MS in Mathematical Finance

Application Process

What type of applicant does BU look for?

The Admission Committee looks for three primary factors when they review an application:

  • A record of academic excellence in quantitative coursework — so we can be assured that you will thrive in our dynamic and rigorous program
  • Commitment to ethics — to ensure that you will maintain the high level of integrity expected of all students in the Questrom School of Business
  • Evidence of student and community involvement — to indicate the value you will bring to future classmates

Learn more about our class profileapproach and mission.

We are committed to enrolling qualitatively excellent incoming classes that represent global, ethnic, and demographic diversity. It is our policy to encourage prospective students to consider our management programs regardless of race, color, religious creed, gender, national or ethnic origin, sexual orientation, age, disability, eligible veteran status or any other category protected by law.

How do I begin an application?

We ask all interested applicants to fill out our online application and follow our admission procedures.

Where do I send my official application components (i.e official transcripts)?

All documents should be mailed to:
Boston University Questrom School of Business
Office of Graduate Admissions
595 Commonwealth Avenue
Boston, Massachusetts 02215

How long will I have to wait for my admission decision?

If your application is submitted in its entirety by the required deadline, we aim to release the decision to you in four to six weeks.  This precludes our doctoral programs. For the anticipated decision response dates, please visit our application deadlines page.

What is the reapplication policy?

The Graduate Admissions Office keeps all records on file for one year. In order to reapply you must follow the reapplication procedure as outlined on our website.


What tests are required for admission?

Applicants to the MS in Mathematical Finance may either submit and GMAT score or a GRE score.  Applicants to the PhD program are required to take both the GRE and the GRE Math subject test. We accept students with a range of scores. Having a score that exceeds the average does not guarantee admission, nor does a score below the average necessarily mean that you will not be accepted. To see the averages of our current classes, please visit the class profile pages

Are official documents, such as transcripts and GMAT or GRE scores, required?

To expedite the admissions process we ask that you upload unofficial documents at the time of your application submission. Candidates that enroll in the program are required to submit official copies of all documents.

Do I need a TOEFL/IELTS/PTE score?
Candidates who have earned or will have completed at least two years of a Bachelor’s or Master’s degree at an institution in which the language of instruction was solely based in English are eligible for an automatic TOEFL/IELTS/PTE waiver.  Candidates must present evidence of language of instruction with the application for admission (through their transcript/accompanying documents or a link to the institution’s website).  Additionally, candidates who have or will have worked for at least two years in a full-time, post-Bachelor’s degree position in the US are eligible for an automatic waiver.

If you do not meet this criteria but would like to be considered for a waiver, you can submit a written request highlighting your experience with and proficiency in the English language to prior to the submission of your application.  The Admissions Committee will consider these requests on a case by case basis.

If you are submitting test results with your application, please be advised that tests are valid for 2 years.

What is the minimum TOEFL/IELTS/PTE scores you accept?
TOEFL: Minimum scores of 600 on the PBT or 95 on the IBT are recommended.  BU’s TOEFL code is 3087, department code is 02.

IELTS: A student must score a minimum of 6.5 across each band.

PTE: As more candidates submit the PTE, we are developing updated standards for our requirements. As new information becomes available, it will be posted here.

Do I need to interview?
All candidates to the MS in Mathematical Finance program will complete a video interview as part of the application process. Please use the hyperlink found in the “Documents” section of the “Program Materials” portion of the application to complete the video interview process. Click here for more information on what the admission committee is looking for in your video interview.

Do I need a four-year degree?

We require that applicants hold a four-year Bachelor’s degree from an accredited US institution or its international equivalent.  If you have earned a three-year degree that is the equivalent of a four-year degree in the US, it will be accepted in the admissions process.  For example, if you earned a three-year degree in India, your degree will qualify you to be considered for admission.  Regardless of program length, if you are uncertain whether your undergraduate degree meets our qualifications, please contact before starting the application process.

Do I need to complete all essays?

Yes, in order to be considered for admission, you must submit all required essays.

Program & Transfer

If my undergraduate degree is not in mathematics, can I apply to the program?

Yes, if you have successfully completed the prerequisite courses and are able to satisfy the University’s other requirements for admission.

Can this program be completed part-time?

No, students may only enroll in the program on a full-time basis.

Does the specialized training provided in the Mathematical Finance Program limit the career options of its graduates?

While the program covers the main aspects of mathematical finance and aims to prepare students for careers primarily in the financial services industry, it also provides training in the general areas of optimization, computing and statistics.

Graduates of the MF program enter into a number of fields upon graduation. Some of these career paths include:

  • Financial Advisory and Investment
  • Banking
  • Fixed Income Securities and Derivative
  • Products Management
  • Algorithmic Trading and Risk Management
  • Proprietary Trading and Asset Management
  • Financial Product Design and Implementation

Is work experience required in order to apply to the Master’s program?

No, the program was designed to meet the educational needs of both recent college graduates and practitioners. In fact, those individuals who have earned academic degrees quite recently are well positioned to succeed in this highly-rigorous, quantitative program.

Financial Aid & Scholarships

How do I apply for Scholarships & Financial Aid?

Admitted candidates to the  MS in Mathematical Finance and PhD in Mathematical Finance are considered for merit-based scholarships. You do not need to submit any additional information to be eligible for a merit-based award. Notification about scholarship is included in the acceptance packet. The Federal Direct Stafford Loan is available to U.S. citizens and U.S. permanent residents. Learn more about our financial aid offerings.

Do you offer financial aid to international students?

Yes, all applicants to the MS in Mathematical Finance program are automatically considered for merit-based scholarships provided that their applications are submitted by the admission deadlines.  A separate application is not required. In addition, international students can finance their graduate education with private education loans provided they apply with a creditworthy U.S. citizen or permanent resident with a U.S.-based address.

Still have questions?

The Graduate Admission team is here to support you during the admission process. Please feel free to email us at or to call us at (617) 353-2670. We’re also on Chat on MSN/AIM/ Yahoo/Google—our screen name is BostonUMBA.