Mathematics of Finance

Program Category: MA Programs
Chair: Chiu-Chu Melissa Liu
Director of Graduate Studies: Jaehyuk Choi
Website: math.columbia.edu/mafn

To view this program's application requirements, please click here.

The MA program in Mathematics with a specialization in the Mathematics of Finance (MAFN) is designed for students who want to work in areas of quantitative finance such as quantitative portfolio management, quantitative trading, risk management, derivatives modeling, structuring and trading, and other related quantitative fields. The MAFN program also welcomes applicants with other goals; please see the Statement of Academic Purpose instructions, below.

In conjunction with the Department of Statistics, the Department of Mathematics offers the MAFN program. The program concentrates on the advanced quantitative methods required for modern finance and draws on the diverse strengths of Columbia in stochastic processes, numerical methods, and application to finance. The program consists of ten courses, of which six are required and four are electives. Topics covered include probability and random processes, statistics, partial differential equations, financial markets and instruments, valuation and hedging techniques, and computational and simulation methods. In addition to the regular coursework, students attend a weekly seminar in which distinguished practitioners discuss their research, give mini-courses, and suggest open problems.

Students may register full- or part-time. Full-time students complete the degree in one year; part-time students complete the degree in no more than four years. To accommodate part-time students, all required courses are scheduled in the late afternoon, evening, or on Saturdays.

Special Admissions Requirements

The final deadline to apply for Fall 2026 admission is May 1, 2026. However, all applicants who are currently enrolled as undergraduates or expect to complete their undergraduate degree after December 1, 2025, are strongly encouraged to apply by the early admission deadline of January 15, 2026.

In addition to the requirements listed below, all students must submit one transcript showing courses and grades per school attended, a statement of academic purpose, a personal statement, and three letters of evaluation from academic sources. Although the GRE Exam is not required, it is strongly recommended that applicants submit GRE or GMAT scores.

Please note that the MAFN program has specific instructions for some supporting materials. Please click the links below to view the guidelines:

A minimum of two academic references is required for all applicants. If you choose to include a recommendation from an internship supervisor, the MA program in Mathematics with a Specialization in the Mathematics of Finance strongly prefers that this reference be related to an in-person internship that lasted at least two months.

All applicants whose undergraduate degree is from an institution in a country whose official language is not English must submit English proficiency exam scores. The English proficiency requirement can be fulfilled through the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS).

For more information, refer to our Admissions Information and Frequently Asked Questions pages.

*To be eligible for admission in GSAS, at least TWO letters must be submitted by academic recommenders. You may include up to four letters in your application, regardless of the number required by your program of interest.

Important Note: MAFN students may not defer their admission. There will be no exceptions to this rule. Admitted applicants who wish to delay their enrollment will need to reapply to the program.