MS in Quantitative Finance and Risk Management (QFRM)
A theoretically oriented master jointly taught by Mathematics and Statistics. Four connected course sequences combine advanced financial mathematics, stochastic analysis, numerical finance and statistical modelling, with scope for a summer internship.
What you’ll study
Core
- Numerical Analysis with Financial Applications
- Discrete State Stochastic Processes
- Advanced Financial Mathematics I
- Statistical Learning I: Regression
- Stochastic Analysis for Finance
- Advanced Financial Mathematics II
- Statistical Analysis of Financial Data
- Computational Finance
- Mathematical Methods for Algorithmic Trading
Electives
- Machine Learning for Finance I
- Machine Learning for Finance II
Source: sites.lsa.umich.edu ↗
Before you apply
- Background
- Applicants from quantitative disciplines; no fixed mandatory prerequisite-course list
- Maths
- Advanced calculus (recommended); Linear algebra (recommended); Probability (recommended); Ordinary and partial differential equations (recommended); Analysis (recommended)
- Programming
- Python, MATLAB or C++ (recommended)
- Tests
- GRE required; eligible current U-M accelerated applicants exempt
- English
- Programme benchmark: TOEFL 5, or 95 for tests before 21 January 2026; IELTS 7. Rackham minimum:4.5, or 84 on the older scale; exemptions apply.
- Other
- No minimum GPA specified
Source: sites.lsa.umich.edu ↗
After graduation
The programme doesn’t publish an employment report.
Want to see what employers ask for? Browse open quant roles.
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 They’re personal views and may be out of date.
- Feedback about Quantitative Finance and Risk Management program at the University of Michigan (QuantNet)
- UMich QFRM (QuantNet)
Recommended coursework is not a mandatory admissions-course checklist.
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.