Frequently Asked Questions
What are my chances of being admitted/Will you review my credentials before applying?
We admit only 7% of our applicants (about 20 students) each year.
Since it is impossible to make such a judgment independent of the entire applicant pool, we do not reply to inquiries asking us to evaluate an individual's potential for admission. However, see our admission criteria as follows.
We aim to select those applicants who will do well in our courses, many of which are at the PhD level, and who upon graduation will be most desirable either as employees in quantitative finance, or in a related PhD program. Thus, the vast majority of the applicants we admit are also admitted to most other comparable MS programs to which they apply.
Specific criteria we expect of incoming students are:
- superior knowledge of the subjects listed under Prerequisites, as reflected by the rigor of prior courses and grades. While some incoming students may lack the expected training in one of these areas, applicants lacking in two or more typically are rejected.
- prior exposure to the financial industry upon arriving at Stanford (at least in the form of a summer internship). About 15% of our incoming class is reserved for applicants with current or past full-time employment in the industry (which may also compensate for a less impressive mathematical background).
- the potential for future excellence, as indicated in your recommendation letters. The most important factors are: quantitative and analytic strength, communication skills in English, leadership, maturity and focus.
- excellent command of the English language, as demonstrated in your application, GRE, and TOEFL scores (if relevant).
- the ability to fund your program in its entirety, because the Financial Math program offers no financial assistance to its students. Our program is an investment in your future career. You must be prepared to fund the cost of tuition and living expenses here, typically about $60,000.
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My math background isn't very strong. Should I still apply?
Your math background should be extremely strong, especially in PDE and probability. The single most common reason applicants are rejected is their math background is not strong enough. Substantial subsets of our courses are electives in the Master of Science in Statistics and the Master of Science in MS&E. Consider applying to one of these programs instead if your background provides a better fit to either of them.
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What is the deadline?
Please refer to the Admissions Calendar.
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What is the minimum GPA/GRE score required?
We do not have minimums required for application. But of course the higher your score, the better your chances of admission.
Average GPA of admitted applicants is 3.8 (4 point scale).
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I missed the GRE test date. Can I still apply?
No. The GRE General Test is required of all applicants (unless they have a PhD). There are no exceptions. Applicants wishing to apply for 2012 admission must take the GRE no later than November 29, 2011.
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Is it okay if my GRE scores arrive later than the deadline?
As long as you take the GRE by November 29, 2011, you are fine. We allow a small grace period for scores to come in. Scores from the November GRE test date are sent to Stanford mid to late December, which is fine.
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What are the average GRE/TOEFL scores of admitted applicants?
Average GRE scores (in percentiles) of admitted applicants:
Verbal 83, Quantitative 94, Analytical Writing 58.
While GRE scores are important and are a Stanford prerequisite for admission to a graduate program, your application as a whole is more important than your individual scores.
Average TOEFL score of admitted applicants:
111 Internet-Based.
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Can the GMAT replace the GRE?
No, it cannot.
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What is the department code for test score reporting?
Stanford's institution code for the GRE and TOEFL is 4704. No department code is required.
You may leave that field blank
or enter any number you choose.
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Does Stanford offer a PhD in Financial Mathematics?
There is no separate PhD in Financial Mathematics at Stanford but Financial Mathematics can be pursued at the doctoral level in the following PhD programs: (1) the Graduate School of Business, (2) the Department of Management, Science and Engineering (MS&E), (3) the Economics, Mathematics, and Statistics Departments. In particular, the Statistics department is expanding its
research and education activities in financial mathematics and is
seeking PhD candidates in this direction.
To enter these programs, you must apply to the relevant department.
For specific information about applying, visit the website of the department in which you are interested.
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What counts as relevant work experience?
You should mention work experience (including internship) in the financial industry in your application, as well as that that involves relevant skills (e.g. software development, economics, statistics, mathematics, management consulting, etc.). Work in areas closer to those in which you expect to find a job upon graduating is most valuable, typically in the form of an internship or employment in an investment bank or a hedge fund. This also helps in the future when seeking a full time position with a similar employer.
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Is an internship required?
It is not required, but strongly recommended. See Admissions Prerequisites for further information on this topic.
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Where can I take the prerequisite courses?
Courses may be taken at any
institution of higher education, but be aware our
applicant pool is extremely competitive. Certain prerequisite courses
may also be taken during the first quarter in the program
(which may require beginning in summer quarter). See also Admissions Prerequisites.
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Do you have rolling admission?
We do not have rolling admission for external applicants. However applications from current Stanford students, who are coterminal undergraduates and PhD students who have passed their qualifying exams, are accepted every quarter. All other Stanford students must apply by the external deadline.
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When can I begin the program?
External applicants may begin the program in either autumn
quarter (late September) or summer quarter (mid June).
With the program director's approval, certain applicants may begin
the program as early as spring quarter (April), or as late as
winter quarter (January of the following year). Please do not
request a specific starting date before you have been admitted. External applicants may only apply for autumn quarter; after accepting an admission offer they may make arrangements to begin in an alternate quarter.
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If I am accepted, may I defer admission?
No. We do not allow deferral of admission. Students who are accepted but cannot enroll may reapply for a future year when they are available to begin their studies.
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Do you offer courses part-time or online for working individuals?
No, our program requires full time enrollment. We do not offer online or night courses.
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I was not admitted but am still very interested in financial mathematics. What should I do to strengthen my chances?
Our admission rate is extremely low, as is that of other
leading FM/FE programs. Therefore, apply to at least
four of these. We look for quantitative and
analytic strength, financial industry experience,
communication skills, leadership, maturity and focus.
Typically, getting additional financial
industry experience and strengthening your math
background are what may increase your likelihood of success
if you reapply.
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