University of Chicago - MS in Financial Mathematics

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.

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!

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.

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!

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.

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!

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!

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.

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!

I graduated from UChicago MSFM last December, and I am set to work as a quantitative researcher at a bank in NY. Overall I am extremely satisfied with the program.

Background:
Hard science undergrad. Several years of experience in finance in Asia. Hope my review is particularly helpful for prospective students who are already experienced in some way, as this was my case.

Why I chose this program?
I was admitted to several programs mentioned in quantnet. I reviewed the course lists of each program. UChicago MSFM had a good mix of theory and domain-knowledge courses, and the course choice was flexible. I knew what courses I wanted to take and not, so this was a big plus. If you were in my shoes, you probably would want to take courses that you need instead of a course in which you're going to get an A. So I encourage you to review the course lists. Also, the program allowed students to take courses from other departments, mainly statistics and Booth. I highly benefitted from this flexibility.
Of the programs I was admitted to, MSFM was the only program that offered project lab each quarter. I participated in the project lab in nearly all quarters and was able to gain insight and connection. It was a big differentiator for me because when I graduate, I'd need to work full-time to get a taste of a business I'm interested in (which is a big commitment).

Course reviews:
Roger Lee: taught option theory and pricing methods. Anything Roger teaches, I highly recommend you take because he is amazing. He can explain complicated concepts in a crystal clear way. Initially, I was not enthusiastic about his options class because I thought I was already familiar with the materials. But I did not regret taking his course. He cleared out all of my bogus mathematics and replaced my complicated solutions with simple solutions. I glimpsed at some of his research papers. Even though I cannot produce this quality research, I could still appreciate his amazing ideas (if you are interested in the topic, you don't need to for exams). What some financial mathematics professors prove with long long lines of hard algebra, Roger, with his brilliant ideas, can prove in much fewer lines.

Mark Hendricks: taught portfolio theory and credit. Mark is a very good teacher and a nice pleasant person. He really cares about students and would go out of his way when you have something to discuss. He emphasizes explaining in words our understanding, which is what you need to do in interviews.

Seb Donadio: taught Python and C++. Seb is probably going to be your memorable professor. One of the most intense courses for me. Even though I was familiar with the languages, I spent a lot of time on assignments and projects. Instructions need some work because they can be vague and confusing, but I encourage people to take his courses to get the full experience of MSFM. The strength of his courses is the domain knowledge he shares. He is a highly experienced professional and doesn't mind sharing what he knows. I appreciate that I learned not only more about the languages but also how they are used in the financial industry. I found his courses very helpful in interviews.

Gregory Lawler: taught stochastic calculus. He is a distinguished scholar and a very good teacher - a must-take for quant finance wannabes.

These are the courses nearly everyone takes, and you can choose the rest of the courses from both the Financial Mathematics department and other departments. You don't want to stack up too much in the Fall quarter due to recruiting. Other quarters can be as hard as you want them. Generally, I am happy with nearly all the courses I've taken.

CDO:
One of my favorites in the program. Emily Backe was a world-class career consultant (no longer part of CDO anymore, promoted for the better good of the program - but she is still here). She is extremely caring and knowledgeable. The CDO had ample industry knowledge that helped me navigate my way. They did not provide just generic career advice.

Summary:
I am extremely happy with the knowledge I gained in the program and the career outcome. I'll stay in touch with people I met in the program. Not really understanding why UChicago's ranking is so low on the quantnet ranking table, though I cannot speak of other programs I didn't attend. But in my personal opinion, the ranking is irrelevant to individual success (as a potential quant finance wannabe, you shouldn't take information as is anyway). I hope the prospective students find a program that suits them most. Wish you success.

Graduated in December 2022, working as desk strat at a major bank.

CDO: really on top and provides great connections with employers and alumni.

Curriculum: provides almost all aspect of quant finance knowledge from pricing, computing to economics. Also the teaching staffs are a gold mine. Once you reach out they offer bottomless help.

The program really is a buffet. You can get what you want and all you need to do is to show up and grab a plate.

I recently graduated from The University of Chicago's Financial Mathematics Program in December 2022. I will work as a quantitative analyst of a top custodian bank in US.

My Background
Previously I worked six years as an economist and strategist for a leading financial institution in Asia. My motivation ,target and goal is to learn most top-notch quantitative skills from math to programming to utilize extensive datasets and to provide more convincing investment ideas.

