Are you a high-achiever looking for a rewarding career in finance?
Then here’s a deal that will work wonders with you and reward your future preparations with the right results. With the high esteem it carries in the business world an MSC can be a springboard for a career in Finance today.
MIT’s Master of Finance program features a rigorous 12 or 18 months curriculum, emphasizing a foundation in how markets work and engineered around the most advanced financial theories, quantitative models and industry practices.
MFin carries with it a legendary reputation, world-renowned faculty and innovative, hands-on learning experiences in a top-ranked, early-stage finance degree.
The program is adaptive to meet your specific requirements across a broad range of premier career opportunities in sought-after established financial institutions, corporations, consulting firms, the public sector, and fintech.
About MIT Sloan
MIT Sloan is a different kind of management school. They are not iterating on a better widget or cashing in on the latest business fad. They are not talking about management in the abstract. As part of the world’s leading research institution, They are bringing together today’s brightest minds to tackle global challenges.
The MIT Sloan School of Management began in 1914, as the engineering administration curriculum (“Course 15”) in the MIT Department of Economics and Statistics. The scope and depth of this educational focus grew steadily in response to advances in the theory and practice of management.
At the intersection of business and technology, They are exploring the future of work. They are launching companies that kick start local economies in the developing world. They are retooling systems to make health care work better and to engage people around the world in addressing climate change.
- For students, this means different kinds of opportunities. Hands-on learning. Global experience. And a relentless focus on impact.
- For faculty, this means different fields of research. New work in emerging areas that don’t fit into existing departments. And colleagues across MIT.
- For alumni, this means a vibrant global network of like-minded innovators, ready to help you advance your career and turn your vision into reality.
- For organizational leaders the world over, this means a wellspring of ideas and talent. Brilliant minds. Practical problem-solvers. Meaningful research. And tools you can apply to your own work.
Practicality is the essence of MIT’s Master of Finance program. It’s just one year, as opposed to numerous MIT MFin programs that are 1.5 to 2 years. According to the website notes, it was developed “as a direct response to demand in the financial industry”.
In spite of the short duration, the program offers flexibility to tailor it to your needs. Moreover, it’s an “early career” program for students, pre-program experience averages 0-4 years. According to the website, about 50% are coming directly from undergrad.
MIT Master of Finance Acceptance Rate
A premium university, such as this, certainly has its standards high enough to make anyone sweat, and that is fair enough, given the quality courses, programs and top-notch faculty that is provided by the institute.
With an acceptance rate of around 10%, the selected student must also have solid academic achievements and test scores.
You should have average GPA of 3.7 (in programs spanning various disciplines, from economics and math to engineering and business to humanities and science). GMAT mid 80% range 700-770, with quant 48-51. GRE quant mid 80% range 161-170.
So, this is a general overview of all that is required at the minimum stage of MIT finance course’s acceptance.
How to get into MIT as an international student
With the acceptance rate of 10% getting into MIT Master of Finance is no child’s play, here are some prerequisites that MIT sets before aspiring applicants-
- Prerequisite quantitative coursework, here’s an example-
Listed below is an outline of the mathematical background and programming skills that students are expected to have in order to be successful in the most challenging of courses in the program.
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- Linear algebra: Basic topics, including matrix/vector notation, operations on matrices and vectors, determinants, eigenvalues and eigenvectors, quadratic forms, and systems of linear equations.
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- Calculus: Multivariable differentiation and integration, series expansions, and function approximation and maximization.
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- Probability: Sample spaces and random variables, common distributions and densities, moments of distributions, conditional probability, and Bayes’ theorem, the law of large numbers, central limit theorem, joint distributions, covariance, correlation, and stochastic independence.
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- Stochastic processes: Random walks, Bernoulli trials, Markov processes, basic properties of linear time series models, continuous-time processes, and Ito’s dilemma.
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- Statistics/econometrics: Parameter estimation, confidence intervals, hypothesis tests, linear regression models, ordinary least squares, and likelihood principle.
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- Computer literacy: Students entering the MIT MFin program are expected to possess basic programming skills needed for processing and analyzing data. As part of the degree requirements, all students in the MFin program need to pass the programming aptitude test (PAT).
Entering students will take the PAT at the beginning of the summer term using any of the following programming languages: R, Python, C, or C++.
Those who do not successfully pass the test will be required to take the additional class(es) on coding and retake the PAT.
- Most desired personal qualities are the ability to collaborate, willingness to think/look outside of the proverbial box (a classic MIT value), and high motivation (use your essays to demonstrate these qualities).
- While most of the students have no official professional experience. The adcom wants to see at least a related internship so that students come with some practical exposure.
- Interviews are selective (about 30%) and by invitation only. Every accepted applicant is interviewed (about 30% of those interviewed are admitted).
- Good news for internationals: a TOEFL score is not required!
What if you do not have the perfect profile for MIT Master of Finance?
Most of the people might not have the perfect grades or scores, but they can highlight their other strengths to compensate for it. For instance, your letter of recommendations-
Letter of Recommendation
At MIT, it is required that all applicants send in two letters of recommendation. One from a math or science teacher (“Evaluation A”) and another one from a humanities teacher (“Evaluation B”).
You should certainly ask a teacher who has taught you in an academic class in high school. Ideally, this will also be a teacher who knows you as more than just a student who does well on all the tests.
We find that the best recommendations are written by teachers who know an applicant well as both a student and a person.
Interview
Also, your interview plays an important role in your admission because a strong interview definitely helps your chances of being admitted. Always remember that an average or bad interview does not help but is not likely in itself to crush your application.
There have unquestionably been students admitted to MIT whose interviews did not go well.
Class Profile for MIT Master of Finance
Below is the class profile for students entering summer 2018.
MIT Master of Finance Admission Requirements
So, to apply to MIT Sloan, please prepare a variety of materials to help them assess your qualifications. Remember, all materials must be submitted online by the application deadlines.
A complete MIT Master of Finance application for July 2019 entry consists of the following:
- RESUME
- ESSAY
- VIDEO ESSAY
- LETTERS OF RECOMMENDATION
- ACADEMIC RECORDS (TRANSCRIPTS)
- OPTIONAL QUESTION
- TEST SCORES
- SUBMITTING YOUR ONLINE APPLICATION
- APPLICATION FEE
Conclusion
So, MIT Master of Finance seeks smart, motivated applicants who are passionate about finance. Recent graduates, early career professionals in finance, engineers, mathematicians, physicists, computer programmers, and other high-tech professionals are encouraged to apply.
Therefore, each applicant is measured on his or her academic and professional accomplishments. And if your dream is to be one of them, it is time to grip up your pants and get ready for your admission!
