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North Carolina State University - Master in Financial Mathematics

North Carolina State University - Master in Financial Mathematics

NCSU Financial Mathematics program
Overview Rankings Jobs Admissions Tuition Applications Reviews (28) Discussion
Location
Raleigh, NC 27695
Application deadline
Jul 15 (Spring), Mar 1 (Fall)
NC State’s Financial Mathematics Program is known for rigorous training in the core areas of probability, statistics, modeling, investment theory, stochastic processes, and economics. The depth of understanding prepares students to respond to today’s rapidly evolving, world-wide economic and financial landscape. During the 18 month program, students are encouraged to build on the core with a focus in areas such as risk management, data science, statistics, mathematics, or business management.

The 18-month curriculum requires 7 core courses, 3 electives, and a private-industry internship (or project), and career skills seminars.

Students have held internships and jobs at Bank of America, Credit Suisse, Genworth, Goldman Sachs, McKinsey &Co, Morgan Stanley, SAS, Wells Fargo, and companies all over the world.

Required Classes​

Semester One Core Requirements (Fall)
Capital Investment Economic Analysis (ISE 711)​
Statistical Theory I (ST 501)​
Asset Pricing (ECG 528)​
Career Development (Student Seminar)​

Semester Two Core Requirements (Spring)
Financial Mathematics (MA 547)​
Statistical Theory II (ST 502)​
Monte Carlo Methods for Financial Mathematics (FIM/MA 548).​
Career Development (Student Seminar)​

Semester Three Core Requirement (Fall)
Computational Methods in Economics and Finance (ECG 766)​

Electives Classes​
New courses have been added in the last 3 years are below
  • Machine Learning in Finance, Elective
  • Financial Data Analytics, Elective
  • Financial Date Management with SQL, Elective
  • Climate Risk Management for Financial Institutions, Elective
  • Quantitative Trading Technology, Elective
  • Risk Management for Commercial Banks, Elective.
  • Blockchain Technology and Cryptocurrencies, Elective.
Career Services. Financial Math students have access to a wide array of career services
  • Friday Seminars- Industry-related presentations & projects
  • Financial Math Program’s Workshop Series
  • Customized, One-on-One Career Counseling
  • Career Fairs and Professional Networking Events
Please contact us: Financial_Mathematics@ncsu.edu
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2025 Ranking Data
Rank
12
Total Score
74
Peer Score
2.3
Employed at Graduation (%)
62%
Employed at 3 months (%)
100%
Base salary
$116,000
Cohort Size
23 FT
Acceptance Rate (%)
14.6%
Tuition
$64,609
Views
45,681
First release
Last update

Ratings

4.46 star(s) 28 reviews 4.00 star(s) Students Quality 4.00 star(s) Courses/Instructors 5.00 star(s) Career Services
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Latest reviews

Dev Kewlani
Headline
NCSU Master of Financial Mathematics
Class of
2025
Reviewed by Verified Member
When entering a financial engineering or mathematics program, many students aspire to become quantitative researchers or traders. While this is a reasonable goal, I've learned it's important to understand what each program specifically prepares you for. NCSU's MFM program is particularly well-suited for those interested in risk management and related career paths, rather than primarily QR or QT roles.

One of the program's standout features is its career services. The support begins even before classes start, with the team proactively reaching out to understand each student's background and career goals. They work individually with students to structure resumes that best highlight existing skills for target roles, providing personalized guidance rather than a one-size-fits-all approach. The interview preparation is comprehensive, including multiple mock interview sessions that build confidence and refine our presentation. A particularly valuable component is the semester-long practicum project, where students apply their learning under the mentorship of senior students. This experience, I believe, bridges the gap between academic concepts and real-world application. The program also regularly brings in industry guests to speak with students, offering authentic insights into day-to-day work in various quantitative finance roles. These sessions were invaluable in helping us understand the realities of different career paths and what to expect as we transition from academia to industry.

The program begins with Probability Theory and Options Pricing courses that provide a solid foundation. For students newer to these topics, they offer valuable grounding; those with prior exposure will find them a good refresher that ensures everyone starts on equal footing.
I opted to take the Fixed Income elective rather than the ML course, choosing instead to supplement my machine learning education through resources like StatQuest and various textbooks. This self-directed approach worked well for me in connecting theory to financial applications. The Fixed Income course provided strong coverage of various instruments, though I found myself wanting deeper exploration of the mathematical frameworks and tools used in actual pricing, something I supplemented through independent study.

The second semester ramps up significantly with Monte Carlo Simulations, Stochastic Calculus, and Statistical Inference. I also took the Statistical Learning elective, which I found to be very helpful as it offered a thorough treatment of ML through the ISL textbook. Having gained comfort with foundational concepts during my first semester, I was able to supplement the coursework with the more advanced ESL (Elements of Statistical Learning) textbook, which deepened my understanding considerably.