Career Development Office(CDO)
Emily is the most professional, committed, compassionate, enthusiastic, kind, nice, sweetest and the most responsive and the most supportive and the most helpful professional in this program. She CARES student and knows all the answer to the career questions that graduates had. Without her help and support, I would never be able to secure the job offer.

During the interview process, Emily followed up with my job hunting and provided professional and instant response. What Emily offered is the industry standard. Emily provides insightful guidance and customized advice based on different personal background. Regarding to career path choices, there is a lot to consider. Emily will discuss with you all the opportunities and let you know the possible outcome. Emily is there for me when I had to make life-changing decisions.

Career Development Office provides world-class career service and helps with resume writing, LinkedIn updating, Technical Interview Seminar and Mock Behavioral interview Lab.

Student Service
Meredith is always there for students to talk to and share everything from visa consultation, course selection, course registration process, to accommodation for exams. She is extremely helpful with any concern or question that I had.

Meredith organized our events and classes from architectural boat tour to painting class. She is extremely involved with our cohort. The University of Chicago's Financial Mathematics Program seemed more intimate because our cohort felt more like a community.

Course recommendations
There is more to come. You will have the flexibility to choose fixed income and time series courses from the Booth and math & stat courses from both department.

Roger Lee : Mathematical Foundations of Option Pricing/Numerical methods
Professor Roger is not only smart but he also makes sure every student understand the materials. Roger had a magic and a great way of getting everyone understand the hard Math concepts.
What Roger teaches is not only the theory and but also the real world application of it. Roger will go over brain teasers and interview questions that students have seen during interviews at top firms.

Mark Hendricks : Portfolio Theory and Risk Management I
Professor Mark CARES students and is extremely dedicated to his course. Mark designed the homework rigorously and guided students to figure out the thought process. Mark combines python programming applications of portfolio theory using Harvard Business Case study approach in homework and for discussions. That really helps students to understand the real-life applications and essence of quant portfolio theory.

Professor Mark will also prepare statistical interview questions from time series, regression to financial markets analysis like fixed income. Based on my interview experience with banks and funds, most of the questions had been discussed thoroughly in the class and in the seminar/workshop.

Gregory Lawler : Stochastic Calculus
Professor Lawler is the best and the most respected mathematician contemporarily and the pioneer in the stochastic field such as probability and random processes. His lecture is easy to understand and his course is fun and interesting.

Chanaka Liyanaarachchi : High Performance Computing
HPC is the most useful programming course that I took in The University of Chicago's Financial Mathematics Program. Professor Chanaka will dive into various applications from OpenMP to CUDA. We will have the opportunities to have exposure to modern technologies.

Jon Frye : Portfolio Credit Risk: Modeling and Estimation
Professor Jon is the economist and risk specialist from Chicago FED. The lecture that Professor Jon taught in class is industry standard from PD/LGD to vasicek credit risk model. The homework that Professor Jon gave is to ensure students understand the risk management inside and out.

Project Lab
The project lab that I did with my cohort did help me secure the job. We will be able to be in touch with the current developments in finance through their relationships with practitioners.

Cohort
I had true friendship for life when I was in the University of Chicago. I would say that they were my family. Most students are very friendly and willing to help.

The University of Chicago's Financial Mathematics Program
The program has a great team of dedicated professors, career and academic counselors, classmates and students. Its reputation in the quantitative finance industry will open doors for you and you will realize how much you have learned and grown during the 16 months. I would describe this program as the most challenging and most rewarding academic endeavor of my life, and would recommend it to anyone with a passion for learning more about the quant side of finance.

Summary
Two roads diverged in a wood, and I took the one less traveled by, and that has made all the difference.

The University of Chicago's Financial Mathematics Program changed my life. This is one of the best decisions I have ever made in my life.

I graduated from the program in December 2022 and will be joining a mid/large size prop trading shop in Chicago as a quant trader. Looking back to the 15-month journey in Chicago, I found UChicago did a tremendous job in helping me build my career path and explore job opportunities in quant finance industry. Here are some highlights:

Onboarding
Students in the program come from various background. The onboarding process and started 2 months prior to the official start date in order to get everyone to the same page.
This experience helps the most for those who have less experience or knowledge about the industry to get ready early for the short and competitive recruiting season.

Career Office
The career office is the strongest support for students’ recruiting. It’s very impressive when you realize there are only 3-5 people supporting over 100 students with their job search, organizing various career events, always replying to everyone’s email promptly while thoroughly, providing personal counseling any time one needs and continuously updating individualized recruiting strategy.
The support and resources I received from this group of people is invaluable.

