This Student Handbook for the Master of Science in Financial Mathematics is updated annually, and policies listed below are effective January 1, 2026.
The Financial Mathematics program (MSFM) requires that, unless otherwise explicitly directed by the instructor, all coursework submitted for grading be original and that all homework and test solutions be the result of independent labor. We encourage our students to work together, but at the same time expect them to understand the difference between collegial collaboration and blatant cheating. As a rule, any collaboration, and any source, including online documents, must be explicitly acknowledged and documented.
The Department of Mathematics and the Master of Science in Financial Mathematics (MSFM) program have a zero tolerance policy toward violations of academic honesty. The program director will be notified of any transgressions of the Academic Honesty & Plagiarism policy, no matter how minor. A first offense can be punished with an automatic grade of “F” for the course, a letter of reprimand, and/or academic probation. Course specific consequences may apply for courses originating in other academic units. In addition, any violation of academic integrity is subject to the disciplinary system of the Physical Sciences Division. Disciplinary sanctions can result in suspension or expulsion from the program.
All FINM students must sign and submit the Academic Honesty Attestation, acknowledging the Academic Honesty policy above, before enrolling with the Finanical Mathematics program. Please contact any member of ASA with questions surrounding the submission process.
Students are expected to maintain good academic standing throughout their graduate career. To be in good academic standing, students are expected to:
- Enroll in and complete courses counting towards the FINM degree each academic quarter
- Adhere to standards of conduct, attendance, and course expectations of the classroom as outlined in the syllabi and/or from the instructor
- Adhere to the University’s policies regarding academic honesty and plagiarism
- Comply with all program requirements and guidelines (including but not limited to enrollment in core coursework, including the required Career Seminar)
- Be collegial, responsive to peers, and fairly contribute when engaged in group projects
- Adhere to deadlines and respond to email correspondences sent by University officials
The Director of the Program may impose restrictions or take other actions (including placing a student on Academic Probation) if a student fails to main good academic standing.
If placed on academic probation, students will be informed in writing what the expectations are for their return to good academic standing, including required accomplishments and the timeline for completion of those requirements, and what the consequences are if the requirements to return to good academic standing are not completed within the timeframe.
Students with questions may contact: Meredith Hajinazarian (Director of Academic Services and Administration), Bahareh Lampert (Dean of Students in the Physical Sciences Division), or Amanda Young (Associate Director, Graduate Student Affairs) in UChicagoGRAD.
For all questions or concerns related to professional development, please contact Sue Clark.
Financial Mathematics students are granted access to FinMath Connect, once they have read and signed the FINM Code of Conduct.
Please find contact information for all FINM Staff listed here.
Students with questions may contact:
In order for courses to count towards the degree requirements of the FINM program, a student must recieve a passing grade. All quality grades above F are considered passing grades, as is P.
Specific courses will make use of their own grading scheme, weighting, and distribution. Any questions regarding course grades should be directed towards the instructor of the course.
Students may pass/fail up to 300 units (core or elective) towards their MS degree. Any quality grade above an F will convert to a P, if a student has requested to pass/fail the course.
Pass/fail decisions for FINM courses are collected by ASA, with deadlines found for each course on ASA's Canvas page. Students taking a non-FINM course are subject to that department's pass/fail policies, though the pass (if achieved) would count against the 300-unit allotment.
A failed course does not count against 300-unit allotment, even if the student previously requested to pass/fail the course.
The FINM program does not have a GPA minimum. A failed course will result in a meeting with the Director of ASA. Any subsequent failed course will result in Academic Probation.
The Financial Mathematics program follows the University's registration timeline and process. Students will register quarterly. In the weeks leading up to registration opening, the Financial Mathematics program will announce course offerings, quarterly schedules, registration guidelines, and helpful resources for choosing courses.
Students can add and drop courses throughout Week 1. Please email ASA to assist with add/drop in Weeks 2 and 3.
More information can be found here.
Please find Degree Requirements listed here. Students are held to the degree requirements and concentrations of the year they matriculated. Any FINM course (with the exception of Core Courses) counts towards the Elective units needed for degree completion. A number of courses offered by other programs and schools at the University of Chicago are approved to count towards the elective requirements. A partial list can be found here. At least 600 elective units taken by MSFM students must be strictly from FINM courses.
All FINM students are required to check their email daily beginning on the July 1 prior to their matriculation. Students are automatically added to FINM listservs, used strictly by staff.
The Physical Sciences Division’s student policies are applicable to all students in Financial Mathematics program. Students with questions about PSD policies can reach out to their Student Affairs Administrator or the Dean of Students Office.