Monte Carlo Simulations stood out for its comprehensive coverage of pricing techniques and tools. Stochastic Calculus covered the essential concepts, though I would have benefited from a more gradual transition from deterministic to stochastic frameworks at the beginning. The course concluded with Feynman-Kac, and I found myself pursuing additional independent study to learn techniques for pricing American options, interest rate products, and other modeling approaches. Given the breadth of material - from fixed income to equity derivatives - I can see how a multi-semester treatment of stochastic calculus might allow for deeper immersion and more extensive practice with different securities and model calibration.

Like many graduate students, I supplemented my coursework with significant self-study, particularly for interview preparation. This included practicing programming problems, working through interview specific probability questions, and diving deeper into topics like yield curve calibration, and understanding the pricing and modeling of products in Fixed Income like MBS and ABS. While the program's curriculum doesn't extensively cover all these areas, this reflects its focus - preparing students thoroughly for risk management roles where practical application is emphasized over theoretical depth in pricing.

The program delivers on its value proposition: preparing students well for careers in risk management and adjacent fields, supported by truly outstanding career services that give students a significant advantage in the job market. For those specifically seeking deep expertise in pricing complex derivatives across all asset classes, supplementary self-study or a different program focus might be necessary. However, for students aligned with the program's strengths in risk management and who value strong career support, it provides solid preparation and a practical skill set that translates well to industry roles.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
sashank_surya
Headline
NCSU Master of Financial Mathematics program
Class of
2023
Reviewed by Verified Member
One of the standout features of this program is the robust career support provided by the faculty. Before I even commenced my studies, the career services team reached out to refine my skills and enhance my professional profile. They maintained regular follow-ups and organized weekly sessions with industry professionals. These meetings were not opportunities to secure jobs or internships, but rather to gain a deeper understanding of industry practices and dynamics. Overall I completely dedicate my full time and internship job offers to the support I received from the faculty and career center.

Another compelling reason for choosing this program was its affordability. By strategically selecting my coursework, I managed to make this one of the more cost-effective options available, without compromising on the quality of education. Also, the flexibility to integrate computer science electives with my financial mathematics degree significantly enriched my academic profile from just a quant fin degree to one with a computer science concentration.

Additionally, the program's small cohort size offers dual benefits: it allows for more personalized attention from professors and fosters valuable interactions among students. This close-knit learning environment has been instrumental in enhancing my educational experience.
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
5.00 star(s)
Upvote 1 Downvote
A
I graduated from this program in 2019. My reasons for recommending NC State include eclectic choices in electives, proximity to the Banking industry and the small class size.
There is flexibility to choose from a broad range of electives in Data Science, Statistics, Programming and risk related courses taught by industry experts.
Having come from a different professional culture, I was new to the idea of networking and exploring job opportunities through it. The course on career development taught me how to work on that. The weekly training session covers professional etiquettes and important lessons on soft skills. We also have speakers from the industry who give insights on the hot topics in their specialized fields.
The program organizes great opportunities for networking through workshops such as the two-day CECL summit, attended by regulators, consultants and banking officials. It also provides a platform to present our projects and get feedback from the attendees.
The program equips the students to be industry ready. Overall, it’s a great learning experience in terms of technical knowledge as well as professional skills.
Upvote 0 Downvote
D
I am a 2020 graduate of the NC State MFM program and with a year of experience in credit risk modeling I can confidently say that this program more than prepares it's graduates for modeling work in banking, insurance, and other quantitative financial roles.

The technical courses offered (Monte Carlo, Machine Learning, Time Series, etc.) give students lots of programming experience. These topics and skills are reinforced with research projects related to current financial events like the implementation of CECL and rollout of SOFR. By the end of the program most have strong technical skills and a big picture understanding of markets, which are always in demand.

The career development program goes a long way to get people prepared for interviews and helps many graduate with multiple offers.

The program is rigorous but the pay off is worth it and I'd recommend NC State to anyone interested in a role in quantitative finance.
Upvote 0 Downvote
T
I am currently studying Financial Mathematics from NCSU. My journey so far has been pretty good. Before joining this program, I have over seven years of experience in derivatives trading. This program enhanced my skills to a new level. The icing on the cake, through Friday's seminar I am able to make connections from industry professionals

Pros
CECL and Backtesting engine - these two projects improved my coding skills on python and give more insight into the current/upcoming risk management practice.

Program director Dr Tao Pang understand each student needs and always try to meet the current industry demand by conducting webinars, workshop and so on. For example- python, SAS and R workshop conducted for students who want to improve their coding skills.

Cons
The program is very intense, sometimes we have to do multiple things at the same time.
To get a degree we have to score minimum B in cores subject this constraint which I think can be relaxed as it is possible that some


Overall, I am happy with the program and I am giving 4star ratings
because nothing is perfect in the world and there is always scope for improvement
Upvote 0 Downvote
R
I am a first year student at NC State in Financial Mathematics Program, enrolled in the last FALL 2018. I think, I am well placed now to review the program.

MFM (Masters in Financial Mathematics) is a rigorous program for the students interested in specializing in Quant Finance. Seniors and Alumni of the program are doing pretty well in the industry, primarily in three broad roles namely, Risk Management, Quantitative trading and Business Intelligence.