Project lab
For those who had limited work experience, this is your best chance to get industry experience on your resume. For those who have had experience, this is a good chance for you to work on some solid projects that industry values or even an official offer.
Like everyone else on this review section, project lab added a lot to my experience. To make it simple, comparing the numbers of interview I received before and after I have a project lab experience, it is obvious to see its value.

LOCATION
In addition to the program itself, location is what I considered the best factor for choosing your school, but the decision criterion might differ for everyone.
Chicago being the biggest hub for prop trading firms in the world has the natural competitive advantage for you to break into the industry. As someone who aimed to get into prop at the beginning of the program, this is absolutely helpful. Not only for job search, but also after you join the industry, you’ll be surprised about how many UChicago alumni you will meet during work from your company, your counter parties, and your brokers.
Crime rate, weather etc. being the negative factors for the location do not bother me the most. I do envy the nice sunshine on a winter day on the west coast, but I guess that’s why have breaks and vacations.

Hope this can help you make the right choice.

I graduated from UChicago's MSFM program in December 2022 and will work as a Quantitative Equity Trader in the emerging markets pod at a leading mutual fund.

My background was in Economics and Finance, and I had some experience in Quantitative Research. My goal from this master's program was to learn everything I could to become a better quant and discover the things I didn't know or was ignorant about in quantitative finance.

The quant net ranking has s strong bias towards programs in New York and the primary east coast cities. The ranking system unfairly makes UChicago seem like a weak choice when looking at schools. Take the rankings with a grain of salt. Judge each program based on the coursework they offer and the quality of the research the school and program do. By its very nature, the school and the MSFM program require you to be able to do the work and also to research why you want to do it. When I speak to many people in the industry, the program garners commanding respect from everyone because those who know, know. The expectations employers have from graduates of this program are sometimes overwhelming, due to the ecosystem the program has built, from the faculty, staff, and support staff whose goal is to see every one of their students succeed.

If you are looking for a program that spoon-feeds you or a quid pro quo relationship, my advice doesn't apply. This program is for people who are committed to working hard, questioning everything, and working with their cohort to solve problems.

As a quant, I need to back these statements up and show that this process is repeatable and does achieve the desired results. This result is entirely up to you and depends on how hard you work.

The three pillars of this program are its faculty, staff, and support staff.

Professor Roger Lee is one of the most sought-after people in understanding and building options and strategies for both exchanges and funds. His classes, which you will take in the Autumn and Winter Quarter (Options pricing and numerical methods), are enlightening. He has a way of conducting the classes that make you think and understand everything he teaches you. It is measured, every word is relevant, and if you listen to the zoom recording or read the transcript, it is uncanny how precise each word is and how it makes you understand the most complicated concepts in simple terms. When doing your interviews, the interviewers ask many questions related to options. If you understand both of Professor Lee's classes, you will make it to the final round.

Professor Mark Hendricks is another one of those professors who have this knack for distilling knowledge very eloquently. He teaches the Portfolio Theory class and the Corporate Credit and securities class. Even if you don't come from a finance background, you will get up to speed within the first few weeks. His course teaches the basics you need and then gets you to apply those basics to solving and figuring out real-world problems using case studies. He guides you through the thought process and embodies the philosophy of teaching "how to think," not "what to think." He is also one of the best resources in the program to ask for some guidance on interviews or a general chat. No matter how busy he is, he makes the time, which is the dedication you get from this program.

Finally, Python by Seb. You will know where the term "where fun goes to die" originates. These courses are intense but essential if you want to do technical roles in the industry.

The other courses I recommend are from the Math or Stat department. Take advantage of the fact that it is one of the world's best math and stat departments. The professors are simply exceptional. I was fortunate enough to take a Multivariate Statistical Analysis class taught by Professor Mei Wang. This class was one of the best classes I took at UChicago; she taught me all the necessary statistical methods and tools.

The program, from the get-go, starts helping you with your search for an internship. Emily Backe, the program's chief of staff and previously the director of the career development office (CDO), was instrumental in helping me get my internship and a full-time job offer. The CDO provides resume reviews and technical and behavioral workshops, and they act like a sounding board for all the frustration one goes through during the recruiting process.

