The Master of Financial Mathematics (MFM) offers two different fellowships. The corporate donors of these funds hire MFM alumni and are committed to supporting our goal of increasing diversity, broadly defined, 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 which ends in May 2023. Two fellows will be awarded in the 2021-2023 incoming class, one for each of the two fellowships outlined below. Candidates should apply for the MFM and the Fellowships simultaneously. The deadline to apply for the first round of admissions to the MFM program is February 1. You can apply for the MFM and the Fellowships after February 1 as well. The second round of MFM admissions takes place between March 15 and May 15.
In addition, to financial support from our generous donors, the Fellows will have the opportunity to get to know the various firms that support the fellowships by engaging in job shadowing and other interactions with the donor firms. In addition there will be opportunities to apply for summer internships at donor firms and other local, regional and national firms.
MFM Fellowship for Opportunity and Advancement
This general fellowship was established by two inaugural donors, Cargill's Risk Management division (CRM) and Allianz Investment Management (AIM). CRM and AIM are part of two of the largest firms in the world. Cargill is a privately held agribusiness/commodities firm with headquarters in Minneapolis. Allianz is one of the world's largest finanical services firms and is based in Munich, Germany. Its U.S. headquarters for Insurance and Hedging are located in Minneapolis. These two firms both have strong commitments to making their communities thrive wherever they do business. For more information, visit the Cargill Comunity Engagement website and the Allianz Foundation for North America website.
Parametric Financial Mathematics Fellowship for Opportunity and Advancement
This fellowship is fully supported by Parametric. Parametric has $316+ billion in assets under management and employs 500 investment professionals across six offices, with expertise in research, strategy, trading, and portfolio management. It is expected to become an affiliate of Morgan Stanley in 2021. The firm's offices are in Minneapolis, Seattle, New York City, Boston, Westport, Connecticut, and Sydney, Australia. Parametric is committed to making an impact in the communities where it does business. Read about Parametric’s community impact initiatives.
Fellowship Amount and Terms
The MFM Fellowship for Opportunity and Advancement and the Parametric Financial Mathematics Fellowship for Opportunity and Advancement are both two-year fellowships with an approximate value of about $94,000, which will be within the established cost of MFM attendance over two consecutive academic years. This includes coverage of full in-state MFM tuition and fees (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 for the two academic years. The stipend is distributed in bi-weekly payments throughout the academic year in alignment with the University payroll schedule.