The University of Chicago | Graduate Admissions

Financial Math - MS

Division: Physical Sciences
Degree Type: MS

Program Description

The University of Chicago's intensive, one-and-a-half year Master of Science in Financial Mathematics program pioneered the teaching of an integrated program of theoretical and applied mathematics and practical applications to derivatives pricing and the management of financial assets.

The Department of Mathematics at the University of Chicago offers a 15 month graduate program leading to the degree of Master of Science in Financial Mathematics.

Theory Applied to the Real World
This program teaches applied mathematics and its applications in the financial industry. Students learn the theoretical background for pricing derivatives and for managing assets, but also attain a real understanding of the underlying assumptions and an ability to critically ascertain the applicability and limitations of the various models. Courses are taught by faculty of the University of Chicago and by professionals from the financial industry.

Explore program faculty »


  • Nina Bachkova; Sandra Dioro-Grant
  • Phone:  (773) 834-0785; (773) 702-1902
  • Email:;
  • Website:

Application Method

Applications should be initiated through the online application. Paper applications are not accepted.


Deadline for admissions and financial aid: January 7

Campus Visits

Campus visits and interviews are generally not required. Contact the department for more information.

Degree Objective

Students receive a master of science.

Application Requirements

  1. Online Application Form and Supplemental Materials
  2. References:  Three letters of reference should be included with your application.
  3. Graduate Record Examinations and TOEFL Scores:
    Graduate Record Exam scores (general test) are required of all applicants, including those with previous MAs. The only exception to this is for applicants who graduated with a Bachelor's degree prior to June 2010. For information on additional examinations required of some international applicants, please see the Test Requirements page on the divisional website. The University GRE code is: 1832
  4. Transcripts: Official transcripts from all post-secondary educational institutions should be submitted with your application.
  5. Application Fee

Admissions Decisions

Admissions decisions are emailed starting in early March. 

Program Requirements

The first component is the September review period. The intent is partly to review known material but also to introduce material that will be new to many students and to bring everyone up to speed before the start of the Master's program. September Review is mandatory for all incoming students. They cover linear algebra, measure theory, probability, finance, a bit of accounting and also include some beginning applications of MATLAB. The review courses are free of charge.

Three courses meet three times per week each quarter, for three to four hours in the evening. Mathematics and Probability Theory courses are taught by faculty members from the Mathematics and Statistics departments, respectively. Topics in Economics is led by a post-doctoral student from the Department of Economics. Professionals from leading financial institutions conduct courses in Financial Applications.

Contents and curriculum are jointly researched and developed by Chicago faculty members and professionals in the field. Program instruction often relies on the use of computer simulations to illustrate concepts and allow students to implement theories at every stage of a financial model.




Costs & Financial Aid

The rate of tuition for the 2014/2015 academic year is $5,786 per 100 unit course. Full tuition for the degree is $63,646 for a minimum of 1100 units. At 100 units, the tuition for the C++ programming course is $5,786 per quarter. The program can be taken on a part-time basis. A part-time program can consist of the Mathematics component alone or the Mathematics, Probability Theory and Economics components in the first year. The Financial Applications component can only be taken concurrently with the other components or after the other components have been completed.