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- Q1: Whom can I ask questions not appearing here?
- A: If you have questions about the status of your application to
the Mathematics Department, and/or whether certain materials have
arrived in the Mathematics Department please write to Bonny
Fleming, at
b-flem@umn.edu.
If you want to know if your application is complete, please write to
Bonny Fleming, at
b-flem@umn.edu.
If you have questions about our timeline, please see Q3 below.
If you are unsure of whether you have been recommended for admission,
rejected, or put on the waiting list, please write to Bonny
Fleming, at
b-flem@umn.edu.
If you know that the Graduate School has issued your I-20, but you
want to know if it was mailed out (see Q77 below), please write to
Bonny Fleming, at
b-flem@umn.edu.
If you have questions about your Graduate School application, please
see Q30 below.
If you seek permission to take FM 5001/5002, please read Q56 and Q86
below, and then write to the MFM Program Director Scot Adams, email
address: mfmath@umn.edu.
If you already have permission to register for FM 5001/5002 as a
non-degree student, but are having difficulty with the registration
process, please first try to resolve the issue with One Stop (see Q133
below), and then, if problems persist, try Bonny Fleming, at
b-flem@umn.edu.
For other registration questions, please read Q56 below. If
that doesn't resolve the issue, contact One Stop (see Q133 below),
and, if there are still problems, try Bonny Fleming, at
b-flem@umn.edu.
For billing quesitons, see Q71 and Q110 below and then, if
necessary, contact One Stop (see Q133 below).
Other questions can go to Prof. Scot Adams,
email address:
mfmath@umn.edu.
- Q2: What if I have trouble applying?
- A: Contact the program director, Scot Adams, email address:
mfmath@umn.edu.
- Q3: When are applications due to MFM? When will we be
notified of decisions?
Searching keywords:
timeline deadline
- A: Early application is encouraged for all candidates. Candidates
who have complete applications (both to the Math Department and to the
Graduate School) prior to 28 February will be evaluated and notified
of admission decisions by 31 March. Some applicants not admitted will
be placed on our waiting list, and there is the possibility of further
offers being made toward the middle of April, some more toward the
middle of May, and perhaps even some in early to mid-June.
We do not start to review applications before 1 March, so there is no
need to complete your application before 28 February, unless you want
to.
For applications that are not completed until after 28 February, there
isn't a detailed official timeline, but, in past years, our process
has been to do a once per month review of new applications. Thus, if,
say, an application arrives in March, it will probably go into the
batch to be reviewed in early April. Because of the
April 15 resolution,
we hope to complete the review of March applications
in time to make a round of offers on 10 April.
If you decide to apply, it is to your advantage to complete your
application as early as possible since it is possible that we will
"fill up" and have to turn away applicants, not based on their
qualifications, but only on our need to keep a reasonable bound on
class sizes. This problem, in fact, occurred during the 2008 admission
season.
The final application deadline is 5 June. Again, this means that both
applications (to the Math Department and to the Graduate School) must
be complete on that date, including transcripts, letters of
recommendation, and all other parts of the application. For
application not being considered for early admission, there is no set
schedule for when admissions would be made, but we do expect to
complete our work by 15-20 June.
We hope that applicants who do not receive an early offer of admission
will give us until 15 April before they make a final decision (see
Q138M. below).
We recommend that, if we have not offered admission by 15 April,
and if they have another offer with a 15 April deadline for
decision, then they should accept it, even if they are on our waiting list.
If you want to check on the status of your application following 15
April, we recommend writing at the beginning of May and/or at the
beginning of June, since we will likely not have information at other
times. (Please write to Bonny Fleming, see Q1 above.) Notification
of final decisions will go out toward the end of June.
WARNING:
You may be required to submit a GRE exam score. (Please point to
http://www.math.umn.edu/finmath/admission_requirements/
for information about our admission requirements. Also,
see Q8 below.) If so, 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.
Similarly, if you need to take TOEFL, you should register very early,
probably in early summer, several months before applications are due.
- Q4: Do you have spring or summer admission?
- A: We do not. We admit students in fall semester of each year.
- Q5: What financial support is available?
- A: The Mathematics Department does not offer financial support for
this program in the form of Graduate Assistantships or Graduate School
Fellowships. This is true for arriving students, and for students who
have been in the program for a period of time. We certainly understand
that there can be financial strains because of expenses, but do not
attend the program hoping that financial support will become available
after the first year.
Allianz Life
will be offering at least one one-year tuition fellowship next year,
to be followed by a summer internship. All applicants for the early
admission program will be considered for this fellowship/internship.
You do not need to do anything additionally to apply for it, and no
materials outside of your regular application will be considered.
There are many other sources of support for education
outside of the department. For general information about financing
graduate school, here are three sources:
http://www.grad.umn.edu/prospective_students/Financing/other.html
http://www.onestop.umn.edu/onestop/financialaid.html
http://www.grad.umn.edu/prospective_students/Financing/index.html
We do help MFM students who are doing well in coursework to seek
summer internships, but we don't require them, nor are they
guaranteed. (See Q70 below.)
Please be aware that this is a tuition-based professional program,
and the Mathematics Department does not offer Teaching Assistantships,
Research Assistantships, Scholarships or Fellowships for students in
this program.
- Q6: Which FM courses are required to complete the program?
- A: There are five course sequences in the program, FM 5001/5002,
FM 5011/5012, FM 5021/5022, FM 5031/5032, FM 5091/5092. (Point to
http://www.math.umn.edu/finmath/courses/
to find out
more about them.) All but FM 5001/5002 is required. We may ask that
some admitted students take FM 5001/5002 in preparation for the rest
of the courses. (See Q15 below.)
- Q7: How long is the program? How quickly can I
complete it? How many hours per week of work is required?
Searching keywords:
time to complete, length of program, duration of program, how long, how fast
- A: Much depends on how many courses you take each semester. Note
that all students are required to take FM 5011/5012, FM 5021/5022, FM
5031/5032, FM 5091/5092. Some students are, in addition, required to
take FM 5001/5002, the preparatory course sequence. These four or five
course sequences complete MFM graduation requirements, but some
students may take additional courses outside of the MFM program; note
that we have "with emphasis options" listed at the bottom of
http://www.math.umn.edu/finmath/courses/.
It is possible for a student with the proper background, and working
as a full-time student, to complete the entire program in one
year. However, to do this, the student must have the preparatory
course sequence FM 5001/5002 waived, and that, requires that, at the
time of the application, a GRE Mathematics Subject score needs to be
submitted. If FM 5001/5002 is not waived, then the minimum amount of
time to complete the MFM program is two years.
For those who have FM 5001/5002 waived and wish to complete MFM in one
year, the estimated work time would be 45 hours per week (when class
is in session), and 12.5 of those 45 hours would be in-class hours.
The amount of time to completion for a part-time student would
vary significantly, depending on how many courses they take per
semester. For example, a part-time student might start with FM
5001/5002 and FM 5091/5092 in their first year, continue with FM
5011/5012 and FM 5021/5022 in the second year and finish with FM
5031/5032 in the third year. We ask that all students in the program
take at least one FM designated course each fall semester and one FM
designated course each spring semester. We hope to avoid leaves of
absence as much as possible.
One bit of information that can help you with this question: The
goal is that each credit-hour of coursework will involve about three
hours per week of work and roughly 50 minutes of that three hours
would be in-class time. So, if, in one semester, you take two
three-credit courses (totaling six credits), and if you're the
mythical "average student", then you would have a work load of 18
hours per week, and five of those 18 hours would be in-class hours.
However, please do bear in mind that, here in Minnesota,
all of the students are above average.
- Q8: Do I have to take the GRE? Even
if it's not required, do you recommend it? Do you recommend taking the
GRE Mathematics Subject test, or the GRE General test, or both?
Searching keywords:
Do I need to take the GRE, Do I need the GRE require the GRE,
Do I need to submit a GRE score
- A: If you are applying for admission to MFM in Fall 2010, if you
haven't already taken the preparatory course sequence (FM 5001/5002),
and if you wish to be exempted from that sequence, then we request
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, as part
of our MFM admissions requirements (see Q23
below). 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 (even from those who are
taking or have completed the preparatory course sequence). We would
also be happy to see GRE Subject scores in other science related
areas, but it is neither required nor sufficient for admission.
It's hard to make definite recommendations, since much depends on the
background and goals of the individual. We have many applicants who
are recent college graduates (since Sept 2004) and who either are
currently taking FM 5001/5002 or who intend to take it on entry to the
program. Most such applicants decide to take the GRE General test, but
not the GRE Math Subject. It does no harm to take both, but, if an
applicant takes only the GRE Math Subject test and scores poorly, we
will not be able to compare him or her against others who have taken
only the GRE General test.
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
preparatory course sequence until after the results are reported.
The GMAT is not a substitute for the GRE, and we do not require it,
nor do we evaluate it.
- Q9: Is it possible to audit courses
in this program or to take them pass/fail?
- A: It's possible but strongly discouraged because it is almost never
in the student's best interest --
For a person who is considering applying to the MFM program, and
wishes to take the preparatory courses (FM 5001/5002) as a non-degree
student: You should take those courses A-F because good grades in
those courses can help your application.
(See Q145 below.) Moreover, without the letter
grade, if you were accepted, we would very likely request that you
retake those courses in order to get permission to take FM 5011.
(Grades of "B" or better in FM 5001/5002 are, for most MFM students,
needed to continue to FM 5011, see Q44 below.)
For a current MFM student: It would be a mistake to take any MFM
course pass/fail. First, MFM students who have not had the preparatory
courses waived will need to receive letter grades of "B" or better in
both FM 5001 and FM 5002 in order to get permission to take FM
5011. (See Q44 below.) Second, to graduate from
the MFM program, each MFM students is required to list all the
remaining MFM courses (meaning FM 5011/5012, FM 5021/5022, FM
5031/5032 and FM 5091/5092) on his/her degree program form, and we do
not allow courses to be so listed without a letter grade of "C-" or
better.
Note that, if you are not a student in the MFM program, then you
cannot register for any MFM course (even as an auditor), with the
exception of FM 5001/5002. (See Q12 below.)
So, the only conceivable situation where a person would reasonably
take an MFM course pass/fail would be: A non-MFM student who is
curious about the content of FM 5001/5002, but has no intention of
seeking an MFM degree in the future.
- Q10: How many students do you admit each year?
- A: We have no lower bound, but we have to limit the number of
incoming students each year to a maximum of 50, just to keep our class
sizes reasonable. We have admitted a few more than that, under the
assumption that some who plan to attend the program will, for one
reason or another, be unable. That is, we do slightly "overbook", but
we aim for a limit of 50.
(Addendum: We ended up with a first class of 54 students entering our
program in Fall 2007.)
Please see also Q127 below.
- Q11: Do you have a PhD program in Financial Mathematics?
- A: No, I'm afraid we do not.
Please also see Q105 below.
- Q12: I'm not currently a student in the MFM
program. May I take a Master of Financial Mathematics course?
Searching keywords:
not an MFM student, non-MFM student, not a student,
courses open to non-MFM students?
- A: With permission, you may take the Preparatory Course sequence
FM 5001/5002, but the others are only available to students who have
been accepted to the MFM program. (Point to
http://www.math.umn.edu/finmath/courses/
for a listing of our courses.) You may seek permission for FM
5001/5002 (but during the registration period only) by writing to
mfmath@umn.edu.
(See Q58 and Q86 below.)
You will need to seek permission only once,
for both FM 5001 and FM 5002. Permission is dependent on the level of
mathematical preparedness; the prerequisite for FM 5001/5002 is a full
year of calculus (see Q94 below),
with grades of "B" or better (in
*all* freshman-level calculus courses).
If you are only seeking permission to take FM 5001/5002, and are not
applying to the MFM program, then we do not require documentation of
your coursework; we trust you if you simply state by email that you
have completed a full year of calculus with grades of "B" or better.
In the end, it's not really in your own interest to spend money on a
course that is at too high a level for you to succeed. If you have
not
had a full year of calculus (with "B"s or better), we recommend
you consider starting in a calc sequence. (See Q31 below.)
WARNING: The MFM tuition rates listed at
http://www.math.umn.edu/finmath/tuition/
are only for MFM students. They do not apply to students outside our
program who enroll to take FM 5001/5002. In those cases, students pay
the rate determined by their own program, or, if they are non-degree
students, then they pay the standard Graduate School rate, which can
be found at
standard Graduate School rate.
Note that FM 5001/5002 with grades of "B" or better can help in
applying to the MFM program, see Q145 below.
Incidentally, for interested parties, there is a Financial
Mathematics Seminar, and anyone can attend. For more information,
please point to
http://www.math.umn.edu/finmath/seminar/
Finally, there are two regular Mathematics courses that are available
to U of Minnesota students and cover some of the subject matter of the
program. They are
MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II.
Taking these even may provide some credit toward the MFM program; see
Q53 below. Other MATH courses related to the program can be found at
Q25.
- Q13: I find it difficult to attend classes at
the University of Minnesota. Do you have a distance program?
Searching keywords:
online distance, learning on-line, distance education, distance learning
- A: Four MFM courses will be offered by distance starting in Fall
2010. Information is available at
http://www.math.umn.edu/finmath/distance_ed/.
Currently available is a small on-line lecture series, at
http://www.math.umn.edu/finmath/lectures/.
- Q14: I would like to send you some
extra materials to support my MFM application. How do I do this?
Searching keywords:
additional materials to support my application, supplemental materials
- A: It may be possible to upload some supplemental materials into
the Graduate School application and, if you do that, we should receive
them. However, since the Graduate School will likely not use them, it
may make more sense to send them directly to the MFM program, at
b-flem@umn.edu.
(For surface mail, see Q51 below.)
You're also welcome to do both (upload them into the Grad School
application *and* send them to the MFM program).
- Q15: How can I gauge whether the preparatory course
sequence FM 5001/5002 would be good for me to take? How can I tell
whether it will be required? Is it possible to have it waived?
- A: If you have not applied to the MFM program, but wish to take
the preparatory courses FM 5001/5002 as a non-degree student, then
please read Q86 below. For those who are applying to the MFM program:
Our admissions committee will, for each admitted applicant with a GRE
Mathematics Subject score (see Q8 above),
make a recommendation about
exactly this question, and this recommendation will be communicated to
you at the time of admission. For some applicants, we may request
that FM 5001/5002 be completed, with grades of "B" or better, before
continuing to FM 5011/5012. In deciding whether to require the FM
5001/5002, we'll be trying to evaluate the individual's
undergraduate-level knowledge of multivariable calculus, probability
theory, numerical analysis, linear algebra and differential equations.
If you are not asked to take this course sequence, but you want to,
you are welcome to do so, but be aware that this will increase the
total cost of the program.
If you wish to have FM 5001/5002 waived, you must take the GRE Math
Subject test; however, it is possible to take it in April, after
acccepting an offer of admission. Once that score is reported we can
consider your request for a waiver. If you do not take the GRE Math
Subject test before the start of your first semester here, then FM
5001/5002 will not be waived.
- Q16: What jobs are available in the local area
for graduates of this program?
Searching keywords:
career, market meltdown, employment
- A: You can try typing "quantitative analyst", selecting "100
miles" and typing the zip code "55455" in a search in
monster.com,
but there may be a good deal of local employment (particularly in
insurance) for which quantitative tools are important, but which don't
formally use "quantitative analyst" in the job title. You can also
point to
http://www.math.umn.edu/finmath/local_industry/
which is our local industry website. In the MCIM
(http://www.math.umn.edu/mcim/),
we have a partner with a great deal of experience in helping our
students find
internships,
and note that three recent students have found internships in
the local finance industry.
Starting in 2008, in addition to MCIM, the MFM program will be using the
Institute of Technology
Career Center for Science and Engineering
to seek internships. (See Q70 below.)
There are many possibilities for careers in finance that use
mathematical skills. Typically, as in the preceding paragraph, one
thinks of "quantitative analyst" or "quant", but there are jobs
available that may not have that kind of designation. Careers for our
graduates are available in many different industries from insurance to
hedge funds to asset management funds to banks to pension
funds. Moreover, many large companies that are not specifically
oriented toward finance nevertheless need to manage large portfolios
of assets, and sometimes (e.g., Cargill) even even run their own
trading desks to help hedge their risks. So it's difficult to give a
precise answer to which career paths exist, only because the
overlapping need for mathematical and finance skills is so ubiquitous.
Our alumni details website, at
http://www.math.umn.edu/finmath/Alumni/details.shtml
may give you some idea of what kinds of jobs some of our graduates
have found. Note that we only reveal information as our graduates give
us permission.
See also Q70 below
- Q17: I'm a full-time professional and my time
is limited. How much time will I need to put into this program
each week?
- A: The program is designed to be as convenient to you as possible,
but there are some time requirements. Our goal is that every student
in the program will take at least one course per semester, though,
in some cases, a "leave of absence" might be unavoidable. Three
credit courses are targeted to require nine hours per week of work
(including class time) for an average student, should one ever be
found. Four credits are targeted to need 12 hours per week.
- Q18: Where can I find information about housing
at the near campus?
- A: Please point to
http://www.housing.umn.edu/ or write to
housing@umn.edu.
Also, if you're an international student, you can, on arrival,
seek temporary housing at the
International Reception Center.
NOTE: This question/answer overlaps with Q64.
- Q19: I'll be coming to the University of Minnesota
as an international student. Where can I find information to help
with my transition.
- A: Information for new admitted international
students can be found on the website
http://www.isss.umn.edu/new/default.html
Also, if you're an international student, you can, on arrival,
seek temporary housing at the
International Reception Center.
- Q20: Who will be teaching the courses?
- A: Point to
http://www.math.umn.edu/finmath/courses/
for a listing of our courses.
Point to
http://www.math.umn.edu/finmath/teachers/
for more information about our teachers.
The "with emphasis" optional courses are taught by professors from the
department that is the focus of the option.
- Q21: How much will it cost me to live in Minneapolis
and attend the program for one year as an MFM student?
Searching keywords:
expenses, total price, total cost
- A: Of course, this is very difficult to answer, since living
situations vary greatly from person to person. An estimate might be
based on the I-20 living expense minimum, that is updated each year.
Let's assume a student comes here in 2009-2010 and takes the four
required course sequences (FM 5011/5012 for 4+4=8 credits, FM
5021/5022 for 4+4=8 credits, FM 5031/5032 for 4+4=8 credits and FM
5091/5092 for 3+3=6 credits), but not the preparatory course sequence
(FM 5001/5002), all in that one year. The total credit count is
8+8+8+6=30 credits, and, at $600 per credit, tuition for 2009-2010 is
$18,000. The 2009-2010 amount for the I-20 minimum is just under
$17,000. (This includes $1,480 for student fees, $980 for books and
$14,034 for living expenses.) The approximate total then comes to
$18,000+17,000, or $35,000.
If you do not own a laptop, you will also need to buy one, and there
will likely be some expenses buying software. Perhaps the laptop will
be around $2,000-$2,500, and the software around $500. So, adding
this expense, we get about $38,000. (Please see Q83 below for our
laptop and calculator policies.)
Please bear in mind that this is only a very rough guess! Please read
the assumptions carefully, and do calculate your own number, after
adjusting them to fit your own situation!
Also, please bear in mind that your I-20 (see Q91 below) may say
something very different than what appears in this answer, because,
on the I-20, the point is to get at minimum
expenses. Most students will seek to draw some balance between time in
the program and cost per year, and will likely pay more than the
minimum, so as to finish more quickly.
For an estimate of tuition rates in future years, please point to
http://www.math.umn.edu/finmath/tuition/,
and read the second paragraph, which begins
"WARNING: Tuition is very low because this is a new program, but it
may rise rapidly."
- Q22: I would like to study in your program and in
another University of Minnesota graduate program at the same time. Is
that possible?
