Frequently Asked Questions

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	School of Mathematics Financial Mathematics
Frequently Asked Questions

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 Ms. Bonny Fleming, at b-flem@umn.edu.

If you want to know if your application is complete, please write to Ms. 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 Ms. 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 Ms. 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 Ms. 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 Ms. 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 the MFM Program Director, 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? When will we be notified of decisions?

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 end of April, again, toward the end of May, and perhaps even some in early to mid-June.

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 will give us until 15 April to make a decision (see Q138 below). We recommend that, if we have not offered admission by that date, 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 Ms. 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. 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?

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?

A: If you are applying for admission in Fall 2009, and if you wish to be exempted from the preparatory course sequence (FM 5001/5002), then we require that you submit a GRE Mathematics Subject test score. Only the Mathematics Subject test needs to be taken. Note that, for students who take FM 5001/5002, the program is a minimum of two years in length.

If your undergraduate graduation date is after September 2002, then we require either a GRE Mathematics Subject score or a GRE General score. We would also be happy to see GRE Subject scores in other science related areas, but it is neither required nor sufficient for admission.

If your undergraduate graduation date is during or before September 2002, 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: 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.)

If you are accepted to the MFM program, or wish to take FM 5001/5002, you may consider auditing it or taking it pass/fail. However, no course can be used toward the MFM degree unless it is taken for a grade on the A-F scale. So an MFM student who audits or takes a required course pass/fail would have to retake the course in order to graduate. (Note four of our five courses are required, see http://www.math.umn.edu/finmath/courses/.)

Each time a student takes a course, he or she must pay the tuition for the course, even an audited course.

If, before you apply for the program, you decide to take the the preparatory course sequence FM 5001/5002, then you should seriously consider taking it A-F because a good grade in that course can help your application.

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?

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 Q56 and 86 below.) You will need to seek permission twice, once for FM 5001, once for 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).

We will make special effort to accommodate students who have already begun the sequence.

WARNING: The $600 per credit rate is the rate for MFM students in 2008-9. It 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 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?

A: Currently we're involved in discussions that may make FM 5001/5002 and/or FM 5091/5092 available by distance starting in Fall 2009. Note that we will likely not make the entire program available by distance, at least not at first. We intend for students to be able to complete all but one year of the program through distance education, but a year of schooling in the Twin Cities (Minneapolis and St. Paul) will likely be a requirement for several years.

You may want to keep an eye on our website http://www.math.umn.edu/finmath/distance_learning/. If our plans for distance education work out, we'll add more information there. We hope to have a decision made about this by the end of Summer 2008.

Note, incidentally, that we do have a small on-line lecture series, at http://www.math.umn.edu/finmath/lectures/.

You can find information about our courses in the links at http://www.math.umn.edu/finmath/courses/.

Q14: I would like to send you some material that to put in my MFM application. How do I do this?

A: Please send it to b-flem@umn.edu. (For surface mail, see Q51 below.)

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: 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?

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.

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.

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: The full professors in the Mathematics Department who will be teaching in the program include Scot Adams, John Baxter, Bernardo Cockburn, Larry Gray and Fadil Santosa. In addition an adjunct who works full time as an energy trader for Cargill, Carlos Tolmasky, will be teaching FM 5021/5022. For 2008-9, our programming and presentation course (FM 5091/5092) will be taught by Christopher Prouty, who works for Securian. In 2009, FM 5012 will be taught by a visiting professor, Sandra Paterlini (University of Modena and Reggio Emilia). Finally, we have hired several industry experts from our area to teach FM 5031/5032. For 2008-9, they are William Barr (Evergreen Investment Management Company), Chris Bemis (Whitebox Advisors), John Dodson (RiverSource Investments), Phil Jones (Ameriprise) and Gary Hatfield (Securian).

Point to http://www.math.umn.edu/finmath/courses/ for a listing of our courses. Instructor course websites are currently under construction.

Point to http://www.math.umn.edu/finmath/teachers/ for more information about our teachers. This website is also currently under construction.

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?

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 2008-9 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 2008-2009 is $18,000. The 2008-2009 amount for the I-20 minimum is just under $17,000. (This includes $3,886 for fees & health insurance, $980 for books and $11,908 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 miniumu 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."

