The University of Chicago's Master of Science in Financial Mathematics (MSFM) is an in-person quant finance master's on the Hyde Park campus that full-time students typically finish in five quarters, about 15 months. For an Autumn 2027 start you apply by November 2, 2026 or February 1, 2027, the GRE is optional, the GMAT isn't considered, and you'll need TOEFL or IELTS scores unless you're exempt.
I'm Fiona Taft, founder and CEO of QuantMinds, former Executive Director of UC Berkeley's MFE program and former Associate Director at Stanford University. Program details come from the University of Chicago's official pages, checked October 2026. For the advice that applies to every program, start with my guide on how to choose a quant master's program.
UChicago MSFM at a glance
| Detail | UChicago MSFM |
|---|---|
| Degree | Master of Science in Financial Mathematics, in the Physical Sciences Division |
| Length | Five quarters full-time, four of courses plus a summer quarter, or part-time |
| Location | In person in Chicago, with evening courses for part-time students |
| Start | Autumn quarter only |
| Entering class | 134 students in Fall 2025, the latest profile posted, from 25 countries |
| Autumn 2027 deadlines | November 2, 2026 and February 1, 2027 |
| Tests | GRE optional, GMAT not considered, TOEFL or IELTS unless exempt |
| Tuition | $8,017 per 100-unit course in 2026-27 |
| Application fee | $90 |
Admission requirements
Start with the math, because UChicago won't bend on it. Its application requirements page sets the minimum at multivariable calculus, linear algebra and probability, and says it can't be flexible about math because the program is so fast and dense. If you've got a gap, here's the math you actually need to break into quant finance.
You also need some programming, ideally C++ or Python. Work experience isn't required, and many people are admitted without it, but UChicago gives it a fair amount of consideration.
What you submit
- A resume listing your entire work history, with dates, locations and whether each job was full-time or part-time
- Transcripts from every college and university you attended, scanned for the application
- Three candidate statements of up to 250 words each
- Two video statements
- Three letters of recommendation, at least one of them from a professional reference
- GRE scores if you choose to send them, and English test scores unless you're exempt
The statements ask about your greatest shortcoming in preparing for the program and what you've done about it, how the program, university and city fit your career goals, and anything else the committee should know.
Tests
No applicant has to take the GRE, but you can send a score from a test taken within five years of the deadline to strengthen your file, self-reported first, with the official ETS report to follow. Don't send the GMAT, because UChicago doesn't consider it.
Watch the clock if you're testing now. Both deadlines include verified scores and letters, and ETS says it sends official scores to the schools you named on test day 8 to 10 days after your test, which leaves almost no room for November 2.
For English, UChicago accepts only the TOEFL iBT or IELTS Academic, taken within two years of the deadline. The minimum is 90 on the TOEFL or 7 on the IELTS, and the program generally prefers scores well above that. You're exempt if English has been your main language of communication and schooling since childhood, or if you've studied full-time for a year in the last ten at an accredited English-medium university in a listed country, such as the US, the UK or Canada.
The admission FAQ says Round 1 decisions come across January and February, and Round 2 across February and March.
What's distinctive about the MSFM
The degree is 1,250 units, where a full-quarter course is 100 units. Its curriculum page splits that into 250 units of core courses, 100 of computing and 900 of electives. The core is Probability and Stochastic Processes, Options, and Portfolio and Risk Management. Your first autumn builds the mathematical foundations, winter and spring move into risk, portfolio theory, option pricing and derivatives, and your final autumn is electives, which in 2026-27 run from Computing for Finance in C++ to Generative and Agentic AI for Finance.
- Concentrations. You can earn one or more of five, in Financial Computing, Machine Learning and AI, Options and Derivatives, Rates and Credit, and Trading. Each takes 300 units, and they go on your transcript unless you opt out.
- Project Lab. Teams of four to six students spend 10 weeks on a firm's research project with an advisor, ending in a presentation to the firm. It's usually offered every quarter, you can repeat it, and past partners include Bank of America and Northern Trust.