The special glue or "X-factor" that makes this one of the best programs in the world is the support system we have which is taken care of by Meredith. She is the one who knows everything or will guide you to the right person who can help you. She helps navigate all the logistics of getting your visa, guides you through the program, and advises on what courses to take. She helps organize our classes and events and is an excellent sounding board for all related and not related to the program.

The program was one of the best decisions I have ever made. It was tough and not to mention frustrating at times. The friends you make here will last a lifetime and help you in almost anything; in essence, you gain a family. The city of Chicago is very vibrant and also helps in being very accommodating to students. If you love to learn and put in the effort and hard work, this program is for you. Coming out of the program and looking back, you will see how far you have come and how well this program prepared you to tackle all the challenges you will face, personal or professional.

I graduated from UChicago's MSFM program in December 2022 and will be working as a Credit Risk Modeller with one of the top bulge bracket banks in the USA.

My background was in engineering from a top-tier institute in India and I had some work experience in risk management. My goal with the master's was to shift to a more technical role and the program helped me immensely in this endeavor.

In spite of the lower quant net ranking, the U Chicago MSFM program has a few key advantages over most of the MFE programs being offered by other universities. We have one of the best career offices (CDO) out of any university and they help you start applying for internships the minute you accept the offer. The previous director of CDO, Emily is a superhuman and one of the best in the industry, currently, she is the Chief of Staff. CDO provides resume reviews, technical and behavioral workshops and they act like a sounding board for all the frustration that one goes through during the recruiting process. The amount of in-person events with companies in Chicagoland has also increased since Covid.

Academically, the program is rigorous and there is a lot to learn but it is never overwhelming, MSFM allows you to mold your experience according to what you need. The professors are industry-focused and are very patient with students.

Some of my recommendations are:
- Courses by Professor Lee (Option pricing and numerical methods). Professor Lee is the director of the program and his courses are super useful in interviews. He makes sure to cover all the required mathematical principles without making it seem overwhelming. It is critical that you take Professor Lee's courses if you want the full experience.
- Bayesian Inference and Machine Learning I and II from Gordon Ritter. Professor Ritter is one of the best quants in the industry and he has a very unique and insightful way of approaching problems, these courses are a must.
- Python and C++ by Seb. You will know where the term "where fun comes to die" originates from. These courses are intense but absolutely essential if you want to do technical roles in the industry. They helped someone like me with almost no programming background secure a very technical job.
- A course from the math/stat department. UChicago has one of the best Math departments in the world and while rigorous, the courses are great for getting your fundamentals right. One of the best ones for quant finance is the Stochastic Calculus course by the man who literally wrote the textbook for it - Professor Lawler.

- Courses to avoid: Any course by Prof Nygaard.


The program has a great support system too, Meredith takes care of everything and can solve any problem you throw at her, administrative or personal. She personally helped me navigate all the visa complications an international student has to face

Overall, I would say the program is fantastic if you want to delve deep into the world of quantitative finance. You'll have one of the best career offices in the country and the technical and soft skills you'll pick up will help you shape your career according to what you want. It helps that the university is based in one of the best cities in America.

Status:
Graduated from UChicago MSFM in December 2022. Started working as VP in Quant Research role at one of the largest banks.

Background:
Engineering from top Indian institution + 10 years’ work experience at Banks in Financial Markets/Derivatives Structuring + CFA

Other Admits:
UCLA MFE, Georgia Tech QCF
Choose UChicago MSFM because of the University reputation and the impressive communication with the program staff during my application process.

My top takeaways from the UChicago MSFM Experience:
1. Career Development Office – UChicago probably has one of the best Career Development Office (CDO) amongst all Quant Finance programs. Emily Backe was leading the CDO till last year and she is the Chief of Staff for the program now. She is simply superb at managing student career aspirations and has institutionalized multiple professional development tools. CDO helps with all career needs like resume building, LinkedIn profile updating, mock technical and behavioral interviews, networking opportunities, relevant job posting feeds and a lot more. You get personalized attention and can speak with Career advisors and alumni from the industry at any time. I personally kept meeting my career advisor multiple times during my summer internship search and she connected me with many of the program’s alumni from the industry.
2. Core Course Curriculum: The curriculum is structured to get you fully prepared for summer internship interviews right from the beginning of the program. Before the official start in the fall quarter, there is a month-long Review on Regression, Python, Probability and Stochastic processes. This helps you navigate for your interviews and continues seamlessly into more advanced course works in Option Pricing, Portfolio Theory, Quant Trading Strategies, and much more during the program.
3. Faculty: The core faculty of Roger Lee (Director and Instructor for Option pricing and Numerical Methods), Mark Hendricks (Instructor for Portfolio Theory and Fixed Income), Seb (Instructor for Python and C++) are all veterans in their domains and cover the topics like none other. There are newer electives in Bayesian Machine Learning and Crypto Assets taken by some industry professionals who are best in their fields.
4. Support System: MSFM is extremely intense where you are expected to learn and perform every day. The coursework becomes challenging quite quickly and you are also required to engage in summer/full time job search. But during my coursework, I never felt stressed out or broken down because of the cohesive environment at institute. Meredith, Director of Academic Services and Administration plays such a huge role in this by helping you at every step. She would advice you on any matter, personal or professional and helps you choose courses according to your aspirations and capabilities.
5. Concentrations and Ability to Tailor what you get from the program : There are multiple opportunities to tailor your course work as per your career aspirations. You can choose your courses to get a concentration in any of (1) Data Science, (2) Trading, (3) Derivatives and (4) Computing. Each of the concentrations have some courses that are taught by well-known industry professionals.

