The tuition is estimated to be $50,565 for the MFE 2011-2012 school year exclusive of living expenses and health insurance fees. Students are expected to pay in 4 installments on December 15, May 15, August 15, and January 15.

The MFE Program does not offer scholarships or grants. All assistance is in the form of loans which must be repaid after graduation or dropping below 6 units. Federal financial aid in the form of loans is available for students who are citizens or permanent residents of the United States. International students can apply for private loans either with or without a cosigner. More information on the loan programs is listed on our financial aid page.

To apply for need-based and non-need-based federal loans, complete the Free Application for Federal Student Aid (FAFSA). The data will be electronically transmitted to Berkeley's Financial Aid Office. The UC Berkeley educational code for the FAFSA is 001312. You must be officially admitted to the MFE program before financial aid can be processed. Due to the nontraditional academic calendar of the MFE Program, two FAFSAs (Free Application for Federal Student Aid) must be filed per MFE year.

The MFE Program does not offer scholarships or grants. All assistance is in the form of loans which must be repaid after graduation or dropping below 6 units. International students can only apply for private loans. For more details, refer to the financial aid section of the MFE brochure or contact the Haas Financial Aid Office, at 510-643-0183, or email finaid@haas.berkeley.edu.

Currently there are no fellowships or assistantships associated with the MFE Program. View information about UC Berkeley Graduate Division awards and fellowships.

The MFE program looks for candidates with a background in finance, economics, statistics, mathematics, engineering, computer science or other similar quantitative fields.

Graduate Division Admissions Requirements:
Valid degree from an accredited institution, comparable to the 4-year Bachelor's Degree from Berkeley. Sufficient training to undertake graduate study in the chosen field. A satisfactory scholastic average, usually a minimum of 3.0 in upper division work. International applicants: refer to the application packet for full requirements.

MFE Admissions Requirements:
Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE) General Test. A strong quantitative background including linear algebra, multivariate calculus, differential equations, numerical analysis and advanced statistics and probability. Prior experience in computer programming (C, C++) and familiarity with computers as a computational and management tool. Excellent writing, speaking and presentation skills (in English).

MFE Admissions Recommendations:
Experience with statistical and econometric applications. (Examples: Sas, Gauss, RATS, S-Plus, and Garch.) Experience with mathematical tools. (Examples: MatLab, Mathematica, or MathCad.)

In some cases, applicants may be admitted conditional on the successful completion of one or more recommended courses before enrollment in the program.

Prerequisite Course List

No, but work experience is recommended. It is also a key component to finding a full time job after graduation from the MFE. Our 2010-2011 class has an average of over 3 years of work experience.

Formal training in economics and finance is not required, but preferred. Though there is no specific degree requirement, most students will have undergraduate or graduate degrees in finance, economics, statistics, mathematics, engineering, computer science or other similar quantitative fields. The common requirement for all students in the program is that they enter it with a high level of intellectual curiosity and a strong interest in finance.

Prerequisite Course List

For students who have not taken a math course in more than 5 years, we do recommend some type of refresher course in order to excel in the program. If you are required to take a math course as part of conditional acceptance to the program, we will accept the grades from any accredited college or university. There are some high quality courses offered online through the following programs (please note that these are the ones that we are familiar with and that courses can be taken at any accredited institution):

• Columbia Video Network
• Johns Hopkins University
• University of Washington
• Netmath at UIUC

We also offer the 30-hour foundation math course at Haas, which can be taken in the classroom or online.

For people who have taken the prerequisite courses some years ago, self-study is advised in addition to the foundation math course. One very good resource for self-study guidelines is offered through MIT's Open Courseware Program.

Prerequisite Course List

Preference will be given to candidates with a finance background. We recommend that you take coursework in corporate finance, macroeconomics, and similar topics and strongly recommend that you begin preparation for the CFA exam and/or the FRM exam.

The Berkeley campus requires a score of at least 570 for the paper-and-pencil version of the TOEFL, at least 230 for the computer-based TOEFL, and at least 68 for the internet based TOEFL. The test scores may not be more than 2 years old. (For the 2011-2012 application, scores may not be older than April 1, 2009)

You may waive the TOEFL if you have been studying for more than one year toward a degree at an accredited institution in the United States.

We anticipate that the most successful applicants will have GMAT or GRE Quantitative scores in the 90th percentile. Verbal and Analytical scores should also be strong. The test scores may not be more than 5 years old, counted from the date of entry to the program. For example, for the class which begins in 2011, the test needs to have been taken after April 1, 2006; for the class beginning in 2012, the test needs to have been taken after April 1, 2007.

The results of these tests, particularly your quantitative score, are essential to our evaluation of your application. They may not be waived. The only exception to this rule is that PhD holders may waive the GRE or GMAT requirement, provided that the PhD degree will have been granted before December 31, 2010.

When ordering GRE Score reports, applicants should use institution code 4833 and department code 4399. For GMAT, use institution code N2V-PT-87. For TOEFL, use institution code 4833 and department code 82.

You will be contacted by the MFE office if an interview is needed to make a decision on your application. If you live in the San Francisco Bay Area, we encourage you to come to one of our information sessions, which are held on the first Monday of every month in the MFE lab from 12:00-1:30. To attend, meet us outside the MFE Lab (Room S270, within the Haas Library) just before 12:00.

Recommendation letters should be written by someone in a position to evaluate you either professionally or academically. A supervisor, project leader, or instructor would make a good reference. It is imperative to have a reference from someone who knows you well enough to make specific comments about you. Form letters and stock letters are to be avoided.

If for some reason you cannot attend, you may reapply to the program. We will keep your supplemental application materials, such as test scores, transcripts, recommendation letters, etc. for one year and can add them to your new application so that you do not need to submit them again. However, we do not defer acceptances, so we cannot guarantee that if you are admitted one year that you will be admitted the next. We evaluate all available students each year for the next class.

Yes, however there is no official ranking of students on the waitlist. Once a spot is available, the admissions committee meets and decides which candidate on the waitlist will be offered admission. The number of students on the waiting list is not released, but the list is short. Since we keep admissions open until the program begins in March, you could receive an updated status at any time between the time you re placed on the waitlist and the time the program begins. Of course, we will always notify you on the website with any status change as soon as it is available.

You will need to have taken, or have a plan in place to take, the courses listed in the prerequisite course chart before the program you are applying to is scheduled to begin. You should also plan to take all of the pre-program courses in addition to the prerequisites as they will help to fill in any "gaps" you may have and to reinforce your understanding of the basic concepts. All courses should be taken for a grade and grades should be "B" or higher.

You do not necessarily need to complete all of the coursework prior to submitting your application, but you do need to have a clear plan in place to complete the coursework between the time of application and the time the program begins.

Yes. The MBA and MFE are considered to be different, and not duplicate degrees.