Here applicants can find answers to the most frequently asked questions regarding the application process for the Quantitative Finance and Risk Management Master's Program.
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What is the difference between the Quantitative Finance and Risk Management Master's Program and the Accelerated Masters Degree Program?
The Quantitative Finance and Risk Management Program is open to direct admission for those who have a bachelor’s degree. This is a freestanding three-term Master's program. The Accelerated Master’s Degree Program (AMDP) is for currently- enrolled University of Michigan undergraduate Financial Mathematics majors who wish to pursue a 5-year combined BS/MS (in Quantitative Finance and Risk Management). While the AMDP follows a similar curriculum as the Quantitative Finance and Risk Management Program, there are additional requirements.
What is the difference between the Actuarial MS degree and the Quantitative Finance and Risk Management MS degree?
The Actuarial Mathematics MS degree is intended for students interested in careers in insurance and pension planning, and prepares them for examinations of the Society of Actuaries (life, health, pensions) or the Casualty Actuarial Society (general or property and casualty). The Actuarial Mathematics MS and the Quantitative Finance and Risk Management MS are similar in the sense that students will learn mathematical and statistical tools for quantifying financial risk. However, the nature of the uncertainty and the mathematical tools for its analysis differ substantially. In the Actuarial program, students focus on financial risks related to insurable events such as death, retirement, illness, disability, fire, etc., and learn the mathematical and statistical tools for quantifying these risks. In the Quantitative Finance and Risk Management program, students focus on financial risks related to the uncertainty in stock prices. The Quant program differs from existing programs by focusing on specific mathematical and data-intensive skills required for careers in the financial industry.
How long is the program?
The program is 3 semesters: Fall (Semester 1), Winter (Semester 2), Fall (Semester 3).
Is this a STEM program?
Yes, our program is designated as a STEM program, and so our international students are eligible to apply for the STEM OPT extension.
Will there be internship opportunities?
Yes, we will assist our students with finding internships during the summer months between the 2nd and 3rd semester.
What is the tuition rate?
For the 2017-2018 academic year, the full-time tuition rates per term are: $11,184 for Michigan Residents and $22,578 for Non-Residents. More information can be found on the Registrar's website.
What is the minimum GPA for the program?
We do not enforce a minimum GPA, but most competitive applicants have at least a 3.0 GPA.
If I am in a current Rackham Master's program, can I apply for this program as part of a Dual Degree?
A: We do not have a formal Dual Degree program for the Quant program. Students who are interested in participating should complete the Rackham Online Application. All applications will be reviewed together. If a current Rackham student is admitted to the program, they will then have the option to transfer to the Quant program or do a Dual Degree.
Do you admit during Winter or Spring/Summer Terms?
We only admit students for Fall term. For the 2017-18 academic year, the deadline to apply is February 1, 2017.
Do you accept transfer students?
We accept applications from students in graduate programs at other universities, but the application process is the same. We do not evaluate what courses may or may not transfer prior to a student being admitted.
How do I know when my application is complete?
A: Initial review of most applications begins after the deadline.We manually review each application to ensure completeness, upon which your application status will be marked complete in your UM Friend account. Please allow two to three weeks from the application deadline for us to review your application and update your status. Steps on how to set up a Friend account are outlined here.
What if I am missing something?
As we go through our review process after the deadline, we will notify you if you are missing a required part of your application. However, it is your responsibility to submit a complete application. Applications not completed within one week of the application deadline (February 8) may not be reviewed.
What are my chances of getting in?
A: We are unable to comment on the chances of a student being admitted to any of our programs at any stage before or during the admissions process.
What can I do to ensure I will be admitted into a program, or to improve my chances?
Before a decision is made on an application we can never guarantee a student will be admitted, regardless of what qualifications they have. This is due to the fact that each year the cohort of applicants varies greatly. We are unable to advise prospective students on how to make their applications more competitive for our programs. Students seeking advice should review the basic qualifications for the program, and speak with an advisor at their current university on how to satisfy these qualifications.
When will you make a decision on my application?
Our admissions committee will begin issuing decisions once all applications have been reviewed. We send decisions in several stages. Typically we begin issuing decisions by late March and end by May 1.
Will the committee conduct admissions interviews?