- A: You may apply to more than one program, but you cannot attend
both MFM (Master of Financial Mathematics) and another program at the
same time. If you're accepted both to MFM and to another program, and
if you decide to attend the other program, then you can still take the
MFM preparatory course sequence, and you could possibly join the MFM
program after completing or leaving the other program. Apropos of
this, please look above and read the answer to Q12 above and Q193
below.
If you are currently in another academic program at UMN, and seek to
join MFM, we strongly prefer that you terminate that program before
beginning MFM. (See Q193 below.) Whether you are graduating or
leaving the other program without graduating, you will need to submit
a Change of Status (see Q131 below), and you should not apply through
the regular application process. (See, also, Q130 below.)
- Q23:
What GPA do I need to get into the program? What
GRE scores are needed? What proof of English language proficiency do
you require? Do I need to have work experience in finance? Do I need
to have a math or finance background in college? Do you accept recent
college graduates? Do you *only* accept recent college graduates?
More generally, what are your admission requirements?
Searching keywords:
admission requirements, TOEFL, admissions requirements admission standards,
requirements for admission
- A: For 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.
Please see Q115 below for more information about
our GPA standards.
Regarding GRE scores, see Q120 below.
A good showing on the GRE Mathematics Subject test is needed to be
exempted from those courses. (We use the 75th percentile as a
benchmark, but there is no specific minimum requirement, as the final
decision will be based on the entire application.) Students planning
to take the preparatory courses are not required to submit a
Mathematics Subject GRE test score.
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.
WARNING: The Graduate School Admissions department may offer admission
to an applicant who does not meet their language requirements, but
wait for improved scores to issue the I-20. They sometimes do not
inform the applicant that the I-20 is being withheld, so it is
important to that international applicants take the initiative to be
sure that English language requirements are fulfilled. Also, in order
to issue the I-20, the Graduate School does need to have an official
score report on file.
The Graduate School requires that English language scores be valid at
the time of the student's arrival in Minnesota. So, for example, if
you have taken TOEFL less than two years ago, but your score will be
more than two years old at the time you would arrive to take courses
at Minnesota, you should retake the exam.
The School of Mathematics supports the need for standards to ensure
that students who arrive here can learn through English-language
instruction. However, we don't make policy about this matter.
Questions about Graduate School language requirements should go to the
Graduate School, see 30 below.
Graduate School language requirements can be strict, but, in the Math
Department, we look at the full application, so we don't have any
specific minimum (or maximum!) for any one particular item. Any stated
goals on our websites really are only goals, and not absolutes.
It is possible that strength in one area of an application can offset
weakness in another. Also, there is no level for any score above which
an applicant is guaranteed admission.
We accept recent college graduates and we accept people with work
experience in finance, and the program is structured with these two
"groups" in mind. Hopefully, the interactions between those with
recent coursework and those who have had experience in finance will be
lively. You do not need to have been a math major to be accepted in
the program (see Q59 below), nor do you need to
have taken courses in finance, nor do you need to have held a job in
finance.
For our admission requirements, please point to
http://www.math.umn.edu/finmath/admission_requirements/
We also require a full year of calculus (with good performance) for
entry into the MFM program. Beyond that, the stronger your
mathematics background, the better it is for your application. We do
accept students from all majors, but, since this program is primarily
a mathematics program focused on finance (and not the other way
around), the material can be very challenging to a student who does
not have the prerequisite mathematical knowledge.
Please see Q94 below for information about which
mathematics courses might help your application.
- Q24: Does your program have any connection with
the business school, the Carlson School of Management (CSOM)?
- A: Yes. We have a "Master of Financial Mathematics with Emphasis
in Management". The "with Emphasis in Management" is an unofficial
title recognized by our department and CSOM, and requires an
additional three courses (for 8 credits) on top of the regular
Financial Mathematics coursework. These courses are recommended to
those students in our program who wish to enhance their knowledge of
business applications.
For more information about these three optional business courses, click
here.
- Q25: Are there any regular MATH courses that might
help me prepare for the MFM program?
- A: Yes, certainly. First, if you have not completed a full year of
one-variable calculus, with grades of "B" or better (in *all*
freshman-level calculus courses, see Q94 below), then we recommend
taking those courses before applying to the program, and before
attempting any of the mathematics courses listed below. (See Q31
below.)
The two math courses that are most closely related to MFM are
MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
and
MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II.
Taking these even may provide some credit toward the MFM program; see Q53
below. Other relevant courses are
MATH 2243 - Linear Algebra and Differential Equations
MATH 2263 - Multivariable Calculus
MATH 2373 - IT Linear Algebra and Differential Equations
MATH 2374 - IT Multivariable Calculus and Vector Analysis
MATH 4065 - Theory of Interest
MATH 4242 - Applied Linear Algebra
MATH 4457 - Methods of Applied Mathematics I
MATH 4458 - Methods of Applied Mathematics II
MATH 4512 - Differential Equations with Applications
MATH 4653 - Elementary Probability
MATH 5067 - Actuarial Mathematics I
MATH 5068 - Actuarial Mathematics II
MATH 5485 - Introduction to Numerical Methods I
MATH 5486 - Introduction To Numerical Methods II
MATH 5487 - Computational Methods for Differential and Integral Equations
in Engineering and Science I
MATH 5488 - Computational Methods for Differential and Integral Equations
in Engineering and Science II
MATH 5525 - Introduction to Ordinary Differential Equations
MATH 5587 - Elementary Partial Differential Equations I
MATH 5588 - Elementary Partial Differential Equations II
MATH 5651 - Basic Theory of Probability and Statistics
MATH 5652 - Introduction to Stochastic Processes
MATH 5654 - Prediction and Filtering
MATH 5711 - Linear Programming and Combinatorial Optimization
This list is, of course, quite long, but don't worry: We don't have
specific course requirements (except for a full year of calculus, with
grades of "B" or better, see Q94 below) to apply to our program. It's
just that, the more you know, the better your chances of acceptance
into MFM (and, ultimately, of success in completing MFM).
In terms of setting priorities, the most important courses you could
take in preparation for MFM would be courses that cover multilinear
algebra, differential equations and basic probability. You might
therefore focus on one of these two
MATH 2263 - Multivariable Calculus
MATH 2374 - IT Multivariable Calculus and Vector Analysis,
combined with one of these two
MATH 2243 - Linear Algebra and Differential Equations
MATH 2373 - IT Linear Algebra and Differential Equations,
combined with, say
MATH 4653 - Elementary Probability.
Do keep in mind that this is only a recommendation; many people apply,
and they have quite varying backgrounds. Also keep in mind that there
is no suite of courses which you can take to guarantee you entry to
MFM. (However FM 5001/5002 can be very useful, do see Q145 below.)
If you're not attending classes at Minnesota, but at another school,
and you wish to find equivalent classes at your school, it may help
you to see descriptions of all of these courses. For the collection
of all math courses, with descriptions,
point to
http://onestop2.umn.edu/courses/tc/designators.jsp,
select "MATH - Mathematics" and
click on "Show the courses".
See also Q113 below for ideas about how to participate in MFM before
admission.
- Q26: Could you please send me an application form?
- A: Our application form is on-line at
http://www.math.umn.edu/finmath/online_application/.
- Q27: To what address should I send my application
materials?
- A: Our application form is on-line. Please point to
http://www.math.umn.edu/finmath/online_application/.
If you're asking where recommenders should send letters of
recommendation, we now use the Graduate School's online letters
system. (See Q34 below.)
All required hardcopy materials (e.g., transcripts and diplomas)
should be sent to the Graduate School, at
University of Minnesota Graduate School
Office of Admissions
101 Pleasant Street SE
309 Johnston Hall
Minneapolis, MN 55455-0421.
See also Q51 below.
- Q28: May my recommenders use the UMN Grad School's
online letters of recommendation feature?
- A: Yes, please ask them to. (See Q34 below.)
- Q29: May I apply both to the MFM (Master of Financial
Mathematics) and to another UMN (University of Minnesota) program at
the same time?
- A: You may apply to more than one program, but we strongly prefer
that you do not attend both MFM (Master of Financial Mathematics) and
another program at the same time. (See Q193 below.) If you're accepted
both to MFM and to another program, and if you decide to attend the
other program, then you can still take the MFM preparatory course
sequence, and you could possibly join the MFM program after completing
or leaving the other program. Apropos of this, please look above and
read the answer to Q12 above. (See Q22 above as well.)
- Q30: Whom can I ask questions about
my application to the Graduate School, and other questions about
admissions that are not particular to the Math Department?
- A: Graduate Student Admissions
phone: (612) 625-3014
email:
gsquest@umn.edu.
website:
http://www.grad.umn.edu/prospective_students/
- Q31: My mathematics background is a
bit weak. Will the preparatory course sequence (FM 5001/5002) give me
all that I need to succeed in the program?
- A: If you have a good understanding of freshman-level
one-variable differential and integral calculus, then, with work, the
preparatory course sequence (FM 5001/5002) will cover the necessary
undergraduate topics. If you have not completed a full year of
one-variable calculus, with grades of "B" or better (in *all*
freshman-level calculus courses, see Q94 below),
then we recommend taking those courses before starting FM 5001/5002.
(In fact, if you live in the Twin Cities area, it would be advisable
to take a full year of calculus, then take FM 5001/5002 as a
non-degree student, then apply to MFM --
see Q12 above.)
If you are not in an undergraduate program, and do not have a full
year of freshman calculus (with grades of "B" or better in all
freshman-level calculus courses, see Q94 below),
please note that the University of Minnesota offers many calculus
courses, some by distance, and some in the evenings. To obtain
information about this, point to
http://onestop.umn.edu/
then, near the top of the right sidebar, click on "Class Schdeule"
then, under "Term" click on, e.g., "Spring 2010"
then, under "Subject" click on "Mathematics - MATH",
then click on "View".
Then search on "1271" for fall term calculus offerings
and/or on "1272" for spring term calculus offerings.
NOTE:
Do search through the entire website, since, e.g., the
distance course offerings are not placed together with the
regular course offerings.
The descriptions for these two courses are:
MATH 1271 (Calculus I): Differential calculus of functions of a single
variable. Introduction to integral calculus of a single variable,
separable differential equations. Applications: max-min, related
rates, area, volume, arc-length. Overview: Tangent lines; limits and
continuity; differentiation: definition, basic rules, chain rule,
rules for trig, exp and log functions; implicit differentiation; rates
of change, max-min, related rates problems; 2nd derivative test; curve
sketching; linear approximation and differentials; L'Hospital's rule;
integration: definition, antidifferentiation, area; simple
substitution; volumes of solids by cross sections and shells; work;
average value of a function.
MATH 1272 (Calculus II): Techniques of integration. Calculus involving
transcendental functions, polar coordinates. Taylor polynomials,
vectors/curves in space, cylindrical/spherical coordinates. Overview:
Techniques of integration, including integration by parts, simple trig
substitutions, partial fractions. Basic numerical integration;
improper integrals; arc length; area of surface of
revolution. Separable differential equations, Euler's method,
exponential growth and decay. Parametric curves and polar
coordinates. Review of conic sections. Sequences and series,
comparison and ratio tests, Taylor series and polynomials. Vectors in
three dimensions, dot product, cross product, lines, planes,
cylinders, quadric surfaces; cylindrical and spherical coordinates.
If you are planning to enroll as a non-degree student,
please point to
http://www.onestop.umn.edu/non-degree/registration/graduate/pro_development/steps.html,
and follow the six steps listed there.
For further information about the non-degree option,
you may review the list of Frequently Asked
Questions for the non-degree option, which can be seen by clicking
here.
Also, see
http://onestop.umn.edu/non-degree/registration/graduate/index.html.
- Q32: What are your institution and department codes
for the GRE and TOEFL?
- A: For GRE,
the University of Minnesota has institution 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.
- Q33: Where should my school(s) send transcript(s)?
- A: Both the Math Department and the Graduate School will need
transcripts. If a transcript is sent to the Graduate School, then a
scan will automatically be passed along to the Mathematics Department.
This is probably the most convenient approach.
If you arrange for transcripts to be sent to the Math Department, then
we can forward them to the Graduate School, but you'll need to ask us
to do that, by writing to Bonny Fleming, at
b-flem@umn.edu.
(See also Q37 and Q92 below.)
Some applicants simply ask that transcripts be sent to both locations,
to avoid any possible problems.
- Q34: Where should my recommenders send letters of
recommendation?
- A: Letters of recommendation are handled by the Graduate School's
online letters system, but see Q35 below, if this is infeasible. (We
refer questions about the online letters system to Graduate School
Admissions; see Q30 above.)
- Q35: May I send in letters of recommendation along
with the rest of my application materials?
- A: If you're doing a regular application and not a Change of
Status (see Q130 and Q131
below), we prefer that you do not send hardcopy letters of
recommendation. Letters of recommendation are handled by the Graduate
School's online letters system. (See Q34 above.)
We also prefer that applicants never have the letters of
recommendation in their possession; they should be submitted
directly by the recommenders.
However, if there is no choice in this matter then there is a
procedure to follow, see Q58 below. Other relevant information can be
found at Q67 and Q122 below.
- Q36: Will the Graduate School accept photocopies I
make of my transcript(s), and of my GRE and TOEFL score reports? May
I send some of these items to the Mathematics Department and ask you
to send them on to the Graduate School?
- A: The Graduate School does not require GRE scores, although they
do load them into the "Credentials" section of ApplyYourself if they
are sent electronically by ETS. See also Q47 below.
The people in Graduate School Admissions do accept photocopies of
TOEFL score reports, but, on making an admission, they verify the
score with the Educational Testing Service. They also accept
photocopies of transcripts, but, if the student is admitted, they are
required at that time to have their previous institutions send
official transcripts directly. Arriving students are prevented from
registering for courses until the official transcripts arrive. (In
some cases, an temporary accommodation may be reached, but, typically,
the Graduate School does eventually need to receive official
transcripts.)
Yes, we can forward materials for you, see Q37 and Q92 below.
- Q37: Could I send some application material to the
Mathematics Department and then ask for that material to be copied and
sent to the Graduate School? Could I ask that some materials that have
already been sent to the Mathematics Department be copied and sent on
to the Graduate School?
Searching keywords:
send on to the Graduate School
- A: Yes, this is fine. Please leave enough time for the material
to arrive, and then write to Bonny Fleming, at
b-flem@umn.edu.
Be sure to indicate exactly what you want copied and forwarded.
- Q38: As a student in the Master of Financial
Mathematics program, may I take courses in other programs
at the University of Minnesota?
- A: Some programs limit registration, but if you aren't prevented
from registering for a course by the University's registration system
(and if you're willing to pay the tuition), then you're certainly
permitted to take that course. However, we do recommend that students
in our program take care not to underestimate the challenges of
keeping up with their Financial Mathematics coursework. As a general
rule, we discourage our Financial Mathematics students from taking
courses not listed at
http://www.math.umn.edu/finmath/courses/.
- Q39: Please send me some information and/or an
application through surface mail.
Searching keywords:
hardcopy materials
- A: First, thanks for your interest in our program.
We do not send out surface mail information or applications anymore
only because it is so easy now to get the information you require on
the web.
For information about catalogs, please see Q68 below.
For general information, please see our main website at
http://www.math.umn.edu/finmath/.
- Q40: What do you seek in a personal statement?
How long should it be?
- A: There is no particular answer to this. The point of a personal
statement is to allow you to tell us anything about yourself that you
find relevant, but that does not fit in the rest of the
application. If we did not have a place for such things, we would have
to expand the application to include anything imaginable that might
inform us of your mathematical development, and there are too many
different possibilities.
So: If you've had a research experience that was important to you, you
might mention it. If you have any mathematical publications, you might
mention it. If there was a mentor with a strong influence you might
mention it.
The personal statement is intended to reflect your own personality
and it cannot be fit into any kind of template, nor is there a
particular topic that we seek.
Also, we have no specific length, though one or two pages is
typical. Bear in mind that the committee members who are reading your
application will also be looking at many others, so a very long
statement is not likely to be read as carefully as a shorter
one. Concision is a virtue here.
See also Q224 below.
- Q41: I'm concerned that my application materials
will arrive, but, because of vacation, there will be no one to accept
them. What can I do?
Searching keywords:
vacation, holidays, days off, gone
- A: This really should not be a problem.
Our staff works on almost every day that mail might be delivered and,
most postal services make more than one attempt at delivery, leaving
notes. There should be someone here to accept your mail, and to sign
for it if necessary. I don't know of a case where an application was
returned because no one was available to accept it at the Math
Department.
We do recommend that you send your application materials using a
postal system that allows you to track the package, even if it may
cost a bit more.
- Q42: I applied online to the Graduate School, but
have no AY ID, which is needed for the online department
application. How can I get this number?
- A: If you log in to check the status of your application, you can
then print the application, and the AY ID will be displayed in the
upper right-hand corner of the application. The AY ID will appear
immediately after the application is submitted. (For more details about
how to find your AY ID number, please see Q52.)
If you have any questions about this, please check with the Graduate
School. (See Q30 above.)
- Q43: I'm an international applicant. Do I need to
send in financial certification information with my application to
prove my ability to pay tuition?
Searching keywords:
send in loan information with application
- A: No. Your application will be processed and you will be
considered for admission without any financial information. However,
if you are recommended for admission, the Graduate School will, at
that time, request financial certification, and will not process your
I-20 (which is needed for a student visa) without it.
We recommend that you think carefully about expenses before
applying. (See Q21 above.)
- Q44: Can I take any course at any
time, or do some courses have others as prerequisites?
- A: First, if you are not yet a student in the MFM program, then
the only courses available to you are FM 5001/5002.
See Q86 below. If
you are an MFM student, then please continue:
There are prerequisites, and you can read about them at the
websites linked from
http://www.math.umn.edu/finmath/courses/.
Note, for example, that, at that website, under
FM 5021/5022 Mathematical Theory Applied to Finance
you'll see text that reads, "This sequence cannot be started
before FM 5011/5012 is started, though it can be taken at the
same time as FM 5011/5012."
Our basic prerequisite rules are contained in the inequality
FM 5001/5002 < FM 5011/5012 <= FM 5021/5022 <= FM 5031/5032.
So, for example, students must finish FM 5001/5002 before starting FM
5011/5012, unless they FM 5001/5002 has been waived.
(See Q8 and Q15 above
for information about obtaining a waiver for FM 5001/5002.)
Also, they may take FM 5011/5012 and FM 5021/5022 simultaneously, but,
cannot take, for example, FM 5021/5022 before starting FM 5011/5012.
The sequence FM 5091/5092 may be taken at any time, but we advise that
students who do not have a strong background in MATLAB and C# should
take this course in their first year, since many of the projects in
other courses depend on good programming skills in those languages.
Also, each FM courses ending in a "2" is the spring semester of a
sequence and must be taken after the corresponding FM course ending
in a "1".
Also, to receive permission to take FM 5011, an MFM student who has
not received a waiver for FM 5001/5002 must, in fact, obtain grades of
"B" or better both in FM 5001 and in FM 5002.
Formally, students are allowed to continue to, say, FM 5021 with poor
grades in FM 5011/5012, but we encourage students who are experiencing
coursework trouble to discuss the matter with their advisor, who may
recommend some adjustment to their completion plan
(see Q157 below).
Keep in mind that, while in the MFM program, one may also take other
(non-"FM-designated") courses at the University. We have several
recommendations about such non-FM courses, in the form of "with
emphasis" options.
For information about courses offered in the MFM program, and about
other related "with emphasis" courses, please point to
http://www.math.umn.edu/finmath/courses/.
- Q45: Is there a final project, a thesis or a final
oral requirement for this degree?
- A: No. This degree is coursework only, although some of the
individual courses may be project oriented, particularly
FM 5031/5032 A Practitioner's Course in Finance
and
FM 5091/5092 Programming and Presentation in Finance.
- Q46: Is it possible to complete the MFM degree in
nine months?
- A: Yes, but there are conditions:
First, if you need preparatory course (FM 5001/5002), you will not be
able to complete in one year, because FM 5011 cannot be begun until FM
5001/5002 is completed, with grades of "B" or better.