For the 2008-2009 academic year, it would be reasonable to add about 5% to the numbers above.

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.

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?

A: For GPA, the preferred minimum standard for admission to our Graduate School is 3.0.

Regarding GRE scores, in the first years of the program (at least!), we will make every effort to be flexible. For students who may need additional background, we have the preparatory course (FM 5001/5002), and a good showing on the GRE Mathematics Subject test is needed to be exempted from those courses, but there is no specific minimum requirement, as the final decision will be based on the entire application.

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, states, in part:

The operational standard for admission to the Graduate School is a score of at least 213 on the computer based TOEFL (550 on the paper based TOEFL), 80 on the MELAB, or 6.5 on the IELTS; individual programs may have higher TOEFL, MELAB or IELTS requirements. The TOEFL, MELAB, or IELTS is required of all international applicants whose native language is not English, 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 before entering the University of Minnesota.

NOTE: THE GRADUATE SCHOOL OPERATIONAL STANDARD FOR ADMISSION ON THE NEW INTERNET BASED TOEFL (IBT) IS A MINIMUM TOTAL SCORE OF 79, PLUS SECTION SCORES OF AT LEAST 21 ON THE WRITING SECTION AND 19 ON THE READING SECTION. INDIVIDUAL GRADUATE PROGRAMS MAY HAVE HIGHER REQUIREMENTS.

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.

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 Q30 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.

For our admission requirements, please point to http://www.math.umn.edu/finmath/admission_requirements/

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. (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".

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?

Q30: Whom can I ask questions about my application to the Graduate School, and other quesions 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 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 applying to the program. (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, then apply to MFM -- see Q12 above.)

See Q25 above. You might also wish to review our admissions requirements at http://www.math.umn.edu/finmath/admission_requirements/. 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 College of Continuing Education at UMN does offer night school classes in this subject:
         Point to http://www.cce.umn.edu/catalogs/
         click on "Current Catalog" on the left sidebar
         click on, e.g., "2007 Spring Course Catalog"
         click on "Credit Courses" (fourth link down, in the middle)
         scroll way down to "MATHEMATICS (MATH)"
         and continue down to "Math 1271 (Calculus I)" and "Math 1272 (Calculus II)".

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.

MATH 1272 (Calculus II): Techniques of integration. Calculus involving transcendental functions, polar coordinates. Taylor polynomials, vectors/curves in space, cylindrical/spherical coordinates.

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 Ms. 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. (We refer questions about this to Graduate School Admissions; see Q30 above.)

Q35: May I send in letters of recommendation along with the rest of my application materials?

A: 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.)

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. They 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?

A: Yes, this is fine. Please leave enough time for the material to arrive, and then write to Ms. 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.

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 catalogues, 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.

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?

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 neither 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?

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: 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.

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".

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.

Q54: How does your program differ from the other financial math and financial engineering programs that are available?

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.siam.org/activity/fme/programs.php
         http://www.fenews.com/directories/universities/index.html
         http://www.iafe.org/resources_acad.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 features that we are implementing as we plan, 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/

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/

Finally, we're inexpensive: In the first year (2007-2008), we had an unusually low tuition, though we expect it to grow fairly quickly as we mature. Tuition information is at
http://www.math.umn.edu/finmath/tuition/

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?

A: 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 a UMN student: Please see Q69 below.

For others:

If you are a UMN student: 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.

If you are not a UMN student: Please see Q86 below.

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: Yes,that's fine. 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.

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 expect to 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 recommendations?

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. All three letters should comment on the applicant's suitability for the MFM program. Please ask your recommenders to use the Graduate School's online letters system. (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, states, in part:

The TOEFL, MELAB, or IELTS is required of all international applicants whose native language is not English, 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 before entering the University of Minnesota.

If you have questions about this, you should contact the Graduate School (see Q30 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, and tell me my chances of acceptance if I do apply.

A: I'm afraid that 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: 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 some letters 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.

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?

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?

A: At the Orientation, we'll ask each incoming MFM student to fill out a plan for completing their MFM degree. For students who request it, we'll have a discussion to help them make out their plan. Shortly after that your plan for completion is submitted, you should receive permission numbers so that you can register.

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 part-time employment during the program?

