University of Chicago - MS in Financial Mathematics

University of Chicago - MS in Financial Mathematics

UChicago - Financial Mathematics

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Location
Chicago, IL 60637
Application deadline
Round 1: January 9, 2025 | Round 2: March 20, 2025
Currently the Program offers 15 months of accelerated, integrated coursework that explores the deep-rooted relationship that exists between theoretical and applied mathematics and the ever-evolving world of finance. To assist our students with applying theory to practice, we offer Project Labs with area employers to help build out our student's skills and knowledge about the quant industry. Our Program, with its unmatched student body and highly accomplished faculty, works hard to uphold the University’s core values by creating an atmosphere that encourages intellectual collaboration and growth.

Lastly, students of the MSFM Program at the University of Chicago enjoy a world-class education. Courses are taught by a combination of established academics and industry professionals. Beyond academics, the MSFM Program offers students the opportunity to grow both privately and professionally. Networking events are held regularly to encourage communication and professional growth.

Our mission is to equip our students with a solid foundation in mathematics, and in doing so provide them with practical knowledge that they can successfully apply to complicated financial models. Our students become leaders in their field; program alumni have gone forth to find success at companies like JP Morgan, UBS, and Goldman Sachs.

The program offers two types of merit-based scholarship. All applicants are considered. No separate application required.
Alpha Scholarship recipients are offered a financial award in the amount of 60% of total tuition costs in 2023. Maroon Scholarship recipients are offered a financial award in the amount of 30% of total tuition costs in 2023.

2024 Incoming cohort
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University of Chicago Master of Science in Financial Mathematics

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2025 Ranking Data
Rank
6
Total Score
85
Peer Score
3.4
% Employed at Graduation
78%
% Employed at 3 months
95%
% Employed in the US
79%
Salary + Sign On Bonus
$134,285
Cohort Size
124 FT, 6 PT
Acceptance Rate
20.9%
Tuition
$96,826

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65,548
First release
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Ratings

4.75 star(s) 40 reviews 4.89 star(s) Students Quality 4.89 star(s) Courses/Instructors 4.67 star(s) Career Services
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Latest reviews
Headline
A perfect place to start quant career
Class of
2017
The courses offered by UChicago are very hard core but they are all useful for being a quant. The career services are mediocre. You cant expect much for a class of such a big size. Students are all very talented.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
4.00 star(s)
Career Services
4.00 star(s)
Upvote 0 Downvote
Headline
Worth Coming!
Class of
2023
In general, I love the Financial Mathematics program. The students there are smart and eager to learn.

For courses, the required ones are very helpful and highly recommend. They are math and programming focused, but also useful in financial industry. For example, Option Pricing, Portfolio Theory and Risk Management, Stochastic Processes, and Python. Other courses are optional, so it's very flexible for students to develop their path and interest. Some courses are more theoretical, others are more applicable. Students can found courses that they're interested in and make a balance between the academics and interview preparation.

Many students landed a job before graduation. Some students landed a job after graduate. I think the program did well and I'm very satisfied.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
4.00 star(s)
Upvote 1 Downvote
Headline
Unforgettable Memories
Class of
2023
My stay at the UChicago Fin-Math program has been exciting and spectacular.

The courses are very structured and useful. From Options pricing and Fixed Income to Python and Reinforcement Learning, it equipped me with all the necessary knowledge for the practical world. I love Roger, Mark, and Lauler the most, they're the kind of professors who can explain many obscure concepts in very straightforward ways. The more fascinating part is that you can choose various courses from different departments so that you get a chance to learn what you want to learn.

The CDO(Career Development Office) is very supportive, they keep posting kinds of internship or full-time opportunities via email and organize many technical and behavioral workshops to help us better prepare for the real interview.

All these resources help me better land a job in such a difficult job market.

If you're hesitating whether to apply for the program, just go and apply for it right now!
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 1 Downvote
A
Headline
Flexible, Rigorous, Engaging and Practical
Class of
2023
The admission process was quite smooth. There were a couple of self introductory and motivational videos required. Also prior knowledge of mathematics, coding and finance was beneficial.

I loved the Fixed Income courses by Mark Hendricks and used the concepts learned during internships. The Credit Markets course by Alex Popovichi is another fantastic addition to the fixed income enthusiasts.

The career team is quite focused on helping students rather than advertising to prospective new cohort unlike some other schools on this forum. I really like their approach of "Apply Apply Apply" and helping you with connections to other alumni in the same industry and company to get insights that google or LinkedIn just wont provide.

Love the vicinity to so many options and futures companies as well as asset management firms. A wholesome community.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 1 Downvote
M
Headline
Enriching Experience!
Class of
2023
Reviewed by Verified Member
Status:
Graduated from UChicago MSFM in December 2023. Will begin working as a Quantitative Strategist in February 2024 in NYC.