My fellow classmates are from different backgrounds with varying background of Maths, Statistics, Compute Science and Finance. Most of them either have FRM and CFA or pursuing the same, thereby making the class very competitive.

Program is growing very well under the leadership of Dr. Pang and because of small class size individuals' aspiration are well accounted in the selecting the subjects. Program offers flexibility in selecting subjects from Statistics, Finance, Operations Research or B-School. In order to provide accelerated learning, on a regular basis workshops are being organized to name few on Python, R and SAS.

Moreover, in terms of flexibility - I was one among the few who got a chance to attend "Derivative Pricing" class with Skema Business School in the last semester as part of the exchange program. in addition, program has been providing various opportunities like participation in CFA Challenge and IAQF case competitions.

From infrastructure perspective, program has got dedicated Bloomberg Terminals, Graduate Lounge and Career coaches from NY,etc. added wit state of art of infrastructure of NC State.

Every Friday, we have seminar whereby we get a chance to meet Industry leaders, including potential recruiters. Program as a whole is industry bellwether in the area of Credit Risk (CECL - new accounting requirements) and is deeply invested in the same.

Overall program is power packed with Statistics, Finance and Programming and doesn't allow much room to party but we do have regular get togethers like, Chinese New Year, Christmas and Halloween Celebrations.

Overall the experience had been so far very good.
Upvote 1 Downvote
I am a second year MFM student at NC State. The program gives good exposure to core areas of statistics, programming, derivatives pricing, and risk management. Students are typically excellent programmers with solid industry knowledge and project experience by graduation.

Students can choose electives from an extensive list of courses offered in adjacent departments of statistics, computer science, MBA, etc. This, combined with excellent core courses gives both foundational knowledge and room for specialization/concentration.

Networking and career services are generally excellent. The school is disadvantaged to not be located in a financial center, but still manages to get industry professionals in front of students on a regular basis.

The leadership under Tao Pang is also excellent. He implements changes rapidly in response to feedback and gives students a good blend of coursework, projects, and networking. Unreasonable administrative hurdles are never an issue.

The biggest con comes from a lack of research professors studying quantitative finance. This results in a shortage of thought leaders, and there is no powerhouse economics/finance college to fill the gap. However, the excellent network with local and national industry professionals easily compensates for this.

Overall, a 5 star masters program. Being a state college, it is among the best ROI of any programs available.
Upvote 0 Downvote
Y
As a graduate from FM program at NC State, I would like to say that it really plays a crucial role on my career path. By learning the courses like Statistics, Financial Math, and Risk Management, I got the fundamental and advanced theories in this field. Moreover, these courses helped me prepare for the CFA exam which was useful in the job market.

In addition, I also improved my coding skills like C++, R, SAS, and Matlab. By learning related courses and doing projects with the director, I applied what I had learned into practice, which was really helpful for job interviews.
Upvote 0 Downvote
P
I enrolled in the program in Fall 2017. It's quite a rigorous program that you really can learn a lot here. They will train you in computer programming, finance, mathematics, and statistics, all of them can play an important roll in your career pursuit. What's more, you will spend some of your time searching summer internship. However, it's no worry because FIM500 and FIM 601 are designed to help students with the job hunt. They will enhance your background in resume writing, interview, network and technical skills.

Now the director is Dr. Pang, who highly cares about students. He spends lots of time assisting the student with job hunting. Anytime you want you can just email him for advice or just reach to his office.

In your first year, you will be trained in some programming languages which are highly useful in industry. You are supposed to get your SAS Base certificate, which is very useful in this field. Besides, you will have chance touch MATLAB, Python, VBA, as well as R. Anything you want you can find. If not, you can choose computer science courses as your elective. It's a little bit tricky but you can ask for help anytime as I referred before.

In general, I will rate this program 5 stars. I really attained a lot of skills and knowledge. If you are a person who highly interested in the field of financial mathematics, this program deserves your consideration.
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Currently, I am a candidate for MFM at NCSU. I joined the program last fall, and I expect to graduate by the end of this year.

One of the reasons why I selected this master is because it is an 18 months program, which in my opinion allows the students to get more solid basis of quantitative finance. I pursed a 12 month master program before, and the intensity of the program does not allow the students to enhance their full potential since they have to process, digest and retain a lot of information.

I confirm my decision as a right one, since I am part of a diverse cohort which has become a family for me. As a group we help each other to understand and discover beautiful and challenging applications of mathematics. I found this program to have allowed me to fulfil my academic goals, which for now have been a good liftoff for my career in the finance world.

Regarding the courses taught, the syllabus is well structured. In the first semester, it gradually introduces the students into finance and mathematics. It allows students to choose electives from departments like statistics, college of management, operations research and mathematics. I feel obligated to share the amazing opportunity that I had when taking Probability Theory and Stochastic Processes with Professor Min Kang - a course which she teaches with strong passion, and which give the basis for a career in quantitative finance.
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