University of Minnesota - Master of Financial Mathematics

University of Minnesota - Master of Financial Mathematics

Minnesota MFM program is under the MCFAM Center for Financial and Actuarial programs

Reviews 4.71 star(s) 41 reviews

Very disappointed when graduated from the program.
Except for the computational course,other modules only touch the concept without digging into the formula.
The instructor for fm5021/fm5022 are extremely irresponsible.
Most of fm5011 lecture notes are directly copied from John Hull's website.Some of the lecture and homework are totally time wasting material ,for example doing Matrix decomposition and basic probability,for the more technical part such as interest rate derivatives, the instructor barely write down one equation on the blackboard,leaving the student studying the lecture notes themselves.He does not have any research or publication in quantitative finance,the only industry experience he had was a Oil trader at a non-financial company.
The Asset and Allocation module is also poorly constructed with outdated material.The final project for the first whole semester is basically fitting a GJM-Garch model.By the way, I should also mention the instructor only came to class twice each semester, most part were distant teaching.
For the placement number, I think they just fake up the data.From my experience, very few international students in this program managed to locate a job ,some of their jobs are even totally irrelavant of finance, like ,coding in a IT ,for example.
There are no full-time professors teaching in this program.All the lectures taught the courses do not have renowned publications in quantitative finance, as a consequence, most of the courses just treat basic ideas and lack of depth some of them are even overlapping! See one of the course website below
http://math5022spring2014.weebly.com/
No courses specializing in credit risk and financial time series are offered,which seem to such a big issue in current quantitative finance world.
The MFM program promotes the environment for growth. The growth comes not only from classroom experiences and a pure academic perspective. Through the integration of industry practitioners as professors and engaging numerous seminar speakers, the program gains a certain professional and career aspect. In addition to the coursework, the MFM offers modeling workshops. In a relatively short period of time students gain insight and knowledge into numerous financial markets, inter-workings for the construction of models, and the latest applicable techniques. Combining both academic and career oriented goals, the MFM prepares students to learn the new methodologies and practices as the industry changes and adapts.

Coming into the program, I only had substantial experience with MS Excel, MS Access, and minor exposure to various statistical software. The MFM program gave me a great exposure to C# and Matlab, which allowed me to pursue both beyond the classroom. This was a gateway to additional development of my programming toolset and additional languages.

The MFM program starts with building the underlying mathematical knowledge needed for the latest modeling and pricing techniques. Following learning the mathematical theory, the focus is turned to applying the theory to practice. The instructors make a large difference, especially when it comes to a career. Since the majority of professors are practicing in a quantitative finance role, students have a direct resource for learning industry practices and relating any coursework to the real world.
As far as I can see, this program is great for students who has both mathematical and programming background. The courses provide deep insight of the financial world. And the teachers are from the industry who can offer us the first-hand information. Besides, the seminars are held weekly to help us keep in touch with the industry.
The MFM program at UMN has introduced me to various topics in the field of quant finance. Given the length of 2 years, it is hard to cover every comprehensive topic on an in-depth level. Nevertheless, the broad gamut of presented topics (e.g. stochastic calculus, statistical analysis such as VaR, copula, Bayesian, time series, the classical Black-Scholes, interest rate modeling, credit risk, numerical PDEs, etc) has allowed me to have a good feel for each subject. Most importantly, the program has a very strong network of experienced practicioners in the Twin Cities and Chicago areas. That has personally allowed me to tap into the well-connected network to eek my own research advisors who help guide my independent studies on my interested topics. As long as you're driven to learn and explore, there will always be mentors willing to help you. Furthermore, I also have been able to build very strong network with classmates who currently work in the field and get engaged in 'real-world' conversations.

Ultimately, how much I am driven to learn defines how much I got out of the program. My philosophy is that it is the students who guide their own academic and career pursuits. No classroom in the world can babysit and teach me through every single aspect of quant finance. Advisors and instructors are there to make sure I do my best to get what I want, NOT to grant me an automatic job nor baby feed me the highest specialist expertise. I have done so much work on my own, using the available resources and so when I heard classmates complaining about not being able to land a job or to study much as they had hoped for, I pity them for not doing themselves as a good favor with those great resources offered at the U.