Highlights:
- Comprehensive and rigorous curriculum with 4 concentrations available (Financial Computing, Financial Data Science, Options and Derivatives, Trading and Risk) that makes it an extremely focused and goal-oriented program.
- Good interview preparation provided both by CDO (mock interviews, technical interview workshops, company info sessions with a chance to speak with recruiters) as well as through coursework (August review and September Launch which occur before classes start, classes taken in the first quarter prepare you for internship interview questions as well).
- Project Labs offered with reputed companies spanning a variety of project topics. I received two interview requests for a full time role with the company I did a Project Lab with.
- Strong alumni network that participates in panels to help with interview preparation, course recommendations, and general career advice.
- Location advantage with career treks offered to trading companies based in Chicago. NYC based companies also heavily recruit from FinMath.
- Special shoutout to Meredith and Emily who will help you in any way possible and will always give you a shoulder to lean on :)

Course Recommendations:
Any class taught by Mark / Seb / Roger, Quantitative Trading Strategies, Credit Markets, Project Lab.

This program will challenge you in the best way possible and will not only empower you with academic knowledge but also a preparedness for job interviews and professional competence. With a staff that goes above and beyond to help and an alumni network that is so involved, the FinMath program is indeed an exceptional one!
Recommend
Yes, I would recommend this program
Students Quality
4.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 2 Downvote
Headline
Excellent Experience
Class of
2023
My experience at the UChicago Finmath program is definitely life changing for me. The most helpful resources are the networking opportunities with financial industry and plenty of brilliant alumni who are always willing to help me. These factors help a lot in boosting my career. In addition, the courses provide the basic knowledge we will need to handle quant interview, which helped me a lot during my interviews.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
Headline
Exceptional Financial Math Program at the University of Chicago
Class of
2017
Enrolling in UChicago's Financial Math Program was a game-changer for me. The blend of theory and real-world application, coupled with passionate faculty and hands-on experiences, has made my academic journey truly transformative. The supportive community and commitment to staying ahead in the finance world set this program apart. It's not just an education; it's a personal and professional growth journey. Five stars without a doubt!

Cheers!
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
Headline
Worth coming!
Class of
2023
The program is very well-structured, not only in course arrangement, but also in career center's assistance. I find my classmates all have strong undergraduate background so it is a little bit pressure here, but pressure makes progress!
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 0 Downvote
Headline
Evening classes available!
The cohort consists of a healthy mix of young graduates and more mature students with experience in the industry. This diversity is reflected throughout my experience at the program. Students have prior background in financial mathematics are also allowed to take a certain number of electives from other departments (e.g. the renowned economics program or business school). The new track system allows students to build a more tailored curriculum and focus on areas that they're most interested.
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
4.00 star(s)
Upvote 1 Downvote
Headline
Finding a full time job will be much more dependent on individual skills and efforts.
I graduated from UChicago FinMath in December 2022 and will be joining as a quant strategist at a Chicago prop shop.

Career Development Office
As mentioned in the previous reviews, Emily is an amazing career advisor. Not only does she give excellent interview and career advice, she also provides the moral support that is needed during the recruitment process.

Course reviews:
There are some courses in the program that I believe are worth taking:
- Portfolio Theory and Risk Management I
- Options theory/Numerical Methods
- Stochastic Calculus
- Regression Analysis and Quantitative Trading Strategies. This course does have mixed reviews but I personally enjoyed it. It gives you an insight on how to manipulate data and simulate simple trading strategies.

For Seb's programming courses, I believe that they are good if you do not have a CS background. If you do, this course is should be more of a review and grinding Leetcode/Hackerrank will be more helpful (which is pretty much the homeworks anyways).

The program also gives you the opportunity to take courses from other departments. Students should leverage this and take courses such as probability and statistics and machine learning courses from other faculties. I also highly recommend that you take a course from Chicago Booth; some of the courses there are very well taught.

Project Lab
Project lab is a nice touch to the program. It allows students to work with industry employers on a quant project. This experience can be used as a resume boost and be talked about during interviews. Students can also get internships and full time roles from this as well.

Conclusion
Overall, I had an amazing time in the program and will really cherish my 15 months there. I would take the Quantnet 2023 rankings with a grain of salt and do your own research into all the Master's programs. At the end of the day, making it to any of the top programs is impressive and finding a full time job will be much more dependent on individual skills and efforts. Hope this review helps!
Recommend
Yes, I would recommend this program
Students Quality
5.00 star(s)
Courses/Instructors
5.00 star(s)
Career Services
5.00 star(s)
Upvote 4 Downvote
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