Alma Mater and Low Memorial Library, Columbia University
Recently, we saw a spate of rumors about the Mathematics of Finance program (MAFN) at Columbia University being phased out. In addition, numerous comments on our Columbia University’s forum from incoming students that said their numerous billing inquiries to the program’s staff has been answered just add more legs to the rumor.
Naturally, we contacted the university and the program immediately to seek an official answer on the rumor. Brian F Connolly, Assistant Vice President for Media Relations told Quant Network flat out that “It is baseless and false. Columbia’s MAFN program is robust and thriving. The program may in fact receive a record number of applicants this year.”
Frankly, we’re not surprised. Of the more than 100 Financial Engineering, Mathematical Finance programs we have in our master list, we don’t know of one single instance where a program has been shut down. In contradiction, the number of such programs has been steadily increased the last several years.
Several sources with knowledge of the Columbia MAFN program also confirmed that the rumor is untrue. One departmental source told us that because of budget problems, Columbia University is trying to change the way revenues from the program are split between the departments and the central administration. The source, who requested anonymity because he is not authorized to speak on behalf of the program, said the MAFN program generates a lot of money for the university and the department, and like all revenue-generating programs at Columbia University, it’s under pressure to expand.
And expanding it has. The Columbia Mathematics of Finance program told us that it received a record 800 applications this year, the most since its inception. The program plans to have about 95 students in 2010-2011 academic year, 65 full-time and 30 part-time including continuing part-time students.
Taking a page from the play book of Columbia’s Financial Engineering (MFE) program, the MAFN program confirms that applicants who are denied admission to MAFN have been reviewed for Statistics, another master program under the same Mathematics department.
For the past several years, the Columbia MFE program has been known for sending its rejected applicants to several master degree programs that are housed under the same Industrial Engineering and Operations Research (IEOR) department that the MFE program is a part of.
Earlier this year, many such applicants reported that they have been contacted for interview by the Columbia MS Operations Research (MSOR) program after their applications to the MFE program got rejected. Since such interviews are unheard of in years past, it is indicative of the pressure many of these popular programs face to expand because of Columbia’s budget problems.
2010-2011 estimated tuition cost for the MFE and MAFN program is $49,320 and $36,784 respectively.
The MAFN program declined to release admission data of previous years. It also ignored our request to make current students and alumni available for interview.
Tags: Columbia MAFN, columbia MFE, Columbia MSOR
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