Chicago, Illinois, United States
Pursue a 2 - 24 Months Masters (PostGraduate) with INR 2,740,000/Year Tuition Fees
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The Illinois Institute of Technology offers a Master of Applied Science (M.A.S) in Mathematical Finance that lasts for 18 months. Students who want to enroll in this program need to pay tuition fees of USD 32,516. To be admitted to the M.A.S in Mathematical Finance, applicants must show their English language skills. The accepted tests for this are IELTS, TOEFL, and PTE. Additionally, to qualify for admission, students must have a minimum graduation CGPA of 3.0 out of 4.0.
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| Program Details | Information |
|---|---|
| Duration | 2 - 24 Months |
| Course Level | Masters (PostGraduate) |
| Mode of Course | Full Time |
| Tuition And Fees ( For 1 Year) | INR 2740000.0 |
| Type of University | Private |
| Official Career service Website | https://www.iit.edu |
The Master's program in Financial Engineering at Illinois Institute of Technology is highly regarded, being ranked 15th by TFE Times in 2019.
In 2018, it was also ranked 21st in QuantNet's list of the Best Financial Engineering Programs.
This program is a collaboration between the Department of Applied Mathematics in the College of Science and the Stuart School of Business.
Students receive advanced education that covers theoretical, computational, and business aspects of important quantitative methods.
Graduates of this program can start their careers as junior quantitative analysts (quants) in various financial institutions, including banks, trading companies, and hedge funds.
Coursework includes topics such as Futures, Options, OTC Derivatives, Models for Derivatives, Computational Finance, Stochastic Processes, and Mathematical Finance.
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| Ranking Source | Ranking |
|---|---|
| National University US News & World Report, 2025 | 105 |
| University THE (Times Higher Education), 2025 | 351 |
| World University QS, 2025 | 601 |
12th Grade
There is no specific cutoff mentioned for 12th grade.
Graduation
Applicants must have a bachelor's degree in mathematics, engineering, or a similar field completed before enrollment, with a minimum GPA of 3.0/4.0. They should also have knowledge in undergraduate-level probability theory, multivariate calculus, and linear algebra. Having a background in ordinary differential equations can improve the chances of getting admitted.
Grade Convertor Tool
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GRE
Marks: 310.0
Typically, admitted students score at least 156 on the quantitative part of the GRE and at least 3.0 on the analytical writing part.
TOEFL
Marks: 90.0
A minimum score of 90 is required.
IELTS
Marks: 6.5
A minimum score of 6.5 is required, with no section score below 6.5.
PTE
Marks: 63.0
A minimum score of 63 is required, with at least 53 in each section.
| Exams Accepted | Qualifying Score |
|---|---|
| GRE | 310.0 |
| TOEFL | 90.0 |
| IELTS | 6.5 |
| PTE | 63.0 |
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Letters of Recommendation (LOR)
Provide two letters of recommendation from people who can evaluate your academic and/or career achievements and potential.
Recommenders may include professors or employers, but cannot be family members or personal friends.
Essays
Submit an essay that answers the following questions:
Why do you want to pursue graduate study in the Master of Mathematical Finance program?
What is your five-year career plan, and how will graduate studies help you reach your professional goals?
How does this joint degree from the College of Science and Stuart Business School fit into your plans?
Resume (CV)
Submit your resume.
Individual semester-wise mark sheets, along with any failed or reappeared mark sheets, if applicable.
GMAT or GRE score.
Proof of English language proficiency.
Financial Support Form.
The application fee is USD 75 (approximately INR 6.32 thousand).
Mode of Payment: Credit card.
Illinois Tech offers installment payment plans for both full-time and part-time students. For more details, please contact the Student Accounting Office directly at bursar@iit.edu or call 312.567.3785.
| Cost Breakdown | Amount (For 1 year) |
|---|---|
| Tuition & fees | INR 27,40,123 |
| Hostel & Meals | INR 12,26,128 |
| Insurance | INR 1,42,163 |
| Transportation | INR 1,93,821 |
| Activity Fee | INR 21,067 |
| Total approximate fees | INR 15,83,179 |
Calculated at the exchange rate of 1 USD = INR 84.27 | Tuition & expenses were last updated in December 2024"
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