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 majoring in Mathematics who wish to pursue a 5-year combined BS/MS in Quantitative Finance and Risk Management. The program allows students to take some of the required courses for the graduate program while they are still completing their undergraduate program and use up to 18 of those credits to work toward their graduate degree.

Prospective AMDP students will submit a formal Graduate School application during their senior year. Admitted AMDP students will typically complete the undergraduate degree at the end of their senior year and complete the graduate degree at the end of their 5th year. However, there are other paths to the AMDP, as described in the following section.

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, with up to 12 credits double-counting toward both and an additional 6 credits that can be transferred out of the B.S. into the M.S. Typically, AMDP students double-count MATH 472 and MATH 526, as well as any eligible electives approved by their Quant Program advisor. Courses in statistics, mathematics, computer science, finance, and economics that are 400-level or above are eligible for consideration if they are relevant to a career in quantitative analyst or financial engineering, but approval is not guaranteed.

Due to the overlapping coursework between the quantitative finance master’s 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 12 credits or more and complete the master’s program in just two terms. However, any eligible student with any number of double-countable courses may apply to the AMDP and would be able to double-count if admitted. For example, a U-M UG Mathematics major who has taken MATH 526 and no other eligible courses can apply to the AMDP, double-count the 3 credits from MATH 526, and complete the remaining 33 credits as a graduate student.

Sample Course Plan for AMDP

Senior Year of UG: Fall

Undergrad – 6 Credits

Senior Year of UG: Winter

Undergrad – 6 Credits

First Semester: Fall

AMDP – 12 Credits

  • Advanced Financial Mathematics I (MATH 573)
  • Statistical Learning I: Regression (STATS 500)
  • 3 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)

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 Math major. (Double majors are eligible for the AMDP, but dual degrees that include a Math major are not eligible for the AMDP.)
    • Must maintain a minimum 3.2 cumulative GPA.
  • Course Requirements:
    • Minimum grade of B+ required in MATH 526 and MATH 472.
    • 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.