University of Minnesota Financial Mathematics program

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.

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.

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 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.

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 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.

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.

The MFM program is a great opportunity for those who want to be prepared in Quantitative Finance sector.The program has a really good balance between theory and practice. The instructors are experienced practitioners from the industry. The most precious part is that the instructors are willing to share one of thier investment strategies in their daily work.

The program provides a lot of opportunities for students to participate in workshops, seminars, research projects and international trading competitions. When it comes to gain, you get as much as you give.

The Director is helpful and resourceful for career development. She helped me in job hunting, social networking and career development. A large percent of my classmates are professionals from banks, hedge funds, asset management firms, etc. The program offers a good opportunity for students to get knowledge of different financial institutions' culture and their business. After talking with experienced classmates in the program, I gradually knew what I want to do after the graduation.

The program is growing fast, and changing coursework content with the industry changes and adapts. For example, the 5091/5092 course added SQL study as the database is get more and more important in the finance industry.

I got selected by this program a little more than two years ago. What drew most of my attention when I applied was that this program is under the mathematics department of University of Minnesota. UMN math department is continuously ranked top in the U.S. so that I knew this program would be mathematics-intensive.

Later on I found my choice to be absolutely right! Students of this program can choose to study for a minor master's degree in mathematics. And to my favourite part, I can customize my curriculum based on my interest and strength. I registered Fourier Analysis and audited subsequent Numerical Analysis classes, which helped me get better understanding when it comes to topics inside MFM curriculum such as finite element method in Option Pricing. And did i mention that we happen to have some most important scholars in the field of PDE such as Prof. Douglas Arnold who is also on the board of one of the most important Python PDE packages?

In terms of job placement, the past record shows that it is not enough to just sit in a classroom studying to secure a preferred position in the quant world. This program values local and national quant alumni networks as much as academic strength. As a recent graduate of this program and as a new hire into the industry, I appreciate a lot the help I got from my seniors. That is the reason why I feel the need to share some thought and review here about this program. Hope this helps you get to know more about your options when applying. Feel free to contact me if you have any further questions!

Yunpeng

I have learned a lot from the UMN MFM program during the last few years, and I’d like to recommend it to you if you also get a chance to join this program!

Most courses from the MFM program are taught by the experienced industry practitioners, which greatly benefits the students as they can have different views when they look into the quantitative finance world. The courses cover different interesting topics such as Risk and Asset Allocation, Volatility Models and Mortgage Backed Securities, etc. For each topic, the practitioner will give the students certain projects which help them deeply understand the topic. This would be great helpful when you graduate and want to try different things during the job hunting.

Except the practitioner courses, the MFM program also designs several mathematical courses which help their students to get a solid math background. The courses would introduce the main mathematical tools, such as probability and statistics. In addition, the coding classes were what I loved when I was at the U. The coding classes will let you build a portfolio management system in C# step by step.

Another thing I need to mention is the directors and many alumni associated with the MFM program. They are not only helpful in our academic life, but also helpful in our career development. For example, they would instruct you how to draft a resume, how to build a connection and even how to prepare an interview, etc. We can easily connect to the financial industry through them. Thanks to their help, we can have different interesting seminars given by professors or practitioners in math or finance almost every Friday nights. And they are always helpful to offer us a help or suggestion when we have any question in our career.

I accomplished my Bachelor’s degree in math in UMN in 2017, and graduated from MFM in May 2019. As an international student, I found my job as a quant analyst in the United States within 3 mo. after graduation.

Could say the program provides us with nicely planned professional training. For example, FM 5011/5012 is a math prep course relating to probabilities, measure theories, matrix and some derivative pricing models. It's not very difficult for me but I believe it's the best math course for non-math majors to refresh their math knowledge. In addition to this,
my favorite course FM5021/5022 will basically build us with advanced financial math background. Although some reviews might say professors are using (definitely not copying!) materials from John Hull's book, I've learnt and got trained a lot relating to financial math models, including real programming, problem-analyzing and self theory-deriving, which is not taught by the textbook.

Have to mention a course, FM 5031/5032, which is a feature of MFM, is taught by 3 financial practitioners each semester, is absolutely a treasure for students! More in details, instructors are excellent - For example, John Dodson, who works in QRM at OCC, teaches comprehensive and excellent quant analysis insights. His lectures are never boring. In addition to this, 5031/5032 Homework is meaningful - I appreciate the instructors’ efforts making all of the real-world homework problems relating to statistical analysis, financial market and quant fin models. In this course, the homework is all programming-based. We are allowed to use any programming language we want but we have to compose very structural/detailed mathematical documentation for weekly homework. Thus, students are trained well in programming, documentation writing and teamwork. As far as I’m concerned, the homework projects will be very SHINY when you put them in your resume because of the variety and the depth. And I promise all of the quant interviewers are interested in our academic projects, and 95% of quant questions are covered by MFM courses.

