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Admissions

Who Should Apply
As an interdisciplinary program, we draw upon the strengths of students from many different academic backgrounds. Competitive applicants will possess exceptional quantitative skills  in fields such as mathematics, statistics, physics, engineering, and economics. Majors in related areas that provide background in probability and statistics at the level of Math/Statistics 425 (Introduction to Probability) are also acceptable. Students admitted will have a strong background in calculus, linear algebra, probability, and programming (Matlab and/or C/C++). Learn more about the kind of applicants we look for by meeting our current students.

There is no minimum GPA or GRE score, but competitive applicants possess credentials that demonstrate superior academic ability.

The minimum TOEFL score for those required to submit it is 95 (or 7 for the IELTS). Applications from students with TOEFL scores below 95 and who are not exempt from the Graduate School's English proficiency requirement will not be reviewed. 

Current U-M undergraduate students considering the AMDP option should refer to the program's criteria described here. Be sure to let us know you're interested by submitting an inquiry form.

 

Timeline

The Quant program only accepts applications for Fall admission.  The application for Fall 2017 will be available starting in September 2016.

February 1, 2017: Application due.

February 8, 2017: Last day for application materials (including official transcripts, test scores, and letters of recommendation) to arrive. Applications completed after this date may not be reviewed.

March through early May: Admissions decisions issued on a rolling basis. Enrollment deposits must be paid within 15 calendar days of Rackham admission.

Mid-May: Deadline (to be determined by Rackham Graduate School) to submit immigration documents.

Mid-August: Mandatory program orientation activities begin. All new Quant students are required to attend, and students should not make travel plans until the program notifies them of a start date.

 

Application Materials

In addition to the evidence of sufficient academic background, the required application materials included the following:

  • Rackham Online Application with fee. Some applicants may be eligible for an application fee waiver. More information is available on the Rackham Graduate School website. Please be sure to select the admissions application for the option you are applying to, either the Quantitative Finance and Risk Management or the Accelerated Master's Degree Program.
    • Statement of Purpose: The Statement of Purpose should be a concise, well-written essay about your mathematical background, your career goals, and how the Quantitative Finance and Risk Management program will help you meet your career and educational objectives.
    • Personal Statement: This is different from the Statement of Purpose in that we ask that you write about things not captured by the application or the Statement of Purpose. Tell us about where you grew up, when you first decided you wanted to study mathematics, what challenges you faced and how you overcame them in your pursuit of mathematics.
    • Curriculum Vitae/Resume (4 page limit) Upload your curriculum vitae or resume that describes your education, work experience, research and teaching experience, professional affiliations, volunteer activity and community engagement, honors and awards.
    • Three letters of recommendation. Register your recommenders for the electronic Letters of Recommendation system in the online application. This is the preferred method of submission. If your recommender would prefer a paper copy of the Recommendation form (PDF format), it may be downloaded here.

 

  • Official GRE General scores: Request ETS to send official scores directly to the Rackham Graduate School at the University of Michigan.
    • The ETS school code for the University of Michigan Rackham Graduate School is 1839.
    • NOTE: the Mathematics Subject GRE is very useful for the admissions committee so it is highly recommended, but it is not required for this program.

 

  • Official Transcripts from all post secondary institutions are submitted to the University of Michigan Rackham Graduate School. Send one copy of all official transcripts to the Rackham Graduate School at the University of Michigan. Directions on what qualifies as an official transcript and how to submit official transcripts can be found here. **Applications without official transcripts are considered incomplete and will not be reviewed.**

 

  • Non-native English speakers have additional requirements:
    • Official TOEFL or IELTS Scores are required for non-native English speakers. This requirement may be waived for some applicants depending on their educational background. Visit the Rackham School of Graduate Studies for more information on their TOEFL Requirement to determine whether you qualify for a waiver.
      • Minimum Requirements: TOEFL overall score must be 95 or higher. IELTS overall score must be 7 or higher. Applicants who do not meet the minimum requirements will not be considered. Applicants may submit multiple scores, but at least one score that meets the minimum must be received by the designated deadline in order for an applicant to be considered.
      • Request ETS to send an official copy to the University of Michigan Rackham Graduate School. 

TOEFL and IELTS Information

The University of Michigan’s ETS Code is 1839.

Rackham Graduate School determines which students must submit evidence of English proficiency. Their policy is below.

You qualify for an exemption from taking an English proficiency examination if one of the following criteria are met:

  • You are a native speaker of English.

  • You will have completed all of your undergraduate education and earned an undergraduate degree at an institution where the language of instruction is English only.

  • You will have completed all of your graduate education and earned a graduate degree at an institution where the language of instruction is English only. If you completed a Master’s degree that was strictly research and no academic classes, that degree does not meet the exemption. This type of Master’s degree is generally awarded at a non-U.S. institution.
  • You are a current U-M student.

Examples of meeting the English Proficiency Exemption criteria:

  • You completed the last three years of your undergraduate degree at the University of Michigan, and in addition, earned a Master’s degree that was one and one-half years in duration at the University of London.
  • You completed the last two years of your undergraduate degree at the University of Melbourne, and in addition, earned a Master’s degree from the University of Michigan.

If any of the above criteria apply to you, you will be automatically exempt from the English proficiency requirement. You do not need to request a waiver.

Example of not  meeting the English Proficiency Exemption criteria:

  • You completed two years of an undergraduate degree program at an overseas institution (Fudan University) where the medium of instruction is a language other than English. You then transferred to an institution (Monash University) where all classes are taught exclusively in English and earned a degree from that institution.

IMPORTANT: In addition to these requirements, the Quant Program enforces a minimum  TOEFL score of 95 or IELTS score of 7 for students that are required to submit test scores under Rackham's guidelines. Applications from students with scores below these minimums will not be reviewed.

 

Additional Information and Important Items to Remember

Because of the processing time, the GRE and TOEFL or IELTS tests should be taken well in advance so that we will have received them by the application deadline. While there are no minimum acceptable GRE scores, a high standard is expected. No admission action will be taken without the official results.

Letters of recommendation play an especially crucial role in the admission process. Applicants should choose recommenders who know their strengths and weaknesses relevant to graduate study in Mathematics. The most useful letters are those which list in some detail the accomplishments of the student and make direct comparisons with other students who have succeeded at major U.S. graduate schools. Foreign students already in the U.S. should submit letters from their U.S. institution, whenever possible. Please register your recommenders for the electronic Letters of Recommendation when using the Online Application.

Those students who will have completed a Master's degree in Quantitative Finance will not be considered for admission.

ETS CODES

  • The ETS school code for the University of Michigan Rackham Graduate School is 1839.
  • The ETS code for the GRE test for Mathematics is 0703.

Note: All credentials submitted for admission consideration become the property of the University of Michigan and will not be returned in original or copy form.

Additional Information: Please visit the admissions page of the Rackham Graduate School for additional information regarding admission including: Minimum graduate school requirements, residency, application fees and submitting transcripts.

Questions? View our FAQs page or email us at quantfinms@umich.edu.