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
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.

Interested in learning more? Request information by going to: The University of Chicago | Financial Mathematics and someone from our admissions team will follow up with you shortly.
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2024 Ranking Data
Rank
6
Total Score
85
Peer Score
3.6
% Employed at Graduation
90%
% Employed at 3 months
98%
Salary
$143,216
Cohort Size
127 FT, 6 PT
Tuition
$90,013

Author
Andy Nguyen
Views
62,784
First release
Last update

Ratings

4.74 star(s) 39 reviews 4.88 star(s) Students Quality 5.00 star(s) Courses/Instructors 4.75 star(s) Career Services
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Latest reviews
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
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
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
Headline
You get what you want. Chicago winter is brr
I graduated from the UChicago Fin-Math program in 2022 Dec and I am starting my full-time quant trading role at a market-making firm in Chicago in 2023 Feb.

My background:

Undergrad -- Finance & Data Science major with a math minor
Full-time experience -- one year at a wealth management firm

What I liked about the program:

1. Location
- I finished my 4-year undergrad program in NYC and figured that NYC was not for me. I wanted a better blend of a big city but also having some nature / peace and quiet. Since I wanted to become a quant trader, Chicago seemed like the ideal choice being the trading / market-making industry hub, but also having the peace and quiet that I wanted. Its proximity to job opportunities also allows easy networking / coffee chatting.
- The city's architecture is also very nice. There are also a lot of museums that are definitely worth going to.
- The city's rent is much lower than other major cities. (Almost half of NYC's.)
2. UChicago's positive academic reputation
- The school overall is known for its academic rigor, reputable professors, and beautiful campus. With the Fin-Math program, you get access to not just the top-tier Fin-Math courses and professors, but also resources from other programs such as the Booth Business school, the stats program, UChicago Law School, etc..
- Some Fin-Math professors (namely Roger Lee, Mark Hendricks, Seb, and Greg Lawler) are amazing lecturers and have classes that have an amazing blend of theory + practicality.
- There are also out-of-Fin-Math professors (namely Mei Wang in the Stats department) who also teach very good classes.
- There are tons of research opportunities
- There are some times free / discounted social activities (show tickets, Michelin restaurant meals, skiing, etc.) that are posted by the school that's kinda neat.
3. The Fin-Math program's resources
I categorize this program's resources by its (1) courses, (2) career development, (3) other general / life resouces.
(1) courses:
- All of the classes taught by the professors listed above are highly recommended, plus the other recommended classes in other reviews.
- You also get access to non-Fin-Math classes like those in Booth, the stats department, and even the law school for Fin-Math credits.
***But since class schedules / professors may change every quarter, it's better to ask Meredith & alumni what classes to take (or avoid..) when the time comes.
(2) career development:
- Emily Backe in Fin-Math's career development office (CDO) is extremely resourceful, kind, and responsible. She can not only give you the perfect interview prep but also lead you to just the right people you need to speak to for your job search, interview prep, etc..
- Other professors (Roger, Mark, and Seb) will also help you with technical interviews. Their interview prep sessions are extremely useful.
- There are also industry professionals (called IPO) helping you with further interview prep.
- The program is designed in a way such that you get to meet students from a class above you during your first quarter at the program. This makes sure you have students to talk to who can tell you about their school + work experiences, and
(3) other general / life resources
- Meredith is the go-to for all your questions. She is fun, resourceful, and knows EVERYTHING about the program and its people. She will give you her most honest opinion (and all the intel she gathered from all the profs & students) on what classes to take or avoid. She will also lead you to any help you may need since she knows everyone... quite literally.
- The class size is fairly large (~100 people per class), which mean there's a larger variety of students from different background, etc. Students are all very nice here -- you can definitly make life-time friends from the program. Also, many students are very knowledgeable and have many years of work experience -- you can always learn a lot from your classmates.

What I didn't like about the program:

1. City's infrastructure & weather
- Many parts of the city, including but not limited to public transportation, road design, how people don't know how to drive, bad DMV systems, etc. are designed poorly and are extremely inefficient (and sometimes have bad service)
- Too cold.. brrr
- High crime rate (esp around school, aka the Hyde Park area)... However, you do have to be careful everywhere (plus most American major cities do have issues with high crime rates, although not necessarily as bad as Chicago's hyde park area..) Just be vigilant and try not to walk around alone in dangerous neighborhoods, especially when it's dark.
2. Career development office's flaw(?)
- For a while during my time in the program, Emily Backe was gone and the program's CDO was near non-existent with very insufficient support. It's awesome that Emily came back but the program's CDO is very Emily-dependent. Hope CDO hires more reliable staff soon so Emily doesn't need to be overworked...
3. Some classes were poorly taught and were a waste of money & time
- These classes are
4. Minor things that don't necessarily concern others
- Fin-Math's graduation for my year was meh ... The merchandise we got included a bag that has very low quality (had 2 holes already after using it once)
- The winter can be depressing with the school almost empty (most students take online classes in the winter). But it get's better in the spring & fall.

Overall:

- I wanted to give 3.5/5 but QuantNet doesn't let me. Since Emily's back, I'll round it up to a 4/5.
- I didn't give it a 5/5 mainly because of (1) the bad courses that the program offers and (2) the inconveniences caused by the city's bad design / insfrastructure. However, I still gave it a score higher than 3/5 because you still can get what you want from the program.
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 2 Downvote
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