- The summer quarter. You can use it for an internship or a Project Lab. If you're on an F-1 visa, internships run on CPT, which you're eligible for only after three full-time quarters in the program.
- Career Seminar. This pass/fail course runs every quarter, with employer treks, workshops, alumni panels and mock interviews. It's required unless the Career Development Office waives it because you aren't job hunting.
- Orientation. There's a month-long in-person orientation before your first autumn quarter. For 2026 entrants it began August 24.
UChicago also runs a Quant Foundation Series, live online math refreshers open to the public. This fall's linear algebra modules run October 24 to November 14 and November 28 to December 19, 2026, at $900 each. UChicago says it takes that work into account if you apply, with no guarantee of admission.
Costs
UChicago's tuition page charges by the course, $8,017 per 100-unit course in 2026-27, billed quarterly. UChicago doesn't publish a total for the degree, and an Autumn 2027 start is billed at later years' rates, so check the page again before you budget.
For 2026, quarterly fees include a $520 Student Services Fee and $1,839 for the USHIP health plan if you're enrolled in it, plus a one-time $84 transcript fee. Admitted students pay a $3,000 deposit, credited to their first autumn tuition. For living costs, the program points you to the university's cost of attendance page.
Every applicant, international and part-time included, is considered for merit funding automatically, and awards come with your admission decision.
Career outcomes
For its December 2025 graduates, UChicago reports that 87% of those seeking work had a job within three months of graduating and 97% within six, with an average reported salary of $156,277.
- Location. 78% are in the US, including 27% in Chicago and 22% in New York
- Roles. 43% quant research and analysis, 26% trading, 13% quant development and 10% quant risk
- Employers. 20% trading firms, 18% asset managers, 18% banks and 17% hedge funds, including Citadel, DRW, Millennium, Squarepoint Capital and Goldman Sachs
On 2026 internships, UChicago reports that 93% of students seeking one secured at least one summer internship, and 91% of those who applied for a summer Project Lab without an internship got one. Interns went to firms including AQR, Jane Street and Point72.
How I see the MSFM
UChicago's MSFM is a very strong program, and the city is a big part of why. A lot of the prop trading firms are in Chicago, they recruit at UChicago, and you still have a route into New York hedge funds. If a Chicago trading firm is on your list, that matters.
I also like how hands-on the career team is, with lots of treks. And get to know your classmates and the alumni ahead of you, because they're the people who'll refer you into firms later.
Before you apply, get clear on the role you want, because the concentrations make the choice concrete. Trading, Financial Computing and Rates and Credit point toward different jobs, so name the one that fits and say why in your second statement. If you're torn, read our guide to choosing between quant research, trading and development first.
In the shortcoming statement, name a real weakness and show what you've done to improve it. If you've got a strong GRE quant score, send it. It's optional, but it backs up exactly the math UChicago says it won't compromise on.
Then apply in the round where your file is complete. If you can't get verified scores and all three letters in by November 2, February 1 is a better bet than a rushed application.
Frequently asked questions
Is the UChicago MSFM STEM-designated?
Yes. UChicago's international students page describes financial mathematics as a USCIS-approved STEM field, so graduates can apply for the 24-month STEM extension of their 12-month OPT. Check the details with UChicago's Office of International Affairs.
Can I do the UChicago MSFM part-time?
Yes. UChicago says applying part-time doesn't affect your chances, part-time students finish in two to three years on average, and everyone has to finish within four.
Is there an online version of the UChicago MSFM?
Yes. The online program holds live Zoom classes, mostly on weekday evenings, starts every January and June, and asks for two letters instead of three. It's $7,415 per 100 units in 2026-27, and online students aren't eligible for CPT or OPT.
What's the acceptance rate for the UChicago MSFM?
UChicago doesn't publish one or its applicant numbers. It says the volume of applications and the limited number of places mean it can't admit every qualified candidate.
Get a second opinion
If you'd like another set of eyes on whether UChicago belongs on your list, or on which round fits your timeline, request a free Discovery Session, a Zoom session with one of our coaches, and we'll work through it together.