Overall, I find the program worth my money. I came in with not so much quant skills (only a Finance/ CS major in Undergrad) but after 2 years of a lot of pain and hard work, I've learned so much. That lands me a great job in risk management in a big bank right when I finish the program.
Very resourceful faculty and advisers.
Pretty good job placement. (Most students who want to find a job find a job. )
Things learnt from class are really practical since faculty are from the industry and working with knowledge they taught us day t o day.
Weather is okay (except this year....) Twin cities are pretty decent metropolis in mid-west. We have many financial entities who hire every year.
Very helpful director: Approachable and gives personalized coaching and advice too.
a big percentage of your classmates are working professionals, who you might work for in the future. ( Faculty too)
Location is a slight disadvantage ( if you want to work for a NYC firm , you will have to fly out there by yourself for interviews etc). But if you plan to work in the twin cities area ( this program makes you top dog here.)
Nice place to live. Hedge funds and actuarial firms. For hardcore quant stuff ( chicago is 7 hours drive).

1 important thing about this program is that its very flexible. You can take any related courses in the other departments(even after finishing FinMath credits) and can also extend your program as long as your i20 allows it ( for international students) . So you can tailor your program according to your needs. You can take Machine learning, DSP , in fact any course related to your field.
The MFM is a great opportunity for students looking to gain a well rounded education in the Mathematical Finance space. The Twin Cities has a well diversified economy which includes a strong financial industry which supports the University of Minnesota and in particular this program.

The course work and faculty have really expanded and matured my talents. I was originally geared towards the actuarial side of things and have now all but abandoned it due to the program enlightening me to other career paths.

I particularly enjoyed the software development skills I have gained as well as the industry perspectives the majority working finance professionals faculty bring.

As a local student it gave me the opportunity to work and learn as the classes are in the evenings, for me this has been great as I have had the chance to see the class room side as well as the office side of things.

All in all it has been a positive experience for my peers (local and international) and I and it is has always been improving and growing during my time in the program.

-John Drinane
Did you get admitted to other programs?
Yes

Why did you choose this program (over others, if applicable)?
Good reputation of the university and math department, low tuition rates.
What alternative sources of info you used to learn more about the program?
Quantnet, US News.

Tell us about the courses selection in this program. Any special courses you like?
No elective courses. The courses during the first year is probability and programming. They are useful enough. I can select courses from other department to enhance quant background.

Materials used in the program
John.C Hull - Options, Futures,
Derivs Stochastic Processes - Lawler
Implementing Derivative Models-Les Clewlow and Chris Strickland


What do you like about the program?
I leaned a lot of useful theories and practical skills from this program. There are plenty of projects to improve our skills and we can easily find instruction when we participate IAFE competition can other events. The weekly seminar is definitely a wonderful event that professors and practitioners will bring us the cut-edge topics.

What DON’T you like about the program?
The first year course is not tense enough.

Suggestions for the program to make it better
Provide some data source and a financial engineering lab for students to get closer to the market in order to understand it would be better.

What are your current job status? What are you looking for?
Summer intern in a trading company in Chicago Board of Trade.
Looking for a full time job next year.
One of the main reasons I chose the MFM program at the University of Minnesota was that many of the MFM faculty are not only Math PhDs, they are also practicing quants, risk managers and traders. The curriculum gave me a strong foundation in the theoretical math required to get a deep understanding in the math finance applications taught later on in the program. The practitioners’ course with multiple modules taught by industry practitioners and the intensive year-long programming course using problems from finance greatly enhanced the skills I use in my quantitative risk analyst job today.
This MFM program fosters both mathematical skills and business astuteness. As a quant analyst, I have to be a bridge between highly technical researchers and business people. Because many of our MFM instructors were from different areas within the quant finance industry, they not only taught us advanced mathematical theories but also how to fully leverage our unique quant skills in a business setting. Also I really liked the program's career development support. It opened my mind and got me focused on building my career rather than just looking for a job. I was able to talk with my MFM career coach often. She helped me network and take advantage of MCFAM’s broad practitioner network. From talking to many successful people already in the industry, I gradually got a clear picture of what kind of financial field I wanted to be in.
It is part of one of the most important department of mathematics in the world that is way it combine a strong preparation of math skills and theory with the regular seminar with real practioners of the quantitative finance sector.
Students obtein the advises of people working in the field and work to solve real problems getting experience an knowledge of the labor market.
The Director is really working on having a great labor placement, so there is a big percentage of students who finish the program having a job.
It is a great program to enroll, and is getting more and more important.
It is hard to find so delicate a program which strikes a wonderful balance between theory and practice. Backed up by the strong faculty of mathematical department, this umn program is destined to gain a lot more success in the near future. No reason to miss it!
A nice program with instructors who are experienced practitioners from the industry. And during the study period, the program will offers you a lot of opportunities to learn from reality and participate in activities
Did you get admitted to other programs?
Yes

Why did you choose this program (over others, if applicable)?
Reputation of the university and the math dept, and comparative lower tuition rates.