Second, you will need to register for 15 credits per semester, which
is quite a heavy load. It is not recommended that students who have
employment try to do this. Third, you must pass all of your courses
with a grade of "B" or better.
Third, you should only take the required four course sequences:
FM 5011/5012 Mathematical Background for Finance
FM 5021/5022 Mathematical Theory Applied to Finance
FM 5031/5032 A Practitioner's Course in Finance
FM 5091/5092 Programming and Presentation in Finance
and you should avoid any optional courses.
- Q47: May I send the Mathematics Department
photocopies of my GRE and TOEFL score reports?
- A: Please bear in mind that, for your scores to be loaded into
the "Credentials" section of the Graduate School's online
ApplyYourself system, they must be communicated directly by ETS. You
may wish to check with Grad Admissions about their requirements, by
writing to gsquest@umn.edu.
(See Q30 above.)
For now, you might consider sending the scores to the Mathematics
Department by FAX or regular mail, if ETS has mailed you a hardcopy
notification of your results. (For FAX information, please
see Q48 below.)
An email message with a scan is also fine, but please send it
to gradprog@math.umn.edu
- Q48: What is your FAX number?
- A: The preferred FAX number for the Graduate Office in the
mathematics department is 612-624-6702. An alternative mathematics
department FAX number is 612-626-2017, if you have any trouble.
Please put "To the attention of Bonny Fleming" on the cover sheet. We
leave our FAX machines on overnight, so you should be able to send us
a FAX at any time. If you do FAX a document, you may want to write to
Bonny Fleming at
b-flem@umn.edu,
to ask if it arrived.
- Q49: Are there summer courses in the MFM program?
- A: We may develop a summer program of FM designated courses in
the future, but we haven't done that yet. Some of the optional CSOM
courses are offered in the summer however -- see the bottom of
http://www.math.umn.edu/finmath/courses/
under "Master of Financial Mathematics with Emphasis in Management".
- Q50: Is it possible for me, while an MFM student, to
get a TAship or RAship in Mathematics or in another department, and to
use the tuition benefit from that assistantship to cover MFM tuition?
- A: No, I'm afraid that that will not work. The tuition benefit
goes to the college and not to the MFM program, and so could not be
used to cover the expenses of the program. Even the college of IT (in
which the MFM program resides) has said that it will not use the money
from graduate assistantship tuition benefits to cover MFM
expenses. This is in keeping with the philosophy that MFM is a
professional program that is supposed to stand apart from the regular
educational initiatives of any specific college.
- Q51: What is your surface-mail mailing address?
- A:
Director of Financial Mathematics
127 Vincent Hall
206 Church St. S.E.
Minneapolis, MN 55455 USA
Note: At this point, all of your basic application materials can be
uploaded electronically, except transcripts and diplomas. Even those
can be sent to the Graduate School; see Q27 above.
- Q52: How can I find my AY ID number?
- A: Once you've successfully submitted your application, please
check status by pointing to
https://app.applyyourself.com/?id=UMTC-GRAD.
Then enter your existing PIN and password and click on "login". Then
click on "Application for Admission" and then click on the "print
application" button (in the lower left corner). Then preview or print
your application. The AY ID number will be in the upper right corner
of the first page, where you will find "AY#" followed by the number.
- Q53: I plan to apply to the MFM program, and, at the
time that I apply, I will have completed
MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II.
Could I use these to count for some credit in the MFM program?
- A: Yes, it's possible, but please read the following carefully:
If you have taken both MATH 5075 and MATH 5076, both on A-F basis, and
if you received grades of "B" or better in both, then, together, they
can replace the single course
FM 5021 (Mathematical Theory Applied to Finance).
They do not replace FM 5022.
WARNING: There are restrictions on putting coursework taken in one
program on the degree program form of another. You may find yourself
unable to put MATH 5075 and MATH 5076 on your MFM degree
program. Please keep in mind the fact that, in any event, you will
need to reach a minimum of 30 credits on your MFM degree program, in
order to finish the Master of Financial Mathematics degree.
You may want to check, in advance, with Grad Student services to see
if you will be able put MATH 5075 and MATH 5076 on your MFM degree
program. They can be reached, by email, at
gscmte@umn.edu.
or, by phone, at (612) 625-3490. (See Q191 below.)
- Q54: How does your program differ from the other
financial math and financial engineering programs that are available?
Searching keywords:
what's unusual or unique, different
- A: Ours is a financial math program and is run out of a
mathematics department, with a heavy focus on mathematical skills in
finance.
If you want to do your own comparison, you can find listings of other
programs at
http://www.iafe.org/resources_acad.html
http://www.siam.org/activity/fme/programs.php
http://www.fenews.com/directories/universities/index.html
http://www.global-derivatives.com/schools/quantfinanceprograms.php
and you can find rankings at
http://www.global-derivatives.com/schools/fin-rankings2003-04.php
(Our program is too new to appear on those rankings.)
One major clearinghouse for financial math and financial engineering
programs is the International Association of Financial Engineers
http://www.iafe.org/
It's hard to say exactly what is different about our program, compared
to all the rest since there are so many. I'll
indicate below some unusual features, but any one of these features
might be found in some other program.
We aim to have a focus on "programming and presentation", that is,
both the development of the needed programming skills, and also on the
use of technology to present financial mathematics material to
non-technical people. The programming and presentation course is a
required element of our degree, see
http://www.math.umn.edu/finmath/courses/
for a full list of our courses.
Concordant with our focus on presentation, we intend to make full use
of technology in our teaching in the program itself, and you can
sample this a bit by looking at our online lectures at
http://www.math.umn.edu/finmath/lectures/
Since the Twin Cities area is home to quite a bit of mathematical
finance, our program is able to offer a series of minicourses, taught
by industry professionals, covering topics they use in their work. We
call these minicourses "modules", and, together, they comprise the
course sequence FM 5031/5032.
Our program will also focus on insurance and commodities markets,
since the Twin Cities area is home to quite a bit of insurance and
agriculture. For example, one finds here the Minneapolis Grain
Exchange. In keeping with a focus on insurance (including property
and casualty insurance), we plan to talk a bit more about incomplete
markets and the use of "real-world" probabilities (as opposed to
risk-neutral probabilities) than, perhaps, some other financial math
programs. Information on our local finance community can be found
at
http://www.math.umn.edu/finmath/local_industry/
Our program is unusual (though not unique) in that it has a
preparatory course sequence (FM 5001/5002) that can help new students
who may not be ready for graduate-level mathematics coursework. This
course sequence is specifically designed to conain all the material
between the end of a full year freshman-level calculus sequence and
the beginning of the graduate-level mathematics appearing in FM
5011/5012. FM 5001/5002 is available to non-MFM students, and those
non-MFM students who do well in that sequence have a good chance of
acceptance to MFM, if they decide to apply.
(See Q145 below.)
Finally, we're inexpensive:
MFM costs significantly less than the typical professional
degree program. Tuition information is at
http://www.math.umn.edu/finmath/tuition/
For more information about our program costs,
see Q21 above.
Please see Q97 below.
- Q55: I'm a graduate student at the University of
Minnesota. Can I get a minor in the Master of Financial Mathematics
program?
- A: I'm afraid there is no minor for this program.
This is a professional program and it's not really set up so that
people from other programs can take MFM courses without first
enrolling into the program. There is a slight exception, but it
involves taking preparatory courses, which would not be reasonable to
count as fulfilling minor requirements. Please
see Q12 above, for
more information about courses and MFM related activities that are
available to graduate students not in the MFM program.
Instead of a MFM minor, you might want to consider taking
MATH 5075 - Mathematics of Options, Futures, and Derivative Securities I
MATH 5076 - Mathematics of Options, Futures, and Derivative Securities II,
and both of those courses could contribute toward a regular
Mathematics Minor. Please see
http://www.math.umn.edu/grad/math_minors.html
for information about Mathematics Minors.
- Q56: How and when do I register for an MFM course?
Searching keywords:
how to register, how do I register
- A: If you are not a UMN student: Please see Q86 below.
For others:
As to when you register, please see Q69 below.
As to how to register:
If you have only recently been admitted to the MFM program,
please wait until Orientation, when we meet with each student
to make a
plan for completion
of the MFM degree. New MFM
students are given permission numbers soon after that meeting.
If you are to this point in this answer, you should be a UMN
student, but not one that was recently admitted to the MFM
program.
Assuming this, You can register using the university's regular
online registration system, but you'll need a permission number
for each course. For MFM students, requests for registration
of MFM courses will be considered during the regular
registration period. If you are a UMN student, but not an MFM
student, then the only courses that are available to you are
the preparatory courses FM 5001/5002, and you can point to
http://www.math.umn.edu/finmath/courses/
for information about them. They are available, with
permission, even if you are not in the MFM program. Permission
is dependent on the level of mathematical preparedness; the
prerequisite for FM 5001/5002 is a full year of calculus (with
grades of "B" or better in *all* freshman-level calculus
courses, see Q94 below). To request permission, please
write to
mfmath@umn.edu.
See also Q75 below.
- Q57: I'm a recommender and would like to send
materials in electronically. Is that an option?
- A: Yes, please use the online letters system. (See Q34 above.)
- Q58: I'm a recommender and would like to give a
sealed letter to the applicant whom I'm recommending so that he/she
can send it in with his/her materials. Is this acceptable?
- A: This is not preferred -- we prefer that applicants not
physically handle their letters of recommendation, and we also prefer
that recommenders use the online letter system (and not use hardcopy
letters).
However, if there is no choice, then we do allow applicants'
handling of hardcopy letters, subject to two requirements:
First, the person for whom you're writing has must elect to
make your letter offline (see Q122 below).
Second, we ask that you please put the letter into an envelope and to
sign across the seal. So both the envelope and the letter itself will
have a signature. The applicant can then put your letter in a package
with other hardcopy materials and mail it all to MFM, using the
address in Q51 above.
- Q59: I am/was not a math major as an
undergraduate. May I still apply to your graduate program?
- A: Certainly you may and we admit many students who did not major
in mathematics into the MFM program. However, in evaluating your
application and especially in evaluating whether you may need to go
through the preparatory course, we will be looking at your background
in undergraduate mathematics. (See Q23 above.) A
student who has less than a full year of calculus (with grades of "B"
or better in *all* freshman-level calculus courses,
see Q94 below) should not attempt the
program. (See Q31 above.)
Also, applicants should be aware that, fundamentally, this is a
mathematics program, and that, in this program, one never "finishes up
the math" to be able to move on to something, say, more
interesting. This program is not advised for those who tend to think
this way about mathematics requirements.
- Q60: Who are appropriate people to write my
letters of recommendation?
Searching keywords:
writers of letters of recommendation, letter of recommendation
- A: This can vary greatly, particularly in the MFM program where
we envision both working professionals and students just out of
college. In reviewing applications we have every financial incentive
to admit students, but a serious concern will be the well-intentioned
individual who gets in over his/her head, at a mathematical level. As
a result, we seek information about the mathematics skills of our
applicants, and one important source is through letters of
recommendation.
Therefore we recommend that even students 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.
If you are taking FM 5001/5002 as a non-degree student, it is entirely
appropriate to ask your instructor in that class to write a letter on
your behalf. We don't recommend that you ask a relative to write a
letter, even if you know them in a professional capacity.
All three letters should comment on the applicant's suitability for
the MFM program. A letter from a person (e.g., a friend or neighbor)
who is not able to make such an assessment will have little weight.
Please ask your recommenders to use the Graduate School's online
letters system. (See Q57 above and Q122 below.)
- Q61: English is not my native language, but I've
been living and taking classes in an English-speaking country for
quite a while. Do I nevertheless need to submit a TOEFL score?
- A: Perhaps not. Our TOEFL requirements are simply the Grad School
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 TOEFL, MELAB, or IELTS is generally required of all international
applicants whose native language is not English, regardless of
U.S. Citizenship status, except those who will have completed 24
quarter credits/16 semester credits (within the past 24 months) in
residence as a full-time student at a recognized institution of higher
learning in the United States, or other English-speaking country,
before entering the University of Minnesota.
If you have questions about this, you should contact the Graduate
School (see Q30 above).
See also Q23 above.
- Q62: What kinds of mathematics should I know if I
seek to be exempt from the preparatory course sequence?
- A: Please review the preparatory course sequence's syllabus, at
http://www.math.umn.edu/finmath/syllabi/#500x.
There will likely be many cases where a difficult judgment will have
to be made, when an applicant has been through a substantial portion
of the material in those syllabus. For a list of UMN courses that can
help in preparing for the program, see Q25 above.
- Q63: I've included some information about
myself. Please tell me if I should apply, tell me my chances of
acceptance if I do apply and/or tell me my chances of success in the
program if I'm accepted.
Searching keywords:
evaluate my application, chances of success whether or not I should apply,
whether I should apply, assess my chances, my partial application
am I competitive
- A: Of course, there's no way I can accurately gauge your chances
of acceptance or success in MFM. For acceptance, the decision requires
seeing a full application and without comparing it to other
applications. For success once in the program, much depends your level
of interest, the amount of time you have to put into studying, etc.
As to a recommending whether you should apply, I have to decline to do
this as well. Again, I cannot make such a recommendation without
seeing a full application and without comparing it to other
applications. Bear in mind that we look at the full application, and
it is possible that strength in one area of the application can offset
weakness in another. Moreover, for the MFM program, since it is a
professional program that brings in revenue, it's very much to our
advantage to accept applicants. Our main concern, in evaluating
applications is that we don't accept students who will be unable to
succeed because of a lack of mathematical sophistication. That said,
the mathematical requirements for admission are not as high as for our
PhD program; the MFM program is a Master's program.
We always hope for many qualified applicants, and I hope you'll decide
to apply, but the choice has to be your own. The answer to Q23 above
might help you to come to a decision.
- Q64: I'm interested in knowing about housing
availability near campus.
- A: Your main source of information on this is
http://www.housing.umn.edu/
and you can also write to
housing@umn.edu
if you have questions.
FOR INTERNATIONAL STUDENTS: We also have in "International Reception
Center", where incoming international students can stay for a few days
on arrival. For information about that, please point to
http://www.isss.umn.edu/new/temphousing.html.
Also, for incoming international students, please see Q65 below.
NOTE: This question/answer overlaps with Q18.
- Q65: I'm an incoming international student. What
things do I need to do on arrival?
- A: Please point to
http://www.isss.umn.edu/new/default.html
and for questions, contact
International Student and Scholar Services (ISSS)
isss@tc.umn.edu
http://www.isss.umn.edu/
(612) 626-7100
- Q66: What is the minimum number of credits needed
to receive the Master of Financial Mathematics?
- A: For students who require the preparatory course sequence, the
minimum is 36. For students who do not, the minimum is 30.
- Q67: I'm a recommender, and would like to
send you my letter of recommendation. Is this acceptable?
- A: If the person for whom you are writing is applying for a
Change of Status, then there is no online application and you, in
fact, need to send a hardcopy letter. For regular
applicants, it is more convenient if you use the Graduate School's
online letters system.
If the person whom you are recommending has elected to make your
letter offline (see Q122 below), then you can submit your letters in
hardcopy form through the regular surface mail. In this case, we
recommend sending directly to
the MFM program. The address can be found at Q51 above.
You may also want to review Q58 above, as well.
The person for whom you'll be writing may be able to help you with
this, if you haven't already received email about it. We refer
further questions to Graduate School Admissions (see Q30 above), as
this is not a system under the direct control of the Mathematics
Department.
- Q68: Where can I find a catalog of the program?
Searching keywords:
hardcopy advertising materials
- A: A catalog for Financial Math is available at
http://www.catalogs.umn.edu/grad/programs/g032.html.
Also, please see
http://www.catalogs.umn.edu/download/TCgrad/GradInfo09.pdf
for the full catalog of the Graduate School at UMN.
You can also find information at
http://www.catalogs.umn.edu/grad/index.html.
For the general listing of all catalogs, click on the link that
reads "Degree Programs and Faculty". These catalogs contain crucial
general information about degree requirements, registration
requirements and many other topics of interest to prospective and
current students. The MFM catalog appears in this listing; scroll
down to "F" for Financial Math.
Finally, of course, a good deal of information appears on our
MFM websites, which start at
http://www.math.umn.edu/finmath/.
- Q69: I have been admitted to the MFM program.
When do I need to inform you of whether I'm full-time or part-time?
When do I register for courses?
Searching keywords:
When do I register for courses?
- A: At the Orientation, we'll ask each incoming MFM student to
fill out a
plan for completion
of their MFM degree. For students who
request it, we'll have a discussion to help them make out their
completion plan.
Shortly after your
plan
is submitted, you should
receive permission numbers so that you can register.
If you wish to take "with emphasis" courses, please be aware that they
my fill up, and so you may wish to register early for those, even
before the MFM Orientation. To see our array
of "with emphasis" concentrations, point to
http://www.math.umn.edu/finmath/courses/
and scroll down until you see "with Emphasis".
If you wish to take Carlson School (CSOM) courses, it's a good idea to
petition for those early, before the MFM Orientation, since the
deadline is often more than a week before the first day of
classes. (See Q108 below.)
Please be aware of penalties for late registration and for late
changes to your registration, see Q110 below.
Please see also Q56 above.
- Q70: Do you help students find
internships? Do you require them? Will you help graduates with
placement? Will you help students find employment during the academic
year?
- A: We help with summer internships and post-graduation placement,
but not with finding employment while classes are in session.
We have an agreement with the
MCIM
(http://www.math.umn.edu/mcim)
to help seek internships for our students who want them. However, we
don't require them, nor are they guaranteed. Starting in 2008, in
addition to MCIM, the MFM program will be using the
Institute of Technology
Career Center for Science and Engineering
(CCSE) to seek internships.
Of course, good performance in the MFM program is ultimately necessary
to success in any kind of placement, and students who receive below a
"B" in an MFM course may find that we are unable to find suitable work
for them.
All students seeking department help in their job/internship
search must post their resume at
http://www.math.umn.edu/finmath/current_students/
by the end of the first week of classes in the fall semester. (See
Q167 below.) They must also, by the end of the first week of classes,
submit a "letter of intent", approx. one page long, which will be for
our internal use only. The content is open-ended. It should contain
any information you think relevant to your search for internships and
jobs. MFM students will also be informed, on occasion, that certain
events (e.g., orientation events, seminars, Financial Math Association
activities) are required in order to receive departmental career
services.
Please note that, while we are eager to help our students, we must
also maintain good relations with our industrial contacts, and a
declined internship can make our work difficult in the future. So
students considering seeking departmental help should be aware that
this may entail some restrictions their own ability to pick and choose
their internship employment. For those who seek the services of the
MCIM in securing employment, we do have the expectation that, if a
reasonable internship is found, the student should accept it. The
commitment in an internship is not a great deal of time, and it gives
both the intern and the company a chance to evaluate their
"fit". However, the salaries for internships are not as high as for
regular employment.
You can see information about some of the internships that our
students have found, at our internship webpage at
http://www.math.umn.edu/finmath/internships/.
MFM students are not required to use our services in seeking
internships or employment. Some MFM students prefer the flexibility
of doing their own job search. Others are working professionals and do
not seek new employment.
For international students: Please remember that immigration issues
are handled by the students themselves, and international students
hoping for paid internships or employment will need to think through
the visa requirements. Students can seek advice on these matters
from
International Student and Scholar Services (ISSS)
isss@tc.umn.edu
http://www.isss.umn.edu/
(612) 626-7100
For information about the placements of our graduates, point to
http://www.math.umn.edu/finmath/Alumni/details.shtml.
Note that we only reveal information as our graduates give
us permission.
Also, please see Q5 and Q16 above, and Q127 below.
- Q71: When do I pay tuition and fees?
Searching keywords:
payment schedule, billing
- A: Each semester, near the start of the semester, you will
receive a bill for the tuition and fees that pay for that
semester. For due dates, please point to
http://onestop.umn.edu/onestop/Tuition_Billing/wwhpay.html.
