Princeton University

As we also note later in this FAQ, the strongest candidates for admission to the Master in Finance program have a breadth of strengths.  At the minimum, their test scores and grades are exceptional, their personal statements and recommendations are excellent, and their language skills topnotch. But what sets apart the strongest candidates from the rest is a passion for finance, strong communication skills, as well as prior work experience in the finance industry.  Other helpful experiences might include internships in finance  and/or previous work experience in areas such as engineering and technology. We have also found that candidates with Master's and PhDs in the areas of engineering, mathematics and the sciences have been well-prepared for our program.

No, except for the English language tests. This said, it is obvious that, ceteris paribus, the higher your standardized test scores, the better your chances of being admitted. Our entering classes have had a median GRE score of 790 on the quantitative part (you may take the exam more than once, in which case we consider your highest score). The average quantitative GMAT scores are 49.5 or 95%. More generally, we pay particular attention to your mathematics background (courses taken in college, grades, scores on the quantitative parts of the tests, etc.). One common reason applicants are not admitted is that their mathematical background is not strong enough to allow them to benefit from our program.

To give you an idea, look at the descriptions of the following Princeton undergraduate courses: in Mathematics, we expect applicants to be familiar at a minimum with the material in: MAT 200 (Linear Algebra and Multivariable Calculus) and in Probability and Statistics at the level of an introductory course such as ECO 200 (Statistics and Data Analysis for Economists) or ORF 245 (Fundamentals of Engineering Statistics).

In addition, we offer incoming MFin students a two-week refresher course in math prior to the beginning of classes in the Fall semester. This course is required.

While the program does not require formal work experience as a requirement for admission, prior work experience provides an edge in this very competitive job market and more context for studies while in our program. At a minimum, we expect applicants to have completed one or more internships (for instance over the summer while in college).

Due to the high volume of applications we cannot "pre-evaluate" applicants' chances of admission, or interview them before the process begins. We choose to interview only the top 100 candidates prescreened based on scores, grades, previous job experience and/or relevant advanced degress, relevant coursework taken, personal statement, and recommendations.

No one on the admissions committee will be able to meet with an applicant before he or she is offered admission. The faculty on the committee will remain anonymous.

The MFin program has on staff two dedicated placement officers who provide extensive career advice, help locate job opportunities, prepare you one-on-one for job interviews and help you negotiate job offers. The strong connections we have established with our Advisory Council, Corporate Affiliates and other industry contacts are very helpful at placement time.

In addition, we organize in September for every incoming class a three-day "boot camp" with industry professionals where various career issues are reviewed and help is provided (including resume-writing, one-on-one videotaped interview sessions, etc.)

Students completing the program in two years are required to complete a Summer internship at the end of their first year. This requirement will be satisfied in most cases by being an intern at a financial institution or, in some limited cases, by being a research assistant for a research project supervised by a faculty member. In all cases, students are paid, with compensation for a three-month Summer internship at a financial institution being in the $15,000 to $20,000 range.

Students completing the program in one year are required to complete an internship either during the Summer prior to joining the program, or during the Winter break between their two semesters of study.

As discussed above, the MFin program provides extensive assistance to help locate suitable internships.

Application for admission in the Fall of 2010 will be due by December 1, 2009. The graduate School's official admission notification date is March 15, 2010, but many times admitted applicants will receive a congratulatory email from the Center a few days before the official deadline.

Due to the large number of candidates, it is not possible for us to inform applicants if their applications are incomplete, or give other information during the review process. Please be patient and wait until March 1 for a response from us.

Admitted students will need to respond by April 15. On-campus housing will be guaranteed only to students whose completed housing application has been received by the University by the reply deadline of April 15.

In previous years, we had two separate application deadlines: one for applicants who resided in the United States, Canada or Mexico and one for those who did not. This is no longer the case: all applications are due by December 1, irrespectively of the applicant's residence.

Online application forms are available from the Graduate School admissions website. You must apply online. Please include a curriculum vitae, personal statement and undergraduate/graduate transcripts as part of your application. The GRE or GMAT is required. If your native language is not English and you have not completed your undergraduate studies in an English-speaking country, you are also required to take either the TOEFL or IELTS exam. GRE or GMAT scores must be less than five years old, TOEFL or IELTS scores less than two years old on Dec. 1, 2009.

Please plan to take the tests in plenty of time for the scores to be received by the Admissions office by Dec. 1. When you register for the tests, you must specify that your scores be sent to the Princeton University Office of Graduate Admission (2672 for the GRE, WC1-L5-59 for the GMAT). Please make sure that all application materials are received before Dec. 1, including transcripts, letters of recommendation and test scores. We sometimes need to contact applicants if some information is missing, so please include a working email address, but remember that it is your responsibility to make sure that your application is complete and received by the deadline of December 1.

