Editor’s note: This is part of a series of stories featuring master’s degree programs at the University of Chicago.
After earning a bachelor’s degree in mathematics and economics then working in research at the Federal Reserve Bank in New York, Isabel Krogh recently enrolled in the University of Chicago’s MS in Financial Mathematics program looking for technical skills to launch her into a quantitative finance career.
She found the right fit.
“This program has definitely unlocked opportunities from two different angles: I am more confident knowing what career paths excite me and what roles I’m interested in, and I also feel much more equipped to be a good employee in those roles,” said Krogh, who is interning this summer at Graham Capital Management, researching quantitative finance and advising traders. “I feel like every course is very intentionally created to help you succeed in the real world.”
The program is designed for those looking to launch or level up a career in quant finance—pairing a technical curriculum with career services tailored to the quant finance industry. Increasingly, jobs in finance require a multidisciplinary combination of math, statistics, and computing, said Mark Hendricks, director of the MS in Financial Mathematics program. This is seen in the adoption of machine learning, AI, and blockchain across wider segments of the financial industry.
Though the program is named Financial Math, the curriculum is a blend of advanced mathematics, statistics and computing—all applied to financial markets. Students benefit from courses taught by renowned faculty from multiple departments as well as experienced practitioners coming from investment banks, trading firms, asset managers, hedge funds and government.
“We seek to train students as quant ‘chefs,’ not as quant ‘cooks,’” Hendricks said. “They leave with a depth of understanding that will allow them to create and adapt, rather than simply follow a set of recipes learned in school.”
Full-time students can complete the FinMath program in five quarters, and part-time students can complete requirements in three years or less. In January 2026, UChicago will launch a MS in Financial Mathematics online degree—ideal for working professionals.
Krogh said the FinMath program effectively weaves together coding, math and finance to strengthen every student in those areas.
“The multi-disciplinary curriculum has been very helpful,” she said. “It’s been really cool to meet classmates with varied strengths and backgrounds, all of us here trying to fill in different gaps in our knowledge.”
“We seek to train students as quant ‘chefs,’ not as quant ‘cooks.’ They leave with a depth of understanding that will allow them to create and adapt, rather than simply follow a set of recipes learned in school.”
One example of the curriculum’s integration of theory and modern application is called Project Lab, in which students match with firms based on their interests and together collaborate on research. Industry participants range from global investment banks, major prop trading firms, and startup hedge funds. Recent projects included helping firms implement AI agents into trading, using deep learning in the market microstructure, cryptocurrency, and enhancing options volatility surfaces with machine-learning techniques.
The program has shaped some of the brightest minds in the finance industry, with graduates finding success in companies including Goldman Sachs, Citadel, BlackRock and CME Group.
Arlene Tang, who earned her MS in Financial Mathematics in 2017 and began working as a quantitative researcher at Magnetar Capital, said: “The program’s rigorous focus on mathematical and statistical foundations, delivered within a strong culture of academic integrity, pushed me to think critically, question assumptions, and approach problems with intellectual honesty. It has been instrumental in shaping my professional growth.”
Tang also noted that the program’s Career Development Office staff prepared her for a prestigious internship with JP Morgan and broadened her career prospects. That level of support extends throughout the program, she said.
“Even though I graduated about seven years ago,” Tang shared, “I still feel a strong connection with the Financial Math staff. We still meet for coffee chats regularly, and I often visit them at the school. They genuinely feel like family. It’s a rare kind of friendship—one I deeply value and hope will last for decades to come.”
“The program’s rigorous focus on mathematical and statistical foundations, delivered within a strong culture of academic integrity, pushed me to think critically, question assumptions, and approach problems with intellectual honesty. It has been instrumental in shaping my professional growth.”
Expanding career possibilities
In addition to the Financial Math program, two new master’s programs at the Booth School of Business—the Asness and Liew Master in Finance Program and the Master in Management Program—launched in fall 2024, combining academic rigor with strong industry relevance. Students in all three programs dive deep into subject areas and gain practical, cutting-edge career skills from scholars who are academic and industry leaders. They also benefit from a global alumni network across a wide array of sectors.
While prospective careers in all three programs overlap, each has somewhat distinct focus:
- The Financial Math curriculum is multidisciplinary in mathematics, statistics, computer science and data science. Graduates go on to a wide range of careers at investment banks, asset managers, hedge funds, trading firms and exchanges. Roles for graduates include algorithmic trading, quantitative research, quant development, risk management, portfolio construction and financial technology.
