Columbia University - MA in Mathematics of Finance

Anonymous
5.00 star(s)
4/3/25

Headline: Outstanding - the best of the best.

Class of: 2004

Faculty and colleagues are second to none. Period. Solid and rigorous mathematics. Not for the timid. Students from all over the globe. Visiting professors are top-flight. Albert Shiryaev told stories of Kolmogorov. Derman, Karatzas, Protter, Smirnov, etc. are outstanding. You may also take electives from the graduate business school and the engineering school. Tough and rewarding time in my life.

Recommend: Yes, I would recommend this program

Students Quality: 5.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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VIXMeDaddy
5.00 star(s)
3/27/25

Headline: MAFN Program Review

Class of: 2025

I am currently in my second semester, and I have had a great experience with the MAFN program, starting from the admission process all the way through to career support. I have met amazing people - faculty, staff, and fellow students, who have inspired me to push my boundaries. Many instructors are adjunct professors who also serve as managing directors at hedge funds, banks, etc, so they bring real-world expertise directly into the classroom. In terms of academics, I agree with a previous review here - you truly get back what you put in, and staying motivated and engaged opens up plenty of opportunities.

Career services is highly proactive, beginning in the summer before the official start of the program. They offer early resume reviews, host networking events on campus and at company offices, and connect us with alumni working in the industry. Professors remain approachable and supportive, and our new director, Professor Choi, is extremely receptive to feedback.

Most of the students join the program directly after their undergraduate studies, but there are some who do have previous full-time work experience. I came into the program with a few years of relevant work experience, which helped strengthen my application despite a low GPA. I have had my fair share of summer internship interviews and full-time interviews (yes, you can graduate in one year). If you have work experience (especially in tech or financial markets), I strongly recommend this program for its flexibility, robust curriculum, and solid career outcomes. Columbia’s location and brand value also provide an incredible platform for achieving professional goals.

Recommend: Yes, I would recommend this program

Students Quality: 5.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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gdjen
5.00 star(s)
3/25/25

Headline: A Well-Rounded and Flexible Program with Real Industry Connections

Class of: 2025

I’ve really enjoyed my time in the Columbia MAFN program so far. The coursework is definitely challenging, but it’s also practical and closely tied to what’s happening in the industry. One of the highlights for me has been the mentorship program — it’s been such a great way to connect with professionals already working in the field. My mentor has given me so many hands-on suggestions, from navigating job interviews to approaching real-world projects, and it’s made a huge difference in how I think about my career path. Another thing I appreciate is how flexible the electives are — we get to choose from a wide range of topics like C++, machine learning/deep learning, and algorithmic trading, which really allows us to tailor the program to our interests and goals.

Recommend: Yes, I would recommend this program

Students Quality: 5.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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Onaj
5.00 star(s)
2/20/25

Headline: This program allowed me to go from 0 interviews last year to over 20 this season

Class of: 2025

I studied mathematics at a well-regarded but non-target university in the U.S. and initially got no interviews in quant finance. The only major change on my resume for the Fall 2024 recruiting season was this program, and the impact was immediate—I received interviews for qr from around 20 firms, including banks, hedge funds, prop shops, and exchanges. I progressed to the Superday at four of them, where the material from classes, as well as insights from professors, TAs, and peers, proved extremely useful. I got two offers.

While some courses were more interesting and applicable than others, none felt like a total waste of time, and several were particularly enjoyable. The program also provided strong recruiting support, including company visits, networking events, and direct engagement from firms that expressed a preference for program participants. The structured interview prep, resume curation, and active alumni network were particularly helpful, with alumni being highly responsive and willing to assist.

The curriculum includes a mix of core courses—typically heavy on mathematical foundations like stochastic processes and time-series analysis—along with electives that allow for specialization in areas such as derivatives trading, machine learning, and hedge fund strategies.

Overall, the program significantly boosted my recruiting prospects.

Recommend: Yes, I would recommend this program

Students Quality: 4.00 star(s)

Courses/Instructors: 4.00 star(s)

Career Services: 5.00 star(s)

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Anonymous
5.00 star(s)
2/19/25

Headline: Great Program for Getting Placements

Class of: 2025

I finished my undergrad in Asia and secured multiple opportunities by joining this program as follows.

1. Interviews: BoA, JPMC, BnP, BlackRock, Fidelity, Akuna, DRW, ...
2. Internship offers: three of them
3. Online Assessments: Almost every company, except only Jane Street, Citadel Securities. (But I believe this was due to my undergrad background rather than the program itself.)