Another good source of information about payment is
http://oam.software.umn.edu/bursar/.
MFM has a per credit tuition rate, and it applies to any UMN course
taken by an MFM student, even if the course is not in the MFM
program. That rate varies from year to year, and, for more
information, please point to
http://www.math.umn.edu/finmath/tuition/.
The MFM tuition rate does does not apply to students outside our
program who enroll to take FM 5001/5002. In those cases, students pay
the rate determined by their own program, or, if they are non-degree
students, then they pay the at the
standard Graduate School rate.
In MFM, we do not have separate in-state and out-of-state
tuitions. All students pay the same.
Further questions about tuition should go to One Stop Student
Services, see Q133 below.
- Q72: For how many credits do I need to register,
to be considered to be a full-time student?
- A: Six.
- Q73: I'm an international applicant who intends to
take an internship in your MFM program. I would like to use CPT status
on my visa. Can you accommodate that?
Searching keywords:
practical training
- A: Yes, we do this regularly, but care is required to avoid
problems, so please read this answer in its entirety, especially the
warnings below!
Students sign up for the directed study course,
MATH 8991 - Independent Study.
Please go to Vincent 115 to obtain the form to request a permission
number for that course.
Students then fill out a form for the ISSS, who approves it.
To see the form, point to
http://www.isss.umn.edu/forms/pdf/f1/cpt_application.pdf
and scroll down to pages 4-6. (The rest of this PDF consists of
instructions.)
The instructor is typically an assigned advisor for the student, but
could be any professor in our department. The student and instructor
should then follow up to make sure the approval went through and the
student received a grade for the course.
WARNING:
Immigration rules require international students to graduate
as soon as the degree requirements of their program are met. So, if
you intend to take an internship on CPT status, then you must plan
your required coursework accordingly to end after it. Keep in mind
that another possibility is OPT status, and you may wish to discuss
the issues involved with that choice.
For any such discussion, the group that specializes in these issues is
ISSS, and their contact information appears in Q109 below.
WARNING:
We are not offering this program to help students with visa
issues. Internships are simply a part of the regular program, and they
are only offered in the summer. Moreover, they are not offered until
after
the student has completed two semesters in the program.
Please see Q80 and Q81 below for
more information about internships. See Q202
below for questions about optional practical training
and the visa gap.
- Q74: I would like to respond to your offer? How
should I do this?
- A: We appreciate an informal notice by email, but, particularly
if you are accepting, we also seek as signed acceptance. If you have
not already done so, please do check "accept" or "decline" on the
offer letter, then sign and date it, and then either mail it or FAX it
back to us. (For FAX information, please see Q48 above.) A email
message with a scan of the signed form is acceptable as well, but
please send it to
gradprog@math.umn.edu.
For admission, you also need to accept the Graduate School's offer of
admission. There is information about how to do that in their offer
letter, which you can view online (see Q76 below).
- Q75: How do I register for MFM classes?
- A: First, with the exception of FM 5001/5002, you cannot take FM
classes unless you are a student in the MFM program. (See Q12 above.)
Entrance into all MFM classes requires permission from the MFM Program
Director, and you can write to
mfmath@umn.edu,
to ask for permission. If the director approves you'll receive a
permission number from our staff, by email. Once you have the
permission number, you can register to a class in three ways, see
below. Permission is dependent on the level of mathematical
preparedness; the prerequisite for FM 5001/5002 is a full year of
calculus (with grades of "B" or better in *all* freshman-level
calculus courses, see Q94 below).
WARNING: MFM classes begin with "FM"
not "MFM", and the full list is FM 5001, FM 5002, FM 5011, FM 5012,
FM 5021, FM 5022, FM 5031, FM 5032, FM 5091, FM 5092. Course
numbers ending in a "1" are offered in the fall, while those ending
in a "2" are offered in the spring.
If you have trouble registering please call 612-625-4848 or write to
the undergraduate program at
ugrad@math.umn.edu.
Three ways to register:
(1) On-line
NOTE: A tutorial on how to register online can be found at:
http://onestop.umn.edu/onestop/Registration/Registration_Tutorial.html
One way to register on-line is:
Go to
http://onestop.umn.edu/onestop/index.html,
click on "Register for Classes" under the Quick Links.
If you know your x.500 login name and password, you will be able to
enter the system and register. If you do not know your x.500 login
name and password, there is a link in which you can initiate your
student account.
WARNING:
When you search for the class to which you wish to register, be sure
to select "All sections"; otherwise the system will search for only
open sections. All MFM classes are closed, and therefore require a
permission number for entrance. After selecting the MFM class, it
will prompt you for your permission number.
Another way to register if you know your x.500 login name
and password, is:
Go to
http://onestop.umn.edu/onestop/index.html,
click on "Class Schedule" under the Quick Links,
select "Financial Mathematics" for term and subject,
select "Add now" for the class to which you wish to register.
(2) Link to submit registration by email:
http://apps.asr.umn.edu/RegAdd/add.asp
(3)
Link to obtain form and instructions on how to submit
registration by mail, fax, or in person:
http://onestop.umn.edu/onestop/img/assets/9061/regadd1.pdf
If you are not a UMN student but seek to take FM 5001/5002 as a
non-degree student, please see Q86 below.
- Q76: I have been accepted by the Graduate School
and would like to view my admission letter online. How can I do this?
- A: Please point to
http://www.grad.umn.edu/prospective_students/apply_online.html
and then click on the third link in the middle column of the page,
which reads "Check the status of your application". If you have
difficulties, please contact Graduate School Admissions. (See Q30
above.)
- Q77: I'm an international student who has accepted
your offer of admission. How do I get an I-20? How fast will it come,
once I've filled out the financial certification form?
- A: The I-20 is issued by the Graduate School. When you receive
their admission message, you'll be given information about how to fill
out the financial certification form. In filling out this form, it may
also help you to review Q21 above for some of the I-20 minimum
amounts.
Once the financial certification form is done, a process begins
involving the Graduate School and International Student and Scholar
Services. Processing can take several weeks, and typically ends with
the I-20 being issued. The Financial Mathematics Assistant, Bonny
Fleming, typically picks up the I-20, and sends it out by express mail
on the same day as it is issued.
Except for that last step, none of this process is handled by the
Mathematics Department, and so questions about this should really go
to the Graduate School (see Q30 above). In particular, while we're
very sympathetic to concerns you may have about this, we have no
ability in the Math Department to expedite your I-20, nor can we
really give a timeline for when your I-20 will be ready. On the other
hand, we do make every effort, once it's ready.
- Q78: What salaries are common for the jobs for
which this program trains people? What salaries are common in the Twin
Cities area?
Searching keywords:
compensation salary, career
- A: This is, of course, a difficult question to answer in any
definitive way. Some jobs come with large potential bonuses that are
not guaranteed. Also, there's the usual fact that salaries vary widely
in any profession. However, the best source of answers we know for
this appears at
http://www.risktalent.com/pdfs/2006_capitalmarkets.pdf.
You may be particularly interested in Figure 5, which appears on
page 4. Note that the second column of data points is for "US-Midwest".
We don't have specific numbers from the Twin Cities area, unfortunately.
- Q79: I have questions about how to fill out
financial certification, or about my I-20, or about my visa, or about
immigration policies. Can you answer these? If not, whom should I
ask?
- A: We must refrain from giving answers on any of these
topics. The the laws can be complicated and require expertise, and a
wrong answer can cause you great difficulties. What little we can say
appears in Q77 above and Q91 below.
Note that some information about program expenses appears in Q21
above, and it might help you in filling out the financial
certification form, but details need to be worked out with people who
have more expertise than we do in the Mathematics Department.
For questions about financial certification and the I-20, you best
source of information is the Graduate School, see Q30 above. For
questions about your visa or about general immigration policies, your
best source of information is International Student and Scholar
Services (ISSS); for ISSS contact info see Q109 below.
- Q80: I would like to arrange an internship during
a fall or spring semester. Is that allowed?
- A: No, it's not. We only have internships during summer
semesters, and only after completing two semesters in the
program. Please see Q70 and Q73 above and Q81 below for more
information about internships.
- Q81: May I take an internship at a company where I
am currently working?
- A: This would typically not be allowed. The point of internships
is to help our students get an entree into the working world and to
gain experience that they would otherwise not receive. Internships
are not required, precisely because working professionals do not
require them. Please see Q73 and Q80 above for more information about
internships.
- Q82: Do you have evening classes?
- A: Yes, we do. In fact, all FM courses are held in the evening,
to accommodate working professionals in the Twin Cities area.
Please see
http://www.math.umn.edu/finmath/course_schedule/
for our course schedule.
- Q83: What are your hardware technology
requirements? Specifically, what are your laptop and calculator
policies and recommendations?
Searching keywords:
technology recommendations
- A: First, all policies about whether calculators can be used on
exams are the sole decision of the instructor for the course. If
calculators are allowed, decisions about which kinds are also up to
the instructor. Same policy for laptops.
Second, please bear in mind that, for this program, you will need to
buy a laptop with software, if you haven't already. For the hardware
we suggest the IBM ThinkPad "T" model, with 2GB memory, available from
www.thinkpad.com, or something more powerful. Projects in the
5091/5092 class sequence will likely require the use of a multi-core
processor, so that should also be a consideration when purchasing a
new machine In the past we have required Windows XP, however Windows
Vista is acceptable for the 2009-2010 school year and beyond. Windows
XP is also acceptable if that is preferred by the user. You should
also plan on having a thumb drive with at least 1GB capacity.
You'll also need to buy a TurningPoint "clicker" (also known as a
"ResponseCard Radio Frequency keypad" or "RF--RFC-01") for use in class
review sessions, at an cost of $29 as this is written (29 August 2008).
To purchase your clicker, start by pointing to
http://www.techmart.umn.edu/turningpoint
and then click on "Personal Purchases". You will need your x500
internet ID and password to continue. For the schedule of Clicker
Review Sesssion, point to
http://www.math.umn.edu/~adams/Clicker/.
In the past, students have inquired about the use of Apple computers
running a virtual machine with Windows XP or Vista. In our experience,
assuming the Apple meets hardware requirements and is configured
properly, software required for the 5091/5092 coursework has been run
successfully on a virtual machine configuration. However, it should be
noted that no support or guidance will be offered by the MFM program
to achieve the necessary configuration.
For calculators, we recommend the TI-89 Titanium, but no calculator is
required for the program.
See Q163 below for the corresponding software question.
Searching keywords:
technology recommendations, technical requirements
- Q84: When do classes start? What is the academic
schedule for the coming year?
- A: Please point to
http://www1.umn.edu/usenate/calendars/calendarpage.html
for our academic calendars. For the 2009-2010 calendar,
for the Twin Cities campus, point to
http://www1.umn.edu/usenate/calendars/09-10tc.html
- Q85: When will I get information about the Orientation?
- A: A link to "Orientation" should be posted on the left sidebar to
http://www.math.umn.edu/finmath/
sometime in June.
- Q86: I'm not currently a student
at the University of Minnesota, but I live in the Twin Cities
area. May I take the preparatory courses (FM 5001/5002) as a
non-degree student, with the intention of starting the MFM program
later?
- A: Yes, with permission, you can. In fact, FM 5001/5002 are the
only two courses that are available to students not in the program,
but, even for them, permission is required to register (see Q12
above). Permission is dependent on the level of mathematical
preparedness; the prerequisite for FM 5001/5002 is a full year of
calculus, with grades of "B" or better in *all* freshman-level
calculus courses.
If you are only seeking permission to take FM 5001/5002, and are not
applying to the MFM program, then we do not require documentation of
your coursework; we trust you if you simply state by email that you
have completed a full year of calculus with grades of "B" or better.
In the end, it's not really in your own interest to spend money on a
course that is at too high a level for you to succeed. If you have
not
had a full year of calculus (with "B"s or better), we recommend
you consider starting in a calc sequence. (See Q31 above.)
For non-MFM students, requests for permission to take FM 5001/5002
should be made by writing to
mfmath@umn.edu.
If you are a student at UMN, but not in the MFM program, then, once
you receive a permission number, you can register for the sequence FM
5001/5002 in any of the usual ways. (See Q56 above.)
If you are planning to take FM 5001/5002 as a non-degree student,
please point to
http://www.onestop.umn.edu/non-degree/registration/graduate/pro_development/steps.html,
and follow the six steps listed there. Here is some additional
information about some of those six steps:
- Step 1: Bonny Fleming will add the permission number to the
REGISTRATION REQUEST FOR GRADUATE CREDIT
so please don't worry about that.
- Step 2: The five digit class number (call number) on the
Fall 2009 schedule for FM 5001 is 37877. The subject
and catalog number is "FM 5001".
- Step 4: If you send the form to Bonny Fleming
she will get all the necessary signatures, and will put on a
permission number. Her contact information appears just a few lines
below.
- Step 5: For information about when the "open enrollment period" is, please
point to
http://www.onestop.umn.edu/calendars/index.html
which currently (8/12/09) indicates that May 1 is the "[f]irst day of
fall 2009 open enrollment for non-degree and visiting students."
Once the form is ready, please send it to Bonny Fleming. You
might wish to send it by FAX (see Q48 above)
or scan (Bonny Fleming's email address:
b-flem@umn.edu),
to save time. Our surface mail address is in Q51 above
if you wish to use the regular mail.
For further information about the non-degree option,
you may review the list of Frequently Asked
Questions for the non-degree option, which can be seen by clicking
here.
Also, see
http://onestop.umn.edu/non-degree/registration/graduate/index.html.
Finally, see Q145 below.
- Q87: When will I receive my internet ("x500") id?
- A: If you've accepted an offer to our graduate program, try to
access the initialization page
http://www.umn.edu/initiate
to find out your x500 id. If this doesn't work, you can try writing to
accounts@umn.edu
(or call 612-626-8366) for advice.
- Q88: When will I be assigned an advisor?
- A: All advising is typically done by the Director of the program,
although, during the Orientation, we intend to interview each student,
and those interviews will likely be conducted by more than one faculty
member.
In some circumstances, if a student requires an unusual amount of
help, that student may be referred to another faculty member
participating in the Financial Mathematics program, but we don't
anticipate this happening often.
- Q89: I'll be arriving at the University of
Minnesota soon. Could you arrange for someone to meet me at the
airport and give me a ride to campus?
- A: No, that's not a service we provide. However, there are taxis
and there's a light rail service that can take you from the airport
to a point near the West Bank, about a 15 minute walk away from
Vincent Hall (the math building).
If you do decide to take light-rail, you can find information about it at
http://www.metrotransit.org/rail/,
with a more detailed map at
http://www.metrotransit.org/rail/station_detail.asp.
Your trip will be northbound, or "up" on these two maps.
At the airport you can find the light-rail system by following signs,
or by asking. You'll want to get off at the Cedar-Riverside Station
and you'll need to find your way from there to the Washington Avenue
bridge.
The Cedar-Riverside Station is the fuzzy red dot just south of
Currie Park at
http://metrotransit.com/rail/stations/05_cedar.asp,
and you can also see, on that map, "Anderson Hall", which is located
just south of "Washington Ave SE".
The Washington Avenue bridge is just north of Anderson Hall, see
http://www1.umn.edu/twincities/maps/AndH/AndH-map.html
You'll be traveling eastbound or "right" on this map. After crossing
the bridge you can get to Vincent Hall, by examining the map
http://www1.umn.edu/twincities/maps/VinH/VinH-map.html.
Note that Washington Avenue runs along the bottom of that map.
Also, do review Q18, for information about housing. If you're an
international student, you may wish to head to the "International
Reception Center".
- Q90: How do I register for the GRE subject test?
For what exam date should I register?
- A: Please point to
http://www.math.umn.edu/finmath/admission_requirements/
look down the section labeled
"GRE",
and click on the link that reads
"GRE website".
Then click the radio button labeled
"GRE Subject Test"
and then click on the tab that reads
"Registration".
As you go through the registration process, you'll find out what the
available test dates are.
You should plan your test date so that we receive the GRE math subject
score by the admission deadline of 28 February if you want to apply
for early decision. Assuming the GRE testing schedule doesn't change,
the last available test date will be in November of the preceding year.
- Q91: How were the amounts on my I-20 calculated
for application for admission?
- A: The numbers vary from year to year, and to get current numbers,
you'll need to speak with Admissions in the Graduate School
(see Q30 above).
For those admitted in Fall 2008,
the breakdown of the minimum amount was:
$3,886 for mandatory student fees and health insurance,
$ 980 for books and supplies
and
$7,200 academic year tuition.
There was also
$11,908 for living expenses.
Tuition for MFM students for 2008-2009 was $600 for each credit; students
are required to register for a minimum of 12 credits for the academic
year, and 12 x $600 = $7,200.
NOTE: The tuition amount stated above is the minimum. Many students
will be paying considerably more, especially if they seek to complete
the program in one year. So don't think that the tuition amount that
was used to compute the I-20 is necessarily the amount you will pay.
- Q92: Could I ask that some materials that have
already been sent to the Mathematics Department be copied and sent on
to the Graduate School?
- A: Yes, this is fine. Please write to Bonny Fleming, at
b-flem@umn.edu.
Be sure to indicate exactly what you want copied and forwarded.
(See also Q37 above.)
- Q93: I'm an international student, and my I-20 says
that I have been accepted, majoring in "Applied Math". Why does it not
say "Financial Mathematics" or "Master of Financial Mathematics"?
- A: Please don't worry about this -- it is correct. Not all major titles
are part of the SEVIS system and so sometimes we must assign the
closest name possible to your actual major that is a SEVIS choice, in
order to issue your I-20.
- Q94: Are any undergraduate math courses required
before I can take an MFM course? Are any undergraduate math courses
required before I can be admitted to the MFM program? Are any
undergraduate math courses recommended before admission?
Searching keywords:
admission requirements, prerequisite
- A: The answers to the first two questions is the same:
Yes, you must have had a full year of calculus, meaning two
full semesters or three quarters (with grades of "B" or better in
*all* freshman-level calculus courses). A one semester short calc or
business calc course is insufficient. Please see also Q23, Q25, Q31
and Q59 above for more details about our coursework admission
requirements.
If you are only seeking permission to take FM 5001/5002 as a
non-degree student, then we do not require documentation of your
coursework; we trust you if you simply state by email that you have
completed a full year of calculus with grades of "B" or better (or
whatever the equivalent courses and grades are at the college you
attended). In the end, it's not really in your own interest to spend
money on a course that is at too high a level for you to succeed. If
you have not
had a full year of calculus (with "B"s or better), we
recommend you consider starting in a calc sequence. (See Q31 above.)
If you are seeking admission to the MFM program, then, of course,
transcripts are required (see Q117 below).
The question of whether some courses are recommended before admission
is a difficult one, and should probably involve discussions with an
advisor who knows your academic background. We do list several
college-level mathematics courses that are relevant to our program in
Q25 above.
- Q95: I applied to your department earlier. I've
decided to reapply this year. Do I have to resubmit an entirely new
application?
- A: If you would like some parts of your Math Department
application from last year moved into a file that will be considered
this year, we can do that for you. Just write to Bonny Fleming at
b-flem@umn.edu,
and explain which parts should be moved.
Please be aware, however, that it's important to get to us any
information you can about your development in math and/or finance
since you applied. In particular, it would be good to have at least
one new letter of recommendation from someone who can comment on the
activities in which you've been involved during that time. In some
sense, the more you can make the case that you've improved over the
last time you applied, the more likely it is that you'll be
accepted. In particular, since most people's knowledge increases over
time, if you retake the GRE Mathematics Subject test, there's a
reasonable chance you would get a higher score, which would improve
your chances of admission to any school to which you apply.