- The Asness and Liew Master in Finance Program at Booth prepares students for careers across hedge funds, asset management, investment banking, insurance, fintech, research, and other finance sectors by combining rigorous quantitative training with the development of strong interpersonal and leadership skills.
- The Booth Master in Management Program builds a bridge to students’ first steps in a successful career in consulting, corporate finance, health care, media, technology, consumer products, nonprofits, data analytics and several other fields.
Asness and Liew Master in Finance Program: Technology courses on the cutting-edge
One Friday evening last fall, master’s student Champ McCorkle realized he had questions about that day’s accounting class at Booth’s Gleacher Center. When a classmate emailed the professor, he agreed to meet downtown that night—and ended up talking with the group for three hours—about topics ranging from geopolitics to economic transitions in government. “It was amazing; I couldn’t believe it,” he recalled.
“That’s been my experience the entire time,” said McCorkle, a student in the Asness and Liew Master in Finance Program. “Not only have I been able to spend a lot of time learning things as they relate to finance and get a solid foundation that will be useful on the job in the future, but I’m also able to build relationships with faculty and alumni. It’s had an absolutely transformative impact on my life.”
“I’m also able to build relationships with faculty and alumni. It’s had an absolutely transformative impact on my life.”
Located in a school that has shaped the field of modern finance theory and the course of financial knowledge and markets, the program features courses at the cutting edge of finance. It offers four core, building block courses to students; after those, students take nine electives—five in finance and four from a large subset of the MBA curriculum to build skills and distinguish themselves in the job market.
Finance students can choose their finance electives based on three areas of specialization: asset management, investment banking or fintech. Students complete the degree in 15 months.
“I think it’s great to be able to choose your path,” said finance student Tommaso Calcagno. “This program has so many options, which is a great advantage but arguably, you don’t have to choose one. I’m taking a course on finance and the energy grid, but I’m also taking a course on capitalism.”
One important component of the program is offering courses on technologies that are disrupting the financial industry, said Ralph S.J. Koijen, the AQR Capital Management Distinguished Service Professor of Finance. Those courses dive deep into AI, machine learning, big data, blockchain and related areas.
“We see in the finance world a shift towards more quantitative analysis, towards using AI, in a lot of contexts,” said Stefan Nagel, the Fama Family Distinguished Service Professor of Finance. “Students need to be equipped to master those kinds of tools, and that’s one of our goals with this program.”
Booth Master in Management Program: Rigorous training for job market
The Booth Master in Management program’s curriculum includes courses in economics, managerial psychology, data analytics, decision-making and accounting. Students choose to specialize in finance, strategic management, analytics, global innovation and impact, marketing or entrepreneurship. They enroll in five core courses, four specialization classes and one elective drawn from a variety of Booth classes. The program takes 10 months to complete.
“By providing early insights on how to pair analytical acumen, critical thinking, and communication skills with a solid understanding of the fundamentals of management, students will be prepared for entry-level roles in a variety of industries,” said Jeffrey R. Russell, the Alper Family Professor of Econometrics and Statistics at Booth.
“Chicago Booth graduates have often credited Booth’s world-class faculty, flexible curriculum, and experiential learning for their comprehensive knowledge of business operations.”
Keenly aware of an extremely competitive job market, Booth’s culture is rooted in student success, said Daniel Bartels, the Leon Carrol Marshall Professor of Marketing at Booth. That foundation is built on rigorous, discipline-based training, and an emphasis on analytical thinking and evidence-based decision-making.
“Chicago Booth graduates have often credited Booth’s world-class faculty, flexible curriculum, and experiential learning for their comprehensive knowledge of business operations, for new and better professional opportunities, and for intellectual, personal and professional growth,” Bartels said.
Booth student Etienne Ouellet noted several aspects of the management program that have impressed him, including the ability to interact with leading MBA researchers at Booth, exposure to innovative solutions and the diverse perspectives and cultures provided by a cohort that includes many international students.
He was inspired when observing the pitch session in the world-renowned Edward L. Kaplan, ’71, New Venture Challenge, a leading startup accelerator program at UChicago, where many of the business ideas were grounded in a desire to do good. He also appreciated the support from the Booth community.
“One of the things that I initially overlooked,” he said, “was all the value that the Booth administration, staff and support members provide. I still talk with people in the Office of Admissions. And people in the Student Life Office are truly invested in making our experience here the best it can be. All of them have been the cornerstones of what has made Booth a meaningful and welcoming community to be a part of.”
