Frequently Asked Questions
What are the admission standards?
- We consider:
- How many quantitative classes the applicant has taken
- What kinds of classes those were (i.e. introductory/survey courses vs. a full sequence (e.g. Calculus I, II, & III)
- How well the applicant did in those classes
- Applicants must have completed at least one full year of calculus, upper level probability and statistics, linear algebra and differential equations.
- Applicants must have a high level of performance on the GRE/GMAT and TOEFL/IELTS/PTE.
- GRE code: 5529
- GMAT: QK5-XT-96
- TOEFL: Institution Code 2512, Department Code 02. Most RBS programs require a range between 90-100 on the TOEFL.
- IELTS: Please contact IELTS and have your score sent to our office (address listed below).
- PTE Academic is a computer-based academic English language proficiency test designed to measure reading, writing, listening and speaking skills, as they are used in an academic setting. Rutgers Business School requires a minimum score of 68 on PTE Academic.
- Applicants must submit a complete application packet. (For further information, please contact the Admissions Office directly at: (973) 353-1234).
- Further considerations include:
- Level of Education: we receive applications from students who hold Bachelors, Masters and Doctoral degrees alike in areas like: mathematics, sciences, engineering, economics, management, etc.
- GPA: we do not have a set minimum GPA requirement towards admission to our program. However GPA is an important factor in assessing the overall strength of each application.
- The Essay: verbal and written communication skills are essential in placing students once they graduate so, we do seriously consider this aspect of each application.
- Work Experience: is not required but could prove a significant 'edge' in both the application process and in the post graduate employment process. However, many of our students do come to us with little or no work experience.
- Context: applications are evaluated on the strength of each application on its face and within the context of the overall applicant pool.
Are there any MQF scholarships available? What about Financial Aid?
A limited number of scholarships are awarded to the most outstanding applicants to the program. All applicants are considered for the scholarship and a separate scholarship application is not required. Scholarships are awarded by committee decision and take into consideration the entire application, not just test scores or GPA. The decision on scholarship is made at the same time that the admission decision is made.Students in this program will also be eligible for all forms of financial aid and assistance currently available to all graduate students (i.e. state and federal loans and grants). We do not offer teaching assistantships, research assistantships, or graduate assistantships at this time.
Is the MQF program based in Newark or New Brunswick?
The program is based in Newark, though some of our students occasionally opt to take approved elective courses in New Brunswick. The program cannot be completed exclusively in New Brunswick, nor are students obligated to take courses in New Brunswick.
What are the average GRE and TOEFL scores, and average GPA, of students admitted into the program?
When selecting a candidate for admission, we evaluate the student’s overall qualifications, not just standardized test scores or GPAs. Typically, however, for the GRE exam, the average scores for students admitted to the program are 750 quantitative and verbal, 500. Typical GMAT scores are 700 or greater. The average TOEFL score is 100, and average IELTS is a 7 or above. The typical GPA is 3.5 or greater. Please note, however, that these scores are neither necessary nor sufficient for admission. Additionally, there is no admission preference to the the type of test the applicant chooses (GRE or GMAT).
I’m an F-1 student, but I completed my undergraduate education in the United States. Do I need to take the TOEFL/IELTS?
If you have earned a degree from a U.S. university, or will have successfully earned it by the time you start our program, you do not need to take the TOEFL/IELTS exam. In other words, if you are slated to graduate from a US or English-speaking university in June of 2016 and apply to our program for Fall 2016 admission, your requirement would still be waived because you will have earned the degree by the start of the program, even though at the time of application you were still completing it.
I don’t have a finance background. Does that disqualify me from being considered for admission?
Not necessarily. Our students come from a variety of backgrounds including mathematics, finance, business, sciences and engineering of all kinds. However, you do need to have had completed the minimum pre-requisite courses to be considered for admission into the program: calculus I, II and III, differential equations, linear algebra, probability theory and computer programming.
May I take those required courses at a community college before I start or while I’m in the program?
All courses must be completed as a condition of admission to the program. Courses taken at a community college are generally not acceptable because they are not upper-level courses. Depending on the course content, it may be possible that Calculus I and II taken at a community college may be considered for admission, but this cannot be guaranteed.
I work full-time and would like to be a part-time MQF student. Is this possible?
While it is possible for domestic, non-F-1 students to take a part-time course load as needed, it is not possible to complete the program as a strictly part-time student. At some point, you will need to take day-time classes and, possibly, a full-time course load, which will require a flexible work schedule.Because the vast majority of MQF students are full-time, most courses, including core courses, run during the standard work day; therefore, it would be impossible to complete the program going to school only at night or on weekends. None of our classes are offered online.
Can I audit courses in the MQF program?
Auditing courses (i.e. sitting in courses that you have not registered for) is not permitted in the MQF program.
Can I apply to the MQF program as a non-matriculated student?
In rare circumstances, applicants may be allowed to enroll in the MQF program as a non-matriculated student depending on their professional and academic background. The MQF program follows the same policy and procedure as the MBA program. All of the same rules apply. You may access the MQF non-matriculating application form here.
I see that the Rutgers MQF program is designated as a STEM program. What does this mean?
As of February 2014, the Master of Quantitative Finance program at Rutgers Business School was given STEM (Science, Technology, Engineering and Math) status by the U.S. Department of Education. The major is classified as “Management Sciences and Quantitative Methods” by the DOE.For international students on an F-1 visa, this designation grants additional time to work in the U.S. after graduation, allowing students to have up to 29 months of Optional Practical Training, as opposed to 12 months.The only thing that has changed is the classification of the program for the DOE; the program’s curriculum and degree remain the same.
How many students are generally admitted to the program?
Admission to our program has become highly competitive. In the 2015-2016 academic year, 63 students enrolled for the program out of 400 applicants.
Can I start the program at some term other than the Fall?
Admission for this program is offered during the Fall term only. However, students who already hold a Ph.D. may submit a request for admission during the Spring or Summer term in writing. Decisions will be made on a case-by-case basis by the MQF Committee.
How is this degree perceived by business, companies, etc.?
This program addresses a relatively unfilled need for people with a combination of quantitative skills and financial knowledge. Currently business is filling positions with employees who have quantitative skills but minimal financial training, such as, mathematicians, statisticians, or engineers. Companies place a premium on modelers who have a combination of a strong background in financial theory and solid quantitative skills.
What are examples of potential employers?
M.Q.F. Program graduates are likely to find positions in Wall Street firms, such as banks, hedge funds, mutual funds, pension funds, insurance companies, consulting companies, and even financial software firms.