A: We have an agreement with the MCIM ( http://www.math.umn.edu/mcim/) to help seek internships for our students who want them, but we don't require them, nor are they guaranteed. Similarly, though we cannot promise everyone a job offer, we will try to help as much as we can with placement, and we do have an extensive list of local contacts (and some outside the Twin Cities area as well).

We do not seek employment for our students for the period when classes are running. We do try to arrange internships during summers (for students who want them), and these are typically paid internships.

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 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. Some MFM students prefer the flexibility of doing their own job search. Others are working professionals and do not seek new employment.

Information about the employment of our graduates will be posted as they give us permission. We will be contacting our first graduates in Summer 2008 and we will establish a "Graduates" website at that time.

Also, please see Q5 and Q16 above, and Q127 below.

Q71: When do I pay tuition and fees?

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/.

To see how much tuition is, please point to http://www.math.umn.edu/finmath/tuition/.

Questions about this 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?

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 a one-credit directed study course, MATH 8991 - Independent Study. Click here for 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. MFM's requirements consist of four course sequences (FM 5011/5012, FM 5021/5022, FM 5031/5032 and FM 5091/5092). Once those courses are completed you must graduate, and you will not be able to register for the one-credit course mentioned above, nor will you be able to register for any courses related to a "with emphasis" option. (See http://www.math.umn.edu/finmath/courses/ for information about our courses and with emphasis options.) 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.

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?

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 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?

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. In the past we have required Windows XP, however Windows Vista is acceptable for the 2009-2010 school year. 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" for use in class training sessions, at an approximate cost of $30; you'll receive more information about clickers during the MFM Orientation, and you should wait until after Orientation to make the purchase.

For calculators, we recommend the TI-89 Titanium, but no calculator is required for the program.

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 2008-2009 calendar, for the Twin Cities campus, point to http://www1.umn.edu/usenate/calendars/08-09tc.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. 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 registration for 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 want to use FM 5001/5002 on your Financial Mathematics degree program form, you should be sure to take them for graduate credit. If you seek graduate credit as a non-degree student, please point to
http://www.onestop.umn.edu/onestop/img/assets/9061/RequestforGraduateCredit.pdf
and fill out
REGISTRATION REQUEST FOR GRADUATE STUDENT (FOR NON-DEGREE STUDENTS)
Please do not worry about putting in a permission number; we will do that for you.

This form requires a signature by the Director of MFM. If you don't want to bring it in in person, you can
send it by surface mail (see Q51 above), or
FAX it (see Q48 above).
An email of a scan (sent to b-flem@umn.edu) is also fine.

For information about the non-degree option, point to
http://www.grad.umn.edu/prospective_students/grad_nondegree.html
and, also, you may want to 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/onestop/Registration/nondegree.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 in Fall 2007?

A: The breakdown of the minimum amount is:
         $3,886 for mandatory student fees and health insurance,
         $   980 for books and supplies         and
         $7,200 academic year tuition.

There is also
$11,908 for living expenses.

Tuition for MFM students (for 2008-2009) is $600 for each credit; you 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.

NOTE: We don't have updated figures for Fall 2008, but the amounts should be slightly higher.

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 Ms. 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?

A: The answers to these 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).

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 Ms. 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?

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?

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.

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. PowerPoint, LaTeX and TexPoint will be covered.

Q99: I'm teaching an MFM course. How can I get a list of my students?

A: Point to http://onestop.umn.edu/onestop/index.html then click on "Faculty" (located in the top left) then you'll see (on the right) "To print a class list ...". Following that instruction, you'll click on "UM Reports", which will take you to http://www.umreports.umn.edu/umreports/ Then you log in 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. It should be straightforward to follow the prompts from there.

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. Moreover, you may even audit FM 5001/5002, or take FM 5001/5002 pass/fail, though there are some reasons why you may wish to think carefully before doing that (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 the "with Emphasis in Management" option, 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 transcript 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 about 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?

A: For information about late registration, please see http://onestop.umn.edu/onestop/Tuition_Billing/Tuition_Rates/latereg.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. 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.

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.

Q113: How can I participate in Financial Math before being admitted to the MFM program?

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; 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/.

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 GPA of students in your program?

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 b