Master of Science in Financial Mathematics (MSFM)
An accelerated, flexible-elective programme mixing mathematics, computing (including C++ and low-latency/HPC electives) and finance, with optional Project Lab or internship in summer. Electives include machine learning, trading strategies, market microstructure and generative AI for finance.
What you’ll study
Core
- FINM 34000 Probability and Stochastic Processes
- FINM 33000 Options (Mathematical Foundations of Option Pricing)
- FINM 36700 Portfolio and Risk Management
Electives
- FINM 32600 Computing for Finance in C++
- FINM 33150 Quantitative Trading Strategies
- FINM 33160 Machine Learning for Finance
- FINM 33200 Generative and Agentic AI for Finance
- FINM 34500 Stochastic Calculus
- FINM 37400 Fixed Income
- FINM 37500 Fixed Income Derivatives
- FINM 32000 Options: Numerical Methods
- FINM 32700 Low Latency Trading Systems
- FINM 32950 High-Performance Numerical Computing for Finance
- FINM 35700 Credit Markets
- FINM 37301 Foreign Exchange: Markets, Products, and Pricing
- FINM 33165 Reinforcement Learning and Deep Learning
- FINM 34800 Modern Applied Optimization
- FINM 37601 Mathematical Market Microstructure: An Optimization Approach
Source: finmath.uchicago.edu ↗
Before you apply
- Maths
- multivariable calculus; linear algebra; probability
- Programming
- Some programming skill, ideally C++, Python or another object-oriented language
- Tests
- GRE not required (verified scores accepted if submitted)
- English
- TOEFL iBT minimum 90 or IELTS Academic minimum 7, unless waived
- Other
- Round 1 deadline November 2, 2026; Round 2 February 1, 2027
Source: finmath.uchicago.edu ↗
After graduation
- Typical first roles
- quant researcher, quant analyst/associate, quant developer, quant risk analyst, quant trader, algo trader, software engineer, AI/ML engineer
- Employers
- Balyasny, Jefferies, Bank of America, JPMorgan, Barclays, Marshall Wace, Millennium, Brevan Howard, Citadel, DRW, Goldman Sachs, IMC, PIMCO, Qube Research & Technologies, Squarepoint, Tower Research, Virtu Financial
Source: finmath.uchicago.edu ↗
Want to see what employers ask for? Browse open quant roles.
Dec 2025 graduates: quant research/analysis 43%, quant development 13%, quant risk 10%; 78% of placements in the US (Chicago 27%, New York 22%). Employment rate and salary appear only as an image, not readable. Class profile pages by year exist but were not read.
Checked 6 November 2026 against the sources linked on this page. Fees, units and requirements change each year, so confirm them on the programme’s website before applying.