Degree Requirements

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Departmental Degree Requirements

To fulfill the department’s degree requirements, each student is required to:

  • ✓Earn a minimum of thirty (30) credits/points
  • ✓Complete all required coursework as outlined below
  • ✓Maintain a cumulative Grade Point Average (GPA) of at least 3.0
  • ✓Take all courses counting toward the degree for a letter grade (courses taken for R or Pass/Fail do not count toward the degree; see the GSAS Grading System)

Required Coursework

Mandatory Courses

The mandatory courses are as follows:

Course Code Course Title Credits When to Take
MATH5010GR Introduction to the Mathematics of Finance 3 Must be taken in the 1st semester
MATH5030GR Numerical Methods in Finance 3 Fall or Spring
MATH5050GR Practitioners’ Seminar I * 1.5 Fall only
MATH5051GR Practitioners’ Seminar II * 1.5 Spring only
STAT5263GR Statistical Inference / Time-Series Modeling 3 Fall or Spring
STAT5264GR Stochastic Processes – Applications 3 Recommended in the 1st semester; must be taken before STAT5265GR
STAT5265GR Stochastic Methods in Finance 3 Must be taken after STAT5264GR

Additional Notes — MATH5050GR & MATH5051GR (Practitioners’ Seminar)

  • Students are required to complete at least one of the two courses.
  • Students are strongly encouraged to complete both, but cannot take the same course twice (e.g., MATH5050GR in two Fall semesters in different years).
  • The Practitioners’ Seminar courses cannot be waived and must be completed as part of the degree requirements.

Core Course Sequencing & Academic Planning Requirements

  • Both full-time and part-time students must take MATH5010GR (or obtain a waiver) in their first semester to ensure adequate preparation for subsequent coursework.
  • Full-time students must take at least 2 mandatory courses in each of the first 2 semesters (excluding the Practitioners’ Seminar). The possible sequences of mandatory courses are therefore “3+2(+0)” (most common), “2+3(+0)“, or “2+2+1” (see caution below). If one or more mandatory courses are waived, the possible sequences are “2+2(+0)” (1 waiver) or “2+1(+0)” (2 waivers). Caution on “2+2+1”: This sequence forecloses two-semester graduation and concentrates risk in the third semester (e.g., F grade in the 3rd semester).
  • STAT5264GR must be taken in a strictly earlier semester than STAT5265GR (there is also a time conflict between the two). Students are strongly encouraged to take STAT5264GR in their first semester.
Note: Students should consider their intended graduation timeline when planning enrollment in mandatory courses, particularly in light of course sequencing requirements (e.g., STAT5264GR must be taken before STAT5265GR), which may affect the timing of degree completion. If a student turns out not to have sufficient mathematical preparation for one of the mandatory courses, the student should consult with the program director without delay.

Some of the above courses may be eligible for waivers. Please see the “Waivers of Mandatory Courses” section below for more information.

Elective Courses

Students must complete additional approved elective courses to ensure that the total number of credits reaches thirty (30). Each course counting toward the degree must:

  • ✓Be at the 4000 level or above
  • ✓Be taken for a letter grade
  • ✓Be in-person
  • ✓Be related to the mathematics of finance field

Courses that do not meet the above requirements may be taken, but will not count toward the degree.

Electives may be taken in any combination of approved courses, as long as the total number of credits counting toward the degree reaches thirty (30).

Generally approved electives include relevant 4000-level or higher courses from the Departments of Mathematics, Statistics, Computer Science, Economics, Industrial Engineering and Operations Research (IEOR), the Graduate School of Business (GSB), and the School of International and Public Affairs (SIPA). Research seminars cannot count as electives.

A list of non-MAFN electives previously approved and taken by our students is available. Courses not explicitly listed as approved require prior approval from the program director. In case of doubt, students should consult the director.

Some electives require school and/or instructor approval, and many have enrollment caps. Students taking electives in other schools (such as GSB or SIPA) must follow that school’s cross-registration processes and academic calendar, which may differ from GSAS in registration periods, holidays, and add/drop deadlines.

Generally Approved Departments

  • · Mathematics
  • · Statistics
  • · Computer Science
  • · Economics
  • · Industrial Engineering & Operations Research (IEOR)
  • · Graduate School of Business (GSB)
  • · School of International & Public Affairs (SIPA)

Waivers of Mandatory Courses

Please carefully read all instructions and requirements below before submitting your waiver request through the Waiver Request Form — 2026 Cohort (coming soon).

In exceptional cases, a student may be released from the requirement to take a particular mandatory course, subject to approval. Students who have completed coursework prior to joining the MAFN program that is substantially equivalent to a mandatory course, and for which a final grade has been awarded, may be eligible to request a waiver. All requests are reviewed on a case-by-case basis, and applicants must provide supporting documentation, including official transcripts and course syllabi.

Waiver requests must be submitted during the designated waiver request period at the start of the program. This is a one-time opportunity throughout your entire program, and students must submit all waiver requests during this initial period. Requests will not be accepted after the deadline, in any later semester, or through any other means. Submitting a waiver request and receiving approval does not prevent you from enrolling in the course later. Students may still register for the course as usual if he/she changes mind.

If a mandatory course waiver is approved, the student will be required to take additional approved elective courses in place of the waived course, in order to fulfill the degree requirements. Credits waived are not credits earned. A waiver removes the mandatory course requirement but does not award academic credit.