What alternative sources of info you used to learn more about the program?
Quantnet, forums and alumni.

Tell us about the application process at this program
Application is quite simple and twp essays are needed. No paper documents are needed until you are admitted.

Tell us about the courses selection in this program. Any special courses you like?
All courses required are set and no elective. However, students can choose an emphasis, includes Economics, Statistics, Computer Science, etc. Normally, three additional courses in specific area can even qualify you to gain a minor several course requirements are satisfied.

Tell us about the quality of teaching
Good. Most instructors are experienced practitioners from the industry and very nice to answer questions and to share those hands-on experience. Besides knowledge of quantitative finance from the book, those industry professors can bring more practical perspectives and tell you more about how those theories are implemented in real practice. Some of them are particularly focus on a specific field and bring their expertise which inspires and benefits students a lot.

Materials used in the program
John.C Hull - Options, Futures, Derivs Stochastic Processes - Lawler

Projects
Many course projects, traditional in the quant finance field, are required and they are all arranged in a very practical sense. In addition, the winter modelling workshop brings in some currently popular projects for students to investigate and is indeed valuable.

Career service
Great career service with one-by-one mentoring and the directors are always there and very helpful in providing valuable advice. Regulary weekly career workshops are held to prepare students to be more competitive in job hunting. They are trying to connect with industry practitioners and start arranging important networking event in the field of both actuary and quant finance. Regular yearly netwroking event, winter modeling workshop are good examples. And the recently help risk management symposium is quite successful, with involvement of many successful practitioners as speakers and very well-designed speech contents covering most popular risk mgmt topics in both the actuary and bank sides. We can witness that the placement quality is improving.

What do you like about the program?
Overall, it is a good program especially when comparing the quality/price ratio. Directors and faculty are passionate, with their continuing effort to improve the program. We can see the great improvement and the growing reputation of the program, so great potential is one of the biggest merits that worths our particular attention to the program. Many intelligent classmates including those part-time students, some of who are already in the industry, and it has quite a good reputation in the finance area of Minneapolis.

What DON’T you like about the program?
Course structure is not flexible and the location may be a disadvantage for the program. So more efforts to expand its reputation in a brader area are needed. In addition, more oop language based practices are needed for students to implement the quant finance knowledge.

Suggestions for the program to make it better
Provide more course selections in order to let the students design a more flexible course structure. Also the names of courses should be modified to specify content of the course.

What are your current job status? What are you looking for?
Summer intern in a small company participating in derivatives valuation. Start seeking full-time position in the coming year.
Nice program mainly because the people and stuff are excellent.
if you are eager to learn something, you can have quite a lot of options of minor in statistics, economics and computer science which are also quite helpful when you are searching jobs in US.
This is one of the high valuable programs across the country and I believe with Laurie's efforts, we are building the reputation in different areas now.
Can you tell us a bit about your background?
Bachelor Degree on Telecommunications Engineering from Beijing University of Posts and Telecommunications, China.
Working Experience: No working experience.
GPA:87/100
Revised GRE: 314
IELTS:7.0
Enrolled:2012

Did you get admitted to other programs?
Yes

Why did you choose this program (over others, if applicable)?
Reputation of the university and the reasonable tuition rates.

What alternative sources of info you used to learn more about the program?
Quantnet, Friends.

Tell us about the application process at this program
Application is straight forward. No paper documents are needed until you are admitted. Waiting list is applicable in this program.

Tell us about the courses selection in this program. Any special courses you like?
Course structure in this program is kind of rigid. No elective courses are available. But students can minor in other majors, like Management , Statistics, Computer Science etc.

Tell us about the quality of teaching
Good. The instructors are experienced practitioners from the realm quantitative finance. And some of them may only focus on a specific field of the industry instead of having round knowledge of quant finance like full time professors.

Materials used in the program
John.C Hull - Options, Futures, Derivs Stochastic Processes - Lawler

Projects
The modelling workshop here is of great value, in addition to other course related projects.

Career service
Our executive director has great connection with the industry and she is always very happy to help us in finding an intern and full time job. Every week, we have some training on improving interviewing skills.

What do you like about the program?
Good overall. The faculty is working hard on this program. Classmates around you are excellent, many of our who are already have jobs and you could learn a lot from them. The finance industry in Minneapolis is quite competitive.