This program is definitely a target school, and it offers an excellent career service program, including:
1. Company visiting events (in-person) for major firms in NY, such as BoA.
2. A curated list of 2025 full-time/internship positions compiled by the career center.
3. Mentorship and virtual technical interview sessions organized by the department.
4. A lot of alumni events, hosting great people from good companies like citadel, millennium, etc.

The curriculum is also outstanding. We cover in-depth theoretical topics in stochastic calculus, which are not typically included in other top MFE programs. The program also offers a high degree of flexibility—you can choose courses from across the campus, and even take Ph.D. courses if approved. While achieving high grades is competitive, it is definitely worth the effort.

I understand that some may be concerned about the recent surge in reviews. However, this was due to the challenges we faced last year when our program director left. Our new director, Choi, is highly passionate, possesses both academic and professional expertise, and is committed to improving student placements. He is looking for excellent students.

I highly recommend you this program.

Recommend: Yes, I would recommend this program

Students Quality: 5.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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emisshula
5.00 star(s)
2/16/25

Headline: Strongest in Probability but also quite good in ML and Trading

Class of: 2025

** Admissions Process
The program is extremely competitive and when I applied I could not get an interview even as a re-admit.
** courses
Good mix of strong math and statistics in the introductory courses generally taught by full time but not yet tenured faculty. Adjunct faculty teach more advanced trading and portfolio management oriented courses in their area of expertise. These courses usually have a project that you can talk about in interviews. Almost all adjunct faculty are at bulge bracket investment banks or large hedge funds.
** career services
Career services are excellent which is super important in a tough job market. They are constantly searching for jobs and firms willing to take a chance on non-traditional students (career changers, immigrants and older students)

** Advanced Seminars

This program is strongest in Probability and Stochastic Processes. Research faculty, both tenured and term, are extremely active. Karatzas' class on Probability and Analysis is not to be missed. Additionally, the math department hosts Minerva Lectures (this semester given by Rama Cont, editor of Mathematical Finance), the Optimal Stopping Seminar (think early exercise of American Options) and the Optimal Transport Reading Group (think spread options and Cheapest to Deliver). The statistics department also hosts a seminar on Mathematical Finance.

** Workload

You are going to work hard, feel inadequate and be convinced of impending doom. But that is when the faculty and the admin are there for you pushing you but also telling you that it will be OK. I still can't believe I graduated.

** Overall

Downside...the program is expensive. However, if you think education (especially in finance) is expensive, you should try ignorance.

Recommend: Yes, I would recommend this program

Students Quality: 5.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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kba
5.00 star(s)
2/15/25

Headline: Strong Program for Passionate Students

Class of: 2025

In short, I believe that the program is a great stepping stone for any future quant: A wide spectrum of courses taught mainly by industry professionals, combined with an outstanding career service, provides ambitious students with plenty of opportunities to specialize and network. That said, the program does (as many of the previous comments have already mentioned) promote students' individual initiative. Throughout the three semesters, you will not find many courses with mandatory attendance during class or extensive 'review' classes in the first semester that ensure all students are on the same level regarding math, programming, or finance.

Now for a more detailed review. First, the broad range of courses offers any student plenty of opportunities to improve on skills they lack and to further specialize in fields of particular interest. Program management is also very supportive of counting relevant credits obtained from other graduate faculties towards the final degree, offering an even wider range of courses available to students (e.g., Columbia Business School or Columbia School of Engineering). However, be aware that, contrary to other programs, the MAFN does not require students to complete any introductory classes aimed at bringing all students to the same level. For example, I needed to brush up on my programming skills before joining the program to succeed in the courses I wanted to take. Still, for ambitious students, the program offers courses over the summer (e.g., programming in Python and a great Interview Prep Course taught by an industry practitioner).

I don’t think there is much need to praise the faculty here (you can check them out on the program's website). Many of them have practical experience both on the sell side and the buy side which elevates their lectures and allows students to focus on topics important to the industry. However, I do want to stress that the appointment of the new program director in January 2025 so far promises a breath of fresh air and great opportunities for future students!

Finally, I want to stress the great career services of the program. The team not only does a great job advising the students (for all steps of the process, including drawing up a CV or mock interviews with alumni) but also actively connects students with players across the industry. Not only does the program facilitate many company visits, but the Practitioner's Seminar and the MAFN Investing & Portfolio Management Summit are great networking opportunities.

