FAQ

Program

Admissions

Tuition and Financial Aid

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Program

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.
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.
Would the summer session occupy the full summer term?
No, we plan an intensive program of approximately 8 weeks that begins in July.
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.
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.
Is there a possiblity for students to attain an internship in their field of interest while taking classes?
Practical training is an important component of a student's preparation. M.Fin. students are expected when possible to take advantage of IAP (January) as an opportunity to gain practical experience in an area of finance. One opportunity for students is to take advantage of our optional Research Practicum. During the research practicum, students spend three months working directly with client teams at companies like Goldman Sachs, JP Morgan, Credit Suisse, BlackRock, and Fairhaven Capital. International students must check with the ISO to ensure compliance with immigration regulations before participating in practical training.
Can one complete the M.Fin. Program part-time or via distance learning?
No, the M.Fin. program is full-time only and takes place on the MIT campus.

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Admissions

How will the revised GRE and delayed scoring affect my round one application?
Round I applicants who have taken the revised test before October 2 may submit their application by the November 1 deadline and report the scores to us when they are available on November 10. Please email your scores to us at mfinadcom@sloan.mit.edu by Monday, November 14. Your application will then be processed and you will receive your decision by December 20, 2011.

Round I applicants who take the revised GRE after October 2 should have a score to report in late November. Upon retrieval of your score, please contact us at mfinadcom@sloan.mit.edu with your results. Your application will be considered incomplete until we receive the score. Since the MIT Sloan Admissions office cannot predict the number of applicants who will be in this situation nor do we know the exact date that we will receive the test scores, MIT Sloan reserves the right to notify applicants after December 20.

Since the test score is a required field on the application, round one applicants who have taken the revised GRE should report the following test scores:

Date: (enter the date you took the test)
Verbal: 200
Quantitative: 200
AWA: (leave blank)
Do I have to send you the official GMAT/GRE and TOEFL score reports now? Or, must they be sent upon admission?
We require that the official GMAT/GRE and TOEFL test scores are sent to us by the application deadline. We understand that sometimes it takes 1-2 weeks for the test centers to release the scores. Therefore, it is acceptable if we receive the scores shortly after the application deadline.
How do I apply to the M.Fin. program?
The online application for enrollment in summer 2012 will be available here in July. Application instructions are also available online here.
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.
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.
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. On average, our students have 0-2 years of work experience.
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.
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.
Will the admissions committee expedite my application if submitted before the application deadline?
The admissions committee will begin reviewing all applications immediately after the November 1 deadline. Unfortunately, we are not able to conduct any application reviews before then.
What is the application deadline?
Applications for enrollment in summer 2012 will be due November 1, 2011 at noon Pacific Standard Time (2000 GMT). Round two applications will be due Wednesday, January 4, 2012 at noon Pacific Standard Time (2000 GMT). Round three applications will be due March 15, 2012 at noon Pacific Standard Time (2000 GMT).
Is an interview required?
Interviews are by invitation only and may be conducted in person, by video, or phone, depending on availability of the applicant and interviewer. Our goal is to interview all candidates accepted into our programs. An invitation to interview thus signals that your application has reached an advanced stage of consideration, but does not guarantee admission. Arrangements and detailed information will be provided if an interview request is extended to you.
What is the timeframe for announcing decisions?
Decisions will be released on December 20, 2011 for round one and February 23, 2012 for round two, and April 13, 2012 for round three.
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.
How many applications were received last year and how large is the class?
We received 970 applications for 73 spots.
Are there any prerequisites for the MFin program?
A listing of suggested courses to be taken prior to matriculation can be found on the website under Curriculum.
Can the TOEFL requirement be waived?
The TOEFL is required unless the applicant has an undergraduate degree from a program where English is the medium of instruction.
Can you apply to the M.Fin. program if you already have another Master’s Degree (e.g., an MBA)?
Yes, you may apply, but we suggest you use the supplemental, optional essay to explain why our M.Fin. program makes sense for you at this time.
Is it possible to waive the GMAT/GRE for any reason (e.g., already having a Ph.D.)?
No, all applicants are required to submit valid test scores for either the GMAT or the GRE.
Can an M.Fin. student start in the fall semester?
No, all students must start in the summer semester, unless they were MIT undergraduates who have already completed 15.401/402.

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Tuition and Financial Aid

What is the M.Fin. tuition charge?
For those who enroll for twelve months the charge will be $73,800. For those eligible to enroll for just nine months (MIT students who have taken both 15.401 and 15.402 prior to enrollment), the charge will be reduced by the amount of the summer tuition.
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.
What about Fellowships or Scholarships?
A limited number of Dean’s M.Fin. Fellowships are available and are awarded to admitted candidates of all citizenships and academic backgrounds. All admitted candidates are considered for these fellowships. Fellowships are awarded to individuals with outstanding academic records, personal achievements, and professional promise. Further consideration will be given to candidates who enhance the geographic diversity of the M.Fin. class.

In addition, 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.

The Legatum Center at MIT administers a competitive fellowship program for incoming and current MIT graduate students, across all academic and professional disciplines, who demonstrate the potential to create innovative, sustainable, for-profit enterprises that promote prosperity in low-income countries and who are committed to implementing their business plans upon graduation.

The application deadline is typically in early February. For information, please visit http://legatum.mit.edu/fellowship.

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