read the following information carefully.
Transfer Credit
A Mathematical Finance master's degree student can apply to transfer up to 12 credits of graduate courses completed at another university, with a grade of B or better, provided they replace equivalent courses in the Mathematical Finance program, and credit for such courses was not used to earn a previous undergraduate degree. Acceptance for credit towards the Mathematical Finance degree is subject to approval by the Mathematical Finance Program Director and is not automatic. Please complete the Graduate School-New Brunswick Transfer Credit Form and consult their general rules for transfer of credit, as well as the rules for transfer of credit for doctoral candidates for full details.
Students may request that courses they wish to transfer be evaluated by the Mathematical Finance Program Director after they have registered for at least one course in our program by submitting the following to the Mathematical Finance Program Administrative Assistant: - A completed Transfer Credit Form with
- A detailed syllabus and primary textbook information for each course to be evaluated.
- It is not necessary to wait until 12 credits have been completed in our program before requesting a transfer credit evaluation.
Dual Credit
A student who has completed Mathematical Finance program courses at Rutgers while a candidate for a second Rutgers graduate degree or while a non-degree graduate student, may apply to count up to 12 credits for those graduate courses completed in the second-degree program or as a non-degree student, with a grade B or higher, towards the Mathematical Finance degree. Acceptance is subject to approval by the Mathematical Finance Program Director and is not automatic and, in the case of courses completed while a non-degree student, only considered after the student has completed an additional 12 credits as a Mathematical Finance degree candidate.
The 12-Credit Limit
Completion of the Mathematical Finance degree will require at least 18 additional credits beyond an overall limit of 12 credits, applied to courses completed at Rutgers in a second graduate degree program or as a non-degree graduate student or accepted for transfer credit from another university.
Course Waivers
If a student has taken more than 12 credits worth of courses in the Mathematical Finance degree program prior to beginning the program while registered as a Mathematical Finance (16643) student, then he or she should complete extra electives to bring the total number of additional credits to 18 and request the applicable 12 credits completed with the highest grades be counted towards the Mathematical Finance degree. The requirement to retake Mathematical Finance program mandatory courses in excess of the 12 credit limit is waived provided the student received a B or higher for those courses. Example: An applicant will have completed Math 573 & 621, Stat 563, 583 & 565 (a total of 15 credits, all with grade A except for a B in Stat 583) prior to registering as a Mathematical Finance (16643) degree student. Then he or she will still need to complete 6 mandatory credits, Math 574 & 622, and 12 elective credits (for example, ECE 503, Math 623, and two other 3-credit electives) and request that the 12 completed credits with highest grades be counted towards the Mathematical Finance degree (Math 573 & 621, Stat 563 & 565 in this example). The requirement to retake Stat 583 is waived, as that grade is at least B. - I am a Ph.D. student at Rutgers. Can I pursue the MSMF at the same time as my current Ph.D. program?
Rutgers allows students to pursue a second master's degree while remaining coded in the original admitted curriculum. For students who have passed their Ph.D. qualifying exams, a new application is not required. - I am an international student: what is the minimum number of courses I can take in a semester?
International students are required to maintain full-time status at all times; for graduate students that means they must be registered for a minimum of 9 credits per semester. There are exceptions when students can register for less than 9 credits, however, those instances are very limited and specific. In cases where a student registers for less than 9 credit, a Reduced Course Credit form must be completed, reviewed and signed by the Academic Dean and Program Director. Reasons for allowing a reduction for a given semester includes (a) initial difficulty with Academic Difficulties the first semester - due to either English Language, reading requirements or teaching methods (b) final semester in the program, (c) documented medical reasons. The rules regarding the minimum number of courses can change from year to year and depend on visa requirements. Students who need to take fewer than the usual minimum course load to be considered full-time (three 3-credit courses) are urged to check with the Rutgers Global–International Student and Scholar Services.
Academics Queries
- Are classes offered in the evening?
The majority of the required core courses are offered in the daytime.. Some elective courses are offered in the evening, though students will have a greater choice from electives offered during the day. - Are there any professional societies that can provide more information about education, careers, and new developments in mathematical finance?
Yes. The leading professional organization for industry practitioners is the International Society of Financial Engineers while the Global Association for Risk Professionals will also be of interest to students pursuing careers in this field. The Bachelier Society and the Society for Industrial and Applied Mathematics (Activity Group in Financial Mathematics and Engineering) are prominent societies for academic researchers.
Career Queries
- Does Rutgers offer summer internships in quantitative finance or related fields?
Rutgers does not offer summer internships and we do not respond to such email inquiries. - Is an MSMF a suitable qualification if I would like to work as a trader?
There is no degree or professional qualification which is directly applicable for someone who wishes to become a trader. Traders of exotic derivatives and complex structured products have qualifications ranging from a bachelor's degree to a Ph.D., usually in engineering, mathematics, or science. A suitable talent and temperament is as important as a particular qualification. However, a master's degree in mathematical finance (equivalently, computational finance, financial engineering, or quantitative finance) is a helpful qualification for a trader, noting that good traders need to be able to communicate effectively with the quants who support the models they use for pricing and risk-managing derivatives. An MSMF is also a good qualification for someone who would plan to work initially as a quant but eventually move to the trading desk after gaining experience as a quant supporting an exotic derivative trading desk. The CFA (chartered financial analyst) qualification is occasionally cited as a useful qualification for prospective traders, though it is generally viewed by traders as not necessary.