On the whole, the program is fantastic, and everyone takes away so much from it. I personalized gained everything I was looking for – A great career path, a wide and diverse professional network and above all, an excellent learning experience that would go with me for life.

I graduated from UChicago Finmath program in December 2022, and I will be joining a market making firm as a quantitative trader this year. I would say the program helped me a lot in gaining experience in the quantitative finance field and preparing me for the next stage of my career path.

Background:
I studied actuarial science and mathematics during undergrad in the states, and straightly joined the MSFM program after my graduation. I am not a typical candidate for quantitative finance. I made up my decision to change my route from actuarial to quant finance in my junior year after I had a few experiences during summer internships. It was also a big challenge for me to change my career path. Without the solid background in some areas of quantitative finance, I wanted to get into a program which will help me strengthen my knowledge to catch up with everyone else in the quant finance field. I applied for many programs and finally chose UChicago due to the reputation of its rigorous academic environment.

Pre-program:
The program officially starts in late September each year. However, before the written date, there are two important mini program for everyone to better fit in. The first is called August Review. During the 4-week long mini program, professors and Instructors will help students of different background to catch up new or old knowledge to some specific areas in the field such as probability, linear regression, programming, etc.

There it comes the September Launch. This is another 4-week long mini program to getting deep into some topics of python programming, linear regression and the entire market in general. Since the job hunting season starts mainly in August and September, there will be several workshops and seminars for interview preparation, either technical or behavioral. Instructors and CDO staffs will help all students to improve themselves and get ready for different format of interviews. This is the most significant season for every student as well as for the entire program. Whenever you have any difficulties, you can always find someone in the program for help. For academic side, you can find Mark, Seb, and their TAs, etc. For job hunting or life-related issues, Emily, Alma and Meredith will be in the Finmath building for you to visit.

Courses and Workload:
I believe most people have heard the fame of academic rigor of University of Chicago. Maybe many of you who is interested in the program have been told that the first quarter is the most challenging quarter. However, I don’t think so. It really depends on how much you devote on your future and on your self-improvement. If you want to study hard and get a good job in the states, I would say most of the quarters are quite challenging. You need to be prepared to work from 7am to 12am for seven days each week if you have a clear direction in the field. For example, as my background and my interest in math, I focus on buyside trading companies for my future career. I spent a lot of time on math problems in the first few quarters in addition to the schoolwork. When you look back into those times in the future, I believe your efforts are worthwhile and will pay you back well.

Though there may have some exception from my personal experience, most of the courses are helpful and instructors are great guys to ask questions. I will recommend a few courses below:

- Both courses (Option pricing and Numerical Methods) from Professor Roger Lee. I would say Roger is one of the smartest people in the program. He explains everything well and the pace is acceptable for most students.
- C++ and Python from Seb. Many students in the program have been tortured in the first few quarters with Seb. The workload is extraordinary, and you need to work even harder for understanding all those things. However, from my personal experience, Seb can offer you many useful suggestions for life and job hunting. It is a good idea to find some time talking with him and sharing your own point of view. Back to the contents. Though I will not say Seb is a perfect teacher, you will realize in your future life and work that he tries to give you all the useful materials and skills that will help you succeed in the field.
- Some stats courses from the stats department. UChicago is famous for econ and stats department. I strongly recommend Finmath students to take some stats courses. The workload might be high, but you will notice the significance of those courses.
- Bayesian and Machine Learning I and II from Gordon Ritter. Professor Ritter opens a quant trading firm in New York and focuses strictly on reinforcement learning. The courses can give you some background math knowledge on the area and broaden your road for quantitative finance.
- Stochastic Calculus from Professor Gregory Lawler. If you are interested in math, please listen carefully to this course. Professor Lawler is one of the best math professors in the department and you will understand why I say that after you have a few interactions with him.

