The Department of Applied Mathematics has four graduate degree programs, with the opportunity for study and research in the four areas of: applied analysis, computational mathematics, discrete applied mathematics, and stochastics.

• Master of Mathematical Finance (with courses)
• Master of Science in Applied Mathematics (and courses)
• Doctor of Philosophy in Collegiate Mathematics Education (with courses)
• Doctor of Philosophy in Applied Mathematics (and courses)
• Notes

Master of Mathematical Finance
(Collaborative Program with the Stuart Graduate School of Business)

The objective of the MMF program is to provide individuals interested in pursuing careers in financial risk management with advanced education in theoretical, computational and business aspects of relevant quantitative methodologies. This is a collaborative program between the Stuart Graduate School of Business and the Applied Mathematics Department and as such, it will give the students the chance to benefit from the strength of both units.

Degree requirements:
All IIT Graduate School requirements must be satisfied. Specific
departmental requirements are:

• 21.6 quarter credits and 18 semester credits requirement (a maximum of 2 graduate courses may be transferred from other institutions in equivalent courses), including
• Required courses: 10.8 Quarter Credits and 15 Semester Credits

  MSF 571	COMPUTATIONAL FINANCE I	3.6 QRT
  MSF 572	COMPUTATIONAL FINANCE II	3.6 QRT
  MSF 551	FUTURES, OPTIONS AND OTC DERIVATIVES	3.6 QRT
  MATH 542	STOCHASTIC PROCESSES	3 SEM
  MATH 548	MATHEMATICAL FINANCE I: DISCRETE TIME	3 SEM
  MATH 565	MONTE-CARLO METHODS IN FINANCE	3 SEM
  MATH 582	MATHEMATICAL FINANCE II: CONTINUOUS TIME	3 SEM
  MATH 586	THEORY AND PRACTICE OF FIXED INCOME MODELS	3 SEM

• Elective courses: A minimum of four additional courses, including at least one MATH or CS class, and at least three FM or MSF courses. 10.8 Quarter Credits and 3 Semester Credits

  FM 530	VISUAL BASIC AND DATABASES FOR FINANCIAL MARKETS	3.6 QRT
  MSF 522	FINANCIAL MODELING I	3.6 QRT
  MSF 523	FINANCIAL MODELING II	3.6 QRT
  MSF 561	FINANCIAL TIME SERIES ANALYSIS	3.6 QRT
  MSF 562	ECONOMETRIC ANALYSIS	3.6 QRT
  MSF 573	COMPUTATIONAL FINANCE III	3.6 QRT
  MATH 512	PARTIAL DIFFERENTIAL EQUATIONS	3 SEM
  MATH 513	PDEs FOR FINANCE	3 SEM
  MATH 543	STOCHASTIC ANALYSIS	3 SEM
  MATH 544	STOCHASTIC DYNAMICS	3 SEM
  MATH 583	QUANTITATIVE MODELING OF DERIVATIVE SECURITIES	3 SEM
  MATH 584	MATHEMATICAL PORTOFOLIO AND INVESTMENT THEORY	3 SEM
  MATH 587	THEORY AND PRACTICE OF MODELING RISK AND CREDIT DERIVATIVES	3 SEM
  MATH 589	NUMERICAL METHODS FOR PDEs	3 SEM
  CS 522	DATA MINING	3 SEM

Typically, admitted students score at least 700 on the quantitative portion of the GRE and at least 3.0 on the analytical portion. However, meeting the minimum or typical GPA test-score requirements does not guarantee admission. GPA and test scores are just two of several important factors considered for admission to the program, including grades in mathematics courses, letters of recommendation and the student's overall record of achievements.

MMF webpage at the Stuart Graduate School of Business

Click here to apply for the Master of Mathematical Finance

Master of Science in Applied Mathematics

The M.S. degree program provides a broad background in the fundamentals of the advanced mathematics that is applied to solve problems in the other fields. The goal is to prepare students for careers in industry and for the doctoral program.

