MFM Fellowships

Fellowship Details 

Several different fellowships are available for Master of Financial Mathematics (MFM) students who will add diversity to the MFM student body.  Fellowships are funded by our generous corporate donors: Parametric Portfolio Associates and Cargill Risk Management. These firms hire MFM alumni and are committed to supporting our goal of increasing diversity, broadly defined, in the University of Minnesota’s MFM student body. In addition to financial support from our generous donors, the fellows will have the opportunity to get to know the various firms that support their fellowships by engaging in job shadowing and other interactions with the donor firms. There will also be opportunities to apply for summer internships at donor firms and other local, regional and national firms.

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Cargill Financial Mathematics Fellowship for Opportunity and Advancement

Five unique fellowships are funded by Cargill (Cargill Risk Management) which include partial coverage of MFM tuition in the first academic year:

  • Two 1-year fellowship with a total value of $15,000. 

  • Three 1-year fellowships with a total value of $10,000.

Cargill is the largest privately held firm in the world with headquarters in Minneapolis and 160,000 employees across 70 countries.  They combine 157 years of experience with new technologies and insights to serve as a trusted partner for food, agriculture, financial and industrial customers. They have a strong commitment to help make communities thrive wherever they do business. For more information, visit Cargill Community Engagement.

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Parametric Financial Mathematics Fellowship for Opportunity and Advancement

This two-year fellowship is fully supported by Parametric.  The fellowship includes full coverage of in-state MFM tuition and all university fees (even if you are not a Minnesota resident) and a living stipend of $25,000 per year for two consecutive academic years. The fellowship has an approximate total value of $100,000.

Parametric has $532+ billion in assets under management across an array of products and strategies, including not just custom core and overlay, but also responsible investing, factors, emerging markets, liquid alternatives, fixed income, and more.  Parametric is a company with expressed goals to continually strive in evolving their skills and technical expertise in order to apply ingenuity to solving client challenges, while remaining grounded in their quantitative approach.  The firm became part of Morgan Stanley in 2021, but it remains proudly independent in its approach and spirit.  The firm has investment professionals across seven offices, with expertise in research, strategy, trading, and portfolio management.  Parametric is committed to making an impact in the communities where it does business. Read more about Parametric’s community impact initiatives.

Eligibility Requirements

  • Acceptance to the MFM program by submitting a complete application and getting an offer to join the program.
  • Additional Eligibility Requirements for the Parametric Financial Mathematics Fellowship for Opportunity and Advancement : U.S. citizens, U.S. permanent residents, and those legally in the United States on a non-temporary basis (refugees, and asylees) entering the MFM program at the University of Minnesota.


Application Guidelines 

Applicants should keep in mind the following selection criteria:

  • Financial need.
  • Evidence of academic promise (past grades, reference letters from MFM application).


We also consider the following factors in our holistic application review.  These factors will help the MFM program increase diversity in the student body:

  • First generation in my family to attend college.
  • Evidence of having overcome social, economic, or physical barriers to educational achievement.
  • Strong commitment to community service and leadership.
  • Other personal or extenuating circumstances.

Fellowship applications should be submitted along with the MFM application.

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