MFM Fellowship for Opportunity and Advancement


The Master of Financial Mathematics (MFM) MFM Fellowship for Opportunity and Advancement was created to help increase diversity, broadly defined, in the MFM student body. The Fellowship's two inaugural leadership donors are Cargill Risk Management (CRM) and Allianz Investment Management (AIM).  They frequently hire MFM alumni and are committed to supporting the goal of increasing diversity in the University of Minnesota’s MFM student body.  The application period is now open for candidates to apply for this fellowship for entrance into the MFM program for the incoming class beginning in the academic year 2021-2022 and going through academic year 2022-2023. In addition to financial support from our generous donors, the Fellow will have the opportunity to get to know the various firms that support this fellowship by engaging in job shadowing and other interactions with the donor firmsIn addition there will be opportunities to apply for summer internships at donor firms and other local, regional and national firms. 

Fellowship Amount and Terms:

The MFM Fellowship for Opportunity and Advancement is a two year fellowship with an approximate value of $97,000 which will be within the established cost of MFM attendance over two consecutive academic years.  This includes coverage of full in-state MFM tuition (even if you are not a Minnesota resident) and a living stipend of $25,000 per year for two consecutive academic years (up to 4 semesters) of the MFM program. The Fellow will also be provided subsidized health insurance and dental care for the two academic years and for summer 2022 and 2023.   The stipend is distributed in bi-weekly payments throughout the academic year in alignment with the University payroll schedule. 

Eligibility Requirements

MUST fulfill each of the following requirements to be considered eligible:

  1. U.S. citizens, U.S. permanent residents, and those legally in the United States on a non-temporary basis (refugees, and asylies) entering the MFM program at the University of Minnesota in the academic year 2020-2021.
  2. Acceptance to the MFM program by submitting a complete application and getting an offer to join the program (Note: Applicants can apply for the MFM fellowship at the same time as they apply for the MFM).
  3. Fellowship Recipient must be a full time student in the MFM Program. 
  4. Applicants must have completed the FAFSA, with demonstrated financial need.

Application Guidelines 

Applicants should keep in mind the following selection criteria:

  1. Financial need (demonstrated via the FAFSA application)
  2. Evidence of academic promise (past grades, reference letters from MFM application) 
  3. We also consider the following factors in our holistic application review.  These factors will help the MFM program increase diversity in the student body
    1. First generation in family to attend college
    2. Evidence of having overcome social, economic, or physical barriers to educational achievement
    3. Strong commitment to community service and leadership
    4. Other personal or extenuating circumstances