What are the admission standards?
1. We consider:
A. How many quantitative classes the applicant has taken
B. What kinds of classes those were (i.e. introductory/survey courses vs. a full sequence (e.g. Calculus I, II, & III)
C. How well the applicant did in those classes
2. Applicants must have completed at least one full year of calculus, one full year of upper level probability and statistics, differential equations as well as linear algebra.
3. Applicants must have a high level of performance on the GRE or GMAT and TOEFL.
GRE: Institution Code 2512, Department Code 4299
GMAT: QK5-XT-96
TOEFL: Institution Code 2512, Department Code 02
4. Applicants must submit a complete application packet, which consists of two letters of recommendation and an essay among other things. (For further information, please contact the Admissions Office directly at: (973) 353-1234.)
5. Further considerations include:
A. Level of Education: we receive applications from students who hold Bachelors, Masters and Doctoral degrees alike in areas like: math, statistics, physics, computer science, etc.
B. GPA: we do not have a set minimum GPA requirement towards admission to our program however GPA is an important factor in assessing the overall strength of each application.
C. The Essay: verbal and written communication skills are essential in placing students once they graduate so, we do seriously consider this aspect of each application.
D. Work Experience: is not required but could prove a significant 'edge' in both the application process and in the post graduate employment process. However, many of our students do come to us with little or no work experience.
E. Context: applications are evaluated on the strength of each application on its face and within the context of the overall applicant pool.
How many students are admitted each year?
Each year we admit approximately 30 students to the program. Applications have grown significantly with each passing year and, as a result, admission to our program has become highly competitive. For example, we received over 120 applications for the 2006-2007 academic year alone.
Can I start the program at some term other than Fall?
Admissions for this program are offered during the Fall term only. However, students who already hold a Ph. D. in Mathematics, Statistics, or a Physical Science may submit a request for admission during the Spring or Summer term in writing. Decisions will be made on a case-by-case basis by the MQF Executive Board.
What financial aid or assistance is available?
We offer several MQF merit-based scholarships each year. Students in this program will also be eligible for all forms of financial aid and assistance currently available to all graduate students (i.e. state and federal loans and grants). We do not offer teaching assistantships or graduate assistantships at this time.
How is this degree perceived by business, companies, etc.?
This program addresses a relatively unfilled need for people with a combination of quantitative skills and financial knowledge. Currently business is filling positions with employees who have quantitative skills but minimal financial training, such as, mathematicians, statisticians, engineers. Companies place a premium on modelers who have a combination of a strong background in financial theory and solid quantitative skills.
The desirability of this program is evidenced by the fact that the University of Chicago, University of Michigan, and Massachusetts Institute of Technology have recently begun offering similar programs.
What are examples of potential employers?
M.Q.F. Program graduates are likely to find positions in Wall Street firms, such as banks, hedge funds, mutual funds, pension funds, insurance companies, consulting companies, and even financial software firms.
