Degree and Diploma Programs by Graduate Unit
2014-15 SGS Calendar
Mathematical Finance
Faculty Affiliation
Arts and Science
Degree Programs Offered
Mathematical Finance—MMF
Overview
Financial engineering is one of the fastest growing areas
of applied mathematics. In the Master of Mathematical
Finance (MMF) program, students reshape their existing
analytical abilities with the help of senior academics in
mathematics, computer science, statistics, and
engineering who have experience with the tools of
mathematical finance. This crossdisciplinary approach
develops graduates with a richer, more innovative
approach to applied mathematics in real-world situations.
Some of the faculty are seasoned practitioners from the
financial industry while others are from leading firms in the
financial software industry, developing applications around
requirements like risk management, portfolio analysis, and
the pricing of advanced derivatives.
The heart of the program is the four-month internship or
campus project. Working on real financial projects,
students learn to integrate and apply theoretical
knowledge gained earlier in the program. In the internship,
students team with employees of the sponsoring firm to
experience how financial mathematics impacts the
decision-making processes of a financial services
organization.
Contact and Address
Web: www.mmf.utoronto.ca
Email: math.finance@utoronto.ca
Telephone: (416) 946-5206
Fax: (416) 946-5205
Mathematical Finance Program
University of Toronto
Suite 219, 720 Spadina Avenue
Toronto, Ontario M5S 2T9
Canada
Degree Programs
Mathematical Finance
Master of Mathematical Finance
Minimum Admission Requirements
 Applicants are admitted under the General Regulations
satisfy the graduate unit's additional admission
requirements stated below.
 Applicants must have an appropriate bachelor's degree
in a quantitative, technical discipline with a minimum of a
mid-B standing in the final two years.
 Applicants whose primary language is not English and
who graduated from a university where the language of
instruction was not English must demonstrate proficiency
in the English language through the successful
completion of the Test of English as a Foreign Language
(TOEFL) with minimum scores as follows:
o paper-based TOEFL exam: 580 and 5 on the Test of
Written English (TWE)
o Internet-based TOEFL exam: 93/120 and 22/30 on the
writing and speaking sections
 Applicants must also show evidence of strong
mathematical ability. Appropriate workplace experience
will be considered in lieu of formal education.
 Admission to the program is competitive. Those
accepted into the program will normally have achieved a
standing considerably higher than the minimum mid-B
standing or have demonstrated exceptional ability
through appropriate workplace experience.
 Applicants must satisfy the admissions committee of
their ability to do rigorous quantitative analysis at an
advanced level. The broad background required for this
program makes it likely that many strong applicants will
not possess all the background requirements. It is
expected that applicants will have extra depth in certain
areas and need to do additional work in others.
Admission may be conditional upon the applicant's
satisfactory completion of the required background
material.
 Applicants should submit a written statement of
approximately 300 words outlining their objectives for
entering the program. Applicants should also explain
how their background is appropriate. An interview may
be required.
 Inquiries about part-time options for the program should
be addressed to the Program Director.
Program Requirements
 The program of study begins in mid-August and includes
a four-month internship during the second session.
Students will be responsible for obtaining their own
internship. In cases where the student is taking a leave
of absence from an appropriate job, it is expected that
the student will return to this job for the internship. In all
cases, the Director must approve the placement.
of the School of Graduate Studies. Applicants must also
2014-2015 School of Graduate Studies Calendar
www.sgs.utoronto.ca/calendar
Mathematical Finance
1
Degree and Diploma Programs by Graduate Unit
 Students will proceed through the program as a group,
MMF 1923H
Financial Markets and Corporate Policy
MMF 1926H
Workshop in Mathematical Finance
MMF 1927H
Workshop in Mathematical Finance
MMF 1928H
Pricing Theory 1
MMF 1929H
Asset Management
MMF 1941H
Stochastic Analysis
3 sessions full-time (typical registration sequence: F/W/S)
MMF 1943Y0
Communication
3 years full-time
MMF 2000H
Risk Management
Course List
MMF 2011H
Advanced Stochastic Processes
Courses are offered in modules. A module will consist of a
four-week unit with a minimum of three contact hours per
week, or its equivalent. A large portion of the learning for
the module will take place outside of class through
carefully designed computer projects and group study.
The courses have been packaged in units of one, two,
three, four, or five modules, and the course weight will be
equal to the number of modules; for example, a course
with three modules will have a weight of three credit hours.
Six modules will be considered the equivalent of one fullcourse equivalent in a standard format. The third digit of
the four-digit course number determines the course
weight.
MMF 2012H
Volatility Modelling and Forecasting
MMF 2021H
Numerical Methods for Finance
MMF 2025H
Risk Management Laboratory
following a common course of study. The course of
study will be fully integrated and computer-laboratory
intensive. Course projects and assignments will be
designed to integrate the material learned from a variety
of the courses and to utilize it in a practical context.
Excellent communication and presentation skills will be
emphasized in both the oral and written components of
the projects.
 Students must complete all courses listed below.
Program Length
Time Limit
Course that may continue over a program. The course is
graded when completed.
0
Third Digit Notation
1
= one-third of a half course
2
= two-thirds of a half course
3
= one half course
4
= two-thirds of a full course
5
= one full course
MMF 1900Y
Internship (Credit/No Credit)
MMF 1910H
Introduction to Financial Industry
(Credit/ No Credit)
MMF 1914H
Information Technology (Credit/No
Credit)
MMF 1915H
Introduction of Financial Products
(Credit/ No Credit)
MMF 1920H
Investment and Finance
MMF 1921H
Operations Research
MMF 1922H
Statistics for Finance I
2014-2015 School of Graduate Studies Calendar
www.sgs.utoronto.ca/calendar
Mathematical Finance
2