The terms and conditions of employment for certain graduate students at the University of Chicago who are employed to perform instructional or research services will be determined by a Collective Bargaining Agreement (CBA) between the University and Graduate Students United (“GSU-UE”) for the duration of the assignment to perform such services. Students can access the CBA and review frequently asked questions about graduate student unionization on the Provost’s office website.
In a students' Expected Graduation Term (EGT), students will recieve reminders from ASA to apply to graduate by the end of the first week of the quarter. This application is the only required administrative step for graduation.
Students will recieve notification of concentrations achieved, and the option to include or exclude the concentration(s) on their transcript and degree in the third week of the quarter.
Please find more information about the BXMS Joint Degree program here.
Financial Mathematics students are permitted to enroll in courses offered by other departments, known as non-FINM courses. Students are subject to the policies and procedures of the host department, including but not limited to those surrounding prerequisities, registration, and grading.
If a student wishes to count a non-FINM course towards their FINM degree, it is their responsibility to recieve approval from ASA. The course will then count towards a student's elective count, and pass/fail allotment, and have tuition aid applied if the student is a recipient of a FINM tuition aid award. A non-FINM course will not count towards a concentration. No more than 300 non-FINM courses will count towards the elective requirement of the Financial Mathematics program, even if the course itself is eligible for approval.
If a student does not wish to count a non-FINM course towards their FINM degree, they are under no obligation to report the enrollment to FINM, only to remain in good academic standing with the host department.
Students may not enroll in a Booth School of Business course in their quarter of graduation.
In accordance with the Physical Sciences Division’s residency policy, students in the Financial Mathematics in-person program are expected to maintain an ongoing and meaningful physical presence in Chicago throughout their studies. All students should plan to arrive in Chicago and be ready to participate in in-person classes and activities by the start of each quarter.
Incoming in-pereson students should note that the Financial Mathematics program holds a month-long in-person orientation program prior to the start of the first autumn quarter. For those students beginning in autumn 2026, in-person orientation activities will begin on Monday, August 24. If a student does not believe they will be able to arrive in time for the start of orientation, they must be in contact with a member of the FINM team.
If a student encounters challenges in meeting the residency requirement, they are encouraged to reach out to a member of the FINM staff and/or their OIA advisor.
This policy does not apply to students in the online FINM program.
Students may reserve rooms in the FINM building for group projects, meetings, and related activities. To reserve such a space, please email your request to a member of ASA.
All room requests for the purposes of administering the Collective Bargaining Agreement between the University and GSU-UE should be directed through the UChicagoGRAD Room Reservation Form.
The Student Manual is the official statement of University policies, regulations, and expected standards of student conduct that are applicable to all students. While students should be familiar with the manual as a whole, the following are commonly referenced by graduate students: Student Life & Conduct, Leaves of Absence, University Grievance Policy for Graduate Students, Policy on Harassment, Discrimination, and Sexual Misconduct, Policy on Title IX Sexual Harassment, Policy on Religious Accommodation for Missed Classes, Assignments, and Exams, Academic Honesty & Plagiarism, Graduate Student Parent Policy, Registration for Students in PhD Programs
Full-time students will complete the FINM degree in five quarters, or fifteen months. Part-time students, or students who have taken Leaves of Absence, are expected to complete the degree in four academic years or less. At three academic years since matriculation, students will recieve notification from Academic Services and Administration (ASA) ensuring that registration is planned to complete the degree in the fourth academic year of enrollment. A student in need of additional time to complete the degree must recieve approval from the Director of the Program.
Students are expected to maintain continual enrollment in the FINM program throughout the duration of their studies. Students are encouraged to proactively request a Leave of Absence if they anticipate not enrolling in an academic quarter, and are permitted to take a Leave of Absence for up to four academic quarters throughout their time in the program. Pleae find PSD's policies and procedures surrouding a Leave of Absence here.
If a student has taken the maximum amount of leave, and is unresponsive regarding their return to study for an additional academic quarter, they will be administratively withdrawn from the University of Chicago.
Tuition is billed on a quarterly basis, based on the number of units enrolled. The Office of the Bursar will produce monthly bills, updating to reflect changes in enrollment that take place throughout registration and add/drop.
The Financial Mathematrics program notifies admitted students of tuition aid awards at the time of admission. Those awards are reflected on student bills, based on the number of units enrolled.
Enrolling in a program of study includes additional costs beyond the tuition listed here. For a full list of direct and indirect expenses associated with the cost of attendance, please visit the Cost of Attendance page of the Graduate Financial Aid Office website. Please consult the Office of the Bursar for complete tuition information, as well as additional information on payment options.