You need to reapply to the Graduate School. (You should
not use Change of Status/Readmission
unless you've been you have been registered in the Graduate School in
the past, see Q130 below.) You need to set up a new application for
admission. When filling out the application and submitting it, the
system will give you a warning because it recognizes you. You should
ignore this warning and submit the application anyway. You can
contact the Graduate School directly to use the transcripts from your
previous submission so you won't have to pay the transcripts fee
again; however you will have to pay the fee for the application
itself. You will also have to enter all of your info again into the
ApplyYourself system. You can use the same personal statement and
letters of recommendation, though, again, we recommend having at least
one new letter of recommendation that can comment on any development
you've had in mathematics or finance, since your last application.
For your Graduate School application, you should ask them about their
policies. See Q30 above for information about contacting Graduate
School Admissions.
- Q96: How can I find out the textbooks
that will be used in the courses?
Searching keywords:
books and recommended reading
- A: Each instructor picks required and recommended texts and
should post them on the course website a month or two before the start
of classes. For course websites, point to
http://www.math.umn.edu/finmath/courses/
and scroll down to the course of interest. Then click on the link to
the current instructor's website.
Also, do note that we have a recommended reading list, maintained by
the mathematics library, which appears at
http://math.lib.umn.edu/mathfinancebooks.html.
- Q97: How is your program different from other
Financial Mathematics and Financial Engineering programs?
Searching keywords:
what's unusual or unique, different
- A: We are less expensive; tuition is only $600 per credit for
students in our program in 2008-2009. (See Q21
above for more information about expenses.)
It is possible to complete our program in one year. (See Q7 above for
details.)
We have more of an emphasis on the "buy-side" than a typical
Financial Math program.
We also have more of a mathematical emphasis than a typical Financial
Engineering program.
We offer a prepartory course sequence, as well as a course sequence
that is taught by industry professional covering topics that they use
in their work.
For more detail, please see also Q54 above.
- Q98: Is programming an important part of the MFM degree?
- A: Programming is an important part of the activities of many
quantitative analysts, and so we have a single required course
sequence FM 5091/5092 which emphasizes programming and presentation
skills. It's not "heavy duty" programming however. Most quants
prepare short pieces of code to do tasks and then, if the code works
well and becomes important, more serious programmers are involved in
optimizing it.
Also, a significant part of FM 5092 will be devoted to the use of
technology in presentation of technical ideas to a non-technical
audience.
- Q99: I'm an MFM instructor. How can I get a
list of my students?
- A: Point to
Point to
http://onestop.umn.edu/onestop/index.html,
then click on "Faculty" (located in the top right, with white letters
in a maroon background) then you'll see (on the right, in the grey
sidebar) "To print a class list ...". This will take you to
http://www.umreports.umn.edu/.
Then you click on "User Login" and login with your x500 id and
password. Then you click on "Class Lists" which will be the fourth
link from the bottom in in the middle of the page. Then click on
"Class List". It should be straightforward to follow the prompts from
there.
See also Q111 below.
- Q100: How much knowledge of math (or finance or
economics or computer programming or statistics) do you require of
applicants to your program?
- A: There are no specific requirements for the program, beyond a
requirement of a full year of calculus (with grades of "B" or better,
see Q94 above), which is needed for the preparatory course sequence,
FM 5001/5002. However, the admissions committee does give advantage to
anyone with extra background in any of the areas mentioned in the
question. Since the focus of the program is
on quantitative finance, the most important skills,
coming in, will be mathematical. Candidates with a good math
background are likely to be the most successful.
- Q101: I plan to use the IT Lab in Lind 24. Could
you please tell me about procedures?
- A: Here's some information:
- To register for IT Labs account:
In Lind 24 (or any IT Lab):
Users should login to the computer with a username of
register and a password of register. This is for windows or
linux/UNIX.
Any other location on the Internet:
https://wwws.cs.umn.edu/account-management/
In either case, the web browser will come up to the page
you can use to register for an IT Labs account. They need to
authenticate with their X.500 username (U of M Internet ID)
to initialize their IT Labs account.
If you've had a previous IT Labs account (within the last
year), your old account will be re-opened.
- Link to IT Lab's Classroom/Lab Schedules:
http://www.itlabs.umn.edu/labs/index.php
The links are at the bottom of the page.
- We will close all the student IT Labs accounts after all the
grading has been submitted. Normally, we keep the account
closing/opening information on the web page:
www.itlabs.umn.edu.
Look in the upper right hand corner for "Systems Notices".
- Links to IT Labs UNIX machines:
http://www.itlabs.umn.edu/labs/itlist.php
- Be sure to leave the computers turned on at all times. Ask
the users to logout before they leave, don't shutdown.
-
www.itlabs.umn.edu
has a lot of information you may want to take a look at it.
- Q102: I'm a new student. How do I activate my
x500 account? How do I activate my IT labs account? How do I get a
math department account?
- A: To activate your x500 account, please point to
https://www.umn.edu/initiate.
Please note that you are not required to enter your social security
number at that site, even though it indicates you should. Please
activate your x500 account before the Financial Mathematics
Orientation begins.
For the IT lab account, please see Q101 above.
Your math department account will be generated automatically and
you'll receive information about that during the Orientation.
If you have questions or difficulty with any of these three accounts,
we'll address them during the lab demo at Orientation.
- Q103: Where can I find information about parking
at the University of Minnesota?
- A: The main source of information is at
http://www1.umn.edu/pts/parking.htm.
If you're an MFM teacher, or if you're only taking one course, you may
be interested in the "Limited Use Parking Contract". For $90, one can
buy the one-time right to park 22 times in any University ramp for a
year starting October 1st. For more information, point to
http://www1.umn.edu/pts/parking/contract%20parking%20newsletter.pdf,
then scroll all the way to the last page and look in the leftmost column.
If you're an MFM student taking at least two courses per week, the
student discount is a good deal. Details can be found at
http://www1.umn.edu/pts/studentcontracts.htm
and the rate can be found at
http://www1.umn.edu/pts/parkingrates.htm#contract.
The nearest lot available to student evening parking is at lot C33,
near 4th Street and 16th Avenue about 10 minute walk to Vincent
Hall. It's a surface lot.
Also, note that the Oak Street ramp apparently goes off peak at 2pm.
- Q104: How many international students will you be
accepting this coming year? How many women? How many Latinos? How
many Chinese? Etc. What are your limits on international students,
women, Chinese, etc.?
- A: We do not have quotas in any category. We seek to accept as
many qualified applicants as we can, the primary concern being
mathematical background.
There is no upper or lower limit on the number or percentage of
international students we can accept into this program. There are
no upper or lower limits on any type of group.
- Q105: After getting the Master of Financial
Mathematics, will it be possible for me to be admitted directly into
the PhD program in Mathematics? Would the Master of Financial
Mathematics help me to proceed to a PhD more quickly? How about a PhD
in a subject other than Mathematics?
- A: It's possible to proceed from the MFM program to our PhD
program, but the MFM training isn't particularly aimed at preparing
anyone to pursue a PhD in mathematics, so we don't advise that
route. Also, after completing MFM, any student interested in a PhD
would need to apply to the PhD program, and there's no guarantee of
acceptance.
Our PhD requirements are such that anyone who gets a PhD here will get
a Master's degree along the way, automatically, after passing the
preliminary oral examination. So, if one were to do MFM, then complete
a PhD, he or she would then have to fulfill quite a number of PhD
requirements, and, in the process, be awarded a second Master's
degree, ultimately leaving with both a Master of Financial Mathematics
and a Master's of Science in Mathematics.
It's certainly possible that what a student learns in the MFM program
could help him or her to proceed more quickly through the elementary
aspects of our PhD program, but the MFM program isn't specifically
designed to do that, and none of the MFM requirements are directly
equivalent to any PhD requirements.
Similar remarks apply to most other PhD programs as well, though
different programs can have quite different expectations and
admissions requirements. If you're interested in, say, a PhD program
in Finance, then the MFM program might provide some preparation for
the more quantitative aspects of such a course of study. However, once
again, the MFM program has not been designed with that in mind.
Please also see Q11 above.
- Q106: I'm not a student in the
MFM program, but I would like to sit in on one of your courses,
without registering. Is that all right?
- A: No, I'm afraid it's not allowed to sit in on our classes
without registering. With permission, you may, however, register for
and take FM 5001/5002 (see Q12 above), even if you're not an MFM
student. It is possible to audit FM 5001/5002, or take to FM
5001/5002 pass/fail, but this is usually not a good idea
(see Q9 above).
- Q107: Is there a certain minimum GRE Math Subject
test score which would indicate to you (and to me) that I don't need
to take FM 5001/5002?
- A: We don't yet have enough experience in the program to give a
policy-based answer to that question. We'll start from the point of
view that a score at the 75th percentile is about what we'd seek to
skip FM 5001/5002, but that may undergo adjustment based on
experience. We'll also be considering what courses a given student has
taken. For example, if a student with a high GRE Math Subject score
has taken no course in elementary probability, a judgment will have to
be made about whether the necessary background in that area is
something he or she could reasonably expect to learn ``on the fly''.
- Q108: I'd like to register for
CSOM (Carlson School of Management) coursework as part of a "with
Emphasis" option, as described near the bottom of
the list of courses.
How does the registration process work for these courses?
- A: You'll need to fill out a petition form, and submit it with an
unofficial UMN transcript a bit more than one week before
classes. Also, do check to be sure that there are open seats by
looking at the class schedule, see Q112 below.
The deadline is just over a week before the start of classes, and the
exact date is on the petition form, which appears at
http://www.csom.umn.edu/assets/97119.pdf.
To print out an unofficial transcript, point to
http://onestop.umn.edu/onestop/index.html,
and look near the bottom of the right sidebar, for the link
that reads "Unofficial Transcript".
After filling out the petition form, you can FAX it and the transcript
to (612) 626-7785. (NOTE: The unofficial transcript is required so
that CSOM can verify that you have not already taken three CSOM
courses. They limit non-CSOM students to three CSOM courses.)
- Q109: Whom can I ask visa and immigration questions?
- A: Please contact:
International Student and Scholar Services (ISSS)
isss@tc.umn.edu
http://www.isss.umn.edu/
(612) 626-7100
- Q110: What are the penalties
for late registration or for late changes to registration? When do I
have to pay my bill? Until when can I drop a course? If it's after
the deadline, can I petition to drop?
Searching keywords:
add/drop date, withdrawal from a course, billing
- A: Be aware that you must register *before* the first day of each
term in order to avoid a late fee. Adding and dropping courses may be
done later, but if a student's initial registration is done on or
after the first day of classes, he or she will pay a late fee. For
information about late registration, please see
http://onestop.umn.edu/onestop/Tuition_Billing/Tuition_Rates/latereg.html
or
http://onestop.umn.edu/registration/guidelines/late_registration_fees.html.
For information about penalties for changes to registration and for
drop/add deadlines, see
http://onestop.umn.edu/onestop/Calendars/Refund_and_DropAdd_Deadlines.html.
To get a petition to drop a course after the drop deadline, point to
http://www.grad.umn.edu/current_students/forms/gs05.pdf.
(Return this form to the Graduate Student Services office in 316
Johnston Hall.) Note that this form requires you to state "the
circumstances that prevented you from correctly registering during the
official registration period". You cannot drop a course after the
deadline simply because you have changed your mind about the course.
For information about when to pay your bill, please see Q71 above.
Questions about this should go to One Stop Student Services,
see Q133 below.
- Q111: I'm an MFM instructor, and I'd like to see a
list of registered students. How do I do that?
- A: Point to
http://www.umreports.umn.edu/umreports/
then click on "User Login"
then log in with your x500 id and password
then in the box in the upper right, type in "classes"
then click on "Search Reports"
then look down the middle column for "My Classes"
and click on that
then click on the course you want to see.
Warning: .
If you have no students registered, then I believe that the
class doesn't even show up.
See also Q99 above.
- Q112: How can I see a schedule of
courses offered at UMN?
- A: Point to
http://onestop.umn.edu/onestop/index.html,
and click on "Class Schedule" in the right sidebar,
near the top.
The MFM course schedule is at
http://www.math.umn.edu/finmath/course_schedule/.
- Q113: How can I participate in
Financial Math before being admitted to the MFM program?
Searching keywords:
not an MFM student but want to participate, not a student, non-MFM student
- A: There are many good books to read, see, e.g., our reading list at
http://math.lib.umn.edu/mathfinancebooks.html.
We have some online lectures you can watch; point to
http://www.math.umn.edu/finmath/lectures/
and listen to the audio.
If you're a student at UMN:
First, you can attend our seminar, which is open to the public; point to
http://www.math.umn.edu/finmath/seminar/.
Second, you might consider taking
MATH 5075 - Mathematics of Options, Futures,
and Derivative Securities I
MATH 5076 - Mathematics of Options, Futures,
and Derivative Securities II.
Third, if you wish to strengthen your mathematics background,
in preparation for the MFM program, you could consider taking
FM 5001/5002. See Q12 above.
Fourth, if you are a Mathematics graduate student at UMN, you
might want to seek an internship with a focus in Financial
Mathematics, through the MCIM. For more information, point to
http://www.math.umn.edu/mcim/.
Fifth, you might consider applying to the program described at
http://www.math.umn.edu/finmath/modeling/.
- Q114: Is there a dual MBA-MFM degree at the
University of Minnesota?
- A: Currently there is not, so those wishing to have both degrees
would have to enroll in both programs, one after the other. There are
serious discussions going on about developing such a program, but it
will likely be a year or two at least before a formal proposal is made
and approved.
In the meantime, it is possible to seek an MFM with Emphasis in
Management, and you can read about that by pointing to
http://www.math.umn.edu/finmath/courses/
and then searching on "Master of Financial Mathematics with Emphasis
in Management". This involves fulfilling the MFM requirements with three
CSOM courses. (CSOM is the University of Minnesota business school.)
- Q115: What is the average
undergraduate GPA of students admitted to your program?
Searching keywords:
average GPA
- A: We don't have a record of GPAs. It's difficult because
different countries use very different grading scales, so GPA is often
self-reported and may be, in some cases unreliable. The information in
Q23 above may give you some idea of what we look for in an
application.
- Q116: Why do I have to submit a degree program
form? When must it be submitted? What courses should I include on my
degree program form?
- A: The degree program form is a Graduate School requirement. It
lists all the courses you've taken that you want counted toward your
degree. That is, it states, officially, which courses you want to count.
Some people have complicated educational plans, but MFM is really very
simple, so the degree program form is relatively straightforward. If
you were, say pursuing two completely different Master's degrees at
the same time, it can get confusing, because some courses might
pertain to one degree and others to the other. The degree program form
allows the Graduate School to know which courses you believe go with
which degree.
Once the DGS of each of the relevant departments signs the degree
program form, they are certifying that the student has met the
departmental requirements of that degree.
As to *when* the form must be submitted: MFM operating
standards are that our students should submit their degree
program by the end of their first semester in the program. If a
student is unsure about whether he/she may seek a minor in
another department, it is reasonable to wait beyond that,
although there may be warning messages generated as a
result. However, some care should be taken because the Graduate
School asks that you file your Degree Program Form with them at
least one term before you intend to graduate. For more
information, point to
http://www.grad.umn.edu/current_students/degree_completion/masters/index.html
scroll down to "Forms for Master's Students", continue a few
more lines to "Degree Program Form", then look over to the
right for the word "Explanation", and click on that.
As to which courses to put on the degree program form: You must
include FM 5011/5012, FM 5021/5022, FM 5031/5032 and FM
5091/5092. Beyond that, if you intend to get a minor in another
department, you need to include the required courses for that
minor. Exactly which courses are required is something to be discussed
with the DGS of that department, but many of our "with emphasis"
options do cover the requirements for a minor. (Point to
http://www.math.umn.edu/finmath/courses/
and scroll down to the bottom of the page to see a list of our "with
emphasis" options.) You should check the column labeled "Other
Prog. Crs.+" next to your minor courses, and you'll need to have the
DGS of the minor program sign your degree program form under
"SIGNATURE OF DIRECTOR OF GRADUATE STUDIES (MINOR FIELD)".
It is your choice, but we recommend that you don't include courses
beyond the ones described in the last paragraph, and the reason is
this: If, at some point in the future, you should decide to pursue
another degree at UMN, then you will have to fill out a degree program
form for that degree, and you may wish to use courses you take while
in MFM on that degree program form. However, there are limits on the
extent to which coursework from one degree program form can be used on
another. Therefore it could be to your benefit to minimize the number
of courses that you list on your MFM degree program form, so that they
remain free for use in a future degree program form.
- Q117: Please give me a
checklist of materials that are needed to complete my MFM application
to the School of Mathematics at the University of Minnesota.
Searching keywords:
check list Check List
- A: First, please note that this question only concerns materials
needed by the School of Mathematics to review your application. If
you have questions about additional materials that may be needed by
the Graduate School, please do contact them directly.
(See Q30 above.)
Required materials can vary a bit, from applicant to applicant, and
details can be found at
http://www.math.umn.edu/finmath/admission_requirements/
and also in Q23 above.
All applicants need to submit
three letters of recommendation,
a personal statement,
and
copies of all of their transcripts and diplomas.
International students may need to provide the Graduate School with
proof of English proficiency.
Recent college graduates must send either
GRE General scores,
or
a GRE Math Subject score
(or both). Anyone wishing to skip FM 5001/5002 (the preparatory course
sequence) needs to submit
a GRE Math Subject score.
For more information about our GRE requirements,
see Q8 above.
NOTE: The online application system used by the Graduate School
(called ApplyYourself) now has three personal statements. In our
program, we tend to look most closely at the first one, so you may
want to focus your energy there.
To begin applying, please point to
http://www.math.umn.edu/finmath/online_application/
and follow the instructions there. Thanks for your interest
in our program!
- Q118: I'm an MFM instructor. How do I submit
grades? Where can I read about UMN grading policies?
Searching keywords:
submit grades put in grades, enter grades
- A: Grades for FM 5031/5032 should be submitted to the MFM
Graduate Assistant for that course. For the other
courses, point to
http://onestop.umn.edu/onestop/faculty.html,
find the column labeled "Teaching and Learning", scroll down until you
see "Grades" in that column, and then, just below that, click on the
link "Enter Final Grades". At this point you may or may not be asked
to log in using your x500 userid and password. After that, a new link
also saying "Enter Final Grades" will appear, and you should click on
that as well. Then click on the current therm, and then click on the
link describing your FM designated course, and then follow the prompts
from there.
For UMN grading deadlines for Spring 2009, point to
http://onestop.umn.edu/pdf/policies_spring2009.pdf,
then go to page 81, then go to the left column, then go down to
"grades" then go down to "ACADEMIC STAFF", and then go down to "Final
Grades", which says, in part:
- Final grades for all courses are due within 72 business hours
after the examination.
Also, please see Q146 and Q147 below.
- Q119: I'm an MFM student, and I'd like to submit a
course evaluation. How can I do that?
- A: Please point to
http://eval.umn.edu/,
and the rest should be straightforward. If you have troubles, please
write to eval@umn.edu.
- Q120: What is average GRE General
test score of applicants who were admitted in Fall 2008?
- A: First, while we occasionally look at verbal and writing
scores, we focus on the Quantitative score, and only have
statistics for that. Second, bear in mind that not everyone applying
was required to submit a GRE score and so some admitted applicants are
excluded. Third, bear in mind that some applicants submitted a GRE
Math Subject score instead of GRE General scores, and they are
excluded from this analysis, as well. With those caveats, the average
of the Quantitative scores for applicants offered admission in Fall
2008 was 768.48. (In Fall 2007, it was 770.17.)
- Q121: Are there guidelines for MFM resumes? Where
are MFM resumes posted?
- A: Yes, we follow the NYU model, see
http://www.math.nyu.edu/financial_mathematics/content/04_current/01.html.
Some MFM resumes are posted at
http://www.math.umn.edu/finmath/current_students/.
Also, see Q71 below.
- Q122: I'm applying to MFM. Even though MFM is
using the online letters system, I have some recommenders who would
prefer to send in paper letters. Is there a way to do that?