Degree requirements:
All IIT Graduate School requirements must be satisfied. Specific departmental requirements are:

• 32 credit hour requirement
• Required Courses: at least two of the basic sequences in the four core areas of study
• Elective Courses: The remaining courses in each student's program are selected in consultation with, and approval of, the Director of Graduate Studies. The program may include at most three courses at the 400-level and at most two courses outside the department.
• Comprehensive exam: This is fulfilled by achieving certification in two of the core areas of study. For procedures governing the certification process, the student should consult the current department regulations.
• A Master's thesis (up to 5 credit hours of MATH 591), under the supervision of a faculty member

• For tests taken prior to Oct.1, 2002: 1500 (combined)
• For tests taken on or after Oct.1, 2002: 1100 (quantitative + verbal), 2.5 (analytical writing)

A TOEFL score of 550/213/80 (paper/computer/internet test score) is required if an applicant is from a non-English speaking country.

Click here for the admissions page of the IIT Graduate College. 

Doctor of Philosophy in Applied Mathematics

The Ph.D. program provides advanced education through coursework (including independent study) and original, creative research in order to prepare students for careers in industrial research and academia.

Degree requirements:
All IIT Graduate School requirements must be satisfied. Specific departmental requirements are:

• 84 credit hour requirement for students entering with a bachelor's degree (approximately 52 for students entering with a master's degree)
• Qualifying Exam, fulfilled by achieving better than a 3.5/4.0 GPA on the courses taken in three of the core areas of study and passing an oral examination within the first five semesters of study (within the first three semesters for students entering with a Master's degree). The oral exam covers three of the four core areas, which can be chosen by the student.
• Elective courses & an applications area requirement: Besides the courses in the core areas of study, the remaining courses in the program are selected in consultation with the student's academic adviser. The program must include three to five courses in an area of concentration outside of the department, as approved by the Director of Graduate Studies; these may include 400-level courses.
• Comprehensive Exam, which consists of an oral examination based on the student's research proposal. The exam aims to ensure that the student has the background to carry out successful research in his/her chosen area and the proposed research has sufficient scholarly merit.
• 24 to 32 credit hours devoted to thesis research (MATH 691) 
• Dissertation (thesis), which is expected to contain a distinct and substantial, original and publishable contribution to the field of study.
• Defense: an oral examination in defense of the thesis constitutes completion of the degree

Exceptions to these general rules require approval by the departmental Graduate Studies Committee.

• For tests taken prior to Oct.1, 2002: 1500 (combined)
• For tests taken on or after Oct.1, 2002: 1100 (quantitative + verbal),3.0 (analytical writing)

A TOEFL score of 550/213/80 (paper/computer/internet test score) is required if an applicant is from a non-English speaking country.

Click here for the admissions page of the IIT Graduate College. 

List of Applied Mathematics Graduate Courses

Note: Many courses on this list are being modified from courses that are currently listed in the Graduate Catalog. Catalog course descriptions will be available after changes and additions are approved by the Dean of the Graduate College and by the Registrar.
Click here for more information about courses

The four sequences highlighted in red are the "Core" sequences for the graduate programs in applied mathematics.

Certification Process (for M.S. degree)

Each of the core areas will have a certification committee consisting of the faculty who has most recently taught, or is teaching, the core course and another faculty member appointed by the Chairman. Typically, evidence used for certification will be performance in the core sequence, but may include other information such as a short oral examination and/or performance in related courses at other institutions.

Notes

The director of graduate studies serves as temporary academic adviser for all newly admitted graduate students until an appropriate faculty member is selected as the adviser. Students are responsible for following all departmental procedures as well as the general requirements of the Graduate College.

There are travel awards available for graduate students in applied mathematics. Apply by May for the next school year if possible.

There is a graduate application FAQ.

Research Facilities
The department provides students with office space equipped with computers and full access to the university's computer and library resources. The department also has a 18-processor Beowulf cluster for research purposes.