Academics
Building on the University of Michigan’s long history of academic excellence, the Quant program approaches the study of quantitative finance with an intensely theoretical perspective. Our close focus on advanced mathematical and statistical theory sets us apart from our peer programs in financial engineering, computational finance, and mathematical finance and provides graduates with an unparalleled foundation for a career in finance.
After successfully completing our curriculum devised and taught by faculty in Mathematics and Statistics, you will enter the workforce with an expert-level ability to:
- Use stochastic analysis and probability theory to carry out relevant mathematical analysis
- Represent financial questions as mathematical models
- Implement the results using advanced numerical methods
- Make decisions based on the results
Course Plan
The Quant program requires the completion of 36 credits, consisting of 24 credits from core courses and 12 credits from electives. The curriculum features 8 core courses spread across 3 semesters. Students must adhere to the prescribed course sequence detailed below. Following this sequence is crucial for establishing a strong foundation and achieving the program’s learning objectives. In line with our Quant Program Core Course Policy, it is crucial to complete core courses during their designated semesters. If you defer these courses to other semesters, you will be dropped from them. Most students complete the program within three semesters. However, if you decide to extend your studies into a fourth semester, you must use this additional time exclusively for approved elective credits to meet the 36-credit requirement.
Semester I: Fall
4 Core Courses
- Numerical Analysis with Financial Applications (MATH 472)
- Discrete State Stochastic Processes (MATH 526)
- Advanced Financial Mathematics I (MATH 573)
- Statistical Learning I: Regression (STATS 500)
Semester: 2 Winter
3 Core Courses + Elective Credits
- Stochastic Analysis for Finance (MATH 506)
- Advanced Financial Mathematics II (MATH 574)
- Statistical Analysis of Financial Data (STATS 509)
- 3 credits of electives
Semester 3: Fall
1 Core Course + 9 Elective Credits
- Computational Finance (MATH 623)
- 9 credits of electives
If you are currently an undergraduate Mathematics major at the University of Michigan, you are eligible for the Accelerated Master’s Degree Program (AMDP), which offers a unique one-year course plan. Click the button to the right to view the accelerated course plan.
Core Courses
You will complete 8 core courses, totaling 24 credits, in graduate-level mathematics and statistics. The master’s program is organized into four-course sequences that form the core of the curriculum. To progress to subsequent courses, you must successfully complete the initial course in each sequence. The details of these sequences are outlined below:
MATH 573 – Advanced Financial Mathematics I +
MATH 574 – Advanced Financial Mathematics II
Introduces students to the main concepts of financial mathematics and financial engineering, with special emphasis on the application of mathematical methods to the relevant problems in the financial industry.
MATH 526 – Discrete State Stochastic Processes +
MATH 506 – Stochastic Analysis for Finance
Analyzes in more detail the mathematical tools used in MATH 573 – MATH 574 with additional focus on mathematical challenges associated with financial problems.
MATH 472 – Numerical Analysis with Financial Applications +
MATH 623 – Computational Finance
Focuses on the implementation of the models using tools from numerical methods for solving partial differential equations and Monte-Carlo methods. Students develop computer programs to calculate the prices of financial derivatives and find ways of hedging risk.
STATS 500 – Statistical Analysis I: Regression +
STATS 509 – Statistical Analysis of Financial Data
Introduces the basic statistical tools for financial data, including regression and time series models, as well as various inference techniques.
Electives
Quant students choose 12 or more credits of electives (3 – 5 courses) from across the university, allowing students to tailor their degree toward their area of interest, whether it’s programming, data science, finance, or a deeper understanding of mathematics. In addition to those listed below, other courses may be selected and used toward the master’s degree with advisor approval.
Graduation Requirements
To earn a master’s degree in Quantitative Finance and Risk Management, students must adhere to the following additional requirements, in addition to completing the specified coursework:
- Complete all required core courses with a minimum grade of C- or better.
- Fulfill a minimum of 12 credits from approved elective courses.
- Earn a total of at least 36 credits applicable to the Quant program.
- Maintain compliance with all academic regulations set forth by Rackham Graduate School, including maintaining a cumulative GPA of 3.0 or higher.
- Submit an official transcript(s) directly from the issuing institution(s) prior to applying for graduation.
- Submit an application for graduation as per the deadlines specified by Rackham Graduate School.
Academic Probation Policy: Students are required to maintain a cumulative GPA of 3.0 or higher to remain in good academic standing. If this requirement is not met, students may be placed on academic probation. Our program follows the Rackham Graduate School’s academic probation policy and procedures, but we also have our own specific probation policies. For detailed information on both sets of policies, please consult the Rackham Graduate School’s website as well as our Quant Program Academic Probation Policy.
These requirements collectively ensure that students meet all necessary criteria for the completion and award of their master’s degree in Quantitative Finance and Risk Management.