Courses Ineligible for Waiver

The following courses are ineligible for a waiver:

  • MATH5050GR: Practitioners’ Seminar I
  • MATH5051GR: Practitioners’ Seminar II

Completion Timeline and Graduation

Full-Time Status

Full-time students (including international students on F-1 or J-1 visas) must register for at least 12 credits in each of the first two semesters (Fall and Spring).

Full-time students, including international students on F-1 or J-1 visas, must complete all degree requirements within two (Fall + Spring) or three (Fall + Spring + Fall) semesters. Part-time students must complete the program within four years (eight semesters).

Standard Two-Semester Completion

Fall + Spring

Students planning to graduate in two semesters typically:

  • Take core courses early, including STAT5264GR in the Fall
  • Complete remaining core courses, including STAT5265GR, in the Spring
  • Use electives to reach 30 credits by the end of the Spring semester

Three-Semester Completion

Fall + Spring + Fall

Most students choose this path, often to allow more time for internships or job search. These students typically:

  • Distribute core and elective courses across three semesters
  • Avoid completing 30 credits in the Spring semester
  • Complete remaining credits in the third semester

Part-Time

Up to 4 years (8 semesters)

Part-time students must complete the program within four years (eight semesters) and are required to register in each semester until all degree requirements have been completed.

Important

  • Once a student has fulfilled the degree requirements, they can no longer register or take additional courses. International students on F-1 or J-1 visas must adjust their status once they have fulfilled degree requirements.
  • Students who apply for graduation but do not meet all requirements (for example, mandatory courses) will not be approved to graduate, and students who do not submit their graduation application in Vergil by the appropriate deadline may not receive their diplomas on time.

Students Considering a Third Semester

  • Students who wish to continue into a third semester must ensure that they do not complete all degree requirements in the Spring semester (second semester).
  • Students should plan their course load accordingly and be mindful of how their course selections may affect their graduation timeline.
  • Any changes to course registration must be made before the official deadline.
  • Students uncertain about their graduation timeline should enroll in STAT5264GR during their initial semester, since 5264 serves as a prerequisite for 5265.

Planning Your Coursework

There is no single fixed course pathway in the MAFN program. Students may plan their coursework based on waiver decisions, academic background, intended graduation timeline, and career goals. However, all students must ensure that their course plan satisfies all degree requirements. In addition, students are strongly encouraged to review their course plan regularly. In case of uncertainty, students should consult with the program office to ensure that their course selections align with degree requirements and intended graduation timeline.

Students with Approved Waivers: Students who receive waivers for one or more mandatory courses may have more flexibility in course selection. However, waived courses do not reduce the total number of credits required — students must still complete 30 credits.

Good Standing and Academic Progress

Students are expected to maintain a cumulative Grade Point Average (GPA) of B (3.0) or better to remain in good academic standing.

GPA Calculation

The calculation of GPA is explained on the Registrar’s website: Grade Point Average (Registrar). The official cumulative GPA is derived from all courses in which you have registered and received a grade. In particular, even undergraduate courses and other courses that do not count toward the degree requirements are included in the official GPA. See: Good Standing

Academic Standing

If your GPA falls below 3.0, you will normally receive a warning from the program director. If you do not subsequently succeed in returning to good standing, it is possible that you will not be allowed to register again and will be asked to leave the program.

If a student receives an F in a course, then it can be hard to raise your GPA sufficiently by getting good grades in other courses. For this case only, there exists the possibility of retaking the course the next time it is offered, and to apply the new grade towards your GPA instead of the original one. This option exists only for courses where you get an F. See: Retaking a Course with Grade of F.

To retake the course, the student must appeal to the program director, in principle no later than 10 days after the grade has been posted on SSOL. The student must then contact the GSAS Office of Student Affairs and request that the course be added to your registration the next time it is offered. The grades for both of the courses will be posted on the student’s transcript, but only the second grade will be included in the official GPA.

School and University Requirements

Students must comply with University and Graduate School of Arts and Sciences (GSAS) rules and policies in addition to the departmental requirements. The following calls attention to a few of these rules and policies.

Two Residence Units (RUs) are required for the degree. See: Residence Units and Other Registration Categories

Relationship Between Credits and Residence Units: It is theoretically possible to complete the course and credit requirements as a part-time student but to accumulate less than 2 residence units. Students need to make sure that by the time they graduate they must have completed 2 RUs. It is also possible to complete the required two residence units without fulfilling all course requirements. In this case, an extended residence unit must be taken until the remaining course requirements are completed, which may result in additional tuition costs.

Students are advised to plan their program carefully and pay close attention to the relationship between residence units and course requirements.

The GSAS allows part-time students to take up to four years to complete the degree. All students, both full-time and part-time, are required to register in each semester until all degree requirements have been completed or until the four-year time-to-degree limit has been reached. See: Continuous Registration and Satisfactory Academic Progress.

A leave of absence allows a student to be exempt from the Continuous Registration requirement for a specified period of time. For rules and procedures regarding leaves of absence, see: Leaves of Absence.

A student who leaves the University without obtaining an approved leave of absence must apply for Reinstatement in order to rejoin the program. See: Reinstatement.

Graduation: Application for Degree

Students must submit an Application for Degree if they plan to graduate. Please refer to Application for Degree or Certificate for information on the application process and deadlines. Deadlines may be earlier than expected, so students are strongly encouraged to review them carefully and submit the application on time.

Application for Degree — Deadlines & Procedure →