Prerequisite Coursework

In addition to fulfilling other admissions requirements, successful applicants to the Financial Statistics and Risk Management (FSRM) master's program will have completed courses in single variable and multivariable calculus, linear algebra, advanced undergraduate statistical methods, and computer programming.

Courses offered at Rutgers University that would satisfy these requirements are listed below.

Single variable and multivariable calculus (Math 01:640:151-152 and 01:640:251)
Linear algebra (Math 01:640:250)
Level IV statistics (Statistics 01:960:401 or 01:960:484)
Basic computer programming (CS 01:198:111 or ECE 14:332:252)

Applicants can take equivalent courses offered by their local institution or online.

Admitted applicants will be given a test in each of multi-variable calculus and linear algebra on the first Saturday of their first Fall semester. Applicants who do not achieve satisfactory scores in a subject will be required to take a remedial course in that subject during the first semester and be re-tested. These remedial courses are tuition-free and are scheduled for Saturday mornings and last 4 to 5 weeks each.

Financing the FSRM Degree

Tuition and Fees
Information on the costs of graduate study at Rutgers for the 2012-2013 academic year may be found in the New Brunswick Graduate Student Tuition and Fees Schedule. Rutgers also offers a cost estimator. (Alert: If you use the cost estimator tool, please select "Mathematical Finance" from the menu options: this menu option is being updated to read "FSRM and Mathematical Finance")

There are no scholarships, grants, teaching/research assistantships, or funding available from the program for students in the  Financial Statistics and Risk Management program. Students are expected to fund entirely the course of study at Rutgers. Those who have a grant or fellowship from an outside or other source are welcome to apply it toward the tuition cost of the program. United States citizens or permanent residents may be eligible to apply for various forms of student aid.

Please note that international students on student visas are not allowed to work off-campus during their first two semesters of study.  Moreover, international students should not expect to work on campus, since there are few opportunities of this kind.

All students accepted into a full-time master's program are eligible to apply for on-campus housing but many students opt for off-campus housing. Further information about housing options can be obtained from the Housing Office.


Admissions Information

Application Instructions

Please read the following instructions carefully before beginning the application process.

  • Prerequisite coursework for admission to the FSRM Master's program is described here.
  • Applicants should apply to the FSRM program through the Rutgers University Graduate and Professional Admissions website (this also applies to applicants wishing to take a course or courses on a non-degree or non-matriculated basis).  When completing the "Program Information" portion of the application, applicants should select "Statistics & Biostatistics: Financial Statistics & Risk Management MS" (program code 16958). 
  • Application Deadline: Deadlines for both International and US-based students can be viewed here. Students will be accepted to the program on a rolling admissions basis.  However, space in the FSRM program is limited and potential applicants are encouraged to apply by the deadlines 
  • Application Requirements: A list of required application materials, which is maintained by the Graduate and Professional Admissions office can be found here.
    Materials required for the FSRM application include:
    • Official transcripts
    • Three letters of recommendation
    • Personal statement
    • Test scores from general GRE exam or GMAT exam taken within five years of you application submission date
      As part of BS/MS continuing program, GRE/GAMT scores are waived for all Rutgers undergraduate students with 3.2 GPA or above. 

      We can put in under 'admission', but also somewhere more visible? (as part of news?). Also, in Q&A session. .
    • TOEFL or IELTS test scores (if non-native English speaker - details of who must submit a TOEFL/IELTS score may be found here)

    Official Test scores (TOEFL/GRE) must be sent directly from ETS to Rutgers University (use code 2790 for Rutgers university, no code for our department is needed). GMAT scores must be sent to the Graduate School of New Brunswick (use code QK5-B5-51 for Master in Financial Statistics and Risk Management).

     Official transcripts and other material which is not submitted online should be mailed to:

    Office of Graduate and Professional Admissions
    Rutgers, The State University of New Jersey
    18 Bishop Place
    New Brunswick, NJ 08901-8530, U.S.A.

  • Test Scores: The Graduate School generally expects successful applicants to have verbal and quantitative Graduate Record Exam scores of at least 500/153 and 600/148, respectively (score scale for tests taken before/after August 1, 2011).  Successful applicants to the FSRM program are likely to have quantitative scores considerably higher than 600/148: over 60% of GRE test takers applying to Banking and Finance graduate programs scored 750/160  or better on the Quantitative section of the test over  the past two years (original/revised score scale).  For students submitting GMAT scores, the typical requirements are a verbal score of at least 29 and a quantitative score of at least 41.  However, there is often some flexibility for the verbal score for both GRE and GMAT.

    PLEASE NOTE: As part of BS/MS continuing program, GRE/GAMT scores are waived for all Rutgers undergraduate students with 3.2 GPA or above. 

    We can put in under 'admission', but also somewhere more visible? (as part of news?). Also, in Q&A session. 

  • Minimal requirements for applicants who must submit a TOEFL score are:
    Writing 22
    Speaking 23
    Reading 21
    Listening 17

  The acceptable IELTS score is bandwidth 7.

  • Upon completing the application process, applicants should email This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.  and indicate that their application has been submitted.  Applicants should be sure to include their name in this email and the subject header should contain the phrase "FSRM application submitted."


Checking Status of Your Application and Contacting the Admissions Officxe

You can check the status of your application at this link.

You should keep in mind that the Graduate and Professional School Admissions Office, not the Statistics Department or the FSRM program,  manages your application and you should address all questions about your application to the Admissions Office.  Their website contains answers to most questions in their FAQS and their contact information is listed here. There is also another  FAQS section on this site which provides answers to many questions. If you can't find your answers using these resources (and please try then first) then inquiries can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. or use the FSRM Contact form