MFE Application Requirements
Application Background
MFE programs prefer applicants with strong mathematical and engineering abilities, such as those from mathematics, statistics, and science/engineering backgrounds.
Hard Skills
Requirements vary by school. MFE programs generally prefer GRE scores, and the higher your GPA, GMAT, and TOEFL scores, the better.
Prerequisite Courses
It's not only about comparing standardized scores; you should also pay close attention to the majors and course backgrounds of previous applicants.
For example, CMU's Computational Finance program has these prerequisite requirements:
1) Strong academic performance in a depth of mathematics and probability course work
2) Experience with C or C++ programming
3) A strong interest in a career in the quantitative finance field
4) Calculus I and II
5) Differential equations
6) Linear algebra
7) Calculus-based probability
8) C or C++ programming
Tips
If you want to get a rough idea of which programs you are competitive for based on your current grades, you can visit www.quantnet.com. This website has many past applicants who have reported their GPA, GRE scores, relevant backgrounds, and final admission outcomes, and you can filter by school and program.
For example, if you search for Columbia University's MFE admissions results on this site, you'll see a long list of "Reject" decisions, including from strong candidates with GPAs of 3.9 and GRE scores of 330+. While standardized scores don't represent everything, it at least indicates how demanding Columbia's MFE program is and how low its acceptance rate is.
Direct link ☞ https://quantnet.com/tracker/?filters%5Bprogram_id%5D=2
Early Application Strategy
Push your GPA as high as possible! Take more mathematics and computer programming courses, and mention your strong mathematical analysis skills in all your application materials.
How to Turn a Change of Major Background into an Application Advantage?
First, collect information on these related programs: their reputation, curriculum, placement records, etc. This information is very comprehensive and detailed on websites like QuantNet or CD. If you're interested, search for it yourself. Then develop your application strategy, spreading your applications across different tiers of programs.
Improving Your Own Background
Improving your own background: The competition for this program is intense because applicants from almost any academic background can apply in principle. Of course, the most preferred backgrounds, besides economics and finance (the direct target), are students from mathematics and CS departments. Other engineering majors may have a slight disadvantage.
Therefore, if you want to apply to top programs, a good GPA, ranking, and GRE/GMAT, TOEFL scores are a must (unless you have some other very, very special shining point). As for what counts as good, you can determine that based on historical application data.
Then there are some bonus parts, such as internships, publications, recommendation letters, etc. Internships are extremely important. The best ones are definitely internships at very big-name famous financial institutions. On the one hand, they will greatly help your application and even your future full-time job search; on the other hand, they will allow you to familiarize yourself with this field and truly understand what you will be studying. These internship experiences are also an excellent opportunity for students transitioning from science and engineering to financial engineering to demonstrate their financial knowledge and related competencies.
Enhancing Your Academic Background
Academic background preparation mainly involves four areas (based on CMU's relevant standards): mathematics, statistics, computer science, finance. For example, CMU will ask you to detail the courses you have taken and other preparations in each of these four areas. Any shortcoming in any area will be detrimental to your application.
Furthermore, when applying, you should also pay attention to the preferences of each program. For example, some financial mathematics programs will very clearly prefer students who studied mathematics or physics as undergraduates. For such programs, engineering students may have difficulty applying, because you may have only taken general calculus and linear algebra, and have never studied numerical analysis, real analysis, partial differential equations, measure theory, etc. There will be a big gap between you and students who studied mathematics or physics. Identifying these preferences depends on whether you did thorough preliminary information gathering.
Recommended Popular MFE Programs at U.S. Universities
Columbia University
Columbia University is located in Manhattan, New York, and is an Ivy League school. Its curriculum places a strong emphasis on practical applications and has strict requirements for applicants' backgrounds, preferably those with mathematics or physics backgrounds. Because it enrolls 80 students (the largest MFE class), it is the program that receives the most applications among MFE programs. The competition is not as intense as Princeton, NYU, and Stanford, but it is still high. Although the class is large, as an Ivy League school in Manhattan, its employment prospects are excellent, with over 90% of graduates able to find jobs in the U.S.
Columbia's program, officially named Master of Arts program in Mathematics with specialization in the Mathematics of Finance (MAFN), is under the Department of Mathematics, and its curriculum leans towards mathematical theory. The program lasts 2-3 semesters and requires applicants to have knowledge of calculus, linear algebra, probability, and statistics, as well as good programming skills, preferably with background in advanced calculus and mathematical analysis theory.
New York University
NYU has an enviable location, and its financial engineering program is housed under the Courant Institute of Mathematical Sciences. NYU has close ties with the financial industry, and its graduates enjoy a very high employment rate.
NYU's program, called Mathematics in Finance, is within the Courant Institute of Mathematical Sciences. It sets high mathematical requirements for applicants, who must have completed multivariable calculus, linear algebra, and introductory calculus courses. Applicants are preferably from mathematics or related fields such as physics, statistics, or engineering, with strong mathematical and programming skills. Only about 30 students are accepted each year, with Chinese students making up the majority. No scholarships, RA, or TA positions are offered, but there is a summer internship with pay. NYU's proximity to Wall Street and its location give it close ties with the financial industry, and its graduates have very high employment rates.
University of Chicago
UChicago's Financial Mathematics program is a model for U.S. research universities and is regarded as a holy place for the study of economics and finance. The program is housed under the Department of Mathematics and is highly theoretical, with a very strong mathematical flavor. It requires applicants to have very strong mathematical abilities (having taken Calculus I, II, III, linear algebra, probability, statistics, and differential equations), relevant work experience (though not strictly required), and computer programming skills (C++ etc.). Being in the second largest financial center in North America, its employment rate is still decent.
Boston University
BU's Master of Science in Mathematical Finance (MSMF) is a 17-month program consisting of three semesters of coursework and a summer internship. It is housed within the School of Business, and the curriculum leans towards mathematics with some programming knowledge. The admissions process includes three rounds of video interviews. Applicants should have completed Calculus I, II, III, linear algebra, computer programming, and other courses. According to school data, 80% of students find jobs within three months of graduation.
Johns Hopkins University
JHU's Financial Mathematics is under the Department of Applied Mathematics and Statistics within the Whiting School of Engineering. The program is three semesters plus two internships and accepts students from engineering, mathematics, science, finance, and economics. However, applicants must have taken calculus, linear algebra, statistics, probability, and other math courses; programming courses such as C++; and at least two proof-writing courses.
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