Most importantly, frankly speaking, the placement of international students in the US is hard, especially in recent 2 years many companies in the US are not hiring non-green card or non-H1B holders. But If you are an international student considering joining MFM, don’t worry too much. We have alumni in Minnesota, Chicago IL, Texas, Atlanta, and some major eastern cities like NYC. They are so nice and willing to help. Our director Laurie is so helpful organizing alumni dinner, activities and Chicago trek. So, please, please go networking rather than stay at home and play video games.

In conclusion, I believe MFM provides everything-you-need for your quant career. But it’s always crucial that you must learn to make good plans and to challenge yourself while learning because your future can’t be guaranteed by a diploma - It still depends on yourself.

The MFM program at the University of Minnesota was an excellent experience. The opportunities both in the classroom, as well as networking, seminars and special projects, were far superior to my undergraduate university.

What initially attracted me to this type of program was the ability to differentiate within a highly competitive industry. On the academic side, there is a clear focus on developing programming skills, which is one of the first classes taken. As you make your way through the program, you learn specific things that are applicable to equity, fixed income, and derivatives. This gives you exposure to find out what you may be interested in post-graduation. Many employers put emphasis on new graduates having a particular interest, and not just saying they like "finance".

On the networking side, the career development team provides plenty of opportunities and is willing to connect you with the large, local alumni base. I was able to land a job after my first semester, in which multiple interview questions involved things I directly learned in class. Also, several people I interviewed with were familiar with the program, displaying strong brand recognition

To wrap things up, I feel I made the right choice in choosing the U of M. I would recommend the U of M specifically because of the competition within the twin cities for jobs. The MFM at the U is the only of its type in the area, which theoretically gives its alumni an advantage.

I am the 2nd-year MFM student and I will graduate this May. I think it’s time for me to share some of my points of this program.

1. Academic: The top reason I chose this program 2 years ago is that almost all the teachers or instructors are from the industry. Some of them are option, future traders, others are head of quantitative research and analysis, etc. These make our courses both theoretical and practical.
FM5091/ FM5092, we used Matlab (now is changed to Python), C# (GUI is powerful) to price both European options and exotic options. At the end of FM5092, we had to build an option portfolio management GUI. Also, we discussed financial markets for 30 mins each lecture. It’s really nice to know the insight of an experienced exotic option trader.
FM5011/FM5012, the most mathematical courses in the program. We learned measure theory, stochastic calculus, risk neutral measure and portfolio optimization. Math is the thing you never feel it useful until you need it. Thank for these two courses, although I already learned some of them during the undergraduate, I refreshed and consolidated the knowledge.
FM5021/FM5022, courses related to math in financial derivatives. My understanding of derivatives was superficial until I took these courses. Besides, I learned Greeks of options deeply, which is super helpful in hedging and option trading.
FM5031/FM5032, my favorite course in the whole university. The courses are very practical and let you know what quant can do in insurance company, option clearing house and asset management company. The courses are challenging, but it’s really interesting and I learned a lot from the instructors.
Also, we are flexible to choose any courses related to Math, CS, Stats, Econ, Finance and Management from other departments. And if we meet the requirement of specific department, we could get a minor.

2. Career development: I don’t know other programs’ career service, but our program’s is perfect. Laurie Derechin, who’s executive director of our program, is really really helpful! She wants all of us to get the job after graduation, and she spares no effort to help us with resume, interview and life. Based on her effort, our alumni are united. I got a lot of help from our alumni through coffee meeting, FMA meeting, MCFAM seminars and winter workshop. Networking is the key to find a job, and all the alumni are resources.

3. Location: As lots of alumni said before, we are the only MFM program in Minnesota, so we don’t have that many competitions as east coast or west coast. Minnesota is also the best place to live. Don’t be afraid of the cold. I’m from south east of China, and I don’t think the winter here is colder than my hometown…It’s just longer…

That’s all I want to share for now. I’m still trying to get a job now, but I’m not upset since I know I will have a happy ending with all these solid trainings and help from teachers and alumni.

- What did you enjoy most about the MFM program?

Overall, the most enjoyable part of the MFM program is the professors. The conversations had outside of class often led to a lot of new insight not present in the traditional classroom discourse. Ultimately, the greatest strength of the MFM is the professors they employee and the personalities they have.

- What skills and knowledge did you gain that have been valuable in your career

Outside of general knowledge of quantitative finance as a whole, I can't truly pinpoint anything in specific. I use most of the general theoretical knowledge gained in the program routinely, though it does mainly relate to XVA.

