MA in Mathematics with a Specialization in the Mathematics of Finance (MAFN)
A mathematics MA specialising in finance, with a core in stochastic processes, numerical methods and statistical time-series modelling. Students combine that foundation with practitioner-led finance electives and industry seminars, with broad approved course choice across Columbia.
What you’ll study
Core
- Introduction to the Mathematics of Finance
- Numerical Methods in Finance
- Statistical Inference / Time-Series Modeling
- Stochastic Processes – Applications I
- Stochastic Methods in Finance
- Practitioners’ Seminar I or II
Electives
- Quantitative Methods in Investment Management
- Capital Markets and Investments
- Hedge Funds Strategies and Risk
- Non-Linear Option Pricing
- Modeling and Trading Derivatives
- Advanced Machine Learning for Finance
- Algorithmic Trading with Market Simulator
- MAFN Fieldwork
Source: math.columbia.edu ↗
Before you apply
- Background
- Quantitative academic background, such as mathematics, statistics, physics, economics, computer science or engineering; application through GSAS.
- Maths
- Very good working knowledge of calculus; Linear algebra; Elementary differential equations; Probability and statistics; Advanced calculus/analysis including measure theory desirable, not required
- Programming
- Very good working knowledge of a programming language
- Tests
- September 2027 admissions: GRE General or GMAT strongly encouraged, not required; GRE preferred.
- English
- International applicants referred to GSAS TOEFL/IELTS rules; programme page gives no numeric minimum.
- Other
- At least two academic references; one-page academic-purpose statement and prescribed CV. Finance work or internship experience is valued. Spring 2027 and Fall 2027 entry are listed.
Source: math.columbia.edu ↗
After graduation
- Employment
- Class of 2025: 54 of 72 tracked students seeking employment (75%) employed within 6 months; 49/72 (68%) within 3 months and 39/72 (54%) before graduation. Of 101 full-time graduates, 8 were not seeking employment and 21 were untrackable; those groups are outside the reported 72 denominator.
- Employers
- AllianceBernstein, Bank of America, Barclays, BNP Paribas, Capital One, Goldman Sachs, JP Morgan Chase, Nomura, Optiver, QRT, Transmarket Group, WorldQuant
Source: math.columbia.edu ↗
QuantNet’s 2026 ranking reports 2025 full-time graduating cohort: 53% employed at graduation; 67% employed three months after graduation employment and a US$122,692 reported compensation figure for the 2025 full-time graduating cohort. The table labels this “Base salary”; the methodology defines average starting salary and sign-on bonus. Components are not reconciled by the source; this is not a median. starting salary. See the ranking ↗
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What students and graduates say
Threads from QuantNet and other forums where applicants, students and graduates discuss this programme. They’re personal views and may be out of date.
- Columbia University – MA in Mathematics of Finance (MAFN): student reviews (QuantNet)
- Is Columbia MAFN really worth the cost? (Reddit)
- Columbia MFE vs. Columbia MAFN for Buy-Side Quant Trading (Reddit)
- QuantNet programme profile and reviews: Columbia University — MA in Mathematics with a Specialization in the Mathematics of Finance (QuantNet)
The award is an MA in Mathematics with a finance specialisation. At least one practitioner seminar is mandatory; both are encouraged. Programme career page reports US$121,071 average base salary for US-based jobs for class 2025, not a median. Employer examples are from the February/May 2025 graduate hiring list and are not ranked.
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.