Frequently Asked Questions
Below one can find answers to some of the most commonly asked questions that prospective students have about the MMF program
Question:
What is the difference between the MMF (Masters in Mathematical Finance) and MSF (Masters of Science in Finance) programs offered at IIT?
Answer:
The MMF program is designed for individuals with strong quantitative skills who are interested in developing mathematical models for valuation and hedging of financial derivatives. Thus the MMF program prepares students for junior quantitative analyst positions. The MSF program is designed for individuals who will be targeting financial analyst positions that do not require advanced quantitative skills.
The MMF curriculum requirements include classes that give students a rigorous theoretical, mathematical and computational background in finance, with a focus on asset pricing and hedging of financial risks. The MSF curriculum requires a broad grounding in finance, including topics (such as financial statement analysis) which are not heavily quantitative. MSF courses cover the material with less of an emphasis on formal mathematics.
Question:
I'm interested in a career as a quant. Which program should I enroll in: MSF or MMF?
Answer:
Both programs provide excellent preparation for work in quantitative finance. Which program you should choose largely depends on your interests and background.
The MMF program is appropriate for those students who can handle rigorous mathematics and would like to gain a deep understanding of the mathematical foundations of modern finance. It is not a theoretical program; students emerge from the program with strong programming skills and experience implementing financial models. They also will gain exposure to one or two specialized applied areas within finance, such as trading, risk management and financial programming.
Students pursuing an MSF degree will be able to devote more time to studying applications, but in their studies there will be less emphasis on mathematical and theoretical rigor.
Question:
What are the career options after the MMF program?
Answer:
A graduate from the MMF program may seek a position as a junior quantitative analyst (quant) with financial institutions such as banks, trading corporations or hedge funds.
Question:
What technology is used in the MMF program?
Answer:
Students learn computational aspects of modern finance using programming languages such as C++ and Python. In addition, students learn modern simulation methodologies.
Question:
What kind of mathematical background do students need entering the MMF program?
Answer:
Students entering the MMF program are expected to have a solid background in undergraduate level probability theory, advanced calculus, linear algebra and (ideally) ordinary differential equations.
If you have a question that was not answered above, please send an email to Program Director Tomasz Bielecki at bielecki_AT_iit_DOT_edu .