- A: Yes, just make those letters offline by selecting the radio
button for this when you create those recommenders. (See also Q35, Q58
and Q67 above).
- Q123: I will be working at the University of
Minnesota while a student in the MFM program. Can I be exempted from
tuition?
Searching keywords:
employee discount
- A: First, like all those wishing to take FM designated courses,
you must first be accepted into the MFM program, the one exception
being the preparatory course sequence FM 5001/5002. (See Q12 above.)
That said, University faculty and staff are eligible for the Regents
scholarship program (which covers tuition) if they have at least a 75%
time appointment for the entire semester in which the coursework is
taken. The only Regents scholarship provisions for postdocs is Post
Doctoral Associate (9546). Other Professionals-in-training
appointments do not qualify. The coursework must be for academic
credit (A-F or S/N--pass/fail) and the application is approved by the
supervisor or responsible departmental administrator.
Policy information restrictions, etc. may be found online at:
http://www1.umn.edu/ohr/benefits/tuition/index.html
- Q124: What are the minimum graduation requirements
from the MFM program?
Searching keywords:
Minimum GPA, minimum gpa, minimum GPA, MINIMUM GPA
- A: The MFM program's graduation requirements are that a student
must be able to list FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM
5032, FM 5091 and FM 5092 on his or her degree program form. By
Graduate School standards, this requires that the student receive a
"C-" or better in each of these eight courses. (We hope, and expect,
that our students will do better!) Note that the Graduate School may
have additional requirements. In particular, they do require a minimum
GPA of 2.80 for graduation. (This GPA averages grades only for those
courses listed the student's Degree Program Form.) For more information
about, this, please contact Graduate Student Services
(see Q191 below).
Please note that, with grades below the level of "B", it becomes
increasingly difficult to make a strong recommendation for the student
who is seeking an internship or job placement.
- Q125: I'm applying to the MFM program. The GPA
system is not followed in my university. How should I calculate my
GPA?
- A: GPA calculation is not standardized, see
http://en.wikipedia.org/wiki/GPA .
The Graduate School asks you to report your own GPA, using your best
judgment as to how to put your grades on their 4.0 scales. Many
schools not operating on the 4.0 scale offer some guidance about this,
but there is not a single answer.
Further questions about this should go to Graduate School Admissions
(see Q30 above).
- Q126: How does your program differ from an MBA
program, from CFA certification and from an FSA?:
- A: This program focuses on the mathematics of finance. It
involves significantly more graduate-level mathematics than any of the
options mentioned in the question.
- Q127: I would like information about your
admission statistics, your progress statistics, your completion
statistics. Also, please give me information about the internships
your students have held, and about placement and current location of
your graduates.
Searching keywords:
statistics, current location of grads, how many international,
employment record of grads
- A: For admission, progress or completion statistics please point to
http://www.grad.umn.edu/data/stats/1216500.html and click on
"Admissions", "Fall Term Enrollment", "Graduate Student Progress" or
"Degrees Conferred".
We had 123 applicants requesting admission in Fall 2009, we offered
admission to 95 of them, and we are currently expecting (based on
acceptances) an incoming class of 50. We had 151 applicants
requesting admission in Fall 2008, we offered admission to 100 of
them, and we ended up with an incoming class of 42. (We also had four
others who started MFM in Fall 2008 as "Change of Status" from other
programs, bringing the total from 42 to 46.) We had 115 applicants
requesting admission in Fall 2007, we offered admission to 91 of them,
and we ended up with an incoming class of 49.
Some characteristics of the 42 incoming students in Fall 2008: They
were 21% female, 74% international and 5% minority. Some
characteristics of the 49 incoming students in Fall 2007: They were
27% female, 53% international and 24% minority.
For placement information about our graduates, point to our
alumni website, at
http://www.math.umn.edu/finmath/Alumni/.
Note that we only reveal information as our graduates give
us permission, and this detailed information is posted at
http://www.math.umn.edu/finmath/Alumni/details.shtml.
Our program is only two years old as of this writing (6 July 2009),
and we have only had nine graduates, and we are writing to each of
them to collect data. We expect more to graduate by the end of the
summer. Many more have completed all the necessary MFM courses, but
will continue taking additional coursework in other programs to help
bolster their resumes.
(See also Q70, Q104
and Q120 above.)
- Q128: What is it like living in Minnesota?
- A: It's wonderful.
Of course, a more detailed answer depends a lot on the context
of the question. One can find some information by pointing to
http://www1.umn.edu/twincities/index.php
and clicking on the left sidebar links that read
Arts & Culture, Business & Community, International Resources,
Gophersports, News Service.
Another source of information is
http://en.wikipedia.org/wiki/Minnesota
and
http://en.wikipedia.org/wiki/Minneapolis-Saint_Paul.
- Q129: Could you recommend what classes I should
take to enhance my application to the MFM program?
- A: This is really a job for a local advisor, since no one here
knows you or your school. Moreover, it is really your advisor's
prerogative to give such advice, not ours.
At a more general level, though, one of our primary concerns in
evaluating applicants is their knowledge of mathematics, and to this
end it may help to review Q25 above. Note that that FAQ indicates (at
the end) how you can obtain course descriptions of the courses
mentioned there. I hope that, with that information in hand, you and
your advisor can make good choices.
- Q130: I've been (or currently am) a graduate
student at the University of Minnesota. Do I need to reapply to the
Graduate School to join the MFM program?
- A: If you have been registered in the Graduate School, even for a
single term, and now wish to enter the MFM program, you need to apply
to the Grad School for a Change of Status/Readmission and apply to the
MFM program for admission. (See Q131 below.)
We strongly prefer that you do not pursue the MFM degree while you are
in another program at the University. (See Q22 above and Q193 below.)
- Q131: I'm currently a student at the University of
Minnesota, and would like to apply to the MFM program via a Change of
Status. How is a Change of Status different from a regular
application for admission?
- A: First, you must follow the Graduate School's Change of Status
procedures, see
http://www.grad.umn.edu/current_students/registration/readmission.html
.
Second, you will need to have hardcopy letters of recommendation sent
directly to the School of Mathematics at the address given in Q51
above. FAX is okay too, see Q48 above.
Third, please submit your Personal Statement by hardcopy, using again
the address or FAX number in Q51 and Q48.
Fourth, if you wish to submit a GRE score (either GRE General or GRE
Mathematics Subject), you should send copy of the score to the School
of Mathematics at the address given in Q51 above. FAX is okay too,
see Q48 above. If you are unsure about whether or not you should
submit a GRE score, please see Q8 above.
Fifth, you should not have to worry about arranging for transcripts
and diplomas, since all that material should be forwarded by the
Graduate School to the School of Mathematics, along with your Change
of Status application.
Sixth, if you have any questions about special procedures, they should
go to Grad School Admissions, and the contact information is in Q30
above.
Seventh, we do ask that you fill out the departmental online
application form at
http://www.math.umn.edu/finmath/online_application/,
but please enter 0 for the field labeled "AY ID".
WARNING: If you make a Change of Status to MFM, you must make MFM your
primary plan. You cannot take MFM courses unless MFM is your primary
plan. See Q22 above and Q193 below.
- Q132: Where is the mathematics building at the
University of Minnesota?
- A: It's Vincent Hall, and the address is
206 Church St. SE
Minneapolis, MN 55455.
For a map to Vincent Hall, point to
http://onestop.umn.edu/Maps/VinH/index.html.
Nearest parking is at
http://www1.umn.edu/twincities/maps/WashRamp/index.html
or
http://www1.umn.edu/twincities/maps/ERivRdGar/index.html
or
http://www1.umn.edu/twincities/maps/4StRamp/index.html.
For a Google Map, click
here.
The MFM office is Vincent 262, and Bonny Fleming is in Vincent 127.
- Q133:
How can I contact One Stop Student Services?
Searching keywords:
One Stop, onestop, Onestop
- A: The contact information is:
"One Stop"
http://onestop.umn.edu/
(612) 624-1111
- Q134: What are the University procedures for
completing my MFM degree, once all of my coursework is finished?
Searching keywords:
before graduation before you can graduate
- A: Please point to
http://www.math.umn.edu/finmath/current_students/degreecompletion.pdf
and to
http://www.grad.umn.edu/current_students/degree_completion/masters/index.html
for information about this. Also note Q116 above and Q135 below.
- Q135: I'm planning to graduate MFM soon. When must
I submit my Graduate Application for Degree?
Searching keywords:
before graduation before you can graduate
- A: Please see
http://www.math.umn.edu/finmath/current_students/degreecompletion.pdf
which reads, in part:
- Graduate Application for Degree Submit to the Office of the
Registrar (200 Fraser Hall/130 Coffey Hall) by the first
working day of the intended month of degree completion.
Please see also Q134 and Q116 above.
- Q136: Is the MFM program designed for actuaries?
- A: Not specifically, though our program was designed to emphasize
insurance products, because the Twin Cities area has so much
involvement in that industry. Two of our Advisory Board members are
FSAs, and one of them teaches a four-week mini-course, as a part of FM
5032, see
http://www.math.umn.edu/~garyh/FM5032.html
This course teaches the pricing and hedging of modern insurance
products.
While some of the material we teach overlaps with some parts of the
actuarial exams, we do not offer any direct help in passing those
exams.
- Q137: I would like access to the prospective
employers website
http://www.math.umn.edu/finmath/prospective_employers/,
but it's password protected. May I see it?
- A: Access is restricted to current MFM students and teachers. If
you are a current MFM student or teacher, you should have received a
username and password, and, if you don't have them, feel free to write
to Bonny Fleming, at
b-flem@umn.edu,
and request them.
- Q138: I'm an MFM applicant, and I have an offer
from another school, but have not heard yet from MFM. Could I get a
quick decision in my case?
- A: First, if today is before 15 April and the school participates
in the "April 15 resolution" (and most major US universities do), then
you should be able to wait until that date. See
http://www.cgsnet.org/portals/0/pdf/CGSResolutionMay2009.pdf
for the text of the resolution. If the school requesting a decision
from you is one of the signers on that website, and if they are
requiring a decision before 15 April, you may choose to send us their
request, and we will check with the director of the other program, not
mentioning you by name.
Our decision timeline is, roughly, as follows: If your applications to
both the Math Department and the Graduate School were complete as of
28 February, then you should receive information from us by 31
March. (That information might be acceptance or rejection or the
waiting list.) If your applications were not complete by 28 February,
then there's no set timeline, though we try to make additional offers
in early to mid-April, early to mid-May and early to mid-June. For
more information about our timeline, please see Q3
above.
If it appears that you will have to give a response to the other school
before hearing from us, then do feel free to write to us hoping for a
quick decision, but understand that we may not be able to speed up the
process, since (especially during the month of March) we are working
as fast as we can, on reviewing applications. We're sorry if this puts
you in an awkward position, and will certainly understand if you must
accept the other offer, but do at least consider requesting an
extension.
- Q139: I've been accepted to MFM, but would like to
defer the admission to sometime in the future. Can you do that?
Searching keywords:
deferred admission
- A: I'm afraid not. You would have to reapply when you're ready to
join. However, in your reapplication, you can mention (e.g., in your
personal statement) that you were accepted to the program in an
earlier year, and that would certainly be taken into consideration.
- Q140: I've have applied, but not been offered
admission, to the MFM program. I'll be able to supply you with
additional information during the summer, and that additional
information may make my application more attractive. Could you offer
me conditional admission, conditioned on, e.g., a high score on a
certain standardized test?
Searching keywords:
conditional admission
- A: No, presently we don't do that.
- Q141: I've have not been offered admission to the
MFM program, but I will be living in the Twin Cities area next year
and would be interested in attending some of your courses, with plans
to reapply. Can I do that?
- A: Yes, our preparatory course sequence (FM 5001/5002) is
available to you, as a non-degree student. Please see Q12 above for
details.
- Q142: I applied to MFM, and have been placed on
the waiting list. Could you tell me my position on that list? Am I
near the top? When can I expect to know if I'm accepted or not?
- A: We don't order our waiting list. The problem is that decisions
about additional admissions depend on who accepts our offer early.
For example, if no professionals working in the Twin Cities area
accept before about 10 April, we might decide to make a few more
offers to applicants in that group. If, on the other hand, we have
plenty of "local" acceptances, but not many from people just
graduating from college, we may seek more from that latter group. As a
result, there really is no order to our waiting list.
Depending on the rate of acceptances in various categories, we may
make another review of waitlisted files near 15 April, and may
consider making additional offers at that time. We will also be
re-reviewing files in early April, in early May and in early June.
We understand if you cannot wait that long, but do note the "April 15
Resolution", see Q138 above.
Please note that, if you live in the Twin Cities area or are planning
on moving here, then, even if you are not accepted, you could consider
taking the preparatory course sequence (FM 5001/5002) as a non-degree
student, and preparing a new application next year. This would give
you a chance to "sample" the program, and would give us a chance to
get to know more about you, as well. See Q12 above and Q145 below.
Thanks for your application to our program.
- Q143: When can I take the GRE General exam?
- A: This is subject to change by the ETS and you should check with
them for a definitive answer (using the phone numbers given below, or
by going to "Contact Us" within the website given below).
As of this writing (25 March 2008), the GRE general test is offered
most places in the US every week Monday through Saturday. Test takers
can register at any time subject to the seat availability, and there
is no set time for registration. For Computer-based GRE general test
registration, point to
http://www.ets.org/bin/getprogram.cgi?test=gre
or call 1-443-751-4820 or 1-800-473-2255.
- Q144: I was unable to register
in time to take the GRE Math Subject test before beginning the MFM
program. May I take only FM 5091/5092 in my first year, and, during
the year, then take the GRE Mathematics Subject Test to see about
waving FM 5001/5002?
- A: This is a allowed, but carries one serious concern: We now
require the GRE Math Subject test as part of the requirements for
waiving FM 5001/5002 exactly so that we can let students know, before
they begin the program, what all of the course requirements are. If a
new student thinks he or she will be able to skip FM 5001/5002 and is
told, after starting the program, that it's not allowed, then there is some
concern that he or she may feel "baited and switched".
We do not intend to mislead anyone. If you feel that, after starting
the program and paying tuition and taking coursework, you would be
very unhappy with a late decision that FM 5001/5002 could not be
waived, then we strongly recommend waiting, and applying a year later,
with a GRE Math Subject score as part of your application.
- Q145: If I take FM 5001/5002 as
a non-MFM student and do well, does it guarantee me admission to the
MFM program?
- A: While it's not promised, our operating standard is that MFM
applicants receiving "B" or better in FM 5001, and doing well in FM
5002, are offered admission, assuming there are no significant
"red-flags" in their application, and assuming that both of their
applications (to the Math Department and to the Graduate School) are
complete by 28 February, in time for consideration for early
admission. (See Q3 above.)
- Q146: I'm an MFM instructor. By
when must grades be submitted?
- A: For all courses, grades must be submitted by 72 hours after
the final exam. For FM 5031/5032, the MFM Director (Scot Adams) will
calculate and submit grades, based on module grades. Assuming the
final is, as usual, on a Wednesday evening, he needs to have all the
module grades posted on Moodle by Friday at 2pm, which means that they
should be reported to the TA by Friday at noon.
Also, please see Q118 above and Q147 below.
- Q147: How can I find out when the final exam will
be in a class?
- A:
Please point to
http://onestop.umn.edu/onestop/,
scroll down to heading "Calendars" (written in red) in the middle
section, and, under that, then click on the link that reads "Final
Exams".
- Q148: I have a form on which I need the signature
of the MFM Director. How can I get the form signed?
Searching keywords:
forms
- A: First, fill out the form, except for the signature. A blank
form will not be signed.
Please leave the form with me or with Bonny Fleming, who can give it
to me. I will examine it and, if I don't find any difficulties, I will
sign it and give it to Bonny Fleming. Please indicate what should be
done with the form when it is signed -- the default is that she'll
write and ask you to pick it up.
WARNING: I do develop checklists of typical problems on the forms that
I sign. For example, for "COURSE DESCRIPTION (FOR F-1 CURRICULAR
PRACTICAL TRAINING)" at
http://isss.umn.edu/forms/pdf/f1/cpt_application.pdf,
I make sure that in the blank after "for course", I see
"MATH 8991 - Independent Study", and no other courses.
- Q149: Do I have to submit all of my application
materials simultaneously, or can I submit different items at different
times?
- A: You can submit different items at different times and, in
fact, that's how most applications arrive; it's difficult to ensure
that all letters of recommendation, all standardized test scores and
all transcripts arrive at exactly the same time. However, be aware
that your application will not be reviewed with in the mathematics
department until all required items have arrived. If you want to find
out if your application is complete, please see Q1 above.
- Q150: I'm an MFM student. Is there an MFM policy
about course grading? About incompletes?
- A: Each MFM instructor makes his or her own decisions about these
matters, but we discourage the use of an incomplete grade as a way of
avoiding a poor course grade that's based on poor course performance.
- Q151: I'm an MFM instructor. What items should I
put on my syllabus?
- A: This, in the end is up to you, but we recommend discussing
your basic grading policies, office hours, incomplete policy, extra
credit policy. You may want to include information about whether exams
are open book or closed book, about the amount of allowed interaction
between students on work done outside of class and about whether
calculators are allowed on exams, and, if so, which kinds.
- Q152: I have a serious disagreement with an
instructor over a grade (or over another matter). Is there a student
dispute resolution center at UMN?
Searching keywords:
dispute resolution, conflict resolution
- A: Yes, please point to
http://www.sos.umn.edu/.
If you should, in addition, wish counseling services,
please see Q166.
See also Q192 below.
- Q153: I'm a PhD student in the mathematics
department, and I am considering working as the TA for MFM. What would
be my main duties?
- A: For FM 5001, FM 5002 and FM 5011, the MFM TA grades homework
and is responsible for providing solutions to homework problems and
exam problems. The teacher for FM 5012 might also ask for similar
help.
The MFM TA also tracks grades and keeps evening office hours.
That's the bulk of it. There are no recitations to lead, but there are
a several miscellaneous things that might come up here and there.
The MFM TA must be prepared to be available in the evenings, since
that's when MFM students are on campus.
- Q154: I'm a PhD student in the mathematics
department, and I am considering working as the TA for MFM. How much
of my TA load would this cover?
- A: Serving as an MFM TA is the equivalent of TAing for two
regular MATH courses per semester. (See also Q208,
Q209, Q210, Q211
and Q212 below.)
- Q155: I'm an MFM student. Must I attend every
Orientation event?
- A: First, note that, while there are many Orientations offered at
the University, only the MFM Orienation
http://www.math.umn.edu/finmath/orientation/
is required, and it is only required of incoming MFM students.
Continuing MFM student (those who were in the program in earlier
years) need not attend the Orientation.
Second, for each Orientation event, there is a note indicating whether
it is required. See
http://www.math.umn.edu/finmath/orientation/
for the Orientation schedule.
Note that most of the required events are on Monday, so, if you're an
incoming student you should plan to attend that day, in full. Please
do look through other Orientation days, though, so see what else you
might need to attend.
Also, do keep in mind that many of the events are intended to help you
get to know your classmates, so you may wish to come to a few of those
that are not required.
- Q156: Please give me a brief description of the
MFM program.
- A: Perhaps the text in our poster, at
http://www.math.umn.edu/finmath/poster/umn_finmath_poster.pdf
may be the best response here. It reads:
-
This Master's level program familiarizes students with the tools
needed for high-level mathematical quantitative analysis in
finance. Its duration can be as short as one-year, and it includes
hands-on experience with financial software and programming. Courses
are offered in the evening, for the convenience of working
professionals.
The program is housed in the School of Mathematics at the University
of Minnesota, a large department with a growing focus on
interdisciplinary research and with strong groups in both probability
and numerical analysis. Moreover, it also has affiliation with the
Minnesota Center for Industrial Mathematics, which has a long
successful history of internships and job placement in industry. The
finance industry in the Twin Cities is well- developed; see our "Local
Industry" website
http://www.math.umn.edu/finmath/local_industry/.