To conclude, a word of caution: As mentioned before, the program is rather large with approximately 100 students. That means that students are expected to study independently, actively seek personal advice/coaching from professors, and attendance is not strictly enforced. However, working a job in quantitative finance will require a similar ability to work independently, so I don't necessarily see this as a deal breaker.

Recommend: Yes, I would recommend this program

Students Quality: 4.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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Y

Y.Z.
5.00 star(s)
2/15/25

Headline: An Underestimated Heaven for Students with Strong Initiative

Class of: 2024

As a new grad I feel so lucky that I chose the program. Although it was only a three semester program, I learnt the most practical skills in my life, which led me to my dream job, and was trained to came up with sharp intuitions that keep nurturing my professional development.

Initiative, the most critical and only thing I want to mention, help you make the most out of the program, and succeed in this competitive industry. The MAFN program features rich, if not the most resources covering all aspects from academic knowledge to career development, with easy awareness and access.

Our instructors are all from famous financial institutions and they teach you the firsthand knowledge, which will suddenly pop up in your mind during your interview, coffee chat, internship or a full time daily job. I talked to many friends from similar programs, and they all wish they could have those big name guys to teach the practice-oriented courses in their schools.

Our director and career advisors are another treasure of our program. They are not the high guys who sit in their office and talking about the common sense. Instead, our amazing teachers try to build a connection with all students, remember your names, keep posting opportunities public or exclusive, and even keep tracking your personal career development. Not many programs offer students a big excel table with thousands of job application links and highlighted priorities. Not every program has a huge network in the industry which sends out resume books, which results in you receiving email from time to time, inviting you to an interview even if you didn’t apply for a job. Those even includes very famous names who don’t accept public applications. And not to mention the career courses, mock interviews, career fairs, forum resources and so on.

But the program also gives you the “freedom” to choose an easy life with attendance-free lectures, few homework and easy exams, and still get the same degree. As the nature of human is to refuse stepping out from the safe harbor, indeed you will sometimes find the vibe to be over-comfortable, and pretend not seeing the few guys who work so hard on study and passionately seek for a job. There’s nothing to blame on the very nature of human, and even nothing to criticize about the program not pushing students hard. But this can cause people to underestimate the potential how strong a MAFN student could be. Nevertheless, I will never vote to be pushed, or I won’t develop a true love in my profession.

Here, I want to express my gratitude to my beloved teachers and advisors, giving me the best education in my life. I sincerely recommend self-driven students with initiative to apply to the MAFN program.

Recommend: Yes, I would recommend this program

Students Quality: 4.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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cliu
5.00 star(s)
2/15/25

Headline: MAFN review

Class of: 2024

I am reading my post grad transcript to write this review.

This review is written to share my true feelings when I took these courses and what they brought me in career search.

MATH-GR5010 Intro to Math of Finance:
This is the required course in the first semester. It introduces different asset class and the basic pricing formula among them. It also introduces some stochastic theories, but not that detailed compared to Stochastic Process Application. I believe this course is great for those people who need a comprehend picture of the finance world.

STAR-GR5264 Stochastic Process Application/STAR-GR5265 Stochastic Methods in Finance
Those 2 courses teach measure theory, martingales, itos lemma, etc. Stochastic theory is inherently abstract and hard to grasp the essence of it(of course some really smart guys in the cohort are exceptions as you will see they already know everything). But no worries, Prof.Grame Baker is dedicated in teaching as you see his handwritten notes and he is always approachable to help you understand the concepts. I would say the derivations of black scholes formula help me the most in this course.

MATH-GR5380 Machines Learning for Finance
This is a must course in my opinion for everyone, because the industry wants it. Every interviewer is interested in your skill for machine learning even though they don't care if they have enough data purchasing from the vendors(data is expensive). I learn popular statistical models such as svm, tree model and neural network. Prof.Gordon Ritter knows how the industry uses the ML skills.

MATH-GR5300 Hedge Funds Strategies
The second must-take course from MAFN. The workload is high, like really high. But you will bring home a trading strategy in either asset class like fx, bonds, futures, options. Prof.Yeh will teach you how hedge funds design the strategy, hedge it, and backtest it. Even though these strategies are basic ones, he is willing to share with you where it can lead to money(you will need to find them out! Don't expect someone to tell you exactly how). I would say many people in this class are able to locate a job because you have many things to say specifically during the interview, which makes the interviewers to think: wow he/she knows something in my desk.