- How has the program prepared you for your current role?

The program has prepared me for my current role well. The in depth knowledge of financial instruments and their machinations leads to an easier understanding of complex topics and allows an easier transition into the workforce.

- Course instruction quality

Overall course instruction quality was great! While there were some courses where I don't feel I learned as much as I could of, I believe that that would fall on me. The courses are tough, but the instructors are more than willing to make the extra effort.

The time I spent in MFM program is one of the most valuable experiences in my life.

The most impressive parts about this program is people. It is a smaller group of people comparing to other programs. We built a close connection in our alumni community and current students. The first two jobs I got are through alumni's connection. People in this program are nice and supportive. Also, advisors and professors are very supportive too. They are more like friends than teachers.

About coursework, one of the nice parts is it is continuingly updating according to the industry development. Technical-wise, I learnt python, C#, Matlab here. In financial math area, I learnt stochastic calculus, basics of option pricing, fixed income, risk management. We also learnt some machine learning related topic in the financial area.

You can even discuss your opinion with the advisor for the program. Advisor will listen to everyone's opinion and make the most appropriate decision and design.

I hope someone who is suitable for this program can find the right place. I believe it will be mutual beneficial. I know this program is not at the top of the ranking list. But it is definitely a good choice for some people. It has great reputation in the industry, especially around Midwest area. Most companies know about this program because there are very limited number of similar programs. It is also relatively cheaper than other programs but with good quality of course content and professors.

One of the highlights I liked the most about the MFM program was the breadth of the curriculum. The program covered a wide range of topics, from risk management to stochastic calculus and financial modeling (the most fun in my opinion) and, of course, quantitative finance. Given I had little background in finance, I appreciated the opportunity to explore various aspects of financial mathematics to make myself more well-rounded.

The program had a strong emphasis on practical applications. The inclusion of real-world projects gave me the chance to apply the concepts I learned to what can be seen in the workplace. This made the courses more engaging and relevant to my goals. Going through the program equipped me with a robust set of skills and knowledge that have been instrumental in my career. I gained a deep understanding of financial markets, derivatives, and risk management techniques.

The program emphasized quantitative skills, including programming (Python, C#, and SQL), advanced mathematics, and statistical analysis. These skills have been crucial in my day-to-day work, as they enable me to analyze complex financial data and understand sophisticated models.

The MFM program has been pivotal in preparing me for my current role in the financial industry. I enjoyed the program's practical approach and focus on real-world applications. Additionally, the program fostered a collaborative learning environment. Group projects, semester-end presentations, and discussions with fellow students allowed me to develop strong teamwork and communication skills. These skills have been indispensable in my current role, where effective collaboration and clear communication are essential.

The quality of instruction in the program was high. My professors were accessible in office hours and willing to provide guidance and support outside of class. I really appreciate the industry experience they bring into the classroom.

My experience is quite positive. The program's comprehensive curriculum, practical approach, and high-quality instruction have equipped me with the skills and knowledge necessary for a successful career in finance. I highly recommend it to anyone applying to graduate quantitative financial programs.

What I enjoyed most about the MFM program is that it promoted the environment for growth. I especially enjoyed relevant industry projects and class discussions. The program gave me the foundation needed for the job that I got after graduation. Even if I came across a new concept, using the foundation that MFM built for me I could learn new concepts on my own. Financial modeling and coding were especially very helpful.

My 3 favorite things about the program were.
The project-based approach in most courses, incorporating vital quant skills like programming, and mathematical finance modeling. I remember working through majority of problems sets that utilized or required those skill sets. This effectively equipped us for roles in the quant job market.

The curriculum was also well designed as it exposed us to various asset classes and their function within portfolios.

Finally, the combination of theoretical and practical models, often taught by industry practitioners, greatly enhanced my learning experience.

Great instructors and faculties won the five stars in my review. Every one of them that I came across during my time in the program was very supportive, helpful, and accessible. They provided me great guidance and supports both academically and professionally.

In terms of the coursework, I personally felt like it's a great combination of quantitative skills, math, finance, programming and more. Most of the stuff - financial modeling, coding, analysis, etc. that we learned are relevant and applicable to my current role in the finance industry.

Very strong alumni network in the Twin Cities and throughout the US

Would recommend

It's a great program with excellent instructors and atmosphere.
First, the courses setting is very comprehensive, which is suitable for students from different backgrounds. And I also gained a lot projects experience in the program.
Second, there are many meetings and chances to broaden contacts and give students more knowledge about the industry, and also it has specialized career fair and workshop. All of them could be very helpful if students plan to find a job after finishing the program.
Third, the instructors and people in this big family are quite nice! They are willing to share and provide help.