We provide a high-quality educational experience, with special
emphasis on presentation and the use of technology to expose
sophisticated ideas in a down-to-earth way. Our tuition compares
favorably with other similar programs. For application and tuition
information please visit our website
www.math.umn.edu/finmath
See
www.math.umn.edu/finmath/lectures
for our on-line lecture series.
Questions? See
www.math.umn.edu/finmath/faq
or contact
mfmath@umn.edu.
See also Q54 above, for information about how our
program differs from other financial engineering programs.
See also Q162 below for a short description of the
subject of financial mathematics.
- Q157: What is the
"plan for completion"
or
"completion plan"?
Is it the same as the
"degree program form"?
- A: They are NOT the same, though
they appear on similar looking forms.
The
plan for completion (or completion plan)
is internal to the MFM program and is not used
by the rest of the university. By contrast, the
degree program form
is used by the Graduate School. The
plan for completion
can be altered with relative ease; the
degree program form
is harder to change, and, in some cases, may require students to go
through a petition process. Bonny Fleming will help students in
preparation of the
degree program form,
and we typically try to
minimize the number of courses appearing, though some care is required
if the student is, e.g., seeking a minor in another department. More
information on this point (and on other aspects of the degree program
form) can be found in Q116 above.
Each student's
plan for completion
is based on a document that they fill out during Orientation, as they
matriculate into the MFM program. It may be changed several times, and
each student is responsible for getting permission for changes;
usually an email request is sufficient. The
plan for completion
should indicate, at any given moment, the student's best guess as to
which courses they plan to take and when. Each of the MFM required
courses must be in the plan. (These are FM 5011/5012, FM 5021/5022,
FM 5031/5032 and FM 5091/5092.) Students who are taking the
preparatory course sequence (FM 5001/5002) need to include those two
courses as well. Finally, students who plan to do a with emphasis
option, or to take other additional coursework, should indicate, as
best they can, which courses and when.
We request that each student take responsibility, if their plans
change, to let us know as soon as possible, so that we may update the
completion plan
in our files. This is particularly important for
international students, since, in some cases ISSS might contact us
asking for information about the students plans. If you should provide
them with information that contradicts what we say, then some
confusion can result.
- Q158: I'm not an MFM student, but I'm interested
in the program, and am considering applying. May I attend Orientation?
Must I attend Orientation if I will be taking MFM courses as a
non-degree student?
- A: Non-MFM students need not attend any
Orientation event.
Our general expectation is that non-MFM students will not attend any
Orientation events. However, most of the Orientation is open to the
public, and if you have a strong interest in some Orientation events,
we're happy to accommodate you as best we can, within limits of
space. Do note that the cruise is restricted. We have large rooms for
most of the lecture events, but, of course, we could conceivably run
out of seats. By contrast, the walk along the Mississippi, and the
party at Prestons is open to everyone who wants to attend.
- Q159: I'm an undergraduate Mathematics major at
the University of Minnesota. Does this guarantee me admission to the
MFM program, if I decide to apply?
- A: No, it does not. However, while it's not promised, it is our
operating standard that undergraduate Mathematics majors at the
University of Minnesota
- who have a cumulative GPA of 3.0 or better; and
- who receive a positive recommendation to the MFM program from
the Mathematics Director of Undergraduate Studies (currently
Prof. Larry Gray)
are offered admission, assuming there are no significant "red-flags"
in their application, and assuming that both of their applications (to
the Math Department and to the Graduate School) are complete by 28
February, in time for consideration for early admission. (See Q3
above.)
We recommend to students that, if they are planning to take advantage
of this operating standard, they should talk with the Director of
Undergraduate Studies far enough in advance to avoid surprises or
disappointments.
Finally, see Q25 above, for undergraduate course recommendations.
- Q160: I was recently admitted to the MFM program,
and sent in a signed acceptance, but now would like to delay
enrollment for a year? Is this possible?
-
First, we're very sorry to hear that you may not join our program this
year, and hope you'll reconsider. During the 2008 recruitment season,
we turned away several qualified late applicants, simply because we
didn't have space in the program, so we count on those who have sent
in a signed acceptance to honor their commitment.
We do not have a mechanism for delaying enrollment. Any MFM student
who has not completed MFM requirements (FM 5011/5012, FM 5021/5022, FM
5031/5032 and FM 5091/5092), and who does not take one FM-designated
course each fall semester and one more each spring semester, is
considered to have dropped out of the program, and typically must
apply for readmission (see Q95 above), unless prior arrangements have
been made.
- Q161: Is a leave of absence from the program
possible?
Searching keywords:
not coming after all, wait a year, leave of absence
- A: I'm afraid it's typically not. Any MFM student who has not
completed MFM requirements (FM 5011/5012, FM 5021/5022, FM 5031/5032
and FM 5091/5092), and who does not take one FM-designated course each
fall semester and one more each spring semester, is considered to have
dropped out of the program, and typically must apply for readmission.
In certain situations, permission for a leave might be granted by the
Director of MFM, but this would be quite unusual. More typically, the
route to restart the program is by readmission. (See Q95 above.)
- Q162: Please give me a short description of the
subject of financial mathematics (a.k.a. financial engineering or
quantitative finance).
- A: Point to
http://www.math.umn.edu/finmath/faq/descr.shtml.
Please send comments or questions to
mfmath@umn.edu.
See also Q156 above for a brief decscription of our particular program
(called MFM).
- Q163: What are the main software tools
(e.g., MATLAB, C++, etc.) that will be used in MFM courses?
Searching keywords:
technology recommendations, technical requirements
- A: The primary tools we'll be using are MATLAB and C#. In
addition, students will need Visual Studio 2008 Professional, since it
happens to have some features we will be using. Finally, we will use
Excel occasionally, so students should have Microsoft Office.
NOTE: Students can download VS2008 for free: The website
http://channel8.msdn.com
is run by Microsoft to serve as a download portal. In the upper-right
corner of the screen there is a "DreamSpark" link that allows students
to download various MS products for free. VS2008 is a disc image
(.ISO) and roughly 3.3GB. It is unfortunately somewhat tedious for a
user to prove to Microsoft that he or she is indeed a student, so the
process is generally protracted, but bear in mind that the retail
version runs $800 as of this writing (31 July 2008).
See Q83 above for the corresponding hardware question.
- Q164: If I want to find the name and contact
information of the current DGS from some department, how do I do it?
- A: Point to the current DGS roster, at
http://www.grad.umn.edu/faculty_rosters/DGS_roster.html,
and scroll down to the department of interest. That will give you the
name of the DGS. You can then find contact information using
Q166 below.
- Q165: How can I find contact information of
someone at UMN, assuming I know their name or internet ID?
Searching keywords:
email address
- A: Point to the UMN search website
http://search.umn.edu/
and fill in the information you know about them.
See also Q180 and Q207 below.
- Q166: What counseling services does the
University have?
Searching keywords:
distress, emotional problems, mental health
- A:
For information about this, please point to
http://www.ucs.umn.edu/outreach/outreach_outreach3.html
and to
http://www.ucs.umn.edu/.
If you, in addition, see dispute resolution services, see Q152 above
and Q192 below.
- Q167: How do I post my resume at
http://www.math.umn.edu/finmath/current_students/,
and do I change it, once it's posted?
- A: You may post your resume, or post a new version, at any time
by contacting Bonny Fleming, at
b-flem@umn.edu.
We strongly recommend that all students keep a resume posted at all
times, but it is only required of those seeking departmental help with
their job/internship search.
- Q168: I'm an MFM student. Is there a group on
campus that can help me with writing issues? Especially with writing a
resume? Is there anyone that can help me with internship and
employment issues?
- A: For resumes and other writing issues, see
The Center for Writing
http://writing.umn.edu/
writing@umn.edu.
(612) 626-7579
10 Nicholson Hall, 216 Pillsbury Drive SE .
For internship and employment issues, see
The Minnesota Center for Industrial Mathematics (MCIM)
http://www.math.umn.edu/mcim/
and
The Career Center for Science and Engineering (CCSE)
http://www.ccse.umn.edu.
Note: CCSE can help with all sorts of career services,
including resumes.
- Q169: There's a hold on my records. Could you
please have it removed?
- A: The Mathematics Department almost never puts holds on student
records, but if you have any reason to think that it did, then please
contact the MFM director for help.
More likely, though, you will have to work with the Graduate
School. If you are a new student, their admissions department may be
waiting on official transcripts and diplomas, and you can contact them
directly, see Q30 above.
- Q170: Are your Financial Mathematics Seminars
open to the public?
- A: Yes, they are. See also Q113 above for other ways to participate
in the MFM program without necessarily being a student in it.
Point to
http://www.math.umn.edu/finmath/seminar/
for information about our seminars.
- Q171: How can I find out what material is covered
in each FM course?
- A: Most of our courses stay relatively constant over time, so you
can look at the archived material for last year's version of the
course. Be aware, though, that the practitioner's course FM 5031/5032
is in more of a state of flux, since we are trying to stay current in
events in the industry. So, for those courses, you may wish to consult
the instructor, but keep in mind that the course may be under
construction until close to the date that it's offered.
To see archived course material, start at
http://www.math.umn.edu/finmath/courses/,
pick an FM course and click on it. Then look for the word "ARCHIVE".
- Q172: I'm a UMN student, and I want to set up
forwarding from my UMN x500 account to another email address. How do I
do that?
- A: Please point to
https://www.umn.edu/dirtools?which=show&form=forward.
This website should be self-explanatory, but, if you have questions,
there's an assistance phone number on the left side of the page, near
the top.
- Q173: I'm a UMN student. Could you please change
the class list for a particular class so that you write to me at
another email address?
- A: No, we're supposed only to write to x500 email addresses about
class related issues. The x500 addresses for students registered for a
class is generated automatically, and the list changes every time
someone adds or drops the course. It might be possible to make a
manual change to the list every time a class email message is sent,
but the chance forgetting or mistyping means that this is not a good
idea.
Instead, please follow the instructions at Q172 and set up forwarding
from your x500 email account to your preferred email address. Thanks!
- Q174: How can I see the reservation schedule for
the IT Lab Lind 24?
- A: Point to
http://www.itlabs.umn.edu/labs/classrooms.php,
then scroll down to the bottom and click on "Lind 24 schedule".
- Q175: Where are computer labs located in Vincent
Hall that I can use?
- A: There's one in the basement (in the middle, on the west side),
one on the north side of the second floor and one on the south side of
the third floor. All required door codes for access and Bonny can
provide the door codes to our students. The labs are available to all
graduate students in the MFM program.
- Q176: Please describe the typical MFM student.
- A: This really depends on what you mean. For public statistical
information, see Q127 above.
If you are asking about what our students studied in college, there's
quite a variety, and but most of our students come from engineering
disciplines, mathematics and physics. Other students can certainly be
successful, but the less mathematics a student knows entering the
program, the more difficult the program will be, and the more will be
needed.
- Q177: Please send me your
advertising brochures and other sales materials.
- A: Our advertising is almost entirely through our website and we
don't send many materials by hardcopy, only because it's so easy to
obtain and print information from the web.
One exception: If you'd like to request a glossy hardcopy of the poster at
http://www.math.umn.edu/finmath/poster/umn_finmath_poster.pdf,
we can send that to you; just write to
Bonny Fleming, at
b-flem@umn.edu
and request one, letting her know your surface mail address.
We also have a catalog, and you can print a hardcopy of
that. See Q68 above.
We distribute MFM t-shirts to our students, after they arrive!
We do have quite a lot of information on ou program website, at
http://www.math.umn.edu/finmath/:
You can read about our courses at
http://www.math.umn.edu/finmath/courses/,
and you may be interested in our online lecture series at
http://www.math.umn.edu/finmath/lectures/.
Do feel free to write to us if you have questions;
see Q1 above, for contact information.
- Q178: How do I apply to your program?
- A: Please point to
http://www.math.umn.edu/finmath/online_application/
and follow through the instructions appearing there. The first step
will be to apply to the University of Minnesota Graduate School.
- Q179: I wish to transfer some credits from
another institution or program to MFM. Can I do that?
- A: The graduation requirements for MFM are quite specific. (There
are four required course sequences: FM 5011/5012, FM 5021/5022, FM
5031/5032 and FM 5091/5092. Many students are also required to pass FM
5001/5002). Transferring in credits would not help you to progress
more quickly through the MFM program.
As a consequence, we don't approve any transfers of credits.
- Q180: I'm trying to reach a
specific person at the University of Minnesota. If I give you their
name, could you please give me their contact information?
- A: I'm sorry but privacy considerations do not allow us to do
this. Some individuals request that their contact information be
suppressed, but, for those that do not, you can often find out how to
reach them by using the "Search U of M" website, at
http://search.umn.edu/.
See also Q165 above and
Q207 below.
Good luck.
- Q181: Written in late 2008:
Will the subprime lending crisis exert a very bad influence on future
employment? Is there a possibility that this program will reduce the
number of students due to the crisis?
Searching keywords:
market meltdown
- A: We do expect that it may be difficult, in the coming months to
find jobs in quantitative finance, though the better trained people
will always be in demand. Some students who are graduating this year
from MFM may experience trouble, unfortunately. The longer term
prospects are still very unclear, and it could be that, in a more
heavily regulated environment, the need for a higher quality of
risk-analysis becomes paramount, with a corresponding improvement in
"quant" employment prospects.
Right now, we do not have specific plans to lower
our rate of admission, but we may see a reduced
number of applicants, and, most likely, that would lead to a
corresponding reduced total number of admissions. It
is our hope, however, that a more reasoned view of the situation will
lead those interested in this area to the conclusion that quantitative
financial analysis will become increasingly important (indeed,
unavoidable) as the complexity of the financial system increases. For
the long term, mathematical finance is here to stay; it's only a
question of which models will be used and how they're implemented.
- Q182: I'm an MFM instructor. What's the
difference between required and recommended textbooks? Do recommended
textbooks automatically get put on reserve in the library?
- A: If you label a textbook as requred on your myUPortal textbook
space (see Q184 below), then we'll ask the bookstore to try to order
it. (Otherwise, we won't.)
We don't automatically put recommended textbooks on reserve. If you
want a book put on reserve, you can either contact Bonny Fleming, at
b-flem@umn.edu,
or work directly with the library, see Q183, below.
- Q183: How can I contact the Mathematics Library
in Vincent Hall?
- A:
Please point to
http://math.lib.umn.edu/contactus.phtml
for contact information, and to
http://math.lib.umn.edu/
for general information about the Mathematics Library.
- Q184: I'm an MFM instructor. How do I put my
textbook requirements and recommendations into myUPortal?
- A: First, if you haven't done it already, you will need to add
the Master of Financial Math page to your myUPortal, as follows:
- Point to
http://myu.umn.edu
and log in.
- Find the my Favorites box in the bottom left column of
the home page.
- Click "Edit" inside the my Favorites box.
- Find the first empty line and enter Master of Financial
Math in the Link Name field.
- Paste the URL of the collaboration site into the URL
field. The URL is
https://www.myu.umn.edu/metadot/index.pl?id=4380783
- Click Save.
- Click Back to Previous Page.
A link to "Master of Financial Math" has been added to my Favorites
box on your myU pages. The my Favorites box is on most pages in myU,
so you can access the link from anywhere.
Once that is completed, to add or remove textbooks, proceed
as follows:
- If you haven't already logged in to myUPortal, then do so, by
pointing to
http://myu.umn.edu
and logging in.
- Find the my Favorites box in the bottom left column of
the home page.
- Click on "Master of Financial Math" inside the my Favorites box.
- Click on the *INSTRUCTORS* link.
- Click on the link to your name.
- Click on *Enable Editing* (in the top-right corner)
- To add/remove required textbooks click *edit* in the required
textbooks section.
- In the *section content* box, put in your textbook
information.
- Click *save* at the bottom of the page.
- Do the same steps to add/remove recommended textbooks.
- Once you are finished editing your textbooks click on *disable
editing* (at the top or bottom of the page)
- Click on *sign out* in the top of the page just left of center.
- Q185: I'm taking an MFM class and would like to
offer feedback. How can I do that? Are there course evaluations?
- A: Of course you can always speak directly with a course
instructor, and we all welcome feedback. If you wish to offer
anonymous feedback, we do have an online system of course
evaluations. For information about that, please point to
http://eval.umn.edu/,
and note the FAQ file at
http://eval.umn.edu/faq_students.html.
Questions about the online system can be sent by email to
eval@umn.edu.
Note, from that FAQ file, that
- "end-of-semester evaluations may be completed during the final two
weeks of instruction for these terms. The evaluation period closes on
the last day prior to the official start of the final examination
period."
Note also, from that FAQ file, that
- "evaluation periods are firm and established in accordance
with policy pertaining to course evaluations",
so if you miss the evaluation period, you cannot use this online
system.
In addition, some individual MFM instructors may choose to offer their
own hardcopy course evaluations, but that isn't something organized or
required by MFM.
See also Q195 below.
- Q186: I'd like to check to see if a certain room
on campus is reserved on a certain date. How can I do that?
- A: Some rooms are reserved by individual departments, and, in
those cases, you need to check with the department in
question. However, most rooms on campus are reserved by the Office of
Classroom Management, and they have an online system that is publicly
accessible. To see their reservations, point to
http://www.classroom.umn.edu/
and then, in the left hand sidebar, click on
"Classroom | Schedule Viewer"
and then select the desired building and date.
- Q187: Do I have a choice in the classroom for my
class?
- A: For MFM students: Please talk with your instructor,
remembering that he or she may need to accommodate competing requests.
(Some people like large rooms, some like small rooms, some are more
bothered by basement classrooms that others, etc.)
For MFM instructors:
Classroom assignment is handled by the Office of Classroom Management,
and they will automatically assign a room to your class. Typically
they select a classroom that is only slightly larger than the number
of registered students, so the room will feel crowded. For evening
classes as in MFM, it's usually possible to change classrooms after
the first week of classes. Following Q186, you can identify rooms that
are available at the time of your class and request a change, by
talking to Stephanie Lawson, or other staff in the Undergraduate
Office in Vincent 115. Be sure consider whether the room to which
you'll move meets all of your technology requirements (e.g., computer
LCD projector).
Generally, it's nice to have twice as many seats as students, if a
suitable room can be found, but there's no specific MFM policy about
room size.
- Q188: I would like to join one of your UMConnect
class meetings (or view the archive). What technology requirements are
there?
- A: Flash Player 8 or 9, a browser web connection and speakers.
- Q189: I'm an MFM student, seeking an summer
internship through MCIM, but am also graduating soon. Is it all right
if my graduation date is before the end of the internship?
- A: It is not. Please be careful when you submit graduation
paperwork not to select a graduation date that is before the ending
date of your internship.
- Q190: I understand that one of your classes will
be offered by webinar. How can I see the class?
- A: We run our webinar classes through UMConnect, which offers
web-based conferencing software hosted by the University of Minnesota
optimized for use by people with moderate-to-high speed Internet
access (Broadband or faster).
- Technical Requirements for Meeting Guests:
As a guest in one of our UMConnect course meetings, you will need a
computer (Windows, Macintosh or Linux), a Broadband or faster Internet
connection, web browser and the latest Adobe Flash Player plug-in
installed to work with your web browser. Your computer will also need
speakers and a sound card. You may download the Flash Player plug-in
at:
http://get.adobe.com/flashplayer
You can test your computer in advance of a live meeting
with the Adobe Connect Connection test at:
https://umconnect.umn.edu/common/help/en/support/meeting_test.htm
Note: for meeting guests, Step 4 of the test does not apply
- you do not need the Adobe Connect Add-in (only the
meeting host or a meeting presenter needs the Add-in).
You may also find more information about UMConnect meetings
at the FAQ site at:
http://umconnect-support.umn.edu/support/meeting/faq/index.html
- Attending a Live UMConnect Meeting:
If your computer is properly set up, on the day of the live
meeting simply open your web browser and navigate to the
meeting URL, which should be posted at the class website.