Career Development Office:
CDO definitely adds points to the entire program. The staff organize useful workshops and labs for interview preparation. They also have a close connection with alumni to provide useful suggestions to current students. Emily and Alma are the two close advisors I usually talk to. They work hard for the students in the program to get the jobs they want. Honestly speaking, my summer internship opportunity was from the CDO resume book.

Summary:
This is one of the best programs in the world of quantitative finance. With abundant resources and training, you can utilize them to achieve your goal. Of course, your hard work plays a more important role. Your diligence is the key to your success. The program provides a great platform for you, and how you use the items on that platform will direct your way.

I graduated from UChicago's MSFM program with Financial Computing concentration in December 2022 and I'm an incoming Quantitative Researcher of a bulge bracket bank in USA. The coursework is super intense and lives up to UChicago standards of education. Highly recommended course for Quantitative Finance aspirants.

My Background:
I did bachelor’s in engineering and finance from a top tier institute in India. I had a CFA and few years of experience in investment banks back and middle offices. Objective to do Quant Finance was to get into buy side or sell side Quant Research. I applied to UChicago by seeing few reviews on Quantnet and looking at the flexible curriculum. I did know the brand value of the school but was always apprehensive of the ranking published by Quantnet. I did get admits from other good universities but chose MSFM at UChicago mainly due to merit scholarship, location, and brand value.

Why MSFM:
I really liked that UChicago’s MSFM program has 3 main components Core Courses, Computing courses and Elective courses. After you finish 600 of 1250 units in Core and Computing you’re free to organize your curriculum as per the specialization you want. Students picked up courses from computer science, Chicago Booth, Stat, Analytics department as well. I have myself taken courses such as Big Data and Time Series from Booth and Analytics department respectively. UChicago FinMath curriculum builds up confidence required for a quant in the finance industry as you progress in the course. The Project Lab is a like a cherry on the cake for the program. It gives so many industry contacts and would let you work on industry live projects in Quant Trading, Quantitative Consulting, Quant Research etc.

Favorite Coursework:
#1: Options and Numerical Methods: These courses are taught by Roger Lee. His method of explaining complex equations and pricing of options including MC Simulations is fabulous.
#2: Python: This course is taught by Sebastian Donadio. This course is the most rigorous course I have come across. The initial sessions start in September review and go on till December. All the assignments, exams and projects are on HackerRank and imitates most of the first few rounds conducted by the top tier Quant Hedge Funds, Trading firms and banks. I was an amateur in Python and coding and I was able to write well-structured code by the end of the class. Students find his course very tough, but I would say looking back I’m glad I was Seb’s student.
#3: Portfolio Theory: This class is taught by Mark Hendricks the Associate Director of this program and is very well designed. The course follows HBS case study approach with python programming applications of portfolio theory. The course is top notch, and I was inspired to try Portfolio Management atleast once in my career. Hence my summer at a Quant Fund.

Other Course Recommendations:
For becoming Quant Dev: Advanced Programming in C++ taught by Sebastian
For becoming Quant Trading: Quant Trading and Regression Analysis by Brian Boonstra. Each assignment takes 4 days to complete and is lengthy. Formulate real time Quant Trading strategies along with performance in this class.
Stochastic Calculus: This course is taught by Wolf Prize winner Greg Lawler. He’s very good with probability and random processes. His teaching is fantastic and easy to understand. I audited his courses as I already had too many in my bucket.

Workload:
As mentioned in the review earlier, the course work is intense and overwhelming for the first 2 quarters. The first quarter is the most intense with 3 new courses in 3 different fields with Python taking the most amount of time. Internship search with these courses was very difficult but you’ll slowly find your pace and path. Collaboration and teamwork with classmates is the key to encounter such a high workload.

Project Lab:
I picked up Project Lab in 2 quarters and they were a talking point in all my interviews. I sold those projects as it was quant heavy and industry relevant. I infact got a full-time opportunity with a Project Lab firm. I have seen many Projects Lab interns getting converted to Summer Interns and Full-time employees.