MATH-GR5360 Math Methods in Finance
The most interesting stuff I learn in this course is to use 5 mins data to build a momentum/mean reversion strategy for futures(we use push-response and variance ratio test to detect the pattern). You will need to know at least 1 low level programming language like c++ or java to finish the project. Prof.Chekhlov will also share with you many interesting things that link physics and finance world together. Don't panic when you hear vortices and shock waves in fluid turbulence during the lecture... Everything will work out.

MATH-GR5030 Numerical Methods in Finance
This is a mandatory course in spring semester. I picked Prof.Fung's section. Choose him! He works with traders directly and he knows where traders are interested in. The most useful I learned from this course are different interpolation methodologies for implied vol, greeks approximation, Adjoint algorithmic differentiation, pricing with PDE method, and monte carlo stability. We use VBA as the programming language in this course(Well I think it is hard to code language especially in debuging, but what language will you expect the traders to know how to use other than a click to play macro?) Take this course, and you will master in risk interview.

MATH-GR5420 Model & Trade Derivatives
Another must-take class. The hardest point in taking a career in exotic option desk, imo, is starting the first step. And Professor leads this start for you! This course teaches advanced greeks, implied vol surface, local vol model, and the most important aspects, exotic options and structured products like Double no touch, basket call, worst of put, autocallables, enhanced rates products. If you want to start a career in exotic desk, take this class! You will learn at least how to trade vol, variance, skewness using call/put spread, timing spread, strangle...

I will also share some advice as a graduate... I believe it is better to take some coding courses from engineering department. Please make sure you take COMSW4111 Introduction to Database. SQL is really an important skill, and most companies have their own database to store data. You need to at least know how to query to get data to do backtest if you are looking to work as quant/quant researcher/risk role. I also recommend you to take COMSW1004 Introduction to JAVA to learn a bit object oriented programming just in case your future projects will need it. The desert choice could be COMSW3157 Advanced Programming in C from Prof.Jae. He is also teaching c++ for the current spring semester but I didnt have a chance to attend it. I advise you to take 3157 before taking his c++ course.

The most strength in MAFN, in my opinion, is not only professors' professional experiences and academic teaching skills, but the alum network. We should grow this network to connect alum with current students, in a group chat or something like that. When I was in the first semester, I have few clues on which aspects of finance I will take. Am I going to work as a quant researcher? a trader? a risk guy? And I have no idea which asset I am going to work on, FX? bond? futures? options? equities? But you will find out in the process of learning in the courses I recommend above, and many alum is happy to share their experiences in sectors they focus on. The question is, how to know who is the correct alum to connect with, and how alum knows there is someone who needs advice.

It is a very hard time to locate a job. Compensation package of 300k is rare and flocked by math/physics/cs phd from MIT. But few traders get a phd degree and most of them spend years on their desk. Don't lose confidence. Always look for a job, a coffee chat, an interview, and ask many questions from anyone who is an expert in it.

Good luck applying!

Recommend: Yes, I would recommend this program

Students Quality: 4.00 star(s)

Courses/Instructors: 5.00 star(s)

Career Services: 5.00 star(s)

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Q

Qwei
5.00 star(s)
2/14/25

Headline: MAFN Genuine and Candid Review

Class of: 2025

I attended this program last Fall and have been in here for 6 months. I think I got a glimpse of how the program works along with its pros and cons. My personal experience has been very positive. Here are some of the main pros and cons.

Pros:

1. I like the program's course design, which offers a great deal of flexibility in choosing preferred courses each semester, taking full advantage of Columbia's resources. I found it easy to attend or audit classes in areas such as engineering or statistics without any issues.

2. The instructors for our electives are practitioners from the industry. Their teaching focuses on real-world applications, which helped me prioritize important topics and discuss them effectively during interviews.

3. I appreciate the career services, which include three full-time staff members who assist throughout the recruiting process by providing career and emotional support.

4. The program's location in NYC is a significant advantage, offering numerous opportunities for coffee chats, conferences, and company visits. It feels like you're in the center of the action.

Cons:

1. I wish both the elective and mandatory courses incorporated more coding elements. More programming assignments and projects would enhance the learning experience.

2. While the overall environment is relaxed, the lack of a common space means there are fewer opportunities for informal interactions and discussions with peers and professors.

3. Columbia's strict entrance limitations may hinder communication between graduated alumni and teaching assistants.

Recommend: Yes, I would recommend this program

Students Quality: 5.00 star(s)

Courses/Instructors: 4.00 star(s)

Career Services: 5.00 star(s)

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Columbia University - MA in Mathematics of Finance

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