Once you join the session, the meeting page will open
automatically and you will join the live meeting. The
meeting screen is divided into various "pods" which will be
used in the meeting, including a large presentation pod to
display material.
If you need to leave the meeting early, you will click on
the "Meeting" pull-down menu in the upper left corner and
select the choice to leave the meeting. You my rejoin a
meeting in progress at any time by navigating the meeting URL.
- Viewing a Recorded UMConnect Meeting:
If your computer is properly set up, you may view a recording of a
meeting simply open your web browser and navigate to the recording URL
which should be available on the class website. You will be able to
control the recording with the controls at the bottom left of the
screen (pause, volume, etc.).
Once you have completed viewing the recording, you can close the
window.
- Q191: How can I contact Graduate Student Services
within the Graduate School?
- A: Graduate Student Services
phone: (612) 625-3490
email:
gscmte@umn.edu.
website:
http://www.grad.umn.edu/current_students/
- Q192: I'm an MFM instructor and am concerned
about one of my students' emotional well-being. Whom can I contact?
Searching keywords:
distress, emotional problems
- A: One good reference is the "Behavioral Consultation Team".
For their contact information, please ask Bonny Fleming.
See also Q166 and Q152 above.
- Q193: Is it possible to pursue both MFM and
another UMN degree at the same time.
- A: First, with permission, you can take FM 5001/5002 without
being an MFM student, so you can *begin* to pursue the MFM degree
while pursuing another UMN degree.
If you seek to be in both MFM and another program at the same time,
it's possible, but is strongly discouraged for a variety of
reasons. You must get permission from the directors of both programs
before doing this.
In the rare instances where it may be allowed, the MFM program must be
listed as your primary plan, and the director of the other program
must be notifed that MFM will be primary. This has significant effect
on the amount you pay in tuition and on the allocation of those
dollars within the university. It's quite important.
See also Q22 and Q131 above.
- Q194: I'm an MFM instructor, and would like to
check that the room(s) I need for my classes have been reserved. How
can I check that?
- A: Point to
http://www.classroom.umn.edu/
and then click on
"Classroom | Schedule Viewer" on the left sidebar.
Then click on the building of interest.
Then click on the date of interest.
Then scroll down to the room of interest.
Then scroll over to the time of interest.
WARNING: The mathematics building is "Vincent Hall". The physics
building is under "T" for "Tate Lab of Physics" and EE/CS is called
"Elec Eng/Computer Sci".
- Q195: I'm an MFM instructor, and would like to
pass out hardcopy evaluation forms to get feedback from my students.
Is there something already available to use?
- A: For a possible form, please point to
http://process.umn.edu/groups/senate/documents/policy/stureleasequestions.html
.
For additional questions, please point to
http://www1.umn.edu/ohr/teachlearn/resources/supervisor/resources/early/index.html.
See also Q185 above.
- Q196: Is there a University
Student Conduct Code or University Student Honor Code at the
University of Minnesota?
- A:
There is a University Student Conduct Code. Please point to
http://www1.umn.edu/regents/policies/academic/Student_Conduct_Code.html.
There is no University Student Honor Code.
See also Q185 above.
- Q197: As an instructor, if I
encounter academic dishonesty, how should I report it?
- A: First, it should be discussed in MFM and in the department,
and an attempt should be made to resolve the issue. If necessary the
student dispute resolution center may be involved, to help
(see Q152 above).
In addition, scholastic dishonesty should be reported to the Office
for Student Conduct and Academic Integrity (OSCAI); please point to
http://www.policy.umn.edu/groups/ppd/documents/procedure/StudentConductCode_proc1.cfm,
which reads in part:
- Allegations of scholastic dishonesty frequently are first raised
by the affected instructor and are resolved simply by the assignment
of a grade or other academic consequence in the class and the
acceptance of that grade or consequence by the student. Instructors or
their college should report all cases of scholastic dishonesty to the
Office for Student Conduct and Academic Integrity, even if the matter
is resolved. The OSCAI is the central repository for all reports of
scholastic dishonesty violations.
Note particularly that this says, "Instructors or their college should
report all cases of scholastic dishonesty to the Office for Student
Conduct and Academic Integrity, even if the matter is resolved."
There is a form for making a report to the OSCAI, see
http://www1.umn.edu/oscai/integrity/scho_dishonest.html.
- Q198: I'd like to offer a talk
in the MFM seminar. How can I do that?
- A: Please just write to the MFM Program Director;
see Q1 above for contact information.
See also Q214 through Q221
below.
- Q199: If I complete the
requirements for a "with emphasis" option, does the area concentration
appear on my diploma? How were the courses in the "with emphasis"
options selected?
- A: The "with emphasis" designation is informal and does not
appear in the diploma. On the other hand, many "with emphasis"
options fulfill the requirements for a minor in another
department. (See Q116 above.) For any
minor, advance consultation with the Director of Graduate Studies
(DGS) in the minor department is strongly encouraged, just to avoid
unpleasant suprises. The signature of the minor DGS is required before
the minor is granted.
In the first two years of operation of our MFM program, we sought
recommendations (typically from leaders in graduate education in
various departments) for students who wish to go beyond what's taught
in our FM designated courses. These recommendations were encapsulated
in the "with emphasis" options. Some students may decide to take other
non-FM courses besides those recommended, and that's completely
acceptable. However, in this case, if a minor is expected,
consultation with the minor DGS becomes even more important.
- Q200: Could you please waive
the application fee?
- A: The Mathematics Department does not assess an application fee;
rather the Graduate School does. This question therefore has to go to
Grad School admissions, see Q30 above.
- Q201: I have been offered
admission. When is my decision required? What if I need more time to
decide, beyond the deadline?
- A: The date by which we request a decision will appear in the
letter MFM sends you recommending admission. (This is different from
the final offer of admission, which comes from the Graduate School,
and not from MFM.) For offers made on or before 1 April, we set a 15
April deadline, following the "April 15 resolution", see
http://www.cgsnet.org/portals/0/pdf/CGSResolutionMay2009.pdf,
For offers made on or after 1 April, we typically give two weeks,
but we always allow until at least 15 April. Consult your letter
for the exact date.
We do not count your acceptance until we receive the offer letter back
with "accept" checked, and with your signature. You may send us a FAX
of the letter, or email us a scan, but it needs to be signed.
(See Q74 above.)
If you respond by accepting, but do it *after* the date in your
letter, we still hope to accommodate you, and we often can, but a spot
is not guaranteed.
Typically, the only problem comes when we reach about 50 acceptances,
in which case we have to stop, to keep our class sizes manageable.
During the 2008 recruitment season, we turned away several qualified
late applicants, simply because we didn't have space in the program,
though this didn't happen until late May. You can always write to
Bonny Fleming at
b-flem@umn.edu.
and find out how many signed acceptances we have. If it's above
40 and your response is late, you may be at risk of losing your slot.
- Q202: I'd like to know whether
I can get the STEM extension of optional practical training (OPT) on
my visa after completing the MFM program. What is the Classification
of Instructional Programs (CIP) code for MFM?
Searching keywords:
visa gap, practical training, stem code, stem extension, CIP code,
STEM code, STEM extension
- A: It is 27.0301 Applied Math. It is one of the so-called
"STEM codes" that allows for a 17-month extension of OPT
from 12 months to 29. This closes the "visa gap".
For questions about this, please contact ISSS
(see Q109 above).
See Q73 above for questions about
curriculur practical training.
- Q203:
I'm an MFM instructor and I need to change a grade that
was already submitted to the registrar. How do I do that?
Searching keywords:
grade change, change grade, Grade Change, Change Grade
- A: Go to the Supplemental Grad Reporting website at
http://onestop.umn.edu/faculty/grades/supplemental/index.html,
then click on "Enter Supplemental Grades". The rest of the process
should be straightforward, but, if you have trouble, there an FAQ
for this, at
http://onestop.umn.edu/faculty/grades/supplemental/faq.html.
Further questions would go to One Stop, see
Q133 above.
- Q204:
How can I get contact information to ask questions about TOEFL and
GRE?
- A: Contact the ETS (Educational Testing Service). Point to
http://www.ets.org/
then look for the "Contact Us" link at the right of the blue
horizontal bar near the top of the page, just above the picture. (The
ETS has many contact offices, listed on the right column of their
contact page.)
To go directly to the ETS contact page, click
here.
To see the GRE website page, click
here.
To see the TOEFL website, click
here,
and don't forget to admire the picture all the happy faces.
- Q205: As a student in the MFM
program, am I restricted to MFM courses? Am I restricted to MFM
courses together with the courses in the "with emphasis options"
listed at
http://www.math.umn.edu/finmath/courses/
at the bottom of the page?
- A:
No, you are not so restricted. If you are an MFM student, then most
courses at the University of Minnesota are available to you to take,
and the tuition charge will be the MFM per credit tuition, for all
courses. A few programs do place restrictions that limit availability
of their courses. For example, non-Carlson School students can only
take three Carlson courses during their entire time at the
University. (The Carlson School of Management is UMN's business
school.) With that caveat, the vast majority of courses available in
academic departments are open to all U students, though early
registration is recommended, since popular courses do fill early.
It is also recommended to MFM students that additional coursework
outside of the MFM program be discussed with the student's advisor,
and appear on the student's completion plan
(see Q157 above).
- Q206: I want to contact the DGS
(Director of Graduate Studies) of a program at the University of
Minnesota. How can I find out who he or she is? How can I get his/her
email address?
- A: The DGS roster is at
http://www.grad.umn.edu/faculty_rosters/DGS_roster.html
Contact information for faculty, staff and students is available from
the Search the U of M website
(see Q180 above).
- Q207: I have questions about
student life at Minnesota. Could you please either give me the contact
info of a student at the U whom I could ask some questions?
Alternatively, could you please ask a student to contact me?
- A: Our apologies, but we don't ask our students to provide this
service, and privacy considerations don't allow us to arrange contacts
like this. However, you may be able to do this yourself, using public
information, as follows.
A list that includes most of our current MFM students is at
http://www.math.umn.edu/finmath/current_students/
and some of them have posted resumes with current email
addresses. Also, once you have a student's name, it's often possible
to find the email address using "Search U of M"
(see Q165 and Q180 above).
- Q208: I'm a PhD student in the
mathematics department, and I am considering working as the TA for
MFM. What background experience is expected for a potential TA for
MFM?
- A: Different courses have different levels of mathematical
sophistication. In particular, the courses FM 5001/5002 cover
undergraduate level math, but FM 5011/5012 are at a higher level.
Also, there's a language to finance that one needs to learn.
By the standards of our mathemtaics PhD courses, the material should
be relatively easy -- it's all at the 5xxx level -- but, as with most
things, there's a learning curve.
- Q209: I'm a PhD student in the
mathematics department, and I am considering working as the TA for
MFM. Are you looking only for senior TAs?
- A: No, not necessarily. In fact, we're pleased to have a TA who
might stay with us for a few years -- someone who, in future years,
"knows the ropes".
What we really care about is a commitment to do the work well and in a
timely fashion and, also, to be concerned about all issues raised by
students. The students pay tuition that goes directly to the
department, and it's important that we to react to their questions and
(reasonable!) requests quickly. Our reputation in the local finance
community is instantly hurt by ineffective teaching and TAing.
- Q210: I'm a PhD student in the
mathematics department, and I am considering working as the TA for
MFM. How many evenings per week will be required of me?
- A: Usually the TA will hold evening office hours on a day other
than the class day and will return homeworks in class. So two
evenings would be typical. Of course, returning homeworks only takes a
few minutes.
- Q211: I'm a PhD student in the
mathematics department, and I am considering working as the TA for
MFM.
- A: MFM TAs will not lead recitations, and will not typically have
contact time in front of a full class, unless requested by the
instructor. Nevertheless, good communication skills are essential,
since there will be student contact, typically one-on-one.
MFM TAs will be expected to grade and return homework, keep office
hours, keep a grade book in Moodle, and post solutions for homework
and exams. Posted solutions need to be timely and of good quality.
There may also be additional work, as specified by the instructor of
the course, but total work will not exceed 20 hours per week.
MFM TAs must be available in the evening weekday hours for office
hours and returning homework. We expect serious commitment to helping
students to understand the material. Email related to the course must
be answered promptly.
- Q212: I'm a PhD student in the mathematics
department, and I am considering working as the TA for MFM. How much
of my TA load would this cover?
- A: Serving as an MFM TA is the equivalent of TAing for two
regular MATH courses per semester. (See also Q154
above.)
- Q213: How can I find out who
the TA is for one of the MFM courses?
- A: A few days before the start of each academic year, this
information is posted at the Instructors and TAs website at
http://www.math.umn.edu/finmath/teachers/.
- Q214: I'm planning to speak in
the MFM seminar. What kind of audience should I expect?
- A: It is a challenge! We have, in attendance, students who are
just learning the preparatory material for the program and local
practitioners with a PhD in mathematics and many years of experience
in quantitative analysis. We prefer that you aim your talk so that
it's accessible to students with a basic understanding of statistics
and stochastic processes; those who have not had this background will
probably not follow, but will hopefully be motivated to learn. Many of
our talks are not technical at all, and that's just fine, too. We
hope to have a broad array of topics from those that are highly
mathematical to those that describe, e.g., job prospects and
networking opportunities in finance.
- Q215: I'm planning to speak in
the MFM seminar. What reimbursement should I expect?
- A: Arrangements are made on a case by case basis. Many/most of
our speakers are offered travel and local expenses, but please verify
this before making plans. If we offer travel reimbursement, it
includes reasonable airfare and ground transportation to and from
airports. If we offer local expenses, it includes reasonable hotel and
a per diem. We do not offer an honorarium.
- Q216: I'm planning to speak in
the MFM seminar. What dates are available?
- A:
That information is kept current at
http://www.math.umn.edu/finmath/seminar/.
- Q217: I'm planning to speak in
the MFM seminar. Do I need to make my own travel arrangements? To what
airport should I fly? Do I need to make my own hotel accommodations?
Where should I stay?
- A: Yes, please make your own travel arrangements, flying to
Minneapolis-St. Paul International Airport (MSP).
You can make your own hotel arrangements if you prefer to, but, for
most of our speakers who are not local, we help out by making their
hotel reservations, as soon as we receive their exact dates of travel.
Hotel accommodations are usually made by
Kathy Swedell (email:
swedell@umn.edu),
so it's convenient if you could copy her on correspondence
about your dates of travel.
The best affordable accommodation is at the nearby Radisson Hotel (a
five minute walk from the mathematics building,
see Q219 below), but it can fill up, so the
earlier you send us your exact travel dates, the more likely you'll be
to get a room there.
The Radisson is at 615 Washington Ave SE in Minneapolis and its phone
number is (612) 379-8888. For a Google Map,
click here.
- Q218: I'm planning to speak in
the MFM seminar. What information do you need from me?
- A: The sooner we can get your dates of travel, the better, see
Q217 above. It helps if you can send your host
your cell phone number, in case of last minute difficulties. You
should also request the cell phone number of your host for the same
reason.
For most speakers, the host is Scot Adams,
email address: mfmath@umn.edu
Please send Scot Adams your affiliation and the title of your talk at
your earliest convenience. Abstracts are not required, but they can
help with attendance, as some people will avoid a talk if they don't
have some idea of its content. A short biography is recommended for
the same reason. Other relevant materials like slides, papers, links
to papers, etc., are also welcome. Again, just send them to
Scot Adams at
mfmath@umn.edu.
Many attendees will want to review the slides for your talk, and some
even like to have a look at them before the talk itself. If you can
send us a draft of your slides early, we appreciate that, and we're
also happy to update them as many times as you send us revisions
(including after the talk is given). However, no one is required to
post their presentation materials.
- Q219: I'm planning to speak in
the MFM seminar. When and where will it be?
- A: Please point to our seminar website at
http://www.math.umn.edu/finmath/seminar/
for a definitive answer to this question, but most of our talks are
held in the basement of the Vincent Hall (the mathematics building) in
room 16. They are typically held on Fridays at 5:30pm.
Vincent 16 has an LCD projector and a transparencies ("foils")
projector. It does NOT
have a computer, so, if you inted to do a
computer presentation, you should bring your own laptop. Also, you
should learn, in preparation for the talk, how to set the resolution
on your laptop and how to connect it to an LCD projector via a 15 pin
connector. (If you ask in advance, we can provide a laptop, but if
your presentation expects special software to run, we cannot promise
that that software will be avaialable. This is why we recommend
bringing your own.)
The MFM office is Vincent 262. For a map to Vincent Hall, point to
http://onestop.umn.edu/Maps/VinH/index.html.
Address of Vincent: 206 Church St. SE, Minneapolis, MN 55455
GPS coordinates of Vincent: 44.9745,-93.23475
For a Google Map pointing to Vincent Hall,
click here.
Note that the Radisson (where most of our speakers stay, see
Q217 above) is located just north of
SE Washington Ave (the yellow E-W street in the middle of the map)
between Harvard and Walnut.
- Q220:
I'm planning to speak in the MFM seminar. How long should my
talk be?
- A: We usually aim for about one hour. To some extent it depends
on the audience. If there are lots of questions, we might let it run a
few minutes extra, and, occasionally, as the hour mark approaches, we
need to remind the speaker to be thinking about finishing.
- Q221: I'm planning to speak in
the MFM seminar. Will I have an opportunity to meet some of the people
who attend the talk?
- A: It is our habit to go out for drinks and shared appetizers
after our seminars, and we hope you'll join us for that. It's a good
way to get to know a few of the students. The department covers shared
appetizers, but not individual meals or drinks.
- Q222: I'm hosting a
presentation in the MFM Practitioner's Seminar. What are my duties?
- A: You should contact the speaker in advance to be sure that you
both understand what equipment will be available. In particular, if
the host is expecting the speaker to bring a laptop *and* vice versa,
then there can be a problem. (In our seminar,
we typically ask the speaker to provide the
laptop -- see Q219 above -- but it's
a good idea to have a second one, in case of difficulty.)
You should plan to meet with the speaker about 15 minutes in advance
of the talk to erase the boards and to set up. If there are
difficulties, the Mathematics Systems Staff office is Vincent 11, but
keep in mind that they typically leave at about 5:30pm.
Before the talk, it's a good idea to suggest that everyone turn off
cell phones and PDAs. You should introduce the speaker and moderate
the Q and A period after the talk.
It's not required, but, typically, the speaker, the host and others go
out for drinks after the talk. You should ask the server to give you
a separate itemized bill, with *only* appetizers that you order on
it. Ask those who go out with you after the talk if they would print
their names on the back of that bill. Then, at your earliest
convenience, get the bill to Scot Adams or Bonny Fleming, so that you
can be reimbursed.
- Q223: What is the minimum
number of credits that students need to complete the MFM program?
- A: For students who take the preparatory courses (FM 5001/5002),
the answer is 36 credits (and the required courses are FM 5001, FM 5002,
FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091, FM 5092).
For students who have the preparatory courses waived,
the answer is 30 (and the required courses are
FM 5011, FM 5012, FM 5021, FM 5022, FM 5031, FM 5032, FM 5091, FM 5092).
For a list of all 10 courses in our program (and the number of
credits for each), please point to
http://www.math.umn.edu/finmath/courses/.
- Q224: There seem to be several
personal statements required in the Graduate School and MFM
applications. Are some of them more important than others? Can some of
them be identical?
- A: The Graduate School application has room for three personal
statements, but in the MFM program we tend to look most closely at the
first of the three. This statement can (and should) be identical to
the one you submit in your online MFM application.
For more information about the personal statement,
see Q40 above.
- Q225: I'm preparing an
application to the MFM program. Do I need to tell you which "with
emphasis option" courses I plan to study if I'm accepted?
- A: No, not unless you want to. If you accept an offer of
admission, we'll meet with you (and all other incoming students)
during Orientation week and make a "completion plan" at that time
(see Q157 above).
That's the first point at which you need to inform us of any
coursework decisions.
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