The application fee is $70 online only. 

Questions? Please see the admission website.

For 2009, we received 591 applications and offered admission to 24 applicants (4%), with 19 enrolling (80%). In 2008, we received 664 completed applications and offered admission to 40 applicants (7%) and 30 enrolled (75%). In 2007, we received 459 applications and offered admission to 48 applicants (10%).

MFin students starting in the Fall of 2009 should plan on arriving in Princeton in time for the Monday, August 31, 2009, starting date of the Math Refresher Course. 

• Monday August 31 - Friday September 4: Math Refresher Course
• Wednesday September 2 -Graduate student registration begins
• Monday September 7: Labor Day, off
• Tuesday September 8 - Friday September 11: Math Refresher Course, continued
• Saturday September 12 : Boot Camp (all day) and Welcome Reception for Incoming MFin Students (evening)
• Monday September 14 - Tuesday September 15: Boot camp, continued
• Tuesday September 15 : New students orientation (Graduate School)
• Wednesday September 16 : New student sign-in (Graduate School)
• Wednesday September 16 - Friday September 18: One-on-one interview skills videotaping and resume writing
• Wednesday September 16 - Friday September 18: English Language Proficiency Testing  requires approximately 1/2 hour, only for students required to take it (non-native speakers).
• Thursday September 17: First day of classes
• Friday September 18 : Final resume due at the end of day

None of the above. The degree is a Master in Finance (MFin).

Unlike an MBA program, we teach only finance and the related prerequisite disciplines (such as statistics, accounting, etc.). This allows us to do so at a much deeper level than in an MBA, and to incorporate all the interdisciplinary aspects of modern finance, such as financial mathematics, financial econometrics, computational finance, behavioral finance, corporate finance, etc.

You should be aware that our courses are more demanding, and more quantitative, than a typical MBA course. In general, MFin graduates will not be as attractive as MBAs in the corporate finance and M&A areas where the non-finance parts of an MBA curriculum are useful. In fact, if that is where you really want to work, you would probably be better off following an MBA course of study.

However, if you are interested in other areas encompassed within the modern investment bank such as quantitative asset management, risk management, derivatives pricing and trading, fixed income analytics and other areas where a quantitative background in the theoretical and practical aspects of modern finance is essential, we think our program is being recognized for both the quality of the students and the quality of the learning experience here at Princeton.

We also note that the world of finance is much broader than the traditional investment banking firms, with opportunities in insurance, commercial banking, commodities and energy trading and risk management in traditional industrial companies to name only a few. Our graduates are able to compete very effectively for these types of careers.

A recent article (.pdf) posted on this site describes some of the relevant differences between our program and an MBA program.

Unlike mathematical or computational finance Master programs, we teach all of finance. This means for instance that we teach accounting, corporate finance, behavioral finance, etc., in addition to stochastic calculus, derivatives pricing, financial engineering, etc. We believe that our broad multidisciplinary approach to finance is an important advantage of our program, and that our placement record reflects it.

The Bendheim Center for Finance is pleased to be recognized as offering one of the top Master program in finance, financial engineering or mathematical finance, by Quantnet. Quantnet ranked the various programs in groups of five, listing the programs alphabetically within each group. The BCF program was ranked in the top group, 1-5. While we are pleased with the ranking, applicants should note that it is not possible for any formulaic ranking to capture the distinctiveness of a program or to determine whether any program is the best choice for an individual student. We encourage students to use a variety of resources to find the best match for them.

The curriculum is designed to be completed in 1 or 2 academic years: this flexible format allows well-prepared students to complete the program in as little as 2 semesters. Admission letters will specify the expected length of study based on the applicant's background, experience and prior exposure to the subject.

Students who complete the MFin program in two years take the 6 core courses and select 10 electives courses. Students who are allowed to complete the program in one year take 10 courses.

The subset of courses for one-year students is determined individually based on the student's background and interests. Individual meetings between the student and the Director of Graduate Studies will determine which of the 16 core and elective courses need to be taken and which will be waived to arrive at a total of 10.

Typical courses of study are as follow:

• For students completing the program in one-year:
  • Fall: FIN 501, FIN 505, choose 3 electives
     
  • Spring: FIN 502, FIN 503, FIN 504, choose 2 electives

• For students completing the program in the normal program length of two years:
  • Fall Year 1: ECO 362, FIN 501, FIN 505, choose 1 elective
     
  • Spring Year 1: FIN 502, FIN 503, FIN 504, choose 1 elective
  • Fall Year 2: Choose 4 electives
  • Spring Year 2: Choose 4 electives

See the requirements page for the program rules governing the selection of elective courses.

