Master of Mathematical Finance
STEM Course
2 years
Full Time
On Campus
Field of Study:
$53,400 /Yr
Tuition Fees
| Year | 1st Year Fees |
|---|---|
| Tuition Fees | $53400 |
Other Expenses
| Head | Avg Cost Per Year |
|---|---|
| Living Expenses | $14550 |
| Health Insurance | $2286 |
Previous Year Tuition Fees
| Year | 1st Year Fees |
|---|---|
| 2023 | $30816 |
| 2021 | $32516 |
Important Dates
| Event | Application Date |
|---|---|
| Application Deadline For Summer 2025 Intake | |
- The program is ranked 15th on the list of top Master’s of Financial Engineering program by TFE Times (2019).
- The program ranked 21st in QuantNet's Best Financial Engineering Programs (2018).
- The program is offered jointly by the Department of Applied Mathematics in the College of Science and the Stuart School of Business.
- The program offers advanced education in theoretical, computational and business aspects of relevant quantitative methodologies.
- The graduate may pursue a career as a junior quantitative analyst (quant) with financial institutions such as banks, trading corporations or hedge funds.
- Students will study subjects such as Futures, Options, and OTC Derivatives or Models for Derivatives, Computational Finance, Stochastic Processes, Mathematical Finance, etc.
- The MMF program provides individuals interested in pursuing careers in financial risk management with advanced education in theoretical, computational, and business aspects of quantitative methodologies relevant to the financial industry.
- MMF alumni are employed by such companies as CME Group, Citigroup, Discover Financial Services, Envestnet, Goldman Sachs, Intercontinental Exchange (ICE), JPMorgan Chase & Co., Morgan Stanley, OCC, PrivateMetrics Group, and Quantitative Risk Management, Inc. (QRM).
- The MMF program at Illinois Tech offers an ideal balance of theoretical knowledge and practical application.
- Students have the opportunity to learn from the professors affiliated with the Department of Applied Mathematics and with the Stuart School of Business, as well as from adjunct professors who are financial practitioners providing practical insight into fixed income modeling and practice, computational methods in quantitative finance, trading strategies, and more.
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Eligibility & Entry Requirement
Academic Eligibility:
- Applicants should hold a bachelor’s degree, or its equivalent, from a recognized university.
- The cumulative undergraduate grade-point average of 3.0/4.0 or higher
- Students must be qualified in IELTS or TOEFL to get admission to this program.
- Students are required to have a background in undergraduate-level probability theory, multivariate calculus, and linear algebra. A background in ordinary differential equations will enhance the chance of admission to the program.
- Submission of GRE or GMAT score is not required for all master’s programs for 2021.
Indian Student Eligibility:
Indian students are eligible to apply if they meet one of the following eligibility criteria:
- Completed a 4-year UG degree with first class in a relevant field from a recognized institution.
- Completed a master’s degree with first-class in a relevant field from a recognized institution.
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Scores Required
Required Document List
The followings documents are required:
- A two-page professional statement of goals and objectives, and a curriculum vitae, must be submitted.
- Two letters of recommendation are required, and at least one must be from academia.
- An interview may also be required.
- Typically, admitted students score at least 156 on the quantitative portion of the GRE and at least 3.0 on the analytical writing portion.
Key Resources for Your Study Abroad Journey
Course Guides
Best MS Courses in USA for International Students in 2025
Masters (MS) in USA: Colleges, Courses, Deadlines, Eligibility & Fees
MBA in Finance in the USA: Top Colleges, Cost, Admission Requirements, Scholarships, Scope
MS in Finance in USA: Fees 2024, Top Colleges, Placements & Salaries
Career and Placement after Course
Master of Mathematical Finance alumni are employed by CME Group, Citigroup, Discover Financial Services, Envestnet, Goldman Sachs, Intercontinental Exchange, JPMorgan Chase & Co., Morgan Stanley, OCC, PrivateMetrics Group, and Quantitative Risk Management, Inc. (QRM).
- Quantitative trader
- Quantitative analyst
- Quantitative modeler
- Quantitative software developer
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Scholarship Grants & Financial Aids
| Name | Scholarship Per Student | Level of Study | Type | |
|---|---|---|---|---|
| Ritchie-Jennings Memorial Scholarship Program | Scholarship per student$ 10,000/Yr$10,000 | Level Of StudyBachelor | TypeMerit-Based | |
| Business Administration Scholarships | Scholarship per studentVariable Amount | Level Of StudyBachelor | TypeMerit-Based | |
| University of Utah Scholarships | Scholarship per studentVariable Amount | Level Of StudyBachelor | TypeCollege-Specific | |
| QS scholarships | Scholarship per studentVariable Amount | Level Of StudyBachelor | TypeMerit-Based | |
| SWE Scholarships | Scholarship per studentVariable Amount | Level Of StudyBachelor | TypeMerit-Based | |
| Jane M. Klausman Women in Business Scholarship | Scholarship per student$ 5,000/Yr$5,000 | Level Of StudyBachelor | TypeMerit-Based |
Similar Programs
| Program | Important Date | Total Fees | Median Exams Score | Action |
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Application Deadline For Spring 2026 Intake (15th Nov 2025) Application Deadline For Summer 2026 Intake (15th Mar 2026) | USD 29,370 /Yr |
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Round 1 Application Deadline For Fall 2026 Intake (19th Jan 2026) Round 2 Application Deadline For Fall 2026 Intake (16th Mar 2026) Round 3 Application Deadline For Fall 2026 Intake (20th Apr 2026) | USD 42,532 /Yr |
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