Career Office:
The kindest, most encouraging, and most helpful individual in this program is Emily! She is wonderful and compassionate, and she provides the best professional assistance ever. I adore her and I’m glad she is back to the program after leaving it for a short tenure. They’ll organize many behavioral and technical workshops for preparing you for interviews. Infact FinMath Alumni themselves take interviews for these workshops. The CDO even collects resumes for the Resume book and passes it on to many firms that they partner with. Many of my friends and classmates got summer internships offers including me due to this.

Tips:
Greenbook is bible for technical interviews. READ IT before you come for the program! August review is very difficult to follow because you might be moving b/w cities and countries in some cases. But make sure your foundations are strong in coding, math, finance. You might also feel more comfortable in the program if you have couple of years of work experience in the finance industry. Also, Meredith is the mother for this program, she knows everything about the program and latest events. Any questions and problems Meredith is always there!

Summary:
I’m glad I chose UChicago for pursuing my masters which is the world’s top 10 universities. Without a doubt its worth your time. I value all that I learned from this program.

I graduated from UChicago's MSFM program in December 2021 and am an incoming quant researcher for a multistrat hedge fund. I am extremely satisfied with this program and would heavily recommend it to anyone looking to further their education or get into the quant finance industry.

My Background
I studied math and economics in undergrad and have a MA in economics from a top program. I wanted to pursue a PhD in economics, but after the MA program, was no longer interested, but still looking for a quantitative career that was fast paced and empirically driven. Quant finance seemed like a good fit, which led me to UChicago.

Why FinMath
The primary reason I chose UChicago's FinMath program was because of the placements. By having consistent placements in hubs like NY and Chicago, employment by some top firms, respectable reported salaries, and high employment rates at graduation, I knew my goals and the programs outcomes were well-aligned. Beyond placement, the University of Chicago is a renown university for multiple disciplines and a great learning environment. Furthermore, a dedicated career office (CDO) to the FinMath program allowed for one-on-one advising and guidance throughout the program, offering tips on preparing for interviews, searching for jobs/internships and networking.


Technical Skills Acquired
Python is the primary language used in most of the courses offered. The program starts with foundations, and effectively builds the skills acquired to be sufficient in industry. Coming from an R background, I found the learning curve steep, yet manageable. The courses give great exposure to Jupyter notebooks and IDEs like PyCharm. C++ is a secondary language for students interested in more of a quant developer's track, and few classes (primarily electives taught through the stats department or business school) are taught in R.


Workload
The initial Fall Quarter is by far the most challenging quarter and I believe all subsequent quarters are as difficult as you would like--there is a lot of flexibility.


Project Lab
The program offers a short-term applied research project sponsored by companies facing actual quant problems. I found this to be extremely interesting, and offered a realistic application of the theory and skills that I had developed over my time in the program. It also was a great opportunity to hone softer skills like teamwork and communication.

Course recommendations
I am going to piggyback off of one of my classmates below. In general, all of the required course (portfolio theory, option theory, stochastic calculus, and python, and quant trading) are all exceptional classes. For added color:
- Seb Donadio's Python and C++ courses. Python is required, and will be challenging even to experienced python programmers. The C++ class is helpful and takes a similar approach as Python. Seb really cares about the students, and is very approachable.
- Roger Lee is an outstanding teacher. The theoretical option pricing course is great, and the Numerical Methods to option pricing is even better.
- Brian Boonstra’s Quantitative Trading Course is taught by an actual quant who has plenty of years in industry and teaching. Lectures are lively and problem sets are challenging.
- Multivariate Data Analysis is a deep dive into unsupervised learning, covering everything from PCA to state of the art techniques.


Summary
This program deserves a wholehearted recommendation. Besides everything outlined above, I am compelled to comment on my cohort. I was throughly impressed by some of my classmates in terms of their intellect, experiences, and goals. They are outstanding scholars and these great friendships provided the camaraderie required to get the most out of the program.

I am a current student at the University of Chicago's MSFM program. I will be graduating very soon in December 2021 and will be joining an asset management firm as a quantitative strat. I had noticed during my own application season back in 2019-2020 that many of the reviews about this program are quite old, dating back to the early 2010s. So, I thought to pen down my own experience, which I believe could be much more useful to the prospective students.

Short review:

Amazing program with relevant and rigorous courses. Instructors are helpful and industry experts within their respective domains of quant finance. Outstanding career services. An additional bonus of Chicago being an international hub for finance, especially for proprietary trading shops.

