FAQ

Only applicants with an undergraduate degree earned, or in progress, from a U.S. institution must meet the minimum 3.0 GPA requirement for admission consideration. In other words, the 3.0 GPA cutoff only applies if the undergraduate credentials are from an institution or university in the U.S., as these use a 4.0 scale when reporting grades.

We do not pre-screen applicants. Anyone interested in our program is encouraged to apply after reviewing our information and the application requirements. We will not accept emailed credentials or requests for a profile review without a completed and submitted application.

The Personal Statement can help guide our review of one’s application materials. For example, applicants can explain a particularly low grade, gaps in education, or degree changes. Applicants can also briefly state their motivation to study Financial Math, including why our program is a good fit. We ask that Personal Statements do not exceed two pages, if at all possible.

Successful applicants have come from a variety of STEM majors, not just math or statistics. A background in calculus and linear algebra is highly recommended, as is strong exposure to courses in probability and statistics. Applicants can review our prerequisite descriptions for MA405, MA421, ST311, ST350, ST370 and ST371 in course catalog to compare them to similar courses they may have already taken elsewhere.  Having some background or demonstrated aptitude in these subjects will prepare applicants for eventual graduate level study in financial mathematics.  If one’s transcript shows a strong performance in any of the recommended courses but the degree is unrelated, then that will be taken into consideration. 

Additionally, any relevant work experience or professional credentials may also help if one has a less competitive GPA or minimal academic background.  The addition of strong GRE scores could also boost one’s application, if they have a deficit elsewhere.  We take into consideration all aspects of one’s application and expect applicants to be well prepared for graduate study in our program should they be admitted. 

Our applicant pool tends to be very competitive and those who provide all the required and recommended metrics for our review may be at an advantage over those who do not.  Each application is considered holistically, however, so there may be applicants with a higher than average undergraduate GPA and demonstrated success in math, finance and/or statistics, who wish to be considered on those merits only and do not feel the need to provide a GRE.  For others, the addition of strong GRE scores may improve a less competitive application profile. We leave the decision to submit official GRE scores up to the applicant.

Applicants with still valid GMAT scores may upload a scanned copy of their officially reported scores to “Other” documents in their application. Our program may consider GMAT scores in lieu of GRE. For applicants considering taking either exam, we emphasize that the GRE is preferred.

Since our program will not review an incomplete application, it is important applicants ensure that all application materials have been received by the Graduate School. We recommend that applicants email graduate_applications@ncsu.edu if they believe their application should be considered complete. Refer to the application checklist on what items are still considered pending and be aware that receipt of official test scores, such as GRE, TOEFL, IELTS, or Duolingo are matched to one’s application based on the application email.

Additionally, applications can be incomplete if any of the three required recommendations have not been received by the Graduate School. Applicants can manage references themselves from the Recommendations section of their online application by; adding recommenders; sending them reminder emails, or editing/excluding existing references, as long as the referee hasn’t completed their recommendation.

For those seeking additional immersion in the foundational concepts of financial math, we recommend enrolling in our MFM Preparation Program. The three week workshop is offered every summer and helps prepare one for graduate study in financial math as well as boost the quantitative skills of those already working in the financial industry.

Our program will consider qualified Spring applicants who understand that our program is structured around Fall as a starting term. A majority of our core courses are only offered once a semester so Spring students will initially begin out of sequence for ST 501, FIM 500 and FIM 528, for example. This could mean that spring students may need four semesters to complete all program requirements, but we have had highly motivated Spring students do this in just three with at least 12 credit hours of full-time enrollment. Applicants admitted for Spring will also want to meet one-on-one with the Career Services director in order to prepare for internship opportunities in their first summer.  

IMPORTANT: International students interested in spring should refer to the Application – International section below for additional details.

Did you indicate you would submit GRE scores when you were filling in your application? Then our program will be waiting for those scores to be officially reported by ETS to NC State’s Graduate School, even if your application portal checklist shows your application is complete!

Since providing GRE scores is optional, if you change your mind later – simply email financial-mathematics@ncsu.edu, include your name and AppID and let us know that you will not be providing GRE results as part of your application.

International applicants with transcripts from outside the U.S. should not convert their final average to a 4.0 scale if it is not already reflected in their transcript. If course grades and final averages are based on a different scale, then do not convert or calculate a GPA equivalent – it is not necessary. We expect international applicants to report their final average using the same scale shown in their transcripts.

Yes. NC State’s Masters of Financial Mathematics qualifies for the STEM optional practical training (OPT) extension. Most students on an F-1 visa take advantage of the Curricular Practical Training (CPT) and work at a paid internship while enrolled in the program at NC State.

For international applicants holding a 3-year bachelor’s degree, please refer to the relevant information found on the Graduate School’s web page.  The Graduate School only accepts 3-year bachelors if they are from member institutions within the Bologna Process, otherwise applicants must provide an evaluation from a service affiliated with either the NACES (National Association of Credential Evaluation Services) or AICE (Association of International Credential Evaluators).  If the credentialed evaluation indicates a 4-year degree equivalence, applicants must provide both the evaluation and the original transcript in their application. 

