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Master of Applied Mathematics

December 2014 Graduates of the Master of Applied Mathematics Program

December 2014 Graduates of the Master of Applied Mathematics Program

[from left] Professional Master's Program Director Elizabeth Friedman, with students who received Master of Applied Mathematics degrees in December 2014 Qing Pan, Yang Xie, Xinyi Zhu, Xinyu Zhou, Feihong Wang, and Master of Applied Mathematics Program Director Charles Tier.

Students in IIT’s Master of Applied Mathematics program develop state-of-the-art skills in mathematical modeling, analysis, statistics, and computation - all necessary for a successful mathematical career in business or industry. To enhance this education, students are required to take the Society of Actuaries’ Exam P, the cost of which is generously covered by the College of Science. This non-thesis professional master's degree program provides graduates with mathematics training, project management, and communication skills. Thus, our graduates leave the program as problem solvers ready for the work environment.  

Often undetected, the expertise of applied mathematicians is everywhere, from small, local businesses to worldwide conglomerates. Applied mathematicians have a significant impact in the fields of finance, banking, and insurance. Their expertise is required to design complex financial transactions, to quantify risk assessments, and to develop products for the insurance industry as actuaries. Crain’s Chicago Business suggests that jobs in which employees use  “statistical modeling to determine insurance-related risks and probabilities” are among the highest paying of 2015, and according to the Bureau of Labor Statistics, “Employment of actuaries is projected to grow 26 percent from 2012 to 2022, much faster than the average for all occupations.”

This professional master’s degree program can typically be completed in 15 months, with three regular term semesters and one summer semester.



Students are required to have a bachelor's degree in mathematics, science, engineering, business, or an equivalent degree, with a minimum GPA of 3.0. They are evaluated on an individual basis, but are expected to have taken the following courses (or equivalent courses):

  • Differential Equations
  • Matrix or Linear Algebra
  • Probability or Statistics
  • Computer Programming: Matlab, C, or FORTRAN

Applicants must submit Graduate Record Examination (GRE) scores. The following minimum GRE scores are required:

  • 304 (quantitative + verbal) 2.5 (analytical writing), test scores before 2011: 1100 (quantitative + verbal)

A TOEFL score of 550/213/80 (paper/computer/internet test score) is required if an applicant is from a non-English speaking country.

A professional statement of objectives and resume must be submitted.

At least two letters of recommendation are required.

For more information on how to apply, please visit the Office of Graduate Admission. Note that International applicants must meet English Language requirements and submit financial support documents.

» Apply Online


Program Requirements 


Students are responsible for following all departmental procedures as well as the general requirements of IIT Graduate College. Specific degree requirements include a minimum of 30 credit hours of approved courses and a minimum grade point average (GPA) of 3.0. These credit hours include:

  • 24 credit hours of required courses from the core sequence which includes:
    • a capstone professional experience consisting of a six credit hour course in case studies and project design, or an internship in applied mathematics.
    • a three credit hour professional master's project (MATH 594) under the supervision of a faculty member or an industrial partner.
  • Six credit hours of electives selected in consultation with, and approval of, the director of the program. These six credit hours are to be selected from the four different subject areas in the list of approved electives below. The two elective courses can be in one or more of the subject areas.
  • Up to nine hours of 400 level Applied Mathematics courses may be included subject to approval of Program Director.

* All students must take the Society of Actuaries' Exam P-Probability which will enhance their career opportunities. The score on the exam will not affect their graduation. The exam fee will be covered by the College of Science.

The director of the program serves as temporary academic adviser for all newly admitted graduate students until an appropriate project supervisor is selected.

Course Requirements

Core Sequences (24 hours)

Applied Math and Computational Science Core (9 hours)
Course Title
MATH 475 Probability -or- MATH 563 Statistics
MATH 577 Computational Mathematics
MATH 522 Mathematical Modeling
Business and Professional Core (6 hours)
Course Title
SCI 511 Project Management
SCI 522 Public Engagement for Scientists
Capstone Professional Experience (9 hours)
Course Title
MATH 523 Case Studies and Project Design (6 hours) -or- MATH 592 Internship in Applied Mathematics (6 hours)
MATH 594 Professional Master's Project (3 hours)

Elective Subject Areas (6 hours)

1. Advanced Computation
MATH 578 - Computational Math II
MATH 489 - PDE
MATH 565 - Monte Carlo Methods
MATH 581 - Theory of Finite Elements
MATH 589 - Numerical Methods for PDEs
CSC 595 - Advanced Scientific Computing
MSF 526 - Computational Finance
2. Stochastic Modeling and Analysis
MATH 481 - Introduction to Stochastic Processes
MATH 485 - Introduction to Mathematical Finance
MATH 542 - Stochastic Processes
MATH 548 - Mathematical Finance I
MATH 582 - Mathematical Finance II
3. Statistical and Data Analytics
MATH 563 - Statistics
MATH 564 - Applied Statistics
MATH 565 - Monte Carlo Methods
MATH 567 - Design of Experiments
4. Discrete Mathematics and Optimization
MATH 535 - Optimization
MATH 553 - Discrete Applied Math I
MATH 554 - Discrete Applied Math II

Course of Study 


A typical plan of study is based on a student starting in the fall semester.

Fall Semester (first year)
MATH 475 -or- SCI 522
MATH 522
MATH 577
Spring Semester
Elective -or- SCI 522
SCI 511
MATH 563 -or- Math elective
Summer Semester
MATH 523 - Capstone course: Case Studies and Project Design
MATH 592 - Internship in Applied Mathematics (requires approval)
Fall Semester (second year)
MATH 594 - Professional Master's Project
MATH elective
MATH elective, if needed.

Program Contact 


For more information, please contact:

Program Director
Charles Tier, Ph.D.
Senior Lecturer
Illinois Institute of Technology
Engineering 1, Room 212, 10 W. 32nd Street, Chicago, IL 60616
tel: 312.567.3523
fax: 312.567.3135
email: ctier_AT_iit_DOT_edu

Director, Professional Master's Programs
Elizabeth Friedman, Ph.D.
Adjunct Professor of Anthropology
Illinois Institute of Technology
10 W. 32nd St., Eng. 1 - 234D, Chicago, IL 60616
tel: 312.567.7973