Generally, no. The program is designed to be completed on a full time basis. Our classes are taught during the day and full-time students take four or five courses per semester. Given the logistics, the only possibility for part time enrollment would be for students who already work in the Princeton area and would be able to attend courses during the day. Part-time students are expected to take a minimum of two classes per semester, and a maximum of four years (eight semesters) to complete the program.

Grants or fellowships that you obtain from outside sources can be applied towards the tuition cost. As you contemplate the cost of the program, keep in mind that students typically go on to pursue successful careers in the financial industry immediately after graduation (see our placement record above).

We also offer a small number of merit-based fellowships which typically cover a fraction of the tuition costs.

You can submit your GMAT scores instead of GRE scores. When you register for the test, you must specify that your scores be sent to the Princeton University Office of Graduate Admission (Princeton's code for the GRE is 2672, and WC1-L5-59 for the GMAT; we do not use department codes). It takes four to six weeks for scores to be released to the Office of Graduate Admission following your request. See here for more information. Note in particular the special GRE considerations for citizens of China, Hong Kong, Korea and Taiwan.

Yes. And your GRE or GMAT scores must be less than five year old. This applies even if you already have an advanced graduate degree (such as a Ph.D. in Physics for instance).

All applicants whose native language is not English and who have not received their undergraduate education in an English-speaking country must submit scores from one of two internationally recognized assessments of English language proficiency, the International English Language Testing System (IELTS) or the Test of English as a Foreign Language (TOEFL).

Please see the Graduate School website for more information on TOEFL.

IELTS is a testing arm of Cambridge University, United Kingdom ESOL examinations and the British Council. Students who wish to demonstrate English proficiency through the IELTS test should visit their website, for information about the administration of this test and how to have test results reported to Princeton in a timely fashion. Normally tests results are mailed out in two weeks from the date of the IELTS administration.

Yes, we select a subset of applicants based on the written application and interview everyone in that subset before making final admission decisions. We carefully select a group of students and want to make sure that we can devote individual attention, both academically and when the time comes for job placement, to each one of them.

See the tuition section of Graduate School website.

If you apply and are admitted, this offer is valid for one time only, so you cannot defer your admission (except for medical reasons). You will need to reapply, and because of the very competitive nature of the program, your file will be reconsidered with the new pool of applicants. If you reapply the following year, you can ask for your original file to be re-activated; if you were not admitted and wish to reapply, you must pay a new application fee. In any case, you are required to submit two additional letters of recommendation, not using the same letter writers as before, to cover the period from the first application to the current application date. Finally, an updated statement of purpose, CV and any new information covering the period since your first application (such as transcripts if you have been taking courses) are also required.

Many times we are asked to recommend specific courses for a potential applicant to take in order to fortify an admission application. The department cannot make specific recommendations. While reviewing an application, the internal admissions committee of the Master in Finance program does not base a decision on any one factor. The whole application is taken into account. They will look at the degree of difficulty of the courses you have taken as well as the grades for your courses. A solid math background is required. The committee looks for strong letters of recommendation from your professors who can attest to the type of student you are and can speak to your potential in graduate program.

When an application is denied admission, the Graduate School retains the file for one year. Applicants who applied the previous year may reapply the following year for admission. Reactivated applicants should complete the admission application. In addition, they must submit official transcripts of any academic work accomplished since the date of the last application, at least two new letters of recommendation, and a revised personal statement. All materials, including the application fee, are due by the application deadline. If an application is denied it is not possible for the department to go back and review applications to justify the denial or offer advice on fortifying a future application. All materials are returned to the Graduate Admissions office by the department and are not available for review.

The Master in Financial Engineering was a precursor of the current Master in Finance of the Bendheim Center. It was a one-year program and students were enrolled in the Department of Operations Research and Financial Engineering (ORFE) which was granting the degree. In order to avoid duplication and confusion, this program was transitioned into the new Master in Finance. Its contents represent one part of the MFin program, namely the Financial Engineering Track. While MFin students have an opportunity to focus primarily on financial engineering if they choose to, the MFin program covers all of finance, not just financial engineering.

If you have general questions regarding the program (e.g., is this for me? careers after graduation? etc.), contact us at this e-mail address. If you have questions concerning the application process, please review the Graduate School website, and if you are experiencing difficulties using the online application process, contact the office of graduate admissions.

If you have already submitted your application, you will receive a response from us by March 1. Due to the large number of candidates, it is not possible for us to inform applicants if their applications are incomplete, or give other information during the review process. We contact applicants individually if elements of their application are missing. We also contact applicants individually to schedule an interview (see above.) Otherwise, please be patient and wait until March 1 for a response from us.

Princeton's Master in Finance program differs from other schools because of its intentionally small and diverse class size, with students who have a unique mix of graduate degrees in quantitative areas and finance experience.