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Fieldwork Class (CPT)

Math GR 5510 MAFN Fieldwork

Note: The plan is to offer this course in the fall, spring and summer.

Course Description

This course provides an opportunity for MAFN students to engage in off-campus internships for academic credit that counts towards the degree.

  • Open only to MAFN students
  • The student is responsible for securing an appropriate internship
  • Approval by the instructor is required
  • Prerequisites: All 6 MAFN core courses and at least 6 credits of approved electives. As a consequence, this course is not open to students in their first two semesters
  • If you take the MAFN Fieldwork course in your last semester, then you must take at least one regular course as well
  • Grading: Letter grade
  • Points/credits:
    • 1—3.
    • The total number of hours of work is normally expected to be at least 70 per credit (for full-time students, the time commitment per week — except in the summer — may not exceed 20 hours)
  • The course may be repeated (but not in the same semester) for a maximum total of 3 credits.
  • If you take this course but no other course in the summer, then most likely, you will pay tuition per point/credit.
  • If you take this course in your final semester, then it must be paired with at least one in-person course.
  • You cannot take this course – or any other course for that matter – if you have already completed your degree requirements
  • You must have successfully completed any internship course taken in the past to be eligible to take or re-take this course.

Rules and Procedures

Summary of Procedures

  • The student finds an appropriate internship and gets it approved by the instructor / MAFN director. The application instructions are listed below.
  • The student may need to register for the class online, which will result in being put on a waiting list.
  • If you take this course in the summer, and only this course, you may not need to register for Residence Units.
  • The MAFN office registers the student in the course, either manually or from the waiting list.
  • At this point, international students may apply to the ISSO for Curricular Practical Training (CPT). Please note that it is highly unlikely that the ISSO will let you apply for both OPT and CPT at the same time.
  • To drop the course, the student must follow the relevant drop rules and deadlines. The student cannot drop the course after the internship start date
  • The student does the internship and writes a report
  • A letter grade is assigned based on the report

See details in the following sections.

Timing of the Internship

Fall semester: The start date of the internship must be no earlier than the first day of classes. The end date must be no later than the end of the fall final exams.

Spring semester: The start date of the internship must be after the end of the fall final exams. The end date must be no later than the end of the spring final exams.

Summer: The start date of the internship must be after the end of the spring final exams, and the end date must be no later than the first day of the Fall semester (this year, September 7, 2021).

Appropriate Internships

For full-time students, the time commitment per week (except in the summer) may not exceed 20 hours.

The internships should provide training and experience that complement the students’ education and help them relate the material taught in the MAFN classes to professional practice.

Typical internship employers/sponsors of relevance for MAFN students would be banks, investment banks, asset management firms, hedge funds, insurance companies, financial consulting firms, financial software firms, and the like. The internship may involve formal training sessions, on-the-job training, and project work. Most activities related to quantitative finance would be appropriate. Examples include research, statistical analysis, financial and economic analysis, financial model development, coding of financial models and systems, testing and troubleshooting of financial models, portfolio construction, and construction and testing of trading strategies.

Unpaid Internships

Because of legal complications, unpaid internships will not be approved for the MAFN Fieldwork course.

If you do an unpaid internship, then you and your internship sponsor/employer are responsible for complying with applicable labor laws and labor regulations. These laws and regulations exist in part to prevent unpaid interns from unfairly competing with people who need to work and get paid for a living.

The Center for Career Education has some information about this here: Unpaid Internships

Application for Approval

To apply for approval and class enrollment, the student must submit an application with an official employment letter from the sponsor to the MAFN Office as early as possible. Application

The MAFN Office may contact the sponsor/supervisor to verify information about the internship and to verify the intern’s completion of the internship.

In some cases, the application may be approved for a lower number of credits than requested.

Application Deadline

Submit the application as early as possible before you wish to begin the internship. The review by the instructor / MAFN director takes some time. International students who wish to apply for CPT need to leave additional time for the ISSO to process the application. Both steps must be completed before you can start employment.

Summer – apply before July 10
Fall – apply before October 31
Spring – apply before March 24

Successful Completion

To complete the course, the student must submit, by the relevant deadline (see below),

  • An internship report
  • A statement from the sponsor to the effect that the internship has been completed or is about to be completed

The internship report should describe the internship experience and its relevance to the MAFN program. Aspects that you may want to cover include the following:

  • The nature and business of the sponsoring organization and the division/department where the internship was undertaken
  • The intern’s activities, responsibilities, and projects, and their purpose and relevance for the sponsoring organization (it is not necessary to include technical details of projects)
  • Training and experience acquired, and how they complement the student’s education

The report should include the following information:

  • Student name
  • Student UNI
  • Internship start and end dates
  • Total number of hours
  • Internship sponsoring organization, department, and location
  • The supervisor or Human Resources (HR) contact name, title, phone number, and email

You are of course not supposed to reveal proprietary information. Some internship sponsors require that your report to go through an internal review and approval process to make sure you do not reveal such information.

Report and Statement Deadline

In the fall and in the spring, the deadline for the report and the statement from the sponsor is the last day of final exams. In the summer, the deadline is 10 days before Labor Day.


A passing grade requires that the internship is completed and an acceptable report has been submitted. Beyond that, the letter grade is mainly based on the quality of the internship report, and only to a very minor extent on the nature of the internship.

A good report covers relevant aspects of the internship experience – to the extent this can be done without revealing proprietary information – and is well structured, clear, and carefully written.

International Students

International students should have the same opportunities to take this course as domestic students. It is expected that international students will be able to take the course under the CPT (Curricular Practical Training) regulations.

These students will need to follow the CPT regulations and any additional requirements imposed by the ISSO. See F-1 CPT (Curricular Practical Training)

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