Operations Research - Methods in Finance Master's Degree

Degree required for admission: A bachelor's degree in Mathematics, Engineering, Computer Science, Economics with minor in Mathematics, Statistics, Physics, or another technical discipline from an accredited academic institution is required for admission. Applicants should have a strong undergraduate record to be competitive for admission. 

GPA required: Minimum of 3.0

GRE requirements: General test required. (*GMAT exams are not accepted as a substitute for the GRE) 

Other application requirements: Three recommendation letters, transcripts, resume, and a personal-professional statement are required. If you have not earned a degree from an undergraduate or graduate institution in which the instructional language was English, you may be required to take the TOEFL/IELTS. All application requirements in the Graduate Application must be completed as specified in the application. For answers to your most common admissions questions, please review our FAQ page here.

We accept applications on a rolling basis, which means there are no deadlines to apply.  Please submit your degree applications no later than 4 - 6 weeks before the semester you wish to enroll. 

Students entering the Methods in Finance program should have an appropriate mathematical background in probability, calculus and linear algebra. Those students who have this background should be able to do most of the questions found through this link (Prerequisite Questions). It may be necessary for some people to first review some of their undergraduate material. This is particularly true of prospective students who have been working in industry and are not applying directly from an undergraduate program.

Students that do not have a sufficient mathematical background should take the appropriate mathematics courses before starting the Methods in Finance program.

Preparatory courses for this program:

• IEOR E4150: Introduction to Probability and Statistics (offered regularly by CVN) 
• Linear Algebra (can be taken at your local four-year college)

We accept applications on a rolling basis, which means there are no deadlines to apply.  Please submit your degree applications no later than 4 - 6 weeks before the semester you wish to enroll. 

Students must complete all core courses (described below) and selected electives (described below) for a total of 30 graduate points of academic work via CVN with a GPA of 2.67 or better. All degree requirements must be completed within 5 years of the first course credited toward the degree. This includes courses taken in the non-degree program.

Core Courses (21 credits):

Sequence 1 (Must be completed first)

• IEOR E4007: Optimization Models and Methods (FE) or IEOR E4004: Optimization Models and Methods*
• IEORE4150: Probability and Statistics
• IEOR E4106: Stochastic Models or IEOR E4701: Stochastic Models (FE)*

The Department requires grades of B- or higher in the Sequence 1 courses before continuing with the program. 

Sequence 2

• IEOR E4403: Quantitative Corporate Finance
• IEOR E4404: Simulation or IEOR E4703: Monte Carlo Simulation*
• IEOR E4706: Foundations of Financial Engineering (formerly known as Financial Engineering I)
• IEOR E4707: FE: Continuous Time Models

* Course focuses on applications to the financial services industry. Only one course, not both, can be applied to the program.

Elective Courses (9 credits):

Students must choose 3 elective courses from those listed below.

Note: Please review departmental course listings and consult with your program advisor.

• IEOR E4307: Statistics and Data Analysis
• IEOR E4407: Game Theoretical Models of Operation
• IEOR E4601: Dynamic Pricing and Revenue Management
• IEOR E4620: Pricing Models for Financial Engineering
• IEOR E4602: Quantitative Risk Management
• IEOR E4630: Asset Allocation
• IEOR E4709: Statistical Analysis and Time Series
• IEOR E4710: Fixed Income and Term Structure Modeling
• IEOR E4718: Beyond Black-Scholes: The Implied Volatility Smile
• IEOR E4731: Credit Risk Modeling and Derivatives
• CSOR W4231: Analysis of Algorithms, I
• DRAN B8835: Security Pricing Models
• APMA E4200: Partial Differential Equations

2023–2024 Tuition & Fees

Please note that all tuition and fees are in U.S. dollars and are estimated. Tuition and most fees are prescribed by statute and are subject to change at the discretion of the Trustees.

CVN Credit Tuition: $2,462.00 per point (Credit Hour)
CVN Fee: $395 non-refundable fee per course
Transcript Fee: $105 non-refundable one-time fee
Tuition Deposit: $1,000 (More information on our Resources page)

Estimated cost of one nondegree course: $7,886.00
Estimated total cost of certification (four courses): $31,229.00

Estimated total cost of MS (ten courses): $77,915.00
*Estimated total cost of DES (ten courses plus a minimum of 12 research credits): $108,249.00

Graduate Admission Application Fee: $85 non-refundable one-time fee 
Certification Program Application Fee: $85 non-refundable one-time fee 

Late Registration Fee: $100 non-refundable fee

CVN Withdrawal Fee: $75, plus prorated tuition and all non-refundable fees
For example: A three-credit course would be $7,781 + transcript fee $105 (one-time) + CVN fee $395 = $7,886

*Assumes DES student enrolls in two six-credit research courses.

For Drop/Withdrawal fees and dates, refer to the Academic Calendar for the current term.

Please note: CVN no longer offers courses for audit.

Payment should be mailed to:

Attn: Shewanna House
Accounting & Business Management
Senior Student Services Rep
Payments & Deposits
210 Kent Hall, Mail Code 9205
1140 Amsterdam Avenue
New York, NY 10027

Before you mail your check or money order, please take careful note of the following requirements to ensure the timely processing of your payment: https://sfs.columbia.edu/content/pay-mail.