For those with a 3-year bachelor’s degree that is not equivalent to a 4-year degree but have completed or are in-progress to complete a masters, we ask that both the bachelor’s and masters transcripts be provided with their application.  The Graduate School may consider 1 – 2 year completed masters in addition to a 3-year bachelors as equivalent to a 4-year degree.

All international applicants, as well as U.S. permanent residents from non-English speaking countries, must provide proof of English proficiency, as set by the Graduate School here at NC State.  We recommend applicants review the information from the link provided (see section “B”), as it includes the minimum scores for each test and applicable criteria for exemption consideration.  

Carefully review #4 and #5 under the section for English Proficiency Requirements, to determine if you would qualify for an exemption.  It is important to point out that for #4, one must be a citizen of a country in which English is the official language as well as the language of instruction.  The Graduate School accepts either the IELTS, TOEFL or Duolingo, including home versions.

IMPORTANT: Spring admitted international students who wish to hold an internship over the summer need to complete two consecutive academic semesters in order to qualify for their first CPT.  A Spring start would delay the opportunity for a summer internship to one’s second summer in the program and requires that they be enrolled for four semesters.

The only exception is if a Spring international student has completed a degree program in the United States prior to joining our program. They would already be qualified for a summer internship in their first summer and could conceivable complete the program in three semesters.

Our program will consider qualified international Spring applicants who understand that our program is structured around Fall as a starting term. A majority of our core courses are only offered once a semester so Spring students will initially begin out of sequence for ST 501, FIM 500 and FIM 528, for example. This could mean that spring students may need four semesters to complete all program requirements, but we have had highly motivated Spring students do this in just three with at least 12 credit hours of full-time enrollment. International applicants admitted for Spring will also want to meet one-on-one with the Career Services director in order to prepare for internship opportunities, whether they will be in their first or second summer – depending on when they qualify for a CPT.

Our program reviews only completed applications, and will do so on a rolling basis. We typically begin releasing fall decisions mid-February through early May. For applicants still on our wait-list, final decisions should be released by mid-June.

We are grateful our program, facilities, faculty and curriculum are attractive to so many individuals seeking advanced degrees in financial mathematics. However, as a consequence, admission is quite competitive, and many otherwise qualified candidates with completed applications must be turned away. Therefore, denial of admission should not be considered a reflection on an applicant’s academic credentials, but rather indicative of the highly competitive nature of our applicant pool. As a result, our program does not provide details about a particular decision. Incomplete applications are automatically denied by the Graduate School.

The application review process is a two step process. Our program reviews a complete application and then submits a recommendation to the Graduate School. The Graduate School conducts their own assessments and only after they have finalized their review, will an official decision be posted to one’s application portal.

Notifications of a decision when the decision is not actually posted to the application are merely an update to the applicant that our program has sent a decision to the Graduate School.

Admitted applicants may qualify for a fellowship in their first academic year, although the selection process is highly competitive. There is no application process for this type of scholarship and recipients will be notified between February and June. Our fellowships are supplemental only and not intended to fund tuition. Newly admitted students may want to review the financial aid and employment resources available through the Graduate School, Campus Enterprises and, for international admittees, the Office of International Services (OIS).

For new students who did not receive a financial mathematics fellowship in their first year, there is an opportunity for a merit based fellowship upon successful completion of their first semester. This one time award will be disbursed in their next enrolled semester. As our program is a professional masters, usually completed in three semesters with no research requirement, we do not offer assistantships. Students in our program, however, have found teaching and grading assistantships through other departments, depending on the availability of funding.

All transcripts are considered “unofficial” when they are uploaded to the application by the applicant.  Once an application has been submitted, however, applicants can request their university or institution to electronically send their transcripts directly to the Graduate School at NC State.  When this is done, the transcripts are considered “official”.  Transcripts need to include all courses by name, all grades, dates of enrollment, name of the institution, degree program and major, conferred date (if applicable at the time), and the name of the student.

International applicants admitted to NC State must clear the Graduate School’s admission clearance process before they can receive their I-20. Refer to the application portal to review any missing items and then email graduate_applications@ncsu.edu for assistance.

Additionally, we recommend a visit to the Graduate School’s International Student Admissions page for further information and resources.

International applicants admitted in the Fall or Spring can qualify for their first CPT after successfully completing two academic semesters of full-time enrollment in a degree program in the United States. To learn more about CPTs, visit the Office of International Services (OIS) webpage.

Based on the criteria for CPT qualification, international Fall admitted students would qualify for a full-time summer CPT in their first summer. They would also qualify to hold a part-time CPT over the next academic semester.

Most international Spring admitted students would qualify for only a part-time CPT during their second Spring semester and a full-time CPT over their second summer. The only exception is if a Spring international student has completed a degree program in the United States prior to joining our program. They should then qualify for a summer internship in their first summer.