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School of Mathematics Financial Mathematics |
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Admission Requirements | ||
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Our primary criterion for admission is a strong knowledge of
undergraduate mathematics (particularly
multivariable calculus, some ODEs and linear algebra)
and/or significant work experience in finance. For those
who are admitted, but either do not have a strong mathematics
background or may need a "refresher", we may request that you take our
course sequence:
FM 5001/FM 5002, "Preparation for Financial Mathematics".
This preparatory course sequence assumes familiarity with a full year
of freshman calculus (both differential and integral calculus), and
proceeds, from that point, to give the necessary undergraduate
background material for the program.
GPA: The preferred minimum standard for admission to our Graduate School is 3.0. A Bachelor's degree from an accredited U.S. university or its foreign equivalent is required. GRE: If you wish to be exempted from the preparatory course sequence (FM 5001/5002), then we require that you submit a GRE Mathematics Subject test score. Only the Mathematics Subject test needs to be taken. Note that, for students who take FM 5001/5002, the program is a minimum of two years in length. If you are applying for admission in Fall 2010, and if your undergraduate graduation date is after September 2004, then we require either a GRE Mathematics Subject score or a GRE General score. If you are planning (before or after admission to MFM) to take our preparatory courses, then you may choose to submit only a GRE General test, but one of these two scores (GRE General or GRE Math Subject) is required for admission from any applicant who has graduated from college after September 2004. We would also be happy to see GRE Subject scores in other science related areas, but it is not required for admission. If your undergraduate graduation date is during or before September 2004, you are not required to take the GRE. However, you may choose to do so, if you think it will enhance your application. If you do not, we will be making an evaluation based on your work experience and will be especially interested in your work activities related to finance. WARNING: If you wish to take the GRE Mathematics Subject exam, then we recommend that you register during early summer, so that you can take the October or November exam, so that the score can be reported by the 28 February deadline for early decision. You could also take the April exam, but you would not hear about a decision about waiving the prep course until after the results are reported. The GMAT is not a substitute for the GRE, and we do not require it. Similarly, if you need to take TOEFL, you should register very early, probably in early summer, several months before applications are due. For the institutional and departmental ETS codes, see below.
TOEFL: Most foreign applicants must take the TOEFL, or some other accepted test to certify their English proficiency. See the Graduate School's TOEFL page for exact details. For English language proficiency, we follow the Graduate School's requirements, which can be found at http://www.grad.umn.edu/prospective_students/application_information/TOEFL.html and which, as of this writing (26 Oct 2009), states, in part:
The operational standard for admission to the Graduate School is a score of at least 79 on the Internet based TOEFL with section scores of 21 on writing and 19 on reading (550 on the paper based TOEFL), or a score of 6.5 on the IELTS or 80 on the MELAB. Please note that individual programs may have higher TOEFL, MELAB or IELTS requirements, so you should check with your program of interest for any specific scores that might be listed. For the institution and departmental ETS codes, see below.
Institution and departmental ETS codes: For GRE, the University of Minnesota has instituion code 6874, the School of Mathematics has department code 0703 and the Graduate School has no department code. For TOEFL, the University of Minnesota has institution code 6874, the School of Mathematics has department code 72 and the Graduate School has no department code. For either GRE or TOEFL, please use both the institution code and the department code; that way a copy goes both to the department, and -- electronically -- to our Graduate School. Three letters of recommendation: We recommend that even applicants who have been out of school for a while get at least one recommendation from a professor (preferably a math professor) who can attest to their mathematical abilities. All three letters should comment on the applicant's suitability for the MFM program. Please ask your recommenders to use the Graduate School's online letters system. Transcripts: Official transcripts from each college or university you attended are required. They should be requested from the Office of the Registrar at each school and mailed directly by the Registrar to the Admissions Office. See the graduate school's requirements for submitting transcripts for more details. |
(612) 625-1306 mfmath@umn.edu 127 Vincent Hall 206 Church St. S.E. Minneapolis, MN 55455 USA |
The University of Minnesota is an equal opportunity educator and employer. © 2009, The Regents of the University of Minnesota |
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