University of Chicago is renowned for its mathematics, economics, statistics and the Booth School. Hence, it has a solid brand value and great connections with reputed firms all over the land.

Detailed review:

Background- I’m an international student from Asia having an undergrad major in economics and statistics from a top-5 university in my country. Prior to coming to the US, I had worked for like 2 years, much more related to economics than quant finance. I wanted to work in the quant finance industry rather than just economics + statistics. I had applied to Financial Engineering programs in the US and received admits from UChicago and a few other good schools within the top-8 of the QuantNet rankings. In the hindsight, it has been a wonderful experience. No regrets at all.

Program- Before the program starts, there is a 3-week refresher session called ‘August Review’. Topics related to regression, probability, statistics, etc. are taught. It serves as a revision refresher for those who have studied these topics earlier and serves as a great learning toolkit for those students who don’t have much experience with these topics. Since many of the firms start their internship recruitment in late August, hence I believe ‘August Review” does a great job of brushing up important relevant topics for the internship interviews.

After the ‘August Review’ comes the ‘September Launch’, which is a 4-week long session in which modules related to python programming and financial markets are taught rigorously in quite a depth. Just to remind you, this is still a pre-program phase. I believe ‘September Launch’ is an amazing way to prepare the students for the main program, particularly those students who don’t have much prior experience with Python programming and financial markets. Technical interview labs with different professors are also held during ‘September Launch’ which explicitly train students for the crucial fall internship recruitment season.

So, ‘August Review’ and ‘September Launch’ together prepares students for the main program by equipping them with required skills in Python, financial markets, regression, statistics, etc., and also for the fall internship interviews. Without these two sessions, it would be much more overwhelming for the incoming students to handle any rigorous Financial Engineering program and also the internship interviews which start as early as September.

Courses- First quarter (fall) has three main important compulsory courses: Portfolio Theory and Risk Management taught by Mark Hendricks, Option Pricing by Roger Lee, and Python Programming by Sebastien. Portfolio Theory taught by Mark Hendricks is an amazing and quite important course. Mark has balanced it perfectly between theory and applied practice. There are many real-life quant finance case studies in homework and for discussions, which really help to understand the real-life applications of quantitative portfolio theory. Mark cares about his students and is quite dedicated to his course. There are instructor hours, instructor reviews, TA hours, extra hours, and other resources designed by Mark to ensure students understand the quantitative portfolio theory and risk management inside and out.

Option Pricing courses by Roger Lee are just outstanding. I simply don’t have enough words to do justice with how good his courses actually are.

Python and C++ courses taught by Sebastien are rigorous (as they should be) and the learning curve is very steep. There is simply so much to learn in his two courses, it’s amazing. I came into the program as a beginner in Python and C++ and at this point, I feel pretty comfortable in both of them.

The quantitative trading strategies course taught by Brian Boonstra is again a rigorous course that involves lots of assignments, handouts, and videos. You could be a trading novice prior to entering his class but if you do the class sincerely you will step out equipped with sufficient tools required to start constructing complex trading strategies.

Financial Time Series Analysis class taught by renowned statistician Rue Tsay from the Booth School is an amazing class and is quite important in the quant finance industry.

The program also offers classes in Forex and Fixed Income derivatives, machine learning, and deep learning, market microstructure, multivariate data analysis, etc. There are also the classes in probability and stochastic calculus taught by respected mathematician Gregory Lawler.

Career Services: The Career Development Office (CDO) at the UChicago MSFM is one of the strongest pillars and a big plus point of the program. I remember when I was applying to the Financial Engineering programs back in 2019-2020, I came across some reviews on the QuantNet which were skeptical of the career services at UChicago MSFM. Speaking as of 2021, trust me, the CDO at this program is WORLD-CLASS, amazing, and more than what a financial engineering student would ask for. Emily, Danny, and Alma work hard with students to ensure that the students land the jobs they want. My career advisor was Emily and she left no stone unturned to help me during the entire program. From helping me significantly improve my job search process, working on resumes and SOPs to multiple interview practices and feedback, Emily and CDO were always there to assist.

The Industry Perspective In-Residence (IPR) is a great initiative by the MSFM program, whereby a seasoned practitioner from the quant finance industry is available for technical interview practice and general consultation within the university.

In a nutshell: Great program, outstanding career services, rigorous and relevant courses, helpful and expert instructors. No regrets, just awesome memories!