Accelerated Master’s Degree Program (AMDP)

Accelerated Track for U-M Undergraduates Pursuing a Math Major

The Accelerated Master’s Degree Program (AMDP) is a unique opportunity for currently enrolled University of Michigan undergraduates who wish to pursue a 5-year combined BS/MS in Quantitative Finance and Risk Management.

The program allows students to take select graduate-level courses during their undergraduate studies and double-count approved credits toward both degrees.

Prospective AMDP students will submit a formal Graduate School application during their senior year. Admitted students will typically complete the undergraduate degree at the end of their senior year and finish the graduate degree at the end of their fifth year. 

While the program is typically designed for Mathematics majors, students without a math major may still be eligible for AMDP. These students must complete all of the required coursework expected of Mathematics majors (see below) and should demonstrate a strong mathematical foundation through prior coursework, including advanced calculus, linear algebra, probability, ordinary differential equations, partial differential equations, real analysis, and programming experience in languages such as Python, MATLAB, or C++. Please reach out to [email protected] if you have any questions about your eligibility to apply for AMDP.

For dual degrees with a Mathematics major: While students with a double major are eligible to pursue the AMDP, those pursuing dual degrees are ineligible for the AMDP. For example, students pursuing a dual-degree (such as a B.S. and a B.B.A. at U-M, or degrees spanning U-M and another institution) cannot double-count credits but may pursue the freestanding 4-semester program. Conversely, students with double majors (e.g., a B.S. in Mathematics and Statistics) remain eligible for the AMDP’s 2-semester program.

How It Works

AMDP students must meet the course requirements for both the bachelor’s degree and the master’s degree in Quantitative Finance and Risk Management. The AMDP has a different core course sequence, in which core courses are completed over 2 semesters, and students are exempt from MATH 507. This is possible because AMDP students complete three core courses *(MATH 526 , MATH 472 and Math 474) and approved elective credits (subject to Quant program approval), totaling 12 credits during their undergraduate studies, which are then double-counted toward the 36-credit minimum required for AMDP program graduation. Additionally, AMDP students may have the option to extend their studies into a third semester, which would allow them to move MATH 623 to a second Fall semester.

*At least one required course listed here must be completed by the February application deadline, and the other two should be in progress at the time of submission.

Due to the overlapping coursework between the Quant program and the undergraduate (UG) concentrations in actuarial mathematics and mathematics of finance and risk management, students in those concentrations are well-positioned to double-count credits and complete the master’s program in two semesters (Fall and Winter).

Course Plan for AMDP

Senior Year of UG: Fall

Undergrad – 6 Credits

Senior Year of UG: Winter

Undergrad – 6 Credits

  • Numerical Analysis with Financial Applications (MATH 472)
  • Introduction to Stochastic Analysis for Finance (Math 474)

First Semester: Fall

AMDP – 12 Credits

  • Advanced Financial Mathematics I (MATH 573)
  • Statistical Learning I: Regression (STATS 500)
  • 6 credits of electives (see “Electives” lists)

Second Semester: Winter

AMDP – 12 Credits

  • Stochastic Analysis for Finance (MATH 506)
  • Advanced Financial Mathematics II (MATH 574)
  • Statistical Analysis of Financial Data (STATS 509)
  • Computational Finance (MATH 623)

It is strongly recommended to enroll in MATH 628/629 – Machine Learning for Finance I/II (2 + 2 credits, offered in Fall/Winter) as part of your elective courses. This sequence offers valuable insights into the intersection of machine learning and finance. Additionally, students who have completed MATH 474 during their undergraduate studies are strongly encouraged to take MATH 507 – Mathematical Methods for Algorithmic Trading (3 credits, offered in Fall).

EXPLORE APPROVED ELECTIVES

Admissions Process

AMDP applicants should apply in the winter of their senior year and follow the same procedures and deadlines as applicants to the freestanding program, which are described on our admissions page. There are two exceptions:

  1.  AMDP applicants (and other U-M mathematics undergraduates) need only submit two letters of recommendation instead of three.
  2. GRE scores are not required for these students, though we do welcome and encourage students to send scores if they have them.

All applicants are considered within a single pool, meaning there is no inherent advantage or disadvantage to choosing one program over the other. However, students pursuing a University of Michigan degree in Mathematics are generally advised to apply to the AMDP rather than the freestanding program. When applying, please note that there are two distinct application types available in the Rackham application portal. Eligible AMDP applicants should select the application titled “Quantitative Finance and Risk Management AMDP” to ensure proper consideration for the AMDP.

Additional AMDP Policies

Prospective students are required to comply with the following additional prerequisites crucial for eligibility and successful completion of the AMDP. Please click on each dropdown to obtain further details.

Eligibility Requirements

  • Academic Requirements:
    • Must be enrolled as a U-M undergraduate (Double majors are eligible for the AMDP, but students pursing dual degrees are not eligible for the AMDP.)
    • Must maintain a minimum 3.2 cumulative GPA.
  • Course Requirements:
    • Minimum grade of B+ required in MATH 526, MATH 472 and MATH 474.
    • Program approval needed for all double-counting.

Credit Transfer and Double-Counting

  • Double-Counting:
    • Up to 12 credits can be double-counted towards both the undergraduate and master’s degree requirements.
    • Courses must be dual-enrolled for double-counting.
  • Transfer Credits:
    • Up to 6 credits from graduate-level courses may be transferred from U-M or other accredited universities with graduate programs.
    • Transfer credits cannot fulfill undergraduate degree requirements.
  • Advising and Approval:
    • Detailed advising on course transfer and double-counting eligibility provided.
    • Prospective AMDP students should meet with the Quant Program Manager before applying to discuss eligibility and potential course plan.
    • Admitted students meet again with the Program Manager to finalize their course plan and obtain approval.

Program Structure

  • Undergraduate Degree Completion:
    • Complete undergraduate concentration and all bachelor’s degree requirements.
    • Normally apply for the undergraduate degree in the second semester of senior year.
  • Graduate-Level Coursework:
    • Begin graduate-level coursework in the fourth year of undergraduate program.
    • Enroll in Rackham (graduate school) in the fifth year.

Registration and Timing

  • Rackham Registration:
    • Must be registered in Rackham for a minimum of two full terms and at least nine credits with no other U-M registration.
  • Timing Requirements:
    • Must enroll in Rackham within 12 months of undergraduate graduation to be eligible for double-counting.