At this time, we do not plan to conduct any admissions interviews.
Is there any funding available? Do I need to apply separately for funding opportunities?
Limited Fellowship funding is available. Applicants are automatically considered for Fellowships. There is not a separate application for departmental funding. Those from groups historically underrepresented in math and science programs, including African-Americans, Hispanics, Native Americans, and Pacific Islanders are especially encouraged to apply.
Please note, however, that the majority of our students are self-funded.
If I've already applied to another University of Michigan program can I apply to this program? Do I need to send my GRE or TOEFL scores if I already submitted them to another University of Michigan program?
You may apply to multiple programs, but will need to fill out the online application for each program. If admitted to more than one program, you will then decide which program you wish to accept. Scores already sent to another U of M program will automatically be matched up to your Quant application. You do not need to send them again.
My Friend Account is locked. What should I do?
Only Rackham Admissions can unlock your Friend Account. Please send an email to firstname.lastname@example.org indicating that your Friend Account is locked. Your email should include your name, UMID, and email registered in the Friend Account.
Are the GRE General and Math Subject Test Scores required?
The general GRE scores are required for ALL applicants, even those who have completed a Master's degree. The Mathematics Subject GRE is very useful for the admissions committee so it is highly recommended, but it is not required for this program.
What if I missed the deadline to take the GRE test and plan to take it after the deadline?
Your application is not complete without a GRE test score, and we plan only to review applications that are completed within one week of the February 1 application deadline (February 8). If you have not taken the GRE test by February 1, it is unlikely that we will receive your score by February 8, and it is therefore unlikely that we will review your application.
What is the minimum GRE score needed to apply?
The GRE is required to apply to the Quant program, but there is no minimum required score. For the Fall 2015 incoming class, the median Verbal score was 152, and the median Quantitative score was 168. The median analytical writing score was 3.
How old can my GRE test scores be?
Your test scores should not be more than 5 years old as of the application deadline date.
If I take the GRE more than once, which scores will you use?
As long as your scores are less than 5 years old, we will use the best scores that you have submitted.
What is the Educational Testing Service (ETS) Code for Michigan?
University of Michigan’s ETS Code is 1839. The Mathematics program code is 0703.
Can I apply if I do not have my GRE test results back yet?
Yes, as long as you have taken the exam, you can apply. Once your scores have been sent by ETS they will automatically be linked up with your application. We plan only to review applications that are completed within one week of the February 1 deadline (February 8). If you GRE score does not arrive by that date, we may not review it.
Can I send you the GRE scores or copies of my GRE scores?
We will only accept Official GRE Scores from Educational Testing Service (ETS) directly.
Do you accept the GMAT instead of the GRE?
No, we only accept the GRE.
TOEFL and IELTS:
If I am currently attending a University where the language of instruction is English and I WILL receive an undergraduate degree from this University do I need to take the TOEFL exam?
Applicants who have completed all of their undergraduate education and have earned or will earn an undergraduate degree (Bachelor's degree or equivalent) at an institution where all classes are taught exclusively in English are exempt from submitting an official English proficiency score. Verification from the school may be required. Applicants who have transferred to an English-speaking institution (other than the University of Michigan) from an institution where English is not the sole language of instruction must submit English proficiency exam scores that are no more than 2 years old as of the application deadline.
All non-native English speakers applying to the program should take special care to ensure that they meet the English proficiency requirement. More information about the requirements and waivers can be found here.
How old can my TOEFL exam be?
Your exam is valid for 2 years. It must be less than 2 years old as of the date your application is submitted.
If my TOEFL score is a 95 or lower, may I still apply?
For those who are required to take the TOEFL, we will not review your application unless we have received a score of 95 or higher by the deadline indicated on our admissions page . There are no exceptions to this rule. You are allowed to retake the TOEFL to try and get a higher score, but your new score must arrive by the deadline in order for your application to be reviewed.
Where do I send my scores?
Whenever possible, you should send your scores electronically through the testing service's website. The University of Michigan's ETS code is 1839.
FOR IELTS ONLY: Please send your scores to Rackham Graduate School. Do not send them to the Math Department. The Graduate School's mailing address is as follows:
Rackham Graduate School
915 E. Washington Street
Ann Arbor, Michigan 48109-1070, USA
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