What DON’T you like about the program?
Course structure could be improved. No electives, not enough diversification. And now students only need to take 8 courses to graduate while 10 to 12 is the normal number for a graduate program.

C# instead of C++ is taught in the program. Almost all the core courses rely solely on Matlab, instead of object-oriented programming languages. C# is taught in the first year and then is kind of abandoned in the second year.

The program is new relative to others and more connections with the industry could be built in the future. But the program is making its effort towards that goal.

Suggestions for the program to make it better
Improve course structure. Strike a balance of the numbers of practitioner and that of full time professor in the instructors team. More connections with the industry.

What are your current job status? What are you looking for?
Intern at a software development company now. Seeking a full time job in the coming year.

This review was submitted anonymously
MFM program in UMN provides the opportunity to learn quantitative finance skills directly from industry professors around Minnesota and Chicago area. It holds weekly seminar on Friday evening which invites distinguished academic professor such as Steve Shreve and quant finance professional such as Peter Carr. Its student club Financial Mathematics Association (FMA) invites alumni and practitioners to come to communicate and network with current students. FMA also holds quant finance career fair and networking event each year. MFM program provides a lot of opportunities for students to participate in projects with professors or industry. There are few I must mention here. The winter modeling workshop holding each year is a 10-day workshop on Financial Mathematics Modeling every winter between Fall and Spring Semesters.Students will work in teams of up to 6 students under the guidance of a mentor from the financial modeling/trading sector. The mentor will help guide the students in the modeling process, analysis and computational work associated with a real-world financial modeling/trading problem. A progress report from each team will be scheduled during the period. In addition, each team will be expected to make an oral final presentation and submit a written report at the end of the 10-day period. The others are like several nationwide/university/CME group trading competitions, IAFE academic case competition and so on. The directors make lots of efforts in career placement. The program is improving day by day.

Minnesota Center for Financial and Actuarial Mathematics (MCFAM) where MFM program is landed in held a successful summer symposium Modeling Risk in Banking and Insurance: Catching the Next Crisis at July, 2013 which was also endorsed by IAFE (http://iafe.org/html/MCFAMJuly2013.htm). Students and practitioners came together for an intensive three day symposium which looked at the broad overview of risk taxonomy and regulation and then delved deeper into specific risk modeling areas for both banking and insurance. In addition to the detailed sessions on risk modeling, risk leaders from Securian Financial Group, US Bank, Wells Fargo, The Travelers Companies and Allianz Life participated in a panel discussion to pinpoint the impact of new regulation on their businesses, including the challenges and open issues.

The courses in MFM program include FM5091, FM5092 which are Computation, Algorithms and Coding in Finance; FM5001, FM5002 which are Preparation for Financial Mathematics; FM 5011, FM5012 which are Mathematical Background for Finance; FM5021, FM5022 which are Mathematical Theory Applied in Finance; FM5031, FM5032 which are Practitioners Course. Most of students will complete all the coursework in two years. Besides all the financial mathematics courses, students have access to almost any course in department of mathematics, finance, economics, statistics, computer sciences and so on.

For application, the deadline is Feb 1. And first round offer will be sent out on Mar 15 and second round at May 1.
Good program and we can learn a lot in the modeling workshop and projects from the course work. The advisor is very helpful in job hunting and can always give a lot of good suggestion.
The Master of Financial Mathematics Program at the University of Minnesota-Twin Cities is one of the top programs in financial mathematics/financial engineering. The courses offered in the program are comprehensive, covering a wide range of topics from mathematical background in finance (probability and measure theory, stochastic calculus, statistics, time series, optimization) to practical applications (options, futures and other derivatives, risk and asset allocation, fixed income markets, copula models and MCMC, volatility models, mortgage backed securities) to computer programming (MATLAB, C#, Excel VBA) in financial engineering. The rigorous coursework and challenging projects are beneficial to all who are interested in pursuing a career in quantitative finance. The faculty members (both professors from the University and practitioners from the industry) are nice and knowledgeable. The fellow students are smart and hard-working. The executive director of the program is very supportive of the students with respect to their job search, placement and career development. Graduates from the program land very decent jobs in the finance industry. In addition, the tuition of the program is relative low compared to similar programs in the US, and the University of Minnesota-Twin Cities has one of the most beautiful campuses I have ever seen. Overall, the Master of Financial Mathematics program at the University of Minnesota-Twin Cities has a lot to offer, and I highly recommend those of you who are interested in financial mathematics/financial engineering to apply and come to the program!
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