Master of Finance

FAQ

Program

Admissions

Tuition and Financial Aid

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Program

1. What are the M. Fin. requirements?
   Required courses, restricted and general electives, a proseminar, and an optional Master's thesis. The M.Fin. program easily meets the Institute's requirement of a minimum of 66 units of graduate level credit, including at least 42 H-level units.
2. How long does it take to complete the program?
   Approximately one year. Students typically spend the summer plus two academic terms (fall and spring) in residence, and graduate in June. MIT undergraduates who have already taken 15.401 and 15.402 will need just nine months (fall and spring terms) to complete the program requirements.
3. Would the summer session occupy the full summer term?
   No, we plan an intensive 4- to 6-week program that begins in July.
4. What happens in the summer for MIT undergraduates who have already completed 15.401 and 15.402?
   These students will be encouraged to take finance jobs or internships during the summer to gain practical experience.
5. Why not offer a degree in Financial Engineering?
   Finance is broader than just financial engineering, which suggests “quants and traders only.” The M.Fin. addresses the broader area of finance.
6. Is there a possiblity for students to attain an internship in their field of interest while taking classes?
   January term or IAP (Independent Activities Period) may be an option for US citizens to participate in an internship. However, Internships are generally not an option for international students due to immigration regulations.
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Admissions

1. Who can apply to the M.Fin. program?
   Applicants will need to receive an undergraduate degree before enrolling in the program. MIT undergraduates who enroll in the M.Fin. as a fifth year will be permitted to receive both the S.B. and the M.Fin. degree together if preferred, but all undergraduate requirements must be completed prior to enrolling formally in the M.Fin. program.
2. Do I need an undergraduate degree in a particular field in order to apply?
   No. We receive applications from economics, management, science, engineering and mathematics majors, as well as other disciplines.
3. Do I need work experience in order to apply?
   While some applicants may have several years of experience, this is not a requirement for admission.
4. Can an MBA student transfer to the M.Fin. program and vice versa?
   No, except by separate application to and acceptance by the other program.
5. How do I apply to the M.Fin. program?
   The online application for enrollment in summer 2010 will be available here in October 2009.
6. Are some parts of the application weighted more than others?
   No single characteristic is more important than any other. An area of weakness — for example, a low GMAT or GRE score, may be successfully offset by strengths in other areas.
7. Will the admissions committee expedite my application if submitted before the application deadline?
   The admissions committee will begin reviewing applications immediately after the January 6th deadline. Unfortunately, we are not able to conduct any reviews prior to January 6th.
8. What is the application deadline?
   Applications for enrollment in summer 2010 will be due January 6, 2010. The system will not accept applications after that time.
9. Is an interview required?
   While an interview is not required, the admissions committee may want to speak with you to gather additional information following the initial review of your application. Please note that interviews are by invitation only and may be conducted in person or by video, depending on availability of the applicant and interviewer(s). Arrangements and detailed information will be provided if an interview request is extended.
10. What is the timeframe for announcing decisions?
    Decisions will be announced around March 1st.
11. Can you tell me my chances for admission?
    We are not able to access your suitability for the program without first seeing a completed application.
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Tuition and Financial Aid

1. What is the M.Fin. tuition charge?
   For those who enroll for twelve months (June ’09 — May ’10) the charge will be $70,000. For those eligible to enroll for just nine months (Sept ’09 — May ’10), the charge will be $57,500. 2010-2011 tuition charges will be announced as soon as this information is available.
2. Are Research Assistantships or Teaching Assistantships available to M.Fin. students?
   Students enrolled in the M.Fin. are expected to be self-funded. Although the M.Fin. program does not offer RA or TA positions, our students are welcomed to seek and apply for RA or TA opportunities that may exist in other programs or departments across MIT.
3. What about Fellowships or Scholarships?
   The M.Fin. program currently does not offer any fellowships or scholarships. Each year, however, the Office of the Dean of the Graduate School invites programs to submit nominations for a very limited number of fellowships. When our students meet the required criteria, we are eager to nominate them. Typically, these fellowships are extremely competitive, so you should not plan on this as a support mechanism.
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