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    Applied Mathematics Graduate Programs

    Master of Mathematical Finance (MMF)


    The objective of the MMF program is to provide individuals interested in pursuing careers in financial risk management with advanced education in theoretical, computational and business aspects of relevant quantitative methodologies. This is a collaborative program between the Stuart School of Business (SSB) and the Applied Mathematics Department (AM) and as such, it will give the students the chance to benefit from the strength of both units.

    » Required Courses


    All IIT Graduate School requirements must be satisfied. Specific
    departmental requirements are:
    • 21.6 quarter credits and 18 semester credits requirement (a maximum of 2 graduate courses may be transferred from other institutions in equivalent courses), including
    • Required courses: 10.8 Quarter Credits and 15 Semester Credits.
    Course Title Credit Hours
    MSF 571 COMPUTATIONAL FINANCE I 3.6 QRT
    MSF 572 COMPUTATIONAL FINANCE II 3.6 QRT
    MSF 551 FUTURES, OPTIONS AND OTC DERIVATIVES 3.6 QRT
    MATH 542 STOCHASTIC PROCESSES 3 SEM
    MATH 548 MATHEMATICAL FINANCE I: DISCRETE TIME 3 SEM
    MATH 565 MONTE-CARLO METHODS IN FINANCE 3 SEM
    MATH 582 MATHEMATICAL FINANCE II: CONTINUOUS TIME 3 SEM
    MATH 586 THEORY AND PRACTICE OF FIXED INCOME MODELS 3 SEM

    » Electives

    Elective courses: A minimum of four additional courses, including at least one MATH or CS class, and at least three FM or MSF courses. 10.8 Quarter Credits and 3 Semester Credits

    Course Title Credit Hours
    FM 530 VISUAL BASIC AND DATABASES FOR FINANCIAL MARKETS 3.6 QRT
    MSF 522 FINANCIAL MODELING I 3.6 QRT
    MSF 523 FINANCIAL MODELING II 3.6 QRT
    MSF 561 FINANCIAL TIME SERIES ANALYSIS 3.6 QRT
    MSF 562 ECONOMETRIC ANALYSIS 3.6 QRT
    MSF 573 COMPUTATIONAL FINANCE III 3.6 QRT
    MATH 512 PARTIAL DIFFERENTIAL EQUATIONS 3 SEM
    MATH 513 PDEs FOR FINANCE 3 SEM
    MATH 543 STOCHASTIC ANALYSIS 3 SEM
    MATH 544 STOCHASTIC DYNAMICS 3 SEM
    MATH 583 QUANTITATIVE MODELING OF DERIVATIVE SECURITIES 3 SEM
    MATH 584 MATHEMATICAL PORTOFOLIO AND INVESTMENT THEORY 3 SEM
    MATH 587 THEORY AND PRACTICE OF MODELING RISK AND CREDIT DERIVATIVES 3 SEM
    MATH 589 NUMERICAL METHODS FOR PDEs 3 SEM
    CS 522 DATA MINING 3 SEM

    » Admission criteria

    Admission to the professional master's program in Mathematical Finance requires a bachelor's degree in mathematics, engineering, or equivalent, with a minimum cumulative GPA of 3.0/4.0. TOEFL scores (if required) must have a minimum score of 550/213/80 (paper/computer/internet test score). A professional statement of goals/objectives (2 pages) and a curriculum vitae must be submitted. Two letters of recommendation are required (at least two must be from academia, the third may be from industry). An interview may also be required.

    Typically, admitted students score at least 700 on the quantitative portion of the GRE and at least 3.0 on the analytical portion. However, meeting the minimum or typical GPA test-score requirements does not guarantee admission. GPA and test scores are just two of several important factors considered for admission to the program, including grades in mathematics courses, letters of recommendation and the student's overall record of achievements.

    Apply here for the MMF

    Also see:

    Stuart School of Business MMF site
    Graduate Application FAQ
    SIAM Student Chapter

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